Document:

Master Services Agreement

 Exhibit 10.5 
 Execution Copy 
 MASTER SERVICES AGREEMENT 
 between 
 ONCOR ELECTRIC DELIVERY COMPANY
LLC 
 and 
 INFRASTRUX
GROUP, INC. 
 June 12, 2008 
  

 CONFIDENTIAL 
 Confidential treatment has been requested for portions of this exhibit. The copy filed herewith omits the information subject to the confidentiality request. Omissions are designated as [*****]. A complete version of this exhibit has been
filed separately with the Securities and Exchange Commission. 

 Execution Copy 
  

 MASTER SERVICES AGREEMENT 
 This Master Services Agreement (this “Master Agreement”) is entered into effective June 12, 2008 (the “Master Effective
Date”) by and between Oncor Electric Delivery Company LLC, a Delaware limited liability company, having its principal place of business at Energy Plaza, 1601 Bryan Street, Dallas, Texas 75201 (“Oncor”), and InfrastruX
Group, Inc., a Washington corporation, having its principal place of business at 600 University Street, Suite 600, Seattle, Washington 98101 (“Contractor”). For and in consideration of the agreements set forth below, Oncor and
Contractor agree as follows: 
 ARTICLE I 
 DEFINITIONS AND CONSTRUCTION 
 Section 1.01 Definitions. 
 The terms used with initial capital letters in this Agreement shall have the meanings ascribed to them in this Master Agreement (including Schedule A) or
the applicable Work Request. 
 Section 1.02 References. 
 The defined terms include the plural as well as the singular and the derivatives of such terms. The Schedules to this Master Agreement are hereby incorporated into and deemed part of this Master Agreement and all
references to this Master Agreement shall include the Schedules to this Master Agreement. The attachments to a Work Request are hereby incorporated into and deemed part of that Work Request and all references to that Work Request shall include the
attachments to that Work Request. Unless otherwise expressly stated, Article, Section, subsection and Schedule references refer to articles, sections and subsections of, and schedules to, this Master Agreement. Unless otherwise expressly stated,
references to specific Schedules include all subsidiary schedules, attachments and annexes thereto. The words “include” and “including” shall not be construed as terms of limitation. The words “day,” “month,”
and “year” mean, respectively, calendar day, calendar month and calendar year. The words “expense” and “expenses” mean any costs or expenses. As stated in Section 23.03, the words “notice” and
“notification” and their derivatives shall mean notice or notification in writing. References to any Law shall be to such Law in changed or amended form or to a newly adopted Law replacing a prior Law. Other terms used in this Agreement
are defined in the context in which they are used and shall have the meanings there indicated. 
 Section 1.03 Interpretation of
Documents. 
 Except as otherwise expressly set forth in this Master Agreement or in any Work Request, (a) in the event of a
conflict between the provisions in Article I through and including Article XXIII and the Schedules, the provisions in Article I through and including Article XXIII shall prevail, (b) in the event of a conflict between this Master Agreement and
any Work Request, including any attachments to the Work Request, the terms of this Master Agreement 
  
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shall prevail (unless the Work Request expressly and specifically modifies or excludes any such terms in respect of the Services which are the subject of
such Work Request) and (c) in the event of a conflict between a Work Request and any attachments to the Work Request, the terms of the Work Request shall prevail. 
 ARTICLE II 
 TERM, [*****] 
 Section 2.01 Master Agreement. 
 The term of this Master Agreement shall commence on the
Master Effective Date and continue until 23:59 (Central time) on the Master Expiration Date, unless this Master Agreement is otherwise extended or renewed pursuant to Section 2.02 or terminated earlier in accordance with its terms (the
“Initial Master Term”). If the Agreement Date does not occur on or prior to August 15, 2008, then unless otherwise agreed by the Parties, this Agreement shall automatically terminate as of August 15, 2008, without the need
for any notice to be provided by either Party. If this Agreement terminates pursuant to the immediately preceding sentence, then neither Party shall have any continuing rights or obligations hereunder, and this Agreement shall be deemed void ab
initio. 
 Section 2.02 Renewals and Extensions. 
 Oncor shall notify Contractor at least one-hundred eighty (180) days prior to the Master Expiration Date if Oncor wishes to renew this Master Agreement and any or all then current Work Requests. If Oncor notifies
Contractor that it does not desire to renew this Master Agreement, then this Agreement shall terminate on the Master Expiration Date. If Oncor fails to provide Contractor with any notice regarding renewal, or provides Contractor with notice that
Oncor desires to renew this Master Agreement and the Parties have not agreed on the terms and conditions applicable to the renewal of this Master Agreement at least one-hundred eighty (180) days prior to the Master Expiration Date, then the
term of this Master Agreement shall extend for an additional twelve (12) month period (the “Extension Period”) following the Master Expiration Date, at the terms and conditions (including Fees) in effect as of the Master
Expiration Date. If during the Extension Period the Parties are unable to reach agreement on the terms and conditions (including Fees) applicable to a renewal of this Master Agreement, this Agreement shall terminate at 23:59 (Central time) on the
last day of the Extension Period. 
 Section 2.03 Work Requests. 
 The term of a Work Request shall commence on its Work Request Effective Date and continue until 23:59 (Central time) on such date that is one
(1) year following its Work Request Effective Date, unless otherwise set forth in such Work Request or terminated earlier pursuant to this Master Agreement or such Work Request (the “Initial Work Request Term”). The term of a
Work Request may be extended by Oncor for successive one (1) year terms (each, a “Renewal Work Request Term”) on the terms and conditions (including Fees) then in effect for such Work Request if Oncor notifies Contractor at
least thirty (30) days prior to the end of such Work Request’s Initial Work Request Term or its then current Renewal Work Request Term, as 
  
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applicable, that Oncor desires to renew such Work Request. In no event shall the term of any Work Request exceed the Master Term. 
 Section 2.04 [*****]. 
 Section 2.05 [*****].

 Section 2.06 Partial Year Calculations. 
 If this Agreement is terminated effective as of any date other than December 31 of a year, then notwithstanding anything to the contrary in Section 2.04 or Section 2.05: (a) promptly following the
termination date the Parties shall perform the calculations described in Section 2.04 and Section 2.05; (b) such calculations and the applicable time periods used for purposes of performing such calculations shall be proportionately
adjusted for the shorter period, and the amounts used for purposes of performing such calculations shall be, to the extent applicable, prorated on a linear basis based on the termination date [*****]; and (c) any amounts owed by a Party to the
other Party as a result of such calculations shall be determined and paid within ninety (90) days after the termination date. 
 ARTICLE III 
 SERVICES 
 Section 3.01 Bids for Services. 
 Following the Agreement Date, Oncor may, but shall have no obligation to
(except to the extent that Section 2.04(c) or Section 2.04(d) expressly provide otherwise), invite Contractor to provide services to Oncor that are specified by Oncor (collectively, “Proposed Services”). Contractor shall
promptly, but in no event later than the applicable deadline specified by Oncor, after receipt of a request for proposal by Oncor regarding such Proposed Services, provide Oncor with a written proposal which shall include: 
 (a) a description of the functions and responsibilities Contractor anticipates performing in connection with such Proposed Services;

 (b) Contractor’s agreement to Oncor’s timeframe for providing and completing such Proposed Services, or an
alternative schedule for providing and completing such Proposed Services; 
 (c) A firm estimate of the Fees payable by Oncor
for the Proposed Services, subject to Section 15.08; 
 (d) the resources necessary to provide the applicable Proposed
Services; and 
 (e) such other information requested by Oncor. 
 In lieu of requesting a proposal from Contractor for Proposed Services, Oncor may 
  
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submit to Contractor a proposed Work Request for any Proposed Services. If Contractor is selected by Oncor as the service provider to provide any Proposed
Services to Oncor, then following the Agreement Date, Oncor and Contractor shall execute a Work Request therefor. Unless otherwise agreed by the Parties, Contractor shall not commence, and Oncor shall not be liable for any Fees in connection with,
any Services unless and until the Parties have executed a Work Request in respect thereof; provided, however, that at Oncor’s sole discretion, Services may be authorized by the Oncor Contract Manager or the applicable Oncor Contract
Coordinator, but must be promptly confirmed by an executed Work Request. No Work Request shall become effective until it has been executed by authorized representatives of the Parties; provided, however, that a Work Request shall be deemed executed
by an authorized representative of Contractor if (i) Contractor does not notify Oncor that Contractor rejects the Work Request within five (5) business days following the date of delivery thereof by Oncor to Contractor or
(ii) Contractor commences the performance of the Services covered by the Work Request in any significant respect. When executed by an authorized representative of Oncor (and executed or deemed executed by Contractor as aforesaid), each Work
Request shall be deemed incorporated into and made a part of this Agreement without the need for any further action by the Parties. Contractor agrees to consider all Work Requests in good faith, it being acknowledged, however, that without limiting
any other good faith reason why Contractor may reject a Work Request, Contractor shall not be deemed to have acted in bad faith in rejecting any new Work Request(s) if Contractor’s basis therefor is Contractor’s assertion that Contractor
reasonably and in good faith believes it is entitled to a change to such Work Request(s) or to this Agreement (through the Change Control Procedures) as a condition to performing such Work Request(s) and Oncor has failed to agree to such change. Any
Work Requests rejected by Contractor shall only be rejected by the Contractor Contract Manager. 
 Section 3.02 Services. 
 (a) Following the Agreement Date [*****], Contractor shall provide to Oncor and, as directed by Oncor, to Eligible Recipients, all of the following (as
they may evolve or be supplemented, enhanced, modified or replaced, in each case in accordance with this Agreement) for the Fees set forth on Schedule C: 
 (i) the services, functions, obligations, responsibilities and deliverables described in the applicable Work Request (collectively, the “Field Services”); 
 (ii) the services, functions, obligations, responsibilities and deliverables described in this Master Agreement [*****] (collectively, the
“Other Services”); and 
 (iii) any services, functions, obligations, responsibilities and deliverables not
specifically described in the applicable Work Request or this Master Agreement, but which are an inherent, necessary or customary part of the Field Services or Other Services, or are required as part of the proper provision of the Field Services or
Other Services (the “Inherent Services” and, together with the Field Services and Other Services, the “Services”). 
 (b) Contractor shall provide Services beginning on the applicable Work Request Commencement Date or such other date(s) as set forth in the applicable Work Request or the 
  
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applicable Oncor Policies and Standards, and shall continue thereafter to provide Services for the period of time set forth in the applicable Work Request or
as otherwise designated by Oncor (including during any Termination Assistance Period, as applicable). In the event of a conflict between the Work Request Commencement Date or such other date(s) set forth in a Work Request and those contained in the
Oncor Policies and Standards, the Work Request Commencement Date or such other date(s) set forth in the Work Request shall prevail. Contractor shall Complete Services on or before their applicable due date(s) set forth in the applicable Work Request
or the applicable Oncor Policies and Standards, or such other due date(s) designated by Oncor in writing. Contractor shall actively monitor the Services against applicable due dates. If Contractor knows or has reason to know that any such due date
in respect of any material Services shall not be met, Contractor shall promptly notify Oncor of the same, regardless of the reason for or cause of the delay. In the event of a conflict between or among the due date(s) set forth in a Work Request,
those contained in the Oncor Policies and Standards and any due date(s) designated by Oncor in writing, (i) the due date(s) set forth in the Work Request shall prevail over those contained in the Oncor Policies and Standards and (ii) the
due date(s) designated by Oncor in writing shall prevail over the due date(s) set forth in the Work Request [*****]. 
 (c) Contractor shall
coordinate all mobilization, crew assignment and availability, and demobilization activities with the applicable Oncor Contract Coordinator. 
 (d) Except as otherwise provided in this Agreement, Contractor shall be responsible for providing, at Contractor’s expense, the Materials (excluding Components), Equipment, Vehicles and other resources necessary to provide the Services
(including maintenance therefor and all corrections, improvements, enhancements, modifications, upgrades, releases and replacements thereof). Except as otherwise agreed by the Parties, Contractor shall not be responsible for providing Components.

 (e) Contractor shall be responsible for the Services in accordance with this Agreement even if, by written agreement of the Parties, such
Services are actually provided by or dependent upon services provided by Contractor Agents. 
 (f) The Parties anticipate that the Services
shall evolve and be supplemented, modified, enhanced or replaced over time to keep pace with advancements and improvements in the technology and methods of delivering services that are similar to the Services. These changes shall modify the Services
and shall be deemed part of the Services. 
 (g) Contractor acknowledges that its provision of the Services shall require significant
cooperation with third parties, and Contractor shall, at Contractor’s expense, fully cooperate and work in good faith with third parties as described in this Agreement and to the extent requested by Oncor. Without limiting the immediately
preceding sentence, Contractor shall cooperate with and shall not delay, impede or otherwise impair the work of third parties at any Work Site. Oncor reserves the right to coordinate the provision of the Services with work performed by third parties
at any Work Site. [*****]. 
 (h) Notwithstanding any other provision of this Agreement, the Parties do not intend for Contractor to control
or operate the Electrical System or Utility Facilities, it being 
  
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acknowledged and agreed that Oncor shall retain all control and operation of the Electrical System and Utility Facilities in accordance with all applicable
Laws. 
 (i) Contractor shall not provide in the State of Texas to any third party (including any Affiliate of Contractor) any product or
service that would cause Contractor to be a “competitive affiliate” of Oncor, as that term is defined in Section 25.272 of the Texas Administrative Code. 
 (j) [*****]. 
 Section 3.03 Transition Services. 
 (a) Contractor shall provide all services, functions, responsibilities and deliverables to transition Services from Oncor or Oncor’s designee(s) to
Contractor (the “Transition Services”). Contractor shall provide the Transition Services in a manner designed to minimize any adverse impact on Oncor’s business and operations. With respect to Transition Services provided in
respect of a Work Request, Contractor shall begin providing such Transition Services no later than the applicable Work Request Effective Date, and if Contractor has not completed providing such Transition Services on or before the applicable Work
Request Commencement Date, Oncor may terminate such Work Request as of a date specified by Oncor in a termination notice to Contractor. 
 (b) Transition Services shall be conducted in accordance with detailed written plans (each, a “Transition Plan”) which shall include: (i) a description of the Transition Services; (ii) the start and end date of
the Transition Services (the “Transition Period”); (iii) a description of the methods and procedures, personnel (including Key Personnel) and organization that Contractor shall use to provide the Transition Services;
(iv) a schedule of transition activities; (v) a detailed description of the respective roles and responsibilities of Oncor and Contractor; (vi) the Fees payable by Oncor to Contractor for providing the Transition Services, if any;
(vii) any Service Levels applicable to the Transition Period; and (viii) such other information and planning as is necessary to ensure that the transition takes place on schedule and in a manner designed to minimize any adverse impact on
Oncor’s business and operations. The Parties shall jointly prepare, revise and finalize each Transition Plan in accordance with Oncor’s timeframe and requirements; provided that each Transition Plan is subject to approval by Oncor.

 Section 3.04 Emergency Services. 
 Contractor acknowledges that the timely and complete performance under this Agreement shall play a crucial role in Oncor’s customer service commitments, and that Contractor’s business operations relative to this Agreement be
resilient and capable of withstanding the effects of disruptions in order to maintain Oncor’s customers’ trust and confidence in Oncor’s ability to provide services in the face of disruptive events. Accordingly, in connection with
(a) acts of sabotage, (b) failure of Equipment, (c) damage to the Electrical System or Utility Facilities caused by a Vehicle or aircraft, (d) fire, rain, snow, ice, wind, heat or other adverse weather conditions or
(e) Force Majeure Events (collectively, the “Emergency Events”), Oncor may activate the applicable System Emergency Restoration Plan(s) and Contractor shall provide the applicable Emergency Services requested by Oncor.
Contractor shall assist Oncor and Oncor Agents, at Oncor’s request, in periodically updating and testing 
  
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each System Emergency Restoration Plan. Contractor shall not provide to any third party any Emergency Services, or any services that are the same as or
similar to any Emergency Services, using Contractor Resources or Contractor Staff without Oncor’s prior consent. 
 Section 3.05 [*****].

 Section 3.06 Managed Contracts. 
 (a) Beginning during the applicable Transition Period, but no later than the applicable Work Request Commencement Date, and thereafter throughout the Master Term, Contractor shall manage and administer the Managed Contracts. Contractor
shall provide Oncor with reasonable notice of any renewal, termination or cancellation dates and fees with respect to the Managed Contracts. Contractor shall not renew, modify, terminate or cancel, or request or grant any consents or waivers under,
any Managed Contract without the prior approval of Oncor. [*****]. 
 (b) Oncor hereby appoints Contractor as its limited agent during the
Master Term solely for purposes of performing its obligations under this Agreement in respect of the Managed Contracts. Oncor shall provide such affirmation of Contractor’s authority to the third parties to such Managed Contracts as Contractor
may reasonably request. 
 (c) Contractor shall timely [*****]. 
 (d) Each Party shall promptly notify the other Party of any breach of, or misuse or fraud in connection with, any Managed Contract of which such Party
becomes aware and shall cooperate with the other Party to prevent or stay any such breach, misuse or fraud. 
 Section 3.07 Vendors.

 (a) To the extent Contractor provides any Components, Contractor shall purchase certain of such Components (“Direct Source
Components”) from vendors that are pre-approved by Oncor (each, an “Approved Vendor”), in each case as notified by Oncor. Oncor shall use commercially reasonable efforts to assist Contractor in managing the Approved
Vendors. If at any time, Contractor is unable to source a Direct Source Component from the applicable Approved Vendor, it shall be entitled to source such Component from either itself or an alternative vendor with the prior consent of Oncor,
provided that such Direct Source Component conforms to its applicable Specifications and the terms and conditions of this Agreement. 
 (b)
To the extent Contractor provides any Components, Contractor may source Components that do not constitute Direct Source Components (“Open Source Components”) from itself or any third party, provided that such Open Source Components
conform to their applicable Specifications and the terms and conditions of this Agreement. 
 (c) At any time upon reasonable prior notice to
Contractor, Oncor may, in its sole discretion, (i) add or remove any Direct Source Component, or re-designate any Direct Source Component as an Open Source Component, (ii) add or remove any Open Source Component, or re-designate any Open
Source Component as a Direct Source Component and (iii) add or remove any third party as an Approved Vendor. Oncor shall [*****]. 
  
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 (d) The Out-of-Pocket Expenses payable by Contractor for Components shall be invoiced by Contractor
and payable by Oncor on a Pass-Through Expense basis; provided, however, that the Fixed Prices and Unit Prices for Units that include Components in their descriptions include all expenses for Components that are acquired or otherwise obtained by
Contractor in connection with the Services to which such Fixed Prices or Unit Prices apply, and such expenses shall not be separately charged to or payable by Oncor. 
 (e) Oncor shall give Contractor an opportunity to be included as an Approved Vendor for Components that Contractor can supply, and if Contractor is competitive with other suppliers with respect to commercially
reasonable criteria for acceptance established by Oncor, Contractor shall be included as an Approved Vendor. If Contractor is an Approved Vendor and its prices and quality are competitive with other vendors, Oncor shall raise no objection to
Contractor sourcing Components from itself, provided that such Components conform to their applicable Specifications and the terms and conditions of this Agreement. 
 (f) Promptly upon Oncor’s request, Contractor shall provide a report to Oncor that identifies the vendors (including Approved Vendors) from which Contractor procured Components during the prior month, if
applicable, including respective purchased quantities. 
 (g) Except as expressly agreed in a specific Work Request, and notwithstanding any
other provision of this Agreement, Contractor [*****]. 
 Section 3.08 Additional Recipients of Services. 
 (a) Oncor reserves the right to designate Eligible Recipients to receive Services under this Agreement. Oncor shall not be obligated to obtain any
Services from Contractor with respect to any Eligible Recipient. The Change Control Procedures shall govern the pricing of Contractor’s incremental effort, if any, to provide Services to additional Eligible Recipients. 
 (b) To the extent an Eligible Recipient is, or was at any time receiving Services from Contractor hereunder, (i) references to Oncor shall include
such Eligible Recipient and (ii) references to Services being provided for, or received by, Oncor shall include the provision of such Services for, and the receipt of such Services by, such Eligible Recipient. Notwithstanding any other
provision of this Agreement, (1) Eligible Recipients are neither authorized to direct or instruct Contractor nor to act for or on behalf of Oncor (including by providing notices, approvals, consents, waivers or the like), in each case unless
the Oncor Contract Manager has expressly notified Contractor that an Eligible Recipient is so authorized and (2) in all circumstances under this Agreement, Oncor will be Contractor’s sole point of contact regarding the Services and payment
of the Fees. 
 Section 3.09 Insourcing and Resourcing. 
 Oncor may, at any time and in its sole discretion, provide to itself or obtain from a third party all, or any portion, of the Services. If Oncor decides to provide to itself or obtain from a third party all, or any
portion, of the Services, the Fees shall [*****]. The exercise of any rights by Oncor under this Section to provide to itself or obtain from a third party any Services shall [*****]. 
  
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 Section 3.10 Non-Exclusive and Not Requirements Contract. 
 Except to the extent that Section 2.04(c) or Section 2.04(d) expressly provide otherwise, and notwithstanding any other provision of this
Agreement, Contractor acknowledges and agrees that (a) this is not a requirements contract and neither Oncor, nor any Eligible Recipient, shall be required to obtain its requirements for any of the Services from Contractor and
(b) Contractor is not the exclusive provider to Oncor of any of the Services and Oncor may at any time itself and/or through any third party provide and/or obtain any services (including services to supplement, replace or render unnecessary any
Services). 
 Section 3.11 Policies and Standards. 
 Contractor shall provide the Services and perform its other obligations under this Agreement in compliance at all times with the applicable Oncor Policies and Standards, as the same may be modified by Oncor. No such
modification shall apply to Contractor or the Services until Oncor has provided Contractor notice thereof, and no such modification may have the effect of modifying any material provision of this Agreement unless otherwise agreed by the Parties in
writing. The Change Control Procedures shall govern the pricing of Contractor’s incremental effort, if any, to provide Services in accordance with any such modifications that materially impact Contractor’s provision of the Services. Oncor
shall have final authority to grant waivers from Oncor Policies and Standards. Contractor shall (a) comply with and enforce Oncor Policies and Standards, (b) modify the Services to conform to modifications in Oncor Policies and Standards
and (c) obtain the prior approval from Oncor for any deviations from Oncor Policies and Standards. In addition, if and to the extent applicable, in connection with Contractor’s observing and complying with those Oncor Policies and
Standards related to Oncor’s obligation to comply with Affiliate Standards of Conduct requirements under applicable Law, including those contained in Public Utility Commission of Texas’ Substantive Rules 25.84, 25.272 and 25.273
(“Affiliate Standards”), Contractor shall develop and timely implement a plan approved by Oncor to assist Oncor in complying with the applicable Affiliate Standards. The plan shall, at a minimum, include the following elements:
management oversight and responsibility, procedures and rules, employee training and communications, response to employee questions and concerns, monitoring, auditing, evaluating compliance, enforcement and discipline, response to alleged
violations, complaints, requests for information and documentation of compliance efforts. The plan procedures and rules shall, among other things, implement safeguards that: protect the confidentiality of Oncor’s customer information, including
protecting against improper disclosure to Oncor’s Affiliates; protect Oncor’s Confidential Information from improper disclosure to Oncor’s Affiliates; and ensure that all charges are properly allocated among Oncor and Oncor’s
Affiliates. Contractor shall timely report to Oncor any alleged Affiliate Standards violation and shall cooperate in investigating and responding to an alleged Affiliate Standards violation. 
 Section 3.12 Additional Work or Reprioritization. 
 (a) Oncor may, in its sole discretion and at any time upon reasonable prior notice to Contractor, identify new or additional work activities to be performed by Contractor or reprioritize, reset, delay or suspend the schedule for work
activities then being performed, or to be performed, by Contractor, in each case under then existing Work Requests. Such 
  
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modifications shall be performed by Contractor as part of the Services. Contractor shall use commercially reasonable efforts to implement and perform such
modifications without impacting the established schedule for providing and completing any Services. If it is not possible to avoid such an impact, Contractor shall promptly notify Oncor of the anticipated impact and obtain Oncor’s consent prior
to implementing the applicable modification. Oncor, in its sole discretion, may forego or delay such modifications or temporarily adjust the work to be performed by Contractor, the schedules associated therewith or the Service Levels to permit
Contractor’s implementation and performance of such modifications. If any modification made by Oncor pursuant to this Section increases Contractor’s expenses of performing the affected Service and there is no Fee or charging methodology by
which Contractor is compensated for such modification, then the Parties shall [*****] the Fees that are payable for such Service under the applicable Work Request based upon [*****]. 
 (b) If and to the extent that Oncor notifies Contractor that Oncor wishes to delay or suspend any schedule for work activities being performed, or to be
performed, by Contractor as contemplated by the immediately preceding subsection, upon receipt of such notice Contractor shall (unless such notice requires otherwise): 
 (i) Immediately discontinue Services on the date and to the extent specified in such notice; 
 (ii) Place no further orders or subcontracts for Materials, Equipment, Vehicles and other resources with respect to the suspended
Services, except as otherwise specified in such notice; 
 (iii) Promptly make every commercially reasonable effort to obtain
suspension upon terms satisfactory to Oncor of all orders, subcontracts and rental agreements to the extent they relate to the suspended Services; and 
 (iv) Continue to protect and maintain the Work Product, including those portions on which Services have been suspended. 
 When Oncor, in its sole discretion, deems it appropriate for Contractor to resume suspended Services, it shall provide Contractor with notice to do so. Upon receipt of such notice, Contractor shall immediately resume
providing such suspended Services to the extent required in such notice. 
 Section 3.13 Changes in Law. 
 (a) The Parties shall cooperate in interpreting Laws and identifying the impact of Laws on the Services; provided that with respect to those Laws
applicable to the businesses and operations of Oncor or the functions and deliverables comprising the Services, Oncor shall retain the right, in its reasonable discretion, to interpret and determine the impact of such Laws on the Services.

 (b) Contractor shall perform its obligations under this Agreement regardless of any new Law or changes in Laws. [*****] if, after
considering the impact of such new Law or 
  
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change in Laws in accordance with the Change Control Procedures, the Parties are unable to agree on any change to the Services or the Fees resulting from a
new Law or change in Laws, (i) Oncor may terminate the affected Service(s), Service Area(s) or Work Request(s) as of a date specified by Oncor in a termination notice to Contractor [*****]. The Parties shall cooperate to mitigate any additional
expenses resulting from any new Law or changes in Laws. 
 Section 3.14 Reports. 
 Contractor shall prepare and provide to Oncor reports pertaining to the performance of Contractor’s obligations under this Agreement that are
sufficient to permit Oncor to monitor and manage Contractor’s performance. The reports to be provided by Contractor shall include those reports identified in the attached Schedule H (to the extent applicable to the Services that Contractor is
then providing), and Contractor shall provide such reports in accordance with the relevant form, format and frequency specified on Schedule H. Contractor shall also prepare and provide to Oncor such other reports as Oncor may reasonably request or
as may be required by Governmental Authorities, in each case upon notice to Contractor, in accordance with applicable requirements and at no additional expense to Oncor. 
 Section 3.15 Systems Coordination. 
 Contractor shall ensure, at its expense, that
Contractor’s systems communicate via electronic data interchange and seamlessly exchange data with Oncor’s analogous systems through portal(s) and other interface(s) that are proposed by Oncor and are reasonably acceptable to Contractor.

 ARTICLE IV 
 ACCEPTANCE 
 Section 4.01 Completion of Services. 
 (a) Contractor shall notify Oncor, in the form and format designated by Oncor, when Contractor considers any Service Complete. 
 (b) Contractor shall provide as-built drawings and any other documentation reasonably required by Oncor, if applicable, to the Oncor Contract Manager
within ten (10) days of Contractor’s notice of Completion, or such other time period as set forth in the applicable Work Request or the applicable Oncor Policies and Standards. As-built drawings should be of sufficient detail to clearly
illustrate the Service that was Completed, to detail any changes made from the original design and to support all Fees associated with such Service. 
 Section 4.02 Acceptance. 
 (a) Upon receipt of a notice from Contractor that any particular Service is Complete,
Oncor shall either accept the Services or, with respect to Non-Conforming Work Product and Non-Conforming Services, reject the Services, whether individually or collectively (as appropriate), in accordance with the applicable processes set forth in
the Procedures Manual. 
  
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Such processes also shall apply to repairs and replacements for Non-Conforming Work Product and re-performed Non-Conforming Services, to the extent provided
in the Procedures Manual. 
 (b) Contractor shall cooperate with Oncor’s inspection and testing efforts, and provide applicable
documentation that shall assist in such inspections and testing. Contractor shall provide Oncor the appropriate environment, documentation, support, and other resources to conduct such inspections and testing. Contractor acknowledges and agrees that
no inspection, test, acceptance or payment shall relieve Contractor from any of its obligations under this Agreement or under applicable Law, including any liability under its representations and warranties set forth in this Agreement or which
Contractor would otherwise lawfully bear even after Oncor’s inspection, testing and/or acceptance. Determinations of progress and status of the Services made for the purpose of determining partial payments of Fees shall not constitute
acceptance by Oncor. 
 (c) Whenever any Work Product, or any portion thereof, has been Substantially Installed, Oncor may access and use
such Work Product or such portion thereof. Any such use by Oncor shall not be deemed to constitute an acknowledgment by Oncor that the applicable Service is Complete or relieve Contractor from any of its obligations under this Agreement or under
applicable Law. If Oncor discovers as a result of such use that such Work Product constitutes Non-Conforming Work Product, Oncor shall have the right to continue such use until such time as Oncor, in its sole discretion, deems it prudent to take
such Non-Conforming Work Product out of service for Contractor to repair, replace of otherwise cure; provided that the period of such use shall not exceed twelve (12) consecutive months unless otherwise agreed by the Parties. 
 (d) Risk of loss for each component portion of each item of Work Product shall transfer from Contractor to Oncor when [*****]. 
 (e) [*****]. 
 ARTICLE V 

SERVICE LOCATIONS 
 Section 5.01 Work
Sites. 
 The Services shall be provided to Oncor at the Work Sites that are designated by Oncor within Oncor’s then-current
service territory. The addition, deletion, replacement or relocation of any Work Site shall be subject to the express prior approval of Oncor, to be given in Oncor’s sole discretion. Contractor shall not conduct any activities not directly
supporting the Services at any Work Site. The Change Control Procedures shall address Contractor’s provision of Services at [*****]. 
 Section 5.02 Safety and Security Procedures. 
 Contractor shall maintain and enforce at the Work Sites safety and
security procedures that are at least equal to the most stringent of the following: (a) accepted best practices and 
  
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standards in the industry for locations similar to the Work Sites; and (b) any higher standards or processes agreed upon by the Parties or required by
Governmental Authorities or applicable Law. 
 Section 5.03 Shared Environments. 
 Subject to the immediately following sentence, Contractor shall not provide the Services from any Contractor Facility that is shared with any third party.
If Contractor intends to provide the Services from a Contractor Facility in which Contractor provides services to, any other party, then prior to providing any of the Services from such a Contractor Facility, Contractor shall develop a process,
subject to the prior approval of Oncor, to restrict access in any such shared environment to Oncor’s Confidential Information. 
 Section 5.04
Use of Oncor Facilities. 
 (a) Contractor’s use of, and the addition, deletion, replacement or relocation of, any Oncor
Facilities shall be subject to the express prior approval of Oncor, to be given in Oncor’s sole discretion. Contractor’s use of the Oncor Facilities shall be for the sole and exclusive purpose of providing the Services. Use of the Oncor
Facilities by Contractor does not constitute a leasehold, license or any other property interest in favor of Contractor or any of Contractor’s customers. 
 (b) Contractor shall use the Oncor Facilities in a reasonably efficient manner. To the extent that Contractor operates the space in a manner that unnecessarily increases expenses incurred by Oncor or Contractor
otherwise uses any Oncor Facility to provide services to customers other than Oncor, Oncor [*****]. 
 (c) Contractor shall be responsible
for any damage to the Oncor Facilities resulting from the abuse, misuse, neglect, negligence, gross negligence or breach of this Agreement by Contractor and the Contractor Staff or any other failure to comply with its obligations respecting the
Oncor Facilities. 
 (d) Contractor shall (i) not commit waste or damage to such Oncor Facilities, (ii) not use such Oncor
Facilities for any unlawful purpose or act, (iii) comply with all Laws applicable to the use of each Oncor Facility, (iv) not commit any act in violation of Oncor’s insurance policies or in breach of Oncor’s obligations under the
applicable leases for each Oncor Facility and (v) adhere to and enforce all Oncor Policies and Standards applicable to each Oncor Facility (including environmental, health and safety standards, procedures for the physical security of and
security at the Oncor Facilities and policies and procedures regarding connections to and use of Oncor’s systems and networks). 
 (e)
Contractor shall be responsible for the safety and physical access of the areas at Oncor Facilities that Contractor controls and Contractor shall not permit any person to have access to, or control of, any such area unless such access or control is
permitted in accordance with the security procedures that are applicable to such Oncor Facilities. 
  
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 (f) Contractor shall permit Oncor and Oncor Agents to enter into those portions of the Oncor
Facilities occupied by the Contractor Staff at any time. 
 (g) Contractor shall not make any improvements or changes involving structural,
mechanical or electrical alterations to the Oncor Facilities without the prior approval of Oncor, such approval to be given in Oncor’s sole discretion; provided, however, that in the event Contractor does make improvements to the Oncor
Facilities, such improvements shall become the property of Oncor. 
 (h) When the Oncor Facilities are no longer required for providing
Services, Contractor shall return such Oncor Facilities to Oncor in substantially the same condition as when Contractor began using such Oncor Facilities, except for (i) ordinary wear and tear and (ii) damage that was not caused by the
acts, omissions, negligence or gross negligence of Contractor or Contractor’s breach of this Agreement. 
 Section 5.05 Relocation of Oncor
Facilities. 
 Oncor reserves the right, in Oncor’s sole discretion and upon prior notice to Contractor, to relocate any Oncor
Facility at or from which Services are then being provided to another location; provided that, in such event, Oncor shall provide Contractor with comparable space in the new location. Oncor also reserves the right, in Oncor’s sole discretion
and upon prior notice to Contractor, to direct Contractor to cease using all or any portion of the space in any Oncor Facility at or from which Services are then being provided. 
 Section 5.06 Use of Contractor Facilities. 
 From time to time upon Oncor’s request,
Contractor agrees that Oncor may locate Oncor or its designee(s) personnel on-site at Contractor Facilities designated by Oncor to observe the Services and to otherwise verify Contractor’s compliance with the terms of this Agreement. While at
Contractor Facilities, such Oncor personnel shall, and Oncor shall use commercially reasonable efforts to cause its designee(s) personnel to, (a) comply with the requests, standard rules and regulations of Contractor regarding safety and health
provided to such personnel, and personal and professional conduct (including adhering to general safety practices or procedures) generally applicable to such Contractor Facilities and of which Oncor has been given prior notice and (b) otherwise
conduct themselves in a professional and businesslike manner. Contractor shall provide to such personnel, at no charge to Oncor, the use of suitable office space, office related equipment, telephone equipment, office furnishings and fixtures at such
Contractor Facilities. 
 Section 5.07 Use of Work Sites. 
 (a) Contractor shall take all reasonable precautions to prevent any accidents, injuries (including deaths) and damage to property in connection with the Services provided at each Work Site, including putting up and
maintaining sufficient lights, barriers, signs, temporary passages or other protection necessary for that purpose. 
  
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 (b) Oncor does not guarantee Contractor the opportunity to have uninterrupted access to or quiet
enjoyment of any Work Site. Oncor reserves the right to require Contractor to schedule the provision of the Services in such a manner as shall minimize interference with the work of any third parties at a Work Site. [*****]. 
 (c) Contractor shall at all times keep the Work Sites free from accumulation of waste materials or rubbish in connection with the Services. Upon the
completion of Services at a Work Site, Contractor shall, at its expense, remove all waste materials and rubbish from and about the Work Site. If Contractor fails to keep a Work Site clean or to clean up upon the completion of Services at a Work
Site, Oncor may do so, and Contractor shall reimburse Oncor for the expenses incurred by Oncor in connection therewith, including overhead expenses. 
 Section 5.08 Conditions Affecting Services. 
 (a) Contractor shall investigate and acquaint itself with the
conditions affecting the Services, including those related to the transportation, disposal, handling and storage of Materials; availability of labor, water, electric power, and roads; the uncertainties of weather, river stages, or similar physical
conditions at Work Sites; the conformation and condition of the ground; and the character of Contractor Resources needed prior to and during the provision of the Services. Contractor has satisfied itself as to the character, quality, and quantity of
surface and subsurface materials or obstacles to be encountered. Contractor’s failure to acquaint itself with any conditions affecting the Services or any available related information shall not relieve it from responsibility for properly
estimating the difficulty or expense of successfully providing the Services. 
 (b) Contractor assumes full responsibility for advising
Contractor Staff and any other person or entity who is or may become involved in providing the Services, and any and all other persons and entities in the vicinity of the Services, of any known hazards relating to the Services, and shall ensure that
such persons and entities are advised of and fully understand the nature of such hazards and safety precautions which can be taken to eliminate or minimize the dangers relating to such hazards. 
 (c) For the avoidance of doubt, the provisions of this Section shall not apply to subsurface man-made materials (including subsurface materials of
historical significance) or subsurface man-made hazards, in each case of which Contractor has no knowledge and that are not discoverable through reasonable diligence. 
 Section 5.09 Environmental Conditions. 
 (a) In the event that Contractor discovers any
substance at a Work Site that is not the subject of the Services or has not otherwise been identified by Oncor for Contractor, which substance Contractor has reason to believe is or may be a Hazardous Material that (i) has been or may be
released, dispersed, disturbed or spilled into the soil, surface water, or groundwater or in a building or structure, or (ii) consists of asbestos-containing materials, lead-based paint, batteries, thermostats, lighting equipment, or equipment
containing polychlorinated biphenyls, Contractor shall immediately stop providing the affected Services and shall promptly notify Oncor of the discovery of such substance. Contractor shall not resume providing the affected 
  
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Services until receiving authorization from Oncor to do so. Oncor shall temporarily adjust the work to be performed by Contractor that is directly affected
by Contractor’s suspension of the affected Services in accordance with this subsection, the schedules associated therewith and applicable Service Levels. [*****]. 
 (b) Contractor shall promptly notify Oncor in the event of a spill, dispersal, disturbance or release in connection with the Services of any substance which Contractor knows or has reason to believe is a Hazardous
Material, whether onto the ground, into any body of water, a storm or sanitary sewer, the air or anywhere at any Work Site. Contractor shall be responsible, at its expense, for the cleanup and remediation, in consultation with Oncor, of any such
spill, dispersal, disturbance or release caused by Contractor, excluding circumstances in which Oncor is obligated to indemnify Contractor under Section 19.01(g). 
 ARTICLE VI 
 SERVICE LEVELS 
 Section 6.01 Service Levels. 
 Contractor shall provide the Services so as to continually
meet or exceed the Service Levels. 
 Section 6.02 Problem Analysis. 
 If Contractor provides any Service that is not in accordance with this Agreement (including any Service Level Default), Contractor shall (after restoring
the Service or otherwise resolving any immediate problem related to such Service) (a) promptly investigate and report on the causes of the problem, (b) provide a root cause analysis of such failure as soon as practicable after such failure
(regardless of cause or fault), (c) implement remedial action and begin complying with this Agreement as soon as practicable, (d) advise Oncor of the status of remedial efforts being undertaken with respect to such problem,
(e) provide Oncor with reasonable evidence that the cause(s) of such problem have been or shall be corrected on a permanent basis and (f) take commercially reasonable actions to prevent any recurrence of such problem. Contractor shall use
commercially reasonable efforts to complete such root cause analyses within [*****] of each initial failure; provided that, if any such root cause analysis is not capable of being completed within [*****] using commercially reasonable efforts,
Contractor shall complete such root cause analysis as quickly as possible and shall notify Oncor prior to the end of such [*****] period as to the status of the root cause analysis and the estimated completion date. 
 Section 6.03 Continuous Improvement and Best Practices. 
 Contractor shall, on a continuous basis, actively seek, identify and apply its own and third party industry best practices, standards, techniques and tools to improve the Service Levels and to otherwise benefit Oncor
either operationally or financially. Contractor shall include updates with respect to such improvements, techniques and tools in the reports provided to Oncor pursuant to Section 3.14. 
  
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 Section 6.04 Performance Credits. 
 In the event of any failure to provide the Services in accordance with the Service Levels, Oncor shall be entitled to receive the Performance Credits
identified in and according to Schedule B. The Performance Credits shall not limit or affect Oncor’s right to recover, in accordance with this Agreement, all other damages incurred by Oncor as a result of such failure, net of any amounts paid
as a Performance Credit. If Oncor believes that it has grounds to terminate this Agreement in whole, any Service(s), any Service Area(s) or any Work Request(s) for Contractor’s default, Oncor may assert that the failure to meet Service Levels
constitutes a material default and may seek monetary damages notwithstanding and net of any amounts paid as a Performance Credit. For the avoidance of doubt, whether any failure to meet Service Levels constitutes a material default shall be
determined in light of all of the facts and circumstances at the time. 
 Section 6.05 Alternate Services Provider. 
 In the event Contractor does not provide any Service in accordance with this Agreement and such Service has not been Completed, then without limiting
Oncor’s other rights or remedies under this Agreement or under applicable Law, Oncor may, after providing notice to Contractor and a reasonable period of time to cure such non-provision (as determined by Oncor in its sole but good faith
discretion), which period shall in any event not be less than five (5) days in the event of Services that are not Emergency Services (provided that in the case of Emergency Services, such period of time shall be whatever time period Oncor
determines in its sole discretion), either [*****]. 
 ARTICLE VII 
 CONTINUED PROVISION OF SERVICES 
 Section 7.01 Business Continuity and Disaster
Recovery Plan. 
 (a) Contractor acknowledges that the timely and complete performance under this Agreement shall play a crucial role
in Oncor’s customer service commitments, and that Contractor’s business operations relative to this Agreement shall be resilient and capable of withstanding the effects of disruptions in order to maintain Oncor’s customers’ trust
and confidence in Oncor’s ability to provide services in the face of disruptive events. Accordingly, Contractor hereby covenants that Contractor shall implement and maintain the Business Continuity and Disaster Recovery Plan. 
 (b) Contractor shall provide Oncor with a copy of the Business Continuity and Disaster Recovery Plan for Oncor’s review and approval within [*****]
after the Master Effective Date. Following Oncor’s approval of the Business Continuity and Disaster Recovery Plan, Contractor shall (i) periodically update and test the operability of the Business Continuity and Disaster Recovery Plan at
least twice during every Contract Year, (ii) submit to Oncor for Oncor’s review and approval any updates or other changes to the Business Continuity and Disaster Recovery Plan at least [*****] prior to any update or change taking effect
and (iii) certify to Oncor [*****] during each Contract Year that the Business Continuity and 
  
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Disaster Recovery Plan is fully operational. 
 (c) Upon the occurrence of a Force Majeure Event, Contractor shall to the extent applicable promptly implement the Business Continuity and Disaster Recovery Plan and provide the business continuity and disaster recovery services described
therein and notify the Oncor Contract Manager of the activation of the Business Continuity and Disaster Recovery Plan; provided that the occurrence of a Force Majeure Event shall relieve Contractor of its obligations in respect to implementing the
Business Continuity and Disaster Recovery Plan and providing the business continuity and disaster recovery services described therein solely to the extent that (a) such Force Majeure Event prevents Contractor from so performing and
(b) Contractor otherwise complies with all applicable requirements under Section 7.02. 
 (d) For the avoidance of doubt, the
Parties acknowledge that the Procedures Manual shall provide details under which all Emergency Services provided in connection with Force Majeure Events or major Storm Events shall be [*****]. 
 Section 7.02 Force Majeure. 
 If and to
the extent that a Party’s performance of any of its obligations pursuant to this Agreement is hindered or delayed by fire, earthquake, acts of God, acts of war, terrorism, riots, civil disorders, strikes, rebellions or revolutions or any other
similar event beyond the reasonable control of such Party, except to the extent that such Party is at fault in failing to prevent or causing such event (each, a “Force Majeure Event”), and such hindrance or delay was not reasonably
expected or anticipated and could not have been prevented or circumvented by reasonable precautions, alternate sources, workarounds or other means by the hindered or delayed Party, then the hindered or delayed Party shall be excused for such
hindrance or delay, of those obligations affected by the Force Majeure Event for as long as such Force Majeure Event continues and such Party continues to use its commercially reasonable efforts to recommence performance whenever and to whatever
extent possible without delay, including through the use of alternate sources, workarounds or other means. The Party whose performance is hindered or delayed by a Force Majeure Event shall immediately notify the other Party of the occurrence of the
Force Majeure Event and describe in reasonable detail the nature of the Force Majeure Event. Contractor shall not be entitled to claim it is delayed or affected by a Force Majeure Event if the event in question is one which a reasonable service
provider should have reasonably expected or anticipated. Notwithstanding any other provision of this Agreement, [*****]. 
 Section 7.03 Alternate
Source. 
 If any Force Majeure Event prevents, hinders or delays the Services (i) necessary for the performance of critical
Oncor functions for longer than the recovery period specified in the Business Continuity and Disaster Recovery Plan, or if there is no such recovery period so specified, [*****]. 
 Section 7.04 Allocation of Resources. 
 Whenever a Force Majeure Event, disaster or other
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limited resources that are used in connection with the Services between or among Contractor’s customers, Contractor shall provide Oncor with priority
over all of Contractor’s other customers. 
 ARTICLE VIII 
 CUSTOMER SATISFACTION AND BENCHMARKING 
 Section 8.01 Satisfaction Surveys.

 (a) At least once during each three (3) month period following the Agreement Date, Contractor shall, upon Oncor’s request,
conduct satisfaction surveys in respect of the Services. Such surveys shall, at a minimum, cover a representative sampling of senior management of Oncor, in each case as specified by Oncor. The timing, content, scope and method of each survey shall
be subject to Oncor’s prior approval. Oncor shall consider the results of the satisfaction surveys in evaluating Contractor’s qualifications to be awarded additional business. Contractor agrees that increasing measured customer
satisfaction shall be [*****]. 
 (b) In the event that Oncor disputes the results of a satisfaction survey conducted pursuant to
Section 8.01(a), Oncor may, at Oncor’s expense, engage a third party, acceptable to Contractor, to conduct another satisfaction survey in accordance with Section 8.01(a). The results of such survey shall be binding on the Parties for
purposes of Section 8.01(a). 
 Section 8.02 Benchmarking. 
 (a) From time to time, Oncor may, at its expense and subject to the provisions of this Section, either itself or using the services of an independent
third party engaged by Oncor (a “Benchmarker”), compare the quality and cost of all of the Services, or any Service (including the cost for producing Work Product and the cost of Components), against the quality and cost of
well-managed service providers providing similar services to determine whether Oncor is receiving from Contractor pricing and levels of service that are competitive with market rates, prices and service levels, given the nature, volume and type of
Services provided by Contractor (“Benchmarking”). In addition, Contractor will periodically perform Benchmarkings and Unit cost and performance studies at Contractor’s expense (but in any event no more than once per year,
except as otherwise required by Governmental Authorities or under applicable Law), and provide Oncor with reports that specify the results of each such Benchmarking [*****]. 
 (b) Contractor shall cooperate fully with Oncor and the Benchmarker in connection with each Benchmarking and, subject to the Benchmarker’s
acceptance of the confidentiality provisions of this Agreement, shall provide access to the information required by Oncor and the Benchmarker during such effort. Contractor shall provide reasonable access to any facilities, personnel, data and other
information and provide any assistance required by Oncor and the Benchmarker to conduct the Benchmarking, all at Contractor’s expense, provided that Contractor shall not be obligated to allow access to (i) the Confidential Information of
Contractor that is not related to Oncor or the Services, (ii) Contractor Facilities that are not related to Oncor or the Services or (iii) [*****]. Each Benchmarking conducted by Oncor or the Benchmarker shall be conducted so as not to
unreasonably disrupt Contractor’s operations under this Agreement. 
  
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 ARTICLE IX 
 ADDITIONAL CONTRACTOR RESPONSIBILITIES 
 Section 9.01 Contractor Required Consents. 
 Contractor shall obtain, maintain and comply with all Contractor Governmental Consents that are required generally for Contractor to carry on its business
as a licensed contractor, and Contractor shall use commercially reasonable efforts to obtain, and shall maintain and comply with, all Contractor Governmental Consents and all of the Contractor Private Consents that are required to carry out each
individual Work Request (all collectively, the “Required Consents”). With respect to the Required Consents required to carry out each individual Work Request, Contractor shall use commercially reasonable efforts to obtain all such
Required Consents on or before the applicable date set forth in such Work Request or, if no such date is set forth in such Work Request, the date that is reasonably designated by Oncor in writing. Until Contractor has obtained such Required
Consents, Contractor shall not be obligated to perform, and Oncor shall not be required to accept, the portion of the Services in connection with such Work Request for which such Required Consents are required. In the event any Required Consents are
not obtained by the applicable date(s) therefor, and if such failure delays or disrupts Oncor’s business or operations, then irrespective of whether Contractor has used commercially reasonable efforts to obtain such Required Consents, Oncor
may, at its option, (i) terminate the affected Service(s) or Work Request(s) as of a date specified by Oncor in a termination notice to Contractor or (ii) modify the affected Services (or portions thereof) or the affected Work Requests to
delete the affected Service and provide such Service to itself or obtain such Service from any third party. If Oncor elects to modify the affected Services (or portions thereof) or the affected Work Requests pursuant to clause (ii) of the
immediately preceding sentence, such modification shall be automatic without the need for any further action by the Parties, and shall be effective upon Oncor’s notice to Contractor of Oncor’s election to delete the affected Service.
[*****]. In the event any such termination or modification of a Work Request occurs in circumstances where Contractor has not used commercially reasonable efforts to obtain all Required Consents for the Work Request, the Fees that are payable for
the remaining Services under the Work Request [*****]. 
 Section 9.02 Contractor Agents. 
 (a) Except as and to the extent Oncor may agree otherwise in writing in its sole discretion, Contractor shall not subcontract any of its responsibilities
under this Agreement except as follows: 
 (i) Prior to entering into a subcontract with a third party for the Services,
Contractor shall notify Oncor of the portions of the Services affected, the scope of the proposed subcontract, the identity and qualifications of the proposed subcontractor and the reasons for subcontracting the work in question. 
 (ii) For each subcontract, all Contractor Agents must be selected by a reverse auction process or other competitive process that has been
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Oncor’s sole discretion. In order to participate in such process, each proposed Contractor Agent must be selected in one of the following ways:

 (a) Contractor may invite any Approved Contractor Agent(s) to participate in such process; or, 
 (b) Contractor may submit to Oncor for Oncor’s approval a list of persons or entities that Contractor proposes to invite to
participate in such process, such approval to be provided in Oncor’s sole discretion. 
 Only Approved Contractor Agents
and those persons and entities that have been approved by Oncor pursuant to this subsection may participate in such process. The results of each such process shall be promptly reported to Oncor. 
 (b) Contractor shall include in its contracts with Contractor Agents provisions that are at least as protective of Oncor as those contained in this
Agreement and shall cause Contractor Agents to comply with the terms of this Agreement. 
 (c) Oncor shall have the right to revoke its prior
approval of any Contractor Agent and direct Contractor to replace such Contractor Agent if the Contractor Agent’s performance is materially deficient, good faith doubts exist concerning the Contractor Agent’s ability to render future
performance because of changes in the Contractor Agent’s ownership, management, financial condition or otherwise, or there have been material misrepresentations by or concerning the Contractor Agent. 
 (d) Notwithstanding Section 9.02(a), Contractor may, in the ordinary course of business, subcontract for third party products or services that are
not dedicated to Oncor, that are not material to a particular function constituting a part of the Services and that do not result in a material change in the way Contractor conducts its business, provided such subcontract does not adversely impact
Oncor (whether with respect to the Services, the Fees or otherwise). 
 (e) Upon request, Contractor shall provide to Oncor a list of all
Contractor Agents to which Contractor has, at the time of such request, subcontracted any of its responsibilities under this Agreement. 
 (f) The Out-of-Pocket Expenses payable by Contractor to Contractor Agents for [*****] that such Contractor Agents are responsible for providing shall be [*****]. 
 (g) No subcontracting shall release Contractor from its responsibility for its obligations under this Agreement. For purposes of this Agreement, (i) Services provided by Contractor Agents (including their
personnel) shall be deemed Services provided by Contractor (and Contractor’s employees), (ii) references to Contractor shall include Contractor Agents (except for purposes of Oncor’s indemnities in Section 19.01),
(iii) Contractor shall be responsible for any failure by any Contractor Agent to perform in accordance with this Agreement or to otherwise comply with the terms of this Agreement to the same extent as if such failure to perform or comply was
committed by Contractor or Contractor employees and (iv) Contractor shall be responsible for the performance of all Contractor Agents providing any 
  
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of the Services. Contractor shall be Oncor’s sole point of contact regarding the Services, including with respect to payment. Oncor’s consent with
respect to any subcontractor shall not constitute Oncor’s consent to further subcontracting by such subcontractor. 
 Section 9.03 Quality
Assurance. 
 Contractor shall develop and implement quality assurance processes and procedures that are approved by Oncor, including
implementing tools and methodologies, to ensure that the Services are provided in accordance with (a) the Service Levels and other requirements of this Agreement, (b) the best practices of leading providers of services that are the same as
or similar to the Services and (c) the Laws applicable to Oncor. Contractor’s quality assurance processes and procedures shall include inspection and testing procedures to ensure the quality of the Services. Contractor shall subject all
Work Product to such quality inspection and testing procedures. Each Work Site and all Work Product shall at all times be subject to quality surveillance and quality inspection by Oncor and its designee(s), who shall be afforded full and free access
to each Work Site and all Work Product in order to conduct such quality surveillance and quality inspections. Contractor shall, at Contractor’s expense, assist and fully cooperate and work in good faith with Oncor and its designee(s) in
connection with Oncor’s and its designee(s)’ performance of such quality surveillance and quality inspections, including by suspending affected Services to enable Oncor and its designee(s) to perform such surveillance and inspections;
[*****]. Oncor’s failure to conduct such quality surveillance or quality inspections or to discover defects shall not relieve Contractor of any of its obligations under this Agreement nor limit Oncor’s rights under this Agreement or at
Law. In addition, Contractor shall provide Oncor with access to its quality inspection testing records upon Oncor’s request and shall maintain such records with respect to each Service and item of Work Product during the Master Term and for a
period of [*****] following the last day of the Master Term. 
 Section 9.04 Locates. 
 Contractor shall notify the State One Call Board of Texas, or one of its approved service providers (e.g., 1-800-DIG-TESS), for locates as required
for all utilities prior to commencing any Services, unless otherwise directed by Oncor. Prior to any excavation, Contractor shall call any entity known to have property in the excavation area, including municipal utility departments, cable and other
telecommunications companies and any other entities not associated with the State One Call Board of Texas, to request locates of each such entity’s property. 
 Section 9.05 Protection of Property 
 (a) Contractor shall be responsible for the proper care and custody of any
Oncor property and third party property that is provided or made available by Oncor hereunder. Contractor shall at all times conduct all operations under this Agreement in a manner to avoid causing damage to and to protect such property, as well as
any property at or adjacent to any Work Site, from risk of loss or damage resulting from the Services. Contractor shall take reasonable precautions to prevent, and shall continuously monitor the Services to discover and determine, any conditions
which might involve such loss or damage and shall be solely responsible for the discovery, determination and correction of any such loss or damage arising 
  
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out of Contractor’s wrongful acts or omissions, negligence, gross negligence or breach of this Agreement. Contractor shall provide Oncor immediate
access to any Oncor property or third party property that is provided or made available by Oncor on twenty-four (24) hours prior notice unless a shorter time period is required by Governmental Authorities, Law or Oncor’s licensors or
lessors. Contractor acknowledges that Oncor has the right to remove or deny Contractor access to or use of any Oncor property or third party property that is provided or made available by Oncor as Oncor may determine in its sole discretion.
Contractor shall not dispose of, and shall not authorize or otherwise allow the disposal of, any such property without the prior approval of Oncor. 
 (b) Contractor shall not assign, transfer, pledge, hypothecate or otherwise encumber any Oncor property or any third party property that is provided or made available by Oncor. Without limiting the immediately preceding sentence, Contractor
shall not file, or by its action or inaction permit, any liens to be filed by Contractor or Contractor Agents on or against any such property in connection with Services provided pursuant to this Agreement. In the event that any such liens arise as
a result of Contractor’s action or inaction, Contractor shall obtain a bond to fully satisfy such liens or otherwise remove such liens at its sole expense within ten (10) days of receiving notice of the same from Oncor. If Contractor fails
to do so, Oncor may, in its sole discretion, pay the amount of such lien (including expenses incurred in connection with such lien) and/or deduct such amounts from payments due to Contractor. 
 Section 9.06 Installation of Components. 
 Contractor shall install Work Product in accordance with the applicable Specifications, the applicable Oncor Policies and Standards as well as the suppliers’ and manufacturers’ recommended drawings, policies, and guidelines to
ensure compliance with supplier and manufacturer warranties. In the event of a conflict between Specifications, suppliers’ and manufacturers’ installation requirements and Oncor Policies and Standards, Contractor shall notify the
applicable Oncor Contract Coordinator for resolution. 
 Section 9.07 Contractor Contract Manager and Contract Coordinators. 

(a) Contractor shall appoint an individual (the “Contractor Contract Manager”) who shall serve as the primary Contractor
representative under this Agreement. Contractor’s appointment of each Contractor Contract Manager shall be subject to Oncor’s prior approval. The Contractor Contract Manager shall (i) be fluent in English; (ii) have overall
responsibility for managing and coordinating the performance of Contractor’s obligations under this Agreement, (iii) be authorized to act for and on behalf of Contractor with respect to all matters relating to this Agreement (excepting
amendments hereto) and (iv) be one of the Key Personnel. 
 (b) Contractor shall appoint an individual (the “Contractor Contract
Coordinator”) with respect to each Work Site who shall serve as the primary Contractor representative with respect to the Services provided at such Work Site. Contractor’s appointment of each Contractor Contract Coordinator shall be
subject to Oncor’s prior approval. The Contractor Contract Coordinators shall (i) be fluent in English; (ii) have overall responsibility for managing and coordinating the Services at their applicable Work Site, (iii) be
authorized to act for and on behalf of Contractor with respect to such Services and (iv) be equipped with an electronic means 
  
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of immediate communication with the relevant Oncor Contract Coordinator for their applicable Work Site. 
 Section 9.08 Key Personnel. 
 With respect
to the initial Key Personnel and each of their replacements, the Parties agree as follows: 
 (a) All Key Personnel shall be [*****].

 (b) Before assigning an individual to a Key Personnel position, whether as an initial assignment or as a replacement, Contractor shall
(i) notify Oncor of the proposed assignment, (ii) introduce the individual to appropriate representatives of Oncor, (iii) subject to applicable Law, provide Oncor with any information regarding the individual that may be requested by
Oncor and (iv) obtain Oncor’s approval for such assignment. Contractor shall only assign an individual to a Key Personnel position who is approved by Oncor. 
 (c) Contractor shall not replace or reassign (i) the Contractor Contract Manager for [*****] from the date such individual is assigned to Oncor’s account or (ii) any other Key Personnel for [*****] from
the date such individual is assigned to Oncor’s account, unless Oncor consents to such reassignment or replacement or such Key Personnel (1) voluntarily resigns from Contractor, (2) is dismissed by Contractor for misconduct
(e.g., fraud, drug abuse, theft) or (3) dies or is unable to work due to his or her disability. 
 (d) If Oncor decides that
any Key Personnel should not continue in that position, then, subject to applicable Law, Oncor may in its sole discretion and upon notice to Contractor require removal of such Key Personnel from the Contractor Staff. 
 (e) If any Key Personnel is removed from Oncor’s account, Contractor shall replace such Key Personnel as soon as practicable and in no case later
than [*****] after the date such Key Personnel is removed from Oncor’s account. Contractor shall maintain backup procedures and conduct the replacement procedures for the Key Personnel in such a manner so as to assure an orderly succession for
Key Personnel who are replaced. 
 Section 9.09 Contractor Staff. 
 (a) Subject to applicable Law, Oncor may, in its sole discretion and upon notice to Contractor, require removal of any member of the Contractor Staff from
Oncor’s account or any Oncor Facility. Subject to applicable Law, Contractor Staff who have previously been excluded or removed from any Oncor Facility may be brought onto an Oncor Facility only with the prior approval of Oncor. 
 (b) Contractor shall provide Oncor with an accurate list of all personnel on the Contractor Staff at the end of every quarter, including each
individual’s name and classification. Contractor shall notify Oncor as soon as possible after dismissing or reassigning any member of the Contractor Staff whose normal work location is at an Oncor Facility. 
  
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 (c) Contractor may not remove from Oncor’s account or otherwise transfer or relocate any
Contractor Staff who are actively deployed in providing any Services, are assigned to provide any Services, or that Contractor has committed will be available to Oncor for the provision of Services, in each case without Oncor’s prior approval.

 (d) Contractor shall be responsible for verifying (i) that Contractor Staff are authorized to work in any location in which they are
assigned to provide Services and (ii) that Contractor Staff do not use illegal drugs and are not otherwise disqualified from performing their assigned work under applicable Laws. 
 (e) Contractor agrees to be solely responsible for the following in respect of the Contractor Staff: (i) all wages and benefits, which shall be at
reasonable and appropriate compensation levels; (ii) compliance with all applicable Laws, including health and safety Laws; (iii) employment of only those persons eligible to work under applicable employment and immigration Laws;
(iv) any and all employment Taxes and/or other payroll withholding; (v) maintaining health insurance to the extent required by applicable Law; (vi) any claims of third parties for which Contractor would be considered vicariously
liable; (vii) determination of the hours to be worked and the duties to be performed by the Contractor Staff; and (viii) any expenses or severance amounts or other payments associated with the termination of any Contractor Staff.

 (f) Contractor agrees that anyone employed by Contractor or a Contractor Agent to fulfill the terms of this Agreement is an employee of
Contractor or such Contractor Agent, as applicable, and remains under Contractor’s sole direction and control. 
 (g) Each Party agrees
that, insofar as it is permitted by applicable Law, and subject to the indemnities provided in this Agreement, there is no right of subrogation, contribution or indemnification against the other Party for any duty owed by, or any judgment rendered
against, the first Party in connection with the first Party’s employees. 
 (h) Contractor shall use commercially reasonable efforts to
keep the turnover rate of Contractor Staff to [*****]. If Oncor believes that the turnover rate of Contractor Staff is excessive and so notifies Contractor, Contractor shall within [*****] after such notification (i) provide Oncor with data
concerning Contractor’s turnover rate, (ii) meet with Oncor to discuss the reasons for the turnover rate, (iii) submit a proposal for reducing the turnover rate for Oncor’s review and approval and (iv) agree to a program for
reducing the turnover rate, [*****]. Notwithstanding any transfer or turnover of Contractor Staff, Contractor shall remain obligated to provide the Services without degradation and in accordance with the terms of this Agreement. 
 (i) Contractor understands and agrees that it is a business necessity that all senior level employees of Contractor assigned to provide services to Oncor
under this Agreement be able to communicate effectively with Oncor, Oncor’s agents or Oncor’s customers. To satisfy that business necessity, all senior level employees of Contractor who interface or otherwise interact with Oncor,
Oncor’s agents or Oncor’s customers are required to speak fluent English. Nothing within this Agreement, however, precludes Contractor’s employees from speaking in other languages when communicating with each other or requires all of
Contractor’s employees to be fluent in English. 
  
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 Section 9.10 Conduct of Contractor Staff. 
 While providing Services at Oncor Facilities, Contractor Staff shall (a) comply with Oncor’s requests and Oncor Policies and Standards regarding
safety and health, and personal and professional conduct (including adhering to general safety practices or procedures) generally applicable to such Oncor Facilities and (b) otherwise conduct themselves in a professional and businesslike
manner. Contractor shall cause the Contractor Staff to comply with the terms of this Agreement. If Oncor notifies Contractor that a particular member of the Contractor Staff is not conducting himself or herself in accordance with this Agreement,
Contractor shall promptly (1) investigate the matter and take appropriate action which may include, subject to the terms of this Agreement, (A) removing the applicable person from the Contractor Staff and providing Oncor with prompt notice
of such removal and (B) replacing the applicable person with a similarly qualified individual, or (2) take other appropriate disciplinary action to prevent a recurrence. There shall be no charge to Oncor for any replacement provided in
accordance with this Section while the replacement acquires the necessary orientation and knowledge transfer. In the event of multiple violations of this Agreement by a particular member of the Contractor Staff, Contractor shall promptly remove the
individual from the Contractor Staff. 
 Section 9.11 Requirement of Writing. 
 To the extent Contractor is required under this Agreement to obtain Oncor’s approval, authorization, consent or agreement, such approval,
authorization, consent or agreement must be in writing and must be signed by or directly transmitted by electronic mail from the Oncor Contract Manager or by the applicable Oncor Contract Coordinator, or by the applicable individual to whom
authority has been delegated in accordance with Section 10.01(a) or Section 10.01(b). Notwithstanding the immediately preceding sentence, the Oncor Contract Manager may agree in advance that as to certain specific matters, oral approval,
authorization, consent or agreement shall be sufficient. 
 Section 9.12 [*****]. 
 Section 9.13 Diversity. 
 Oncor supports minority and woman-owned businesses (collectively
“MWBEs”) in order to satisfy its objectives and comply with government procurement Laws. To help Oncor achieve such objectives, Contractor agrees to establish as a goal the purchase, when commercially feasible, of products and
services from MWBEs in the performance of Contractor’s obligations under this Agreement. Contractor shall track invoice payments made to MWBEs and shall comply with the reporting and Service Levels requirements associated with MWBEs. Contractor
will further support Oncor by: 
 (a) Ensuring compliance with corporate initiatives (including those specified by Oncor) and regulatory
obligations throughout the buying process (including supplier diversity initiatives and small business administration), subject to Oncor’s approval of such initiatives and obligations. 
 (b) Participating in supplier diversity functions and organizations as appropriate to enhance networking and business relationship opportunities with
certified diverse suppliers. 
  
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 Section 9.14 Fatalities. 
 Contractor shall promptly notify Oncor of any fatalities reported to OSHA in connection with the Services, and shall provide to Oncor within five
(5) days after the end of each year an annual OSHA log summary form 300A. 
 Section 9.15 [*****]. 
 ARTICLE X 
 ONCOR RESPONSIBILITIES

 Section 10.01 Oncor Contract Manager and Contract Coordinators. 
 (a) Oncor shall appoint an individual (the “Oncor Contract Manager”) who shall serve as the primary Oncor representative under this
Agreement. The Oncor Contract Manager shall (i) have overall responsibility for managing and coordinating the performance of Oncor’s obligations under this Agreement and (ii) be authorized to act for and on behalf of Oncor with
respect to all matters relating to this Agreement (excepting amendments hereto). Notwithstanding the immediately preceding sentence, the Oncor Contract Manager may, upon notice to Contractor, delegate such of his or her responsibilities to other
Oncor employees as the Oncor Contract Manager deems appropriate. 
 (b) Oncor shall appoint an individual (the “Oncor Contract
Coordinator”), whether directly or through the Oncor Policies and Standards, with respect to each Work Site who shall serve as the primary Oncor representative with respect to the Services provided at such Work Site; provided, however, that
no Oncor Contract Coordinator shall have the authority to bind Oncor with respect to any changes relating to this Agreement. Notwithstanding the immediately preceding sentence, an Oncor Contract Coordinator may, upon notice to Contractor, delegate
such of his or her responsibilities to other Oncor employees as the Oncor Contract Coordinator deems appropriate. 
 Section 10.02 Oncor Required
Consents. 
 Oncor shall obtain, maintain and comply with all of the Oncor Private Consents. 
 Section 10.03 Oncor Obligations. 
 (a)
Oncor shall perform those tasks that are expressly designated in the Work Requests as Oncor’s obligations. Oncor shall not be obligated to perform any tasks that are not expressly designated as Oncor’s obligations in this Agreement.

 (b) If and to the extent set forth in a Work Request, Oncor shall provide to Contractor, [*****]. 
  
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 Section 10.04 Requirement of Writing. 
 To the extent Oncor is required under this Agreement to obtain Contractor’s approval, authorization, consent or agreement, such approval,
authorization, consent or agreement must be in writing and must be signed by or directly transmitted by electronic mail from the Contractor Contract Manager or the applicable Contractor Contract Coordinator, or by the applicable individual to whom
authority has been delegated in accordance with Section 9.07(a) or Section 9.07(b). Notwithstanding the immediately preceding sentence, the Contractor Contract Manager may agree in advance that as to certain specific matters, oral
approval, authorization, consent or agreement shall be sufficient. 
 Section 10.05 Oncor Wrongful Acts. 
 Oncor’s failure to perform any of its responsibilities set forth in this Agreement (other than as provided in Section 21.04(b)) shall not be
deemed to be grounds for termination by Contractor, and Contractor hereby expressly waives any such termination rights it may have under Law. For the avoidance of doubt, Contractor does not waive pursuant to the immediately preceding sentence any
other rights it may have under this Agreement or under Law due to Oncor’s failure to perform any of its responsibilities set forth in this Agreement, including rights to make claims against Oncor for Losses arising out of Oncor’s failure
to perform any of its responsibilities set forth in this Agreement or any other Oncor Wrongful Act (hereinafter defined). Contractor’s nonperformance of its obligations under this Agreement shall be excused if and to the extent
Contractor’s nonperformance results from Oncor’s wrongful acts or omissions, negligence, gross negligence or breach hereunder (each, an “Oncor Wrongful Act”), and in each case Contractor (a) upon learning of an Oncor
Wrongful Act, reasonably notifies Oncor of the Oncor Wrongful Act and Contractor’s inability to perform under the circumstances, (b) provides Oncor with every reasonable opportunity to cure the Oncor Wrongful Act, (c) uses
commercially reasonable efforts to avoid or mitigate the impact of the Oncor Wrongful Act and (d) uses commercially reasonable efforts to perform notwithstanding the Oncor Wrongful Act. Oncor shall reimburse Contractor for its reasonable,
direct, actual, incremental expenses (to the extent paid or payable by Contractor) resulting from Contractor’s efforts in complying with clauses (b) through (d) of this Section. 
 ARTICLE XI 
 MANAGEMENT AND CONTROL 
 Section 11.01 Governance. 
 Within thirty
(30) days after the Master Effective Date, the Parties shall determine an appropriate set of meetings to be held between representatives of Oncor and Contractor. Contractor shall ensure that appropriate members of the Contractor Staff attend
each such meeting, including those members of the Contractor Staff requested by Oncor. Contractor shall prepare and circulate an agenda sufficiently in advance of each such meeting to give participants an opportunity to prepare for the meeting.
Contractor shall incorporate into such agenda items that Oncor desires to discuss. At Oncor’s request, Contractor shall prepare and circulate minutes promptly after each meeting. Such meetings shall include the following: 
  
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 (a) a monthly meeting among Oncor and Contractor operational personnel to discuss
planned or anticipated work activities and otherwise address, review and discuss matters specific to Oncor. 
 (b) a quarterly
meeting among Oncor and Contractor operational personnel to discuss Contractor’s performance, changes that might affect Contractor’s performance, review the monthly and quarterly performance reports for the quarter, review
Contractor’s overall performance under this Agreement, review progress on the resolution of issues, and discuss other matters as appropriate; 
 (c) an annual meeting of senior level executives from each Party to discuss methods and procedures (including those that Contractor has implemented for other customers) by which [*****]; 
 (d) a meeting of senior level executives from each Party following a Service Level Default of the same Service Level during two
(2) consecutive Measurement Windows for such Service Levels or if the Performance Credits incurred exceed [*****] for a Service Area for any year to develop an action plan for Oncor’s approval to address and improve Contractor’s level
of performance, [*****]; 
 (e) such other meetings between Oncor and Contractor as requested by either Party, including
meetings to discuss specific issues related to the feasibility and execution of Work Product and constructability reviews with engineering resources. 
 Oncor may invite representatives of Oncor Agents to participate in any of the meetings described in this Section. 
 Section 11.02 Procedures Manual. 
 Within [*****] after the Master Effective Date, Contractor shall deliver to
Oncor, for Oncor’s review and approval, a management procedures manual (the “Procedures Manual”). Contractor shall prepare and provide to Oncor, for the review and approval of Oncor, updates to the Procedures Manual to reflect
any changes in the operations or procedures described therein as soon as practicable after such changes are made; provided, however, that in any event, Contractor shall annually prepare and provide to Oncor, for the review and approval of Oncor, an
updated version of the Procedures Manual that incorporates any changes in the operations or procedures described therein that were made during the prior twelve (12) months. The Procedures Manual shall describe how Contractor shall perform its
obligations under this Agreement and the documentation which provide further details of such activities, including the Work Request process and the approval process for each Service. The Procedures Manual shall also include descriptions of the
acceptance testing and quality assurance procedures approved by Oncor, and the activities Contractor shall undertake in order to manage the Services, including the direction, supervision, monitoring, staffing, reporting, planning and oversight
activities that Contractor shall undertake. For the avoidance of doubt, the Procedures Manual shall constitute Work Product owned by Oncor. 
  
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 Section 11.03 Change Control. 
 Within thirty (30) days after the Master Effective Date, Contractor shall deliver to Oncor, for Oncor’s review, the Change Control Procedures.
Contractor shall update the Change Control Procedures as necessary and shall provide such updated Change Control Procedures to Oncor for Oncor’s review. The original Change Control Procedures and all updates thereto must be approved by both
Parties, and following approval by both Parties, shall be set forth in the Procedures Manual. The Change Control Procedures shall provide, at a minimum, that (and until the Change Control Procedures are approved by the Parties, Contractor shall
ensure that): 
 (a) either Party may request a change to this Agreement based on a change in circumstances following the Master Effective
Date; 
 (b) changes to the Services or Fees requiring an amendment to the Agreement shall be submitted to the Contract Managers, and only
the Contract Managers are authorized to agree to any such changes; 
 (c) changes to the Services or Fees that do not require an amendment to
the Agreement shall be submitted to the applicable Contract Coordinators or the Contract Managers, and either the applicable Contract Coordinators or the Contract Managers are authorized to agree to any such changes; and 
 (d) [*****]. 
 ARTICLE XII 

DISPUTE RESOLUTION 
 Section 12.01
Continuity. 
 Contractor acknowledges and agrees that the timely and complete performance of its obligations pursuant to this
Agreement is critical to the business, operations, regulatory and stakeholder obligations, and prospects of Oncor. Contractor further acknowledges and agrees that the timely and complete performance of its obligations pursuant to this Agreement
affects the public safety and is in the public interest. Accordingly, in the event of a dispute between Oncor and Contractor, Contractor shall continue to so perform its obligations under this Agreement and Oncor shall continue to make undisputed
payments during the resolution of such dispute unless and until this Agreement has expired or is terminated in accordance with its terms and, in either case, any applicable Termination Assistance Period has expired. 
 Section 12.02 Dispute Escalation. 
 (a)
All disputes in any way arising under or in connection with this Agreement shall be considered in person or by telephone by the Contract Managers within ten (10) days after the date of a notice from either Party’s Contract Manager
specifying the nature of the dispute (a “Dispute Notice”). 
  
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 (b) If the Contract Managers are unable to agree on corrective action or fail to meet as required
under the immediately preceding subsection, Oncor’s [*****] and Contractor’s [*****] (the “Executive Sponsors”) shall meet in person or by telephone within ten (10) days after the expiration of the time period
referred to in the immediately preceding subsection to try to resolve the dispute. 
 (c) Unless the Executive Sponsors otherwise agree or
fail to meet as required under the immediately preceding subsection, either Party may pursue its rights and remedies under this Agreement and/or under Law after the earlier of (a) five (5) days after the occurrence of the Executive
Sponsors’ meeting, if any, referred to in the immediately preceding subsection and (b) twenty (20) days after the date of the applicable Dispute Notice. 
 (d) Notwithstanding any other provision of this Agreement, any dispute relating to [*****], and any dispute subject to [*****], shall not be subject to this Section. 
 Section 12.03 Governing Law. 
 This
Agreement and the rights and obligations of the Parties under this Agreement shall be governed by and construed in accordance with the Laws of the State of Texas applicable to contracts made and to be fully performed therein, without giving effect
to the principles thereof relating to the conflicts of Laws. 
 Section 12.04 Sole and Exclusive Venue. 
 Subject to the provisions of this Article, each Party irrevocably agrees that any legal action, suit or proceeding brought by it in any way arising out of
this Agreement must be brought solely and exclusively in the United States District Court for the Northern District of Texas (Dallas Division) or in the state courts of the State of Texas located in Dallas County, Texas, and each Party irrevocably
accepts and submits to the sole and exclusive jurisdiction of such courts in personam, generally and unconditionally with respect to any action, suit or proceeding brought by it or against it by the other Party. 
 Section 12.05 Joinder. 
 If valid claims
exist against Contractor, then, to the extent requested by Oncor, Contractor hereby irrevocably consents to be joined or impleaded into any disputes Oncor (or its successors or trustee) has with Oncor Agents, Contractor Agents or Contractor’s
Affiliates under this Agreement or any other agreement relating to the Services or any Work Product. 
 ARTICLE XIII 
 PROPRIETARY RIGHTS 
 Section 13.01 Oncor
Resources. 
 If and to the extent Oncor provides or makes available any Oncor Resources to Contractor, or allows Contractor to
otherwise use any Oncor Resources, Oncor hereby grants to 
  
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Contractor, during the Master Term and solely to provide the Services, a fully paid-up, non-exclusive, non-transferable license to access and use such Oncor
Resources, to the extent permissible under the applicable third party agreements and subject to Oncor having obtained the applicable Oncor Private Consents. Contractor may sublicense, to the extent permissible under the applicable third party
agreements and subject to Oncor having obtained the applicable Oncor Private Consents, to Contractor Agents the right to access and use such Oncor Resources during the Master Term and solely to provide those Services that such Contractor Agents are
responsible for providing. 
 Section 13.02 Contractor Resources. 
 (a) If Contractor provides or makes available any Contractor Proprietary Intangible Materials to Oncor or allows Oncor to otherwise use any Contractor
Proprietary Intangible Materials, or if Oncor’s use of any Contractor Proprietary Intangible Materials is necessary for Oncor to receive the benefits of the Services, then in each case Contractor hereby grants to Oncor a perpetual, irrevocable,
fully paid-up, non-exclusive license to access, use, provide services using, reproduce, modify, maintain, enhance, make, have made and create derivative works of such Contractor Proprietary Intangible Materials solely in connection with the business
and operations of Oncor and not for resale. Oncor may sublicense to Oncor Agents the rights to access, use, provide services using, reproduce, modify, maintain, enhance, make, have made and create derivative works of such Contractor Proprietary
Intangible Materials solely in connection with the business and operations of Oncor and not for resale. Contractor shall not provide or make available to Oncor, allow Oncor to otherwise use, or otherwise use in connection with the Services any
Contractor Proprietary Intangible Materials for which Contractor is unable to offer the rights set forth in this subsection. Contractor’s provision of or making available to Oncor, allowing Oncor to otherwise use, or otherwise using in
connection with the Services any Contractor Proprietary Intangible Materials shall obligate Contractor to provide, at no expense to Oncor, the rights set forth in this subsection. 
 (b) If and to the extent Contractor provides or makes available any Contractor Proprietary Resources to Oncor, or allows Oncor to otherwise use any
Contractor Proprietary Resources, in each case excluding Contractor Proprietary Intangible Materials (which are licensed under subsection (a) of this Section), then Contractor hereby grants to Oncor, during the Master Term and solely to receive
and use the Services, an irrevocable, fully paid-up, non-exclusive license to access and use such Contractor Proprietary Resources. Oncor may sublicense to Oncor Agents the right to access and use such Contractor Proprietary Resources during the
Master Term and solely in connection with the business and operations of Oncor. 
 (c) Prior to Contractor providing or making available to
Oncor, allowing Oncor to use or otherwise using in connection with the Services any Contractor Third Party Resource that is necessary for Oncor to access and use in order to receive the benefits of the Services, Contractor shall notify Oncor and
provide Oncor with a sufficient period of time to enable Oncor to procure sufficient rights from the applicable third party for Oncor and Oncor Agents to access and use such Contractor Third Party Resource. If Oncor is unable to procure such rights,
then Contractor shall not use such Contractor Third Party Resource in connection with the Services. 
  
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 Section 13.03 Work Product. 
 All Work Product shall be owned by Oncor. Contractor hereby irrevocably and perpetually assigns, transfers and conveys to Oncor without further
consideration the Work Product and all of Contractor’s rights, title and interest, including all of Contractor’s intellectual property and other proprietary rights, in, to and under the Work Product. Contractor acknowledges that Oncor and
the successors and assigns of Oncor shall have the right to obtain and hold in their own names all rights, title and interest, including all intellectual property and other proprietary rights, in, to and under the Work Product. Contractor agrees to
execute any documents or take any other actions as may be necessary, or as Oncor may request, to perfect and protect Oncor’s ownership of the Work Product. 
 Section 13.04 Embedded Materials. 
 Contractor shall not embed or incorporate any Contractor Resources or any
third party’s property (such as a third party’s Intangible Materials or Components) (collectively, “Embedded Material”) in the Work Product except to the extent Contractor has obtained Oncor’s approval prior to
Contractor embedding or incorporating Embedded Material in the Work Product. Oncor hereby approves as Embedded Material any Components that Oncor requires Contractor to embed or incorporate in the Work Product pursuant to a Work Request or pursuant
to the Oncor Policies and Standards. 
 Section 13.05 Jointly Developed Items. 
 Any Materials, Equipment, structures and other resources that are jointly developed by Contractor and Oncor in connection with the Services that do not
constitute Work Product (“Jointly Developed Items”) [*****]. 
 Section 13.06 No Implied Rights or Licenses. 

Except as expressly set forth in this Agreement, nothing in this Agreement shall be deemed to grant to one Party, by implication, estoppel or
otherwise, license rights, ownership rights or any other intellectual property or other proprietary rights in any resources or other property (including intellectual property) that is owned, licensed or leased by the other Party or any Affiliate of
the other Party. For the avoidance of doubt and notwithstanding any other provision of this Agreement, (a) as between Contractor and Oncor, Contractor shall retain all rights, title and interest in and to the Contractor Intangible Materials and
the Excluded Contractor Materials, including all intellectual property rights therein and appurtenant thereto (except for those rights expressly licensed hereunder) and (b) as between Contractor and Oncor, Oncor shall retain all rights, title
and interest in and to the Oncor Resources, including all intellectual property rights therein and appurtenant thereto (except for those rights expressly licensed hereunder). 
  
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 ARTICLE XIV 
 DATA AND CONFIDENTIALITY 
 Section 14.01 Ownership of Oncor Data. 
 All Oncor Data is, or upon creation shall be, and shall remain the property of Oncor. Without the prior approval of Oncor (such approval to be given in
its sole discretion), Oncor Data shall not be (a) used by Contractor other than in connection with providing the Services, (b) disclosed, sold, assigned, leased, licensed or otherwise provided or made available in any manner to third
parties by or through Contractor (other than to Contractor Agents on a need to know basis to the extent that such disclosure is necessary for them to provide the Services for which they are responsible for providing) or (c) commercially or
otherwise used or exploited by or on behalf of Contractor. Any archival tapes containing Oncor Data shall be used by Contractor solely for back-up purposes. 
 Section 14.02 Return of Data. 
 Upon request by Oncor at any time, Contractor shall (a) promptly return to
Oncor, in the format and on the media requested by Oncor, all or any part of Oncor Data and (b) erase or destroy all or any part of Oncor Data, in each case to the extent so requested by Oncor (except that Contractor may keep one copy of the
Oncor Data, subject to Section 14.04, solely for legal archival purposes to assure compliance with this Agreement and for use in the event of a dispute arising under or in connection with this Agreement). 
 Section 14.03 Data Security. 
 Contractor
shall establish, implement and maintain safeguards against the disclosure, access, destruction, loss, damage or alteration of Oncor Data (the “Data Safeguards”) that shall be no less rigorous than Oncor’s applicable data
security policies that are included in the Oncor Policies and Standards and that are in effect as of the Master Effective Date. Contractor shall revise and maintain the Data Safeguards at Oncor’s request. In the event Contractor intends to
implement a change to the Data Safeguards (including pursuant to Oncor’s request), Contractor shall notify Oncor and such change shall be addressed through the Change Control Procedures. In the event Contractor discovers or is notified of a
breach or potential breach of the Data Safeguards, Contractor shall perform its problem analysis obligations under Section 6.02. Nothing in this Section shall limit Contractor’s obligations under Section 14.04 and Section 14.05.

 Section 14.04 General Confidentiality Obligations. 
 Each Party acknowledges and agrees that title to and ownership and use rights of Confidential Information shall remain with the Party that disclosed the Confidential Information, and that the Confidential Information
disclosed in connection with this Agreement is confidential and proprietary information of the disclosing Party. All Confidential Information shall be held in confidence by the receiving Party to the same extent and in at least the same manner as
the recipient protects its own Confidential Information. Neither Oncor nor Contractor shall disclose, publish, release, transfer or otherwise make available Confidential Information of, or obtained 
  
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from, the other in any form to, or for the use or benefit of, any person or entity without the disclosing Party’s consent. Each of Oncor and Contractor
shall, however, (a) be permitted to disclose this Agreement and the terms hereof to potential acquirors of and investors in Oncor or Contractor and their respective officers, directors, agents and professional advisors (including attorneys,
bankers and consultants) and (b) be permitted to disclose relevant aspects of the other’s Confidential Information to its officers, directors, agents, professional advisors (including attorneys, bankers and consultants), contractors
(including the Benchmarker), subcontractors and employees, and to the officers, directors, agents, professional advisors, contractors, subcontractors and employees of its Affiliates, on a need to know basis to the extent that such disclosure is
necessary for the performance of its duties and obligations or the determination, preservation or exercise of its rights and remedies under this Agreement or under applicable Law; provided, however, that in each case the recipient shall take all
reasonable measures to ensure that Confidential Information of the disclosing Party is not disclosed or duplicated in contravention of the provisions of this Agreement by such persons and entities. Contractor shall cause the Contractor Staff to
comply with the confidentiality provisions of this Agreement. The provisions of this Section shall not restrict any disclosure required under Law or by any Governmental Authority (provided that the receiving Party shall (a) notify the
disclosing Party of any actual or threatened disclosure of which it has knowledge, of any legal compulsion of disclosure and of any actual legal obligation of disclosure immediately upon becoming so obligated and (b) cooperate with the
disclosing Party’s reasonable, lawful efforts to resist, limit or delay disclosure at the disclosing Party’s expense). Without limiting the immediately preceding sentence, the Parties recognize that Oncor may be required to provide
disclosure regarding this Agreement, including in connection with Oncor’s filings with the Securities and Exchange Commission and/or regulatory or other oversight bodies (collectively, the “Regulatory Authorities”), and may
determine that it is required to file with the Regulatory Authorities copies of this Agreement. Oncor shall give Contractor an opportunity to comment in advance on the form of disclosure to be made by Oncor, and Oncor shall use commercially
reasonable efforts to attempt to obtain confidential treatment from the Regulatory Authorities for specific highly-sensitive portions of this Agreement if it is so filed, including portions thereof proposed by Contractor for confidential treatment,
but subject to Oncor’s disclosure obligations. 
 Section 14.05 Unauthorized Acts. 
 Without limiting either Party’s rights or remedies under this Agreement or under applicable Law in respect of a breach of this Article, if a Party
fails to comply with its obligations under Section 14.04 and such non-compliance results in the unauthorized possession, use or knowledge, or attempt thereof, of the other Party’s Confidential Information, the Party by or through whom the
unauthorized possession, use or knowledge, or attempt thereof occurred shall: 
 (a) promptly notify the other Party of any
unauthorized possession, use or knowledge, or attempt thereof, of the other Party’s Confidential Information by any person or entity that may become known to such Party; 
 (b) promptly furnish to the other Party full details of the unauthorized possession, use or knowledge, or attempt thereof; 
  
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 (c) assist the other Party in investigating or preventing the recurrence of any
unauthorized possession, use or knowledge, or attempt thereof, of Confidential Information; 
 (d) cooperate with the other
Party in any litigation and investigation against third parties deemed necessary by the other Party to protect its proprietary rights; and 
 (e) promptly use its commercially reasonable efforts to prevent a recurrence of any such unauthorized possession, use or knowledge, or attempt thereof, of Confidential Information. 
 [*****]. 
 ARTICLE XV 
 FEES AND INVOICING 
 Section 15.01 Fees
Generally. 
 (a) In consideration of Contractor providing the Services, and in accordance with Section 15.03, Oncor shall pay to
Contractor the applicable Fees described on Schedule C. 
 (b) If Contractor fails to provide any Services in accordance with this Agreement
(including the cessation of Service upon the occurrence of a Force Majeure Event), Contractor shall not charge and Oncor shall not be responsible for the payment of the Fees for such Services. 
 (c) Except as expressly set forth in this Agreement, (i) there shall be no charges, fees, expenses or other amounts payable by Oncor in respect of
Contractor’s performance of its obligations pursuant to this Agreement, (ii) all charges, fees, expenses and other amounts relating to the Services (including Inherent Services) are included in the Fees described on Schedule C and shall
not be charged to or reimbursed by Oncor and (iii) each Party shall bear its own expenses in its performance of this Agreement. 
 Section 15.02
[*****]. 
 Section 15.03 Invoices. 
 (a) Contractor will determine the Fees payable by Oncor to Contractor for Services provided in accordance with this Agreement using the applicable Fixed Prices, Unit Prices and Hourly Rates for such Services.
Contractor shall invoice Oncor for the Fees with respect to such Services in accordance with the applicable procedures therefor or as work is Completed, in each case as agreed by the Parties. 
 (b) Contractor shall send all invoices hereunder to the address(es) specified by Oncor from time to time. Contractor shall provide all invoices in
accordance with Oncor’s then-current invoicing guidelines. Without limiting the immediately preceding sentence: 
  
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 (i) Each invoice shall comply with all applicable legal, regulatory and accounting
requirements. 
 (ii) Contractor shall itemize each invoice by Work Request and type of Service. 
 (iii) All Taxes and other charges for which Oncor is responsible as expressly provided under this Agreement shall be separately itemized
on each invoice provided by Contractor. 
 (iv) Oncor may convey specific task information to Contractor to be utilized by
Contractor for invoicing purposes only. All task information shall be assigned a blanket contract release number by Oncor. Such blanket contract release number is assigned for reference only and in no way contractually obligates either Party.

 (v) Oncor may require Contractor to input invoicing information directly into Oncor’s designated system(s).

 (c) Oncor shall have no obligation to pay any amounts that are invoiced without a matching Work Request. In addition, Oncor shall have no
obligation to pay any amounts that Contractor fails to invoice to Oncor within [*****] following the last day of the month during which the Services in question were provided, and Contractor waives any right it may otherwise have to invoice for and
collect such amounts. 
 Section 15.04 Time of Payment. 
 Any undisputed sum due Contractor pursuant to this Agreement for which payment is not otherwise specified in this Agreement shall be due and payable [*****] after receipt by Oncor of a complete and accurate invoice
therefor from Contractor. 
 Section 15.05 Rights of Set-Off; Disputed Amounts. 
 With respect to any amount that (a) should be reimbursed to Oncor or (b) is otherwise payable to Oncor pursuant to this Agreement, Oncor may
deduct the entire amount owed to Oncor against the Fees or against other amounts owed by Oncor to Contractor under this Agreement. In addition, Oncor may withhold payment of any Fees or other sums due Contractor that Oncor disputes in good faith.

 Section 15.06 Unused Credits. 
 Any unused credits against future payments owed to either Party by the other pursuant to this Agreement shall be paid to the applicable Party within [*****] after the earlier of the expiration or termination of the applicable Work Request
or this Agreement. 
 Section 15.07 Taxes. 
 (a) Each Party shall be responsible for any Taxes on property it owns or leases, for franchise and privilege Taxes on its business, and for Taxes based on its net income or gross 
  
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receipts, including any additional Taxes with respect thereto that are assessed by reason of any new Law or changes in Law. 
 (b) [*****]. 
 (c) Except to the extent the
provisions of subsection (d) of this Section apply, the Services constitute a “separated contract” (as such term is defined in 34 Texas Administrative Code Section 3.291(a)(12)) and the following provisions apply: 
 (i) Contractor shall be responsible for, and the Fees are inclusive of, any sales and use Taxes payable by Contractor on any Consumables.

 (ii) With the exception of sales, use and similar Taxes levied on Consumables, Oncor is responsible for any and all sales,
use and similar Taxes that may be levied on the Services, Work Product or Components. In this regard, Oncor will provide Contractor with a blanket Texas Direct Payment Exemption Certification in the form set forth on Schedule O covering each sale,
lease or rental of a “taxable item” (as hereinafter defined) by Contractor to Oncor in connection with the Services, and will provide any subcontractors and suppliers for whom Contractor is acting as an agent for Oncor pursuant to this
Agreement, with a similar Texas Direct Payment Exemption Certification, which will negate Contractor’s obligation to collect Texas sales and use Taxes from Oncor with respect to such taxable items. Contractor shall issue, and shall cause the
applicable subcontractors and suppliers to issue, properly completed Texas Resale Certificates and/or other exemption certifications or other documentation, as appropriate, to all applicable subcontractors and suppliers and shall take such other
actions as are necessary or advisable, in order to claim, obtain and/or evidence that the sale of such taxable items is exempt or otherwise not taxable for Texas sales and use Tax purposes. Oncor shall have no liability to Contractor under this
Agreement or otherwise for any sales and use Taxes paid, directly or indirectly, by Contractor, or any subcontractor or supplier to any subcontractor or supplier with respect to such taxable items, including by reason of Contractor’s failure to
comply, or to cause any subcontractor or supplier to comply, with the immediately preceding sentence or otherwise to avail itself of the benefit of any exemption it may receive, including the resale exemption. The term “taxable item” has
the meaning assigned to that term in Section 151.010 of the Texas Tax Code. The Texas Direct Payment Exemption Certificate will not apply to any nontaxable services. 
 (iii) Contractor shall be responsible for any additional Taxes on Consumables assessed by reason of any new Law or changes in Law. Oncor
shall be responsible for any additional Taxes on the Services, Work Product or Components assessed by reason of any new Law or changes in Law. 
 (iv) Unless such detail is included in the invoice, each invoice shall be accompanied by a separate statement for sales and use Tax purposes which shall break down in detail the aggregate amount reflected on such
invoice by clearly and separately stating Materials, labor and other charges. Contractor shall also provide Oncor with any additional information regarding each such invoice and the accompanying statement, and 
  
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sales and use Tax matters relating thereto, requested by Oncor. Contractor shall respond to Oncor’s request for additional information within sixty
(60) days of such request. 
 (v) Contractor shall grant or cause to be granted to, and shall cause its affiliates and
subcontractors to grant to Oncor or Oncor’s representatives access at all reasonable times during the course of the Services and for a period six (6) years thereafter to all of the information, books, and records relating to the Services
within their possession or control (including, the right to take extracts therefrom and make copies thereof) in connection with Tax matters (including sales and use Tax matters) to which this Agreement relates. Contractor shall also furnish or cause
to be furnished to Oncor or Oncor’s representatives the assistance and cooperation of personnel of Contractor, its affiliates and subcontractors, as Oncor may reasonably request in connection which such Tax matters. If Contractor comes under
audit by any Governmental Authorities and an audit issue arises that would create liability for Oncor in connection with this Agreement, then Contractor shall notify Oncor of such audit issue to allow Oncor to assist in challenging the potential
assessment. If notice is not provided to Oncor, Contractor forfeits its ability to collect from Oncor any audit assessments and then Contractor becomes liable for the audit assessment. If either Party requests the other Party to challenge the
imposition of any Tax, such request shall not be unreasonably denied, provided that the requesting Party shall be responsible for all Losses imposed in connection therewith plus any Losses related to such challenge. Each Party shall be entitled to
any Tax refunds or rebates granted, including any interest paid thereon, to the extent such refunds or rebates are of Taxes for which it is financially responsible under this Section. 
 (d) With respect to those Services with respect to which Contractor provides Components, or for which a Fixed Price applies or a Unit applies that
contains Components in the description of the Unit, such Services constitute a “lump-sum contract” (as such term is defined in the Texas Administrative Code 3.291(a)(8)) and the following provisions apply: 
 (i) Contractor agrees that each Unit Price and Fixed Price is one “lump-sum” amount in which the charges for incorporated
Materials are not separate from any charges for skill and labor, including fabrication, installation, and other labor that Contractor performs regardless of the itemization and detail invoiced to Oncor. 
 (ii) Contractor will be responsible for, and the Fees are inclusive of, any Taxes on Materials, Consumables, Equipment, taxable Services
and other taxable items used or incorporated into Work Product. Contractor will pay Taxes to suppliers when the taxable items are purchased, leased or rented. Contractor will accrue and remit use Tax on taxable items if purchased, leased or rented
from an out-of-state supplier unless the out-of-state supplier collected and gave Contractor a receipt for Texas use Tax. 
 (iii) Contractor will not utilize Oncor’s direct payment exemption certificate in accordance with Texas Administrative Code 3.291(b)(3)(D) with regard to lump-sum contracts and will be responsible for the payment of all sales and use
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 (iv) Oncor shall be responsible for any additional Taxes on the Services, Work
Product or Components assessed by reason of any new Law or changes in Law via an automatic modification of the Fees units reflecting the revised Taxes. Fee changes will be applicable to billings requiring application of the new Tax upon the
effective date of such new Tax. 
 (e) Oncor may deduct withholding Taxes, if any, from payments to Contractor, which Oncor believes are
required under applicable Law. Oncor shall, at Contractor’s request, provide Contractor with appropriate receipts for any Taxes so withheld to the extent that Oncor has received such receipts from the applicable Governmental Authority;
provided, however, that Oncor shall not withhold such Taxes to the extent that Contractor has provided a valid Form W-8EC1, and such form continues to be valid to exempt Contractor from such withholding. 
 (f) [*****]. 
 Section 15.08 [*****]. 

 ARTICLE XVI 
 INSPECTIONS AND AUDITS 
 Section 16.01 Record Retention. 
 Contractor shall maintain, in writing or readily readable electronic or optical form, complete and accurate records of, and supporting documentation
related to, the Services and Contractor’s performance of its other obligations under this Agreement, including for all Fees (collectively, “Contract Records”). Contract Records shall include all reports provided by Contractor
to Oncor hereunder, all records regarding Contractor’s compliance with Section 17.01, all invoices submitted to Oncor, payroll records (including hours, name, classification and multiplier breakdown) and timesheets that account for hours
billed by Contractor Staff, canceled payroll checks or signed receipts for cash payroll, invoices from Contractor Agents (including all back-up details) for goods and services that are invoiced to Oncor on a Pass-Through Expense basis, paid invoices
and canceled checks for purchased Components and Services provided by Contractor Agents, detailed asset ledgers to support any Contractor Resources invoiced to Oncor, records relating to gifts, entertainment and gratuities to individual Oncor
personnel and the results of any internal audit conducted by Contractor to the extent such results relate to the Services or the Fees. Contractor shall maintain Contract Records in accordance with GAAP. Contractor shall retain Contract Records in
accordance with Oncor’s then-current record retention policies during the Master Term and for at least twenty four (24) months after the last day of the Master Term. 
 Section 16.02 Services. 
 Contractor shall provide to Oncor and internal and external
auditors, inspectors, Governmental Authorities and other representatives that Oncor may designate (collectively, “Oncor Auditors”) access to Contractor Staff, to the Facilities, to Work Sites, to Work Product, to Contract Records,
to Contractor’s internal audit reports and to other pertinent information for 
  
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the purpose of performing audits and inspections of Contractor and its businesses to the extent relating to Contractor’s performance of its obligations
under this Agreement, including to (a) examine the Services (whether before or after any Service is complete), (b) inspect and test Work Product (whether before or after any Work Product is complete), (c) determine whether any Service
constitutes a Non-Conforming Service, (d) determine whether any Work Product constitutes Non-Conforming Work Product, (e) verify Contractor’s compliance with the terms of this Agreement (excluding those obligations with respect to the
Fees, which are addressed by Section 16.03) and (f) enable Oncor to meet applicable legal, regulatory and contractual requirements. 
 Section 16.03 Fees. 
 During the Master Term and for a period thereafter required by Law (and in any event at
least [*****] after the last day of the Master Term), Contractor shall provide to Oncor Auditors access to Contractor Staff, to Contract Records, Contractor’s internal audit reports and to other pertinent information for the purpose of
performing audits and inspections of Contractor and its businesses to the extent relating to the Fees under this Agreement, including to (a) verify the accuracy and completeness of the Fees and (b) examine Contractor’s performance of
its other financial obligations. If any such audit or inspection reveals a net overcharge by Contractor of the lesser of [*****], and Contractor does not dispute the amount questioned by such audit or inspection within [*****] days following the
completion of the applicable exit conference conducted under Section 16.05(e), then Contractor shall pay to Oncor the amount of such overcharge, plus Interest calculated from the date of receipt by Contractor of the overcharged amount until the
date of payment to Oncor. [*****]. 
 Section 16.04 Contractor Internal Audits. 
 (a) If Contractor determines as a result of its own internal audit that it has overcharged Oncor, then within [*****] days following such determination
Contractor shall pay to Oncor the amount of the overcharge, plus Interest calculated from the date of receipt by Contractor of the overcharged amount until the date of payment to Oncor. 
 (b) If Contractor determines as a result of its own internal audit (or audit conducted on its behalf by a contractor or any third party) that it is in
breach of this Agreement, then within [*****] days following such determination Contractor shall notify Oncor of such breach. 
 Section 16.05
General Provisions. 
 (a) Except as otherwise required by Governmental Authorities or under applicable Law, Oncor Auditors may
perform audits and inspections, in accordance with this Article, (i) upon reasonable notice to Contractor and during normal business hours, and (ii) only with respect to audits conducted under Section 16.03, no more frequently than
once each year. Contractor shall reimburse Oncor for the reasonable amounts payable by Oncor to third party Oncor Auditors in connection with each audit conducted under Section 16.03 within thirty (30) days following Contractor’s
receipt of an invoice from Oncor therefor. Oncor shall not engage any Oncor Auditor on a contingent or commission fee basis. 
  
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 Oncor Auditors shall not be given access to (i) the Confidential Information of Contractor that is not related
to Oncor or the Services other than to confirm Contractor’s compliance with Section 15.08 of this Agreement, (ii) Contractor Facilities that are not related to Oncor or the Services or (iii) Contractor’s internal costs,
except to the extent such costs are the basis upon which Oncor is charged or are necessary to calculate the applicable Fees. 
 (b) In
performing audits and inspections under this Article, Oncor Auditors shall use commercially reasonable efforts to avoid unnecessary disruption of Contractor’s operations and unnecessary interference with Contractor’s ability to perform its
obligations under this Agreement. 
 (c) Contractor shall provide to Oncor Auditors electronic data files containing all Contract Records for
the entire audit period. Such data files shall be in a file format compatible with industry accepted financial software applications (such as Microsoft Excel, Access), and shall contain data elements of all items invoiced by Contractor to Oncor.
Except to the extent otherwise agreed by the Parties, a sample listing of the potential data field requirements for such data files is included in Section 1 of Schedule N. In addition, as it is not administratively feasible for any Oncor
Auditor to conduct an audit of the entire population of invoices contained within the Contract Records, Contractor agrees that statistical sampling and extrapolation techniques premised upon proven scientific principles and analyses may be used by
the Oncor Auditors. Accordingly, except to the extent otherwise agreed by the Parties, Contractor shall comply with the provisions of Section 2 of Schedule N. 
 (d) Following any audit or inspection performed under this Article, Oncor shall provide to Contractor a copy of the resulting audit report (if any) and shall conduct, or request the relevant Oncor Auditor to conduct,
an exit conference with Contractor to obtain factual concurrence with issues identified in the review. Contractor shall respond to each exit conference in writing within thirty (30) days following the completion of the applicable exit
conference, unless a shorter response time is required by Governmental Authorities or applicable Law. Contractor and Oncor shall develop and agree upon an action plan to promptly address and resolve any deficiencies, concerns and/or recommendations
identified in such exit conference and Contractor, at its expense, shall undertake remedial action in accordance with such action plan and the dates specified therein to the extent necessary to comply with Contractor’s obligations under this
Agreement. 
 (e) Contractor shall provide to Oncor Auditors at Contractor Facilities (or, if the audit or inspection is being performed of a
Contractor Agent, the Contractor Agent’s premises if necessary), space, office furnishings (including lockable cabinets), telephone and facsimile services, utilities and office related equipment and duplicating services as Oncor Auditors may
require to perform the audits and inspections described in this Article. Contractor shall provide any assistance reasonably requested by Oncor Auditors in conducting any such audit or inspection, including providing electronic access to
Contractor’s data that is relevant to the Services, the Fees or Contractor’s performance of its other obligations under this Agreement, and installing and operating software that assists Oncor Auditors in performing audits and inspections
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 ARTICLE XVII 
 INSURANCE 
 Section 17.01 Insurance Coverage. 
 Contractor shall comply with the requirements specified on Schedule E. 
 Section 17.02 No Implied Limitation. 
 The rights of Oncor to insurance coverage under
policies issued to or for the benefit of Oncor are independent of this Agreement and shall not be limited by this Agreement. 
 ARTICLE
XVIII 
 REPRESENTATIONS, WARRANTIES AND COVENANTS 
 Section 18.01 Oncor Representations and Warranties. 
 Oncor represents and warrants as of
the Master Effective Date that: 
 (a) Oncor is a limited liability company duly registered, validly existing and in good standing under the
Laws of the State of Delaware. 
 (b) Oncor has all requisite organizational power and authority to execute, deliver and perform its
obligations under this Agreement. 
 (c) the execution, delivery, and performance of this Agreement has been duly authorized by Oncor and
shall not constitute a violation of any judgment, order, or decree; a material default under any material contract by which it or any of its material assets are bound; or an event that would, with notice or lapse of time, or both, constitute such a
default. 
 (d) Oncor is duly licensed, authorized and qualified to do business and is in good standing in every jurisdiction in which a
license, authorization or qualification is required for the ownership or leasing of its assets or the transaction of business of the character transacted by it, except where the failure to be so licensed, authorized or qualified would not have a
material adverse effect on Oncor’s ability to fulfill its obligations under this Agreement. 
 (e) there is no outstanding litigation,
arbitrated matter or other dispute to which Oncor is a party which, if decided unfavorably to Oncor, would have a material adverse effect on Oncor’s ability to fulfill its respective obligations under this Agreement. 
 (f) Oncor is in compliance with all applicable Laws except where the failure to be in compliance would not have a material adverse effect on Oncor’s
ability to fulfill its obligations under this Agreement. 
  
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 Section 18.02 Contractor Representations and Warranties. 
 Contractor represents and warrants as of the Master Effective Date that: 
 (a) Contractor is a corporation duly incorporated, validly existing and in good standing under the Laws of the State of Washington. 
 (b) Contractor has all requisite organizational power and authority to execute, deliver and perform its obligations under this Agreement. 
 (c) the execution, delivery, and performance of this Agreement has been duly authorized by Contractor and shall not constitute a violation of any judgment, order, or decree; a material default under any material
contract by which it or any of its material assets are bound; or an event that would, with notice or lapse of time, or both, constitute such a default. 
 (d) Contractor is duly licensed, authorized and qualified to do business and is in good standing in every jurisdiction in which a license, authorization or qualification is required for the ownership or leasing of its
assets or the transaction of business of the character transacted by it, except where the failure to be so licensed, authorized or qualified would not have a material adverse effect on Contractor’s ability to fulfill its obligations under this
Agreement. 
 (e) there is no outstanding litigation, arbitrated matter or other dispute to which Contractor is a party which, if decided
unfavorably to Contractor, would have a material adverse effect on Contractor’s ability to fulfill its obligations under this Agreement. 
 (f) Contractor possesses the resources, capacity, expertise and ability to provide the Services. 
 (g) Contractor is in compliance
with all applicable Laws except where the failure to be in compliance would not have a material adverse effect on Contractor’s ability to fulfill its obligations under this Agreement. 
 Section 18.03 Service Warranties. 
 (a)
Following the date it is Completed, Contractor warrants that each item of Work Product (excluding Components) shall be free from all defects (whether latent or patent) for a period of [*****]. If Oncor discovers any breach of such warranty during
such applicable period, Oncor shall provide notice thereof to Contractor. In the event Oncor discovers any breach of the warranty set forth in this subsection and provides notice thereof to Contractor during such applicable period:
(i) Contractor shall, [*****]. The provisions of this subsection shall not limit Oncor’s rights and Contractor’s obligations under Article XIX, nor shall the provisions of this subsection limit Oncor’s right to make claims
against Contractor for personal injury (including death) or any property loss or damage. 
 (b) As of the date it is Completed, Contractor
warrants that each item of Work Product (excluding Components) shall fully comply with its applicable Specifications. If Oncor discovers any deviation from any such Specifications during the applicable period(s) set forth in the immediately
following sentence, Oncor shall provide notice thereof to Contractor. For 
  
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purposes of this subsection, the applicable periods shall be, following the Completion date of the applicable Work Product, a period of [*****]. Minor
deviations that do not adversely affect serviceability or operability shall not be deemed to constitute deviations from Specifications. In the case of Work Product with different warranty periods for separate elements, each element shall be
separately warranted for the designated period. In the event Oncor discovers any breach of the warranty set forth in this subsection and provides notice thereof to Contractor during the applicable aforesaid period: (i) Contractor shall,
[*****]. The provisions of this subsection shall not limit Oncor’s rights and Contractor’s obligations under Article XIX, nor shall the provisions of this subsection limit Oncor’s right to make claims against Contractor for personal
injury (including death) or any property loss or damage. 
 (c) As of the date it is Completed, each Service (excluding Work Product) shall
be free from all defects in workmanship (whether latent or patent). If Oncor discovers any such defect during the applicable period(s) set forth in the immediately following sentence, Oncor shall provide notice thereof to Contractor. For purposes of
this subsection, the applicable periods shall be, following the Completion date of the applicable Services (excluding Work Product), a period of [*****]. Minor deviations in workmanship that do not adversely affect serviceability or operability
shall not be deemed to constitute defects. In the event Oncor discovers any breach of the warranty set forth in this subsection and provides notice thereof to Contractor during the applicable aforesaid period: (i) Contractor shall, [*****]. The
provisions of this subsection shall not limit Oncor’s rights and Contractor’s obligations under Article XIX, nor shall the provisions of this subsection limit Oncor’s right to make claims against Contractor for personal injury
(including death) or any property loss or damage. 
 (d) The foregoing warranties in this Section shall not apply to any damage to any item
to the extent such damage is caused by any of the following [*****]. 
 Section 18.04 Oncor Covenant. 
 Oncor covenants and agrees with Contractor that Oncor shall comply with all applicable Laws except where the failure to be in compliance would not have a
material adverse effect on Oncor’s ability to fulfill its obligations under this Agreement or result in potential liability to Contractor. 
 Section 18.05 Contractor Covenants. 
 Contractor covenants and agrees with Oncor that: 
 (a) each item of Work Product shall be conveyed with good and (to the extent applicable) marketable title, free and clear of all security interests and
other liens or encumbrances. 
 (b) Contractor shall pass-through to Oncor the representations, warranties and indemnities that Contractor
receives with respect to each Component from the applicable manufacturer and/or supplier thereof, provided that Contractor shall use commercially reasonable efforts to obtain for Oncor the following warranties with respect to each Component provided
by Contractor to the extent the following warranties are reasonably applicable and available: (i) that the Component complies with its manufacturer’s and/or supplier’s 
  
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specifications in all material respects; (ii) that the Component is free from defects; (iii) that the Component complies with all applicable Laws;
and (iv) that the Component does not infringe upon or misappropriate the intellectual property or other proprietary rights of any third party. 
 (c) the Services shall comply with all applicable Laws, including applicable Environmental Laws, excluding any charge of non-compliance to the extent based on Contractor’s compliance with any detailed, non-discretionary requirement
contained in Specifications provided by Oncor or the Oncor Policies and Standards (except if Contractor knew or should have reasonably known that compliance with such requirement may or would violate applicable Laws). If Oncor discovers any breach
of the covenant set forth in this subsection, Oncor shall provide notice thereof to Contractor. In the event Oncor discovers any breach of the covenant set forth in this subsection and provides notice thereof to Contractor: (i) Contractor
shall, as directed and scheduled by Oncor and at Contractor’s expense, repair, replace re-perform or otherwise cure the Non-Conforming Service; and (ii) [*****]. If Contractor does not timely commence such repair, replacement,
re-performance or other cure, does not diligently proceed with such repair, replacement, re-performance or other cure or does not Complete such repair, replacement, re-performance or other cure within a reasonable period of time, in each case as
determined by Oncor in its sole discretion exercised in good faith (taking into account the exigencies imposed by the immediacy or emergency nature of the applicable situation), Oncor may credit or set-off against the amounts Oncor owes Contractor
hereunder an amount equal to the Fees paid by Oncor to Contractor for the Non-Conforming Service and pursue any of Oncor’s other rights and remedies set forth in this Agreement or under applicable Law. The provisions of this subsection shall
not limit Oncor’s rights and Contractor’s obligations under Article XIX, nor shall the provisions of this subsection limit Oncor’s right to make claims against Contractor for personal injury (including death) or any property loss or
damage. 
 (d) Contractor shall comply with all applicable Laws, including applicable worker health and safety Laws, and labor and employment
Laws (but excluding Environmental Laws), except where the failure to be in compliance would not have a material adverse effect on Contractor’s ability to fulfill its obligations under this Agreement or result in potential liability to Oncor.
Contractor shall comply with all applicable Environmental Laws. 
 (e) Contractor shall promptly notify Oncor upon the occurrence of any of
the following matters, whether occurring during or subsequent to providing any Services: (i) Contractor’s receipt of notice of any enforcement, cleanup, removal, potentially responsible party notice or other governmental or regulatory
action or investigation instituted or threatened against Contractor pursuant to any Environmental Laws in connection with the Services; (ii) Contractor’s receipt of notice of any claim made or threatened by any person or entity against
Oncor for Losses, personal injury (including death) or any property loss or damage arising out of the Services, or the use, disposal, disturbance, dispersal, spill or release of Hazardous Materials at any Work Site; and (iii) any report made by
Contractor to a Governmental Authority with respect to Hazardous Materials spilled, released, disturbed, dispersed or deposited on or removed from any Work Site. 
 (f) Work Product, and any waste generated by Contractor, shall be manifested, stored, processed, transported, disposed of, recycled, recovered and reclaimed, in each case in accordance with all applicable Laws,
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 (g) none of the Services shall infringe upon or misappropriate the intellectual property or other
proprietary rights of any third party and Contractor shall perform its responsibilities under this Agreement in a manner that does not infringe upon or misappropriate the intellectual property or other proprietary rights of any third party,
excluding any infringement claim to the extent based on Contractor’s compliance with any detailed, non-discretionary requirement contained in Specifications provided by Oncor or the Oncor Policies and Standards (except if Contractor knew or
should have reasonably known that compliance with such requirement may or would violate the intellectual property or other proprietary rights of any third party). 
 (h) none of the Contractor Resources or any other resources or items provided or made available by or through Contractor (excluding Work Product) shall infringe upon or misappropriate the intellectual property or
other proprietary rights of any third party. 
 (i) Contractor shall provide the Services (i) in a professional and workmanlike manner,
(ii) using sufficient Contractor Staff of suitable training, education, experience, know-how, competence and skills who are fully familiar with the Contractor Resources used to provide the Services and (iii) at levels of accuracy, quality,
completeness, timeliness, safety responsiveness, resource efficiency and productivity, in each case in accordance with standards that are at least equal to the higher of Oncor’s requirements or the accepted industry standards of top tier
providers of services similar to the Services. 
 (j) Contractor shall efficiently use the resources or services necessary to provide the
Services, and shall provide the Services in the most cost-effective manner consistent with the required level of quality and performance. 
 (k) all of Contractor’s and its Affiliates’ business and affairs relating to this Agreement shall be carried out in accordance with the strictest standards of business ethics and codes of conduct. Contractor and its Affiliates
shall not, under any circumstance, whether directly or indirectly, engage in or otherwise be concerned with any transaction, practice, method or arrangement that is corrupt, illegal, dishonest or improper. Contractor, its Affiliates and their
respective employees and agents have not paid, offered, promised or authorized, and shall not pay, offer, promise or authorize, the payment of money or anything of value, whether directly or indirectly to any: (i) official, agent or employee of
any Governmental Authority or of any department, agency or instrumentality thereof; (ii) political party official, political party or candidate for political office; or (iii) official, agent or employee of a public international
organization in order to secure any improper advantage or influence or induce any official action or inaction in order to obtain, retain or direct business for or to any person or entity. 
 (l) Contractor shall provide the Services completely within the boundaries of an Oncor Facility or Work Site. 
 Section 18.06 Disclaimer. 
 EXCEPT AS
OTHERWISE EXPRESSLY PROVIDED IN THIS AGREEMENT, NEITHER PARTY MAKES ANY OTHER REPRESENTATIONS OR WARRANTIES AND EACH EXPRESSLY DISCLAIMS ALL OTHER REPRESENTATIONS AND 
  

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WARRANTIES, WHETHER EXPRESS OR IMPLIED, INCLUDING THE IMPLIED WARRANTIES OF MERCHANTABILITY, FITNESS FOR A SPECIFIC PURPOSE AND NON-INFRINGEMENT.
NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT: (A) CONTRACTOR MAKES NO REPRESENTATIONS OR WARRANTIES WHATSOEVER REGARDING COMPONENTS; AND (B) ONCOR FACILITIES, ONCOR RESOURCES AND COMPONENTS THAT ARE PROVIDED OR MADE AVAILABLE BY
ONCOR OR ONCOR AGENTS HEREUNDER ARE PROVIDED OR MADE AVAILABLE ON AN “AS-IS,” “WHERE-IS,” “WITH ALL FAULTS” BASIS WITH NO REPRESENTATIONS OR WARRANTIES WHATSOEVER. 
 ARTICLE XIX 
 INDEMNITIES

 Section 19.01 Indemnity by Oncor. 
 Oncor shall indemnify the Contractor Indemnitees from, and defend and hold the Contractor Indemnitees harmless from and against, all Losses suffered, incurred or sustained by a Contractor Indemnitee or to which a
Contractor Indemnitee becomes subject, to the extent resulting from or arising out of any third party claim (excluding the claims of any of Contractor’s Affiliates, but not those of their employees, agents and representatives): 
 (a) arising out of Oncor’s wrongful act or omission with respect to a third party except to the extent arising or resulting from Contractor’s
action or inaction; 
 (b) arising out of the breach of any representation, warranty or covenant made by Oncor under Article XVIII;

 (c) arising out of Oncor’s failure to obtain, maintain or comply with the Oncor Private Consents; 
 (d) [*****]; 
 (e) any infringement claim to
the extent based on Contractor’s compliance with any detailed, non-discretionary requirement contained in [*****] or the Oncor Policies and Standards (except if Contractor knew or should have reasonably known that compliance with such
requirement may or would violate the intellectual property or other proprietary rights of any third party); 
 (f) arising out of
Oncor’s breach of Article XIV; 
 (g) [*****]; or 
 (h) [*****]. 
 Oncor shall indemnify Contractor from any expenses incurred in connection with the

  
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enforcement of this Section. IT IS THE EXPRESS INTENT OF THE PARTIES THAT, FOR PURPOSES OF THIS SECTION, LOSSES AND ONCOR’S OBLIGATION TO INDEMNIFY,
DEFEND AND HOLD HARMLESS FOR THIRD PARTY CLAIMS SHALL INCLUDE LOSSES THAT MAY IN PART RESULT FROM OR ARISE OUT OF ANY CONTRACTOR INDEMNITEE’S CONCURRENT (1) NEGLIGENCE, (2) GROSS NEGLIGENCE, (3) STRICT LIABILITY OR (4) OTHER
FAULT OF ANY NATURE, PROVIDED THAT IN EACH SUCH CASE, LIABILITY WILL BE APPORTIONED IN ACCORDANCE WITH EACH PARTY’S RESPECTIVE LEVEL OF FAULT AS DETERMINED BY A COURT OF COMPETENT JURISDICTION. 
 Section 19.02 Indemnity by Contractor. 
 Contractor shall indemnify the Oncor Indemnitees from, and defend and hold the Oncor Indemnitees harmless from and against, all Losses suffered, incurred or sustained by an Oncor Indemnitee or to which an Oncor Indemnitee becomes subject,
to the extent resulting from or arising out of any third party claim (excluding the claims of any of Oncor’s Affiliates or any Eligible Recipients, but not those of their employees, agents and representatives): 
 (a) arising out of Contractor’s breach or wrongful act or omission with respect to any duties or obligations of Contractor in respect of a third
party (including any Contractor Agent); 
 (b) arising out of the breach of any representation, warranty or covenant made by Contractor under
Article XVIII; 
 (c) arising out of Contractor’s failure to obtain, maintain or comply with the Required Consents; 
 (d) arising out of any amounts, including Taxes, interest and penalties, assessed against Oncor that are the obligation of Contractor pursuant to
Section 15.07; 
 (e) arising out of Contractor’s provision of services for or on behalf of any third party other than an Eligible
Recipient; 
 (f) arising out of Contractor’s breach of Article XIV; 
 (g) arising out of personal injury (including death) or any property loss or damage suffered by any member of the Contractor Group in connection with
(i) the performance of the Agreement, (ii) the Services, (iii) the Work Product, (iv) any Materials, Equipment, Vehicles or other resources that are used or provided hereunder, or (v) any acts or omissions of any member of
Contractor Group, including any acts or omissions of any member of Contractor Group while on any premises actually or allegedly owned, leased, licensed or otherwise used by Oncor, and including in each case Losses resulting from, arising out of or
relating to, directly or indirectly, (A) any condition of such premises, (B) separate operations being conducted on such premises or (C) the imperfection or defective condition (whether latent or patent) of any Oncor Resources;

 (h) arising out of personal injury (including death) or any property loss or damage suffered by any third party (excluding any member of
the Contractor Group) in connection with any wrongful acts or omissions, negligence, gross negligence or breach hereunder of Contractor, 
  
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including any wrongful acts or omissions, negligence, gross negligence or breach hereunder of Contractor while on any premises actually or allegedly owned,
leased, licensed or otherwise used by Oncor; 
 (i) arising out of any spill, release, dispersal or disturbance by Contractor of any
Hazardous Material, excluding circumstances in which Oncor is obligated to indemnify Contractor under Section 19.01(g); 
 (j) arising
out of Contractor’s wrongful acts or omissions, negligence, gross negligence or breach of this Agreement with regard to Hazardous Materials; or 
 (k) arising out of the wrongful acts or omissions, negligence, gross negligence or breach hereunder of Contractor, but excluding those Losses within the scope of clauses (a) through (j) of this Section.

 Contractor shall indemnify Oncor from any expenses incurred in connection with the enforcement of this Section. IT IS THE EXPRESS INTENT OF THE PARTIES
THAT, FOR PURPOSES OF SUBSECTION (g) OF THIS SECTION, LOSSES AND CONTRACTOR’S OBLIGATION TO INDEMNIFY, DEFEND AND HOLD HARMLESS SHALL INCLUDE LOSSES RESULTING FROM OR ARISING OUT OF ANY ONCOR INDEMNITEE’S SOLE OR CONCURRENT
(1) NEGLIGENCE, (2) GROSS NEGLIGENCE, (3) STRICT LIABILITY OR (4) OTHER FAULT OF ANY NATURE. IN ADDITION, IT IS THE EXPRESS INTENT OF THE PARTIES THAT, FOR PURPOSES OF THIS SECTION (EXCEPT FOR
SUBSECTION (g) OF THIS SECTION), LOSSES AND CONTRACTOR’S OBLIGATION TO INDEMNIFY, DEFEND AND HOLD HARMLESS FOR THIRD PARTY CLAIMS SHALL INCLUDE LOSSES THAT MAY IN PART RESULT FROM OR ARISE OUT OF ANY ONCOR INDEMNITEE’S CONCURRENT
(1) NEGLIGENCE, (2) GROSS NEGLIGENCE, (3) STRICT LIABILITY OR (4) OTHER FAULT OF ANY NATURE, PROVIDED THAT IN EACH SUCH CASE, LIABILITY WILL BE APPORTIONED IN ACCORDANCE WITH EACH PARTY’S RESPECTIVE LEVEL OF FAULT AS
DETERMINED BY A COURT OF COMPETENT JURISDICTION. 
 Section 19.03 Indemnification Procedures. 
 With respect to claims which are subject to indemnification under this Agreement (other than as provided in Section 19.04), the following procedures
shall apply: 
 (a) Promptly after receipt by any person or entity entitled to indemnification under this Agreement of notice of the
commencement or threatened commencement of any civil, criminal, administrative, or investigative action or proceeding involving a claim in respect of which the indemnitee shall seek indemnification hereunder, the indemnitee shall notify the
indemnitor of such claim. No delay or failure to so notify an indemnitor shall relieve it of its obligations under this Agreement except to the extent that such indemnitor has suffered actual prejudice by such delay or failure. Within forty-five
(45) days’ following receipt of notice from the indemnitee relating to any claim, but no later than five (5) days before the date on which any response to a complaint or summons is due, the indemnitor shall notify the indemnitee
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the indemnitor elects to assume control of the defense and settlement of that claim (a “Notice of Election”). 
 (b) If the indemnitor delivers a Notice of Election within the required notice period, the indemnitor shall assume control (subject to the
indemnitee’s right to participate at its own expense) over the defense and settlement of the claim; provided, however, that (i) the indemnitor shall keep the indemnitee reasonably apprised at all times as to the status of the defense and
(ii) the indemnitor shall obtain the prior approval of the indemnitee before entering into any settlement of such claim asserting any liability against or wrongdoing by the indemnitee, imposing any liability, obligation or restriction on the
indemnitee or imposing an equitable remedy on the indemnitee, or ceasing to defend against such claim. The indemnitor shall not be liable for any legal fees or expenses incurred by the indemnitee following the delivery of a Notice of Election;
provided, however, that to the extent permissible under applicable Law and to the extent that such conduct does or would not, or is not reasonably likely to result in, the waiver of or abandonment of legal privilege, in whole or in part,
(1) the indemnitee shall be entitled to employ counsel at its own expense to participate in the handling of the claim and (2) the indemnitor shall pay the fees and expenses associated with such counsel if, in the reasonable judgment of the
indemnitee, based on a written opinion of such counsel, there is a conflict of interest with respect to such claim which is not otherwise resolved or if the indemnitor has requested the assistance of the indemnitee in the defense of the claim or the
indemnitor has failed to defend the claim diligently. The indemnitor shall not be obligated to indemnify the indemnitee for any amount paid or payable by such indemnitee in the settlement of any claim if (A) the indemnitor has delivered a
timely Notice of Election and such amount was agreed to without the consent of the indemnitor, (B) the indemnitee has not provided the indemnitor with notice of such claim and a reasonable opportunity to respond thereto or (C) the time
period within which to deliver a Notice of Election has not yet expired. 
 (c) If the indemnitor does not deliver a Notice of Election
relating to any claim within the required notice period, the indemnitee shall have the right to defend the claim in such manner as it may deem appropriate, at the expense of the indemnitor. 
 (d) The indemnitee shall reasonably cooperate with the indemnitor in the conduct of a claim, including, in cases where Contractor is the indemnitor, by
Oncor’s reasonable cooperation in the assertion of all statutory, common law and/or other immunities or defenses that Oncor may have in respect of such claim. 
 Section 19.04 Indemnification Procedures – Governmental Claims. 
 With respect to claims which are subject
to indemnification under this Agreement that are brought by any Governmental Authority, the following procedures shall apply: 
 (a) Promptly
after receipt by any person or entity entitled to indemnification under this Agreement of notice of the commencement or threatened commencement of any civil, criminal, administrative, or investigative action or proceeding involving a claim brought
by any Governmental Authority in respect of which the indemnitee shall seek indemnification hereunder, the indemnitee shall notify the indemnitor of such claim. No delay or failure to so 
  
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notify the indemnitor shall relieve the indemnitor of its obligations under this Agreement except to the extent that the indemnitor has suffered actual
prejudice by such delay or failure. 
 (b) The indemnitee shall be entitled, at its option, to have the claim handled pursuant to
Section 19.03 or to retain sole control over the defense and settlement of such claim, provided that the indemnitee shall (i) keep the indemnitor reasonably apprised as to the status of the defense, (ii) consult with the indemnitor on
a regular basis regarding claim processing (including actual and anticipated expenses) and litigation strategy, (iii) obtain prior approval of the indemnitor before entering any indemnitor settlement proposals or suggestions and (iv) use
commercially reasonable efforts to minimize any amounts payable or reimbursable by the indemnitor. 
 Section 19.05 Additional
Obligations. 
 In the event that any Service, Contractor Resource or any other resource or item provided or made available by or
through Contractor (a) is alleged or found to infringe upon or misappropriate the intellectual property or other proprietary rights of any third party or (b) the continued use of any such item is enjoined (in either case (a) or (b),
except to the extent any infringement claim is based on Contractor’s compliance with any detailed, non-discretionary requirement contained in Specifications provided by Oncor or the Oncor Policies and Standards, unless Contractor knew or should
have reasonably known that compliance with such requirement may or would violate the intellectual property or other proprietary rights of any third party), Contractor shall, in addition to its obligations under Section 19.02 and in addition to
any other rights or remedies Oncor has under this Agreement or under applicable Law, promptly and at Contractor’s expense and in such a manner as to minimize any disruptions to the applicable Oncor Indemnitees’ business(es) and operations,
do one of the following: (1) obtain for the applicable Oncor Indemnitees the right to continue using such item; (2) modify the item in question so that it is no longer infringing (provided that such modification does not degrade the
appearance, design, features, operations or functionality of the item or adversely effect the serviceability, safety, quality or intended use of the item); or (3) replace such item with a non-infringing item equivalent in design, features,
operations, functionality and quality that is acceptable to the applicable Oncor Indemnitees. 
 Section 19.06 Subrogation. 
 In the event that an indemnitor shall be obligated to indemnify an indemnitee pursuant to any provision of this Agreement, the indemnitor shall, upon
payment of such indemnity in full, be subrogated to all rights of the indemnitee with respect to the claims and defenses to which such indemnification relates but only to the extent it is in compliance with its indemnity obligations related to such
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 ARTICLE XX 
 DAMAGES 
 Section 20.01 Consequential Damages. 
 EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN SECTION 20.02, NEITHER PARTY SHALL BE LIABLE TO THE OTHER PARTY FOR INDIRECT, INCIDENTAL, CONSEQUENTIAL,
COLLATERAL, EXEMPLARY OR PUNITIVE DAMAGES, INCLUDING LOST PROFITS, ARISING OUT OF OR RELATING TO ITS PERFORMANCE OR FAILURE TO PERFORM UNDER THIS AGREEMENT, REGARDLESS OF THE FORM OF THE ACTION OR CLAIM OR THE THEORY OF RECOVERY, EVEN IF SUCH PARTY
HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 
 Section 20.02 Exclusions. 
 The limitations and exculpations of liability set forth in Section 20.01 and Section 20.05 shall not apply with respect to: 
 (a) [*****]; 
 (b) [*****]; or 

(c) [*****]. 
 Section 20.03 Certain Equitable
Remedies. 
 Subject to the immediately succeeding sentence, it is specifically understood and agreed that any breach or threatened
breach of this Agreement by Contractor may result in irreparable injury to Oncor, that the remedy at Law alone may be an inadequate remedy for such breach or threatened breach and that, in addition to any other remedies Oncor has under this
Agreement or under applicable Law for such breach or threatened breach, Oncor shall be entitled to seek to enforce the specific performance of this Agreement through both temporary and permanent injunctive relief, without the necessity of proving
actual damages or posting a bond, and without limitation of the rights to recover such damages. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, CONTRACTOR SPECIFICALLY UNDERSTANDS AND AGREES THAT ANY BREACH OR THREATENED BREACH OF
ARTICLE VII, ARTICLE XIII, ARTICLE XIV, ARTICLE XIX OR ARTICLE XXII OR SECTION 12.01 BY CONTRACTOR, OR CONTRACTOR’S ABANDONMENT UNDER OR IN CONNECTION WITH THIS AGREEMENT, SHALL RESULT IN IRREPARABLE INJURY TO ONCOR,
THAT THE REMEDY AT LAW ALONE SHALL BE AN INADEQUATE REMEDY FOR SUCH BREACH OR THREATENED BREACH AND THAT, IN ADDITION TO ANY OTHER REMEDIES ONCOR HAS UNDER THIS AGREEMENT OR UNDER APPLICABLE LAW FOR SUCH BREACH OR THREATENED BREACH, ONCOR SHALL BE
ENTITLED TO ENFORCE THE SPECIFIC PERFORMANCE OF THIS AGREEMENT THROUGH BOTH 
  
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TEMPORARY AND PERMANENT INJUNCTIVE RELIEF, WITHOUT THE NECESSITY OF PROVING ACTUAL DAMAGES OR POSTING BOND, AND WITHOUT LIMITATION OF THE RIGHTS TO
RECOVER SUCH DAMAGES. SUCH RELIEF SHALL BE IN ADDITION TO WHATEVER OTHER REMEDIES MIGHT BE AVAILABLE TO ONCOR UNDER THIS AGREEMENT OR AT LAW. 
 Section 20.04 [*****]. 
 Section 20.05 [*****]. 
 ARTICLE XXI 
 TERMINATION 
 Section 21.01 Termination for Convenience. 
 (a) At any time, Oncor may terminate this Agreement in whole or any Service Area for convenience effective as of any date by giving Contractor notice of the termination at least [*****] days prior to the termination date specified in
the notice. 
 (b) At any time, Oncor may terminate any Work Request for convenience effective as of any date by giving Contractor notice of
the termination on or at any time prior to the termination date specified in the notice. 
 Section 21.02 Termination for Change in Control of
Oncor. 
 In the event of a public or general announcement of the intent for a Change in Control of Oncor or an actual Change in
Control of Oncor, Oncor may terminate this Agreement in whole by giving Contractor notice of the termination at least thirty (30) days prior to the termination date specified in the notice. Oncor may, upon becoming aware that such Change in
Control shall not occur, rescind its notice of termination provided pursuant to this Section. 
 Section 21.03 Termination for Change in Control
of Contractor. 
 In the event of a public or general announcement of the intent for a Change in Control of Contractor or an actual
Change in Control of Contractor, Oncor may terminate this Agreement in whole by giving Contractor notice of the termination at least thirty (30) days prior to the termination date specified in the notice. Oncor may, upon becoming aware that
such Change in Control shall not occur, rescind its notice of termination provided pursuant to this Section. 
 Section 21.04 Termination for
Cause. 
 (a) Without limiting any other termination rights or remedies Oncor has under this Agreement or under applicable Law, if:

 (i) Contractor materially defaults in the performance of any of its material obligations under this Agreement which is
capable of being cured (including by the 
  
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payment of money damages, when appropriate) and does not cure such default within [*****] after receipt of a notice of default from Oncor [*****];

 (ii) Contractor materially defaults in the performance of any of its material obligations under this Agreement which is
[*****]; 
 (iii) Contractor repeatedly defaults in the performance of any of its obligations under this Agreement of which
Contractor has received formal notice and which [*****]; or 
 (iv) Contractor breaches any representation and warranty made
by Contractor under [*****] which is not cured (including by the payment of money damages, when appropriate) within [*****] after receipt of a notice of breach from Oncor [*****]; 
 then Oncor may, by giving notice to Contractor, terminate this Agreement in whole or the affected Service(s), Service Area(s) or Work Request(s), as of
the termination date specified in such notice. In addition, [*****], then in each case Oncor may, by giving notice to Contractor within [*****] following the end of the applicable year, terminate this Agreement in whole or the affected Service(s),
Service Area(s) or Work Request(s), as of the termination date specified in such notice. 
 (b) If the unpaid balance of undisputed Fees owed
by Oncor to Contractor exceeds [*****] for more than [*****] consecutive days, Contractor shall notify Oncor of such default and Oncor shall have [*****] days from receipt of Contractor’s notice to cure such default; provided, however, that
during such [*****] day cure period Contractor must (i) provide Oncor with a second notice of default [*****] days after the initial notice, (ii) provide Oncor with a third notice of default [*****] days after the initial notice and
(iii) call (and document such call) Oncor’s Chief Operating Officer during normal business hours regarding such default at least [*****]. If, notwithstanding Contractor’s compliance with this subsection, Oncor has not cured such
default by the end of such [*****] day cure period, then Contractor may terminate this Agreement in whole by giving Oncor notice of the termination at least [*****] prior to the termination date specified in such notice. 
 (c) [*****]. 
 (d) [*****]. 
 Section 21.05 Termination for Insolvency. 
 In the event that Contractor (or any Affiliate of Contractor providing any material Services or any material portion of the Services under this Agreement) (a) files for bankruptcy, (b) becomes or is declared insolvent, or is the
subject of any bona fide proceedings related to its liquidation, administration, provisional liquidation, insolvency or the appointment of a receiver or similar officer that is not dismissed within sixty (60) days, (c) passes a resolution
for its voluntary liquidation, (d) has a receiver or manager appointed over all or substantially all of its assets, (e) makes an assignment for the benefit of all or substantially all of its creditors, (f) enters into an agreement or
arrangement for the composition, extension, or readjustment of substantially all of its obligations or any class of such obligations or (g) experiences an event 
  
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analogous to any of the circumstances described in clauses (a) through (f) of this Section in any jurisdiction in which any of its assets are
situated, then Oncor may, by giving notice to Contractor, terminate this Agreement in whole as of the termination date specified in such notice. If Oncor elects to terminate this Agreement in whole pursuant to this Section, such termination shall be
deemed to be a termination for cause hereunder. 
 Section 21.06 Termination for Convenience Charge. 
 Schedule R sets out the [*****] if Oncor terminates this Agreement in whole or a Service Area under Section 21.01 or Section 21.02, or if
Contractor terminates this Agreement in whole or the [*****] under Section 2.04(g)(ii) or terminates the [*****] under Section 2.04(g)(iii). Any [*****] in accordance with this Section shall [*****] as set forth in Schedule R. Except as
otherwise expressly set forth in this Section, no other [*****] by a Party that terminates this Agreement (or any portion thereof) under an express termination right set forth in this Agreement. 
 ARTICLE XXII 
 TERMINATION
ASSISTANCE SERVICES 
 Section 22.01 Termination Assistance Services. 
 Oncor shall provide Contractor with notice of the occurrence of an Assistance Event, which shall state whether Termination Assistance Services from
Contractor are required, and provide a non-binding estimate of the duration of the applicable Termination Assistance Period. During the Termination Assistance Period with respect to an Assistance Event, Contractor shall provide the Termination
Assistance Services requested by Oncor in connection with such Assistance Event. Following Contractor’s receipt of Oncor’s notice of the occurrence of an Assistance Event, Contractor shall prepare (and Oncor shall cooperate with Contractor
in preparing) a Termination Assistance Plan pursuant to Section 22.02. Notwithstanding any other provision of this Agreement, (a) the Services that are being provided as of the date of Oncor’s notice of an Assistance Event and that
Oncor requests Contractor to continue to provide as part of the Termination Assistance Services provided in connection with such Assistance Event (the “Ongoing Services”) shall continue to be provided and paid for [*****]. The
quality and level of Services during a Termination Assistance Period shall not be degraded and Contractor shall provide the Termination Assistance Services in a manner designed to minimize any adverse impact on Oncor’s business and operations.
For the avoidance of doubt, if a Termination Assistance Period extends beyond the expiration or effective date of termination of this Agreement, the provisions of this Agreement shall remain in full effect for the entire duration of such Termination
Assistance Period. 
 Section 22.02 Termination Assistance Plan. 
 Termination Assistance Services shall be conducted in accordance with a detailed written plan (the “Termination Assistance Plan”) which
shall include: (a) a description of the Termination Assistance Services; (b) a schedule of pre-migration, migration and post-migration activities; (c) a description of the resources, methods and personnel (including Key Personnel)

  
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Contractor shall use to provide the Termination Assistance Services; (d) a schedule of migration activities; (e) a detailed description of the
respective roles and responsibilities of Oncor and Contractor; (f) the Fees payable by Oncor to Contractor for the Termination Assistance Services, if any; (g) such planning as is necessary to effect the migration of the Services to Oncor
or its designee(s); (h) a description of any assets to be transferred to Oncor or its designee(s); and (i) such other information and planning as are necessary to ensure that the migration takes place on schedule and with minimal adverse
impact on Oncor’s business and operations. The Parties shall jointly prepare and finalize the Termination Assistance Plan in accordance with Oncor’s reasonable timeframe and requirements; provided that each Termination Assistance Plan
shall be subject to approval by Oncor. 
 Section 22.03 [*****]. 
 Section 22.04 Termination Rights. 
 (a) As soon after the occurrence of an Assistance
Event as an applicable item of Oncor Resources is no longer necessary for the provision of the Services, the rights granted to Contractor and Contractor Agents in Section 13.01 shall immediately terminate and Contractor shall, and shall cause
Contractor Agents to, promptly deliver or release back to Oncor, at no expense to Oncor, such item (other than Oncor Intangible Materials and Confidential Information of Oncor): 
 (i) in good working condition, reasonable wear and tear excepted, if Contractor has been responsible for such item’s care, custody,
and control, or 
 (ii) without damage caused by Contractor, if Contractor has not been responsible for such item’s care,
custody, and control, 
 in each case, unless otherwise agreed by the Parties. In addition, as soon after the occurrence of an Assistance Event as such items
are no longer necessary for the provision of the Services, Contractor shall, and shall cause Contractor Agents to, promptly return a copy to Oncor and destroy or erase all remaining copies of the Oncor Intangible Materials and Confidential
Information of Oncor (except that Contractor may keep one copy of the Oncor Data, subject to Section 14.04, solely for legal archival purposes to assure compliance with this Agreement and for use in the event of a dispute arising under or in
connection with this Agreement). Contractor shall, upon Oncor’s request, certify to Oncor that all such copies (excluding only the archival copy described in the immediately preceding sentence) have been so returned, destroyed or erased.

 (b) Upon Oncor’s request after the occurrence of an Assistance Event, and upon completion of the relevant Termination Assistance
Services (or portion thereof): 
 (i) With respect to any Contractor Proprietary Intangible Materials that are licensed to
Oncor under Section 13.02(a) and are associated with the Service or Services that are the subject of the Assistance Event, Contractor shall deliver to Oncor or its designee(s) a copy of such Contractor Proprietary Intangible Materials in the
form in use to provide the Services (including source code), and Oncor shall have the rights described in Section 13.02(a) in respect of such materials. 
  
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 (ii) With respect to any subcontracts with Contractor Agents for construction or
operations and maintenance Services that are the subject of the Assistance Event, Contractor shall, and shall use commercially reasonable efforts to cause Contractor Agents to, (i) deliver to Oncor or its designee(s) the originals or
photocopies of the then current versions of such subcontracts and (ii) transfer or assign such subcontracts to Oncor or its designee(s) on terms and conditions acceptable to all applicable parties. Contractor shall pay any transfer, assignment,
switching, termination or other fees or expenses payable under such subcontracts in connection with the transfer or assignment of any such subcontracts. 
 (c) If Contractor proposes to deliver or release for auction any tangible Contractor Proprietary Resource associated with the Service or Services that are the subject of an Assistance Event within ninety
(90) days after such tangible Contractor Proprietary Resource is no longer used to provide Services (excluding, for the avoidance of doubt, any sale of all or substantially all of the assets of Contractor or any subsidiary of Contractor other
than in connection with a liquidation of Contractor or that subsidiary of Contractor), then Contractor shall provide Oncor with a reasonable period of time (not to exceed thirty (30) days) for Oncor to determine whether it wishes to purchase
such tangible Contractor Proprietary Resources before Contractor delivers or releases such items for auction. If Oncor elects to purchase any or all such tangible Contractor Proprietary Resources, such items shall be sold to Oncor free and clear of
all liens, security interests and other encumbrances at their fair market value as determined pursuant to an agreed-upon third party appraiser. 
 (d) [*****]. 
 Section 22.05 Termination Assistance Services Upon Partial Termination. 
 [*****]. 
 Section 22.06 [*****]. 
 ARTICLE XXIII 
 MISCELLANEOUS
PROVISIONS 
 Section 23.01 Assignment. 
 This Agreement and the rights, obligations and remedies hereunder (including any amounts to be paid or received hereunder) shall not be assignable or transferable by either Party (including by operation of Law)
without the prior consent of the other Party (to be given in its sole discretion). Notwithstanding the immediately preceding sentence, Oncor may assign and transfer this Agreement to an Affiliate or pursuant to a reorganization or Change in Control
of Oncor (including by operation of Law) without such consent; provided that the assignee must execute and deliver to Contractor a document under which the assignee agrees to be bound by, assume and perform all of Oncor’s obligations,
liabilities and responsibilities hereunder that arise after the date of such assignment. If the assignee assumes all of Oncor’s obligations, liabilities and responsibilities hereunder, including those arising both before and after the date of

  
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assignment, and has a credit and financial strength at least equal to Oncor’s, then Oncor shall be released from all obligations and liability under
this Agreement. The consent of a Party to any assignment of this Agreement shall not constitute such Party’s consent to further assignment. This Agreement shall be binding on the Parties and their respective successors and permitted assigns.
Any assignment in contravention of this Section shall be void. 
 Section 23.02 Covenant Against Pledging. 
 Contractor agrees that, without the prior consent of Oncor, Contractor shall not assign, transfer, pledge, hypothecate or otherwise encumber its rights to
receive payments from Oncor under this Agreement for any reason whatsoever. To the extent Oncor permits Contractor to assign, transfer, pledge, hypothecate or otherwise encumber its rights to receive payments from Oncor under this Agreement,
Contractor shall continue to be Oncor’s sole point of contact with respect to this Agreement, including with respect to payment. Any person or entity to which such rights are assigned, transferred, pledged, hypothecated or otherwise encumbered
shall not be considered a third party beneficiary under this Agreement and shall not have any rights or causes of action against Oncor. 
 Section 23.03 Notices. 
 Except as otherwise expressly specified in this Agreement, all notices, requests,
consents, approvals, agreements, authorizations, acknowledgments, waivers and other communications required or permitted under this Agreement shall be in writing and shall be deemed given immediately when sent by facsimile to the facsimile number
specified below or immediately when delivered by hand to the address specified below, or one business day after delivery by express overnight delivery service. A copy of any such notice shall also be sent by express overnight delivery on the date
such notice is transmitted by facsimile to the facsimile number specified below. 
 In the case of Oncor: 
 ONCOR ELECTRIC DELIVERY COMPANY LLC 
 1601
Bryan 
 Dallas, Texas 75201 
 Fax: (214) 486-2190 
 Attention: Vice President, Asset Management 
 With a copy to: 
 ONCOR ELECTRIC DELIVERY
COMPANY LLC 
 1601 Bryan 
 Dallas, Texas 75201 
 Fax: (214) 486-2067 
 Attention: General Counsel 
  
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 and 
 In the case of Contractor: 
 INFRASTRUX GROUP, INC. 
 P.O. Box 15505 
 Pittsburgh, Pennsylvania
15244 
 Fax: (412) 787-1516 
 Attention: Chief Executive Officer 
 With a copy to: 
 INFRASTRUX GROUP, INC. 
 600 University Street, Suite 600 
 Seattle, Washington 98101 
 Fax:
(206) 494-4011 
 Attention: Chief Operating Officer 
 Either Party may change its address or facsimile number for notification purposes by giving the other Party notice of the new address or facsimile number and the date upon which it shall become effective. 

Section 23.04 Time is of the Essence. 
 Contractor acknowledges that time is of the essence with respect to the performance of Contractor’s obligations under this Agreement. 
 Section 23.05 Counterparts. 
 This Agreement may be executed in any number of counterparts, each of which shall
be deemed an original, but all of which taken together shall constitute one single agreement between the Parties. 
 Section 23.06 Consents,
Approvals and Requests. 
 Except as specifically set forth in this Agreement, all consents and approvals to be given by either Party
under this Agreement shall not be unreasonably withheld or delayed and each Party shall make only reasonable requests under this Agreement. 
 Section 23.07 Severability. 
 In the event that any provision of this Agreement conflicts with the Law under
which this Agreement is to be construed or if any such provision is held invalid or unenforceable by a court with jurisdiction over the Parties, such provision shall be deemed to be restated to reflect as nearly as possible the original intentions
of the Parties in accordance with applicable Law. The remaining provisions of this Agreement and the application of the challenged provision to persons or circumstances other than those as to which it is invalid or unenforceable shall not be
affected thereby, and each such provision shall be valid and enforceable to the greatest extent 
  
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permitted by Law. 
 Section 23.08 Delays;
Waivers. 
 Except where an express time frame is set forth in this Agreement, no delay or omission by either Party to exercise any
right, remedy or power it has under this Agreement shall impair or be construed as a waiver of such right, remedy or power. A waiver by any Party of any breach or covenant in this Agreement shall not be construed to be a waiver of any other or
succeeding breach or covenant. All waivers must be signed by an authorized representative of the Party waiving its rights. 
 Section 23.09
Remedies Cumulative. 
 Except as expressly provided in this Agreement, no right or remedy under operation of Law or herein
conferred upon or reserved to either Party is intended to be exclusive of any other right or remedy, and each and every right and remedy shall be cumulative and in addition to any other right or remedy under this Agreement, or under Law, whether now
or hereafter existing. 
 Section 23.10 Entire Agreement. 
 This Agreement and the Assignment and Assumption Agreement constitute the entire agreement and understanding between the Parties with respect to the subject matter hereof and thereof and supersede all prior agreements
and understandings relating to such subject matter, and there are no other representations, warranties, promises, covenants, commitments, understandings or agreements between the Parties relative to such subject matter. 
 Section 23.11 Amendments. 
 No amendment,
modification, change or supplement to this Agreement shall be valid unless in writing and signed by authorized representatives of each of Oncor and Contractor. 
 Section 23.12 Survival. 
 Any provision of this Agreement which contemplates performance or observance subsequent
to termination or expiration of this Agreement shall survive any termination or expiration of this Agreement and continue in full force and effect. In addition, all provisions of this Agreement shall survive any termination or expiration of this
Agreement to the fullest extent necessary to give the Parties the full benefit of the bargain expressed by this Agreement. 
 Section 23.13
Third-Party Beneficiaries. 
 This Agreement is for the sole benefit of the Parties and their permitted assigns and each Party
intends that this Agreement shall not benefit, or create any right or cause of action in or on behalf of, any person or entity other than the Parties and their permitted assigns; provided, however, that Contractor and Oncor acknowledge and agree
that (a) Oncor Indemnities and Contractor Indemnitees are express third-party beneficiaries of Article XIX, (b) Oncor shall be entitled to assert actions and claims against Contractor on behalf of all Eligible Recipients that have received
Services as if such Eligible Recipients were express third-party beneficiaries of 
  
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this Agreement, (c) Losses suffered by each Eligible Recipient arising out of or relating to Contractor’s performance or failure to perform under
this Agreement shall be deemed to be the Losses of Oncor and (d) Losses suffered by each Eligible Recipient of the type contemplated by Section 20.02 shall be deemed to be Losses of Oncor under Section 20.02; [*****]. 
 Section 23.14 Independent Relationship. 
 The Parties intend to create an independent contractor relationship and nothing contained in this Agreement shall operate or be construed as making either Oncor or Contractor partners, joint venturers, principals, joint employers, agents or
employees of or with the other. No officer, director, employee, agent, affiliate or subcontractor retained by Contractor to perform work on Oncor’s behalf under this Agreement shall be deemed to be an employee, agent or contractor of Oncor.
Nothing in this Agreement shall operate or be construed to limit Contractor’s responsibility for the acts, omissions, negligence and gross negligence of the Contractor Staff, or be construed as joint employment of the Contractor Staff.

 Section 23.15 Negotiated Terms. 
 The Parties agree that the terms and conditions of this Agreement are the result of negotiations between the Parties and that this Agreement shall not be construed in favor of or against any Party by reason of the extent to which any Party
or its professional advisors participated in the preparation of this Agreement. 
 Section 23.16 Conflict of Interest. 
 Contractor shall not pay any salaries, commissions, fees or make any payments or rebates to any employee of Oncor, or to any designee of such employee, or
favor any employee of Oncor, or any designee of such employee, with gifts or entertainment of significant cost or value or with services or goods sold at less than full market value. 
 Section 23.17 Headings. 
 The Table of Contents, Table of Schedules, and Article and
Section headings are for reference and convenience only and shall not be considered in the interpretation of this Agreement. 
 Section 23.18
[*****]. 
 Section 23.19 Publicity. 
 Contractor shall submit to Oncor all advertising, written sales promotions, press releases and other matters relating to this Agreement and shall not publish or use such advertising, sales promotions, press
releases or matters without Oncor’s consent. 
 Section 23.20 Covenant of Further Assurances. 
 Oncor and Contractor covenant and agree that, subsequent to the execution and delivery of this Agreement and, without any additional consideration, each
of Oncor and Contractor shall 
  
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execute and deliver any further legal instruments and perform any acts that are or may become necessary to effectuate the purposes of this Agreement.

 [SIGNATURE PAGE FOLLOWS] 
  
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 IN WITNESS WHEREOF, each of Oncor and Contractor has caused this Master Agreement to be signed
and delivered by its duly authorized representative. 
  

			
	ONCOR ELECTRIC DELIVERY COMPANY LLC
		
	By:	 	 /s/ James A. Greer

	Name:	 	 James A. Greer

	Title:	 	 Senior Vice President

	
	INFRASTRUX GROUP, INC.
		
	By:	 	 /s/ Michael T. Lennon

	Name:	 	 Michael T. Lennon

	Title:	 	 President and Chief Executive Officer

  
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 Execution Copy 
  

 TABLE OF CONTENTS 
  

					
	 	 	 	  	 Page

	ARTICLE I	 	DEFINITIONS AND CONSTRUCTION	  	1
	 Section 1.01
	 	 Definitions
	  	1
	 Section 1.02
	 	 References
	  	1
	 Section 1.03
	 	 Interpretation of Documents
	  	1
	ARTICLE II	 	TERM, [*****]	  	2
	 Section 2.01
	 	 Master Agreement
	  	2
	 Section 2.02
	 	 Renewals and Extensions
	  	2
	 Section 2.03
	 	 Work Requests
	  	2
	 Section 2.04
	 	 [*****]
	  	3
	 Section 2.05
	 	 [*****]
	  	 3

	 Section 2.06
	 	 Partial Year Calculations
	  	 3

	ARTICLE III 	 	SERVICES	  	 3

	 Section 3.01
	 	 Bids for Services
	  	 3

	 Section 3.02
	 	 Services
	  	 4

	 Section 3.03
	 	 Transition Services
	  	 6

	 Section 3.04
	 	 Emergency Services
	  	 6

	 Section 3.05
	 	 [*****]
	  	 7

	 Section 3.06
	 	 Managed Contracts
	  	 7

	 Section 3.07
	 	 Vendors
	  	 7

	 Section 3.08
	 	 Additional Recipients of Services
	  	 8

	 Section 3.09
	 	 Insourcing and Resourcing
	  	 8

	 Section 3.10
	 	 Non-Exclusive and Not Requirements Contract
	  	 9

	 Section 3.11
	 	 Policies and Standards
	  	 9

	 Section 3.12
	 	 Additional Work or Reprioritization
	  	 9

	 Section 3.13
	 	 Changes in Law
	  	 10

	 Section 3.14
	 	 Reports
	  	 11

	 Section 3.15
	 	 Systems Coordination
	  	 11

	ARTICLE IV 	 	ACCEPTANCE	  	 11

	 Section 4.01
	 	 Completion of Services
	  	 11

	 Section 4.02
	 	 Acceptance
	  	 11

  
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	 	 	 	  	 Page

	ARTICLE V 	 	SERVICE LOCATIONS	  	 12

	 Section 5.01
	 	 Work Sites
	  	 12

	 Section 5.02
	 	 Safety and Security Procedures
	  	 12

	 Section 5.03
	 	 Shared Environments
	  	 13

	 Section 5.04
	 	 Use of Oncor Facilities
	  	 13

	 Section 5.05
	 	 Relocation of Oncor Facilities
	  	 14

	 Section 5.06
	 	 Use of Contractor Facilities
	  	 14

	 Section 5.07
	 	 Use of Work Sites
	  	 14

	 Section 5.08
	 	 Conditions Affecting Services
	  	 15

	 Section 5.09
	 	 Environmental Conditions
	  	 15

	ARTICLE VI 	 	SERVICE LEVELS	  	 16

	 Section 6.01
	 	 Service Levels
	  	 16

	 Section 6.02
	 	 Problem Analysis
	  	 16

	 Section 6.03
	 	 Continuous Improvement and Best Practices
	  	 16

	 Section 6.04
	 	 Performance Credits
	  	 17

	 Section 6.05
	 	 Alternate Services Provider
	  	 17

	ARTICLE VII 	 	CONTINUED PROVISION OF SERVICES	  	 17

	 Section 7.01
	 	 Business Continuity and Disaster Recovery Plan
	  	 17

	 Section 7.02
	 	 Force Majeure
	  	 18

	 Section 7.03
	 	 Alternate Source
	  	 18

	 Section 7.04
	 	 Allocation of Resources
	  	 18

	ARTICLE VIII 	 	CUSTOMER SATISFACTION AND BENCHMARKING	  	 19

	 Section 8.01
	 	 Satisfaction Surveys
	  	 19

	 Section 8.02
	 	 Benchmarking
	  	 19

	ARTICLE IX 	 	ADDITIONAL CONTRACTOR RESPONSIBILITIES	  	 20

	 Section 9.01
	 	 Contractor Required Consents
	  	 20

	 Section 9.02
	 	 Contractor Agents
	  	 20

	 Section 9.03
	 	 Quality Assurance
	  	 22

	 Section 9.04
	 	 Locates
	  	 22

	 Section 9.05
	 	 Protection of Property
	  	 22

  
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	 	 	 	  	 Page

	 Section 9.06
	 	 Installation of Components
	  	 23

	 Section 9.07
	 	 Contractor Contract Manager and Contract Coordinators
	  	 23

	 Section 9.08
	 	 Key Personnel
	  	 24

	 Section 9.09
	 	 Contractor Staff
	  	 24

	 Section 9.10
	 	 Conduct of Contractor Staff
	  	 26

	 Section 9.11
	 	 Requirement of Writing
	  	 26

	 Section 9.12
	 	 [*****]
	  	 26

	 Section 9.13
	 	 Diversity
	  	 26

	 Section 9.14
	 	 Fatalities
	  	 27

	 Section 9.15
	 	 [*****]
	  	 27

	ARTICLE X 	 	ONCOR RESPONSIBILITIES	  	 27

	 Section 10.01
	 	 Oncor Contract Manager and Contract Coordinators
	  	 27

	 Section 10.02
	 	 Oncor Required Consents
	  	 27

	 Section 10.03
	 	 Oncor Obligations
	  	 27

	 Section 10.04
	 	 Requirement of Writing
	  	 28

	 Section 10.05
	 	 Oncor Wrongful Acts
	  	 28

	 ARTICLE XI 
	 	MANAGEMENT AND CONTROL	  	 28

	 Section 11.01
	 	 Governance
	  	 28

	 Section 11.02
	 	 Procedures Manual
	  	 29

	 Section 11.03
	 	 Change Control
	  	 30

	 ARTICLE XII 
	 	DISPUTE RESOLUTION	  	 30

	 Section 12.01
	 	 Continuity
	  	 30

	 Section 12.02
	 	 Dispute Escalation
	  	 30

	 Section 12.03
	 	 Governing Law
	  	 31

	 Section 12.04
	 	 Sole and Exclusive Venue
	  	 31

	 Section 12.05
	 	 Joinder
	  	 31

	ARTICLE XIII	 	PROPRIETARY RIGHTS	  	 31

	 Section 13.01
	 	 Oncor Resources
	  	 31

	 Section 13.02
	 	 Contractor Resources
	  	 32

	 Section 13.03
	 	 Work Product
	  	 33

  
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 (continued) 
  

					
	 	 	 	  	 Page

	 Section 13.04
	 	 Embedded Materials
	  	 33

	 Section 13.05
	 	 Jointly Developed Items
	  	 33

	 Section 13.06
	 	 No Implied Rights or Licenses
	  	 33

	ARTICLE XIV 	 	DATA AND CONFIDENTIALITY	  	 34

	 Section 14.01
	 	 Ownership of Oncor Data
	  	 34

	 Section 14.02
	 	 Return of Data
	  	 34

	 Section 14.03
	 	 Data Security
	  	 34

	 Section 14.04
	 	 General Confidentiality Obligations
	  	 34

	 Section 14.05
	 	 Unauthorized Acts
	  	 35

	ARTICLE XV 	 	FEES AND INVOICING	  	 36

	 Section 15.01
	 	 Fees Generally
	  	 36

	 Section 15.02
	 	 [*****]
	  	 36

	 Section 15.03
	 	 Invoices
	  	 36

	 Section 15.04
	 	 Time of Payment
	  	 37

	 Section 15.05
	 	 Rights of Set-Off; Disputed Amounts
	  	 37

	 Section 15.06
	 	 Unused Credits
	  	 37

	 Section 15.07
	 	 Taxes
	  	 37

	 Section 15.08
	 	 [*****]
	  	 40

	ARTICLE XVI 	 	INSPECTIONS AND AUDITS	  	 40

	 Section 16.01
	 	 Record Retention
	  	 40

	 Section 16.02
	 	 Services
	  	 40

	 Section 16.03
	 	 Fees
	  	 41

	 Section 16.04
	 	 Contractor Internal Audits
	  	 41

	 Section 16.05
	 	 General Provisions
	  	 41

	ARTICLE XVII	 	INSURANCE	  	 43

	 Section 17.01
	 	 Insurance Coverage
	  	 43

	 Section 17.02
	 	 No Implied Limitation
	  	 43

	ARTICLE XVIII 	 	REPRESENTATIONS, WARRANTIES AND COVENANTS	  	 43

	 Section 18.01
	 	 Oncor Representations and Warranties
	  	 43

  
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	 	 	 	  	 Page

	 Section 18.02
	 	 Contractor Representations and Warranties
	  	 44

	 Section 18.03
	 	 Service Warranties
	  	 44

	 Section 18.04
	 	 Oncor Covenant
	  	 45

	 Section 18.05
	 	 Contractor Covenants
	  	 45

	 Section 18.06
	 	 Disclaimer
	  	 47

	ARTICLE XIX 	 	INDEMNITIES	  	 48

	 Section 19.01
	 	 Indemnity by Oncor
	  	 48

	 Section 19.02
	 	 Indemnity by Contractor
	  	 49

	 Section 19.03
	 	 Indemnification Procedures
	  	 50

	 Section 19.04
	 	 Indemnification Procedures – Governmental Claims
	  	 51

	 Section 19.05
	 	 Additional Obligations
	  	 52

	 Section 19.06
	 	 Subrogation
	  	 52

	ARTICLE XX 	 	DAMAGES	  	 53

	 Section 20.01
	 	 Consequential Damages
	  	 53

	 Section 20.02
	 	 Exclusions
	  	 53

	 Section 20.03
	 	 Certain Equitable Remedies
	  	 53

	 Section 20.04
	 	 [*****]
	  	 54

	 Section 20.05
	 	 [*****]
	  	 54

	ARTICLE XXI 	 	TERMINATION	  	 54

	 Section 21.01
	 	 Termination for Convenience
	  	 54

	 Section 21.02
	 	 Termination for Change in Control of Oncor
	  	 54

	 Section 21.03
	 	 Termination for Change in Control of Contractor
	  	 54

	 Section 21.04
	 	 Termination for Cause
	  	 54

	 Section 21.05
	 	 Termination for Insolvency
	  	 55

	 Section 21.06
	 	 Termination for Convenience Charge
	  	 56

	ARTICLE XXII 	 	TERMINATION ASSISTANCE SERVICES	  	 56

	 Section 22.01
	 	 Termination Assistance Services
	  	 56

	 Section 22.02
	 	 Termination Assistance Plan
	  	 56

	 Section 22.03
	 	 [*****]
	  	 57

  
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	 	 	 	  	 Page

	 Section 22.04
	 	 Termination Rights
	  	 57

	 Section 22.05
	 	 Termination Assistance Services Upon Partial Termination
	  	 58

	 Section 22.06
	 	 [*****]
	  	 58

	ARTICLE XXIII 	 	MISCELLANEOUS PROVISIONS	  	 58

	 Section 23.01
	 	 Assignment
	  	 58

	 Section 23.02
	 	 Covenant Against Pledging
	  	 59

	 Section 23.03
	 	 Notices
	  	 59

	 Section 23.04
	 	 Time is of the Essence
	  	 60

	 Section 23.05
	 	 Counterparts
	  	 60

	 Section 23.06
	 	 Consents, Approvals and Requests
	  	 60

	 Section 23.07
	 	 Severability
	  	 60

	 Section 23.08
	 	 Delays; Waivers
	  	 61

	 Section 23.09
	 	 Remedies Cumulative
	  	61
	 Section 23.10
	 	 Entire Agreement
	  	 61

	 Section 23.11
	 	 Amendments
	  	 61

	 Section 23.12
	 	 Survival
	  	 61

	 Section 23.13
	 	 Third-Party Beneficiaries
	  	 61

	 Section 23.14
	 	 Independent Relationship
	  	 62

	 Section 23.15
	 	 Negotiated Terms
	  	 62

	 Section 23.16
	 	 Conflict of Interest
	  	 62

	 Section 23.17
	 	 Headings
	  	 62

	 Section 23.18
	 	 [*****]
	  	 62

	 Section 23.19
	 	 Publicity
	  	 62

	 Section 23.20
	 	 Covenant of Further Assurances
	  	 62

  
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 TABLE OF SCHEDULES 
  

			
	Schedule A	  	Defined Terms
	Schedule B	  	Service Levels
	Schedule C	  	Fees
	Schedule D	  	Oncor Policies and Standards
	Schedule E	  	Insurance
	Schedule F	  	[*****]
	Schedule G	  	Managed Contracts
	Schedule H	  	Reports
	Schedule I	  	Reserved
	Schedule J	  	Key Personnel
	Schedule K	  	[*****]
	Schedule L	  	Reserved
	Schedule M	  	Approved Contractor Agents
	Schedule N	  	Auditing Procedures
	Schedule O	  	Texas Direct Payment Exemption Certification
	Schedule P	  	Excluded Contractor Materials
	Schedule Q	  	Committed Work
	Schedule R	  	Termination for Convenience Charge
	Schedule S	  	Agreement Date Conditions
	Schedule T	  	[*****]
	Schedule U	  	[*****]

  
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 SCHEDULE A 
 MASTER AGREEMENT 
 DEFINED TERMS 
 The following defined terms used in this Agreement shall have the meanings specified below: 
 “Abandon” or “Abandonment” shall mean Contractor’s willful termination or willful non-performance that is
impermissible under this Agreement. 
 [*****]. 
 [*****]. 
 “Affiliate” shall mean, as to any entity, any other entity that, directly or
indirectly, through one or more intermediaries, Controls, is Controlled by or is under common Control with such first entity; as used herein, entity shall mean any company, partnership, joint venture or other form of enterprise, domestic or foreign.

 “Affiliate Standards” shall have the meaning set forth in Section 3.11. 
 “Agreement” shall mean this Master Agreement and all Work Requests entered into by the Parties under this Master Agreement, together
with all of the attachments hereto and thereto. 
 “Agreement Date” shall mean the later of (a) August 1, 2008 or
(b) the date on which the Parties agree in writing that Contractor has demonstrated to Oncor’s reasonable satisfaction that all of the conditions specified on Schedule S have been satisfied. 
 [*****]. 
 [*****]. 
 [*****]. 
 [*****]. 
 “Approved Contractor Agent” shall mean those Contractor Agents that are pre-approved by Oncor, including those Contractor Agents
identified on Schedule M. 
 “Approved Vendor” shall have the meaning set forth in Section 3.07(a). 
 [*****]. 
 [*****]. 
 [*****]. 
  
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 SCHEDULE A 
 MASTER AGREEMENT 
  

 “At Risk Amount” shall, with respect to each Service Area, have the applicable
meaning set forth in Schedule B.1. 
 “Availability Date” shall have the meaning set forth in Section 23.18.

 “Benchmarker” shall have the meaning set forth in Section 8.02(a). 
 “Benchmarking” shall have the meaning set forth in Section 8.02(a). 
 “Business Continuity and Disaster Recovery Plan” shall mean Contractor’s business continuity and disaster recovery plan for the
Services. 
 “Change Control Procedures” shall mean the written change control procedures for managing changes to the
Services and Fees. 
 “Change in Control” shall mean the (a) consolidation or merger of a Party with or into any entity
(other than the consolidation or merger of a Party with an Affiliate of such Party in which such Party is the surviving entity of such consolidation or merger), (b) sale, transfer or other disposition of all or substantially all of the assets
of a Party in one transaction or a series of related transactions or (c) acquisition by any entity, or group of entities acting in concert, of beneficial ownership (as defined in Rule 13d-3 of the Securities Act of 1934) or voting control of
greater than 50% (or such lesser percentage that constitutes Control) of the outstanding voting securities or other ownership interests of a Party; provided, however, that an initial public offering of a Party’s voting securities shall not
qualify as a Change in Control of such Party. 
 [*****]. 
 [*****]. 
 [*****]. 
 “Complete”, “Completed” and “Completion” shall mean the date that Contractor has completed its provision of a Service in accordance with this Agreement. 

“Component” shall mean Tangible Materials that are attached to or incorporated into Work Product. 
 [*****]. 
 “Confidential
Information” of Oncor or Contractor, as applicable, shall mean all information (regardless of form) of Oncor and Contractor, respectively, whether disclosed to or accessed by Oncor or Contractor in connection with this Agreement, including,
with respect to Oncor, the Specifications, all Oncor Data, all Oncor Policies and Standards, Oncor Intangible Materials and all information of Oncor and Oncor Agents or their customers, suppliers, contractors and other third parties doing business
with Oncor; provided, however, that except to 
  
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 SCHEDULE A 
 MASTER AGREEMENT 
  

 
the extent otherwise provided by Law, the term “Confidential Information” shall not include information that (a) is independently developed by
the recipient, as demonstrated by the recipient’s written records, without violating the disclosing Party’s rights, (b) is or becomes publicly known (other than through unauthorized disclosure by or through a Party), (c) is
disclosed by the owner of such information to a third party free of any obligation of confidentiality, (d) was already known by the recipient at the time of disclosure, as demonstrated by the recipient’s written records, and the recipient
has no obligation of confidentiality with respect to said information other than pursuant to this Agreement or any confidentiality agreements between Oncor and Contractor entered into before the Master Effective Date with respect to said information
or (e) is rightfully received by a Party free of any obligation of confidentiality, provided that (i) such recipient has no knowledge that such information is subject to a confidentiality agreement and (ii) such information is not of
a type or character that a reasonable person would have regarded it as confidential. 
 [*****]. 
 “Consumables” shall mean goods and services that Contractor purchases and consumes or uses in providing the Services, excluding Work
Product and Components and in any event excluding the Services. 
 “Contract Coordinator” shall mean the Oncor Contract
Coordinator or the Contractor Contract Coordinator, as applicable. 
 “Contract Manager” shall mean the Oncor Contract
Manager or the Contractor Contract Manager, as applicable. 
 “Contract Records” shall have the meaning set forth in
Section 16.01. 
 “Contract Year” shall mean (a) with respect to the first Contract Year, the period of time
commencing on the Master Effective Date and continuing until the first anniversary of the Agreement Date, and (b) with respect to each subsequent Contract Year, each twelve (12) month (or shorter) period commencing on the completion of the
immediately preceding Contract Year. If any Contract Year is less than twelve (12) months, the rights and obligations under this Agreement that are calculated on a Contract Year basis will be proportionately adjusted for such shorter period.
For the avoidance of doubt, the last Contract Year may be less than twelve (12) months. 
 “Contractor” shall have the
meaning set for in the preamble. 
 “Contractor Agents” shall mean the agents, subcontractors, contractors, suppliers and
representatives of Contractor, including any vendors (such as Approved Contractors) from which Contractor procures Components. 
  
 CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Contractor Contract Coordinator” shall have the meaning set forth in
Section 9.07(b). 
 “Contractor Contract Manager” shall have the meaning set forth in Section 9.07(a). 

“Contractor Facility” shall mean any Contractor facility owned, leased or licensed by Contractor. 
 “Contractor Governmental Consents” shall mean all licenses, consents, permits, approvals, authorizations and other actions of any
Governmental Authority, or any notice to any Governmental Authority, which are required by Law for the entering into of this Agreement by Contractor or are specifically applicable to the businesses of Contractor, Contractor as a service provider or
Contractor’s provision of the Services. 
 “Contractor Group” shall mean Contractor, Contractor Agents and their
respective Affiliates, officers, directors, partners, limited partners, shareholders, associates, employees, agents, subcontractors, contractors, suppliers and representatives. 
 “Contractor Indemnitees” shall mean Contractor and its officers, directors, employees, agents, representatives, successors and assigns.

 “Contractor Intangible Materials” shall mean the Contractor Proprietary Intangible Materials and the Contractor Third
Party Intangible Materials (which in each case exclude Excluded Contractor Materials). 
 “Contractor Private Consents”
shall mean all licenses, consents, permits, approvals, authorizations and other actions that are necessary for Contractor to provide the Services or which allow, among other things: (a) Contractor and Contractor Agents to use (i) the
Contractor Resources and (ii) Contractor’s and Contractor Agents’ other owned, leased and licensed assets; (b) Contractor and Contractor Agents to use any third party services procured by Contractor or Contractor Agents to
provide the Services; and (c) Oncor and Oncor Agents to use the Contractor Resources in accordance with this Agreement; provided that this definition shall not include any Contractor Governmental Consents. 
 “Contractor Proprietary Intangible Materials” shall mean the Intangible Materials that are owned, acquired or developed by or on behalf
of Contractor or its Affiliates and used in connection with the Services, excluding in each case any Work Product and any Excluded Contractor Materials. 
 “Contractor Proprietary Resources” shall mean the Materials, Equipment, Vehicles and other resources that are owned, acquired or developed by or on behalf of Contractor or its Affiliates and used in
connection with the Services, excluding in each case any Work Product and any Excluded Contractor Materials. 
 “Contractor
Resources” shall mean the Contractor Proprietary Resources and the 
  
 CONFIDENTIAL 
  

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Contractor Third Party Resources. 
 “Contractor Staff” shall mean the personnel of Contractor and Contractor Agents who provide the Services. 
 “Contractor Third Party Intangible Materials” shall mean the Intangible Materials that are licensed, leased or otherwise obtained by Contractor or Contractor Agents from a third party (other than Contractor’s
Affiliates) and used in connection with the Services, excluding in each case any Work Product and any Excluded Contractor Materials. 
 “Contractor Third Party Resources” shall mean the Materials, Equipment, Vehicles and other resources that are licensed, leased or otherwise obtained by Contractor or Contractor Agents from a third party (other than
Contractor’s Affiliates) and used in connection with the Services, excluding in each case any Work Product and any Excluded Contractor Materials. 
 “Control” shall mean, with respect to any entity, the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such entity, whether through
the ownership of voting securities (or other ownership interest), by contract or otherwise. 
 [*****]. 
 “Data Safeguards” shall have the meaning set forth in Section 14.03. 
 [*****]. 
 [*****]. 
 [*****]. 
 “Direct Source
Components” shall have the meaning set forth in Section 3.07(a). 
 [*****]. 
 [*****]. 
 [*****]. 
 [*****]. 
 “Distribution
System” shall mean that portion of the electric delivery system operating at under 60 kilovolts (kV) that delivers electric energy to customers. 
 “ECA Adjustment Date” shall have the meaning set forth in Schedule C. 
  
 CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Economic Change Adjustment” or “ECA” shall have the meaning set
forth in Schedule C. 
 “Electrical System” shall mean the Distribution System and the Transmission System. 

“Eligible Recipients” shall mean any of the following as designated by Oncor: (a) any Affiliate of Oncor; (b) entities that
purchase from Oncor or any Affiliate of Oncor all or substantially all of the assets of Oncor or such Affiliate, or any division, marketing unit, business unit, or administrative unit of Oncor or such Affiliate; (c) any entity that after the
Master Effective Date is created using assets of Oncor or any Affiliate of Oncor; (d) any entity into which Oncor or any Affiliate of Oncor merges or consolidates, provided that such entity has assumed Oncor’s obligations under this
Agreement; (e) any entity which merges into or consolidates with Oncor or any Affiliate of Oncor; (f) any entity, including any corporation, joint venture, or partnership, Controlled by Oncor or any Affiliate of Oncor and/or as to which
Oncor or such Affiliate has management or operational responsibility by Law or contract; and (g) other entities to which the Parties agree. 
 “Embedded Material” shall have the meaning set forth in Section 13.04. 
 “Emergency Events”
shall have the meaning set forth in Section 3.04. 
 “Emergency Services” shall mean those Services that are provided
in order to restore electrical service to Oncor customers during and after Emergency Events. 
 “Environmental Law” shall
mean any and all Laws pertaining to human health, safety or the environment, including the following statutes and any applicable analogous or equivalent state or local equivalents thereof and any rules and regulations promulgated pursuant thereto:
the Federal Clean Air Act, the Comprehensive Environmental, Response, Compensation, and Liability Act of 1980, the Federal Water Pollution Control Act, the Resource Conservation and Recovery Act of 1976, the Safe Drinking Water Act, the Toxic
Substances Control Act, the Emergency Planning and Community Right-to-Know Act, the Oil Pollution Act of 1990, the National Environmental Policy Act, the Hazardous Materials Transportation Act, the Atomic Energy Act, the Federal Insecticide,
Fungicide and Rodenticide Act and the Occupational Safety and Health Act of 1990. 
 “Equipment” shall mean all machinery,
tools, supplies and other movable property, together with all attachments, modifications, enhancements, improvements, documentation thereto and Upgrades thereof. 
 “Escalated Hiring Fee” shall mean, with respect to any employee, [*****]. 
 “Excluded Contractor Materials” shall mean the Intangible Materials identified on Schedule P, any hard copies of such Intangible Materials and any user manuals and other documentation describing the use of such Intangible
Materials. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Executive Sponsors” shall have the meaning set forth in Section 12.02(b).

 “Expected Service Level” shall mean the expected level of performance for a Service, as set forth in the column headed
“Expected Service Level” on Schedule B.1. 
 “Extension Period” shall have the meaning set forth in
Section 2.02. 
 “Facility” shall mean any Oncor Facility or Contractor Facility. 
 “Fees” shall mean the fees set forth on Schedule C payable for Services described in each Work Request and any other amounts payable by
Oncor to Contractor pursuant to the express terms of this Agreement. 
 “Field Services” shall have the meaning set forth in
Section 3.02(a)(i). 
 “Fixed Price” shall mean the firm fixed price approved by Oncor for all or any part of a
Service. 
 “Force Majeure Event” shall have the meaning set forth in Section 7.02. 
 “GAAP” shall mean Generally Accepted Accounting Principles in the United States[*****]. 
 “Governmental Authority” shall mean any federal, state, municipal, local, territorial or other governmental department, regulatory
authority, judicial or administrative body, whether domestic, foreign or international. 
 “GPI” shall have the meaning set
forth on Schedule B. 
 “Hazardous Material” shall mean any wastes, substances, radiation, or items (whether solids,
liquids, gases or particulates) (a) that are hazardous, toxic, infectious, explosive, radioactive, carcinogenic, or mutagenic, (b) that are or become defined as “pollutants”, “contaminants”, “hazardous
substances”, “hazardous wastes” or other similar designations in, or otherwise subject to regulation under any Laws or (c) that cause or threaten to cause a nuisance, as defined under applicable Environmental Laws, to the
facility or to adjacent properties. Hazardous Materials include any items that contain polychlorinated biphenyls, asbestos or asbestos-containing materials, lead-based paints, ureaformaldehyde foam insulation, and petroleum, hydrocarbons or any
by-product or derivative thereof or petroleum products (including gasoline, crude oil or any fraction thereof or any additives thereto). 
 [*****]. 
 “Hourly Rates” shall mean the hourly rates set forth on Schedule C.1. 
 “Hourly Services” shall mean those Services to which no Fixed Price or Unit Price apply. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Inherent Services” shall have the meaning set forth in Section 3.02(a)(iii).

 “Initial Master Term” shall have the meaning set forth in Section 2.01. 
 “Initial Work Request Term” shall have the meaning set forth in Section 2.03. 
 “Intangible Materials” shall mean all formulae, algorithms, processes, process improvements, procedures, designs, ideas, concepts,
research, discoveries, inventions and invention disclosures (whether or not patentable or reduced to practice), know-how, proprietary information and methodologies; technology, software, databases, specifications and all records thereof, including
documentation, design documents and analyses, studies, tools, plans, models, flow charts, reports and drawings; in each case, in whatever form or media, including the tangible media upon which they are recorded or printed, together with all
attachments, modifications, enhancements, improvements, documentation thereto and Upgrades thereof. 
 “Interest” shall mean
the rate of interest announced, from time to time, by Citibank, N.A., at its principal office in the United States of America as its prime commercial lending rate plus two percent, but in no event to exceed the highest lawful rate of interest.

 “Jointly Developed Items” shall have the meaning set forth in Section 13.05. 
 “Key Personnel” shall mean the Contractor Staff identified on Schedule J. 
 [*****]. 
 “Law” shall mean
any declaration, decree, directive, legislative enactment, statute, order, ordinance, regulation, rule or other binding action of or by any Governmental Authority. 
 [*****]. 
 “Losses” shall mean any damages, fines, penalties, deficiencies, losses,
liabilities (including settlements and judgments) or expenses (including interest, court costs, reasonable fees and expenses of attorneys, accountants, experts and other professionals or other reasonable fees and expenses of litigation, mediation,
arbitration or other actions or proceedings or of any claim, default or assessment). Without limiting the foregoing, Losses include all expenses incurred in connection with removal or remedial actions under applicable Laws 
 “Managed Contracts” shall mean the third party contracts specified on Schedule G. 
 “Master Agreement” shall have the meaning set forth in the preamble. 
 “Master Effective Date” shall have the meaning set forth in the preamble. 
 “Master Expiration Date” shall mean December 31, 2018. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Master Term” shall mean the Initial Master Term, as extended by (a) any
Extension Period, (b) any period of time during which the Master Agreement is renewed and (c) any Termination Assistance Period. 
 “Materials” shall mean Tangible Materials and Intangible Materials. 
 “Measurement Window” shall
mean the timeframe during, or frequency by, which a Service Level shall be measured, as set forth in the column headed “Measurement Window” on Schedule B.1. 
 “Minimum Service Level” shall mean the minimum level of performance for a Service, as set forth in the column headed “Minimum Service Level” on Schedule B.1. 
 “Minimum Service Level Default” shall mean any failure by Contractor at any time to meet or exceed the Minimum Service Level for any
Service Level [*****]. 
 [*****]. 
 [*****]. 
 [*****]. 
 [*****]. 
 “MWBEs” shall have the meaning set forth in Section 9.13. 
 “Non-Conforming Service” shall mean any Service which possesses any defect in workmanship or otherwise does not comply with the
requirements of this Agreement. 
 “Non-Conforming Work Product” shall mean any Work Product which possesses any defect,
does not comply with its Specifications or otherwise does not comply with the requirements of this Agreement. 
 “Notice of
Election” shall have the meaning set forth in Section 19.03(a). 
 “Oncor” shall have the meaning set forth in
the preamble. 
 “Oncor Agents” shall mean the agents, subcontractors, contractors, suppliers and representatives of Oncor,
other than Contractor and Contractor Agents. 
 “Oncor Auditors” shall have the meaning set forth in Section 16.02.

 “Oncor Contract Coordinator” shall have the meaning set forth in Section 10.01(b). 
 “Oncor Contract Manager” shall have the meaning set forth in Section 10.01(a). 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Oncor Data” shall mean any data or information of Oncor that is provided to or obtained by Contractor in connection with the
negotiation and execution of this Agreement or the performance of its obligations under this Agreement, including data and information with respect to the businesses, customers, operations, facilities, products, rates, regulatory compliance,
competitors, markets, service territory, assets, expenditures, mergers, acquisitions, divestitures, billings, collections, revenues and finances of Oncor. Oncor Data also shall mean any data or information solely related to Oncor that is obtained,
developed or produced by Contractor in the performance of its obligations under this Agreement. 
 “Oncor Facilities” shall
mean any facility owned, leased, licensed or otherwise used by Oncor for which Contractor has received Oncor’s express approval to use for Services in accordance with Section 5.04(a). 
 “Oncor Indemnitees” shall mean Oncor and its Affiliates and their respective officers, directors, employees, Oncor Agents,
representatives, successors and assigns. For the avoidance of doubt, to the extent an Eligible Recipient is, or was at any time, receiving Services or Equipment, Oncor Indemnities shall be read and understood to include such Eligible Recipient and
its officers, directors, employees, agents, representatives, successors and assigns. 
 “Oncor Intangible Materials” shall
mean Intangible Materials that are owned, leased or licensed by Oncor and provided by Oncor for use by Contractor or Contractor Agents in providing the Services. 
 “Oncor Policies and Standards” shall mean all of the policies and standards of Oncor that are in effect as of the Master Effective Date and specifically listed on Schedule D, as the same are in effect
on the Master Effective Date, and all updates and modifications and new additions thereto of which Oncor provides Contractor a notice following the Master Effective Date. 
 “Oncor Private Consents” shall mean all licenses, consents, permits, approvals, authorizations and other actions which allow Contractor and Contractor Agents to use (a) the goods or services
provided for the benefit of Oncor under Oncor’s third party contracts, (b) the Oncor Resources and (c) Oncor’s other owned, leased and licensed assets. 
 “Oncor Proprietary Resources” shall mean the Materials, Equipment, Vehicles and other resources that are owned, acquired or developed by
Oncor or Oncor Agents (excluding Contractor and Contractor Agents) and provided by Oncor for use by Contractor or Contractor Agents in providing the Services. 
 “Oncor Resources” shall mean the Oncor Proprietary Resources and the Oncor Third Party Resources. 
 “Oncor Third Party Resources” shall mean the Materials, Equipment, Vehicles and other resources that are licensed, leased or otherwise obtained by Oncor or Oncor Agents (excluding Contractor and Contractor Agents) from a
third party and provided by Oncor for use by 

  

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Contractor or Contractor Agents in providing the Services. 
 “Oncor Wrongful Act” shall have the meaning set forth in Section 10.05. 
 “Open Source Components” shall have the meaning set forth in Section 3.07(b). 
 “OSHA” shall
mean the Occupational Safety & Health Administration and any successor Governmental Authority thereto. 
 “Other
Services” shall have the meaning set forth in Section 3.02(a)(ii). 
 “Out-of-Pocket Expenses” shall mean
reasonable, documented and actual out-of-pocket expenses incurred by Contractor in performing its obligations under this Agreement, but not including Contractor’s overhead expenses (or allocations thereof), administrative expenses or other
mark-ups. 
 “Parties” shall mean Oncor and Contractor. 
 “Party” shall mean Oncor or Contractor, as applicable. 
 “Pass-Through Expenses” shall mean the Contractor expenses which Oncor has agreed to pay directly or reimburse Contractor for on an Out-of-Pocket Expenses basis. 
 “Performance Credit Percentage” shall mean the [*****]. 
 [*****]. 
 “Performance Credits” shall mean [*****]. 
 [*****]. 
 “Procedures
Manual” shall have the meaning set forth in Section 11.02. 
 “Proposed Services” shall have the meaning set
forth in Section 3.01. 
 [*****]. 
 [*****]. 
 “Relevant Year” shall have the meaning set forth in Section 2.04. 
 “Renewal Work Request Term” shall have the meaning set forth in Section 2.03. 
 “Reporting Window” shall mean the timeframe during, or frequency by, which a Service Level is measured for the informational purposes of
the reports provided pursuant to Section 3.14, as set forth in the column headed “Reporting Window” on Schedule B.1. 
  
 CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Required Consents” shall have the meaning set forth in Section 9.01.

 “Right of Way” or “ROW” shall mean the space (ground and/or aerial) for which the utility has rights for
the construction, operation and maintenance of the Electrical System, including the pruning distance necessary for clearances. This space may be fee owned, a franchise utility easement, used pursuant to a verbal or written agreement with landowner
or a documented easement with landowner or prescriptive rights. This also includes gates, barriers, culverts, roads and vehicle access. 
 “Rolling Forecast” shall have the meaning set forth in Section 2.04(b). 
 “Service Area”
shall mean each of the substantive areas in which Contractor provides Services, which consist of the following categories: (1) the transmission construction and maintenance services or “TCM” and (2) the distribution
construction and maintenance services or “DCM”. 
 “Service Level Default” shall mean any failure by
Contractor at any time to perform the Services so as to meet or exceed [*****]. 
 “Service Levels” shall mean the service
levels and standards for performance set forth in Schedule B.1. 
 “Services” shall have the meaning set forth in
Section 3.02(a)(iii). Except as otherwise expressly provided in this Agreement, references to Services shall be read and understood to mean Services and Work Product. 
 “Specifications” shall mean the specifications set forth in the applicable Work Request or such other specifications agreed upon by the
Parties, which may include environmental and safety requirements. 
 [*****]. 
 “Storm Events” shall mean [*****]. 
 “Substantially Installed” shall have the meaning set forth in Section 4.02(e). 
 “Substation” shall mean one or more of the following: transmission switching station; generating switching station; generation/transmission switching stations; distribution step-down substation; transmission/distribution
step-down substation; and in each case includes site related items, switchyard items, control building items, protection, control and metering items, auxiliary items, and communications items. 
 “System Emergency Restoration Plan” shall mean a plan for restoring to Oncor’s customers those services that are impaired by an
Emergency Event. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Tangible Materials” shall mean physical objects or substances together with all
attachments, modifications, enhancements, improvements, documentation thereto and Upgrades thereof. 
 “Taxes” shall mean
all sales, lease, stamp, service, value-added, lease, use, personal property, excise, consumption and other taxes and duties, however designated or levied. 
 “Termination Assistance Period” shall mean each period of time, as designated by Oncor, commencing on the date that Oncor notifies Contractor under Section 22.01 that there shall be an Assistance
Event and continuing for up to [*****] after the commencement of such Assistance Event, as designated by Oncor, during which period Contractor shall provide the Termination Assistance Services. 
 [*****]. 
 “Termination Assistance
Services” shall mean (a) the Services (including the terminated, insourced, resourced or expired Services and, in each case, any replacements thereof or supplements thereto), to the extent Oncor requests such Services during a
Termination Assistance Period, (b) Contractor’s cooperation with Oncor and Oncor’s designee(s) in the transfer of the Services (or replacement or supplemental services) to Oncor or Oncor’s designee(s) and (c) any new
services requested by Oncor in order to facilitate the transfer of the Services (or replacement or supplemental services) to Oncor or Oncor’s designee(s). 
 [*****]. 
 “Transition Period” shall have the meaning set forth in Section 3.03(b).

 “Transition Plan” shall have the meaning set forth in Section 3.03(b). 
 “Transition Services” shall have the meaning set forth in Section 3.03(a). 
 “Transmission Lines” shall mean Transmission Overhead Lines, Transmission Underground Lines and ROW. 
 “Transmission Overhead Line” shall mean the following components: structures (includes lattice structures, wood, concrete, steel tower
and steel pole), wire, insulators, hardware, foundations, grounding, lightning shielding, fiber optic communication paths, guys, anchors, aerial marker balls, aerial lights, cathodic protection, surge arrestors, wildlife protection, switches, motor
operators, SCADA, automatic sectionalizing equipment, and other associated components. 
 [*****]. 
 “Transmission System” shall mean the electric grid encompassing Transmission Lines and Substations. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

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 “Transmission Underground Line” shall mean the following components: underground
transmission cable, terminations, termination Substation items, duct banks, pumping stations, cathodic protection, and other associated components. 
 [*****]. 
 [*****]. 
 “Two Year Period” shall have the meaning set forth in Section 2.04(a). 
 “Unit” shall mean
pre-defined work activities comprising a Service or Services, as described on Schedule C.1. 
 “Unit Price” shall mean the
price for a Unit, as set forth on Schedule C.1. 
 “Upgrade” shall mean (a) any change that extends the usefulness or
performance of any item (including any improvement, update, renovation, enhancement or addition) and (b) any replacement or new model, version or release of any item. 
 “Utility Facilities” shall mean all resources used to provide electric transmission and distribution services, including Substations.

 “Vehicles” shall mean motorized transportation including cars, trucks, and buses. 
 “Work Product” shall mean any Materials, Equipment, structures and other resources, in each case together with all Components,
modifications, enhancements, improvements, documentation thereto and Upgrades thereof, that are (a) acquired, obtained, made, created, built, constructed, developed, implemented, designed, integrated, installed and/or tested by Contractor as
part of the Services and (b) intended to be delivered or transferred to Oncor as part of the Services, or that are paid for entirely by Oncor. For the avoidance of doubt, any Materials, Equipment, structures and other resources, in each case
together with all Components, modifications, enhancements, improvements, documentation thereto and Upgrades thereof, that are attached to or incorporated into Oncor’s system as part of the Services shall constitute Work Product. Work Product
does not include any Excluded Contractor Materials. 
 “Work Request” shall mean a written or electronic supplement to this
Master Agreement in a format designated by Oncor, which identifies Services to be performed. 
 “Work Request Commencement
Date” shall mean the date on which Contractor shall begin to provide Services as set forth in the applicable Work Request. 
 “Work Request Effective Date” for a Work Request shall mean the effective date of the Work Request as set forth in the Work Request. 
  

CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
  

 A - 14 

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 SCHEDULE A 
 MASTER AGREEMENT 
  

 “Work Site” shall mean any location at which a Service is performed, including
easements and other Right of Ways. 
  
 CONFIDENTIAL 
  

 A - 15 

 Execution Copy 
 SCHEDULE B 
 MASTER AGREEMENT 
  

 SERVICE LEVELS 
 [*****]. 
  
 CONFIDENTIAL

 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 7 pages omitted. 
  

 B - 1 

 Execution Copy 
 SCHEDULE B.1 
 MASTER AGREEMENT 
  

 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 20 pages omitted. 
  

 B.1 - 1 

 Execution Copy 
 SCHEDULE B.2 
 MASTER AGREEMENT 
  

 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 5 pages omitted. 
  

 B.2 - 1 

 Execution Copy 
 SCHEDULE C 
 MASTER AGREEMENT 
  

 FEES 
 [*****]. 
  
 CONFIDENTIAL

 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 10 pages omitted. 
  

 C - 1 

 Execution Copy 
  

 SCHEDULE C.1 
 MASTER AGREEMENT 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 277 pages
omitted. 
  

 C.1 - 1 

 Execution Copy 
  

 SCHEDULE D 
 MASTER AGREEMENT 
 ONCOR POLICIES AND STANDARDS 
  

	1.	All American National Standards Institute Items 

  

	2.	All Association of Edison Electric Companies Items 

  

	3.	All American Society for Testing and Materials Items 

  

	4.	All Electric Reliability Council of Texas Items 

  

	5.	All Institute of Electrical and Electronics Engineers 

  

	6.	All National Electrical Safety Code Items 

  

	7.	All National Electrical Manufacturers Association Items 

  

	8.	All North American Electric Reliability Council Items 

  

	9.	All Nuclear Regulatory Commission Items 

  

	10.	All Oncor Incident Command System Procedures 

  

	11.	Oncor CableCURE Guidelines 

  

	12.	Capital Maintenance Manual 

  

	13.	COMP Inspection Guidelines 

  

	14.	Conductor Loading Guidelines 

  

	15.	Construction Specification for Transmission Line and Substation 

  

	16.	Environmental Rules and Regulations Governing Oncor Electric Delivery Company Maintenance and Construction Projects Memoranda 

  

	17.	Contractor Pump/Band and Back Haul Procedures 

  

	18.	Dielectric Fluids Manual 

  

	19.	Distribution Material & Equipment Specifications 

  

	20.	Distribution Overhead Construction Manual 

  

	21.	Distribution Underground Construction Manual 

  
 CONFIDENTIAL 
  

 D - 1 

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 MASTER AGREEMENT 
  

	22.	Electric Service Guidelines Book 

  

	23.	Environmental Distribution Equipment Guidelines 

  

	24.	Environmental Memoranda 

  

	25.	Guidelines for Counting Electric Locations 

  

	26.	IEEE Guide for Power Distribution System Reliability Indices 

  

	27.	ISA-International Society of Arboriculture (www.ISA-arbor.com) Guidelines 

  

	28.	Oncor Locating Activities Tolerance Zone Guidelines 

  

	29.	National Electrical Safety Code (IEEE Standard Number C2-2002) 

  

	30.	Oncor Electric Delivery Contractor Safety Handbook 

  

	31.	Oncor Electric Delivery Distribution Safety Handbook 

  

	32.	Oncor Electric Delivery Distribution VM Guidelines 

  

	33.	Oncor Electric Delivery Environmental Guidelines for Small Scale Construction Maintenance Projects 

  

	34.	Oncor Electric Delivery Environmental Guidelines for Vegetation Maintenance on Rights-of-Way and Company Facilities 

  

	35.	Oncor Electric Delivery Tariff for Retail Delivery Service 

  

	36.	Oncor Electric Delivery Transmission VM Guidelines 

  

	37.	Oncor Electric Delivery Electric Distribution Standards 

  

	38.	Oncor Electric Delivery Migratory Bird Nest Removal Guidelines 

  

	39.	Oncor Electric Delivery ROW Clearing Standards for Line Construction 

  

	40.	Oncor Electric Delivery Substation and Transmission Line Maintenance Job Plans 

  

	41.	Oncor Electric Delivery Treated Wood Guidelines; Construction/Maintenance Projects 

  

	42.	Oncor Electric Delivery Distribution Underground Construction Standards 

  

	43.	Oncor Electric Delivery Metering Handbook 

  
 CONFIDENTIAL 
  

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 MASTER AGREEMENT 
  

	44.	Open Wire Secondary Program 

  

	45.	PFMP Guidelines 

  

	46.	Pole Maintenance Program 

  

	47.	PUCT Terms and Conditions of Retail Delivery Service Provided by Investor Owned Transmission and Distribution Utilities 

  

	48.	Spill Clean Up Contract Services Guidance Manual 

  

	49.	Spill Prevention, Control and Countermeasure (SPCC) Plan and Oil Pollution Prevention and Response Regulation (40 CFR 112) Guidance Manual 

  

	50.	System Protection Relaying Philosophies 

  

	51.	Texas Forest Service Oak Wilt Guidelines 

  

	52.	Transmission Contractor Safety Handbook 

  

	53.	Transmission Employee Safety Handbook 

  

	54.	Transport Services Manual 

  

	55.	TXU Employee Handbook 

  

	56.	UAA-Utility Arborist Association (www.utilityarborist.org) Guidelines 

  

	57.	Wood Pin Replacement Program 

  

	58.	Work Resources Policy Manual 

  

	59.	40 CFR Part 761, PCB Regulations 

  

	60.	40 CFR Part 112, Spill Prevention Control and Countermeasure Plans Regulations 

  

	61.	Title 49, Code of Federal Regulations, Department of Transportation Regulations 

  

	62.	30 TAC Part 1, Chapter 327, Spill Prevention and Control 

  

	63.	TXDOT Regulations 

  

	64.	OSHA Regulations 

  
 CONFIDENTIAL 
  

 D - 3 

 Execution Copy 
  

 SCHEDULE E 
 MASTER AGREEMENT 
 INSURANCE 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
 Approximately 3 pages omitted. 
  

 E - 1 

 Execution Copy 
  

 SCHEDULE F 
 MASTER AGREEMENT 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

 F - 1 

 Execution Copy 
  

 SCHEDULE G 
 MASTER AGREEMENT 
 MANAGED CONTRACTS 
 The Parties acknowledge and agree that there are no Managed Contracts as of the Master Effective Date. 
  
 CONFIDENTIAL 
  

 G - 1 

 Execution Copy 
  

 SCHEDULE H 
 MASTER AGREEMENT 
 REPORTS 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
 Approximately 5 pages omitted. 
  

 H - 1 

 Execution Copy 
  

 SCHEDULE J 
 MASTER AGREEMENT 
 KEY PERSONNEL 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
 Approximately 3 pages omitted. 
  

 J - 1 

 Execution Copy 
  

 SCHEDULE K 
 MASTER AGREEMENT 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 9 pages
omitted. 
  

 K - 1 

 Execution Copy 
 SCHEDULE M 
 MASTER AGREEMENT 
  

 APPROVED CONTRACTOR AGENTS 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
 Approximately 6 pages omitted. 
  

 M - 1 

 Execution Copy 
 SCHEDULE N 
 MASTER AGREEMENT 
  

 AUDITING PROCEDURES 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
 Approximately 2 pages omitted. 
  

 N - 1 

 Execution Copy 
 SCHEDULE O 
 MASTER AGREEMENT 
  

 TEXAS DIRECT PAYMENT EXEMPTION CERTIFICATION 
 State of Texas 
 Direct Payment
Exemption Certificate 
 Limited Sales, Excise, and Use Tax 
 Direct payment authorization number: 1-75-2967830-6 Oncor Electric Delivery Company LLC 
 Oncor Electric Delivery Company
LLC, hereinafter referred to as COMPANY, hereby claims exemption from the payment of state, city, county, SPD, MTA and/or CTD sales and/or use taxes upon its purchase of taxable items and/or services from: 
  

					
	CONTRACTOR:	  	[                    ]	  	
	Address:	  	[                    ]	  	
	City, State, Zip:	  	[                    ]	  	

 Description of items and/or services purchased under Contract No.
[                    ]: 
 [Add description of relevant Services here.] 
 This certificate will remain in effect until the expiration date of the above contract.

 This certificate does not cover: 
 [*****].

 CONTRACTOR agrees not to permit others (including its contractors and repairmen) to use this direct payment authorization to purchase material tax free.

 COMPANY agrees to accrue and pay the tax to the Comptroller of Public Accounts as required by statute. 
 Permit holder: Oncor Electric Delivery Company LLC 
 Authorized
Signature/Date:                                      
                                 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

 O - 1 

 Execution Copy 
 SCHEDULE P 
 MASTER AGREEMENT 
  

 EXCLUDED CONTRACTOR MATERIALS 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
  

 P - 1 

 Execution Copy 
 SCHEDULE Q 
 MASTER AGREEMENT 
  

 COMMITTED WORK 
 [*****]. 
  
 CONFIDENTIAL

 [*****]Confidential material redacted and filed separately with the Securities and Exchange Commission. 
  

 Q - 1 

 Execution Copy 
 SCHEDULE R 
 MASTER AGREEMENT 
  

 TERMINATION FOR CONVENIENCE CHARGE 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
 Approximately 2 pages omitted. 
  

 R - 1 

 Execution Copy 
 SCHEDULE S 
 MASTER AGREEMENT 
  

 AGREEMENT DATE CONDITIONS 
 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material redacted and filed separately with the
Securities and Exchange Commission. 
  

 S - 1 

 Execution Copy 
 SCHEDULE T 
 MASTER AGREEMENT 
  

 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 4 pages omitted. 
  

 T - 1 

 Execution Copy 
 SCHEDULE U 
 MASTER AGREEMENT 
  

 [*****]. 
  
 CONFIDENTIAL 
 [*****]Confidential material
redacted and filed separately with the Securities and Exchange Commission. 
 Approximately 4 pages omitted. 
  

 U - 1Exhibit 4.1

 Exhibit 4.1 
 E*TRADE Financial Corporation 
 as Issuer 
 And 
 The Bank of New York Mellon

 as Trustee 
 Indenture 
 Dated as of August 25, 2009 
 Class A Senior Convertible Debentures due 2019 
 Class B Senior
Convertible Debentures due 2019 

 TABLE OF CONTENTS 
  

					
	ARTICLE I
	DEFINITIONS AND INCORPORATION BY REFERENCE
			
	 Section 1.01.
	  	Definitions	  	1
	 Section 1.02.
	  	Incorporation by Reference of Trust Indenture Act	  	24
	 Section 1.03.
	  	Rules of Construction	  	24
	
	ARTICLE II
	THE SECURITIES
			
	 Section 2.01.
	  	Form, Dating and Denominations	  	25
	 Section 2.02.
	  	Execution and Authentication	  	25
	 Section 2.03.
	  	Registrar, Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust	  	26
	 Section 2.04.
	  	Replacement Securities	  	26
	 Section 2.05.
	  	Outstanding Securities	  	27
	 Section 2.06.
	  	Temporary Securities	  	27
	 Section 2.07.
	  	Cancellation	  	27
	 Section 2.08.
	  	CUSIP and CINS Numbers	  	28
	 Section 2.09.
	  	Registration, Transfer and Exchange	  	28
	 Section 2.10.
	  	Restrictions on Transfer and Exchange	  	30
	 Section 2.11.
	  	Transfer Provisions	  	30
	
	ARTICLE III
	REPURCHASE AT THE OPTION OF THE HOLDER
			
	 Section 3.01.
	  	Repurchase at the Option of the Holder Upon a Fundamental Change	  	32
	
	ARTICLE IV
	COVENANTS
			
	 Section 4.01.
	  	Payment of Securities	  	35
	 Section 4.02.
	  	Maintenance of Office or Agency	  	36
	 Section 4.03.
	  	Limitation on Indebtedness and Issuances of Preferred Stock	  	36
	 Section 4.04.
	  	Limitation on Restricted Payments	  	38
	 Section 4.05.
	  	Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries or Regulated Subsidiaries	  	42
	 Section 4.06.
	  	Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries or Regulated Subsidiaries	  	43
	 Section 4.07.
	  	Future Subsidiary Guarantees	  	44
	 Section 4.08.
	  	Limitation on Transactions with Shareholders and Affiliates	  	44
	 Section 4.09.
	  	Limitation on Liens	  	46

  

 -i- 

					
	 Section 4.10.
	  	Limitation on Sale-leaseback Transactions	  	47
	 Section 4.11.
	  	Limitation on Asset Sales	  	47
	 Section 4.12.
	  	[Intentionally Omitted.]	  	48
	 Section 4.13.
	  	Limitation on Lines of Business	  	49
	 Section 4.14.
	  	Effectiveness of Covenants	  	49
	 Section 4.15.
	  	SEC Reports and Reports to Holders	  	49
	 Section 4.16.
	  	Payment of Taxes and Other Claims	  	49
	 Section 4.17.
	  	Compliance Certificates	  	49
	 Section 4.18.
	  	Waiver of Stay, Extension or Usury Laws	  	50
	 Section 4.19.
	  	Maintenance of Capitalization	  	50
	
	ARTICLE V
	CONSOLIDATION, MERGER OR SALE OF ASSETS
			
	 Section 5.01.
	  	Consolidation, Merger and Sale of Assets	  	50
	 Section 5.02.
	  	Successor Substituted	  	51
	
	ARTICLE VI
	EVENTS OF DEFAULT AND REMEDIES
			
	 Section 6.01.
	  	Events of Default	  	52
	 Section 6.02.
	  	Acceleration of Maturity; Rescission and Annulment	  	54
	 Section 6.03.
	  	Control by Majority	  	54
	 Section 6.04.
	  	Limitation on Suits	  	54
	 Section 6.05.
	  	Rights of Holders to Receive Payment	  	55
	 Section 6.06.
	  	Collection Suit by Trustee	  	55
	 Section 6.07.
	  	Trustee May File Proofs of Claim	  	55
	 Section 6.08.
	  	Trustee May Enforce Claims Without Possession of Securities	  	55
	 Section 6.09.
	  	Priorities	  	56
	 Section 6.10.
	  	Undertaking for Costs	  	56
	 Section 6.11.
	  	Restoration of Rights and Remedies	  	56
	 Section 6.12.
	  	Rights and Remedies Cumulative	  	56
	 Section 6.13.
	  	Delay or Omission Not Waiver	  	56
	
	ARTICLE VII
	THE TRUSTEE
			
	 Section 7.01.
	  	General	  	57
	 Section 7.02.
	  	Certain Rights of Trustee	  	57
	 Section 7.03.
	  	Individual Rights of Trustee	  	58
	 Section 7.04.
	  	Trustee’s Disclaimer	  	59
	 Section 7.05.
	  	Notice of Default	  	59
	 Section 7.06.
	  	Reports by Trustee to Holders	  	59
	 Section 7.07.
	  	Compensation and Indemnity	  	59

  

 -ii- 

					
	 Section 7.08.
	  	Replacement of Trustee	  	60
	 Section 7.09.
	  	Successor Trustee by Merger	  	60
	 Section 7.10.
	  	Eligibility	  	61
	 Section 7.11.
	  	Money Held in Trust	  	61
	
	ARTICLE VIII
	DEFEASANCE AND DISCHARGE
			
	 Section 8.01.
	  	Discharge of Company’s Obligations	  	61
	 Section 8.02.
	  	Reserved	  	62
	 Section 8.03.
	  	Covenant Defeasance	  	62
	 Section 8.04.
	  	Application of Trust Money	  	63
	 Section 8.05.
	  	Repayment to Company	  	63
	 Section 8.06.
	  	Reinstatement	  	63
	
	ARTICLE IX
	AMENDMENTS, SUPPLEMENTS AND WAIVERS
			
	 Section 9.01.
	  	Amendments Without Consent of Holders	  	63
	 Section 9.02.
	  	Amendments with Consent of Holders	  	64
	 Section 9.03.
	  	Effect of Consent	  	66
	 Section 9.04.
	  	Trustee’s Rights and Obligations	  	66
	 Section 9.05.
	  	Conformity with Trust Indenture Act	  	66
	 Section 9.06.
	  	Payments for Consents	  	66
	
	ARTICLE X
	GUARANTEES
			
	 Section 10.01.
	  	Guarantees	  	66
	 Section 10.02.
	  	Limitation on Subsidiary Guarantor Liability	  	67
	 Section 10.03.
	  	Execution and Delivery of the Guarantee	  	67
	 Section 10.04.
	  	Guarantors May Consolidate, etc., on Certain Terms	  	68
	 Section 10.05.
	  	Releases Following Certain Events	  	68
	 Section 10.06.
	  	Subsidiary Guarantees	  	69
	
	ARTICLE XI
	MISCELLANEOUS
			
	 Section 11.01.
	  	Trust Indenture Act of 1939	  	69
	 Section 11.02.
	  	Holder Communications; Holder Actions	  	69
	 Section 11.03.
	  	Notices	  	70
	 Section 11.04.
	  	Certificate and Opinion as to Conditions Precedent	  	70
	 Section 11.05.
	  	Statements Required in Certificate or Opinion	  	70
	 Section 11.06.
	  	Payment Date Other Than a Business Day	  	71

  

 -iii- 

					
	 Section 11.07.
	  	Governing Law	  	71
	 Section 11.08.
	  	No Adverse Interpretation of Other Agreements	  	71
	 Section 11.09.
	  	Successors	  	71
	 Section 11.10.
	  	Duplicate Originals	  	71
	 Section 11.11.
	  	Separability	  	71
	 Section 11.12.
	  	Table of Contents and Headings	  	71
	 Section 11.13.
	  	No Liability of Directors, Officers, Employees, Incorporators, Members and Stockholders	  	71
	 Section 11.14.
	  	Waiver of Jury Trial	  	72
	 Section 11.15.
	  	Force Majeure	  	72
	
	ARTICLE XII
	CONVERSION OF SECURITIES
			
	 Section 12.01.
	  	Conversion Privilege and Conversion Price	  	72
	 Section 12.02.
	  	Exercise of Conversion Privilege	  	74
	 Section 12.03.
	  	Fractions of Shares	  	75
	 Section 12.04.
	  	Adjustment of Conversion Price	  	75
	 Section 12.05.
	  	Notice of Adjustments of Conversion Price	  	80
	 Section 12.06.
	  	Company to Reserve Common Stock	  	81
	 Section 12.07.
	  	Taxes on Conversions	  	81
	 Section 12.08.
	  	Certain Covenants	  	81
	 Section 12.09.
	  	Cancellation of Converted Securities	  	81
	 Section 12.10.
	  	Provision in Case of Effect of Reclassification, Consolidation, Merger or Sale	  	82
	 Section 12.11.
	  	Responsibility of Trustee for Conversion Provisions	  	83
	 Section 12.12.
	  	Right to Set-off Withholding Taxes	  	83
	 Section 12.13.
	  	Treatment of Rights	  	83
		
	 Exhibit A – Form of Security
	  	
	 Exhibit B – Form of Supplemental Indenture
	  	

  

 -iv- 

 INDENTURE, dated as of August 25, 2009, between E*TRADE Financial Corporation, a Delaware
corporation, as the Company and The Bank of New York, a New York banking corporation, as Trustee. 
 RECITALS 
 The Company has duly authorized the execution and delivery of this Indenture to provide for the issuance of an unlimited aggregate principal amount of
the Company’s Class A Senior Convertible Debentures due 2019 (the “Class A Securities”) and Class B Senior Convertible Debentures due 2019 (the “Class B Securities” and together with the Class A Securities, the
“Securities”). 
 All things necessary to make this Indenture a valid agreement of the Company, in accordance with its terms, have
been done, and the Company has done all things necessary to make the Securities, when executed by the Company and authenticated and delivered by the Trustee and duly issued by the Company, the valid obligations of the Company as hereinafter
provided. 
 This Indenture is subject to, and will be governed by, the provisions of the Trust Indenture Act that are required to be a part
of and govern indentures qualified under the Trust Indenture Act. 
 THIS INDENTURE WITNESSETH 
 For and in consideration of the premises and the purchase of the Securities by the Holders thereof, the parties hereto covenant and agree, for the equal
and proportionate benefit of all Holders, as follows: 
 ARTICLE I 
 DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01. Definitions.

 “2011 Notes” means 8% Senior Notes due 2011 issued by the Company pursuant to the 2011 Notes Indenture, together with any
exchange notes issued therefor. 
 “2011 Notes Indenture” means the indenture dated as of June 8, 2004, between the
Company and The Bank of New York, as trustee, as amended or supplemented from time to time, including the supplemental indentures dated September 19, 2005, November 1, 2006 and July 9, 2009. 
 “2013 Notes” means 7 3/8% Senior Notes due 2013 issued by the Company pursuant to the 2013 Notes
Indenture, together with any exchange notes issued therefor. 
 “2013 Notes Indenture” means the indenture dated as
of September 19, 2005, between the Company and The Bank of New York, as trustee, as amended or supplemented from time to time, including the supplemental indentures dated November 10, 2005, and November 1, 2006. 
 “2015 Notes” means 7 7/8% Senior Notes due 2015 issued by the Company pursuant to the 2015 Notes
Indenture, together with any exchange notes issued therefor. 
 “2015 Notes Indenture” means the indenture dated as
of November 22, 2005 between the Company and The Bank of New York, as trustee, as amended or supplemented from time to time, including the supplemental indenture dated November 1, 2006. 
  

 -1- 

 “2017 Notes” means 12.5% Springing Notes due 2017 (plus any Capitalized Interest) issued
by the Company pursuant to the 2017 Notes Indenture. 
 “2017 Notes Indenture” means the indenture dated as of
November 29, 2007 between the Company and The Bank of New York, as trustee, as amended or supplemented from time to time, including the supplemental indentures dated December 27, 2007, January 18, 2008 and July 9, 2009.

 “Acquired Indebtedness” means Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary
or Indebtedness of a Restricted Subsidiary assumed in connection with an Asset Acquisition by such Restricted Subsidiary; provided such Indebtedness was not Incurred in connection with or in contemplation of such Person becoming a Restricted
Subsidiary or such Asset Acquisition. 
 “Adjusted Consolidated Net Income” means, for any period, the aggregate net income
(or loss) of the Company and its Restricted Subsidiaries and Regulated Subsidiaries for such period determined in conformity with GAAP; provided that the following items shall be excluded in computing Adjusted Consolidated Net Income (without
duplication): 
 (1) the net income (or loss) of any Person that is not a Restricted Subsidiary or Regulated Subsidiary, except that the
Company’s equity in the net income of any such Person for such period (to the extent not otherwise excluded pursuant to clauses (2) through (6) below) will be included up to the aggregate amount of cash actually distributed by such
Person during such period to the Company or to its Restricted Subsidiaries or Regulated Subsidiaries (less minority interest therein) as a dividend or other distribution; 
 (2) the net income (or loss) of any Person accrued prior to the date it becomes a Restricted Subsidiary or Regulated Subsidiary or is merged into or
consolidated with the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries or all or substantially all of the property and assets of such Person are acquired by the Company or any of its Restricted Subsidiaries or Regulated
Subsidiaries; 
 (3) the net income of any Restricted Subsidiary to the extent that the declaration or payment of dividends or similar
distributions by such Restricted Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement, instrument, judgment, decree, order, statute, rule or governmental regulation applicable to
such Restricted Subsidiary; 
 (4) the net income of any Regulated Subsidiary (x) to the extent that the declaration or payment of
dividends or similar distributions by such Regulated Subsidiary of such net income is not at the time permitted by the operation of the terms of its charter or any agreement or instrument with a Person, other than such Regulated Subsidiaries
applicable regulatory authorities, or any judgment or decree applicable to such Regulated Subsidiary (y) other than to the extent that such Regulated Subsidiary reasonably believes, in good faith, that such net income could be distributed,
declared or paid as a dividend or similar distribution without causing such Regulated Subsidiary to fail to be at least “adequately capitalized” as defined in the regulations of applicable regulatory authorities, or to meet minimum capital
requirements imposed by applicable regulatory authorities; 
 (5) any gains or losses (on an after-tax basis) attributable to Asset Sales or
Regulated Sales; 
  

 -2- 

 (6) solely for purposes of calculating the amount of Restricted Payments that may be made pursuant to
clause (c) of Section 4.04, any amount paid or accrued as dividends on Preferred Stock of the Company owned by Persons other than the Company and any of its Restricted Subsidiaries and Regulated Subsidiaries; 
 (7) all extraordinary gains and, solely for purposes of calculating the Consolidated Fixed Charge Coverage Ratio, extraordinary losses; 
 (8) the cumulative effect of changes in accounting principles; and 
 (9) the net after-tax effect of impairment charges related to goodwill and other intangible assets. 
 “Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under direct or indirect common control with, such Person. For purposes of this definition,
“control” (including, with correlative meanings, the terms “controlling,” “controlled by” and “under common control with”), as applied to any Person, means the possession, directly or indirectly, of the power
to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities, by contract or otherwise. Notwithstanding the foregoing, in no event will Citadel be deemed to be an Affiliate of the
Company. 
 “Agent Member” means a member of, or a participant in, the Depositary. 
 “Appropriate Federal Banking Agency” shall mean the Office of Thrift Supervision or any successor agency having jurisdiction over the
Company. 
 “Asset Acquisition” means (1) an investment by the Company or any of its Restricted Subsidiaries or
Regulated Subsidiaries in any other Person pursuant to which such Person shall become a Restricted Subsidiary or a Regulated Subsidiary or shall be merged into or consolidated with the Company or any of its Restricted Subsidiaries or Regulated
Subsidiaries; provided that such Person’s primary business is a Related Business or (2) an acquisition by the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries of the property and assets of any Person other than the
Company or any of its Restricted Subsidiaries or Regulated Subsidiaries that constitute substantially all of a division or line of business of such Person that is a Related Business. 
 “Asset Sale” means any sale, transfer or other disposition (including by way of merger, consolidation or Sale-Leaseback Transaction) in
one transaction or a series of related transactions by the Company or any of its Restricted Subsidiaries to any Person other than the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries of: 
 (1) all or any of the Capital Stock of any Restricted Subsidiary; 
 (2) all or substantially all of the property and assets of an operating unit or business of the Company or any of its Restricted Subsidiaries; or 
 (3) any other property and assets (other than the Capital Stock or other Investment in an Unrestricted Subsidiary) of the Company or any of its
Restricted Subsidiaries outside the ordinary course of business of the Company or such Restricted Subsidiary, 
 and, in each case, that is not governed by
the provisions of this Indenture applicable to mergers, consolidations and sales of assets of the Company; provided that “Asset Sale” shall not include: 
 (A) sales or other dispositions of Investment Securities, inventory, receivables and other current assets; 
  

 -3- 

 (B) sales, transfers or other dispositions of assets constituting a Permitted Investment or Restricted
Payment permitted to be made under Section 4.04; 
 (C) sales, transfers or other dispositions of assets with a Fair Market Value not
in excess of $2.5 million in any transaction or series of related transactions; 
 (D) any sale, transfer, assignment or other disposition
of any property equipment that has become damaged, worn out, obsolete or otherwise unsuitable for use in connection with the business of the Company or its Restricted Subsidiaries; 
 (E) an issuance of Capital Stock by a Restricted Subsidiary or the sale, transfer or other disposition by the Company or a Restricted Subsidiary of the
Capital Stock of a Restricted Subsidiary or Regulated Subsidiary, in each case to the Company, a Wholly Owned Restricted Subsidiary or a Wholly Owned Regulated Subsidiary; or 
 (F) Permitted Liens, or foreclosure on assets as a result of Liens permitted under Section 4.09. 
 “Authenticating Agent” refers to a Person engaged to authenticate the Securities in the stead of the Trustee. 
 “Average Life” means, at any date of determination with respect to any debt security, the quotient obtained by dividing (1) the sum
of the products of (a) the number of years from such date of determination to the dates of each successive scheduled principal payment of such debt security and (b) the amount of such principal payment by (2) the sum of all such
principal payments. 
 “Bank Regulated Subsidiary” means (i) ETB Holdings, Inc. (provided that such entity is a savings
and loan holding company, as defined under the Home Owners’ Loan Act, as amended, or a bank holding company, as defined under the Bank Holding Company Act, as amended, but in no event shall such entity mean, or include, the Company),
(ii) any direct or indirect insured depository institution subsidiary of the Company that is regulated by foreign, federal or state banking regulators, including, without limitation, the OTS and the FDIC or (iii) any Subsidiary of a Bank
Regulated Subsidiary all of the Common Stock of which is owned by such Bank Regulated Subsidiary and the sole purpose of which is to issue trust preferred or similar securities where the proceeds of the sale of such securities are invested in such
Bank Regulated Subsidiary and where such proceeds would be treated as Tier I capital were such Bank Regulated Subsidiary a bank holding company regulated by the Board of Governors of the Federal Reserve System. 
 “Board of Directors” means, with respect to any Person, the Board of Directors of such Person or any duly authorized committee of such
Board of Directors, or any other group performing comparable functions. 
 “Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary 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. 
  

 -4- 

 “Broker Dealer Regulated Subsidiary” means any direct or indirect subsidiary of the
Company that is registered as a broker dealer pursuant to Section 15 of the Exchange Act or that is regulated as a broker dealer or underwriter under any foreign securities law. 
 “Business Day” means any day except a Saturday, Sunday or other day on which commercial banks in New York City or in the city where the
Corporate Trust Office of the Trustee is located are authorized by law to close. 
 “Capital Stock” means, with respect to
any Person, any and all shares, interests, participations or other equivalents (however designated, whether voting or non-voting) in equity of such Person, whether outstanding on the Closing Date or issued thereafter, including, without limitation,
all Common Stock and Preferred Stock. 
 “Capitalized Lease” means, as applied to any Person, any lease of any property
(whether real, personal or mixed) of which the discounted present value of the rental obligations of such Person as lessee, in conformity with GAAP, is required to be capitalized on the balance sheet of such Person. 
 “Capitalized Lease Obligations” means the discounted present value of the rental obligations under a Capitalized Lease. 
 “Certificated Security” means a Security in registered individual form without interest coupons. 
 “Citadel” means Citadel Limited Partnership and/or any of its Affiliates. 
 “Closing Date” means August 25, 2009, the date on which the Securities are originally issued. 
 “Commission” or “SEC” 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 Indenture 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” means, with respect to any Person, any and all shares, interests, participations or other equivalents (however
designated, whether voting or non-voting) of such Person’s equity, other than Preferred Stock of such Person, whether outstanding on the Closing Date or issued thereafter, including, without limitation, all series and classes of such common
stock. However, subject to the provisions of Section 12.10, shares issuable on conversion of Securities shall include only shares of the class designated as Common Stock of the Company at the date of this Indenture or shares of any class or
classes resulting from any reclassification or reclassifications thereof and which have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company
and which are not subject to redemption by the Company; provided that if at any time there shall be more than one such resulting class, the shares of each such class then so issuable shall be substantially in the proportion which the total number of
shares of such class resulting from all such reclassifications bears to the total number of shares of all such classes resulting from all such reclassifications. 
 “Company” means the party named as such in the first paragraph of this Indenture or any successor obligor under this Indenture and the Securities pursuant to Article 5. 
 “Consolidated EBITDA” means, for any period, Adjusted Consolidated Net Income for such period plus, to the extent such amount was
deducted in calculating such Adjusted Consolidated Net Income: 
 (1) Consolidated Interest Expense; 
  

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 (2) income taxes; 
 (3) depreciation expense; 
 (4) amortization expense; and 
 (5) all other non-cash items reducing Adjusted Consolidated Net Income (other than items that will require cash payments and for which an accrual or
reserve is, or is required by GAAP to be, made), less all non-cash items increasing Adjusted Consolidated Net Income, all as determined on a consolidated basis for the Company, its Restricted Subsidiaries and its Regulated Subsidiaries in conformity
with GAAP; 
 provided that, if any Restricted Subsidiary or Regulated Subsidiary is not a Wholly Owned Restricted Subsidiary, or Wholly Owned
Regulated Subsidiary, as the case may be, Consolidated EBITDA shall be reduced (to the extent not otherwise reduced in accordance with GAAP) by an amount equal to (A) the amount of the Adjusted Consolidated Net Income attributable to such
Restricted Subsidiary or Regulated Subsidiary multiplied by (B) the percentage of Common Stock of such Restricted Subsidiary or Regulated Subsidiary not owned on the last day of such period by the Company or any of its Restricted Subsidiaries
or any of its Wholly Owned Regulated Subsidiaries. 
 “Consolidated Fixed Charge Coverage Ratio” means, with respect to any
Person, the ratio of Consolidated EBITDA of such Person during the most recent four full fiscal quarters (the “Four Quarter Period”), for which financial statements are available, ending on or prior to the date of the transaction giving
rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio (the “Transaction Date”), to Consolidated Fixed Charges of such Person for the Four Quarter Period. In addition to and without limitation of the foregoing, for
purposes of this definition, Consolidated EBITDA and Consolidated Fixed Charges shall be calculated after giving effect on a pro forma basis for the period of such calculation to: 
 (6) the incurrence or repayment of any Indebtedness of such Person or any of its Restricted Subsidiaries or Regulated Subsidiaries (and the application
of the proceeds thereof) giving rise to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary
course of business for working capital purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such
incurrence or repayment, as the case may be (and the application of the proceeds thereof), occurred on the first day of the Four Quarter Period; and 
 (7) any Asset Sales or Asset Acquisitions (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries or
Regulated Subsidiaries (including any Person who becomes a Restricted Subsidiary or Regulated Subsidiaries as a result of the Asset Acquisition) incurring, assuming or otherwise being liable for Acquired Indebtedness and also including any
Consolidated EBITDA attributable to the assets which are the subject of the Asset Acquisition or Asset Sale during the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period
and on or prior to the Transaction Date, as if such Asset Sale or Asset Acquisition (including the incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the first day of the Four Quarter Period. 
  

 -6- 

 If such Person or any of its Restricted Subsidiaries or Regulated Subsidiaries directly or indirectly
guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such
guaranteed Indebtedness. Furthermore, in calculating “Consolidated Fixed Charges”: 
 (8) interest on outstanding Indebtedness
determined on a fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the
Transaction Date; 
 (9) if interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an
interest rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four Quarter Period; and

 (10) notwithstanding clause (1) above, interest on Indebtedness determined on a fluctuating basis, to the extent such interest is
covered by agreements relating to Interest Swap Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 
 “Consolidated Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of (1) Consolidated
Interest Expense, plus (2) the product of (A) the amount of all dividend payments on any series of Preferred Stock of such Person (other than (x) dividends paid in Capital Stock and (y) dividends on the Preferred Stock, the net
proceeds of which will be used for the Distribution, to the extent they are paid in kind or accrete, except to the extent they constitute Disqualified Stock) paid, accrued or scheduled to be paid or accrued during such period times (B) a
fraction, the numerator of which is one and the denominator of which is one minus the then current effective consolidated federal, state and local tax rate of such Person, expressed as a decimal. 
 “Consolidated Interest Expense” means, for any period, the aggregate amount of interest in respect of Indebtedness (including, without
limitation, amortization of original issue discount on any Indebtedness and the interest portion of any deferred payment obligation of the type described under clause (4) of the definition of “Indebtedness”, calculated in accordance
with the effective interest method of accounting; all commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance financing; Indebtedness that is Guaranteed or secured by the Company, any of
its Restricted Subsidiaries, or any of its Regulated Subsidiaries), and all but the principal component of rentals in respect of Capitalized Lease Obligations paid, accrued or scheduled to be paid or to be accrued by the Company, its Restricted
Subsidiaries and its Regulated Subsidiaries during such period; excluding, however, (1) any amount of such interest of any Restricted Subsidiary or Regulated Subsidiary if the net income of such Restricted Subsidiary or Regulated Subsidiary is
excluded in the calculation of Adjusted Consolidated Net Income pursuant to clause (3) or (4) of the definition thereof (but only in the same proportion as the net income of such Restricted Subsidiary or Regulated Subsidiary is excluded
from the calculation of Adjusted Consolidated Net Income pursuant to clause (3) or (4) of the definition thereof) and (2) any premiums, fees and expenses (and any amortization thereof) payable in connection with the offering of the
Securities, the 2017 Notes, the 2015 Notes, the 2013 Notes and the 2011 Notes, all as determined on a consolidated basis (without taking into account Unrestricted Subsidiaries) in conformity with GAAP, and (3) interest payments on trust
preferred or similar securities issued by a Regulated Subsidiary to the extent the proceeds of the sale of such securities are invested in a Regulated Subsidiary. 
  

 -7- 

 “Consolidated Net Worth” means, at any date of determination, stockholders’ equity
as set forth on the most recently available quarterly or annual consolidated balance sheet of the Company and its Restricted Subsidiaries and Regulated Subsidiaries (which shall be as of a date not more than 90 days prior to the date of such
computation, and which shall not take into account Unrestricted Subsidiaries), plus, to the extent not included, any Preferred Stock of the Company, less any amounts attributable to Disqualified Stock or any equity security convertible into or
exchangeable for Indebtedness, the cost of treasury stock and the principal amount of any promissory notes receivable from the sale of the Capital Stock of the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries, each item to be
determined in conformity with GAAP (excluding the effects of foreign currency exchange adjustments under Financial Accounting Standards Board Statement of Financial Accounting Standards No. 52). 
 “Conversion Agent” means the person authorized by the Company to convert Securities in accordance with Article 12. 
 “Conversion Date” means the date on which a holder complies with the conversion requirements in Section 12.01(a). 
 “Conversion Price” has the meaning specified in Section 12.01. 
 “Corporate Trust Office” means the principal office of the Trustee 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 8 West, New York, New York 10286, Attention: Corporate Trust Administration, or such other address as the Trustee may designate from 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). 
 “Credit Facility” means a credit facility of, or Guaranteed by, the Company and used by the Company, its Restricted Subsidiaries or its
Regulated Subsidiaries for working capital and other general corporate purposes together with the related documents (including, without limitation, any guarantee agreements and security documents), as such agreements may be amended (including any
amendment and restatement), supplemented, replaced or otherwise modified from time to time. 
 “Default” means any event
that is, or after notice or passage of time or both would be, an Event of Default. 
 “Depositary” means the depositary of
each Global Security, which will initially be DTC. 
 “Disqualified Stock” means any class or series of Capital Stock of any
Person that by its terms or otherwise is (1) required to be redeemed prior to a date that is 123 days following the Stated Maturity of the Securities, (2) redeemable at the option of the holder of such class or series of Capital Stock at
any time prior to the Stated Maturity of the Securities or (3) convertible into or exchangeable for Capital Stock referred to in clause (1) or (2) above or Indebtedness having a scheduled maturity prior to the Stated Maturity of the
Securities; provided that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to repurchase or redeem such Capital Stock upon the occurrence of an
“asset sale” or Fundamental Change occurring prior to the Stated Maturity of the Securities shall not constitute Disqualified Stock if the “asset sale” or Fundamental Change provisions applicable to such Capital Stock are no more
favorable to the holders of such Capital Stock than the provisions contained in Article 3 and Section 4.11 and such Capital Stock specifically provides that such Person will not repurchase or redeem any such stock pursuant to such provision
prior to the Company’s repurchase of such Securities as are required to be repurchased pursuant to Article 3 and Section 4.11. 
  

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 “Domestic Subsidiary” means any Restricted Subsidiary of the Company with total assets
as determined under GAAP of at least $100,000, as set forth on the most recently available quarterly or annual consolidated balance sheet of such Restricted Subsidiary other than a Restricted Subsidiary that is (1) a Foreign Subsidiary or
(2) a Subsidiary of any such Foreign Subsidiary. 
 “DTC” means The Depository Trust Company, a New York corporation,
and its successors. 
 “Event of Default” has the meaning assigned to such term in Section 6.01. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 “Exchange Securities” means up to an aggregate of $435,515,000 principal amount of convertible senior debentures of the Company issued
in exchange for 2011 Notes and up to an aggregate of $1,310,000,000 principal amount of convertible senior debentures of the Company issued in exchange for 2017 Notes. 
 “Ex-Date” means, with respect to any issuance or distribution on the Common Stock, the first date on which the shares of the Common Stock trade on the relevant exchange or in the relevant market,
regular way, without the right to receive the issuance or distribution in question. 
 “Fair Market Value” means the price
that would be paid in an arm’s-length transaction between an informed and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy which, if determined by the Board of Directors as evidenced by a
Board Resolution, shall be conclusively determined. 
 “FDIC” means the Federal Deposit Insurance Corporation. 

“Foreign Subsidiary” means any Subsidiary of the Company that is an entity which is a controlled foreign corporation under
Section 957 of the Internal Revenue Code or any subsidiary that is otherwise organized under the laws of a jurisdiction other than the United States, any state thereof, or the District of Columbia. 
 “Fundamental Change” means such time as: 
 (1) a “person” or “group” (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act) becomes the ultimate “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act)
of more than 50% of the total voting power of the Voting Stock of the Company on a fully diluted basis; 
 (2) individuals who on the Issue
Date of the Securities constitute the Company’s Board of Directors (together with any new directors whose election by the Company’s Board of Directors or whose nomination by such Board of Directors for election by the Company’s
stockholders was approved by a vote of at least a majority of the members of the Company’s Board of Directors then in office who either were members of such Board of Directors on the Issue Date or whose election or nomination for election was
previously so approved) cease for any reason to constitute a majority of the members of the Company’s Board of Directors then in office; 
 (3) the adoption of a plan of liquidation of the Company; 
  

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 (4) a voluntary sale, conveyance, exchange or transfer of all or substantially all of the property and
assets of the Company and its Subsidiaries on a consolidated basis in one transaction or a series of related transactions; 
 (5) the
consummation of any merger or business combination if, after such transaction, holders of the Company’s Voting Stock before the transaction do not hold a majority of the voting power of the Company’s Voting Stock immediately after the
transaction; or 
 (6) the Common Stock of the Company (or other Common Stock into which the Securities are then convertible) ceases to be
listed or quoted on a national securities exchange in the United States and is not so listed or quoted within 45 days of the date thereof; provided, that no Fundamental Change shall be deemed to occur if (i) prior to such 45th day, the Company
has filed a preliminary proxy statement with the SEC to hold a special meeting of the Company’s stockholders to vote to approve a reverse split of its Common Stock (or other Common Stock into which the debentures are then convertible) and is
using reasonable best efforts to hold such special meeting of the Company’s stockholders and to become listed or quoted on a national securities exchange in the United States, and (ii) the Company’s Common Stock is so listed or quoted
within 15 days of such special meeting of the Company’s stockholders (or adjournment thereof) where such vote is taken. 
 provided however, that
the definition of Fundamental Change shall not include a merger or consolidation under (1) and (5) if at least 90% of the consideration paid for Common Stock (excluding cash payments for fractional shares and cash payments made pursuant to
dissenters’ appraisal rights and cash dividends) in connection with such event consists of shares of Capital Stock traded on any of the New York Stock Exchange, the NASDAQ Global Market or the NASDAQ Global Select Market (or any of their
respective successors) (or will be so traded or quoted immediately following the completion of the merger or consolidation or such other transaction) and, as a result of such transaction or transactions the Securities become convertible into such
shares of such Capital Stock pursuant to the provisions of Section 12.10. 
 “Fundamental Change Expiration Time” has
the meaning specified in Section 3.01. 
 “Fundamental Change Repurchase Date” has the meaning specified in
Section 3.01. 
 “Fundamental Change Repurchase Notice” has the meaning specified in Section 3.01. 
 “Fundamental Change Repurchase Right Notice” has the meaning specified in Section 3.01. 
 “Fundamental Change Repurchase Price” has the meaning specified in Section 3.01. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect as of the Closing Date, including,
without limitation, those set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in
such other statements by such other entity as approved by a significant segment of the accounting profession. All ratios and computations contained or referred to in this Indenture shall be computed in conformity with GAAP applied on a consistent
basis, except that calculations made for purposes of determining compliance with the terms of the covenants and with other provisions of this Indenture shall be made without giving effect to (1) the amortization of any expenses incurred in
connection with the offering of the Securities, the 2017 Notes, the 2015 Notes, the 2013 Notes and the 2011 Notes and (2) except as otherwise provided, the amortization or writedown of any amounts required or permitted by Accounting Principles
Board Opinion Nos. 16 and 17 and Statement of Financial Accounting Standards No. 142. 
  

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 “Global Security” means a Security in registered global form without interest coupons.

 “Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any
Indebtedness of any other Person and, without limiting the generality of the foregoing, any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds for the purchase or payment
of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services (unless such purchase arrangements are on arm’s-length terms and
are entered into in the ordinary course of business), to take-or-pay, or to maintain financial statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part); provided that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of business, letters of credit
issued by a Bank Regulated Subsidiary in the ordinary course of its business or STAMP or other signature guarantees made by a Regulated Subsidiary in the ordinary course of its business. The term “Guarantee” used as a verb has a
corresponding meaning. 
 “Hedging Obligations” means, with respect to any Person, the obligations of such person under
(i) currency exchange, interest rate, commodity, credit or equity swap, forward or futures agreements, currency exchange, interest rate, commodity, credit or equity cap agreements, currency exchange, interest rate, commodity, credit or equity
collar agreements, or currency exchange, interest rate, commodity, credit or equity puts or calls, and (ii) other agreements or arrangements designed to protect such Person, directly or indirectly, against fluctuations in currency exchange,
interest rate, commodity or equity prices. 
 “Holder” means a Person in whose name a Security is registered in the Security
Register. 
 “Incur” means, with respect to any Indebtedness, to incur, create, issue, assume, Guarantee or otherwise become
liable for or with respect to, or become responsible for, the payment of, contingently or otherwise, such Indebtedness; provided that (1) any Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary will be
deemed to be incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and (2) neither the accrual of interest nor the accretion of original issue discount shall be considered an Incurrence of Indebtedness.

 “Indebtedness” means, with respect to any Person at any date of determination (without duplication): 
 (1) all indebtedness of such Person for borrowed money; 
 (2) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 
 (3) all obligations of such Person in respect of letters of credit or other similar instruments (including reimbursement obligations with respect thereto, but excluding letters of credit issued by such Person and excluding obligations with
respect to letters of credit (including trade letters of credit) securing obligations (other than obligations described in (1) or (2) above or (5), (6) or (7) below) entered into in the ordinary course of business of such Person
to the extent such letters of credit are not drawn upon or, if drawn upon, to the extent such drawing is reimbursed no later than the third Business Day following receipt by such Person of a demand for reimbursement); 
 (4) all obligations of such Person to pay the deferred and unpaid purchase price of property or services, which purchase price is recorded as a
liability under GAAP and due more than six months after the date of placing such property in service or taking delivery and title thereto or the completion of such services, except Trade Payables; 
  

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 (5) all Capitalized Lease Obligations; 
 (6) all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person;
provided that the amount of such Indebtedness shall be the lesser of (A) the Fair Market Value of such asset at such date of determination and (B) the amount of such Indebtedness; 
 (7) all Indebtedness of other Persons Guaranteed by such Person to the extent such Indebtedness is Guaranteed by such Person; 
 (8) Acquired Indebtedness; 
 (9) to the
extent not otherwise included in this definition, net obligations under Hedging Obligations (other than Hedging Obligations not entered into for speculative investment purposes and designed to protect the Company or its Restricted Subsidiaries or
Regulated Subsidiaries against fluctuations in commodity prices, equity prices, foreign currency exchange rates or interest rates and that do not increase the Indebtedness of the obligor outstanding at any time other than as a result of fluctuations
in commodity prices, foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder); and 
 (10) all obligations to redeem or repurchase Preferred Stock issued by such Person, other than PIK Preferred Stock, 
 provided that
Indebtedness shall not include: 
 (A) obligations arising from products and services offered by Bank Regulated Subsidiaries or Broker
Dealer Regulated Subsidiaries in the ordinary course including, but not limited to, deposits, CDs, prepaid forward contracts, swaps, exchangeable debt securities, foreign currency purchases or sales and letters of credit; 
 (B) indebtedness or other obligations incurred in the ordinary course arising from margin lending, Stock Loan activities or foreign currency settlement
obligations of a Broker Dealer Regulated Subsidiary; 
 (C) indebtedness of the Company or any Restricted Subsidiary represented by letters
of credit for the account of the Company or such Restricted Subsidiary, as the case may be, in order to provide security for workers’ compensation claims, payment obligations in connection with self-insurance or similar requirements in the
ordinary course of business; 
 (D) Purchase Money Indebtedness of the Company or any Restricted Subsidiary not to exceed at any one time
outstanding 5% of Consolidated Net Worth; 
 (E) indebtedness arising from agreements of the Company or a Restricted Subsidiary providing
for indemnification, adjustment of purchase price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than Guarantees of Indebtedness Incurred by any Person
acquiring all or any portion of such business, assets or a Subsidiary for the purpose of financing such acquisition; 
  

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 (F) indebtedness Incurred by Professional Path, Inc. in the ordinary course of its proprietary trading
activities in an amount not to exceed at any one time outstanding of $5 million; 
 (G) advances from the Federal Home Loan Bank, Federal
Reserve Bank (or similar institution), repurchase and reverse repurchase agreements relating to Investment Securities, medium term notes, treasury tax and loan balances, special direct investment balances, bank notes, commercial paper, term
investment option balances, brokered certificates of deposit, dollar rolls, and fed funds purchased, in each case incurred in the ordinary course of a Regulated Subsidiary’s business; 
 (H) Indebtedness Incurred by a Regulated Subsidiary and Guaranteed by the Company (i)(A) the proceeds of which are used to satisfy applicable minimum
capital requirements imposed by applicable regulatory authorities of such Regulated Subsidiary and (B) where the provision of such Guarantee by the Company is required by the applicable regulatory authority or (ii) where the provision of
such Guarantee by the Company is required by a bank, clearing house or other market participant in connection with the ordinary course of a Broker Dealer Regulated Subsidiary’s business. The amount of Indebtedness of any Person at any date
shall be the outstanding balance at such date of all unconditional obligations as described above and, with respect to contingent obligations, the maximum liability upon the occurrence of the contingency giving rise to the obligation, provided

 (a) that the amount outstanding at any time of any Indebtedness issued with original issue discount is the face amount of
such Indebtedness less the remaining unamortized portion of the original issue discount of such Indebtedness at such time as determined in conformity with GAAP, 
 (b) that money borrowed and set aside at the time of the Incurrence of any Indebtedness in order to prefund the payment of the interest on
such Indebtedness shall not be deemed to be “Indebtedness” so long as such money is held to secure the payment of such interest and 
 (c) that Indebtedness shall not include: 
 (1) any liability for federal, state, local or other taxes;

 (2) performance, surety or appeal bonds provided in the ordinary course of business; or 
 (3) agreements providing for indemnification, adjustment of purchase price or similar obligations, or Guarantees or letters of credit, surety bonds or
performance bonds securing any obligations of the Company or any of its Restricted Subsidiaries pursuant to such agreements, in any case Incurred in connection with the disposition of any business, assets or Restricted Subsidiary (other than
Guarantees of Indebtedness Incurred by any Person acquiring all or any portion of such business, assets or Restricted Subsidiary for the purpose of financing such acquisition), so long as the principal amount does not to exceed the gross proceeds
actually received by the Company or any Restricted Subsidiary in connection with such disposition. 
 “Indenture” means this
indenture, as amended or supplemented from time to time. 
 “Indentures” means this Indenture, the 2017 Notes Indenture, the
2015 Notes Indenture, the 2013 Notes Indenture and the 2011 Notes Indenture. 
  

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 “Insurance Regulated Subsidiary” means any Subsidiary which conducts an insurance
business such that it is regulated by any supervisory agency, state insurance department other state, federal or foreign insurance regulatory body or the National Association of Insurance Commissioners. 
 “Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other Person, whereby, directly or
indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such other Person
calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 
 “Investment” in any Person means any direct or indirect advance, loan or other extension of credit (including, without limitation, by
way of Guarantee or similar arrangement; but excluding Investment Securities, advances to customers or suppliers in the ordinary course of business that are, in conformity with GAAP, recorded as accounts receivable, prepaid expenses or deposits on
the balance sheet of the Company or its Restricted Subsidiaries and endorsements for collection or deposit arising in the ordinary course of business) or capital contribution to (by means of any transfer of cash or other property to others or any
payment for property or services for the account or use of others), or any purchase or acquisition of Capital Stock, bonds, notes, debentures or other similar instruments issued by, such Person and shall include (1) the designation of a
Restricted Subsidiary as an Unrestricted Subsidiary or as a Regulated Subsidiary and (2) the retention of the Capital Stock (or any other Investment) by the Company or any of its Restricted Subsidiaries, of (or in) any Person that has ceased to
be a Restricted Subsidiary, including without limitation, by reason of any transaction permitted by clause (3) or (4) of Section 4.06. For purposes of the definition of “Unrestricted Subsidiary” and Section 4.04,
(a) the amount of or a reduction in an Investment shall be equal to the Fair Market Value thereof at the time such Investment is made or reduced and (b) in the event the Company or a Restricted Subsidiary makes an Investment by
transferring assets to any Person and as part of such transaction receives Net Cash Proceeds, the amount of such Investment shall be the Fair Market Value of the assets less the amount of Net Cash Proceeds so received, provided the Net Cash Proceeds
are applied in accordance with clause (A) or (B) of Section 4.11. 
 “Investment Grade Status” shall occur
when the Securities receive a rating of “BBB-” or higher from S&P or a rating of “Baa3” or higher from Moody’s. 
 “Investment Securities” means marketable securities of a Person (other than an Affiliate or joint venture of the Company or any Restricted Subsidiary or any Regulated Subsidiary), mortgages, credit card and other loan
receivables, futures contracts on marketable securities, interest rates and foreign currencies used for the hedging of marketable securities, mortgages or credit card and other loan receivables purchased, borrowed, sold, loaned or pledged by such
Person in the ordinary course of its business. 
 “Issue Date” means August 25, 2009. 
 “Last Reported Sale Price” means, with respect to the Common Stock or any other security for which a Last Reported Sale Price must be
determined, on any date, the closing sale price per share of the Common Stock or unit of such other security (or, if no closing sale price is reported, the average of the last bid and last ask prices or, if more than one in either case, the average
of the average last bid and the average last ask prices) on such date as reported in composite transactions for the principal United States national or regional securities exchange on which it is then traded, if any. If the Common Stock or such
other security is not listed for trading on a United States national or regional securities exchange on the relevant date, the Last Reported Sale Price shall be the average of the last quoted bid and ask prices per share of Common Stock or such
other security in the over-the-counter market on the relevant date, as 

  

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reported by Pink Sheets LLC or similar organization. In the absence of such quotation, the Last Reported Sale Price shall be the average of the mid-point of
the last bid and ask prices for the Common Stock or such other security on the relevant date from each of at least three nationally recognized independent investment banking firms selected from time to time by the Company for that purpose. The Last
Reported Sale Price shall be determined without reference to extended or after hours trading. Any such determination shall be made by the Company and shall be conclusive absent manifest error. 
 “Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including, without limitation, any
conditional sale or other title retention agreement or lease in the nature thereof or any agreement to give any security interest). 
 “Maturity Date” means August 31, 2019. 
 “Market Disruption Event” means the occurrence or
existence on any Scheduled Trading Day for the Company’s Common Stock of any suspension or limitation imposed on trading (by reason of movements in price exceeding limits permitted by the stock exchange or otherwise) in the Company’s
Common Stock or in any options contracts or futures contracts relating to the Company’s Common Stock, and such suspension or limitation occurs or exists at any time within the 30 minutes prior to the closing time of the relevant exchange on
such day. 
 “Moody’s” means Moody’s Investors Service, Inc. and its successors. 
 “Net Cash Proceeds” means: 
 (1) with respect to any Asset Sale or Regulated Sale, the proceeds of such Asset Sale or Regulated Sale in the form of cash or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to
the principal, but not interest, component thereof) when received in the form of cash or cash equivalents and proceeds from the conversion of other property received when converted to cash or cash equivalents, net of 
 (A) brokerage commissions and other fees and expenses (including attorney’s fees, accountants’ fees, underwriters’, placement
agents’ and other investment bankers’ fees, commissions and consultant fees) related to such Asset Sale or Regulated Sale; 
 (B)
provisions for all taxes (whether or not such taxes will actually be paid or are payable) as a result of such Asset Sale or Regulated Sale without regard to the consolidated results of operations of the Company and its Restricted Subsidiaries, taken
as a whole, together with any actual distributions to shareholders of the type contemplated under clause (b)(9) under Section 4.04 with respect to the taxable income relating to such Asset Sale or Regulated Sale; 
 (C) payments made to repay Indebtedness or any other obligation outstanding at the time of such Asset Sale or Regulated Sale that either (x) is
secured by a Lien on the property or assets sold or (y) is required to be paid as a result of such sale and 
 (D) appropriate amounts
to be provided by the Company, any Restricted Subsidiary or any Regulated Subsidiary as a reserve against any liabilities associated with such Asset Sale or Regulated Sale, including, without limitation, pension and other post-employment benefit
liabilities, liabilities related to environmental matters and liabilities under any indemnification obligations associated with such Asset Sale or Regulated Sale, all as determined in conformity with GAAP; and 
  

 -15- 

 (2) with respect to any issuance or sale of Capital Stock, the proceeds of such issuance or sale in the
form of cash or cash equivalents, including payments in respect of deferred payment obligations (to the extent corresponding to the principal, but not interest, component thereof) when received in the form of cash or cash equivalents and proceeds
from the conversion of other property received when converted to cash or cash equivalents, net of attorney’s fees, accountants’ fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and
other fees incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 
 “Notice of
Conversion” has the meaning specified in Section 12.01(a). 
 “Obligations” means any principal, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Offer to Purchase” means an offer to purchase Securities by the Company from the Holders commenced by mailing a notice to the Trustee and each Holder stating: 
 (1) the covenant pursuant to which the offer is being made and that all Securities validly tendered will be accepted for payment on a pro rata basis;

 (2) the purchase price and the date of purchase (which shall be a Business Day no earlier than 30 days nor later than 60 days from the
date such notice is mailed) (the “Payment Date”); 
 (3) that Holders electing to have a Security purchased pursuant to the Offer
to Purchase will be required to surrender the Security, together with the form entitled “Form of Repurchase Notice” on the reverse side of the Security completed, to the Paying Agent at the address specified in the notice prior to the
close of business on the Business Day immediately preceding the Payment Date; 
 (4) that Holders will be entitled to withdraw their
election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the Payment Date, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of
Securities delivered for purchase and a statement that such Holder is withdrawing his election to have such Securities purchased; and 
 (5)
that Holders whose Securities are being purchased only in part will be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered; provided that each Security purchased and each new Security issued shall
be in a principal amount of $1,000 or multiples of $1,000. 
 On the Payment Date, the Company shall (a) accept for payment on a pro
rata basis Securities or portions thereof tendered pursuant to an Offer to Purchase; (b) deposit with the Paying Agent money sufficient to pay the purchase price of all Securities or portions thereof so accepted; and (c) deliver, or cause
to be delivered, to the Trustee all Securities or portions thereof so accepted together with an Officers’ Certificate specifying the Securities or portions thereof accepted for payment by the Company. The Paying Agent shall promptly mail to the
Holders of Securities so accepted payment in an amount equal to the purchase price, and the Trustee shall promptly authenticate and mail to such Holders a new Security equal in principal amount to any unpurchased portion of the Security surrendered;
provided that each Security purchased and each new Security issued shall be in a principal amount of $1,000 or multiples of $1,000. The Company will publicly announce the results of an Offer to Purchase as soon as practicable after the Payment Date.
The Trustee shall act as the Paying Agent for an Offer to Purchase. 
  

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 The Company will comply with Rule 14e-l under the Exchange Act and any other securities laws and regulations thereunder
to the extent such laws and regulations are applicable, if the Company is required to repurchase Securities pursuant to an Offer to Purchase. 
 “Officer” means the chairman of the Board of Directors, the president or chief executive officer, any vice president, the chief financial officer, the treasurer or any assistant treasurer, or the secretary or any assistant
secretary, of the Company. 
 “Officers’ Certificate” means a certificate signed in the name of the Company (i) by
the chairman of the Board of Directors, the president or chief executive officer or a vice president and (ii) by the chief financial officer, the treasurer or any assistant treasurer or the secretary or any assistant secretary. 
 “Opinion of Counsel” means an opinion from legal counsel that meets the requirements of this Indenture. 
 “OTS” means the Office of Thrift Supervision. 
 “OTS Conversion Blocker” has the meaning specified in Section 12.01. 
 “Paying
Agent” refers to a Person engaged to perform the obligations of the Trustee in respect of payments made or funds held hereunder in respect of the Securities. 
 “Permitted Investment” means: 
 (1) an Investment in the Company or a Restricted
Subsidiary or a Regulated Subsidiary or a Person which will, upon the making of such Investment, become a Restricted Subsidiary or Regulated Subsidiary or be merged or consolidated with or into or transfer or convey all or substantially all its
assets to, the Company or a Restricted Subsidiary or Regulated Subsidiary; provided that such person’s primary business is a Related Business on the date of such Investment; 
 (2) Temporary Cash Investments and Investment Securities; 
 (3) payroll, travel and similar advances to cover matters that are expected at the time of such advances ultimately to be treated as expenses in accordance with GAAP; 
 (4) stock, obligations or securities received in satisfaction of judgments; 
 (5) an Investment in an Unrestricted Subsidiary consisting solely of an Investment in another Unrestricted Subsidiary; 
 (6) Hedging Obligations not entered into for speculative investment purposes and designed to protect the Company or its Restricted Subsidiaries or
Regulated Subsidiaries against fluctuations in commodity prices, securities prices, foreign currency exchange rates or interest rates; and 
 (7) any Investment made as a result of the receipt of non-cash consideration from an Asset Sale that was made pursuant to and in compliance with Section 4.11. 
  

 -17- 

 “Permitted Liens” means: 
 (1) Liens for taxes, assessments, governmental charges or claims that are not yet due or that are being contested in good faith by appropriate legal
proceedings promptly instituted and diligently conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made; 
 (2) statutory and common law Liens of landlords and carriers, warehousemen, mechanics, suppliers, materialmen, repairmen or other similar Liens
(including a lender’s unexercised rights of set-off) arising in the ordinary course of business and with respect to amounts not yet delinquent or being contested in good faith by appropriate legal proceedings promptly instituted and diligently
conducted and for which a reserve or other appropriate provision, if any, as shall be required in conformity with GAAP shall have been made; 
 (3) Liens incurred or deposits made in the ordinary course of business in connection with workers’ compensation, unemployment insurance and other types of social security; 
 (4) Liens incurred or deposits made to secure the performance of tenders, bids, leases, statutory or regulatory obligations, bankers’ acceptances,
surety and appeal bonds, government contracts, performance and return-of-money bonds and other obligations of a similar nature incurred in the ordinary course of business (exclusive of obligations for the payment of borrowed money); 
 (5) easements, rights-of-way, municipal and zoning ordinances and similar charges, encumbrances, title defects or other irregularities that do not
materially interfere with the ordinary course of business of the Company or any of its Restricted Subsidiaries; 
 (6) leases or subleases
granted to others that do not materially interfere with the ordinary course of business of the Company and its Restricted Subsidiaries, taken as a whole; 
 (7) Liens encumbering property or assets under construction arising from progress or partial payments by a customer of the Company or its Restricted Subsidiaries relating to such property or assets; 
 (8) any interest or title of a lessor in the property subject to any Capitalized Lease or operating lease; 
 (9) Liens arising from filing Uniform Commercial Code financing statements regarding leases; 
 (10) Liens on property of, or on shares of Capital Stock or Indebtedness of, any Person existing at the time such Person becomes, or becomes a part of,
any Restricted Subsidiary; provided that such Liens do not extend to or cover any property or assets of the Company or any Restricted Subsidiary other than the property or assets acquired; 
 (11) Liens in favor of the Company or any Restricted Subsidiary; 
 (12) Liens arising from the rendering of a final judgment or order against the Company or any Restricted Subsidiary that does not give rise to an Event of Default; 
  

 -18- 

 (13) Liens securing reimbursement obligations with respect to letters of credit that encumber documents
and other property relating to such letters of credit and the products and proceeds thereof; 
 (14) Liens in favor of customs and revenue
authorities arising as a matter of law to secure payment of customs duties in connection with the importation of goods; 
 (15) Liens
encumbering customary initial deposits and margin deposits, and other Liens that are within the general parameters customary in the industry and incurred in the ordinary course of business, in each case, securing Indebtedness under Hedging
Obligations not entered into for speculative investment purposes and designed to protect the Company or any of its Restricted Subsidiaries from fluctuations in interest rates, currencies or the price of commodities or securities; 
 (16) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by the Company or
any of its Restricted Subsidiaries in the ordinary course of business in accordance with the past practices of the Company and its Restricted Subsidiaries prior to the Closing Date; 
 (17) Liens on shares of Capital Stock of any Unrestricted Subsidiary to secure Indebtedness of such Unrestricted Subsidiary; and 
 (18) Liens on or sales of receivables or mortgages in the ordinary course of business of the Company and its Subsidiaries. 
 “Person” means an individual, a corporation, a partnership, a limited liability company, an association, a trust or any other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof. 
 “PIK Preferred
Stock” means Preferred Stock the terms of which do not permit the declaration or payment of any dividend or other distribution thereon or with respect thereto, or the redemption or conversion thereof, in each such case prior to the payment
in full of the Company’s obligations under the Securities. 
 “Preferred Stock” of any Person means any Capital Stock
of such Person that has preferential rights to any other Capital Stock of such Person with respect to dividends or redemptions or upon liquidation. 
 “Program” means the TARP Capital Purchase Program of Treasury, the terms and conditions of which shall be set forth in a letter agreement between Treasury and the Company and documentation related thereto, including, but
not limited to, a securities purchase agreement, certificate of designations for the TARP Preferred Stock and warrant (such letter agreement and related documentation collectively, the “Program Documentation”). 
 “Purchase Money Indebtedness” means indebtedness (1) incurred to finance the cost (including the cost of improvement or
construction and fees and expenses related to the acquisition) of real or personal property acquired after the Closing Date, provided that (a) the amount of such indebtedness does not exceed 100% of such cost, and (b) such indebtedness is
incurred prior to, at the time of, or within twelve months after the later of the acquisition, the completion of construction or the commencement of full operation of such property; or (2) issued in exchange for, or the net proceeds of which
are used to refinance or refund, then outstanding Purchase Money Indebtedness and any refinancings or refundings 

  

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thereof in accordance with Section 4.03(a)(3). The term “Indebtedness” for purposes of Section 4.03(a)(3) and clauses (4) and
(6) of the second paragraph of Section 4.09, shall be deemed to include “Purchase Money Indebtedness.” 
 “Qualified Equity Offering” means the issuance or sale after the issue date of the TARP Preferred Stock of Tier 1 qualifying perpetual Preferred Stock or Common Stock of the Company for cash or any other offering defined as
a Qualified Equity Offering in the Program Documentation. 
 “Rating Agency” means any “nationally recognized
statistical rating organization,” as such term is defined for purposes of Rule 436(g)(2) under the Securities Act. 
 “Record
Date” shall have the meaning specified in Section 12.04. 
 “Register” has the meaning assigned to such term
in Section 2.09. 
 “Registrar” means a Person engaged to maintain the Register. 
 “Registration Rights Agreement” means the Amended and Restated Registration Rights Agreement, dated as of June 17, 2009, between
the Company and Citadel, which may be amended or modified from time to time in accordance with the terms thereof. 
 “Regulated
Sale” means any sale, transfer or other disposition (including by way of merger, consolidation or Sale-Leaseback Transaction) in one transaction or a series of related transactions by the Company or any of its Restricted Subsidiaries or
Regulated Subsidiaries to any Person other than the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries of: 
 (1) all
or any of the Common Stock of any Regulated Subsidiary that constitutes a Significant Subsidiary, or 
 (2) all or substantially all of the
property and assets of an operating unit or business of any Regulated Subsidiary that constitutes a Significant Subsidiary, 
 in each case, that is not
governed by the provisions of this Indenture applicable to mergers, consolidations and sales of assets of the Company; provided that “Regulated Sale” shall not include an issuance, sale, transfer or other disposition of Capital Stock by a
Regulated Subsidiary to the Company, a Wholly Owned Restricted Subsidiary or a Wholly Owned Regulated Subsidiary. 
 “Regulated
Subsidiary” means a Broker Dealer Regulated Subsidiary, a Bank Regulated Subsidiary or an Insurance Regulated Subsidiary or any other Subsidiary subject to minimum capital requirements or other similar material regulatory requirements
imposed by applicable regulatory authorities. 
 “Related Business” means any financial services business which is the same
as or ancillary or complementary to any business of the Company and its Restricted Subsidiaries and Regulated Subsidiaries that is being conducted on the Closing Date, including, but not limited to, activities under Section 4(k) of the Bank
Holding Company Act, as amended, or Section 10 of the Home Owners’ Loan Act, as amended, broker-dealer services, insurance, investment advisory services, specialist and other market making activities, trust services, underwriting and the
creation of and offers and sales of interests in mutual funds. 
  

 -20- 

 “Replacement Assets” means, on any date, property or assets (other than current assets)
of a nature or type or that are used in a business (or an Investment in a company having property or assets of a nature or type, or engaged in a business) similar or related to the nature or type of the property and assets of, or the business of,
the Company and its Restricted Subsidiaries existing on such date. 
 “Resale Registration Statement” means a registration
statement under the Securities Act registering the Securities for resale pursuant to the terms of the Registration Rights Agreement. 
 “Responsible Officer” shall mean, when used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant secretary,
assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust 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. 
 “Restricted Security” or “Restricted Securities” has the meaning specified in Section 2.11. 
 “Restricted Securities Legend” means the legend set forth on Exhibit A hereto. 
 “Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary, or a Regulated Subsidiary.

 “Sale-Leaseback Transaction” means, with respect to any Person, an arrangement whereby such Person sells or transfers
property and then or thereafter leases such property or any substantial part thereof which such Person intends to use for substantially the same purpose or purposes as the property sold or transferred, provided that for purposes of this definition,
“property” shall not include Investment Securities. 
 “S&P” means Standard & Poor’s Ratings
Group, a division of The McGraw-Hill Companies, and its successors. 
 “Scheduled Trading Day” means a day that is scheduled
to be a trading day on the principal U.S. national or regional securities exchange or market on which our common stock is listed or admitted for trading or, if the Company’s Common Stock is not listed or admitted for trading on any exchange or
market, a Business Day. 
 “Securities” has the meaning assigned to such term in the Recitals. 
 “Securities Act” means the Securities Act of 1933, as amended. 
 “Securities Conversion Blocker” has the meaning specified in Section 12.01. 
 “Security Guarantee” means any Guarantee of the obligations of the Company under the indenture and the Securities by any Subsidiary
Guarantor. 
 “Significant Subsidiary” means, at any date of determination, any Restricted Subsidiary that, together with
its Subsidiaries, (1) for the most recent fiscal year of the Company, accounted for more than 10% of the consolidated revenues of the Company and its Restricted Subsidiaries or (2) as of the end of such fiscal year, was the owner of more
than 10% of the consolidated assets of the Company and its Restricted Subsidiaries, all as set forth on the most recently available consolidated financial statements of the Company for such fiscal year. 
  

 -21- 

 “Stated Maturity” means, (1) with respect to any debt security, the date specified
in such debt security as the fixed date on which the final installment of principal of such debt security is due and payable and (2) with respect to any scheduled installment of principal of or interest on any debt security, the date specified
in such debt security as the fixed date on which such installment is due and payable. 
 “Stock Loan” means a
“Loan” as used in the Master Securities Loan Agreement published from time to time by the Bond Market Association. 
 “Subsidiary” means, with respect to any Person, any corporation, association or other business entity of which more than 50% of the voting power of the outstanding Voting Stock is owned, directly or indirectly, by such
Person and one or more other Subsidiaries of such Person. 
 “Subsidiary Guarantor” means any Domestic Subsidiary which
provides a Security Guarantee of the Company’s obligations under this Indenture and the Securities pursuant to Section 10.01. 
 “Substitution Permanent Equity” means an economic interest of the Company classified as permanent equity under U.S. GAAP exchangeable for TARP Warrants at Treasury’s option if either (1) stockholder approval is
required for the issuance of TARP Warrants but not obtained within 18 months of Treasury’s investment in the Company or (2) in the future the Company’s Common Stock is no longer listed or traded on a national securities exchange or
securities association, equal to the fair market value of the TARP Warrants so exchanged or any other instrument or security required to be issued in the Program Documentation. 
 “TARP Preferred Stock” means senior perpetual Preferred Stock initially issued to Treasury qualifying as Tier 1 capital pursuant to the
Program Documentation. 
 “TARP Warrants” means warrants on the Common Stock of the Company initially issued to Treasury
pursuant to the Program Documentation. 
 “Temporary Cash Investment” means any of the following: 
 (1) direct obligations of the United States of America or any agency thereof or obligations fully and unconditionally guaranteed by the United States of
America or any agency thereof, in each case maturing within one year unless such obligations are deposited by the Company (x) to defease any Indebtedness or (y) in a collateral or escrow account or similar arrangement to prefund the
payment of interest on any indebtedness; 
 (2) demand deposits, time deposit accounts, bankers acceptances, certificates of deposit and
money market deposits maturing within 180 days of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any state thereof or any foreign country recognized by the United
States of America, and which bank or trust company (i) has capital, surplus and undivided profits aggregating in excess of $100 million (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such
similar equivalent rating) or higher by at least one nationally recognized statistical rating organization (as defined in Rule 436 under the Securities Act) or (ii) is a money market fund sponsored by a registered broker dealer or mutual fund
distributor; 
 (3) repurchase obligations with a term of not more than 30 days for underlying securities of the types described in clause
(1) above entered into with a bank or trust company meeting the qualifications described in clause (2) above; 
  

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 (4) commercial paper, maturing not more than one year after the date of acquisition, issued by a
corporation (other than an Affiliate of the Company) organized and in existence under the laws of the United States of America, any state thereof or any foreign country recognized by the United States of America with a rating at the time as of which
any investment therein is made of “P- 1” (or higher) according to Moody’s or “A l” (or higher) according to S&P; 
 (5) securities with maturities of six months or less from the date of acquisition issued or fully and unconditionally guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or
taxing authority thereof, and rated at least “A” by S&P or Moody’s; and 
 (6) any mutual fund that has at least 95% of
its assets continuously invested in investments of the types described in clauses (1) through (5) above. 
 “Trade
Payables” means, with respect to any Person, any accounts payable or any other indebtedness or monetary obligation to trade creditors created, assumed or Guaranteed by such Person or any of its Subsidiaries arising in the ordinary course of
business in connection with the acquisition of goods or services. 
 “Trading Day” means a day during which (i) trading
in the Common Stock generally occurs and (ii) there is no Market Disruption Event. 
 “Transaction Date” means, with
respect to the Incurrence of any Indebtedness, the date such Indebtedness is to be Incurred and, with respect to any Restricted Payment, the date such Restricted Payment is to be made. 
 “Treasury” means the United States Department of Treasury. 
 “Trustee” means the party named as such in the first paragraph of this Indenture or any successor trustee under this Indenture pursuant
to Article 7. 
 “Trust Indenture Act” means the Trust Indenture Act of 1939, as amended. 
 “Unrestricted Subsidiary” means (1) any Subsidiary of the Company that at the time of determination shall be designated an
Unrestricted Subsidiary by the Board of Directors in the manner provided below; and (2) any Subsidiary of an Unrestricted Subsidiary. The Board of Directors may designate any Restricted Subsidiary or Regulated Subsidiary (including any newly
acquired or newly formed Subsidiary of the Company) to be an Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any Restricted Subsidiary; provided that (A) any
Guarantee by the Company or any Restricted Subsidiary of any Indebtedness of the Subsidiary being so designated shall be deemed an “Incurrence” of such Indebtedness and an “Investment” by the Company or such Restricted Subsidiary
(or both, if applicable) at the time of such designation; (B) either (I) the Subsidiary to be so designated has total assets of $1,000 or less or (II) if such Subsidiary has assets greater than $1,000, such designation would be permitted
under Section 4.04 and (C) if applicable, the Incurrence of Indebtedness and the Investment referred to in clause (A) of this proviso would be permitted under the Section 4.03 and Section 4.04. The Board of Directors may
designate any Unrestricted Subsidiary to be a Restricted Subsidiary; provided that (a) no Default or Event of Default shall have occurred and be continuing at the time of or after giving effect to such designation and (b) all Liens and
Indebtedness of such Unrestricted Subsidiary outstanding immediately after such designation would, if Incurred at such time, have been permitted to be Incurred (and shall be deemed to have been Incurred) for all purposes of this Indenture. Any such
designation by the Board of Directors 

  

 -23- 

 
shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board Resolution giving effect to such designation and an Officers’
Certificate certifying that such designation complied with the foregoing provisions. 
 “U.S. Government Obligations” means
securities that are (1) direct obligations of the United States of America for the payment of which its full faith and credit is pledged or (2) obligations 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, are not callable or redeemable at the option of the issuer thereof at
any time prior to the Stated Maturity of the Securities, and shall also include a depository receipt issued by a bank or trust company as custodian with respect to any such U.S. Government Obligation or a specific payment of interest on or principal
of any such U.S. Government Obligation held by such custodian for the account of the holder of a depository receipt; 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 depository receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the specific payment of interest on or principal of the U.S. Government Obligation evidenced by such depository receipt.

 “Voting Stock” means with respect to any Person, Capital Stock of any class or kind ordinarily having the power to vote
for the election of directors, managers or other voting members of the governing body of such Person. 
 “Well Capitalized”
means “well capitalized” within the meaning of 12 U.S.C. §1831o, as determined by a particular Bank Regulated Subsidiary’s appropriate federal banking agency, but in no event less than the amount required in a capital directive
or other capital requirement by a federal banking agency. 
 “Wholly Owned” means, with respect to any Subsidiary of any
Person, the ownership all of the outstanding Capital Stock of such Subsidiary by such Person or one or more Wholly Owned Subsidiaries of such Person. 
 Section 1.02. Incorporation by Reference of Trust Indenture Act. Whenever this Indenture refers to a provision of the Trust Indenture Act of 1939, as amended (the “TIA”), the provision is
incorporated by reference in and made a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 
 “indenture securities” means the Securities; 
 “indenture security holder” means a Holder; 
 “indenture to be qualified” means this Indenture; 
 “indenture trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the indenture securities means the Company or any other obligor on the Securities. 
 All other TIA terms
used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by a rule of the Commission and not otherwise defined herein have the meanings assigned to them therein. 
 Section 1.03. Rules of Construction. Unless the context otherwise requires: 
 (a) a term has the meaning assigned to it; 
  

 -24- 

 (b) an accounting term not otherwise defined has the meaning assigned to it in accordance
with GAAP; 
 (c) “or” is not exclusive; 
 (d) words in the singular include the plural, and words in the plural include the singular; 
 (e) provisions apply to successive events and transactions; 
 (f) “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular
Article, Section or other subdivision; 
 (g) all ratios and computations based on GAAP contained in this Indenture shall be
computed in accordance with the definition of GAAP set forth in Section 1.01; and 
 (h) all references to Sections or
Articles refer to Sections or Articles of this Indenture unless otherwise indicated. 
 ARTICLE II 
 THE SECURITIES 
 Section 2.01. Form,
Dating and Denominations. The Securities and the Trustee’s certificate of authentication will be substantially in the form attached as Exhibit A. The terms and provisions contained in the form of the Securities annexed as Exhibit A
constitute, and are hereby expressly made, a part of this Indenture. The Securities may have notations, legends or endorsements required by law, rules of or agreements with national securities exchanges to which the Company is subject, or usage.
Each Note will be dated the date of its authentication. The Securities will be issuable in denominations of $1,000 in principal amount and any multiple of $1,000 in excess thereof. 
 Section 2.02. Execution and Authentication. 
 (a) An Officer shall execute the Securities for the Company by facsimile or manual signature in the name and on behalf of the Company. If an Officer whose signature is on a Security no longer holds that office at the
time the Security is authenticated, the Security will still be valid. 
 (b) A Security will not be valid until the Trustee
signs the certificate of authentication on the Security by facsimile or manual signature, with the signature conclusive evidence that the Security has been authenticated under this Indenture. 
 (c) At any time and from time to time after the execution and delivery of this Indenture, the Company may deliver Securities executed by
the Company to the Trustee for authentication. The Trustee will authenticate and deliver such Securities upon receipt by the Trustee of an Officers’ Certificate specifying: 
  

	 	(i)	the amount of Securities to be authenticated and the date on which the Securities are to be authenticated; 

  

 -25- 

	 	(ii)	whether the Securities are to be issued as one or more Global Securities or Certificated Securities; and 

  

	 	(iii)	other information the Company may determine to include or the Trustee may reasonably request. 

 The Securities shall be issuable only in registered form without coupons and only in denominations of $1,000 in principal amount and any integral
multiple thereof. 
 Section 2.03. Registrar; Paying Agent and Authenticating Agent; Paying Agent to Hold Money in Trust.

 (a) Registrar. The Company may appoint one or more Registrars and one or more Paying Agents, and the Trustee may
appoint an Authenticating Agent, in which case each reference in this Indenture to the Trustee in respect of the obligations of the Trustee to be performed by that Agent will be deemed to be references to the Agent. The Company may act as Registrar
or (except for purposes of Article 8) Paying Agent. In each case the Company and the Trustee will enter into an appropriate agreement with the Agent implementing the provisions of this Indenture relating to the obligations of the Trustee to be
performed by the Agent and the related rights. The Company initially appoints the Trustee as Registrar and Paying Agent. 
 (b) Money Held in Trust. The Company will require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of the Holders or the Trustee all money held by the Paying Agent
for the payment of principal of the Securities and will promptly notify the Trustee of any default by the Company in making any such payment. If the Company or any Subsidiary acts as Paying Agent, it shall segregate the money held by it as Paying
Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and account for any funds disbursed, and the Trustee may at any time during the continuance of any payment
default, upon written request to a Paying Agent, require the Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed. Upon doing so, the Paying Agent will have no further liability for the money so paid over to
the Trustee. 
 Section 2.04. Replacement Securities. If a mutilated Note is surrendered to the Trustee or if a Holder claims
that its Note has been lost, destroyed or wrongfully taken, the Company will issue and the Trustee will authenticate a replacement Note of like tenor and principal amount and bearing a number not contemporaneously outstanding. Every replacement Note
is an additional obligation of the Company and entitled to the benefits of this Indenture; provided that (i) the requirements of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Company that
such requirements have been met within a reasonable time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to receiving such notification, (b) makes such request to
the Company prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee, and
(ii) the requirements of this Section 2.04 are met. An affidavit of lost certificate and an indemnity bond must be furnished that is sufficient in the judgment of both the Trustee and the Company to protect the Company, the Trustee or any
Agent from any loss that any of them may suffer if a Note is replaced. The Company may charge the Holder for the expenses of the Company and the Trustee in replacing a Note. In case the mutilated, lost, destroyed or wrongfully taken Note has become
or is about to become due and payable, the Company in its discretion may pay the Note instead of issuing a replacement Note. 
  

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 Section 2.05. Outstanding Securities. 
 (a) Securities outstanding at any time are all Securities that have been authenticated by the Trustee except for: 
  

	 	(i)	Securities cancelled by the Trustee or delivered to it for cancellation; 

  

	 	(ii)	any Note which has been replaced pursuant to Section 2.04 unless and until the Trustee and the Company receive proof satisfactory to them that the replaced Note is held by a
bona fide purchaser; and 

  

	 	(iii)	on or after the maturity date or any redemption date or date for purchase of the Securities pursuant to an Offer to Purchase, those Securities payable or to be redeemed or purchased
on that date for which the Trustee (or Paying Agent, other than the Company or an Affiliate of the Company) holds money sufficient to pay all amounts then due. 

 (b) A Note does not cease to be outstanding because the Company or one of its Affiliates holds the Note, provided that in
determining whether the Holders of the requisite principal amount of the outstanding Securities have given or taken any request, demand, authorization, direction, instruction, notice, consent, waiver or other action hereunder, Securities owned by
the Company or any Affiliate of the Company will be disregarded and deemed not to be outstanding, (it being understood that in determining whether the Trustee is protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which the Trustee 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 pledgee 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 Affiliate of the Company. 
 Section 2.06. Temporary Securities. Until definitive Securities are ready for delivery, the Company may prepare and the Trustee will authenticate temporary Securities. Temporary Securities will be
substantially in the form of definitive Securities but may have insertions, substitutions, omissions and other variations determined to be appropriate by the Officer executing the temporary Securities, as evidenced by the execution of the temporary
Securities. If temporary Securities are issued, the Company will cause definitive Securities to be prepared without unreasonable delay. After the preparation of definitive Securities, the temporary Securities will be exchangeable for definitive
Securities upon surrender of the temporary Securities at the office or agency of the Company designated for the purpose pursuant to Section 4.02, without charge to the Holder. Upon surrender for cancellation of any temporary Securities the
Company will execute and the Trustee will authenticate and deliver in exchange therefor a like principal amount of definitive Securities of authorized denominations. Until so exchanged, the temporary Securities will be entitled to the same benefits
under this Indenture as definitive Securities. 
 Section 2.07. Cancellation. The Company at any time may 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 for cancellation any Securities previously authenticated hereunder which
the Company has not issued and sold. Any Registrar or the Paying Agent will forward to the Trustee any Securities surrendered to it for transfer, exchange or payment. The Trustee will cancel all Securities surrendered for transfer, exchange, payment
or cancellation and dispose of them in accordance with its normal procedures or the written instructions of the Company. The Company may not issue new Securities to replace Securities it has paid in full or delivered to the Trustee for cancellation.

  

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 Section 2.08. CUSIP and CINS Numbers. The Company in issuing the Securities may use
“CUSIP” and “CINS” numbers, and the Trustee will use CUSIP numbers or CINS numbers in notices of redemption or exchange or in Offers to Purchase as a convenience to Holders, the notice to 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 redemption or exchange or Offer to Purchase. The Company will promptly notify the Trustee in writing of any change in the CUSIP or CINS numbers.

 Section 2.09. Registration, Transfer and Exchange. 
 (a) The Securities will be issued in registered form only, without coupons, and the Company shall cause the Trustee to maintain a register
(the “Register”) of the Securities, for registering the record ownership of the Securities by the Holders and transfers and exchanges of the Securities. 
 (b) (1) The Company hereby appoints the Trustee as Custodian with respect to any Global Securities. 
 (2) Each Global Security will be registered in the name of the Depositary or its nominee and, so long as DTC is serving as the Depositary thereof, will
bear the DTC Legend. 
 (3) Each Global Security will be delivered to the Trustee as custodian for the Depositary. Transfers of a Global
Security (but not a beneficial interest therein) will be limited to transfers thereof in whole, but not in part, to the Depositary, its successors or their respective nominees, except (1) as set forth in Section 2.09(b)(4) and
(2) transfers of portions thereof in the form of Certificated Securities may be made upon request of an Agent Member (for itself or on behalf of a beneficial owner) by written notice given to the Trustee by or on behalf of the Depositary in
accordance with customary procedures of the Depositary and in compliance with this Section 2.09 and Section 2.10. 
 (4) Agent
Members will have no rights under this Indenture with respect to any Global Security held on their behalf by the Depositary, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, the Depositary or its nominee may grant proxies and otherwise authorize any Person (including any Agent Member and any Person that holds a
beneficial interest in a Global Security through an Agent Member) to take any action which a Holder is entitled to take under this Indenture or the Securities, and nothing herein will impair, as between the Depositary and its Agent Members, the
operation of customary practices governing the exercise of the rights of a holder of any security. 
 (5) If (x) the Depositary
notifies the Company that it is unwilling or unable to continue as Depositary for a Global Security and a successor depositary is not appointed by the Company within 90 days of the notice or (y) an Event of Default has occurred and is
continuing and the Trustee has received a request from the Depositary, the Trustee will promptly exchange each beneficial interest in the Global Security for one or more Certificated Securities in authorized denominations having an equal aggregate
principal amount registered in the name of the owner of such beneficial interest, as identified to the Trustee by the Depositary, and thereupon the Global Security will be deemed canceled. 
 (c) Each Certificated Security will be registered in the name of the holder thereof or its nominee. 
 (d) A Holder may transfer a Security (or a beneficial interest therein) to another Person or exchange a Security (or a beneficial interest
therein) for another Security of any authorized 

  

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denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied
by any certification, opinion or other document required by Section 2.10. The Trustee will promptly register any transfer or exchange that meets the requirements of this Section 2.09 by noting the same in the register maintained by the
Trustee for the purpose; provided that 
 (x) such denomination is a minimum of $1,000 or a multiple thereof, and of a like aggregate
principal amount, each such Security bearing such restrictive legends as may be required by this Indenture; 
 (y) no transfer or exchange
will be effective until it is registered in such register; and 
 (z) the Trustee will not be required (i) to issue, register the
transfer of or exchange any Security for a period of 15 days before a selection of Securities to be redeemed or purchased pursuant to an Offer to Purchase, (ii) to register the transfer of or exchange any Security so selected for redemption or
purchase in whole or in part, except, in the case of a partial redemption or purchase, that portion of any Security not being redeemed or purchased, or (iii) if a redemption or a purchase pursuant to an Offer to Purchase is to occur after a
Regular Record Date but on or before the corresponding Interest Payment Date, to register the transfer of or exchange any Security on or after the Regular Record Date and before the date of redemption or purchase. Prior to the registration of any
transfer, the Company, the Trustee and their agents will treat the Person in whose name the Security is registered as the owner and Holder thereof for all purposes (whether or not the Security is overdue), and will not be affected by notice to the
contrary. 
 From time to time the Company will execute and the Trustee will authenticate additional Securities as necessary in order to
permit the registration of a transfer or exchange in accordance with this Section 2.09. 
 No service charge will be imposed in
connection with any transfer or exchange of any Security, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than a transfer tax or other similar
governmental charge payable upon exchange pursuant to subsection (b)(5)). 
 (e) (1) Global Security to Global
Security. If a beneficial interest in a Global Security is transferred or exchanged for a beneficial interest in another Global Security, the Trustee will (x) record a decrease in the principal amount of the Global Security being
transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record a like increase in the principal amount of the other Global Security. Any beneficial interest in one Global Security that is transferred to a
Person who takes delivery in the form of an interest in another Global Security, or exchanged for an interest in another Global Security, will, upon transfer or exchange, cease to be an interest in such Global Security and become an interest in the
other Global Security and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and other procedures applicable to beneficial interests in such other Global Security for as long as it remains such an interest.

 (2) Global Security to Certificated Security. If a beneficial interest in a Global Security is transferred or exchanged for a
Certificated Security, the Trustee will (x) record a decrease in the principal amount of such Global Security equal to the principal amount of such transfer or exchange and (y) deliver one or more new Certificated Securities in authorized
denominations having an equal aggregate principal amount to the transferee (in the case of a transfer) or the owner of such beneficial interest (in the case of an exchange), registered in the name of such transferee or owner, as applicable.

  

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 (3) Certificated Security to Global Security. If a Certificated Security is transferred or
exchanged for a beneficial interest in a Global Security, the Trustee will (x) cancel such Certificated Security, (y) record an increase in the principal amount of such Global Security equal to the principal amount of such transfer or
exchange and (z) in the event that such transfer or exchange involves less than the entire principal amount of the canceled Certificated Security, deliver to the Holder thereof one or more new Certificated Securities in authorized denominations
having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Certificated Security, registered in the name of the Holder thereof. 
 (4) Certificated Security to Certificated Security. If a Certificated Security is transferred or exchanged for another Certificated Security, the
Trustee will (x) cancel the Certificated Security being transferred or exchanged, (y) deliver one or more new Certificated Securities in authorized denominations having an aggregate principal amount equal to the principal amount of such
transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Certificated Security (in the case of an exchange), registered in the name of such transferee or Holder, as applicable, and (z) if such transfer or
exchange involves less than the entire principal amount of the canceled Certificated Security, deliver to the Holder thereof one or more Certificated Securities in authorized denominations having an aggregate principal amount equal to the
untransferred or unexchanged portion of the canceled Certificated Security, registered in the name of the Holder thereof. 
 Section 2.10. Restrictions on Transfer and Exchange. The transfer or exchange of any Security (or a beneficial interest therein) may only be made in accordance with Section 2.09 and Section 2.11 and, in the case of a
Global Security (or a beneficial interest therein), the applicable rules and procedures of the Depositary. The Trustee shall refuse to register any requested transfer or exchange that does not comply with the preceding sentence. 
 Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Company or the Trustee) be duly
endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing. As a condition to the registration of
transfer of any Restricted Securities, the Company or the Trustee may require evidence satisfactory to them as to the compliance with the restrictions set forth in the legend of such Securities. 
 Section 2.11. Transfer Provisions. The Securities issued hereunder and all Securities issued upon registration of transfer or exchange or
replacement thereof may be either Restricted Securities, in which case such Securities shall bear the Restricted Securities Legend, unless the Company shall have delivered to the Trustee (and the Security Registrar, if other than the Trustee) a
Company Order stating that the Security is not a Restricted Security and may be issued without such legend thereon, or Unrestricted Securities. Securities that are issued upon registration of transfer of, or in exchange for, Unrestricted Securities
shall be Unrestricted Securities and shall not bear such legend. All Securities Issued by the Company on the Issue Date are Unrestricted Securities. 
 Upon a transfer of a Security not registered under the Securities Act or in compliance with Rule 144 under the Securities Act (each, a “Restricted Security”), such Security will be required to bear the
applicable legends set forth on the face of the form of Security in Exhibit A and beneficial ownership of every Restricted Security shall be subject to the restrictions on transfer provided in the Restricted Securities Legend required to be set
forth on the face of each Restricted Security, unless such restrictions on transfer shall be terminated in accordance with this Section 2.11 or Section 2.09. The Holder of each Restricted Security, by such Holder’s acceptance thereof,
agrees to be bound by such restrictions on transfer. 
  

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 The restrictions imposed by this Section 2.11 and by Section 2.10 upon the transferability of
any particular Restricted Security shall cease and terminate upon such Restricted Security having been sold pursuant to an effective Resale Registration Statement under the Securities Act or transferred in compliance with Rule 144 under the
Securities Act (or any successor provision thereto). Any Restricted Security as to which the restrictions on transfer shall have expired in accordance with their terms or shall have terminated may, upon surrender of such Restricted Security for
exchange to the Security Registrar in accordance with the provisions of this Section 2.11, be exchanged for a new Security, of like tenor and aggregate Principal Amount, which shall not bear the Restricted Securities Legend. The Company shall inform
the Trustee in writing of the effective date of any Resale Registration Statement registering the Securities under the Securities Act. The Trustee shall not be liable for any action taken or omitted to be taken by it in good faith in accordance with
the aforementioned resale registration statement. 
 As used in the preceding three paragraphs of this Section 2.11, the term
“transfer” encompasses any sale, pledge, transfer or other disposition of any Restricted Security. 
 Each Restricted Security will
be required to bear the Restricted Securities Legend until such Restricted Security is transferred or exchanged pursuant to an effective registration statement under the Securities Act or in compliance with Rule 144 under the Securities Act (or any
successor provision thereto). The following provisions shall apply to the transfer of a Restricted Security: 
 (a) Private
Placement Legend. Upon the registration of transfer, exchange or replacement of Securities not bearing the Restricted Securities Legend, the Security Registrar shall deliver Securities that do not bear such legend. Except in the case of a
registration of transfer, exchange or replacement pursuant to an effective shelf registration statement as contemplated by the Registration Rights Agreement or of a registration of transfer, exchange or replacement in compliance with Rule 144 under
the Securities Act (or any successor provision thereto), Securities shall bear a Restricted Securities Legend in accordance with Section 2.03(b). 
 (b) General. By its acceptance of any Security bearing the Restricted Securities Legend, each Holder of such a Security acknowledges the restrictions on transfer of such Security set forth in this Indenture and
in the Restricted Securities Legend and agrees that it shall transfer such Security only as provided in this Indenture. A transfer of a beneficial interest in a Global Security that does not involve an exchange of such interest for a Certificated
Security or a beneficial interest in another Global Security shall be subject to compliance with applicable law and the applicable procedures of the Depositary, but is not subject any procedure required by this Indenture. 
 The Security Registrar shall retain, in accordance with its customary procedures, copies of all letters, notices and other written
communications received pursuant to this Section 2.11. The Company shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of reasonable written notice
to the Security Registrar. 
 Neither the Trustee nor the Security Registrar shall have any obligation or duty to monitor,
determine or inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Security (including any transfers between or among Agent Members or
beneficial owners of interests in any Global Security) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof. 
  

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 ARTICLE III 
 REPURCHASE AT THE OPTION OF THE HOLDER 
 Section 3.01. Repurchase at the Option of the Holder Upon a
Fundamental Change. 
 (a) The Company must commence, within 30 days of the occurrence of a Fundamental Change, an Offer
to Purchase by mailing a notice (the “Fundamental Change Repurchase Right Notice”) to Holders of Securities, and consummate an Offer to Purchase for all Securities then Outstanding at a purchase price (the “Fundamental Change
Repurchase Price”) equal to 101% of their principal amount on the date of purchase (the “Fundamental Change Repurchase Date”). 
 The Company will not be required to make an Offer to Purchase upon the occurrence of a Fundamental Change if a third party makes an offer to purchase the Securities in a manner, at the times and price and otherwise in
compliance with the requirements of this Indenture and purchases all Securities validly tendered and not withdrawn in such offer to purchase. 
 Repurchases of Securities under this Section 3.01 shall be made, at the option of the Holder thereof, prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase
Date, upon: 
  

	 	(i)	if the Securities are held in certificated form, delivery to the Trustee (or other Paying Agent appointed by the Company) by a Holder of a duly completed notice (the
“Repurchase Notice”) in the form set forth on the reverse of the Security or, if the Securities are held in global form, a notice that complies with the Applicable Procedures; and 

  

	 	(ii)	delivery or book-entry transfer of the Securities to the Trustee (or other Paying Agent appointed by the Company) at any time after delivery of the Fundamental Change Repurchase
Notice (together with all necessary endorsements) at the Corporate Trust Office of the Trustee (or other Paying Agent appointed by the Company), such delivery being a condition to receipt by the Holder of the Fundamental Change Repurchase Price
therefor; provided that such Fundamental Change Repurchase Price shall be so paid pursuant to this Section 3.01 only if the Security so delivered to the Trustee (or other Paying Agent appointed by the Company) shall conform in all respects to
the description thereof in the related Repurchase Notice. 

 The Repurchase Notice shall state: 
  

	 	(1)	if certificated, the certificate numbers of Securities to be delivered for repurchase; 

  

	 	(2)	the portion of the principal amount of Securities to be repurchased, which must be $1,000 or a multiple thereof; 

  

	 	(3)	that the Securities are to be repurchased by the Company pursuant to the applicable provisions of the Securities and this Indenture; and 

  

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	 	(4)	the CUSIP numbers, if any. 

 Any purchase
of Securities or portions thereof by the Company contemplated pursuant to the provisions of this Section 3.01 shall be consummated by the delivery to the Holder of the payment in cash of the amount equal to the Fundamental Change Repurchase
Price promptly following the later of the Fundamental Change Repurchase Date and the time of the book-entry transfer or delivery of the Security; provided that each Security purchased shall be in the principal amount of $1,000 or multiples of
$1,000. 
 The Trustee (or other Paying Agent appointed by the Company) shall promptly notify the Company of the receipt by it
of any Repurchase Notice or written notice of withdrawal thereof in accordance with the provisions of subsection (c) of this Section 3.01. 
 Any Security that is to be repurchased only in part shall be surrendered to the Trustee (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 shall execute, and the Trustee shall authenticate and make available for delivery to the Holder of such Security without
service charge, a new Security or Securities, containing identical terms and conditions, each in an authorized denomination in aggregate principal amount equal to and in exchange for the unrepurchased portion of the principal of the Security so
surrendered; provided that each new Security issued shall be in a principal amount of $1,000 or multiples of $1,000. 
 (b) Within 30 days of an occurrence of a Fundamental Change, the Company shall provide to all Holders of record of the Securities and the Trustee and Paying Agent a notice (the “Fundamental Change Repurchase Right Notice”) of the
occurrence of such Fundamental Change and of the repurchase right, if any, at the option of the Holders arising as a result thereof. Such mailing shall be by first class mail. Simultaneously with providing such Fundamental Change Repurchase Right
Notice, the Company shall publish a notice containing the information included therein in a newspaper of general circulation in The City of New York or on the Company’s website or through such other public medium as the Company may use at such
time. 
 Each Fundamental Change Repurchase Right Notice shall specify (if applicable): 
  

	 	(i)	that the Offer to Purchase is being made with respect to this Section 3.01; 

  

	 	(ii)	the events causing the Fundamental Change; 

  

	 	(iii)	the date of the Fundamental Change; 

  

	 	(iv)	the Fundamental Change Repurchase Price; 

  

	 	(v)	the Fundamental Change Repurchase Date (which shall be a Business Day no earlier than 30 days nor later than 60 days from the date such Fundamental Change Repurchase Right Notice is
mailed); 

  

	 	(vi)	the name and address of the Paying Agent and the Conversion Agent; 

  

	 	(vii)	the applicable Conversion Price and any adjustments to the applicable Conversion Price; 

  

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	 	(viii)	that the Securities with respect to which a Fundamental Change Repurchase Notice has been delivered by a Holder may be converted only if the Holder withdraws the Fundamental Change
Repurchase Notice in accordance with the terms of this Indenture; 

  

	 	(ix)	that Holders electing to have a Security purchased pursuant to the Offer to Purchase will be required to surrender the Security, together with the form entitled “Form of
Repurchase Notice” on the reverse side of the Security completed, to the Paying Agent at the address specified in the notice prior to the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date;

  

	 	(x)	that Holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the third Business Day immediately preceding the
Fundamental Change Repurchase Date, a telegram, facsimile transmission or letter setting forth the name of such Holder, the principal amount of Securities delivered for purchase and a statement that such Holder is withdrawing his election to have
such Securities purchased; 

  

	 	(xi)	that Holders whose Securities are being purchased only in part will be issued new Securities equal in principal amount to the unpurchased portion of the Securities surrendered;
provided that each Security purchased and each new Security issued shall be in a principal amount of $1,000 or multiples of $1,000; 

  

	 	(xii)	the procedures the Holder must follow to require the Company to purchase its Securities under Section 3.01; and 

  

	 	(xiii)	the CUSIP numbers, if any. 

 No failure of
the Company to give the foregoing notices and no defect therein shall limit the Holders’ repurchase rights or affect the validity of the proceedings for the repurchase of the Securities pursuant to this Section 3.01. 
 (c) A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice of withdrawal delivered to the Paying Agent in
accordance with the Fundamental Change Repurchase Right Notice at any time prior to the close of business on the third Business Day prior to the Fundamental Change Repurchase Date (the “Fundamental Change Expiration Time”), specifying:

  

	 	(i)	if certificated Securities have been issued, the certificate numbers of the withdrawn Securities, or if not certificated notice that complies with applicable DTC procedures;

  

	 	(ii)	the principal amount of the Security with respect to which such notice of withdrawal is being submitted; and 

  

	 	(iii)	the principal amount, if any, of such Security that remains subject to the original Fundamental Change Repurchase Notice, which portion must be in principal amounts of $1,000 or a
multiple of $1,000. 

  

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 (d) On or prior to 11:00 a.m., New York City time, on the Fundamental Change Repurchase
Date, the Company shall (a) accept for payment Securities or portions thereof tendered pursuant to an Offer to Purchase and not validly withdrawn; (b) deposit with the Trustee (or other Paying Agent appointed by the Company or if the
Company is acting as its own Paying Agent, set aside, segregate and hold in trust as provided in Section 7.06) money sufficient to pay the purchase price of all Securities or portions thereof so accepted; and (c) deliver, or cause to be
delivered, to the Trustee all Securities or portions thereof so accepted together with an Officers’ Certificate specifying the Securities or portions thereof accepted for payment by the Company. Subject to receipt of funds and/or Securities by
the Trustee (or other Paying Agent appointed by the Company), payment for Securities surrendered for repurchase (and not withdrawn) prior to the Fundamental Change Expiration Time shall be made promptly after the later of (x) the Fundamental
Change Repurchase Date with respect to such Security (provided the Holder has satisfied the conditions to the payment of the Fundamental Change Repurchase Price in this Section 3.01), and (y) the time of book-entry transfer or the delivery
of such Security to the Trustee (or other Paying Agent appointed by the Company) by the Holder thereof in the manner required by this Section 3.01 by mailing checks for the amount payable to the Holders of such Securities entitled thereto as
they shall appear in the Register; provided, however, that all payments shall be subject to Section 3.01(a) and payments to the Depositary shall be made by wire transfer of immediately available funds to the account of the Depositary or its
nominee. The Trustee shall, promptly after such payment and upon written demand by the Company, return to the Company any funds in excess of the Fundamental Change Repurchase Price. 
 (e) If the Trustee (or other Paying Agent appointed by the Company) holds money or Securities sufficient to repurchase on the Fundamental
Change Repurchase Date all the Securities or portions thereof that are to be purchased as of the Business Day following the Fundamental Change Repurchase Date, then on and after the Fundamental Change Repurchase Date (1) such Securities shall
cease to be outstanding, whether or not book-entry transfer of the Securities has been made or the Securities have been delivered to the Trustee or Paying Agent, and (2) all other rights of the Holders of such Securities shall terminate, other
than the right to receive the Fundamental Change Repurchase Price upon delivery or transfer of the Securities. 
 (f) No
Securities may be repurchased at the option of Holders upon a Fundamental Change if the principal amount of the Securities has been accelerated, and such acceleration has not been rescinded on or prior to such date. 
 (g) The Company will publicly announce the results of an Offer to Purchase on or as soon as possible after the date of purchase.

 (h) The Company will comply with the provisions of Rule 13e-4, Rule 14e-l and any other tender offer rules under the
Exchange Act that may be applicable; and otherwise comply with all applicable federal and state securities laws. 
 ARTICLE IV 
 COVENANTS 
 Section 4.01. Payment of
Securities. The Company will duly and punctually pay the principal of the Securities in accordance with the terms of the Securities and this Indenture. An installment of principal shall be considered paid on the date due if the Trustee or Paying
Agent (other than the Company, a Subsidiary of the Company, or any Affiliate of any of them) holds as of 10:00 a.m. (New York City time) on that date money designated for and sufficient to pay the installment. If the Company 

  

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or any Subsidiary of the Company or any Affiliate of any of them acts as Paying Agent, an installment of principal shall be considered paid on the due date
if the entity acting as Paying Agent complies with the second sentence of Section 2.03(b). As provided in Section 7.07, upon any bankruptcy or reorganization procedure relative to the Company, the Trustee shall serve as the Paying Agent,
if any, for the Securities. 
 Section 4.02. Maintenance of Office or Agency. The Company will maintain in the Borough of
Manhattan, The City of New York, an office or agency where Securities may be surrendered for registration of transfer or exchange or for presentation for payment, where Securities may be surrendered for conversion and where notices and demands to or
upon the Company in respect of the Securities 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 address of the Trustee set forth in
Section 11.03. 
 The Company may also from time to time designate one or more other offices or agencies where the Securities may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or agency in
the Borough of Manhattan, The City of New York, for such purposes. The Company shall 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. 
 The Company hereby initially designates the Corporate Trust Office of the Trustee as such office of the Company in accordance with Section 2.03.

 Section 4.03. Limitation on Indebtedness and Issuances of Preferred Stock. 
 (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Indebtedness, including Disqualified Stock
(other than Indebtedness existing on the Closing Date), and the Company will not permit any Restricted Subsidiary to issue Preferred Stock; provided that the Company or any Subsidiary Guarantor may Incur Indebtedness and any Restricted Subsidiary
may Incur Acquired Indebtedness if, after giving effect to the Incurrence of such Indebtedness and the receipt and application of the proceeds therefrom, the Consolidated Fixed Charge Coverage Ratio would be greater than 2.50 to 1.0. 
 Notwithstanding the foregoing, the Company and any Restricted Subsidiary (except as specified below) may Incur each and all of the following: 

(1) Indebtedness of the Company under any Credit Facility in an aggregate principal amount at any one time outstanding (with letters of credit being
deemed to have a principal amount equal to the maximum potential liability of the Company and its Restricted Subsidiaries thereunder) not to exceed $300 million; 
 (2) Indebtedness owed (A) to the Company or any Subsidiary Guarantor evidenced by an unsubordinated promissory note or (B) to any Restricted Subsidiary or Regulated Subsidiary; provided that (x) any
event which results in any such Restricted Subsidiary or Regulated Subsidiary ceasing to be a Restricted Subsidiary or Regulated Subsidiary or any subsequent transfer of such Indebtedness (other than to the Company or another Restricted Subsidiary
or Regulated Subsidiary) shall be deemed, in each case, to constitute an Incurrence of such Indebtedness not permitted by this clause (2) and (y) if the Company (or any Subsidiary that is a Subsidiary Guarantor at the time such
Indebtedness is Incurred) is the obligor on such Indebtedness, such Indebtedness must be expressly contractually subordinated in right of payment to the Securities, in the case of the Company, or the Security Guarantee, in the case of a Subsidiary
Guarantor; 
  

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 (3) Indebtedness issued in exchange for, or the net proceeds of which are used to refinance or refund,
then outstanding Indebtedness (other than Indebtedness outstanding under clause (1), (2) or (4)) and any refinancings thereof in an amount not to exceed the amount so refinanced or refunded (plus premiums, accrued interest, fees and
expenses); provided that (a) Indebtedness the proceeds of which are used to refinance or refund the Securities or Indebtedness that is pari passu with, or subordinated in right of payment to, the Securities or a Security Guarantee shall only be
permitted under this clause (3) if (x) in case the Securities are refinanced in part or the Indebtedness to be refinanced is pari passu with the Securities or a Security Guarantee, such new Indebtedness, by its terms or by the terms of any
agreement or instrument pursuant to which such new Indebtedness is outstanding, is expressly made pari passu with, or subordinate in right of payment to, the remaining Securities or the Security Guarantee, or (y) in case the Indebtedness to be
refinanced is subordinated in right of payment to the Securities or a Security Guarantee, such new Indebtedness, by its terms or by the terms of any agreement or instrument pursuant to which such new Indebtedness is issued or remains outstanding, is
expressly made subordinate in right of payment to the Securities or the Security Guarantee at least to the extent that the Indebtedness to be refinanced is subordinated to the Securities or the Security Guarantee, (b) such new Indebtedness,
determined as of the date of Incurrence of such new Indebtedness, does not mature prior to the Stated Maturity of the Indebtedness to be refinanced or refunded, and the Average Life of such new Indebtedness is at least equal to the remaining Average
Life of the Indebtedness to be refinanced or refunded and (c) such new Indebtedness is Incurred by the Company or a Subsidiary Guarantor or by the Restricted Subsidiary that is the obligor on the Indebtedness to be refinanced or refunded;

 (4) Indebtedness of the Company, to the extent the net proceeds thereof are promptly (A) used to purchase the Securities, 2017
Notes, 2015 Notes, 2013 Notes or 2011 Notes tendered in an Offer to Purchase made as a result of a Fundamental Change or (B) deposited to defease the Securities, 2017 Notes, 2015 Notes, 2013 Notes or 2011 Notes as set forth in Article 8; and

 (5) Guarantees of Indebtedness of the Company or of any Restricted Subsidiary by any Restricted Subsidiary provided the Guarantee of such
Indebtedness is permitted by and made in accordance with Section 4.07. 
 (b) Notwithstanding any other provision of this
Section 4.03, the maximum amount of Indebtedness that may be Incurred pursuant to this Section 4.03 will not be deemed to be exceeded, with respect to any outstanding Indebtedness due solely to the result of fluctuations in the exchange
rates of currencies or due to fluctuations in the value of commodities or securities which underlie such Indebtedness. For the purposes of determining compliance with any restriction on the Incurrence of Indebtedness (x), the U.S dollar equivalent
principal amount of any Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was Incurred, in the case of term debt, or first committed, in the case
of revolving credit debt and (y) the principal amount of any Indebtedness which is calculated by reference to any underlying security or commodity shall be calculated based on the relevant closing price of such commodity or security on the date
such Indebtedness was incurred. 
 (c) For purposes of determining any particular amount of Indebtedness under this
Section 4.03, (x) Indebtedness outstanding under any Credit Facility on the Closing Date shall be treated as Incurred pursuant to clause (1) of the second paragraph of clause (a) of this Section 4.03, (y) Guarantees,
Liens or obligations with respect to letters of credit supporting Indebtedness 

  

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otherwise included in the determination of such particular amount shall not be included and (z) any Liens granted pursuant to the equal and ratable
provisions referred to in Section 4.09 shall not be treated as Indebtedness. For purposes of determining compliance with this Section 4.03, if an item of Indebtedness meets the criteria of more than one of the types of Indebtedness
described above (other than Indebtedness referred to in clause (x) of the preceding sentence), including under the first paragraph of part (a), the Company, in its sole discretion, shall classify, and from time to time may reclassify, such item
of Indebtedness. 
 (d) Neither the Company nor any Subsidiary Guarantor will Incur any Indebtedness if such Indebtedness is
subordinate in right of payment to any other Indebtedness unless such Indebtedness is also subordinate in right of payment to the Securities or the applicable Security Guarantee to the same extent. 
 (e) The Company will not permit any Regulated Subsidiary (x) to Incur any Indebtedness the proceeds of which are not invested in the
business of such Bank Regulated Subsidiary (or any Subsidiary of such Bank Regulated Subsidiary) or such Broker Dealer Regulated Subsidiary (or any Subsidiary of such Broker Dealer Regulated Subsidiary which is also a Regulated Subsidiary) and
(y) to Incur any Indebtedness for the purpose, directly or indirectly, of dividending or distributing the proceeds of such Indebtedness to the Company or any Restricted Subsidiary; except that the Incurrence of Indebtedness by a Regulated
Subsidiary that does not comply with (x) or (y) above shall be permitted provided that such Incurrence complies with paragraph (a) of this Section 4.03 as if such paragraph applied to such Regulated Subsidiary. 
 Section 4.04. Limitation on Restricted Payments. 
 (a) The Company will not, and will not permit any Restricted Subsidiary or Regulated Subsidiary to, directly or indirectly, 
 (i) declare or pay any dividend or make any distribution on or with respect to its Capital Stock held by Persons other than the Company or any of its
Restricted Subsidiaries or Regulated Subsidiaries (other than (w) dividends or distributions payable solely in shares of its Capital Stock (other than Disqualified Stock) or in options, warrants or other rights to acquire shares of such Capital
Stock, (x) pro rata dividends or distributions on Common Stock of Restricted Subsidiaries or Regulated Subsidiaries held by minority stockholders, (y) dividends or distributions on non-voting Preferred Stock the proceeds from the sale of
which were invested in the business of such Regulated Subsidiary (or any Subsidiary of such Regulated Subsidiary which is also a Regulated Subsidiary), and (z) pro rata dividends on Preferred Stock of Subsidiaries that are real estate
investment trusts, including Highland REIT, Inc., held by minority stockholders; 
 (ii) purchase, call for redemption or redeem, retire or
otherwise acquire for value any shares of Capital Stock of (A) the Company or any Subsidiary Guarantor (including options, warrants or other rights to acquire such shares of Capital Stock) held by any Person (other than the Company, any
Restricted Subsidiary or any Regulated Subsidiary) or (B) a Restricted Subsidiary or Subsidiary Guarantor (including options, warrants or other rights to acquire such shares of Capital Stock) held by any Affiliate of the Company (other than the
Company or a Wholly Owned Restricted Subsidiary or Wholly Owned Regulated Subsidiary); 
 (iii) make any voluntary or optional principal
payment, or voluntary or optional redemption, repurchase, defeasance, or other acquisition or retirement for value, of Indebtedness of the Company that is subordinated in right of payment to the Securities or any Indebtedness of a Subsidiary
Guarantor that is subordinated in right of payment to a Security Guarantee; or 
  

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 (iv) with respect to the Company and any Restricted Subsidiary, make any Investment, other than a
Permitted Investment, in any Person, and (b) with respect to any Regulated Subsidiary, make any Investment in an Unrestricted Subsidiary (such payments or any other actions described in clauses (i) through (iv) above being
collectively “Restricted Payments”); 
 if, at the time of, and after giving effect to, the proposed Restricted Payment:

 (A) a Default or Event of Default shall have occurred and be continuing; 
 (B) the Company could not Incur at least $1.00 of Indebtedness under the first paragraph of part (a) of Section 4.03; 
 (C) the subsidiary subject to the Restricted Payment is both a Regulated Subsidiary and a Significant Subsidiary that is not in compliance with
applicable regulatory capital or other material requirements of its regulators, such as the OTS or FDIC, or any applicable state, federal or self regulatory organization, or would fail to be in compliance with applicable regulatory requirements as a
consequence of the payment; or 
 (D) the aggregate amount of all Restricted Payments made after the Closing Date shall exceed the sum of:

 (1) 50% of the aggregate amount of the Adjusted Consolidated Net Income (or, if the Adjusted Consolidated Net Income is a loss, minus
100% of the amount of such loss) accrued on a cumulative basis during the period (taken as one accounting period) beginning on April 1, 2004 and ending on the last day of such fiscal quarter preceding the Transaction Date for which reports have
been filed with the SEC or provided to the Trustee, provided that such Adjusted Consolidated Net Income may only be recognized during those quarters for which the Company has filed reports with the SEC to the extent provided in Section 4.15 or
has furnished comparable financial information to the Trustee; plus  
 (2) the aggregate Net Cash Proceeds received by the Company
after April 1, 2004 as a capital contribution or from the issuance and sale of its Capital Stock (other than Disqualified Stock or Preferred Stock) to a Person who is not a Subsidiary of the Company, including an issuance or sale permitted by
this Indenture of Indebtedness of the Company for cash subsequent to April 1, 2004 upon the conversion of such Indebtedness into Capital Stock (other than Disqualified Stock) of the Company, or from the issuance to a Person who is not a
Subsidiary of the Company of any options, warrants or other rights to acquire Capital Stock of the Company (in each case, exclusive of any Disqualified Stock or any options, warrants or other rights that are redeemable at the option of the holder,
or are required to be redeemed, prior to the Stated Maturity of the Securities); plus  
 (3) an amount equal to the net reduction in
Investments (other than reductions in Permitted Investments) in any Person resulting from payments of interest on Indebtedness, dividends, repayments of loans or advances, or other transfers of assets, in each case to the Company or any Restricted
Subsidiary or Regulated Subsidiary or from the Net Cash Proceeds from the sale of any such Investment (except, in each case, to the extent any such payment or proceeds are included in the calculation of Adjusted Consolidated Net Income), from the
release of any Guarantee or from 

  

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redesignations of Unrestricted Subsidiaries as Restricted Subsidiaries (valued in each case as provided in the definition of “Investments”), not to
exceed, in each case, the amount of Investments previously made by the Company or any Restricted Subsidiary or Regulated Subsidiary in such Person or Unrestricted Subsidiary; plus  
 (4) $100 million. 
 (b) The
foregoing provision shall not be violated by reason of: 
 (1) the payment of any dividend or redemption of any Capital Stock within 60 days
after the related date of declaration or call for redemption if, at said date of declaration or call for redemption, such payment or redemption would comply with the preceding paragraph; 
 (2) the redemption, repurchase, defeasance or other acquisition or retirement for value of Indebtedness that is subordinated in right of payment to the
Securities or any Security Guarantee including premium, if any, with the proceeds of, or in exchange for, Indebtedness Incurred under clause (3) of the second paragraph of part (a) of Section 4.03; 
 (3) the repurchase, redemption or other acquisition of Capital Stock of the Company, a Subsidiary Guarantor, a Restricted Subsidiary or a Regulated
Subsidiary (or options, warrants or other rights to acquire such Capital Stock) or a dividend on such Capital Stock in exchange for, or out of the proceeds of a capital contribution or a substantially concurrent offering of, shares of Capital Stock
(other than Disqualified Stock) of the Company (or options, warrants or other rights to acquire such Capital Stock); provided that such options, warrants or other rights are not redeemable at the option of the holder, or required to be
redeemed, in each case other than in connection with a Fundamental Change of the Company (provided that prior to any such repurchase, redemption or other acquisition in connection with a change of control, the Company has made an Offer to Purchase
and purchased all Securities, 2017 Notes, 2015 Notes, 2013 Notes and 2011 Notes validly tendered for payment in accordance with Section 4.12), prior to the respective Stated Maturity of the Securities, 2017 Notes, 2015 Notes, 2013 Notes and
2011 Notes; 
 (4) the making of any principal payment or the repurchase, redemption, retirement, defeasance or other acquisition for value
of Indebtedness which is subordinated in right of payment to the Securities or any Security Guarantee in exchange for, or out of the proceeds of a capital contribution or a substantially concurrent offering of, shares of the Capital Stock (other
than Disqualified Stock) of the Company (or options, warrants or other rights to acquire such Capital Stock); provided that such options, warrants or other rights are not redeemable at the option of the holder, or required to be redeemed, in
each case other than in connection with a Fundamental Change of the Company (provided that prior to any such repurchase, redemption or other acquisition in connection with a change of control, the Company has made an Offer to Purchase and purchased
all Securities, 2017 Notes, 2015 Notes, 2013 Notes and 2011 Notes validly tendered for payment in accordance with Section 3.01), prior to the respective Stated Maturity of the Securities, 2017 Notes, 2015 Notes, 2013 Notes and 2011 Notes;

 (5) payments or distributions to dissenting stockholders pursuant to applicable law, pursuant to or in connection with a consolidation,
merger or transfer of assets of the Company, any Restricted Subsidiary or any Regulated Subsidiary and that, in the case of the Company, comply with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or
substantially all of the property and assets of the Company; 
  

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 (6) Investments acquired as a capital contribution to, or in exchange for, or out of the proceeds of a
substantially concurrent offering of, Capital Stock (other than Disqualified Stock) of the Company; 
 (7) the repurchase of Capital Stock
deemed to occur upon the exercise of options or warrants if such Capital Stock represents all or a portion of the exercise price thereof; 
 (8) the repurchase, redemption or other acquisition of the Company’s Capital Stock (or options, warrants or other rights to acquire such Capital Stock) from Persons who are, or were formerly, employees of the Company and their
Affiliates, heirs and executors; provided that the aggregate amount of all such repurchases pursuant to this clause (8) shall not exceed $50 million; 
 (9) the repurchase of Common Stock of the Company, or the declaration or payment of dividends on Common Stock (other than Disqualified Stock) of the Company; provided that the aggregate amount of all such
declarations, payments or repurchases pursuant to this clause (9) shall not exceed $100 million in any fiscal year; provided further that at the time of declaration of such dividend or at the time of such repurchase (x) no Default
or Event of Default has occurred and is continuing, and (y) the Company is able to Incur at least an additional $1.00 of Indebtedness pursuant to the first paragraph of Section 4.03; or 
 (10) any payment of dividends with respect to the TARP Preferred Stock, any Substitution Permanent Equity or any Capital Stock issued by the Company in
any Qualified Equity Offering; provided that the aggregate face amount of any Preferred Stock issued by the Company in all Qualified Equity Offerings shall not exceed $500,000,000 and the dividend rate on any Preferred Stock issued in a Qualified
Equity Offering shall not exceed 9.9% per annum; or 
 (11) any redemption or repurchase of any shares of TARP Preferred Stock, any
TARP Warrants, any Substitution Permanent Equity or any Capital Stock issued by the Company in any Qualified Equity Offering, in each case using the Net Cash Proceeds of one or more Qualified Equity Offerings; provided that the aggregate face amount
of any Preferred Stock issued by the Company in all Qualified Equity Offerings shall not exceed $500,000,000 and the dividend rate on any Preferred Stock issued in a Qualified Equity Offering shall not exceed 9.9% per annum; 
 provided that, except in the case of clause (1), no Default or Event of Default (excluding, in each case, clause (i) of Section 6.01) shall have
occurred and be continuing or occur as a consequence of the actions or payments set forth therein. 
 (c) Each Restricted
Payment permitted pursuant to the preceding paragraph (other than the Restricted Payment referred to in clauses (10) or (11) thereof, clause (2) thereof, an exchange of Capital Stock for Capital Stock or Indebtedness referred to in
clause (3) or (4) thereof, an Investment acquired as a capital contribution or in exchange for Capital Stock referred to in clause (6) thereof, the repurchase of Capital Stock referred to in clause (7) thereof, the repurchase of
Common Stock referred to in clause (9) thereof), and the Net Cash Proceeds from any issuance of Capital Stock referred to in clause (3), (4) or (6), shall be included in calculating whether the conditions of clause (D) of the first
paragraph of this Section 4.04 have been met with respect to any subsequent Restricted Payments. If the proceeds of an issuance of Capital Stock of the Company are used for the redemption, repurchase or other acquisition of the Securities, or
Indebtedness that is pari passu with the Securities or any Security Guarantee, then the Net Cash Proceeds of such issuance shall be included in clause (D) of the first paragraph of this Section 4.04 only to the extent such proceeds are not
used for such redemption, repurchase or other acquisition of Indebtedness. 
  

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 (d) For purposes of determining compliance with this Section 4.04, (x) the
amount, if other than in cash, of any Restricted Payment shall be determined in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by a Board Resolution and (y) if a Restricted Payment meets the criteria
of more than one of the types of Restricted Payments described in the above clauses, including the first paragraph of this Section 4.04, the Company, in its sole discretion, may order and classify, and from time to time may reclassify, such
Restricted Payment if it would have been permitted at the time such Restricted Payment was made and at the time of such reclassification. 
 Section 4.05. Limitation on Dividends and Other Payment Restrictions Affecting Restricted Subsidiaries or Regulated Subsidiaries. The Company will not, and will not permit any Restricted Subsidiary or Regulated Subsidiary to,
create or otherwise cause or suffer to exist or become effective any consensual encumbrance or restriction of any kind on the ability of any Restricted Subsidiary or Regulated Subsidiary (other than any Subsidiary Guarantor) to: 
 (1) pay dividends or make any other distributions permitted by applicable law on any Capital Stock of such Restricted Subsidiary or Regulated Subsidiary
owned by the Company or any other Restricted Subsidiary or Regulated Subsidiary; 
 (2) pay any Indebtedness owed to the Company or any
other Restricted Subsidiary or Regulated Subsidiary; 
 (3) make loans or advances to the Company or any other Restricted Subsidiary or
Regulated Subsidiary; or 
 (4) transfer any of its property or assets to the Company or any other Restricted Subsidiary or Regulated
Subsidiary. 
 The foregoing provisions shall not restrict any encumbrances or restrictions: 
 (1) existing on the Closing Date in any Credit Facility, this Indentures or any other agreements in effect on the Closing Date, and any extensions,
refinancings, renewals or replacements of such agreements; provided that the encumbrances and restrictions in any such extensions, refinancings, renewals or replacements taken as a whole are no less favorable in any material respect to the Holders
than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced; 
 (2)
existing under or by reason of applicable law including rules and regulations of and agreements with any regulatory authority having jurisdiction over the Company, any Restricted Subsidiary, or any Regulated Subsidiary, including, but not limited to
the OTS, the FDIC, the SEC or any self regulatory organization of which such Regulated Subsidiary is a member, or the imposition of conditions or requirements pursuant to the enforcement authority of any such regulatory authority; 
 (3) existing with respect to any Person or the property or assets of such Person acquired by the Company or any Restricted Subsidiary or Regulated
Subsidiary, existing at the time of such acquisition and not incurred in contemplation thereof, which encumbrances or restrictions are not applicable to any Person or the property or assets of any Person other than such Person or the property or
assets of such Person so acquired and any extensions, refinancings, renewals or replacements thereof; provided that the encumbrances and restrictions in any such extensions, refinancings, renewals or replacements taken as a whole are no less
favorable in any material respect to the Holders than those encumbrances or restrictions that are then in effect and that are being extended, refinanced, renewed or replaced; 
  

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 (4) in the case of clause (4) of the first paragraph of this Section 4.05: 
 (A) that restrict in a customary manner the subletting, assignment or transfer of any property or asset that is a lease, license, conveyance or contract
or similar property or asset; 
 (B) existing by virtue of any transfer of, agreement to transfer, option or right with respect to, or Lien
on, any property or assets of the Company, any Restricted Subsidiary or any Regulated Subsidiary not otherwise prohibited by this Indenture; or 
 (C) arising or agreed to in the ordinary course of business, not relating to any Indebtedness, and that do not, individually or in the aggregate, detract from the value of property or assets of the Company or any Restricted Subsidiary or
Regulated Subsidiary in any manner material to the Company or any Restricted Subsidiary or Regulated Subsidiary taken as a whole; or 
 (5)
with respect to a Restricted Subsidiary or Regulated Subsidiary and imposed pursuant to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock of, or property and assets of, such
Restricted Subsidiary or Regulated Subsidiary. 
 Nothing contained in this Section 4.05 shall prevent the Company, any Restricted
Subsidiary or any Regulated Subsidiary from (1) creating, incurring, assuming or suffering to exist any Liens otherwise permitted in Section 4.09 or (2) restricting the sale or other disposition of property or assets of the Company or
any of its Restricted Subsidiaries or Regulated Subsidiaries that secure Indebtedness of the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries. 
 Section 4.06. Limitation on the Issuance and Sale of Capital Stock of Restricted Subsidiaries or Regulated Subsidiaries. The Company will not sell, and will not permit any Restricted Subsidiary or
Regulated Subsidiary, directly or indirectly, to issue or sell, any shares of Capital Stock of a Restricted Subsidiary or Regulated Subsidiary (including options, warrants or other rights to purchase shares of such Capital Stock) except: 

(1) (i) with respect to the capital stock of a Restricted Subsidiary, to the Company or a Wholly Owned Restricted Subsidiary or, (ii) in the
case of Regulated Subsidiary, to the Company, a Wholly Owned Restricted Subsidiary or a Wholly Owned Regulated Subsidiary; 
 (2) issuances
of director’s qualifying shares or sales to foreign nationals of shares of Capital Stock of foreign Restricted Subsidiaries, to the extent required by applicable law; 
 (3) if, immediately after giving effect to such issuance or sale, such Restricted Subsidiary would no longer constitute a Restricted Subsidiary and any
Investment in such Person remaining after giving effect to such issuance or sale would have been permitted to be made under Section 4.04 if made on the date of such issuance or sale; 
 (4) (i) sales of Common Stock (including options, warrants or other rights to purchase shares of such Common Stock but excluding Disqualified Stock) of
a Restricted 

  

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Subsidiary or a Regulated Subsidiary by the Company, a Restricted Subsidiary or a Regulated Subsidiary, provided that the Company or such Restricted
Subsidiary or Regulated Subsidiary applies the Net Cash Proceeds of any such sale in accordance with clause (A) or (B) of Section 4.11 and (ii) issuances of Preferred Stock of a Restricted Subsidiary if such Restricted Subsidiary
would be entitled to Incur such Indebtedness under Section 4.03; or 
 (5) sales of Capital Stock, other than Common Stock, by a
Regulated Subsidiary or a Subsidiary of such Regulated Subsidiary, the proceeds of which are invested in the business of such Regulated Subsidiary. 
 Section 4.07. Future Subsidiary Guarantees. The Company will not permit any Restricted Subsidiary or Regulated Subsidiary, directly or indirectly, to Guarantee any Indebtedness (“Guaranteed Indebtedness”) of the
Company or any Restricted Subsidiary (other than a Foreign Subsidiary), unless (a) such Restricted Subsidiary or Regulated Subsidiary, to the extent permitted by law, simultaneously executes and delivers a supplemental indenture to this
Indenture providing for a Guarantee (a “Subsidiary Guarantee”) of payment of the Securities by such Restricted Subsidiary or Regulated Subsidiary and (b) such Restricted Subsidiary or Regulated Subsidiary waives and will not in any
manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or any other Restricted Subsidiary or Regulated Subsidiary as a result of any payment by such
Restricted Subsidiary or Regulated Subsidiary under its Subsidiary Guarantee until the Securities have been paid in full. The obligations of any such future Subsidiary Guarantor will be limited so as not to constitute a fraudulent conveyance under
applicable federal or state laws. In addition, on the Trigger Date, the Company shall cause each of its Restricted Subsidiaries to execute and deliver a Subsidiary Guarantee of payment of the Securities by each such Restricted Subsidiary, to the
extent permitted by law. 
 If the Guaranteed Indebtedness is (A) pari passu in right of payment with the Securities or any Security
Guarantee, then the Guarantee of such Guaranteed Indebtedness shall be pari passu in right of payment with, or subordinated to, the Subsidiary Guarantee or (B) subordinated in right of payment to the Securities or any Security Guarantee, then
the Guarantee of such Guaranteed Indebtedness shall be subordinated in right of payment to the Subsidiary Guarantee at least to the extent that the Guaranteed Indebtedness is subordinated to the Securities or the Security Guarantee. 
 Notwithstanding the foregoing, any Subsidiary Guarantee by a Restricted Subsidiary or Regulated Subsidiary may provide by its terms that it shall be
automatically and unconditionally released and discharged upon any: 
 (1) sale, exchange or transfer, to any Person not an Affiliate of the
Company, of all of the Company’s and each Restricted Subsidiary’s and Regulated Subsidiary’s Capital Stock in, or all or substantially all the assets of, such Restricted Subsidiary or Regulated Subsidiary (which sale, exchange or
transfer is not prohibited by this Indenture) or upon the designation of such Restricted Subsidiary or Regulated Subsidiary as an Unrestricted Subsidiary in accordance with the terms of this Indenture; or 
 (2) the release or discharge of the Guarantee which resulted in the creation of such Subsidiary Guarantee, except a discharge or release by or as a
result of payment under such Guarantee. 
 Section 4.08. Limitation on Transactions with Shareholders and Affiliates. The Company
will not, and will not permit any Restricted Subsidiary or Regulated Subsidiary to, directly or indirectly, enter into, renew or extend any transaction (including, without limitation, the purchase, sale, lease or exchange 

  

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of property or assets, or the rendering of any service) with any Affiliate of the Company or any Affiliates of any Restricted Subsidiary or Regulated
Subsidiary, except upon fair and reasonable terms no less favorable to the Company or such Restricted Subsidiary or Regulated Subsidiary than could be obtained, at the time of such transaction or, if such transaction is pursuant to a written
agreement, at the time of the execution of the agreement providing therefor, in a comparable arm’s-length transaction with a Person that is not such a holder or an Affiliate. 
 The foregoing limitation does not limit, and shall not apply to: 
 (1) transactions (A) approved by a
majority of the disinterested members of the Board of Directors or (B) for which the Company, a Restricted Subsidiary or a Regulated Subsidiary delivers to the Trustee a written opinion of a nationally recognized investment banking, accounting,
valuation or appraisal firm stating that the transaction is fair to the Company or such Restricted Subsidiary or Regulated Subsidiary from a financial point of view; 
 (2) any transaction solely among the Company, its Wholly Owned Restricted Subsidiaries or its Wholly Owned Regulated Subsidiaries or any combination thereof; 
 (3) the payment of reasonable and customary regular fees to directors of the Company who are not employees of the Company and customary indemnification
arrangements entered into by the Company; 
 (4) any payments or other transactions pursuant to any tax-sharing agreement between the
Company and any other Person with which the Company files a consolidated tax return or with which the Company is part of a consolidated group for tax purposes; 
 (5) any sale of shares of Capital Stock (other than Disqualified Stock) of the Company; 
 (6) the granting
or performance of registration rights under a written agreement and approved by the Board of Directors of the Company, containing customary terms, taken as a whole; 
 (7) loans to an Affiliate who is an officer, director or employee of the Company, a Restricted Subsidiary or a Regulated Subsidiary by a Regulated Subsidiary in the ordinary course of business in accordance with
Sections 7 and 13(k) of the Exchange Act; 
 (8) deposit, checking, banking and brokerage products and services typically offered to our
customers on substantially the same terms and conditions as those offered to our customers, or in the case of a Bank Regulated Subsidiary, as otherwise permitted under Regulation O promulgated by the Board of Governors of under the Federal Reserve
System; or 
 (9) any Permitted Investments or any Restricted Payments not prohibited by Section 4.04. 
 Notwithstanding the foregoing, any transaction or series of related transactions covered by the first paragraph of this Section 4.08 and not covered
by clauses (2) through (6) of this paragraph, (a) the aggregate amount of which exceeds $15 million in value, must be approved or determined to be fair in the manner provided for in clause (l)(A) or (B) above and (b) the
aggregate amount of which exceeds $25 million in value, must be determined to be fair in the manner provided for in clause (l)(B) above. 
  

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 Section 4.09. Limitation on Liens. The Company will not, and will not permit any Restricted
Subsidiary to, create, incur, assume or suffer to exist any Lien on any of its assets or properties of any character, or any shares of Capital Stock or Indebtedness of any Restricted Subsidiary, without making effective provision for all of the
Securities and all other amounts due under this Indenture to be directly secured equally and ratably with (or, if the obligation or liability to be secured by such Lien is subordinated in right of payment to the Securities, prior to) the obligation
or liability secured by such Lien. 
 The foregoing limitation does not apply to: 
 (1) Liens existing on the Closing Date (other than the Liens securing Indebtedness (including Hedging Obligations with respect thereto) under any Credit
Facility); 
 (2) Liens granted after the Closing Date on any assets or Capital Stock of the Company or its Restricted Subsidiaries created
in favor of the Holders; 
 (3) Liens with respect to the assets of a Restricted Subsidiary granted by such Restricted Subsidiary to the
Company or a Wholly Owned Restricted Subsidiary or Wholly Owned Regulated Subsidiary to secure Indebtedness owing to the Company or such other Restricted Subsidiary or Regulated Subsidiary; 
 (4) Liens securing Indebtedness which is Incurred to refinance secured Indebtedness which is permitted to be Incurred under clause (3) of the
second paragraph of Section 4.03; provided that such Liens do not extend to or cover any property or assets of the Company or any Restricted Subsidiary or Regulated Subsidiary other than the property or assets securing the Indebtedness being
refinanced; 
 (5) Liens securing Indebtedness (including Hedging Obligations with respect thereto) under any Credit Facility in an
aggregate amount not to exceed $300 million; 
 (6) Liens (including extensions and renewals thereof) upon real or personal property
acquired after the Closing Date; provided that (a) any such Lien is created solely for the purpose of securing Indebtedness Incurred, in accordance with Section 4.03, to finance the cost (including the cost of improvement or construction
and fees and expenses related to the acquisition) of the item of property or assets subject thereto and such Lien is created prior to, at the time of or within twelve months after the later of the acquisition, the completion of construction or the
commencement of full operation of such property, (b) the principal amount of the Indebtedness secured by such Lien does not exceed 100% of such cost and (c) any such Lien shall not extend to or cover any property or assets other than such
item of property or assets and any improvements on such item; 
 (7) Liens on cash set aside at the time of the Incurrence of any
Indebtedness, or government securities purchased with such cash, in either case to the extent that such cash or government securities pre-fund the payment of interest on such Indebtedness and are held in a collateral or escrow account or similar
arrangement to be applied for such purpose; 
 (8) Liens incurred by the Company or a Restricted Subsidiary for the benefit of a Regulated
Subsidiary in the ordinary course of business including Liens incurred in the Broker Dealer Regulated Subsidiary’s securities business with respect to obligations that do not exceed $200 million at any one time outstanding and that are not
incurred in connection with the borrowing of money or the obtaining of advances or credit (other than trade credit in the ordinary course of business); or 
  

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 (9) Permitted Liens. 
 Section 4.10. Limitation on Sale-leaseback Transactions. The Company will not, and will not permit any Restricted Subsidiary or Regulated Subsidiary to, enter into any Sale-Leaseback Transaction involving
any of its assets or properties whether now owned or hereafter acquired. 
 The foregoing restriction does not apply to any Sale-Leaseback
Transaction if: 
 (1) the lease is for a period, including renewal rights, of not in excess of three years; 
 (2) the lease secures or relates to industrial revenue or pollution control bonds; 
 (3) the transaction is solely among the Company, its Wholly Owned Restricted Subsidiaries or its Wholly Owned Regulated Subsidiaries or any combination
thereof; or 
 (4) the Company or such Restricted Subsidiary or Regulated Subsidiary, within 12 months after the sale or transfer of any
assets or properties is completed, applies an amount not less than the net proceeds received from such sale in accordance with clause (A) or (B) of the third paragraph of Section 4.11. 
 Section 4.11. Limitation on Asset Sales. The Company will not, and will not permit any Restricted Subsidiary to, consummate any Asset Sale,
unless (1) the consideration received by the Company or such Restricted Subsidiary is at least equal to the Fair Market Value of the assets sold or disposed of and (2) at least 75% of the consideration received consists of (a) cash or
Temporary Cash Investments, (b) the assumption of unsubordinated Indebtedness of the Company or any Subsidiary Guarantor or Indebtedness of any other Restricted Subsidiary (in each case, other than Indebtedness owed to the Company), provided
that the Company, such Subsidiary Guarantor, such Restricted Subsidiary, as the case may be is irrevocably and unconditionally released from all liability under such Indebtedness or (c) Replacement Assets. 
 The Company will not, and will not permit any Restricted Subsidiary or Regulated Subsidiary to consummate any Regulated Sale unless (1) the
consideration received by the Company or such Restricted Subsidiary or Regulated Subsidiary is at least equal to the Fair Market Value of the assets sold or disposed of and (2) at least 75% of the consideration received consists of
(a) cash or Temporary Cash Investments, (b) the assumption of unsubordinated Indebtedness of the Company or any Subsidiary Guarantor or Indebtedness of any other Restricted Subsidiary or Regulated Subsidiary (in each case, other than
Indebtedness owed to the Company), provided that the Company, such Subsidiary Guarantor, such Restricted Subsidiary or such Regulated Subsidiary, as the case may be is irrevocably and unconditionally released from all liability under such
Indebtedness or (c) Replacement Assets. 
 If and to the extent that the Net Cash Proceeds received by the Company or any of its
Restricted Subsidiaries or Regulated Subsidiaries (excluding the first $300 million of Net Cash Proceeds received by the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries from Asset Sales and Regulated Sales after the Closing
Date) from one or more Asset Sales or Regulated Sales in any period of 12 consecutive months exceed 10% of Consolidated Net Worth (determined as of the date closest to the commencement of such 12 month period for which a consolidated balance sheet
of the Company and its Subsidiaries has been filed with the SEC or provided to the Trustee), then the Company shall or shall cause the relevant Restricted Subsidiary or Regulated Subsidiary to: 
 (1) within twelve months after the date Net Cash Proceeds so received exceed 10% of Consolidated Net Worth, 
  

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 (A) apply an amount equal to such excess Net Cash Proceeds to permanently repay unsubordinated
Indebtedness of the Company or Indebtedness or to redeem or repurchase Capital Stock, otherwise permitted by this Indenture, of any Restricted Subsidiary or Regulated Subsidiary, in each case owing to or owned by a Person other than the Company or
any Affiliate of the Company; or 
 (B) invest an equal amount, or the amount not so applied pursuant to clause (A) (or enter into a
definitive agreement committing to so invest within 12 months after the date of such agreement), in Replacement Assets; and 
 (2) apply (no
later than the end of the 12-month period referred to in clause (1)) such excess Net Cash Proceeds (to the extent not applied pursuant to clause (1)) as provided in the following paragraphs of this Section 4.11. 
 If and to the extent that the Net Cash Proceeds received by the Company or any of its Restricted Subsidiaries or Regulated Subsidiaries from one or more
Regulated Sales in any period of 12 consecutive months exceed 10% of Consolidated Net Worth (determined as of the date closest to the commencement of such 12 month period for which a consolidated balance sheet of the Company and its Subsidiaries has
been filed with the SEC or provided to the Trustee), then the Company shall or shall cause the relevant Restricted Subsidiary or Regulated Subsidiary to apply (no later than the end of the 12-month period referred to in clause (1)) such excess
Net Cash Proceeds (to the extent not applied pursuant to clause (1)) as provided in the following paragraphs of this Section 4.11. 
 The amount of such excess Net Cash Proceeds required to be applied (or to be committed to be applied) during such 12-month period as set forth in clause (1) of the preceding sentence and not applied as so required by the end of such
period shall constitute “Excess Proceeds.” 
 If, as of the first day of any calendar month, the aggregate amount of Excess
Proceeds not theretofore subject to an Offer to Purchase pursuant to this Section 4.11 totals at least $50 million, the Company must commence, not later than the fifteenth Business Day of such month, and consummate an Offer to Purchase from the
Holders (and if required by the terms of any Indebtedness that is pari passu with the Securities (“Pari Passu Indebtedness”), from the holders of such Pari Passu Indebtedness) on a pro rata basis an aggregate principal amount of Securities
(and Pari Passu Indebtedness) equal to the Excess Proceeds on such date, at a purchase price equal to 100% of their principal amount, plus, in each case, accrued interest (if any) to the Payment Date. 
 To the extent that the aggregate amount of Securities and Pari Passu Indebtedness so validly tendered and not properly withdrawn pursuant to an Offer to
Purchase is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any other purpose which is permitted by this Indenture. 
 If the aggregate principal amount of Securities surrendered by holders thereof and other Pari Passu Indebtedness surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Trustee
shall select the Securities and Pari Passu Indebtedness to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Securities and Pari Passu Indebtedness. Upon completion of such Offer to Purchase, the amount of
Excess Proceeds shall be reset to zero. 
 Section 4.12. [Intentionally Omitted.] 
  

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 Section 4.13. Limitation on Lines of Business. The Company will not, and will not permit any
Restricted Subsidiary or Regulated Subsidiary to, engage in any business other than a Related Business. 
 Section 4.14.
Effectiveness of Covenants. The covenants set forth in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.10, 4.11, 4.13, 4.15 and 4.19 will no longer be in effect upon the Company attaining Investment Grade Status (the “Terminated
Covenants”). The Terminated Covenants will not be reinstated regardless of whether the Company’s credit rating is subsequently downgraded from Investment Grade Status. 
 Section 4.15. SEC Reports and Reports to Holders. The Company will deliver to the Trustee within 30 days after the filing of the same with
the Securities and Exchange Commission, copies of the quarterly and annual reports and of the information, documents and other reports, if any, which the Company is required to file with the Securities and Exchange Commission pursuant to
Section 13 or 15(d) of the Exchange Act. Notwithstanding that the Company may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, the Company will file with the Securities and Exchange Commission, to
the extent permitted, and provide the Trustee and Holders with such annual reports and such information, documents and other reports specified in Sections 13 and 15(d) of the Exchange Act, provided that the Company need not file such reports or
other information if, and so long as, it would not be required to do so pursuant to Rule 12h-5 under the Exchange Act. The Company will also comply with the other provisions of Section 314(a) of the TIA. 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 rely exclusively on Officers’ Certificates). 
 Section 4.16. Payment of Taxes and Other Claims. The Company will pay or discharge or cause to be paid or discharged, before the same shall become delinquent, (a) all taxes, assessments and
governmental charges levied or imposed upon the Company or any Subsidiary or upon the income, profits or property of the Company or any Subsidiary, and (b) all lawful claims for labor, materials and supplies which, if unpaid, might by law
become a lien upon the property of the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability
or validity is being contested in good faith by appropriate proceedings. 
 Section 4.17. Compliance Certificates. 
 (a) Officers of the Company must certify, on or before a date not more than 120 days after the end of each fiscal year, that a review has
been conducted of the activities of the Company and its Restricted Subsidiaries and Regulated Subsidiaries and the Company’s and its Restricted Subsidiaries’ and its Regulated Subsidiaries’ performance under this Indenture and that,
to their knowledge, the Company has fulfilled all obligations hereunder, or, if there has been a default in the fulfillment of any such obligation, specifying each such default and the nature and status thereof. The Company will also be obligated to
deliver to the Trustee, within 30 days after the occurrence thereof, written notice of any events that would constitute a default, the status of those events and what action the Company is taking or proposes to take in respect thereof. Such
certificate shall contain a certification from the principal executive officer, principal financial officer or principal accounting officer of the Company as to his or her knowledge of the Company’s compliance with all conditions and covenants
under this Indenture. For purposes of this Section 4.17, such compliance shall be determined without regard to any period of grace or requirement of notice provided under this Indenture. If any of the officers of the Company signing such
certificate has knowledge of such a Default or Event of Default, the certificate shall 

  

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describe any such Default or Event of Default and its status. The first certificate to be delivered pursuant to this Section 4.17(a) shall be for the
first fiscal year beginning after the execution of this Indenture. 
 (b) The Company shall deliver to the Trustee, within 90
days after the end of each fiscal year, beginning with the fiscal year in which this Indenture was executed, a certificate signed by the Company’s independent certified public accountants stating (i) that their audit examination has
included a review of the terms of this Indenture and the Securities as they relate to accounting matters, (ii) that they have read the most recent Officers’ Certificate delivered to the Trustee pursuant to paragraph (a) of this
Section 4.17 and (iii) whether, in connection with their audit examination, anything came to their attention that caused them to believe that the Company was not in compliance with any of the terms, covenants, provisions or conditions of
Article 4 and Section 5.01 of this Indenture as they pertain to accounting matters and, if any Default or Event of Default has come to their attention, specifying the nature and period of existence thereof; provided that such independent
certified public accountants shall not be liable in respect of such statement by reason of any failure to obtain knowledge of any such Default or Event of Default that would not be disclosed in the course of an audit examination conducted in
accordance with generally accepted auditing standards in effect at the date of such examination. The Company shall not be required to comply with the foregoing clause (b) with respect to any fiscal year if such compliance would be contrary to
the recommendations of the American Institute of Certified Public Accountants so long as the Company delivers to the Trustee within 90 days after the end of such fiscal year an Officer’s Certificate stating that such compliance would be so
contrary and any facts particular to the Company that may have caused such compliance to be so contrary. 
 Section 4.18. 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, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law
or any usury law or other law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and (to the extent that it may lawfully do so) the Company hereby expressly waives all
benefit or advantage of any such law and covenants that it will not 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 4.19. Maintenance of Capitalization. The Company shall not permit any Bank Regulated Subsidiary that
constitutes a federally insured depositary institution to fail to be at least Well Capitalized for a period of more than 30 consecutive days in any fiscal quarter of the Company. 
 ARTICLE V 
 CONSOLIDATION, MERGER OR SALE OF ASSETS 
 Section 5.01. Consolidation, Merger and Sale of Assets. The Company will not consolidate with, merge with or into, or sell, convey, transfer,
lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially an entirety in one transaction or a series of related transactions) to, any Person or permit any Person to merge with or into it
unless: 
 (a) it shall be the continuing Person, or the Person (if other than it) formed by such consolidation or into which
it is merged or that acquired or leased such property and assets of (the “Surviving Person”) shall be an entity organized and validly existing under the laws of the United States of America or any jurisdiction thereof and shall expressly
assume, by a supplemental 

  

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indenture, executed and delivered to the Trustee, all of the Company’s obligations under this Indenture and the Securities; provided, that if such
continuing Person or Person shall not be a corporation, such entity shall organize or have a wholly-owned Subsidiary in the form of a corporation organized and validly existing under the laws of the United States or any jurisdiction thereof, and
shall cause such corporation to expressly assume, as a party to the supplemental indenture referenced above, as a co-obligor, each of such continuing Person or Person’s obligations under this Indenture and the Securities; 
 (b) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be continuing; 

(c) immediately after giving effect to such transaction on a pro forma basis, the Company or the Surviving Person, as the case may be,
shall have a Consolidated Net Worth equal to or greater than the Consolidated Net Worth of the Company immediately prior to such transaction; 
 (d) immediately after giving effect to such transaction on a pro forma basis the Company or the Surviving Person, as the case may be, could Incur at least $1.00 of Indebtedness under the first paragraph of
Section 4.03; 
 (e) it delivers to the Trustee an Officers’ Certificate (attaching the arithmetic computations to
demonstrate compliance with clauses (c) and (d)) and Opinion of Counsel, in each case stating that such consolidation, merger or transfer and such supplemental indenture complies with this provision and that all conditions precedent provided
for herein relating to such transaction have been complied with; and 
 (f) each Subsidiary Guarantor, unless such Subsidiary
Guarantor is the Person with which the Company has entered into a transaction under this Section 5.01, shall have by amendment to its Security Guarantee confirmed that its Security Guarantee shall apply to the obligations of the Company or the
Surviving Person in accordance with the Securities and this Indenture; 
 provided, however, that clauses (c) and (d) above do not
apply if, in the good faith determination of the Board of Directors of the Company, whose determination shall be evidenced by a Board Resolution, the principal purpose of such transaction is to change the state of organization or convert the form of
organization of the Company to another form, and any such transaction shall not have as one of its purposes the evasion of the foregoing limitations. 
 Section 5.02. Successor Substituted. Upon any consolidation or merger, or any sale, conveyance, transfer, lease or other disposition of all or substantially all of the property and assets of the Company in
accordance with Section 5.01 of this Indenture, the successor Person formed by such consolidation or into which the Company is merged or to which such sale, conveyance, transfer, lease or other disposition is made shall succeed to, and be
substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided that the Company shall not be released from its obligation
to pay the principal of the Securities in the case of a lease of all or substantially all of its property and assets. 
  

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 ARTICLE VI 
 EVENTS OF DEFAULT AND REMEDIES 
 Section 6.01. Events of Default. Any of the following events
shall constitute an “Event of Default” hereunder: 
 (a) default in the payment of principal of any Security when
the same becomes due and payable at maturity, upon required repurchase, upon acceleration or otherwise; 
 (b) failure by the
Company to comply with its obligation to convert the Securities into shares of Common Stock or Reference Property (as defined in Section 12.10(b) of this Indenture) as applicable upon exercise of a Holder’s conversion right; 
 (c) failure by the Company to comply with its obligations under Article 5; 
 (d) failure by the Company to issue a Fundamental Change Repurchase Right Notice in accordance with Section 3.01 or to comply with
its notice requirements under Section 4.11; 
 (e) the Company or any Subsidiary Guarantor defaults in the performance of
or breaches any other covenant or agreement in this Indenture or under the Securities (other than a default specified in clause (a), (b), (c) or (d) of this Section 6.01) and such default or breach continues for a period of 30
consecutive days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the Securities; 
 (f) there occurs with respect to any issue or issues of Indebtedness of the Company or any Significant Subsidiary having an outstanding principal amount of $20 million or more in the aggregate for all such issues of all such Persons,
whether such Indebtedness now exists or shall hereafter be created, (I) an event of default that has caused the holder thereof to declare such Indebtedness to be due and payable prior to its Stated Maturity and such Indebtedness has not been
discharged in full or such acceleration has not been rescinded or annulled within 30 days of such acceleration or (II) the failure to make a principal payment at the final (but not any interim) fixed maturity and such defaulted payment shall not
have been made, waived or extended; 
 (g) any final judgment or order (not covered by insurance), that is non-appealable, for
the payment of money in excess of $20 million in the aggregate for all such final judgments or orders against all such Persons (treating any deductibles, self-insurance or retention as not so covered) shall be rendered against the Company or any
Significant Subsidiary and shall not be paid or discharged, and there shall be any period of 30 consecutive days following entry of the final judgment or order that causes the aggregate amount for all such final judgments or orders outstanding and
not paid or discharged against all such Persons to exceed $20 million during which a stay of enforcement of such final judgment or order, by reason of a pending appeal or otherwise, shall not be in effect; 
 (h) a court having jurisdiction in the premises enters a decree or order for (A) relief in respect of the Company or any Significant
Subsidiary in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (B) appointment of a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the
Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary or (C) the winding up or liquidation of the affairs of the Company or any Significant Subsidiary and,
in each case, such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; 
  

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 (i) the Company or any Significant Subsidiary (A) commences a voluntary case under
any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such law, (B) consents to the appointment of or taking possession by a
receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official of the Company or any Significant Subsidiary or for all or substantially all of the property and assets of the Company or any Significant Subsidiary or
(C) effects any general assignment for the benefit of creditors; 
 (j) failure by any Broker Dealer Regulated Subsidiary
that is a Significant Subsidiary to meet the minimum capital requirements imposed by applicable regulatory authorities, and such condition continues for a period of 30 days after the Company or such Broker Dealer Regulated Subsidiary first becomes
aware of such failure; 
 (k) failure by any Bank Regulated Subsidiary that is a Significant Subsidiary to be at least
“adequately capitalized,” as defined in regulations of applicable regulatory authorities; provided that an Event of Default under this clause (k) shall not have occurred until (x) 45 days from the time that such Bank Regulated
Subsidiary has notice or is deemed to have notice of such failure unless a capital restoration plan has been filed the with OTS within that time (y) the expiration of a 90-day period commencing on the earlier of the date of initial submission
of a capital restoration plan to the OTS (unless such capital plan is approved by the OTS before the expiration of such 90-day period or, if the OTS has notified us that it needs additional time to determine whether to approve such capital plan, in
which case such 90-day period shall be extended until the OTS determines whether to approve such capital plan, such capital plan is approved by the OTS upon the expiration of such extended period); 
 (l) if the Company or any Subsidiary that holds Capital Stock of a Broker Dealer Regulated Subsidiary that is a Significant Subsidiary
shall become ineligible to hold such Capital Stock by reason of a statutory disqualification or otherwise; 
 (m) the
Commission shall revoke the registration of any Broker Dealer Regulated Subsidiary that is a Significant Subsidiary as a broker-dealer under the Exchange Act or any such Broker Dealer Regulated Subsidiary shall fail to maintain such registration;

 (n) the Examining Authority (as defined in Rule 15c3-l of the Exchange Act) for any Broker Dealer Regulated Subsidiary that
is a Significant Subsidiary shall suspend (and shall not reinstate within 10 days) or shall revoke such Broker Dealer Regulated Subsidiary’s status as a member organization thereof; 
 (o) the occurrence of any event of acceleration in a subordination agreement, as defined in Appendix D to Rule 15c3-l of the Exchange Act,
to which the Company or any Broker Dealer Regulated Subsidiary that is a Significant Subsidiary is a party; 
 (p) any
Subsidiary Guarantor that is a Significant Subsidiary repudiates its obligations under its Security Guarantee or, except as permitted by this Indenture, any Security Guarantee is determined to be unenforceable or invalid or shall for any reason
cease to be in full force and effect; or 
 (q) failure of the Company to comply with Section 4.19. 
  

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 Section 6.02. Acceleration. If an Event of Default (other than an Event of Default specified
in clause (h) or (i) of Section 6.01 that occurs with respect to the Company or any Subsidiary Guarantor) occurs and is continuing under this Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the
Securities, then outstanding, by written notice to the Company (and to the Trustee if such notice is given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of the Securities to be immediately due and
payable. Upon a declaration of acceleration, such principal shall be immediately due and payable. In the event of a declaration of acceleration because an Event of Default set forth in clause (f) of Section 6.01 has occurred and is
continuing, such declaration of acceleration shall be automatically rescinded and annulled if the event of default triggering such Event of Default pursuant to clause (f) of Section 6.01 shall be remedied or cured by the Company or the
relevant Significant Subsidiary or waived by the holders of the relevant Indebtedness within 60 days after the declaration of acceleration with respect thereto. If an Event of Default specified in clause (h) or (i) of Section 6.01
occurs with respect to the Company, the principal of the Securities then outstanding shall automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. The Holders of at least
a majority in principal amount of the outstanding Securities by written notice to the Company and to the Trustee, may waive all past defaults and rescind and annul a declaration of acceleration and its consequences if (x) all existing Events of
Default, other than the nonpayment of the principal of the Securities that have become due solely by such declaration of acceleration, have been cured or waived and (y) the rescission would not conflict with any judgment or decree of a court of
competent jurisdiction. 
 Section 6.03. Control by Majority. With respect to the Securities, the Holders of at least a majority
in aggregate principal amount of the Outstanding Securities may 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; provided that the
Trustee may refuse to follow any direction that conflicts with law or this Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Securities
not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Securities of that series. 
 Section 6.04. Limitation on Suits. A Holder of any Security of any series may not institute any proceeding, judicial or otherwise, with
respect to this Indenture or that series of Securities, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 
 (a) the Holder gives the Trustee written notice of a continuing Event of Default; 
 (b) the
Holders of at least 25% in aggregate principal amount of Outstanding Securities make a written request to the Trustee to pursue the remedy; 
 (c) such Holder or Holders offer the Trustee indemnity satisfactory to the Trustee against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or indemnity; and 
 (e) the Holders of a majority in aggregate principal amount of the Outstanding Securities do not give the Trustee a direction that, in the
opinion of the Trustee, is inconsistent with the request within such 60-day period. 
 For purposes of Section 6.03 of this Indenture
and this Section 6.04, the Trustee shall comply with TIA Section 316(a) in making any determination of whether the Holders of the required aggregate 

  

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principal amount of outstanding Securities of a particular series have concurred in any request or direction of the Trustee to pursue any remedy available to
the Trustee or the Holders with respect to this Indenture or the Securities of that series or otherwise under the law. 
 A Holder may not
use this Indenture to prejudice the rights of another Holder of Securities of the same series or to obtain a preference or priority over such other Holder (it being understood that the Trustee does not have any affirmative duty to ascertain whether
or not such actions or forbearances are unduly prejudicial to such Holders). 
 Section 6.05. Rights of Holders to Receive
Payment. Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of the principal of such Security or to bring suit for the enforcement of any such payment, on or after the due date
expressed in the Securities, shall not be impaired or affected without the consent of the Holder. 
 Section 6.06. Collection Suit by
Trustee. The Company covenants that if default is made in the payment of the principal of any Security at the maturity thereof, 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 at the rate borne by the Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If an Event of Default occurs and is
continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders by such appropriate judicial proceedings as the Trustee shall deem most effectual 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. 
 Section 6.07. Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee
(including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07) and the Holders allowed in any judicial proceedings
relative to the Company (or any other obligor of the Securities), its creditors or its property and shall be entitled and empowered to collect and receive any monies, securities or other property payable or deliverable upon conversion or exchange of
the Securities or upon 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 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 the Trustee under Section 7.07. Nothing herein contained shall be deemed to empower 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. 
 Section 6.08. Trustee May Enforce Claims Without Possession of Securities. 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 shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the
Holders of the Securities in respect of which such judgment has been recovered. 
  

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 Section 6.09. Priorities. If the Trustee collects any money pursuant to this Article 6, it
shall pay out the money in the following order: 
 First: to the Trustee for all amounts due under Section 7.07; 
 Second: to Holders for amounts then due and unpaid for principal of 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; and 
 Third: to
the Company or as a court of competent jurisdiction may direct. 
 The Trustee, upon prior written notice to the Company, may fix a record
date and payment date for any payment to Holders pursuant to this Section 6.09. 
 Section 6.10. Undertaking for Costs. In
any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, 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 against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided, that neither this Section nor the Trust Indenture Act shall be deemed to
authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Company or in any suit for the enforcement of the right to convert any Security in accordance with Article 12. 
 Section 6.11. 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 in such proceeding, the
Company, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted. 
 Section 6.12. Rights and Remedies Cumulative. Except as otherwise provided with respect to the replacement or
payment of mutilated, destroyed, lost or wrongfully taken Securities in Section 2.04, 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 shall, 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, shall not prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 Section 6.13. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall 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 6 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 (subject to
the limitations contained in this Indenture) or by the Holders, as the case may be. 
  

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 ARTICLE VII 
 THE TRUSTEE 
 Section 7.01. General.  
 (a) The duties and responsibilities of the Trustee are as provided by the TIA and as set forth herein. Whether or not expressly so
provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee is subject to this Article. 
 (b) Except during the continuance of an Event of Default, the Trustee need perform only those duties that are specifically set forth in
this Indenture and no others, and no implied covenants or obligations will be read into this Indenture against the Trustee. In case an Event of Default has occurred and is continuing, the Trustee shall exercise those rights and powers vested in it
by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 
 (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. 
 Section 7.02. Certain Rights of Trustee. Subject to TIA Sections
315(a) through (d): 
 (a) In the absence of bad faith on its part, the Trustee may conclusively rely, and will be protected
in acting or refraining from acting, upon 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 Person. The Trustee need not investigate any fact or matter stated in the document, but, in the case of any document which is specifically required to be furnished to the Trustee
pursuant to any provision hereof, the Trustee shall examine the document to determine whether it conforms to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated
therein). The Trustee, in its discretion, may make further inquiry or investigation into such facts or matters as it sees fit. 
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel conforming to Section 11.05 and the Trustee will not be liable for any action it takes or omits to take in good
faith in reliance on the certificate or opinion. 
 (c) The Trustee may act through its attorneys and agents and will not be
responsible for the misconduct or negligence of any agent appointed with due care. 
 (d) If an Event of Default occurs and is
continuing, 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, unless such Holders have offered to the Trustee reasonable security or
indemnity satisfactory to it against the loss, liability or expense that might be incurred by it in compliance with such request or direction. 
 (e) The Trustee will not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within its rights or powers or for any action it takes or omits to 

  

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take in accordance with the direction of the Holders in accordance with Section 6.05 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. 
 (f) 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. 
 (g) No provision of this Indenture will require the Trustee to expend or risk its
own funds or otherwise incur any financial liability in the performance of its duties hereunder, or in the exercise of its rights or powers, unless it receives indemnity satisfactory to it against any loss, liability or expense. 
 (h) 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 is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Securities and this Indenture. 
 (i) 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 each agent, custodian and other Person employed to act hereunder; 
 (j) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of
officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in
any such certificate previously delivered and not superseded; and 
 (k) In no event shall the Trustee be responsible or
liable for special, indirect, or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the
form of action. 
 Section 7.03. Individual Rights of Trustee. The Trustee, in its individual or any other capacity, may become
the owner or pledgee of Securities and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not the Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to TIA Sections
310(b) and 311. For purposes of TIA Section 311(b)(4) and (6): 
 (a) “cash transaction” means any
transaction in which full payment for goods or securities sold is made within seven days after delivery of the goods or securities in currency or in checks or other orders drawn upon banks or bankers and payable upon demand; and 
 (b) “self-liquidating paper” means any draft, bill of exchange, acceptance or obligation which is made, drawn, negotiated
or incurred for the purpose of financing the purchase, processing, manufacturing, shipment, storage or sale of goods, wares or merchandise and which is secured by documents evidencing title to, possession of, or a lien upon, the goods, wares or
merchandise or the receivables or proceeds arising from the sale of the goods, wares or 

  

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merchandise previously constituting the security, provided the security is received by the Trustee simultaneously with the creation of the creditor
relationship arising from the making, drawing, negotiating or incurring of the draft, bill of exchange, acceptance or obligation. 
 Section 7.04. Trustee’s Disclaimer. The Trustee (i) makes no representation as to the validity or adequacy of this Indenture or the Securities, (ii) is not accountable for the Company’s use or application of
the proceeds from the Securities and (iii) is not responsible for any statement in the Securities other than its certificate of authentication. 
 Section 7.05. Notice of Default. If any Default occurs and is continuing and is known to the Trustee, the Trustee will mail notice of the Default to each Holder within 90 days after it occurs, unless the
Default has been cured; provided that, except in the case of a default in the payment of the principal of any Security or a conversion default, the Trustee may withhold the notice if and so long as a committee of trust officers of the Trustee in
good faith determines that withholding the notice is in the interest of the Holders. Notice to Holders under this Section will be given in the manner and to the extent provided in TIA Section 313(c). 
 Section 7.06. Reports by Trustee to Holders. Within 60 days after each May 15, beginning with May 15, 2010, the Trustee will mail
to each Holder, as provided in TIA Section 313(c), a brief report dated as of such May 15, if required by TIA Section 313(a), and file such reports with each stock exchange upon which its Securities are listed and with the Commission
as required by TIA Section 313(d). 
 Section 7.07. Compensation and Indemnity. 
 (a) The Company will pay the Trustee compensation as agreed upon in writing for its services. The compensation of the Trustee is not
limited by any law on compensation of a Trustee of an express trust. The Company will reimburse the Trustee upon request for all reasonable out-of-pocket expenses, disbursements and advances incurred or made by the Trustee, including the reasonable
compensation and expenses of the Trustee’s agents and counsel. 
 (b) The Company will indemnify the Trustee for, and
hold it harmless against, any and all loss, liability, damage, claim or expense, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it without negligence or willful misconduct on its
part arising out of or in connection with the acceptance or administration of this Indenture and its duties under this Indenture and the Securities, including the costs and expenses of defending itself against any claim (whether asserted by the
Company, any Holder or any other Person) or liability and of complying with any process served upon it or any of its officers in connection with the exercise or performance of any of its powers or duties under this Indenture and the Securities.

 (c) To secure the Company’s payment obligations in this Section, the Trustee will have a lien prior to the Securities
on all money or property held or collected by the Trustee, in its capacity as Trustee, except money or property held in trust to pay principal of particular Securities. 
 When the Trustee incurs expenses or renders services in connection with an Event of Default specified in Section 6.01(g) or Section 6.01(h), 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. 
  

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 This section shall survive the resignation or removal of the Trustee or the termination of this
Indenture. 
 Section 7.08. Replacement of Trustee. 
 (a)(1)The Trustee may resign at any time by written notice to the Company. 
 (2) The Holders of a majority in principal amount of the outstanding Securities may remove the Trustee by written notice to the Trustee. 
 (3) If the Trustee is no longer eligible under Section 7.10 or in the circumstances described in TIA Section 310(b), any Holder that satisfies
the requirements of TIA Section 310(b) may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (4) The Company may remove the Trustee if: (i) the Trustee is no longer eligible under Section 7.10; (ii) the Trustee is adjudged a bankrupt or an insolvent; (iii) a receiver or other public
officer takes charge of the Trustee or its property; or (iv) the Trustee becomes incapable of acting. 
 A resignation or removal of the
Trustee and appointment of a successor Trustee will become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section. 
 (b) If the Trustee has been removed by the Holders, Holders of a majority in principal amount of the Securities may appoint a successor
Trustee with the consent of the Company. Otherwise, if the Trustee resigns or is removed, or if a vacancy exists in the office of Trustee for any reason, the Company will promptly appoint a successor Trustee. If the successor Trustee does not
deliver its written acceptance within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of a majority in principal amount of the outstanding Securities may petition any court of competent
jurisdiction at the expense of the Company in the case of the Trustee, for the appointment of a successor Trustee. 
 (c) Upon
delivery by the successor Trustee of a written acceptance of its appointment to the retiring Trustee and to the Company, (i) the retiring Trustee will transfer all property held by it as Trustee to the successor Trustee, subject to the lien
provided for in Section 7.07, (ii) the resignation or removal of the retiring Trustee will become effective, and (iii) the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture. Upon request
of any successor Trustee, the Company will execute any and all instruments for fully and vesting in and confirming to the successor Trustee all such rights, powers and trusts. The Company will give notice of any resignation and any removal of the
Trustee and each appointment of a successor Trustee to all Holders, and include in the notice the name of the successor Trustee and the address of its Corporate Trust Office. 
 (d) Notwithstanding replacement of the Trustee pursuant to this Section, the Company’s obligations under Section 7.07 will
continue for the benefit of the retiring Trustee. 
 (e) The Trustee agrees to give the notices provided for in, and otherwise
comply with, TIA Section 310(b). 
 Section 7.09. Successor Trustee by Merger. If the Trustee consolidates with, merges or
converts into, or transfers all or substantially all of its corporate trust business to, another corporation or 

  

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national banking association, the resulting, surviving or transferee corporation or national banking association without any further act will be the
successor Trustee with the same effect as if the successor Trustee had been named as the Trustee in this Indenture. 
 Section 7.10.
Eligibility. This Indenture must always have a Trustee that satisfies the requirements of TIA Section 310(a) and has a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of
condition. 
 Section 7.11. Money Held in Trust. The Trustee will not be liable for interest on any money received by it except
as it may agree with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law and except for money held in trust under Article 8. 
 ARTICLE VIII 
 DEFEASANCE AND DISCHARGE

 Section 8.01. Discharge of Company’s Obligations. 
 (a) Subject to paragraph (b), the Company’s obligations under the Securities and this Indenture, and each Subsidiary Guarantor’s
obligations under its Securities Guarantee, will terminate if: 
 (i) either: 
 (1) all Securities that have been authenticated and delivered (other than (A) destroyed, lost or stolen Securities that have been
replaced, Securities that are paid pursuant to Section 4.01 and (B) Securities for whose payment money or securities have theretofore been deposited in trust and thereafter repaid to the Company pursuant to Section 8.05) have been
delivered to the Trustee for cancellation and the Company has paid all sums payable under such Indenture; or 
 (2) all
Securities have become due and payable, whether at Stated Maturity, or on any Fundamental Change Repurchase Date, or upon conversion or otherwise, and the Company has irrevocably deposited with the Trustee, as trust funds in trust solely for the
benefit of the Holders, or delivered to the Holders, as applicable, money or U.S. Government Obligations, or shares of Common Stock deliverable upon conversion, as applicable, sufficient, to pay principal, premium, if any, and shares of Common Stock
deliverable upon conversion, if applicable, on the Securities to the date of maturity or repurchase and all other sums payable under such Indenture; 
 (ii) no Default or Event of Default shall have occurred and be continuing on the date of such deposit and such deposit will not result in a breach or violation of, or constitute a default under such Indenture or any
other instrument to which the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound; 
 (iii) the Company has delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of the Securities at maturity or the repurchase date, as applicable; and 
  

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 (iv) the Company delivers to the Trustee an Officers’ Certificate and an Opinion of
Counsel, in each case stating that all conditions precedent provided for herein relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b) After satisfying the conditions in clause (a)(i)(1), only the Company’s obligations under Section 7.07 will survive. After
satisfying the conditions in clause (a)(i)(2), (a)(ii) and (a)(iii), only the Company’s obligations in Article 2, Article 12 and Sections 4.01, 4.02, 7.07, 7.08, 8.05 and 8.06 will survive. In either case, the Trustee upon request will
acknowledge in writing the discharge of the Company’s obligations under the Securities and this Indenture other than the surviving obligations. 
 Section 8.02. Reserved. 
 Section 8.03. Covenant Defeasance. The Company may,
subject as provided herein, be released from their respective obligations to comply with, and shall have no liability in respect of any term, condition or limitation, set forth in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11, 4.13,
and 4.19, clauses (c) and (d) of Section 5.01, clauses (c) and (d) of Section 6.01 with respect to such clauses (c) and (d) of Section 5.01 and Section 4.11, clause (e) of Section 6.01 with
respect to the covenants contained in Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09, 4.10, 4.11 and 4.13, and clauses (f) and (g) of Section 6.01 shall not constitute an Event of Default under Section 6.01 (“Covenant
Defeasance”) if: 
 (a) the Company has irrevocably deposited in trust with the Trustee, as trust funds solely for the
benefit of the Holders, money and/or U.S. Government Obligations or a combination thereof sufficient, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certificate thereof delivered to the
Trustee, without consideration of any reinvestment, to pay principal of, premium, if any, on the Securities to maturity or repurchase, as the case may be, provided that any repurchase before maturity has been irrevocably provided for under
arrangements satisfactory to the Trustee; 
 (b) immediately after giving effect to such deposit on a pro forma basis,
no Event of Default, or event that after the giving of notice or lapse of time or both would become an Event of Default, shall have occurred and be continuing on the date of such deposit or during the period ending on the 123rd day after the date of
such deposit, and such deposit shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company or any of its Subsidiaries is a party or by which the Company or any of its
Subsidiaries is bound; 
 (c) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the defeasance
trust is not required to register as an investment company under the Investment Company Act of 1940 and, after the passage of 123 days following the deposit, the trust fund will not be subject to the effect of Section 547 of the United States
Bankruptcy Code or Section 15 of the New York Debtor and Creditor Law; 
 (d) the Company has delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, in each case stating that all conditions precedent provided for herein relating to the defeasance have been complied with; and 
 (e) the Company has delivered to the Trustee an Opinion of Counsel to the effect that the Holders will not recognize income, gain or loss
for federal income tax purposes as a result of such deposit and defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times as would otherwise have been the case if such deposit and defeasance
had not occurred. 
  

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 Except as specifically stated above, none of the Company’s obligations under the Indenture, including without
limitation, the Company’s obligation to convert the Securities pursuant to Article 12, will be discharged. 
 Section 8.04.
Application of Trust Money. Subject to Section 8.05, the Trustee will hold in trust the money or U.S. Government Obligations deposited with it pursuant to Section 8.01 or 8.03, and apply the deposited money and the proceeds from
deposited U.S. Government Obligations to the payment of principal on the Securities in accordance with the Securities and this Indenture. Such money and U.S. Government Obligations need not be segregated from other funds except to the extent
required by law. The Company shall 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 Sections 8.01 or 8.03 or the principal and interest received
in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of outstanding Securities. 
 Section 8.05. Repayment to Company. Subject to Sections 7.07, 8.01 and 8.03, the Trustee will promptly pay to the Company upon request any excess money held by the Trustee at any time and thereupon be relieved from all liability
with respect to such money. The Trustee will pay to the Company upon request any money held for payment with respect to the Securities that remains unclaimed for two years, provided that before making such payment the Trustee may at the expense of
the Company publish once in a newspaper of general circulation in New York City, or send to each Holder entitled to such money, notice that the money remains unclaimed and that after a date specified in the notice (at least 30 days after the date of
the publication or notice) any remaining unclaimed balance of money will be repaid to the Company. After payment to the Company, Holders entitled to such money must look solely to the Company for payment, unless applicable law designates another
Person, and all liability of the Trustee with respect to such money will cease. 
 Section 8.06. Reinstatement. If and for so
long as the Trustee is unable to apply any money or U.S. Government Obligations held in trust pursuant to Section 8.01 or 8.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority
enjoining, restraining or otherwise prohibiting such application, the Company’s obligations under this Indenture and the Securities will be reinstated as though no such deposit in trust had been made. If the Company makes any payment of
principal of any Securities because of the reinstatement of its obligations, it will be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held in trust. 
 ARTICLE IX 
 AMENDMENTS, SUPPLEMENTS AND
WAIVERS 
 Section 9.01. Amendments Without Consent of Holders. The Company and the Trustee may amend or supplement this
Indenture or the Securities without notice to or the consent of any Holder: 
 (a) to cure any ambiguity, defect or
inconsistency in this Indenture; provided that such amendments or supplements shall not, in the good faith opinion of the Board of Directors of the Company as evidenced by a Board Resolution, adversely affect the interest of the Holders in any
material respect; 
 (b) to comply with Section 4.07 or Article 5; 
  

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 (c) to comply with any requirements of the Commission in connection with the
qualification of this Indenture under the TIA; 
 (d) to evidence and provide for the acceptance of an appointment hereunder
by a successor Trustee, registrar, paying agent or conversion agent; 
 (e) make any change that, in the good faith opinion of
the Board of Directors as evidenced by a Board Resolution, does not materially and adversely affect the rights of any Holder; provided that any amendment to conform the terms of this Indenture or the Securities to the “Description of the
Debentures” section of the Company’s offering memorandum dated June 22, 2009 relating to the offering of the Securities will not be deemed to be adverse to any Holder; 
 (f) to provide for certificated Securities in addition to or in place of global Securities issued thereunder; 
 (g) to add Guarantees with respect to the Securities in accordance with the applicable provisions of this Indenture; 
 (h) to provide for the conversion rights of Holders and the Company’s repurchase obligations in connection with a Fundamental Change
pursuant to the requirements of Section 12.01; 
 (i) to secure the Securities; or 
 (j) to decrease the Conversion Price. 
 Section 9.02. Amendments with Consent of Holders. 
 (a) Except as otherwise
provided in Section 6.05, Section 9.01 or paragraph (b) of this Section 9.02, the Company and the Trustee may amend this Indenture and the Securities with the consent of the Holders of at least a majority in principal amount of
the Securities then outstanding (Class A Securities and Class B Securities voting as a single class), including without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities, and, except as
otherwise provided in Section 6.05, Section 9.01 or paragraph (b), any past default or compliance with any provisions may be waived with the consent of the Holders of at least a majority in aggregate principal amount of the Securities then
outstanding (Class A Securities and Class B Securities voting as a single class), including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Securities. 
 (b) Notwithstanding the provisions of paragraph (a), without the consent of each Holder affected, an amendment or waiver may not:

  

	 	(i)	change the Stated Maturity of the principal of any Security; 

  

	 	(ii)	reduce the principal amount of, or premium, if any, on any Security; 

  

	 	(iii)	change the place or currency of payment of principal of, or premium, if any, on any Security; 

  

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	 	(iv)	impair the right to institute suit for the enforcement of any payment on or after the Stated Maturity of any Security; 

  

	 	(v)	waive a default in the payment of principal of, or premium, if any, on the Securities or modify any provision of this Indenture relating to modification or amendment thereof;

  

	 	(vi)	reduce the above-stated percentage of Securities then outstanding of such series, the consent of whose Holders is necessary to modify or amend the applicable Indenture;

  

	 	(vii)	release any Subsidiary Guarantor from its Security Guarantee, except as provided in this Indenture; 

  

	 	(viii)	reduce the percentage or aggregate principal amount of Securities then outstanding the consent of whose Holders is necessary for waiver of compliance with certain provisions of this
Indenture or for waiver of certain defaults; 

  

	 	(ix)	make any change that adversely affects the right of any Holder to convert the Securities into shares of Common Stock or reduce the number of shares of Common Stock receivable upon
conversion pursuant to the terms of this Indenture as in effect on the Closing Date; 

  

	 	(x)	reduce the Fundamental Change Repurchase Price of any Security or modify in any manner adverse to the Holders of the Securities the Company’s obligation to make such payments,
whether through an amendment or waiver of provisions in the covenants, definitions or otherwise; 

  

	 	(xi)	adversely affect the ranking of the Securities as the Company’s senior unsecured indebtedness; or 

  

	 	(xii)	modify any of the provisions of this Section or reduce the percentage or aggregate principal amount of Securities then outstanding the consent of whose Holders is necessary for
waiver of compliance with certain provisions of this Indenture or for waiver of certain defaults. 

 (c) It is
not necessary for Holders to approve the particular form of any proposed amendment, supplement or waiver, but is sufficient if their consent approves the substance thereof. 
 (d) An amendment, supplement or waiver under this Section will become effective on receipt by the Trustee of written consents from the
Holders of the requisite percentage in principal amount of the Securities then outstanding. After an amendment, supplement or waiver under this Section becomes effective, the Company will send to the Holders affected thereby a notice briefly
describing the amendment, supplement or waiver. The Company will send supplemental indentures to Holders upon request. Any failure of the Company to send such notice, or any defect therein, will not, however, in any way impair or affect the validity
of any such supplemental indenture or waiver. 
  

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 Section 9.03. Effect of Consent. 
 (a) After an amendment, supplement or waiver becomes effective, it will bind every Holder unless it is of the type requiring the consent
of each Holder affected. If the amendment, supplement or waiver is of the type requiring the consent of each Holder affected, the amendment, supplement or waiver will bind each Holder that has consented to it and every subsequent Holder of a
Security that evidences the same debt as the Security of the consenting Holder. 
 (b) If an amendment, supplement or waiver
changes the terms of a Security, the Trustee may require the Holder to deliver it to the Trustee so that the Trustee may place an appropriate notation of the changed terms on the Security and return it to the Holder, or exchange it for a new
Security that reflects the changed terms. The Trustee may also place an appropriate notation on any Security thereafter authenticated. However, the effectiveness of the amendment, supplement or waiver is not affected by any failure to annotate or
exchange Securities in this fashion. 
 Section 9.04. Trustee’s Rights and Obligations. The Trustee shall be provided with,
and will be fully protected in conclusively relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of any amendment, supplement or waiver authorized pursuant to this Article is authorized or permitted by
this Indenture. If the Trustee has received such an Opinion of Counsel, it shall sign the amendment, supplement or waiver so long as the same does not adversely affect the rights of the Trustee. The Trustee may, but is not obligated to, execute any
amendment, supplement or waiver that affects the Trustee’s own rights, duties or immunities under this Indenture. 
 Section 9.05.
Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the TIA. 
 Section 9.06. Payments for Consents. Neither the Company nor any of its Subsidiaries or Affiliates may, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or
otherwise, to any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to be paid or agreed to be paid to all Holders of the
Securities that consent, waive or agree to amend such term or provision within the time period set forth in the solicitation documents relating to the consent, waiver or amendment. 
 ARTICLE X 
 GUARANTEES 
 Section 10.01. Guarantees. Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to
each Holder of a Security and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, the Securities or the obligations of the Company hereunder or thereunder, that: (a) the principal
of, premium, if any, on the Securities will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and premium, if any, on the Securities, if any, if lawful, and all other obligations of the Company to the
Holders or the Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and (b) in the case of any extension of time of payment or renewal of any Securities or any of such
other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so

  

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guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. Each
Subsidiary Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 The Guarantors hereby agree that their
obligations hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Securities or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities with
respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each
Subsidiary Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all
demands whatsoever and covenant that this Guarantee shall not be discharged except by complete performance of the obligations contained in the Securities and this Indenture or pursuant to Section 10.04. 
 If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or
other similar official acting in relation to either the Company or the Guarantors, any amount paid by either the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 

Each Subsidiary Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations
guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Subsidiary Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 for the purposes of this Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and
(y) in the event of any declaration of acceleration of such obligations as provided in Article 6, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The
Guarantors shall have the right to seek contribution from any non-paying Subsidiary Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Guarantee. 
 Section 10.02. Limitation on Subsidiary Guarantor Liability. Each Subsidiary Guarantor, and by its acceptance of Securities, each Holder,
hereby confirms that it is the intention of all such parties that the Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent
Transfer Act or any similar federal or state law to the extent applicable to any Guarantee. To effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Subsidiary Guarantor
under its Guarantee and this Article 10 shall be limited to the maximum amount as will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Subsidiary Guarantor that are relevant under such laws, and
after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Subsidiary Guarantor in respect of the obligations of such other Subsidiary Guarantor under this Article 10, result in the
obligations of such Subsidiary Guarantor under its Guarantee to not constitute a fraudulent transfer or conveyance. 
 Section 10.03.
Execution and Delivery of the Guarantee. In the event that the Company is required to cause a Regulated Subsidiary or Restricted Subsidiary to guarantee the Securities pursuant to Section 4.07, the Company shall cause such Subsidiaries
to execute supplemental indentures to this Indenture and Guarantees in accordance with Section 4.07 and this Article 10, to the extent applicable. 
  

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 Section 10.04. Guarantors May Consolidate, etc., on Certain Terms. No Subsidiary Guarantor
may consolidate with or merge with or into (whether or not such Subsidiary Guarantor is the surviving Person) another Person whether or not affiliated with such Subsidiary Guarantor unless: 
 (a) subject to the other provisions of this Section, the Person formed by or surviving any such consolidation or merger (if other than a
Subsidiary Guarantor or the Company) shall be a corporation organized and validly existing under the laws of the United States or any state thereof or the District of Columbia, and unconditionally assumes all the obligations of such Subsidiary
Guarantor, pursuant to a supplemental indenture in form and substance reasonably satisfactory to the Trustee, under the Securities, this Indenture, the Registration Rights Agreement and the Guarantee on the terms set forth herein or therein;

 (b) immediately after giving effect to such transaction, no Default or Event of Default exists; and 
 (c) the Company would be permitted, immediately after giving effect to such transaction, to incur at least $1.00 of additional
Indebtedness (other than Permitted Indebtedness) pursuant to Section 4.03. 
 In case of any such consolidation, merger, sale or
conveyance and upon the assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of the Guarantee endorsed upon the Securities and the due and punctual performance
of all of the covenants and conditions of this Indenture to be performed by the Subsidiary Guarantor, such successor Person shall succeed to and be substituted for the Subsidiary Guarantor with the same effect as if it had been named herein as a
Subsidiary Guarantor. Such successor Person thereupon may cause to be signed any or all of the Guarantees to be endorsed upon all of the Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the
Trustee. All the Guarantees so issued shall in all respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees
had been issued at the date of the execution hereof. 
 Except as set forth in Articles 4 and 5, and notwithstanding clause (c) above,
nothing contained in this Indenture or in any of the Securities shall prevent any consolidation or merger of a Subsidiary Guarantor with or into the Company or another Subsidiary Guarantor, or shall prevent any sale or conveyance of the property of
a Subsidiary Guarantor as an entirety or substantially as an entirety to the Company or another Subsidiary Guarantor. 
 Section 10.05.
Releases Following Certain Events. In the event of a (i) sale or other disposition of all of the assets of any Subsidiary Guarantor, by way of merger, consolidation or otherwise, or a sale, exchange or transfer to any Person (other than
an Affiliate of the Company) of all of the capital stock of any Subsidiary Guarantor, (ii) the designation of any Subsidiary Guarantor as an Unrestricted Subsidiary or (iii) the defeasance of the Securities in accordance with
Section 8.01, in each case in compliance with the terms of this Indenture, then such Subsidiary Guarantor (in the event of a sale, exchange, transfer or other disposition, by way of merger, consolidation or otherwise, of all of the capital
stock of such Subsidiary Guarantor) or the corporation acquiring the property (in the event of a sale or other disposition of all or substantially all of the assets of such Subsidiary Guarantor) will be released and relieved of any obligations under
its Guarantee and Registration Rights Agreement; provided that, in the case of (i) above, the Net Cash Proceeds of such sale or other disposition are applied in accordance with the applicable provisions of this Indenture, including without
limitation Section 4.11. Upon delivery by the Company to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that such sale or other disposition was made by the Company in accordance with the applicable
provisions of this 

  

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Indenture, including, in the case of a release pursuant to (i) above and Section 4.11, the Trustee shall execute any documents reasonably required
in order to evidence the release of any Subsidiary Guarantor from its obligations under its Guarantee. 
 Section 10.06. Any Subsidiary
Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of principal of the Securities and for the other obligations of any Subsidiary Guarantor under this Indenture as provided in this Article 10.

 ARTICLE XI 
 MISCELLANEOUS

 Section 11.01. Trust Indenture Act of 1939. This Indenture shall incorporate and be governed by the provisions of the TIA that
are required to be part of and to govern indentures qualified under the TIA. 
 Section 11.02. Holder Communications; Holder
Actions. 
 (a) The rights of Holders to communicate with other Holders with respect to this Indenture or the Securities
are as provided by the TIA, and the Company and the Trustee shall comply with the requirements of TIA Sections 312(a) and 312(b). Neither the Company nor the Trustee will be held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the TIA. 
 (b) (1) Any request, demand, authorization, direction, notice, consent to
amendment, supplement or waiver or other action provided by this Indenture to be given or taken by a Holder (an “act”) may be evidenced by an instrument signed by the Holder delivered to the Trustee. The fact and date of the execution of
the instrument, or the authority of the person executing it, may be proved in any manner that the Trustee deems sufficient. 
 (2) The
Trustee may make reasonable rules for action by or at a meeting of Holders, which will be binding on all the Holders. 
 (c)
Any act by the Holder of any Security binds that Holder and every subsequent Holder of a Security that evidences the same debt as the Security of the acting Holder, even if no notation thereof appears on the Security. Subject to paragraph (d), a
Holder may revoke an act as to its Securities, but only if the Trustee receives the notice of revocation before the date the amendment or waiver or other consequence of the act becomes effective. 
 (d) The Company may, but is not obligated to, fix a record date (which need not be within the time limits otherwise prescribed by TIA
Section 316(c)) for the purpose of determining the Holders entitled to act with respect to any amendment or waiver or in any other regard, except that during the continuance of an Event of Default, only the Trustee may set a record date as to
notices of default, any declaration or acceleration or any other remedies or other consequences of the Event of Default. If a record date is fixed, those Persons that were Holders at such record date and only those Persons will be entitled to act,
or to revoke any previous act, whether or not those Persons continue to be Holders after the record date. No act will be valid or effective for more than 90 days after the record date. 
  

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 Section 11.03. Notices. 
 (a) Any notice or communication to the Company will be deemed given if in writing (i) when delivered in person or (ii) five days
after mailing when mailed by first class mail, or (iii) when sent by facsimile transmission, with transmission confirmed. Notices or communications to a Subsidiary Guarantor will be deemed given if given to the Company. Any notice to the
Trustee will be effective only upon receipt. In each case the notice or communication should be addressed as follows: 
 if
to the Company: 
 E*TRADE Financial Corporation 
 135 East 57th Street 
 New York, New York 10022 
 if to the Trustee: 
 The Bank of New York Mellon 
 101 Barclay Street, Floor 8W 
 New York, New York 10286 
 Attn: Corporate Trust Administration 
 Fax: 212-815-5707 
 The Company or the Trustee by notice to the other may designate additional or different
addresses for subsequent notices or communications. 
 (b) Except as otherwise expressly provided with respect to published
notices, any notice or communication to a Holder will be deemed given when mailed to the Holder at its address as it appears on the Register by first class mail or, as to any Global Security registered in the name of DTC or its nominee, as agreed by
the Company, the Trustee and DTC. Copies of any notice or communication to a Holder, if given by the Company, will be mailed to the Trustee at the same time. Defect in mailing a notice or communication to any particular Holder will not affect its
sufficiency with respect to other Holders. 
 (c) Where this Indenture provides for notice, the notice may be waived in
writing by the Person entitled to receive such notice, either before or after the event, and the waiver will be the equivalent of the notice. Waivers of notice by Holders must be filed with the Trustee, but such filing is not a condition precedent
to the validity of any action taken in reliance upon such waivers. 
 Section 11.04. Certificate and Opinion as to Conditions
Precedent. Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company will furnish to the Trustee: 
 (a) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this
Indenture relating to the proposed action have been complied with; and 
 (b) an Opinion of Counsel stating that all such
conditions precedent have been complied with, except that such Opinion of Counsel need not be provided in connection with the issuance of the Securities. 
 Section 11.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 
 (a) a statement that each person signing the certificate or opinion has read the covenant or condition and the related definitions;

  

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 (b) a brief statement as to the nature and scope of the examination or investigation upon
which the statement or opinion contained in the certificate or opinion is based; 
 (c) a statement that, in the opinion of
each such person, that person has made such examination or investigation as is necessary to enable the person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
 (d) a statement as to whether or not, in the opinion of each such person, such condition or covenant has been complied with, provided that
an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials with respect to matters of fact. 
 Section 11.06. Payment Date Other Than a Business Day. If any payment with respect to a payment of any principal of, premium, if any, on any Security (including any payment to be made on any date fixed for purchase of any
Security) is due on a day which is not a Business Day, then the payment need not be made on such date, but may be made on the next Business Day with the same force and effect as if made on such date. 
 Section 11.07. Governing Law. This Indenture, including any Security Guaranties, and the Securities shall be governed by, and construed in
accordance with, the laws of the State of New York. 
 Section 11.08. No Adverse Interpretation of Other Agreements. This
Indenture may not be used to interpret another indenture or loan or debt agreement of the Company or any Subsidiary of the Company, and no such indenture or loan or debt agreement may be used to interpret this Indenture. 
 Section 11.09. Successors. All agreements of the Company or any Subsidiary Guarantor in this Indenture and the Securities will bind its
successors. All agreements of the Trustee in this Indenture will bind its successor. 
 Section 11.10. Duplicate Originals. The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
 Section 11.11. Separability. In case any provision in this Indenture or in the Securities is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will
not in any way be affected or impaired thereby. 
 Section 11.12. Table of Contents and Headings. The Table of Contents,
Cross-Reference Table and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part of this Indenture and in no way modify or restrict any of the terms and
provisions of this Indenture. 
 Section 11.13. No Liability of Directors, Officers, Employees, Incorporators, Members and
Stockholders. No director, officer, employee, incorporator, member or stockholder of the Company or any Subsidiary Guarantor, as such, will have any liability for any obligations of the Company or such Subsidiary Guarantor under the Securities,
any Security Guarantee or this Indenture or for any claim based on, in respect of, or by reason of, such obligations. Each Holder of Securities by accepting a Security waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Securities. 
  

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 Section 11.14. Waiver of Jury Trial. 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 THIS INDENTURE, THE SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY. 
 Section 11.15. Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 ARTICLE XII 
 CONVERSION OF SECURITIES 
 Section 12.01. Conversion Privilege and Conversion Price. 
 (a) General. Upon compliance with the
provisions of this Article, a Holder shall have the right, at such Holder’s option, to convert all or any portion (if the portion to be converted is $1,000 principal amount or a multiple thereof) of such Security at any time prior to the close
of business on the second Scheduled Trading Day immediately preceding the Maturity Date, at a price (the “Conversion Price”) of $1.0340 (subject to adjustment by the Company as provided in Section 12.04) per $1,000 principal
amount of Class A Securities and of $1.5510 (subject to adjustment by the Company as provided in Section 12.04 per $1,000 principal amount of Class B Securities (the “Conversion Obligation”). 
 (b) Limitation on Conversion. Notwithstanding subsection (a) above, the Company shall not effect any conversion of the
Securities or otherwise issue shares of Common Stock pursuant to subsection (a) above, and no Holder of the Securities will be permitted to convert any Securities into Common Stock to the extent that such conversion would cause such Holder
(together with such Holder’s Affiliates) to: 
  

	 	(i)	beneficially own, as defined in Rule 13d-3 of the Exchange Act, in excess of 9.9% of the Common Stock outstanding immediately after giving effect to such conversion (hereinafter
referred to as the “Securities Conversion Blocker”); or 

  

	 	(ii)	hold in excess of 24.9% of the Common Stock outstanding (hereinafter referred to as the “OTS Conversion Blocker”). 

 For purposes of the above subsection (i), the number of shares of Common Stock beneficially owned or held by a Holder and its Affiliates
shall include the number of shares of Common Stock issuable upon conversion of the Securities (and any other securities that are exercisable for, exchangeable for or convertible into Common Stock and held by such Holder and its Affiliates) with
respect to which a conversion notice has been given, but shall exclude the number of shares of Common Stock which would be issuable upon (I) conversion of the remaining, unconverted portion of the Securities beneficially owned by such Holder or
any of its Affiliates, and (II) exercise, exchange or conversion of the unexercised, unexchanged or 

  

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unconverted portion of any other securities of the Company beneficially owned by such Holder or any of its Affiliates that are subject to a limitation on
conversion or exercise analogous to the limitation contained herein. Except as set forth in the preceding sentence, for purposes of this Section 12.01, beneficial ownership shall be calculated in accordance with Section 13(d) of the
Exchange Act of 1934. 
 For purposes of the above subsections (i) and (ii), in determining the number of outstanding
shares of Common Stock, the Holder may rely on the number of outstanding shares of Common Stock as reflected in the most recent of (x) the Company’s most recent Form 10-K, Form 10-Q or Form 8-K, as the case may be, (y) a public
announcement by the Company or (z) notice by the Company or the transfer agent for the Common Stock setting forth the number of shares of Common Stock outstanding. Upon the written request of the Holder, the Company shall within one
(1) Business Day confirm in writing to any Holder the number of shares of Common Stock then outstanding. 
 Notwithstanding the limitations in (i) and (ii) of this subsection (b), by written notice to the Company, a Holder may increase or decrease the Securities Conversion Blocker to any other percentage specified in such notice and/or
waive the OTS Blocker, in each case, provided that (1) any such change will not be effective until the later to occur of: (A) the one-year anniversary of such notice having been given by such Holder to the Company and
(B) receipt of all approvals, if any, of the Appropriate Federal Banking Agency, and other regulatory authorities required in connection with any such waiver by such Holder; and (2) any such change will apply only to the Holder that gave
notice (and its Affiliates) and not to any other Holder of the Securities. 
 (c) Limitation on Transfer by Citadel.
Citadel will not transfer Securities to the extent all Securities held by Citadel, on an as converted basis as a percentage of the Common Stock, combined with the Common Stock held by Citadel would, in the aggregate, exceed 24.9% of the
Company’s “voting stock” (as such percentage is calculated under the OTS’ Acquisition of Control Regulations (12 C.F.R. Part 574). Notwithstanding subsection (a) or (b) above or any other provision of this Indenture,
there will be no transfer limitations applicable to Citadel with respect to its Securities that are transferred in: 
  

	 	(i)	widely dispersed public offerings; 

  

	 	(ii)	private sales in which no transferee (or group of transferees acting in concert) would acquire more than 2% of the Company’s Common Stock on a fully diluted basis; provided,
for the avoidance of doubt, Securities may not be sold in a private sale to the extent such sale would cause the transferee to purchase from Citadel, in aggregate, in excess of 24.9% of Common Stock and Securities (on an as-converted basis as a
percentage of Common Stock assuming conversion of Securities only by the transferee); 

  

	 	(iii)	transfers or sales to the Company or Affiliates of the Company; 

  

	 	(iv)	transfers or sales to an unaffiliated third party acquiring a majority of the Company’s Common Stock or merging with the Company; or 

  

	 	(v)	transfers to Affiliates of Citadel (which Affiliates will continue to be bound by the restrictions set forth in this Section 12.01). 

  

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 In the event that Citadel sells Common Stock and thereafter converts Securities, then such converted
shares of Common Stock shall be subject to the transfer restrictions set forth in this Section 12.01 as if such shares were Securities for a period of six months. 
 Upon the effectiveness of any waiver of the OTS Conversion Blocker, the transfer restrictions in this Section 12.01(c) shall terminate. 
 For purposes of this section, “acting in concert” and “voting stock” have the meanings set forth in 12 C.F.R. §574.2.

 Section 12.02. Exercise of Conversion Privilege. 
 (a) Subject to subsection (b) below, the Company shall satisfy the Conversion Obligation with respect to each $1,000 principal amount
of Securities tendered for conversion in shares of fully paid Common Stock by delivering (i) for any conversion prior to August 26, 2019, on the third Business Day following the relevant Conversion Date or (ii) for any conversion on
or after August 26, 2019, on the Maturity Date, in each case, a number of shares of Common Stock equal to 1) the aggregate principal amount of Securities to be converted divided by 2) the Conversion Price in effect on the relevant Conversion
Date; provided further that the Company will deliver cash in lieu of fractional shares of Common Stock as provided in Section 12.03. 
 (b) Before any Holder of a Securities shall be entitled to convert the same as set forth above, such Holder shall 1) in the case of a Global Securities, comply with the procedures of the Depositary in effect at that
time and, if required, pay all taxes or duties, if any, and 2) in the case of a Security issued in certificated form, (a) complete and manually sign and deliver an irrevocable written notice to the Conversion Agent in the form set forth in
Exhibit A (or a facsimile thereof) (a “Notice of Conversion”) at the office of the Conversion Agent and shall state in writing therein the principal amount of Securities to be converted and the name or names (with addresses) in which such
Holder wishes the certificate or certificates for any shares of Common Stock, if any, to be delivered upon settlement of the Conversion Obligation to be registered, (b) surrender such Securities, duly endorsed to the Company or in blank (and
accompanied by appropriate endorsement and transfer documents), at the office of the Conversion Agent, (c) if required, pay all transfer or similar taxes or duties and (d) if required, furnish appropriate endorsements and transfer
document. A Security shall be deemed to have been converted immediately prior to the close of business on the date (the “Conversion Date”) that the Holder has complied with the requirements set forth in this subsection (b). 
 No Notice of Conversion with respect to any Securities may be tendered by a Holder thereof if such Holder has also tendered a Fundamental
Change Repurchase Notice and not validly withdrawn such Fundamental Change Repurchase Notice in accordance with the applicable provisions of Section 11.01. 
 If more than one Security shall be surrendered for conversion at one time by the same Holder, the Conversion Obligation with respect to
such Securities, if any, that shall be payable upon conversion shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted thereby) so surrendered. 
 (c) Delivery of the amounts owing in satisfaction of the Conversion Obligation shall be made by the Company in no event later than the
date specified in subsections (a) or (b), as applicable, of this Section 12.02. The Company shall make such delivery by paying the cash amount owed, if any, to the Holder of the Security surrendered for conversion, or such Holder’s

  

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nominee or nominees, and/or by issuing, or causing to be issued, and delivering to such Holder, or such Holder’s nominee or nominees, certificates or a
book-entry transfer through the Depositary for the number of full shares of Common Stock, if any, to which such Holder shall be entitled as part of such Conversion Obligation (together with any cash in lieu of fractional shares). 
 (d) In case any Security shall be surrendered for partial conversion, the Company shall execute and the Trustee shall, as provided in a
Company Order, authenticate and deliver to or upon the written order of the Holder of the Security so surrendered, without charge to such Holder, a new Security or Securities in authorized denominations in an aggregate principal amount equal to the
unconverted portion of the surrendered Securities. 
 (e) If a Holder submits a Security for conversion, the Company shall pay
all stamp and other duties, if any, which may be imposed by the United States or any political subdivision thereof or taxing authority thereof or therein with respect to the issuance of shares of Common Stock, if any, upon the conversion. However,
the Holder shall pay any such tax which is due because the Holder requests any shares of Common Stock to be issued in a name other than the Holder’s name. The Company may refuse to deliver the certificates representing the shares of Common
Stock being issued in a name other than the Holder’s name until the Company receives a sum sufficient to pay any tax which will be due because the shares are to be issued in a name other than the Holder’s name. Nothing herein shall
preclude any tax withholding required by law or regulations. 
 (f) Except as provided in Section 12.04, no adjustment
shall be made for dividends on any shares issued upon the conversion of any Security as provided in this Article. 
 (g) Upon
the conversion of an interest in a Global Security, the Trustee, or the custodian at the direction of the Trustee, shall make a notation on such Global Security as to the reduction in the principal amount represented thereby. The Company shall
notify the Trustee in writing of any conversion of Securities effected through any Conversion Agent other than the Trustee. 
 Section 12.03. Fractions of Shares. 
 No fractional shares of Common Stock shall be issued upon
conversion of any Security or Securities. If more than one Security shall be surrendered for conversion at one time by the same Holder, the number of full shares which shall be issuable upon conversion thereof shall be computed on the basis of the
aggregate principal amount of the Securities (or specified portions thereof) so surrendered. Instead of any fractional share of Common Stock that would otherwise be issuable upon conversion of any Security or Securities (or specified portions
thereof), the Company shall calculate and pay a cash adjustment in respect of such fraction (calculated to the nearest  1/100th of a share) based on the Last Reported Sale Price of the Common Stock on the Conversion Date or if the Conversion Date is not on a Trading Day, the next following
Trading Day. 
 Section 12.04. Adjustment of Conversion Price. 
 The Conversion Price shall be adjusted from time to time by the Company as follows; provided that the Company shall not make any adjustments to the
Conversion Price if Holders (as a result of holding the Securities, and at the same time as common stockholders participate) in any of the transactions described below as if such Holders held a number of shares of Common Stock equal to the, the
principal amount of Securities held by such Holders divided by the then-applicable Conversion Price, without having to convert their Securities: 
 (a) In case the Company shall issue shares of Common Stock as a dividend or distribution on shares of the Common Stock, or the Company shall effect a share split or share combination, the Conversion Price shall be
multiplied by the following fraction: 
 OS0/OS' 
  

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 where, 
 OS0 = the number of shares of Common Stock that will be outstanding immediately prior to the close of business on the record date for such
dividend or distribution as of the effective date of such share split or combination, as the case may be; and 
 OS' =
the number of shares of Common Stock outstanding as of the record date for such dividend or distribution and immediately after giving effect to such dividend or distribution or immediately after the effective date of such share split or combination,
as the case may be. 
 Any adjustment made pursuant to this subsection (a) shall become effective on the date that is
immediately after (x) the record date for such dividend or other distribution, or (y) the date on which such split or combination becomes effective, as applicable. If any dividend or distribution of the type described in this
Section 12.04(a) is declared but not paid or made, the Conversion Price shall be readjusted, effective as of the date the Board of Directors determines not to pay such dividend or distribution, or split or combine the outstanding shares of
Common Stock, as the case may be, to the Conversion Price that would then be in effect if such dividend, distribution had not been declared. 
 (b) In case the Company shall distribute to all or substantially all holders of Common Stock any rights or warrants (other than, as described below, rights distributed pursuant to a shareholder rights plan) entitling
them for a period of not more than 45 days after the date of such distribution to subscribe for or purchase shares of Common Stock at a price per share less than the average of Last Reported Sale Prices of the Common Stock on the ten Trading Days
immediately preceding the time of announcement of such distribution, the Conversion Price shall be multiplied by the following fraction: 
 (OS0 + Y) / (OS0 + X) 
 where, 
 OS0 = the number of shares of Common Stock outstanding immediately prior to the close of business on the record date for such distribution;

 X = the total number of shares of Common Stock issuable pursuant to such rights or warrants; and 
 Y = the number of shares of Common Stock equal to the aggregate price payable to exercise such rights or warrants divided by the average
of the Last Reported Sale Prices of the Common Stock over the 10 consecutive Trading Day period ending on the Trading Day immediately preceding the date of public announcement for the issuance of such rights or warrants. 
  

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 For purposes of this subsection (b), in determining whether any rights or warrants
entitle the holders to subscribe for or purchase shares of Common Stock at less than such average of the Last Reported Sale Prices of the Common Stock, and in determining the aggregate exercise or conversion price of such shares of Common Stock,
there shall be taken into account any consideration received by the Company for such rights or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of
Directors. If any right or warrant described in this paragraph (b) is not exercised or converted prior to the expiration of the exercisability or convertibility thereof, the new Conversion Price shall be readjusted to the Conversion Price that
would have been in effect if our right or warrant had not been issued. 
 (c) In case the Company shall distribute shares of
any class of Capital Stock of the Company, evidences of its indebtedness or other assets or property of the Company to all or substantially all holders of Common Stock (but excluding dividends or distributions referred to in subsection (a) or
(b) of this Section 12.04, dividends or distributions paid exclusively in cash referred to in subsection (d) of this Section 12.04, and distributions described below in this subsection (c) with respect to Spin-Offs) (any of
such shares of Capital Stock, indebtedness, or other asset or property hereinafter in this subsection (c) called the “Distributed Property”), then, in each such case the Conversion Price shall be multiplied by the following fraction:

 (SP0 – FMV) / SP0
 
 where, 
 SP0 = the average of the Last Reported Sale Prices of Common Stock over the 10 consecutive Trading Day period ending on the Trading Day
immediately preceding the Ex-Date for such distribution; and 
 FMV = the fair market value of the shares of Capital Stock,
evidences of indebtedness, assets or property distributed with respect to each outstanding share of Common Stock on the Ex-Dividend Date for such distribution, as determined by the Board of Directors. 
 With respect to an adjustment pursuant to this subsection (c) where there has been a payment of a dividend or other distribution to
the holders of the Common Stock in shares of Capital Stock of any class or series, or similar equity interest, of or relating to a Subsidiary or other Company business unit (a “Spin-Off”), the Conversion Price in effect immediately before
5:00 p.m., New York City time, on the 10th Trading Day immediately following, and including, the effective date of the Spin-Off shall be multiplied by the following fraction: 
 MP0 / (FMV0 + MP0) 
 where,

 FMV0 = the average of the Last Reported Sale Prices of the Capital Stock or similar equity interest distributed to holders of Common Stock
applicable to one share of Common Stock over the first 10 consecutive Trading Day period immediately following the effective date of the Spin-Off; and 
  

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 MP0 = the average of the Last Reported Sale Prices of the Common Stock over the first 10 consecutive Trading Day period immediately
following the effective date of the Spin-Off. 
 Such adjustment shall occur on the 10th Trading Day from the effective date
of the Spin-Off; provided that in respect of any conversion within the 10 Trading Days immediately following, and including, the effective date of any Spin-Off, references in this subsection (c) with respect to the Spin-Off to 10 Trading Days
shall be deemed replaced with such lesser number of Trading Days as have elapsed between the effective date of such Spin-Off and the Conversion Date in determining the applicable Conversion Price. 
 If any such dividend or distribution described in this subsection (c) is declared but not paid or made, the Conversion Price shall be
readjusted to be the Conversion Price that would then be in effect if such dividend or distribution had not been declared. 
 (d) In case the Company shall pay any cash dividends or distributions to all or substantially all holders of its Common Stock, the Conversion Price shall be multiplied by the following fraction: 
 (SP0 – C) / SP0 
 where, 
 SP0 = the Last Reported Sale Price of the Common Stock on the Trading Day
immediately preceding the Ex-Date for such distribution; 
 C = the amount in cash per share the Company distributes to
holders of Common Stock in such distribution. 
 Such adjustment shall become effective immediately after the opening of
business on the record date for such dividend or distribution. If any such dividend or distribution is not so paid or made, the Conversion Price shall again be adjusted to be the Conversion Price that would then be in effect if such dividend or
distribution had not been declared. 
 (e) In case the Company or any of its Subsidiaries make a payment in respect of a
tender offer or exchange offer for Common Stock, to the extent that the cash and value of any other consideration included in the payment per share of Common Stock exceeds the Last Reported Sale Price of the Common Stock on the Trading Day next
succeeding the last date on which tenders or exchanges may be made pursuant to such tender or exchange offer (as it may be amended), the Conversion Price shall be multiplied by the following fraction: 
 (OS0 x SP') / (AC + (SP' x OS')) 
 where, 
 AC = the aggregate value of all cash and any other consideration as determined by the Board of Directors paid or payable for shares
purchased in such tender or exchange offer; 
 OS0 = the number of shares of Common Stock outstanding immediately prior to the date such tender or exchange offer expires; 
  

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 OS' = the number of shares of Common Stock outstanding immediately after the date
such tender or exchange offer expires (after giving effect to such tender offer or exchange offer); and 
 SP' = the Last
Reported Sale Price of Common Stock on the Trading Day next succeeding the date such tender or exchange offer expires. 
 Such
adjustment shall become effective immediately after close of business on the Trading Day next succeeding the date such tender or exchange offer expires. 
 (f) No adjustment to the Conversion Price shall be made if the application of any of the formulas set forth in this Section 12.04 (other than in connection with a share combination) would result in an increase in
the Conversion Price. 
 For purposes of this Section 12.04 the term “Record Date” shall mean, with respect to
any dividend, distribution or other transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged for or converted
into any combination of cash, securities or other property, the date fixed for determination of shareholders entitled to receive such cash, securities or other property (whether such date is fixed by the Board of Directors or by statute, contract or
otherwise). 
 In addition to any increases to the Conversion Price required by subsections (a), (b), (c), (d), and
(e) of this Section 12.04, and to the extent permitted by applicable law and the rules of the Nasdaq Global Select Stock Market or any other securities exchange on which the Common Stock is then listed, the Company from time to time may
decrease the Conversion Price by any amount for a period of at least 20 calendar days if the Board of Directors determines that such increase would be in the Company’s best interest. Whenever the Conversion Price is decreased pursuant to the
preceding sentence, the Company shall mail to the Holder of each Security at his last address appearing on the register and the Trustee a notice of the increase at least 15 calendar days prior to the date the decreased Conversion Price takes effect,
and such notice shall state the decreased Conversion Price and the period during which it will be in effect. In addition, the Company may also (but is not required to) decrease the Conversion Price to avoid or diminish any income tax to holders of
Common Stock or rights to purchase Common Stock in connection with any dividend or distribution of shares (or rights to acquire shares) or similar event. 
 (g) Without limiting the foregoing, no adjustment to the Conversion Price will be made: 
  

	 	(i)	upon the issuance of any shares of Common Stock pursuant to any plan providing for the reinvestment of dividends or interest payable on securities of the Company and the investment
of additional optional amounts in shares of Common Stock under any plan; 

  

	 	(ii)	upon the issuance of any shares of Common Stock or options or rights to purchase or acquire shares of Common Stock pursuant to any present or future employee, director or consultant
benefit plan or program of or assumed by the Company or any of its Subsidiaries; 

  

	 	(iii)	upon the issuance of any shares of Common Stock pursuant to any option, warrant, right, or exercisable, exchangeable or convertible security not described in clause (ii) above
and outstanding prior to the date of this Indenture; or 

  

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	 	(iv)	for a change in the par value of the Common Stock. 

 (h) All calculations and other determinations under this Article shall be made by the Company and shall be made to the nearest cent or to the nearest one-ten thousandth ( 1/10,000) of a share, as the case may be. 
 (i) For purposes of this Section 12.04, the number of shares of Common Stock at any time outstanding shall not include shares held in
the treasury of the Company but shall include shares issuable in respect of scrip certificates issued in lieu of fractions of shares of Common Stock. 
 (j) With respect to a conversion of Securities pursuant to this Article, at and after the close of business on the Conversion Date (each such day the “Relevant Date”), the Person in whose name any
certificate representing any shares of Common Stock issuable upon such conversion is registered shall be treated as a stockholder of record of the Company on such Relevant Date. On and after the Conversion Date with respect to a conversion of
Securities pursuant hereto, all rights of the Holders of such Securities shall terminate, other than the right to receive the consideration deliverable upon conversion of such Securities as provided herein. A Holder of a Security is not entitled, as
such, to any rights of a holder of Common Stock until, if such Holder converts such Security and is entitled pursuant hereto to receive shares of Common Stock in respect of such conversion, the close of business on the Relevant Date or respective
Relevant Dates, as the case may be, with respect to such conversion. 
 (k) Notwithstanding the foregoing, no adjustment to
the Conversion Price will be required unless the adjustment would require an increase or decrease of at least 1% of the Conversion Price. However, the Company will carry forward any adjustments that are less than 1% of the Conversion Price that the
Company elects not to make and take them into account upon the earlier of (i) any conversion of Securities, regardless of whether the aggregate adjustment is less than 1% upon any Conversion Date and (ii) such time as all adjustments that
have not been made prior thereto would have the effect of adjusting the Conversion Price by at least 1%. 
 Section 12.05. Notice of
Adjustments of Conversion Price. 
 Whenever the Conversion Price is adjusted as herein provided: 
 (a) the Company shall compute the adjusted Conversion Price in accordance with Section 12.04 and shall prepare a certificate signed
by the Chief Financial Officer of the Company setting forth the adjusted Conversion Price and showing in reasonable detail the facts upon which such adjustment is based, and such certificate shall promptly be filed with the Trustee and with each
Conversion Agent (if other than the Trustee); and 
 (b) upon each such adjustment, a notice stating that the Conversion Price
has been adjusted and setting forth the adjusted Conversion Price shall be required, such notice shall be provided by the Company to all Holders in accordance with Section 11.03. 
 Neither the Trustee nor any Conversion Agent shall be under any duty or responsibility with respect to any such certificate or the
information and calculations contained therein, except to exhibit the same to any Holder of Securities desiring inspection thereof at its office during normal business hours. 
  

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 Section 12.06. Company to Reserve Common Stock. 
 The Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, for the purpose
of effecting the conversion of Securities, the full number of shares of Common Stock then issuable upon the conversion of all Outstanding Securities. 
 Section 12.07. Taxes on Conversions. 
 Except as provided in the next sentence, the Company shall
pay all documentary, stamp or similar issue or transfer tax due that may be payable in respect of the issue or delivery of shares of Common Stock on conversion of Securities pursuant hereto. The Company shall not, however, be required to pay any tax
or duty that may be payable in respect of (i) income of the Holder, or (ii) any transfer involved in the issue and delivery of shares of Common Stock in a name other than that of the Holder of the Security or Securities to be converted,
and no such issue or delivery shall be made unless and until the Person requesting such issue has paid to the Company the amount of any such tax or duty, or has established to the satisfaction of the Company that such tax or duty has been paid.

 Section 12.08. Certain Covenants. 
 Before taking any action which would cause an adjustment reducing the Conversion Price below the then par value, if any, of the shares of Common Stock issuable upon conversion of the Securities, the Company shall take
all corporate action which it reasonably determines may be necessary in order that the Company may validly and legally issue shares of such Common Stock at such adjusted Conversion Price. 
 The Company covenants that all shares of Common Stock issued upon conversion of Securities shall be fully paid and non-assessable by the Company and free
from all taxes, liens and charges with respect to the issue thereof. 
 The Company further covenants that if at any time the Common Stock
shall be listed for trading on any other national securities exchange the Company shall, if permitted and required by the rules of such exchange, list and keep listed, so long as the Common Stock shall be so listed on such exchange, all Common Stock
issuable upon conversion of the Securities. 
 Section 12.09. Cancellation of Converted Securities. 
 All Securities surrendered for the purpose of payment, repurchase, conversion or registration of transfer, shall, if surrendered to the Company or any
Paying Agent or any Security Registrar, be surrendered to the Trustee and promptly canceled by it, or, if surrendered to the Trustee, shall be promptly canceled by it, and no Securities shall be issued in lieu thereof except as expressly permitted
by any of the provisions of this Indenture. The Trustee shall dispose of canceled Securities in accordance with its customary procedures and shall upon request promptly provide copies of all cancelled certificates to the Company. If the Company
shall acquire any of the Securities, such acquisition shall not operate as satisfaction of the debt represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 
  

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 Section 12.10. Provision in Case of Effect of Reclassification, Consolidation, Merger or
Sale. 
 In the event of (i) any reclassification or change of the outstanding shares of Common Stock (other than a change in par
value, or from par value to no par value, or from no par value to par value, or as a result of a split, subdivision or combination), (ii) any consolidation, binding share exchange, recapitalization, reclassification, merger, acquisition,
combination or other similar event of the Company with another Person or (iii) any sale, transfer or conveyance of all or substantially all of the property and assets of the Company to any other Person, in each case as a result of which holders
of Common Stock shall be entitled to receive cash, securities or other property or assets with respect to or in exchange for such Common Stock (any such event described in clauses (i) through (iii) a “Merger Event”), then:

 (a) the Company or the successor or purchasing Person, as the case may be, shall execute with the Trustee a supplemental
indenture (which shall comply with the Trust Indenture Act as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) permitted under Section 9.01 providing for the
conversion and settlement of the Securities as set forth in this Indenture. Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article and the
Trustee may conclusively rely on the determination by the Company of the equivalency of such adjustments. If, in the case of any Merger Event, the Reference Property includes shares of stock or other securities and assets of a company other than the
successor or purchasing company, as the case may be, in such change of control, consolidation, binding share exchange, recapitalization, reclassification, merger, acquisition, combination, sale, transfer or conveyance, then such supplemental
indenture shall also be executed by such other company and shall contain such additional provisions to protect the interests of the Holders of the Securities as the Board of Directors shall reasonably consider necessary by reason of the foregoing.

 In the event a supplemental indenture is executed pursuant to this Section 12.10, the Company shall promptly file with
the Trustee an Officers’ Certificate briefly stating the reasons therefore, the kind or amount of cash, securities or property or assets that will constitute the Reference Property after any such Merger Event, any adjustment to be made with
respect thereto and that all conditions precedent have been complied with, and shall promptly mail notice thereof to all Holders. 
 If any securities to be provided for the purpose of conversion of Securities hereunder require registration with or approval of any governmental authority under any federal or state law before such securities may be validly issued upon
conversion, each supplemental indenture executed pursuant to this Section shall provide that the Company or the successor or the purchasing Person, as the case may be, or if the Reference Property includes shares of stock or other securities and
assets of a company other than the successor or purchasing company, as the case may be, then such company, shall use all commercially reasonable efforts, to the extent then permitted by the rules and interpretations of the SEC (or any successor
thereto), to secure such registration or approval in connection with the conversion of Securities. 
 (b) Notwithstanding the
provisions of Section 12.02(a) to (b), and subject to the provisions of Section 12.01 at the effective time of such Merger Event, a Holder will be entitled thereafter to elect to convert each $1,000 principal amount of Securities into the
same type of consideration that a holder of a number of shares of Common Stock equal to the quotient of $1,000 and the applicable Conversion Price in effect immediately prior to such transaction (the “Reference Property”). For purposes of
the foregoing, the type and amount of consideration that a Holder would have been entitled to receive if the Holder had held Common Stock in the case of any such transaction that causes the Company’s Common Stock to be converted into the right
to receive more than a single type of consideration (determined based in part upon any form of 

  

 -82- 

 
stockholder election) will be deemed to be the weighted average of the types and amounts of consideration received by the Holders of the Company’s
Common Stock that affirmatively make such an election. 
 (c) The Company shall cause notice of the execution of a
supplemental indenture required by this Section 12.10 to be mailed to each Holder, at his address appearing on the register, or by such other means reasonably acceptable to such Holder, within 20 calendar days after execution thereof. Failure
to deliver such notice shall not affect the legality or validity of such supplemental indenture. 
 (d) The above provisions
of this Section shall similarly apply to successive Merger Events. 
 Section 12.11. Responsibility of Trustee for Conversion
Provisions. 
 The Trustee and any Conversion Agent shall not at any time be under any duty or responsibility to any Holder of Securities
to determine whether any facts exist which may require any adjustment of the Conversion Price, or with respect to the nature or extent of any such adjustment when made, or with respect to the method employed, herein or in any supplemental indenture
provided to be employed, in making the same, or whether a supplemental indenture need be entered into. Neither the Trustee nor any Conversion Agent shall be accountable with respect to the validity or value (or the kind or amount) of any Common
Stock, or of any other securities or property or cash, which may at any time be issued or delivered upon the conversion of any Securities; and it or they do not make any representation with respect thereto. Neither the Trustee nor any Conversion
Agent shall be responsible for any failure of the Company to make or calculate any cash payment or to issue, transfer or deliver any shares of Common Stock or share certificates or other securities or property or cash upon the surrender of any
Security for the purpose of conversion; and the Trustee and any Conversion Agent shall not be responsible for any failure of the Company to comply with any of the covenants of the Company contained in this Article. 
 Section 12.12. Right to Set-off Withholding Taxes. 
 The Company may, at its option, set-off withholding taxes due with respect to Securities against delivery of Common Stock on the Securities. In the case of any such set-off against Common Stock delivered upon
conversion of the Securities, such Common Stock shall be valued based on the arithmetic average of the Last Reported Sale Price of the Common Stock in the 5 Trading Days immediately preceding the conversion. 
 Section 12.13. Treatment of Rights. To the extent that the Company has a rights plan in effect, each share of Common Stock issued upon
conversion of a Security pursuant to this Article 12 shall be entitled to receive, in addition to any of the Company’s Common Stock and in lieu of any adjustment to the conversion price, the appropriate number of rights, if any, and the
certificates representing the Common Stock issued upon such conversion shall bear such legends, if any, in each case as may be provided by the terms of any shareholder rights plan adopted by the Company, as the same may be amended from time to time.
Notwithstanding the foregoing, if prior to the conversion, the rights have separated from the Company’s Common Stock, the applicable conversion price will be adjusted at the time of separation as if the Company distributed to all holders of the
Company’s Common Stock, shares of the Company’s capital stock, evidences of indebtedness or assets as described in Section 12.04 above, subject to readjustment in the event of the expiration, termination or redemption of such rights.

  

 -83- 

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

			
	E*TRADE FINANCIAL CORPORATION
		
	By:	 	 /s/ Bruce P. Nolop

	Name:	 	Bruce P. Nolop
	Title:	 	Chief Financial Officer

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 /s/ Rafael E. Miranda

	Name:	 	Rafael E. Miranda
	Title:	 	Vice President

 EXHIBIT A 
 [INCLUDE IF SECURITY IS A RESTRICTED SECURITY—THE SECURITIES EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY STATE OR OTHER SECURITIES LAWS. NEITHER
THIS SECURITY NOR ANY BENEFICIAL INTEREST HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS THE TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 
 [FACE OF NOTE] 
 E*TRADE FINANCIAL CORPORATION 
 Class [—] Senior
Convertible Debenture due 2019 
 CUSIP No. [            ] 
 $[            ] 
 E*TRADE Financial Corporation, a Delaware corporation (the “Company”, which term includes any successor under the Indenture hereinafter referred to), for value received, promises to pay to
            , or its registered assigns, the principal sum [of [            ] DOLLARS
($[            ])] [IF THIS DEBENTURE IS A GLOBAL SECURITY, THEN INSERT—set forth on the Principal Schedule attached hereto] on August 31, 2019. 
 Payment of the principal of this Security will be made at the office or agency of the Company maintained for that purpose, which shall initially be the
principal corporate trust office of The Bank of New York Mellon in New York, New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 
 Reference is hereby made to the further provisions of this Security set forth on the reverse hereof, which will for all purposes have the same effect as
if set forth at this place. 
  

 A-1 

 IN WITNESS WHEREOF, the Company has caused this Security to be signed manually or by facsimile by its
duly authorized officers. 
  

									
	Date:	 	  
	 		 	E*TRADE FINANCIAL CORPORATION
					
		 		 		 	By:	 	  

		 		 		 	Name:	 	
		 		 		 	Title:	 	

  

 A-2 

 (Form of Trustee’s Certificate of Authentication) 
 This is one of the Class [—] Senior Convertible Debenture due 2019 described in the Indenture referred to in this Security.

  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	Authorized Signatory

  

 A-3 

 [REVERSE SIDE OF NOTE] 
 E*TRADE FINANCIAL CORPORATION 
 Class [—] Senior Convertible Debenture
due 2019 
 1. Principal. The Company promises to pay the principal of this Security on August 31, 2019. In any case where the
due date for the payment of the principal of any Security or the last day on which a Holder of a Security has a right to convert his Security shall be, at any Place of Payment or Place of Conversion, as the case may be, a day on which banking
institutions at such Place of Payment or Place of Conversion are authorized or obligated by law or executive order to close, then payment of principal or delivery for conversion of such Security need not be made on or by such date at such place but
may be made on or by the next succeeding day at such place which is not a day on which banking institutions are authorized or obligated by law, regulation or executive order to close, with the same force and effect as if made on the date for such
payment or the date fixed for redemption or repurchase, or by such last day for conversion. 
 2. Indenture. (a) This Security is
one of a duly authorized issue of Securities of the Company designated as its Class [—] Senior Convertible Debentures due 2019 (herein called the “Securities”) issued under an Indenture dated as of
August 25, 2009 (as amended from time to time, the “Indenture”), between the Company and The Bank of New York Mellon, as Trustee. Capitalized terms used herein are used as defined in the Indenture unless otherwise indicated. The terms
of the Securities include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act. The Securities are subject to all such terms, and Holders are referred to the Indenture and the Trust Indenture Act
for a statement of all such terms. To the extent permitted by applicable law, in the event of any inconsistency between the terms of this Security and the terms of the Indenture, the terms of the Indenture will control. 
 (b) The Securities are general unsecured obligations of the Company. The Indenture provides for the issuance of an unlimited aggregate principal amount
of the Securities. 
 3. Redemption, Repurchase; Discharge Prior to Redemption or Maturity. This Security is not subject to redemption
at the option of the Company and may be the subject of an Offer to Purchase following an Asset Sale, as further described in the Indenture. There is no sinking fund applicable to this Note. 
 If the Company deposits with the Trustee money or U.S. Government Obligations sufficient to pay the then outstanding principal of, premium, if any, on
the Securities to maturity, the Company may in certain circumstances be discharged from certain of its obligations under certain provisions of the Indenture, not including the obligation to issue Common Stock upon conversion, which will remain in
effect. 
 4. Fundamental Changes. Subject to the provisions of the Indenture, upon the occurrence of a Fundamental Change, the Holder
has the right, at such Holder’s option, to require the Company to repurchase all of such Holder’s Securities or any portion thereof (in principal amounts of $1,000 or a multiple thereof) on the Fundamental Change Repurchase Date at a price
equal to 101% of the principal amount of the Securities such Holder elects to require the Company to repurchase. Within 30 days of the occurrence of a Fundamental Change, the Company or, at the written request of the Company, the Trustee shall mail
to all Holders of record of the Securities a notice of the occurrence of a Fundamental Change and of the repurchase right arising as a result thereof after the occurrence of any Fundamental Change. 
  

 A-4 

 5. Registered Form; Denominations; Transfer; Exchange. The Securities are in registered form
without coupons in denominations of $1,000 principal amount and any multiple of $1,000 in excess thereof. A Holder may register the transfer or exchange of Securities in accordance with the Indenture. The Trustee may require a Holder to furnish
appropriate endorsements and transfer documents and to pay any taxes and fees required by law or permitted by the Indenture. Pursuant to the Indenture, there are certain periods during which the Trustee will not be required to issue, register the
transfer of or exchange any Security or certain portions of a Security. 
 As provided in the Indenture and subject to certain limitations
therein set forth, the transfer of this Security is registrable 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 this Security is
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 authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 
 Prior to due presentment of this Security for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Security is registered as the owner
hereof for all purposes, whether or not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
 6. Conversion. Subject to and upon compliance with the provisions of the Indenture, the Holder of this Security is entitled,
at his option, at any time prior to the close of business on the second Scheduled Trading Day immediately preceding the Maturity Date, to convert this Security (or any portion of the principal amount hereof which is $1,000 or a multiple thereof), at
the principal amount hereof, or of such portion, into a number of fully paid and non-assessable shares (calculated as to each conversion to the nearest  1
/100 of a share) of Common Stock of the Company equal to the quotient obtained by dividing (i) the principal amount to be converted by (ii) the
Conversion Price specified in the Indenture, by surrender of this Security together with a Notice of Conversion, a form of which is set forth in Section 2.05, as provided in the Indenture and this debenture, duly endorsed or assigned to the
Company or in blank, to the Company at its office or agency, which shall be initially the principal corporate trust office of The Bank of New York Mellon in New York, New York, and, unless the shares of Common Stock issuable on conversion are to be
issued in the same name as this debenture, duly endorsed by, or accompanied by instruments of transfer in form satisfactory to the Company or its agent duly executed by, the Holder or by his duly authorized attorney, or if less than the entire
principal amount hereof is to be converted, the portion hereof to be converted. Subject to the aforesaid requirement for payment, no payment or adjustment is to be made on conversion for dividends on the Common Stock issued on conversion. No
fractions of shares or scrip representing fractions of shares will be issued on conversion, but instead of any fractional interest the Company shall pay a cash adjustment as provided in the Indenture. The Conversion Price is subject to adjustment as
provided in the Indenture. In addition, the Indenture provides that in case of certain consolidations or mergers to which the Company is a party or the transfer of substantially all of the assets of the Company, the Indenture shall be amended,
without the consent of any Holders of Securities, so that this Security, if then outstanding, will be convertible thereafter, during the period this Security shall be convertible as specified above, into the same type of consideration that a holder
of a number of shares of Common Stock equal to the number of shares of Common Stock obtained by dividing the aggregate principal amount of this Security by the Conversion Price immediately prior to such transaction would have owned or been entitled
to receive. In the event of conversion of this Security in part only, a new Security or Securities for the unconverted portion hereof will be issued in the name of the Holder hereof upon the cancellation hereof. 
  

 A-5 

 7. Defaults and Remedies. If an Event of Default, as defined in the Indenture, occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the Securities may declare all the Securities to be due and payable. If a bankruptcy or insolvency default with respect to the Company occurs and is continuing, the
Securities automatically become due and payable. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities.
Subject to certain limitations, Holders of a majority in principal amount of the Securities then outstanding may direct the Trustee in its exercise of remedies. 
 8. Amendment and Waiver. Subject to certain exceptions, the Indenture and the Notes may be amended, or default may be waived, with the consent of the Holders of a majority in aggregate principal amount of the
outstanding Notes. Without notice to or the consent of any Holder, the Company and the Trustee may amend or supplement the Indenture or the Notes to, among other things, cure any ambiguity, defect or inconsistency or make any change that in the good
faith opinion of the Board of Directors does not materially and adversely affect the rights of any Holder. 
 9. Authentication. This
Note is not valid until the Trustee (or Authenticating Agent) signs the certificate of authentication on the other side of this Note. 
 10.
Governing Law. This Note shall be governed by, and construed in accordance with, the laws of the State of New York. 
 11.
Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in
common), CUST (= Custodian) and U/G/M/A/ (= Uniform Gifts to Minors Act). 
 The Company will furnish a copy of the Indenture to any Holder upon written
request and without charge. 
  

 A-6 

 [INCLUDE IN GLOBAL SECURITIES ONLY] 
 PRINCIPAL SCHEDULE 
 E*TRADE FINANCIAL CORPORATION 
 Class [—] Senior Convertible Debenture due 2019 
 No.              
 The initial
principal amount of this Global Security is $[—]. The following decreases or increases in this Global Security have been made: 
  

							
	 Date of decrease or increase
	 	 Amount of decrease
 in principal amount
 of this
Global
 Security
	 	 Amount of increase
 in principal amount
 of this
Global
 Security
	 	 Principal amount of
 this Global Security
 following
such
 increase or decrease

 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 EXCHANGED IN WHOLE OR IN PART FOR A SECURITY REGISTERED, AND NO TRANSFER OF THIS SECURITY IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH
DEPOSITARY OR A NOMINEE THEREOF, EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
  

 A-7 

 NOTICE OF CONVERSION 
 The undersigned Holder of this Security hereby irrevocably exercises the option to convert this Security, or any portion of the principal amount hereof (which is U.S. $1,000 or an integral multiple of U.S. $1,000 in
excess thereof, provided that the unconverted portion of such principal amount is U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof) below designated, into shares of Common Stock or Reference Property, as applicable in accordance
with the terms of the Indenture referred to in this Security, and directs that such shares, if any, together with a check in payment for any fractional share and any Securities representing any unconverted principal amount hereof, be delivered to
and be registered in the name of the undersigned unless a different name has been indicated below. If shares of Common Stock, Reference Property or Securities are to be registered in the name of a Person other than the undersigned, the undersigned
shall pay all transfer taxes payable with respect thereto. 
  

											
	Dated:	  	  
	  	Signature(s):	  	  
	  		  	

 If shares or Securities are to be registered in the name of a Person other than the Holder, please
print such Person’s name and address: 
 (Name) 
 (Address)

 Social Security or other 
 Identification Number, if any

 If only a portion of the Securities are to be converted, please indicate: 
 1. Principal amount to be converted: U.S. $               
 2. Principal amount and denomination of Securities representing unconverted principal amount to be issued: 
 Amount: U.S. $
             Denominations: U.S. $              
 (U.S. $1,000 or any integral multiple of U.S. $1,000 in excess thereof, provided that the unconverted portion of such principal amount is U.S. $1,000 or any integral
multiple of U.S. $1,000 in excess thereof) 
  

 A-8 

 ASSIGNMENT 
 For value received,
                                         hereby
sell(s), assign(s) and transfer(s) unto
                                         (Please
insert Social Security or other identifying number of assignee) the within Security, and hereby irrevocably constitutes and appoints
                                         as
attorney to transfer the said Security on the books of the Company, with full power of substitution in the premises. 
 Dated:
                     Signature(s):
                                        

 Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee program pursuant
to Rule 17Ad-15 under the Securities Exchange Act of 1934. 
 Signature Guaranteed 
  

 A-9 

 REPURCHASE EXERCISE NOTICE 
 To: E*TRADE Financial Corporation 
 The undersigned registered owner of this Security
hereby acknowledges receipt of a notice from E*TRADE Financial Corporation (the “Company”) as to the Offer of Purchase by the Company and hereby directs the Company to pay, or cause the Trustee to pay,
                                         an
amount in cash equal to [ 100/101]% of the entire principal
amount, or the portion thereof (which is $1,000 principal amount or a multiple thereof) below designated, to be repurchased. 
 Dated:
                     
 Signature
                                        
 
 Principal amount to be repurchased (at least $1,000 or a multiple of $1,000 in excess thereof):
                     
 Remaining principal amount following such repurchase:                      
 By:
                                        
 
 Authorized signatory 
  

 A-10 

 EXHIBIT B 
 SUPPLEMENTAL INDENTURE 
 dated as of
                    , 
 among 

E*TRADE Financial Corporation 
 [the
Subsidiary Guarantor] 
 and 
 [Any existing Subsidiary Guarantors] 
 And 
 The Bank of New York Mellon, 
 as Trustee 
 Class [—] Senior Convertible Debentures due 2019 
 THIS
SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), entered into as of
                    ,            , among E*TRADE Financial Corporation, a Delaware
corporation (the “Company”), (the “Subsidiary Guarantor”), any existing Subsidiary Guarantors and The Bank of New York Mellon, as trustee (the “Trustee”). 
 RECITALS 
 WHEREAS, the Company, and the Trustee entered into the Indenture, dated as of
August 25, 2009 (the “Indenture”), relating to the Company’s Class [—] Senior Convertible Debentures due 2019 (the “Securities”); 
 WHEREAS, as a condition to the Trustee entering into the Indenture and the purchase of the Securities by the Holders, the Company agreed pursuant to the Indenture to
cause Restricted Subsidiaries and Regulated Subsidiaries to provide Guarantees in certain circumstances. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture
hereby agree as follows: 
 1. Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 2. Each Subsidiary Guarantor, by its execution of this Supplemental Indenture, agrees to be a Subsidiary Guarantor under the Indenture and
to be bound by the terms of the Indenture applicable to Subsidiary Guarantors, including, but not limited to, Article 10 thereof. 
  

 A-1 

 3. This Supplemental Indenture shall be governed by and construed in accordance with the laws of the
State of New York. 
 4. This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same
instrument. 
 5. This Supplemental Indenture is an amendment supplemental to the Indenture and the Indenture and this Supplemental Indenture
will henceforth be read together. 
 6. The Recitals herein are statements of the Company and/or the Guarantors, and the Trustee assumes no
responsibility as to the correctness thereof. The Trustee makes no representations as to the validity of this Supplemental Indenture. 
 IN
WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written. 
  

			
	E*TRADE FINANCIAL CORPORATION, as Issuer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[Subsidiary Guarantor], as Subsidiary Guarantor
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	[Any existing Subsidiary Guarantor]
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-2

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