Document:

Exhibit 10.15

 

EXECUTION VERSION

 

SHARE PURCHASE AGREEMENT

 

by and among

 

SCEPTER PACIFIC LIMITED

 

JUPAI HOLDINGS LIMITED

 

E-HOUSE (CHINA) CAPITAL INVESTMENT MANAGEMENT LTD.

 

and

 

RECKON CAPITAL LIMITED

 

dated as of

 

April 3, 2015

 

 

TABLE OF CONTENTS

 

	
 
    	
 
    	
Page
    
	
1.
    	
Purchase and Sale of Ordinary Shares; Closing
    	
1
    
	
 
    	
1.1
    	
Purchase and Sale of Ordinary Shares
    	
1
    
	
 
    	
1.2
    	
Closing; Delivery
    	
1
    
	
 
    	
1.3
    	
Treatment of Company Options
    	
2
    
	
2.
    	
Representations and Warranties of the Company and   the Sellers
    	
3
    
	
 
    	
2.1
    	
Organization, Good Standing and Qualification
    	
3
    
	
 
    	
2.2
    	
Capitalization
    	
3
    
	
 
    	
2.3
    	
Group Companies
    	
4
    
	
 
    	
2.4
    	
Authorization
    	
5
    
	
 
    	
2.5
    	
Non-Contravention
    	
6
    
	
 
    	
2.6
    	
Corporate Books and   Records
    	
6
    
	
 
    	
2.7
    	
Financial Statements
    	
6
    
	
 
    	
2.8
    	
No Undisclosed Liabilities
    	
6
    
	
 
    	
2.9
    	
Governmental Consents and Filings
    	
7
    
	
 
    	
2.10
    	
Absence of Certain Changes
    	
7
    
	
 
    	
2.11
    	
Litigation
    	
8
    
	
 
    	
2.12
    	
Compliance with Laws
    	
8
    
	
 
    	
2.13
    	
Material Contracts
    	
9
    
	
 
    	
2.14
    	
Intellectual Property
    	
10
    
	
 
    	
2.15
    	
Title to Property and Assets
    	
11
    
	
 
    	
2.16
    	
Employee Benefit Plans; Employees
    	
11
    
	
 
    	
2.17
    	
Labor Agreements and Actions
    	
12
    
	
 
    	
2.18
    	
Taxes
    	
12
    
	
 
    	
2.19
    	
PRC Taxes and Subsidies
    	
13
    
	
 
    	
2.20
    	
Related-Party Transactions
    	
13
    
	
 
    	
2.21
    	
Accounts Receivable
    	
14
    
	
3.
    	
Representations and Warranties of the Purchaser
    	
14
    
	
 
    	
3.1
    	
Authorization
    	
14
    
	
 
    	
3.2
    	
Conflicts; Consents of Third Parties
    	
14
    
	
4.
    	
Pre-Closing Covenants
    	
15
    
	
 
    	
4.1
    	
Conduct of the Company
    	
15
    
	
 
    	
4.2
    	
Access to Information
    	
17
    
	
 
    	
4.3
    	
Management Arrangement
    	
17
    
	
 
    	
4.4
    	
Notices of Certain Matters
    	
18
    
	
 
    	
4.5
    	
Public Announcements
    	
18
    
	
5.
    	
Conditions of the Purchaser’s Obligations at Closing
    	
18
    
	
 
    	
5.1
    	
Representations and Warranties
    	
18
    
	
 
    	
5.2
    	
Performance
    	
19
    
	
 
    	
5.3
    	
No MAE
    	
19
    
	
 
    	
5.4
    	
Officer’s Certificate
    	
19
    
	
 
    	
5.5
    	
Approvals and Consents
    	
19
    
	
 
    	
5.6
    	
No Injunction
    	
19
    

 

i

 

	
 
    	
5.7
    	
Legal Representative of WFOE
    	
19
    
	
 
    	
5.8
    	
Completion of IPO
    	
19
    
	
6.
    	
Conditions of the Company’s and the Sellers’   Obligations at Closing
    	
19
    
	
 
    	
6.1
    	
Representations and Warranties
    	
19
    
	
 
    	
6.2
    	
Performance
    	
20
    
	
 
    	
6.3
    	
Completion of IPO
    	
20
    
	
 
    	
6.4
    	
No MAE
    	
20
    
	
 
    	
6.5
    	
Approvals and Consents
    	
20
    
	
 
    	
6.6
    	
No Injunctions
    	
20
    
	
7.
    	
Post-Closing Covenants
    	
20
    
	
 
    	
7.1
    	
Transitional Support
    	
20
    
	
 
    	
7.2
    	
Assumption of ESOP Options
    	
20
    
	
8.
    	
Indemnity
    	
21
    
	
9.
    	
Miscellaneous
    	
22
    
	
 
    	
9.1
    	
Survival
    	
22
    
	
 
    	
9.2
    	
Defined Terms Used in this Agreement
    	
22
    
	
 
    	
9.3
    	
Termination
    	
27
    
	
 
    	
9.4
    	
Transaction Fees and Expenses
    	
27
    
	
 
    	
9.5
    	
Transfer; Successors and Assigns
    	
27
    
	
 
    	
9.6
    	
Governing Law
    	
28
    
	
 
    	
9.7
    	
Counterparts
    	
28
    
	
 
    	
9.8
    	
Titles and Subtitles
    	
28
    
	
 
    	
9.9
    	
Requests and Notices
    	
28
    
	
 
    	
9.10
    	
Amendments and Waivers
    	
28
    
	
 
    	
9.11
    	
Severability
    	
29
    
	
 
    	
9.12
    	
Delays or Omissions
    	
29
    
	
 
    	
9.13
    	
Entire Agreement
    	
29
    
	
 
    	
9.14
    	
Dispute Resolution
    	
29
    

 

INDEX OF SCHEDULES

 

SCHEDULE I — COMPANY DISCLOSURE SCHEDULE

 

SCHEDULE II — PURCHASER DISCLOSURE SCHEDULE

 

SCHEDULE III — REQUIRED CONSENTS

 

SCHEDULE IV — KEY EMPLOYEES

 

SCHEDULE V — DOMESTIC ENTITIES

 

ii

 

SHARE PURCHASE AGREEMENT

 

This Share Purchase Agreement (this “Agreement”) is made as of the 3rd day of April, 2015 by and among Scepter Pacific Limited, a company established under the laws of the British Virgin Islands (the “Company” or “Scepter”), E-House (China) Capital Investment Management Ltd., a company established under the laws of the British Virgin Islands (“E-House”), Reckon Capital Limited, a company established under the laws of the British Virgin Islands (“Reckon”, together with E-House, the “Sellers” and each a “Seller”) and Jupai Holdings Limited, an exempted company established under the laws of the Cayman Islands (the “Purchaser”).

 

WHEREAS, as of the date hereof, the issued and outstanding shares of share capital of the Company consists of 5,000,000 ordinary shares, par value US$0.0002 per share, of the Company (the “Ordinary Shares”), 2,550,000 of which are held by E-House and 2,450,000 of which are held by Reckon.

 

WHEREAS, the parties contemplate a transaction pursuant to which, upon the terms and subject to the conditions set forth herein, the Sellers will sell to the Purchaser and the Purchaser will purchase from the Sellers, at the Closing, a total 5,000,000 Ordinary Shares, representing 100% of the total issued and outstanding Ordinary Shares, for the purchase price as set forth herein.

 

WHEREAS, the parties hereto desire to make certain representations, warranties, covenants and agreements, and to prescribe certain conditions, with respect to the consummation of the transactions contemplated by this Agreement.

 

NOW, THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements set forth herein, as well as other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted, and intending to be legally bound hereby, the parties hereto hereby agree as follows:

 

1.                                      Purchase and Sale of Ordinary Shares; Closing.

 

1.1                               Purchase and Sale of Ordinary Shares.  Upon the terms and subject to the conditions set forth herein, the Purchaser agrees to purchase from E-House and Reckon, and E-House and Reckon each, severally but not jointly, agrees to sell to the Purchaser, at the Closing, 2,550,000 and 2,450,000 Ordinary Shares, respectively (collectively, the “Purchased Shares”), representing 100% of the total issued and outstanding Ordinary Shares, in consideration of the Consideration Shares, 51% of which to be paid to E-House with the remainder to be paid to Reckon, to be issued as provided in Section 1.2 hereof.

 

1.2                               Closing; Delivery. The closing of the transactions contemplated by Section 1.1 hereof (the “Closing”) shall take place at a venue mutually decided by the parties, at 10:00 a.m. Hong Kong time, as soon as possible, but in no event later than five Business Days, after fulfillment or waiver of each of the conditions set forth in Articles 5 and 6 (other than those conditions which are to be satisfied only on the Closing Date), or at such other time and date as the Sellers and the Purchaser mutually agree in writing (the “Closing Date”). At the Closing:

 

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(i)                   the Company shall deliver to the Purchaser one or more certificates bearing the appropriate legends herein provided for and free and clear of all Liens representing the Purchased Shares;

 

(ii)                the Company shall deliver to the Purchaser all necessary authorization approving the execution and delivery of this Agreement and the performance of all obligations of the Company thereunder;

 

(iii)             the Company shall deliver to the Purchaser certified copies of (A) the register of members of the Company reflecting the Purchaser as the sole owner of the Purchased Shares (as fully paid and non-assessable) and (B) the register of directors or the equivalent registration document of each Group Company reflecting individuals appointed by the Purchaser as directors of each Group Company;

 

(iv)            the Purchaser shall deliver to E-House one or more certificates bearing the appropriate legends herein provided for and free and clear of all Liens representing 51% of the Consideration Shares and shall deliver to Reckon one or more certificates bearing the appropriate legends herein provided for and free and clear of all Liens representing 49% of the Consideration Shares;

 

(v)               the Purchaser shall deliver to the Sellers all necessary authorization approving the execution and delivery of this Agreement and the performance of all obligations of the Purchaser thereunder;

 

(vi)            the Purchaser shall deliver to each of E-House and Reckon certified copy of the register of members of the Purchaser reflecting E-House and Reckon as the owner of 51% and 49%, respectively, of the Consideration Shares (as fully paid and non-assessable); and

 

(vii)         each of the Sellers shall deliver to the Purchaser all necessary authorization approving the execution and delivery of this Agreement and the performance of all obligations of the respective Seller thereunder.

 

1.3                               Treatment of Company Options.

 

(a)              Each option granted by the Company under the Company Share Incentive Plan that is outstanding immediately prior to the closing of the IPO of the Purchaser, whether vested or unvested, shall, at the Closing, be assumed by the Purchaser and be replaced by the Purchaser with options granted under the then effective share incentive plan(s) of the Purchaser. Each such option granted by the Company shall be exercisable for that number of whole shares of the ordinary shares, par value US$0.0005 per share, of the Purchaser (rounded down to the nearest whole share) equal to the product of (x) the number of Ordinary Shares of the Company issuable upon exercise of such option and (y) the Exchange Ratio, at an exercise price per ordinary share of the Purchaser (rounded up to the nearest whole cent) equal to the quotient obtained by dividing (x) the exercise price per share of the options granted by the Company by (y) the Exchange Ratio. Each such option assumed by the Purchaser shall continue to have, and shall be subject to, the same terms and conditions as applied to the option immediately prior to

 

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the Closing (but taking into account any changes thereto provided for in the Company Share Incentive Plan, any award agreement, or any other contract or agreement, including by reason of this Agreement or the transactions contemplated hereby).

 

(b)              Unless otherwise determined by the Purchaser, the Company Share Incentive Plan shall terminate as of the Closing.  The Company shall take all actions necessary to (i) effect the measures contemplated in this Section 1.3, including but not limited to the adoption of any plan amendments, obtain board approvals and/or necessary consents by the option holders and (ii) to ensure that from and after the Closing, the Purchaser shall not be required to issue Ordinary Shares of the Company or any other consideration to any Person pursuant to or in settlement of the options assumed by it pursuant to this Section 1.3 or any other awards granted under the Company Share Incentive Plan.

 

2.                                      Representations and Warranties of the Company and the Sellers.  Except as disclosed (i) in the Designated SEC Reports (excluding, in each case, any disclosures contained or referenced therein under the caption “Forward Looking Statements” and any other disclosures contained or referenced in the Designated SEC Reports relating to information, factors or risks that are predictive, cautionary or forward-looking in nature), provided, however, that any disclosure in any Designated SEC Report shall be deemed to qualify any representation or warranty set forth in this Article 2 only to the extent that the subject matter of such representation or warranty is with respect to E-House and the relevance of any disclosed event, item or occurrence would be reasonably apparent to a Person unfamiliar with the business, as to matters and items that are the subject of such representation or warranty, other than any matters required to be disclosed for purposes of Section 2.7 or (ii) in Schedule I attached hereto (the “Company Disclosure Schedule”) (it being understood that any information set forth in one section or subsection of the Company Disclosure Schedule shall be deemed to apply and qualify the section or subsection of this Agreement to which it corresponds in number and each other section or subsection of this Agreement to the extent that it is reasonably apparent to the Purchaser that such information is relevant to such other section or subsection), the Company and the Sellers hereby represent and warrant as of the date hereof and as of the Closing (except to the extent made only as of a specified date, in which case as of such date) to the Purchaser, jointly and severally, that:

 

2.1                               Organization, Good Standing and Qualification.  Each of the Sellers and the Company is a corporation duly incorporated, validly existing and in good standing under the laws of the British Virgin Islands and has all requisite corporate power and authority necessary to own, lease and operate the assets and properties it now owns, leases and operates, and to carry on its business as presently conducted or proposed to be conducted.  The Company is duly qualified to transact business and is in good standing in each jurisdiction in which it engages in material business activities.  The Company is permitted by the laws of the British Virgin Islands to carry on business outside the British Virgin Islands.  The Company has furnished or made available to the Purchaser, prior to the date hereof, a true, correct and complete copy of the Memorandum and Articles of Association of the Company in effect as of the date hereof.

 

2.2                               Capitalization.  As of the date hereof and immediately prior to Closing, the authorized share capital of the Company consists of 50,000,000 Ordinary Shares, of which

 

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5,000,000 are issued and outstanding, with 2,550,000 and 2,450,000 held by E-House and Reckon, respectively, free and clear of all Liens. As of the date hereof, options to purchase  455,000 Ordinary Shares have been granted and are outstanding under the Company Share Incentive Plan, of which none will become vested and exercisable by the holders thereof as of the Closing. Immediately after the Closing, the authorized share capital of the Company consists of 50,000,000 Ordinary Shares, of which 5,000,000 are issued and outstanding and held by the Purchaser.  All of the issued and outstanding Ordinary Shares have been duly authorized, validly issued and fully paid in accordance with applicable Laws, non-assessable and free of preemptive rights, with no personal liability attaching to the ownership thereof.  Except as set forth in this Section 2.2, as of the date hereof, no Securities were issued, reserved for issuance or outstanding and no securities of any of its subsidiaries convertible into or exchangeable or exercisable for any Securities were issued or are outstanding.  From the date hereof to the Closing, there will be no issuances by the Company of any Securities. Other than this Agreement, the Company does not have and is not bound by any outstanding subscriptions, options, warrants, calls, repurchase rights, commitments, or agreements of any character calling for the purchase or issuance of, or securities or rights convertible into or exchangeable or exercisable for, any Ordinary Shares.

 

2.3                               Group Companies.

 

(a)              Section 2.3(a) of the Company Disclosure Schedule sets forth a true, complete and correct corporate structure chart containing the name, the place of organization and the shareholder(s) of each Group Company as well as each such shareholder’s equity ownership percentage in such Group Company.  Each of the Group Companies (other than the Company) is duly organized, validly existing and in good standing with its business license and articles of association in full force and effect under, and in compliance with, the Laws of the jurisdiction of its organization.  As of the Closing, all outstanding equity interests of each of the Group Companies are owned or effectively controlled, directly or indirectly, by contractual arrangement or otherwise, by the Company.  No equity security of any Group Company is or may be required to be issued by reason of any option, warrant, preemptive right, right to subscribe to, call or commitment of any character whatsoever relating to, or security or right convertible into, any equity interest of such Group Company.  All of the issued and outstanding shares of capital stock (or equivalent interests) of each Group Company are duly authorized, validly issued, fully paid and non-assessable and are owned or controlled, directly or indirectly, by the Company free and clear of all Liens.  Each of the Group Companies (other than the Company) has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted and as proposed to be conducted and is duly qualified to transact business and is in good standing in each jurisdiction in which it conducts a material portion of its business.  Except in respect of the Group Companies, the Company does not own beneficially, directly or indirectly, more than 5% of any class of equity securities or similar interests of any corporation, bank, business trust, association or similar organization, and is not, directly or indirectly, a partner in any partnership or party to any joint venture.

 

(b)              None of the Group Companies is a party to any right of first refusal, right of first offer, proxy, voting agreement, voting trust, registration rights agreement, or shareholders agreement with respect to the sale or voting of any securities of any Group Company.

 

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(c)               The registered capital of each of the Domestic Entities are set forth opposite their respective names on Section 2.3(c) of the Company Disclosure Schedule.  The registered capital of the Domestic Entities are fully paid in accordance with the applicable Laws.

 

(d)              Each Group Company has all material franchises, permits, licenses, approvals, authorizations and any similar governmental authority or registration with any Governmental or Regulatory Authority necessary for the conduct of the business of such Group Company (the “Material Licenses”).  Section 2.3(d) of the Company Disclosure Schedule contains a complete and correct list of all Material Licenses and the termination date of each such Material License.  The Material Licenses are in full force and effect and to the Company’s Knowledge, will remain in effect except if terminated or expired in the Ordinary Course of Business.  None of the Group Companies is in default in any material respect under any of its Material Licenses and has not received any written notice relating to the suspension, revocation or modification of any such Material Licenses.  To the Company’s Knowledge, no other license is necessary for, or otherwise material to, the conduct of the business by any Group Company.

 

(e)               Section 2.3(e) of the Company Disclosure Schedule lists all currently effective (i) approval letters and Foreign Investment Enterprise Approval Certificate issued by the PRC Ministry of Commerce or the relevant local officers to any Group Company which is a wholly foreign owned enterprise or Sino-foreign joint venture or Sino-foreign co-operative joint venture (collectively, the “FIEs”) with respect to the establishment and change of such FIEs (including changes in registered capital, shareholding, business scope and equity interest, etc.), (ii) approval letters issued by the PRC National Development and Reform Commission or its relevant local offices to any Group Company on the establishment of such Group Company or its operations or other project constructions, if any, (iii) business licenses issued by the PRC State Administration of Industry and Commerce and any local administration for industry and commerce to any Group Company, (iv) registrations with the PRC State Administration of Foreign Exchange or its local counterparts (“SAFE”) on the round-trip investment by any Shareholders who are PRC residents or the Domestic Entities, (v) tax registration certificates of the Domestic Entities, (vi) Capital Verification Reports of the Domestic Entities with respect to its establishment and change of registered capital, (vii) valuation reports of the shareholders’ contribution in kind (if any) issued by a qualified PRC asset valuation institute, (viii) Foreign Exchange Registration Certificates of any FIEs, and (ix) Organization Code Certificates of the Domestic Entities.

 

(f)                All business licenses of the Domestic Entities with the relevant AIC authorities in the PRC are valid and reflect the current registered address of such Group Companies.

 

2.4                               Authorization.  All corporate actions on the part of the Sellers and the Company, their respective officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Company and the Sellers hereunder, including the sale of the Purchased Shares to the Purchaser, have been duly taken or will be taken prior to the Closing.  This Agreement has been or will be at the Closing, as applicable, duly and validly executed and delivered by the Company and the Sellers (as applicable) and, assuming due authorization, execution and delivery hereof by the Purchaser and

 

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the other parties thereto, constitute or will constitute, as applicable, valid and legally binding obligations of the Company and the Sellers (as applicable), enforceable against the Company and the Sellers (as applicable) in accordance with their respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other Laws of general application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

2.5                               Non-Contravention.  The execution, delivery, and performance of this Agreement by the parties thereto (other than the Purchaser) and by each Group Company and the consummation of the transactions contemplated hereby do not and will not (i) result in any violation of, be in conflict with, require a consent under, or constitute a default under, with or without the passage of time or the giving of notice or otherwise, (A) any provision of the business license, memorandum of association or articles of association, as appropriate, or equivalent constitutive documents of any Group Company as in effect at the Closing, (B) any provision of any Order to which E-House (China) Holdings Ltd., any of the Sellers, or any Group Company is a party or by which it is bound, (C) any Material Contract or any other contract that E-House (China) Holdings Ltd. or any of the Sellers is a party or by which it is bound, or (D) any Law applicable to the Sellers or any Group Company, except, in the case of clauses (B), (C) and (D), as could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect; (ii) accelerate or constitute an event entitling the holder of any Indebtedness of any Group Company to accelerate the maturity of any such Indebtedness or to increase the rate of interest presently in effect with respect to such Indebtedness; (iii) cause any Group Company to be in default of its obligations under any Indebtedness agreement; (iv) result in the creation of any encumbrance upon any of the properties or assets of any Group Company; or (v) result in the termination or revocation of any of the Material Licenses.

 

2.6                               Corporate Books and Records.  The Group Companies have made and kept (and given the Purchaser access to) business records, financial books and records, minute books and stock record books (the “Books and Records”) which, in reasonable detail, accurately and fairly reflect the activities of the Group Companies in all material respects.  None of the Group Companies has engaged in any material transaction, maintained any bank account or used any corporate funds except as reflected in its normally maintained Books and Records.

 

2.7                               Financial Statements.  The Company has delivered to the Purchaser the audited financial statements (including balance sheet, statement of cash flow and income statement) of the Group Companies (on a consolidated basis) as of and for the fiscal years ended December 31, 2013 and 2014(the “Financial Statements”). The Financial Statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) applied on a consistent basis and fairly present the financial condition and operating results of the Group Companies (on a consolidated basis) as of the dates, and for the periods, indicated therein, subject to normal year-end audit adjustments.

 

2.8                               No Undisclosed Liabilities.  Except as set forth in the Financial Statements, none of the Group Companies has any material Indebtedness, obligations or liabilities of any kind (whether accrued, absolute, contingent or otherwise, and whether due or to become due),

 

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other than (i) liabilities incurred in the Ordinary Course of Business after December 31, 2014 (the “Reference Date”) (and which, if individually are greater than US$1,000,000, are set forth on Section 2.8 of the Company Disclosure Schedule), and (ii) obligations under applicable Law and contracts and commitments incurred in the Ordinary Course of Business and not required under U.S. GAAP to be reflected in the Financial Statements which, in both cases, individually or in the aggregate, are not material to the financial condition or operating results of the Group Companies, taken as a whole.

 

2.9                               Governmental Consents and Filings.  Except as set out in Section 2.9 of the Company Disclosure Schedule, no consent, approval, order or authorization of, or notification, registration, qualification, designation, declaration or filing with, any federal, state or local governmental authority is required on the part of any Group Company or either of the Sellers in connection with the consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable British Virgin Islands, U.S. state and federal law.  None of the assets of any Group Company constitute “state-owned assets” under the PRC Laws and, accordingly, are not required to undergo any form of valuation under applicable law in the PRC governing the transfer of state-owned assets prior to the consummation of the transactions contemplated herein.

 

2.10                        Absence of Certain Changes.  Except for the execution and performance of this Agreement and the discussions and transactions related thereto, since the Reference Date, the Group Companies have conducted its business in all material respects in the Ordinary Course of Business, and there has not been:

 

(a)              any event, occurrence, fact, condition, change, development or effect that, individually or in the aggregate, has or would become or result in a Material Adverse Effect;

 

(b)              any waiver or compromise by any Group Company of a valuable right or of a material debt owed to it or any satisfaction or discharge of any Lien or payment of any obligation by any Group Company, except in the Ordinary Course of Business and the satisfaction or discharge of which would not have a Material Adverse Effect;

 

(c)               any material change to a material contract or agreement to which any Group Company is a party or any of its assets is subject;

 

(d)              any material change in any compensation arrangement or agreement with any Key Employees, officer, director or shareholder of any Group Company other than the adoption of the Company Share Incentive Plan and the share-based awards granted thereunder;

 

(e)               any resignation or termination of employment of any officer or executive of any Group Company;

 

(f)                any Lien, created by any Group Company, with respect to any of its properties or assets, except statutory Liens for taxes not yet due or payable and Liens that arise in the Ordinary Course of Business and do not materially impair such Group Company’s ownership or use of such property or assets;

 

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(g)               any loans or guarantees made by any Group Company to or for the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business;

 

(h)              any declaration, setting aside or payment or other distribution in respect of any of the share capital of any Group Company, or any direct or indirect redemption, purchase, or other acquisition of any of such share capital by any Group Company;

 

(i)                  any sale, assignment, license, transfer or other disposition of any Group Company IP outside the Ordinary Course of Business;

 

(j)                 made any capital expenditure or commitment for any capital expenditure in excess of US$1,000,000 (or the equivalent thereof in another currency) individually or US$5,000,000 (or the equivalent thereof in another currency) in the aggregate; or

 

(k)              any arrangement or commitment by any Group Company to do any of the things described in this Section 2.10.

 

2.11                        Litigation.  There is no claim, action, suit, proceeding, arbitration, complaint, charge or investigation pending against any Group Company or, to the Company’s Knowledge, currently threatened against any Group Company or any officer, director or employee of any Group Company (in their capacity as such).  None of the Group Companies or their officers or directors is a party or is named as subject to the provisions of any order, writ, injunction, judgment or decree of any Governmental or Regulatory Authority (in the case of officers or directors, such as would affect any Group Company).  There is no (i) action, suit or proceeding by any Group Company pending or which any Group Company intends to initiate, or (ii) disputes with or claims against any Governmental or Regulatory Authority whether in respect of taxes, fines, penalties, administrative action, or otherwise.

 

2.12                        Compliance with Laws.

 

(a)              Since January 1, 2012, each Group Company has been and currently is, in compliance in all material respects with all Laws and Orders, including without limitation the laws and regulations relating to labor, welfare, tax and foreign exchanges, that are applicable to it or to the conduct or operation of the business of the Group Companies as now conducted and as presently proposed to be conducted or the ownership or use of any of their respective assets.

 

(b)              No event has occurred or circumstance exists that (with or without notice or lapse of time) (i) may constitute or result in a violation by any Group Company of, or a failure on the part of such Group Company to comply with, any Law or Order or (ii) to the Company’s Knowledge, may give rise to any obligation on the part of any Group Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature.

 

(c)               None of the Group Companies has received any notice or other communication (whether oral or written) from any Governmental or Regulatory Authority regarding (i) any actual, alleged, possible, or potential violation of, or failure to comply with, any

 

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Law or Order or (ii) any actual, alleged, possible, or potential obligation on the part of such Group Company to undertake, or to bear all or any portion of the cost of, any remedial action of any nature.

 

(d)              None of the Group Companies nor any director, officer, agent, employee, or any other Person associated with or acting for or on behalf of such Group Company, has, directly or indirectly (i) violated any Anticorruption Laws, (ii) made, offered, authorized or promised to make any contribution, gift, bribe, rebate, payoff, influence payment, kickback, or other payment to any Person, regardless of form, whether in money, property, or services (A) to obtain favorable treatment in securing business, (B) to pay for favorable treatment for business secured or (C) to obtain special concessions or for special concessions already obtained, for or in respect of such Group Company in violation of any Law where any Group Company does business or (iii) established or maintained any fund or asset that has not been recorded in the Books and Records of such Group Company.

 

(e)               None of the Group Companies is in material violation of its business license, memorandum of association or articles of association, as appropriate, or equivalent constitutive documents as in effect.

 

2.13                        Material Contracts.

 

(a)              Except as disclosed in Section 2.13(a) of the Company Disclosure Schedule, no Group Company is a party to or subject to any material contract, arrangement or obligation which (i) involves payments (or a series of payments), contingent or otherwise, of US$1,000,000 (or the equivalent thereof in another currency) or more individually or in the aggregate with respect to a series of related agreements, in cash, property or services by or to any Group Company; (ii) is with an Affiliate of any Group Company (other than a Group Company); or (iii) (A) relates to material acquisitions or dispositions of substantial assets owned by a Group Company (including spin-offs), restructurings or reorganizations, including any disclosure schedules attached to such agreements, if any, (B) is with a financial advisor, if any, (C) is a joint venture, partnership or similar agreement, if any.

 

(b)              Each Material Contract is a valid and binding agreement of the Group Company that is a party thereto, the performance of which does not and will not violate any applicable Law or Order, is in full force and effect, and such Group Company has duly performed all of its obligations under each Material Contract to the extent that such obligations to perform have accrued, and no breach or default, alleged breach or alleged default, or event which would (with the passage of time, notice or both) constitute a breach or default thereunder by such Group Company or any other party or obligor with respect thereto, has occurred, or as a result of this Agreement or performance hereof will occur.  No Group Company has given notice (whether or not written) that it intends to terminate a Material Contract or that any other party thereto has breached, violated or defaulted under any Material Contract.  No Group Company has received any notice (whether or not written) that (i) it has breached, violated or defaulted under any Material Contract or (ii) any other party thereto intends to terminate such Material Contract.

 

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(c)               For purposes hereof, “Material Contract” means any currently effective agreement, written or otherwise (other than this Agreement), to which a Group Company is a party that (i) has been disclosed in the Company Disclosure Schedule pursuant to Section 2.13(a), (ii) is with a Governmental or Regulatory Authority, (iii) materially limits or materially restricts any Group Company’s ability to compete or otherwise conduct its business as now conducted and as presently proposed to be conducted in any manner, time or place, or that contains any exclusivity provision, (iv) grants a power of attorney, agency or similar authority, (v) relates to Indebtedness for money borrowed, provides for an extension of credit of US$1,000,000 (or the equivalent thereof in another currency) or more, provides for indemnification or any guaranty of US$1,000,000 (or the equivalent thereof in another currency) or more, or provides for a “keep well” or other agreement to maintain any financial statement condition of another Person, (vi) (A) includes a license of Intellectual Property, other than “shrink-wrap” or “off-the-shelf” software commercially available on non-discriminating pricing terms, (B) is with any independent firms, consultants, or contractors for product research and development, or (C) provides for any purchases or other acquisitions of Intellectual Property by any Group Company, (vii) is a lease on real or personal property, including operating leases (but excluding agreements relating exclusively to Intellectual Property), (viii) is an insurance policy, (ix) grants the right to market or sells its products to any other Person, (x) contains any outstanding guarantee or warranty obligations of any Group Company, (xi) which will be terminated or which require the consent of a third party in connection with the transactions contemplated by this Agreement, or (xii) is otherwise material to any Group Company or is an agreement on which any Group Company is substantially dependent.

 

(d)              For the purpose of subsection (c) above, all Indebtedness, liabilities, agreements, understandings, instruments, contracts and proposed transactions involving the same Person (including Persons the Company has reason to believe are affiliated with that Person) shall be aggregated for the purposes of meeting the individual minimum dollar amounts of each such subsection.

 

2.14                        Intellectual Property.

 

(a)              Each Group Company owns or possesses sufficient legal rights to all Intellectual Property used in connection with the business of such Group Company as now conducted (the “Group Company IP”), without any conflict with, or infringement of, the rights of others.  A Group Company is the sole and exclusive owner of all right, title and interest in and to all Group Company IP and, other than with respect to commercially available software products under standard end-user object code license agreements, there are no outstanding options, licenses, agreements, claims, encumbrances or shared ownership interests of any kind relating to any Group Company IP, nor is any Group Company bound by or a party to any options, licenses or agreements of any kind with respect to the Intellectual Property and processes of any other Person. No Group Company has infringed, misappropriated or otherwise violated any right in Intellectual Property of any third party, and none of the Group Companies has received any communications alleging that any Group Company has violated or, by conducting its business, would violate any of the Intellectual Property or processes of any other Person.  To the Company’s Knowledge, no third party is violating or infringing any Group Company IP.  The Group Companies have taken reasonable measures to protect the proprietary nature of the Group

 

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Company IP.  Section 2.14(a) of the Company Disclosure Schedule sets forth a complete list of all registered Intellectual Property of each Group Company.

 

(b)              Neither the execution or delivery of this Agreement, nor the carrying on of a Group Company’s business by the employees of such Group Company, nor the conduct of such Group Company’s business as proposed, will conflict with or result in a breach of the terms, conditions, or provisions of, or constitute a default under, any contract, covenant or instrument under which any such employee is now obligated.

 

(c)               Except as disclosed in Section 2.14(c) of the Company Disclosure Schedule, each Key Employee has executed a confidential information, invention assignment, non-compete and non-solicitation agreement in a form which has been provided to the Purchaser.

 

2.15                        Title to Property and Assets.  The property and assets (excluding Group Company IP) that each Group Company owns are free and clear of all Liens, except for statutory Liens for the payment of current taxes that are not yet delinquent and Liens that arise in the Ordinary Course of Business and do not materially impair ownership or use of such property or assets by the Group Companies.  With respect to the property and assets it leases, each Group Company is in compliance with such leases, holds a valid leasehold interest free of any Liens other than those of the lessors of such property or assets and such leases have been registered with the relevant Governmental or Regulatory Authority in the PRC (which registrations are valid and in force).  All properties and assets of each Group Company are in a good state of repair and in good working condition other than any normal wear and tear.  None of the assets of any Group Company is a state-owned asset, and inasmuch, none of the assets of any Group Company is required by applicable Law to undergo any form of valuation procedure prior to the consummation of the transactions contemplated by this Agreement.  No Group Company owns title to any real property.

 

2.16                        Employee Benefit Plans; Employees.

 

(a)              The Company has made available to the Purchaser copies of standard form employment contracts entered into with employees of the Group Companies.

 

(b)              Section 2.16(b) of the Company Disclosure Schedule sets forth in respect of any for any Group Company (i) copies of any Social Insurance and Welfare Registrations or Vouchers for Social Insurance and Welfare, (ii) a description of the social insurance payments and housing fund payments for the employees and all the relevant supporting documents, (iii) copies of Housing Fund Contribution Registrations, and (iv) latest receipts for the payments of social insurance and housing fund.

 

(c)               The Company has made available to the Purchaser copies of (i) all employment, “change in control”, severance, retirement, retention or consulting agreements or arrangements with the directors, officers, Key Employees and consultants of the Group Companies, (ii) separation or termination agreements with former directors, officers or management employees, (iii) indemnification agreements or arrangements for officers, directors

 

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and consultants, (iv) outstanding loans to employees (including all executive officers) or directors.

 

(d)              Section 2.16(d) of the Company Disclosure Schedule sets forth the outstanding compensatory stock options and other forms of equity-based compensation awarded by the Company.

 

(e)               Section 2.16(e) of the Company Disclosure Schedule sets forth copies of all non-equity based incentive compensation plans or agreements (e.g., annual bonus plans, special bonus, long-term incentives, profit-sharing, etc.), including summaries of related performance goals and targets.

 

(f)                The Domestic Entities have been and currently are, in compliance with the relevant PRC laws relating to social insurance and housing fund, including without limitation, all required social insurance and housing fund registrations of the Domestic Entities with each relevant Governmental or Regulatory Authority in the PRC have been filed and are valid and in force.

 

(g)               To the Company’s Knowledge, currently none of the Key Employees is an officer, employee, director or consultant of, or works for or provides services to, any Person other than a Group Company.

 

2.17                        Labor Agreements and Actions.  None of the Group Companies is bound by or subject to (and none of its assets or properties is bound by or subject to) any written or oral, express or implied, contract, commitment or arrangement with any labor union, and, to the Company’s Knowledge, no labor union has requested or has sought to represent any of the employees, representatives or agents of any Group Company.  There is no strike or other labor dispute involving any Group Company pending or threatened, nor is any Group Company aware of any labor organization activity involving its employees.  Each Group Company has complied in all material respects with all applicable employment Laws and with other Laws related to employment.  Except as stated in Section 2.17 of the Company Disclosure Schedule, no employee of any Group Company has been granted the right to continued employment by such Group Company or to any compensation following termination of employment with such Group Company.  None of the Group Companies is aware that any officer, Key Employee or group of employees intends to terminate his, her or their employment with any Group Company, nor does any Group Company have a present intention to terminate the employment of any officer, Key Employee or group of employees.  None of the Group Companies has made any representations regarding equity incentives to any officer, employees, director or consultant that are inconsistent with the share amounts and terms set forth in such Group Company’s Books and Records.  All terminations of any employees by the Group Companies have been in material compliance with the PRC Laws.

 

2.18                        Taxes.

 

(a)              All Tax Returns that are required to be filed by any Group Company have been prepared and filed when due in accordance with all applicable Laws and such Tax

 

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Returns were true and complete in all material respects. None of the Group Companies has been granted any extension or waiver of the statute of limitations period applicable to any Tax Return, which period (after giving effect to such extension or waiver) has not yet expired.

 

(b)              Except to the extent of any charges, accruals and reserves for Taxes contested in good faith and which are reflected on any Group Company’s books, all Taxes that are due and payable under any applicable law have been timely paid, or withheld and remitted, to the appropriate taxing authority.

 

(c)               The charges, accruals and reserves for Taxes reflected on any Group Company’s books are adequate to cover Tax liabilities accruing through the end of the last period for which the relevant Group Company ordinarily records items on its books, and since the end of the last period for which any Group Company ordinarily records items on its books, none of the Group Companies has engaged in any transaction, or taken any other action, other than in the Ordinary Course of Business, that would materially impact any Tax Asset or Tax liability of any Group Company.

 

(d)              There is no claim, audit, action, suit, proceeding or investigation now pending or, to the Company’s Knowledge, threatened against or with respect to any Group Company in respect of any Tax or Tax Asset.  No adjustment that would increase the Tax liability or reduce any Tax Asset of any Group Company had been proposed or made by a Taxing Authority which would reasonably be expected to be threatened, proposed or made in an audit of any Tax period ending on or following date of Closing.

 

(e)               No election with respect to Tax has been made by any Group Company with any taxing authority.

 

2.19                        PRC Taxes and Subsidies.

 

(a)              Section 2.19(a) of the Company Disclosure Schedule sets forth all documentation of subsidies, preferential Tax treatments, state aids or grants of whatever kind received or applied for by the Domestic Entities as well as any repayment obligations.

 

(b)              None of the Domestic Entities have the benefit of any Tax holidays under PRC Tax law.  Section 2.19(b) of the Company Disclosure Schedule sets forth the approvals or other documents granting the preferential tax rate to the Domestic Entities.

 

(c)               No filings are required pursuant to PRC Guo Shui Han [2009] No. 698 in connection with the transactions contemplated under this Agreement.

 

2.20                        Related-Party Transactions.

 

(a)              Except with respect to those contracts set forth in Section 2.20(a) of the Company Disclosure Schedule, none of the Group Companies is a party to any transaction (other than with respect to any employment or director relationships solely with a Group Company) with any Affiliate of the Company.

 

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(b)              Section 2.20(b) of the Company Disclosure Schedule sets forth a true and complete schedule of (i) any and all loans or other extensions of credit made or guaranteed by any Group Company to or for the benefit of any director, officer, stockholder, or employee of any Group Company or any of their Affiliates (other than advances of business expenses in the Ordinary Course of Business, which advances do not exceed US$20,000 (or the equivalent thereof in another currency), individually or in the aggregate) and (ii) any and all loans, guarantees, or other extensions of credit of any amount made to or for the benefit of any Group Company by any of such Persons.  For the avoidance of doubt, entertainment expenses shall not be considered as business expenses incurred in the Ordinary Course of Business.

 

2.21                        Accounts Receivable.  Except as set forth in Section 2.21 of the Company Disclosure Schedule, all accounts receivable of the Group Companies, whether reflected on the Financial Statements or otherwise, including all advances to merchants, (a) represent the actual amounts incurred by the applicable account debtors, (b) arose from bona fide transactions in the Ordinary Course of Business, (c) are not subject to valid counterclaims or set offs and (d) are fully collectible.  Since the Reference Date, there have not been any write-offs as uncollectible of any customer accounts receivable of the Group Companies, except for non-material write-offs in the Ordinary Course of Business.

 

3.                                      Representations and Warranties of the Purchaser.  Except as set forth in Schedule II attached hereto (the “Purchaser Disclosure Schedule”) (it being understood that any information set forth in one section or subsection of the Parent Disclosure Schedule shall be deemed to apply and qualify the section or subsection of this Agreement to which it corresponds in number and each other section or subsection of this Agreement to the extent that it is reasonably apparent to the Sellers that such information is relevant to such other section or subsection), the Purchaser hereby represents and warrants as of the date hereof and as of the Closing (except to the extent made only as of a specified date, in which case as of such date) to the Sellers that:

 

3.1                               Authorization.  All corporate actions on the part of the Purchaser, its officers, directors and shareholders necessary for the authorization, execution and delivery of this Agreement, the performance of all obligations of the Purchaser hereunder have been duly taken or will be taken prior to the Closing. This Agreement has been or will be at the Closing, as applicable, duly and validly executed and delivered by the Purchaser and, assuming due authorization, execution and delivery hereof by the Company and the other parties thereto, constitute or will constitute, as applicable, valid and legally binding obligations of the Purchaser, enforceable against the Purchaser in accordance with its respective terms except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, or other Laws of general application relating to or affecting the enforcement of creditors’ rights generally or (ii) as limited by Laws relating to the availability of specific performance, injunctive relief, or other equitable remedies.

 

3.2                               Conflicts; Consents of Third Parties.

 

(a)              None of the execution, delivery and performance by the Purchaser of this Agreement, the consummation of the transactions contemplated hereby, or compliance by the Purchaser with any of the provisions hereof will breach or conflict with, or result in any violation

 

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of or default under (with or without notice or lapse of time, or both), any provision of (i) the memorandum and articles of association of the Purchaser; or (ii) any Order or Law applicable to the Purchaser, except, in the case of (ii), as would not, individually or in the aggregate, materially and adversely affect the ability of the Purchaser to carry out its obligations hereunder and to consummate the transactions contemplated hereby.

 

(b)              No consent, waiver, approval, Order or authorization of, or declaration or filing with, or notification to, any government authority or any other Person is required on the part of the Purchaser in connection with the execution and delivery of this Agreement or the compliance by the Purchaser with any of the provisions hereof, or the consummation of the transactions contemplated hereby, except such consent, waiver, approval, Order, declaration, filing or notification the absence of which would not, individually or in the aggregate, reasonably be expected to have a material adverse effect on the ability of the Purchaser to consummate the transactions contemplated hereby.

 

4.                                      Pre-Closing Covenants.

 

4.1                               Conduct of the Company.  Except for matters expressly contemplated and required by this Agreement or as otherwise consented to in advance by the Purchaser (which consent will not unreasonably be withheld), from the date hereof until the earlier of termination of this Agreement or the date of the Closing, the Company shall, and shall cause each of the other Group Companies to, conduct its business in the Ordinary Course of Business and use its reasonable best efforts to (i) preserve intact its present business organization, (ii) maintain in effect all of its authorizations or permits from Governmental or Regulatory Authorities necessary to conduct its business in the Ordinary Course of Business, (iii) keep available the services of its directors, officers and Key Employees, and (iv) maintain satisfactory relationships with its customers, lenders, suppliers and others having material business relationships with it.  Without limiting the generality of the foregoing, except for matters expressly contemplated by this Agreement or as otherwise consented to in advance by the Purchaser (which consent will not unreasonably be withheld), the Company shall not, and shall not permit any of the other Group Companies to:

 

(a)              amend its memorandum and articles of association, bylaws or other similar organizational documents (whether by merger, consolidation or otherwise);

 

(b)              (i) split, combine or reclassify any shares of share capital of any Group Company or authorize the issuance of any other securities in respect of, in lieu of or in substitution for shares of its capital stock or any of its other securities, (ii) declare, set aside or pay any dividend or other distribution (whether in cash, stock or property or any combination thereof) in respect of, or convertible into or exchangeable or exercisable for, any share capital of any Group Company, (iii) redeem, repurchase or otherwise acquire or offer to redeem, repurchase, or otherwise acquire any shares of share capital or (iv) take any action that would result in any amendment, modification or change of any material term of any Indebtedness;

 

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(c)               (i) issue, deliver or sell, or authorize the issuance, delivery or sale of, any shares of share capital or other equity interests, or (ii) amend any term of any shares of share capital or other equity interests (in each case, whether by merger, consolidation or otherwise);

 

(d)              adopt a plan or agreement of, or resolutions providing for or authorizing, any complete or partial liquidation, dissolution, merger, consolidation, restructuring, recapitalization or other reorganization;

 

(e)               make any capital expenditures or incur any liabilities in respect thereof, in each case in excess of US$1,000,000, except for those contemplated in connection with the transactions contemplated by this Agreement;

 

(f)                acquire (i) any business or Person or division thereof (whether by purchase of stock, purchase of assets, merger, consolidation, or otherwise), or (ii) any other material assets (other than assets acquired in the Ordinary Course of Business);

 

(g)               (i) sell, lease, license or otherwise transfer any of the Group Company’s assets, securities, properties, interests or businesses, including any Group Company IP outside the Ordinary Course of Business, or (ii) create any Lien with respect to any of its properties or assets of any Group Company, except statutory Liens for taxes not yet due or payable and Liens that arise in the Ordinary Course of Business and do not materially impair such Group Company’s ownership or use of such property or assets;

 

(h)              (i) make any material change in any compensation arrangement or agreement with any employee, officer, director or shareholder of any Group Company, or (ii) establish, adopt, enter into or amend any employee benefit plan or agreement (other than offer letters that contemplate “at will” employment without severance benefits) or collective bargaining agreement;

 

(i)                  hire any employee at or above mid-level management personnel or whose annualized compensation exceeds RMB1,000,000;

 

(j)                 (i) repurchase, prepay or incur any Indebtedness, including by way of a guarantee, or any issuance or sale of debt securities or any merger, business combination or other acquisition, or issue and sell options, warrants, calls or other rights to acquire any debt securities of any Group Company, or (ii) make any loans or guarantees made by any Group Company to or for the benefit of its employees, officers or directors, or any members of their immediate families, other than travel advances and other advances made in the ordinary course of its business;

 

(k)              terminate or make any material change to a contract or agreement to which any Group Company is a party or any of its assets is subject, other than in the Ordinary Course of Business;

 

(l)                  waive or compromise any valuable right or of a material debt owed to any Group Company;

 

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(m)          any satisfaction or discharge of any Lien or payment of any obligation by any Group Company, except in the Ordinary Course of Business;

 

(n)              make any change in any method of accounting principles, method or practices, except for any such change required by generally accepted accounting principles or applicable law (in each case following consultation with the Company’s independent auditor);

 

(o)              make or change any Tax election, change any annual tax accounting period, adopt or change any method of Tax accounting, amend in any material respect any Tax Returns or file claims for material Tax refunds, enter into any closing agreement, settle any material tax claim, audit or assessment, surrender any right to claim a material Tax refund, offset or other reduction in Tax liability, or consent to any extension or waiver of the limitations period applicable to any Tax claim or assessment;

 

(p)              institute, settle, or agree to settle any legal proceedings pending or threatened before any arbitrator, court or other Governmental or Regulatory Authority;

 

(q)              enter into any new line of business; or

 

(r)                 authorize, resolve, commit or agree to do any of the things described in this Section 4.1.

 

4.2                               Access to Information.  From the date hereof until the date of the Closing, each of the Sellers and the Company will (i) give, and will cause each other Group Company to give, the Purchaser, its counsel, financial advisors, auditors and other authorized representatives full access during reasonable hours and upon reasonable notice to the offices, properties, books and records of the Group Companies, (ii) furnish, and will cause each other Group Company to furnish, to the Purchaser, its counsel, financial advisors, auditors and other authorized representatives such financial and operating data and other information relating to the Group Companies as such Persons may reasonably request, (iii) instruct the employees, counsel and financial advisors of the Group Companies to cooperate with the Purchaser in its investigation of the Group Companies, (iv) provide information regarding human resources department and financial department for the purpose of ensuring a smooth transition before and after Closing, to the extent such actions are commercially reasonable, and (v) take action to prepare for the integration of the Company’s financial and accounting systems with those of the Purchaser, to the extent such actions are commercially reasonable.  Any information furnished pursuant to this Section 4.2 shall be deemed to be “Confidential Information” pursuant to the terms of the Non-Disclosure Agreement, as amended by Section 9.13.  Any investigation pursuant to this Section 4.2 shall be conducted in such manner as not to interfere unreasonably with the conduct of the business of the Group Companies.  No investigation by the Purchaser or other information received by the Purchaser shall operate as a waiver or otherwise affect any representation, warranty or agreement given or made by the Company hereunder.

 

4.3                               Management Arrangement. Prior to Closing, the Company and the Purchaser shall discuss in good faith with Ms. Qimin Wu, the existing chief executive officer of the Company, about her continued services as a management member of the Purchaser after the 

 

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Closing and, upon confirmation of such management arrangement, the Purchaser shall use its commercially reasonable efforts to enter into an written employment agreement with Ms. Wu, a form of which as set forth in Exhibit C attached hereto, effective immediately upon Closing.

 

4.4                               Notices of Certain Matters.  Prior to the Closing, (i) the Company shall give prompt written notice to the Purchaser of the occurrence or non-occurrence of any event known to the Company the occurrence or non-occurrence of which would reasonably be expected to cause any representation or warranty contained in Article 2 to be materially untrue, or of the failure of the Company to comply with or satisfy any covenant or agreement under this Agreement, and (ii) the Purchaser shall give prompt written notice to the Company of the occurrence or non-occurrence of any event known to the Purchaser the occurrence or non-occurrence of which would reasonably be expected to cause any representation or warranty contained in Article 3 to be materially untrue, or of the failure of the Purchaser to comply with or satisfy any covenant or agreement under this Agreement; provided that the delivery of any notice pursuant to this Section 4.4 shall not limit or otherwise affect the remedies available hereunder to the party receiving that notice.

 

4.5                               Public Announcements.  The Purchaser and the parent company of E-House shall be entitled make appropriate filings and disclosures to the U.S. Securities and Exchange Commission concerning the transactions contemplated by this Agreement.  The parties agree to consult with each other before issuing any press release or making any public statement with respect to this Agreement or the transactions contemplated hereby and, except for any press releases and public statements the making of which may be required by applicable law, regulation or requirement of any Governmental or Regulatory Authority or any listing agreement with any securities exchange, in which case the party required to make the press release or public statement shall use reasonable efforts to allow the other party hereto reasonable time to comment on such release or announcement in advance of such issuance (it being understood that the final form and content of any such release or announcement, as well as the timing of any such release or announcement, shall be at the final discretion of the disclosing party) will not issue any such press release or make any such public statement prior to such consultation.

 

5.                                      Conditions of the Purchaser’s Obligations at Closing.  The obligations of the Purchaser to the Company to purchase the Purchased Shares under this Agreement at the Closing are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived in writing by the Purchaser:

 

5.1                               Representations and Warranties.  The representations and warranties of the Company and the Sellers contained in Article 2 shall be true and correct (disregarding all qualifications or limitations as to “materiality” or “Material Adverse Effect” or other similar qualifiers set forth therein) in all respects as of the date hereof and as of the Closing (except to the extent such representations and warranties are made as of a specified date, in which case such representations and warranties shall be true and correct in all respect as of such date), except where the failure of any such representations and warranties to be so true and correct has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

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5.2                               Performance.  The Company and the Sellers shall have performed and complied in all material respects with all covenants, agreements, obligations and conditions contained in this Agreement that are required to be performed or complied with by it on or before the Closing.

 

5.3                               No MAE.  Since the date hereof, no event, occurrence, change, effect or condition of any character shall have occurred following the date hereof that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect.

 

5.4                               Officer’s Certificates.  The chief executive officers of the Company and the authorized representatives of the Sellers shall have jointly delivered to the Purchaser a duly executed certificate reasonably acceptable to the Purchaser, dated as of the Closing Date certifying to the effect that the conditions set forth in Sections 5.1, 5.2 and 5.3 have been satisfied as of the Closing.

 

5.5                               Approvals and Consents. All authorizations, approvals, consents or permits of (a) any competent Governmental or Regulatory Authority or (b) any authorizations, approvals or consents of any third party identified as a “Required Consent” set forth in Schedule III attached hereto and that are required to be obtained by any Group Company or Shareholders before the Closing in connection with the consummation of the transactions contemplated by this Agreement (including but not limited to those related to the lawful sale of the Purchased Shares), including without limitation any waivers for rights of first refusal, preemptive rights, put or call rights, or other rights triggered, if any, shall have been duly obtained and effective as of the Closing.

 

5.6                               No Injunction.  Neither the execution and delivery of this Agreement by the Company and the Sellers nor the consummation by the Company and the Sellers of the transactions contemplated under this Agreement, conflicts with any applicable statute or administrative regulation, or any order, writ, injunction, stop order, judgment or decree of any court of competent jurisdiction or relevant governmental authority or of any arbitration award to which the Company or such Seller is a party or by which the Company or such Seller is bound.

 

5.7                               Legal Representative of WFOE.  The legal representative of the WFOE shall have been changed to a person designated by or acceptable to the Purchaser.

 

5.8                               Completion of IPO.  The Purchaser shall have completed its IPO.

 

6.                                      Conditions of the Company’s and the Sellers’ Obligations at Closing.  The obligations of the Company and the Sellers to the Purchaser under this Agreement are subject to the fulfillment, on or before the Closing, of each of the following conditions, unless otherwise waived by the Company or the Sellers, as applicable:

 

6.1                               Representations and Warranties.  The representations and warranties of the Purchaser contained in Article 3 shall be true and correct (disregarding all qualifications or limitations as to “materiality” or “Material Adverse Effect” or other similar qualifiers set forth therein) in all respects as of the date hereof and as of the Closing (except to the extent such 

 

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representations and warranties are made as of a specified date, in which case such representations and warranties shall be true and correct in all respect as of such date), except where the failure of any such representations and warranties to be so true and correct has not had, and would not reasonably be expected to have, individually or in the aggregate, a Material Adverse Effect.

 

6.2                               Performance.  All covenants, agreements and conditions contained in this Agreement to be performed by the Purchaser on or prior to the Closing shall have been performed or complied with in all material respects.

 

6.3                               Completion of IPO.  The Purchaser shall have completed its IPO.

 

6.4                               No MAE.  Since the date hereof, no event, occurrence, change, effect or condition of any character shall have occurred following the date hereof that, individually or in the aggregate, has had or would reasonably be expected to have a Material Adverse Effect.

 

6.5                               Approvals and Consents.  All authorizations, approvals, consents or permits of (a) any competent Governmental or Regulatory Authority or (b) any authorizations, approvals or consents of any third party that are required to be obtained by the Purchaser before the Closing in connection with the consummation of the transactions contemplated by this Agreement (including but not limited to those related to the lawful sale of the Consideration Shares), including without limitation any waivers for rights of first refusal, preemptive rights, put or call rights, or other rights triggered, if any, shall have been duly obtained and effective as of the Closing.

 

6.6                               No Injunctions.  Neither the execution and delivery of this Agreement by the Purchaser nor the consummation by the Purchaser of the transactions contemplated hereunder, conflicts with any applicable statute or administrative regulation, or any order, writ, injunction, stop order, judgment or decree of any court of competent jurisdiction or relevant governmental authority or of any arbitration award to which the Purchaser is a party or by which the Purchaser is bound.

 

7.                                      Post-Closing Covenants.

 

7.1                               Transitional Support.  E-House shall use commercially reasonable actions, as reasonably requested by the Purchaser, to cooperate with and assist the Purchaser, at the Purchaser’s expense for any third party costs or fees, to ensure that (a) the Group Companies’ financial and accounting systems is fully integrated with those of the Purchaser and (b) all financial data of the Group Companies are transferred to the Purchaser after the Closing.

 

7.2                               Assumption of ESOP Options. E-House shall use commercially reasonable actions to facilitate the Purchaser’s assumption of all outstanding options and other equity incentives granted under the Company Share Incentive Plan pursuant to Section 1.3.

 

20

 

8.                                      Indemnity.

 

8.1                               From and after the Closing, each of the Sellers and the Company (each, an “Indemnifying Party” and collectively, the “Indemnifying Parties”) agrees jointly and severally to indemnify and hold harmless the Purchaser and its Affiliates and each of their respective officers, directors, partners, members, managers and agents (each, an “Indemnified Party”, and collectively, the “Indemnified Parties”), to the fullest extent lawful, from and against any and all actions, suits, claims, proceedings, costs, losses, liabilities, damages, expenses (including attorneys’ fees and disbursements), amounts paid in settlement and other costs (collectively, “Losses”) arising out of or resulting from (a) any inaccuracy in or breach of the representations or warranties made by the Company or the Sellers in Article 2 of this Agreement or in any certificate delivered by or on behalf of the Company or the Sellers pursuant to this Agreement or (b) any breach of agreements or covenants made by the Company or the Sellers respectively in this Agreement.

 

8.2                               An Indemnified Party shall give written notice to the Indemnifying Parties of any claim with respect to which it seeks indemnification promptly after the discovery by such Indemnified Party of any matters giving rise to a claim for indemnification; provided that the failure of any Indemnified Party to give notice as provided herein shall not relieve any Indemnifying Party of its obligations under this Article 8 unless and to the extent that such Indemnifying Party shall have been actually prejudiced by the failure of such Indemnified Party to so notify such Indemnifying Party.  Such notice shall describe in reasonable detail such claim.  In case any such action, suit, claim or proceeding is brought against an Indemnified Party, the Indemnified Party shall be entitled to hire, at the cost and expense of the Indemnifying Parties, counsel and participate in the defense thereof.  If an Indemnifying Party participates in the defense of any claim, all Indemnified Parties shall thereafter deliver to such Indemnifying Party copies of all notices and documents (including court papers) received by the Indemnified Parties relating to the claim, and shall cooperate in the defense or prosecution of such claim.  Such cooperation shall include the retention and (upon such Indemnifying Party’s request) the provision to the Indemnifying Party of records and information that are reasonably relevant to such claim, and making employees available on a mutually convenient basis to provide additional information and explanation of any material provided hereunder.  None of the Indemnifying Parties shall be liable for any settlement of any action, suit, claim or proceeding effected without its written consent; provided, however, that each Indemnifying Party shall not unreasonably withhold, delay or condition its consent.  Each Indemnifying Party further agrees that it will not, without the Indemnified Party’s prior written consent (which shall not be unreasonably withheld or delayed), settle or compromise any claim or consent to entry of any judgment in respect thereof in any pending or threatened action, suit, claim or proceeding in respect of which indemnification has been sought hereunder unless such settlement or compromise includes an unconditional release of such Indemnified Party from all liability arising out of such action, suit, claim or proceeding.

 

8.3                               For purposes of the indemnity contained in Section 8.1(a), all qualifications and limitations set forth in the parties’ representations and warranties as to “materiality,” “Material Adverse Effect” and words of similar import, shall be disregarded in determining the amount of Losses in respect of any breach of any representation or warranty 

 

21

 

under this Agreement, except to the extent such “materiality” qualifier or word of similar import is used for the express purpose of listing any information on the Company Disclosure Schedule rather than qualifying a statement.

 

8.5                               The obligations of the Indemnifying Parties under this Article 8 shall survive the transfer or redemption of the Purchased Shares, or the Closing or termination of this Agreement; provided that in the event of any transfer of the Purchased Shares to a third party that is not an Affiliate of the Purchaser, the Indemnifying Parties shall have no obligations under this Article 8 to such transferee.

 

8.6                               With the exception of claims based upon Fraud or willful misconduct, resort to indemnification under Article 8 will be the exclusive right and remedy of Indemnified Parties from and after the Closing Date for Losses or other damages under this Agreement (it being understood that nothing in this Section 8.6 or elsewhere in this Agreement will affect the Purchaser’s rights to equitable remedies to the extent available).  None of the parties hereto shall, in any event, be liable or otherwise responsible to any other party hereto (or any of its Affiliates) for any consequential or punitive damages of such other party (or any of its Affiliates) arising out of or relating to this Agreement or the performance or breach hereof. The indemnification rights contained in this Article 8 are not limited or deemed waived by any investigation or knowledge by the Indemnified Parties prior to Closing.

 

9.                                      Miscellaneous.

 

9.1                               Survival.  The covenants of parties hereto contained in or made pursuant to this Agreement shall survive the Closing up to and until the latest date a claim may arise and/or be brought with respect to any breach of such covenant under applicable Laws.  Each of the representations and warranties contained in or made pursuant to this Agreement shall survive the Closing but only for a period of thirty-six (36) months following the Closing Date; provided that each Fundamental Representation shall survive the Closing up to and until the latest date a claim may arise and/or be brought with respect to any breach of such Fundamental Representation under applicable Laws.

 

9.2                               Defined Terms Used in this Agreement.  In addition to the terms defined above, the following terms used in this Agreement shall be construed to have the meanings set forth or referenced below:

 

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

 

“Anticorruption Laws” means Laws relating to anti-bribery or anticorruption (governmental or commercial), which apply to the business and dealings of any Group Company, including, without limitation, the PRC Law on Anti-Unfair Competition 

 

22

 

adopted on September 2, 1993, the Interim Rules on Prevention of Commercial Bribery issued by the PRC State Administration of Industry and Commerce on November 15, 1996 and the U.S. Foreign Corrupt Practice Act of 1977, as amended from time to time.

 

“Business Day” means a day other than Saturday, Sunday or any other day on which commercial banks in the British Virgin Islands, the Cayman Islands, the PRC or the Hong Kong Special Administrative Region are authorized or required by applicable law to close.

 

“Company Share Incentive Plan” means a 2014 Share Incentive Plan of the Company, as adopted by its board of directors on August 8, 2014.

 

“Consideration Shares” means such number of newly issued ordinary shares, par value US$0.0005 per share, of the Purchaser that represents twenty (20) per cent equity interest in the Purchaser after giving effect to (i) the issuance of the Consideration Shares and (ii) the issuance of ordinary shares of the Purchaser upon exercise of all outstanding options of the Purchaser as of the closing of the IPO.

 

“Current Assets” means all current assets of the Group Companies that would be reflected as current assets on a consolidated balance sheet of the Group Companies prepared in accordance with U.S. GAAP and in a manner consistent with the preparation of the Financial Statements, including, cash and cash equivalents, accounts receivable net of provision, advances to merchants net of provision, prepayments and deposits, other receivables and inventory, but excluding, deferred income Taxes.

 

“Current Liabilities” means all current liabilities of the Group Companies that would be reflected as current liabilities on a consolidated balance sheet of the Group Companies prepared in accordance with U.S. GAAP and in a manner consistent with the preparation of the Financial Statements, including without limitation, accounts payable, accrued expenses, accrued compensation, deferred revenues, other payables, but excluding the Intercompany Loan.

 

“Designated SEC Reports” means the Annual Report on Form 20-F filed by E-House (China) Holdings Ltd. for the fiscal year ended December 31, 2013 and each Current Report on Form 6-K filed by E-House (China) Holdings Ltd. after the filing date of such Annual Report on Form 20-F and before the date hereof.

 

“Domestic Entities” means, collectively, the entities’ listed Schedule V hereto, including, but not limited to, the WFOE and the VIE.

 

“Exchange Ratio” means five (5).

 

“Fraud” means actual fraud involving a knowing and intentional misrepresentation and omission of a fact material to the transactions contemplated by this Agreement made with the intent of inducing any other party hereto to enter into this Agreement and upon which such other party has relied (as opposed to any fraud claim based on constructive knowledge, negligent misrepresentation or omission or a similar theory) under applicable tort laws.

 

23

 

“Fully-Diluted” means, with respect to the Ordinary Shares, all outstanding Ordinary Shares and all Ordinary Shares issuable in respect of securities convertible into or exchangeable for Ordinary Shares, all share appreciation rights, options, warrants, share entitlements and other rights to purchase or subscribe for Ordinary Shares or securities convertible into or exchangeable for Ordinary Shares.

 

“Fundamental Representations” means the representations and warranties of the Company and the Sellers contained in Sections 2.1, 2.2, 2.3 and 2.4.

 

“Governmental or Regulatory Authority” means any nation or government or any province or state or any other political subdivision thereof, or any entity, authority or body exercising executive, legislative, judicial, regulatory or administrative functions of or pertaining to government, including any government authority, agency, department, board, commission or instrumentality or any political subdivision thereof, any court, tribunal or arbitrator, and any self-regulatory organization.

 

“Group Companies” means the Company and its subsidiaries and consolidated Affiliates that are not a natural person, and the Domestic Entities (each, a “Group Company”).

 

“Indebtedness” means, with respect to any Person, (i) all indebtedness of such Person, whether or not contingent, for borrowed money, (ii) all obligations of such Person for the deferred purchase price of property or services, (iii) all other indebtedness of such Person evidenced by notes, bonds, debentures, finance leases or other similar instruments, (iv) all indebtedness of others referred to in clauses (i) through (iii) above guaranteed directly or indirectly in any manner by such Person.

 

“Intellectual Property” means any and all (i) patents, all patent rights and all applications therefor and all reissues, reexaminations, continuations, continuations-in-part, divisions, and patent term extensions thereof, (ii) inventions (whether patentable or not), discoveries, improvements, concepts, innovations and industrial models, (iii) registered and unregistered copyrights, copyright registrations and applications, author’s rights and works of authorship (including artwork of any kind and software of all types in whatever medium, inclusive of computer programs, source code, object code and executable code, and related documentation), (iv) URLs, web sites, web pages and any part thereof, (v) technical information, know-how, trade secrets, drawings, designs, design protocols, specifications for parts and devices, quality assurance and control procedures, design tools, manuals, research data concerning historic and current research and development efforts, including the results of successful and unsuccessful designs, databases and proprietary data, (vi) trade names, trade dress, trademarks, domain names, and service marks, and registrations and applications therefor, (vii) the goodwill of the business symbolized or represented by the foregoing, customer lists and other proprietary information and common-law rights and (viii) any other intellectual property or proprietary rights.

 

“IPO” means an initial public offering of the ordinary shares, par value US$0.0005 per share, of the Purchaser in the form of American depositary shares.

 

24

 

“Key Employees” means the persons whose names are listed on Schedule IV attached hereto.

 

“Knowledge” including the phrase “to the Company’s Knowledge” shall mean the actual knowledge of any of the directors or officers of the Sellers or any of the Group Companies after due inquiry of the relevant employees of the Sellers or any of the Group Companies.

 

“Law” means any constitutional provision, statute or other law, rule, regulation, official policy or interpretation of any Governmental or Regulatory Authority.

 

“Lien” means any lien, adverse right or claim, charge, option, pledge, covenant, title defect, security interest or other encumbrances of any kind.

 

“Material Adverse Effect” means any effect, change, fact, event, occurrence, development or circumstance that is or would reasonably be expected to result in a material adverse effect on or change in the business, assets (including intangible assets), liabilities, financial condition, property or results of operations of the Group Companies, taken as a whole; provided, however, that the following shall not be deemed to constitute, and shall not be taken into account in determining whether there has been a “Material Adverse Effect”: (a) any adverse changes, event or effect to the extent resulting from changes in the general business, political or economic conditions or the financial, credit or securities markets, including any change, event or effect relating to any war, acts of terrorism or similar events, unless any of the foregoing disproportionately affects the Group Companies (in which case the incremental disproportionate impact or impacts may be taken into account in determining whether there has been a Material Adverse Effect); (b) any adverse change, event or effect to the extent arising from the Group Companies’ customer’s reaction or response to the transactions contemplated hereby, due solely to the identity of the Purchaser (including any loss of or adverse change in the relationship of any of the Group Companies’ with its employees, contractors, clients, partners, or suppliers related thereto); (c) any action taken by the Purchaser or its representatives, or taken by the Group Companies on or after the date of this Agreement at the written request of the Purchaser or any of its representatives or as required by this Agreement; (d) any adverse change, event or effect generally affecting the industry in which the Group Companies provide services and products, unless any of the foregoing disproportionately affects the Group Companies (in which case the incremental disproportionate impact or impacts may be taken into account in determining whether there has been a Material Adverse Effect); and/or (e) changes in the applicable Laws by any Governmental or Regulatory Authority or changes in accounting rules applicable to the Group Companies, in each case, proposed, adopted or enacted after the date hereof.

 

“Order” means any injunction, judgment, decree, order, ruling, assessment or writ of any Governmental or Regulatory Authority.

 

“Ordinary Course of Business” means the ordinary course of business consistent with past practice.  Without limiting the foregoing, Ordinary Course of Business with respect to a Group Company shall include (a) actions taken (i) as expressly contemplated in or 

 

25

 

expressly permitted by this Agreement, (ii) in connection with necessary or prudent repairs due to breakdown or casualty, or other actions taken in response to a business emergency or other unforeseen operational matters, (iii) as required by Laws or Orders, or (iv) as contemplated by financing agreements or other contracts that have been entered into by a Group Company; and (b) participating in regulatory proceedings in the ordinary course of business consistent with past practices.

 

“Person” means any individual, corporation, partnership, trust, limited liability company, association or other entity.

 

“PRC” means People’s Republic of China but solely for purposes of this Agreement, excluding the Hong Kong Special Administrative Region, Macau Special Administrative Region and the island of Taiwan.

 

“Securities” means any Ordinary Shares or any equity interest of, or shares of any class in the share capital (ordinary, preferred or otherwise) of, the Company and any convertible securities, options, warrants and any other type of equity or equity-linked securities convertible, exercisable or exchangeable for any such equity interest or shares of any class in the share capital of the Company.

 

“Shareholders” means all Persons holding shares of the Company and listed in the register of members of the Company.

 

“Tax” or “Taxes” means (i) any tax, duty, custom, fee, assessment charge, or other levy separately or jointly due or payable to, or levied or imposed by any Governmental or Regulatory Authority, including income, gross receipts, license, wages, payroll, employment, excise, severance, stamp, occupation, premium, windfall profits, environmental, customs duty, capital, capital gains, capital stock, goods and services, franchise, profits, withholding, social security, unemployment, disability, real property, personal property, sales, use, transfer, transaction, registration, value added, alternative/add-on minimum, estimated or other tax, duty, charge, custom, governmental fee, assessment or other levy of any kind whatsoever, including any interest, penalty, fine or addition thereto, and any interest with respect to such addition or penalty, and (ii) any liability for the payment of any amounts described in clause (i) for or to any other Person as a result of being a member of an affiliated, consolidated, combined or unitary group, or as a transferee or successor, by contract, or otherwise, including as a result of an express or implied obligation to indemnify any other Person with respect to the payment of any amounts described in clause (i).

 

“Tax Asset” means any net operating loss, net capital loss, foreign tax credit, or any other credit or tax attribute that could be carried forward or back to reduce Taxes.

 

“Tax Return” means any return, statement, report, election, declaration, disclosure, schedule or form relating to Taxes that is filed or required to be filed with any taxing authority.

 

“U.S. GAAP” has the meaning as ascribed to it under Section 2.7 hereof.

 

26

 

“Variable Interest Entity” or “VIE” means Shanghai E-Cheng Asset Management Co., Ltd., a Limited Liability company incorporated under laws of the People’s Republic of China.

 

“WFOE” means Baoyi Investment consulting (Shanghai) Co., Ltd., a wholly foreign owned enterprise organized and existing under the laws of the PRC.

 

9.3                               Termination.  This Agreement may be terminated at any time prior to the Closing: (a) by mutual written agreement of the parties hereto; (b) by any party hereto, if there shall be any applicable law or requirement of any Governmental or Regulatory Authority that shall have become final and non-appealable that makes consummation of the Closing illegal or otherwise prohibited, or enjoins the consummation of the Closing; (c) by the Purchaser, if a breach of any representation or warranty or failure to perform any covenant or agreement on the part of the Company or the Sellers set forth in this Agreement shall have occurred that would cause any of the conditions set forth in Article 5 not to be satisfied and is incapable of being cured by the Company or the Sellers (as applicable) or, if capable of being cured by the Company or the Sellers (as applicable) through the exercise of reasonable efforts, the Company or the Sellers (as applicable) does not cure such breach or failure within 30 days after its receipt  of written notice thereof from the Purchaser; or (d) by the Company or either Seller, if a breach of any representation or warranty or failure to perform any covenant or agreement, on the part of the Purchaser set forth in this Agreement shall have occurred that would cause any of the conditions set forth in Article 6 not to be satisfied and is incapable of being cured by the Purchaser or, if capable of being cured by the Purchaser through the exercise of reasonable efforts, the Purchaser does not cure such breach or failure within 30 days after its receipt of written notice thereof from the Company or either Seller.  If this Agreement is terminated pursuant to this Section 9.3, this Agreement (other than Articles 8 and 9) shall become void and of no effect without liability of any party to each other party hereto; provided that if such termination shall result from the willful or intentional (i) failure of any party to fulfill a condition to the performance of the obligations of any other party, or (ii) failure of any party to perform a covenant hereof not waived by the other party, such party shall be fully liable for any and all liabilities and damages incurred or suffered by any other party as a result of such failure.  The provisions of Articles 8 and 9 shall survive any termination hereof pursuant to this Section 9.3.

 

9.4                               Transaction Fees and Expenses.

 

(a)              In the event the Closing occurs, each party shall be responsible for its own fees and expenses incurred in connection with this Agreement.

 

(b)              In the event that this Agreement is terminated pursuant to Section 9.3, each party shall be responsible for its own fees and expenses incurred in connection with this Agreement.

 

9.5                               Transfer; Successors and Assigns.  The terms and conditions of this Agreement shall inure to the benefit of and be binding upon the respective successors and permitted assigns of the parties.  Neither party may assign or delegate this Agreement, or any of the rights or obligations hereunder, in whole or in part, nor voluntarily or by operation of law,

 

27

 

without the prior written consent of the other party which consent shall not unreasonably be withheld.  Nothing in this Agreement, express or implied, is intended to confer upon any party other than the parties hereto or their respective successors and permitted assigns any rights, remedies, obligations, or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

9.6                               Governing Law.  This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of Hong Kong, without giving effect to principles of conflicts of law.

 

9.7                               Counterparts.  This Agreement may be executed in any number of counterparts, including counterparts delivered by facsimile transmission or in scanned format through e-mail, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

9.8                               Titles and Subtitles.  The titles and subtitles used in this Agreement are used for convenience only and are not to be considered in construing or interpreting this Agreement.

 

9.9                               Requests and Notices.  Any request or notice required or permitted by this Agreement shall be in writing and shall be deemed sufficient upon delivery, when delivered personally or by overnight courier or sent by email or by fax (upon customary confirmation of receipt), or 48 hours after being deposited as certified or registered mail, with postage prepaid, addressed to the party to be notified at such party’s address as set forth on the signature page hereto, or as subsequently modified by written notice, and

 

	
(a)
    	
if to the Company   before Closing, or to the Sellers:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
E-House (China) Holdings Ltd.
    
	
 
    	
 
    	
11/F, Qiushi Building,
    
	
 
    	
 
    	
No. 383 Guangyan Road,
    
	
 
    	
 
    	
Shanghai,
    
	
 
    	
 
    	
People’s Republic of China
    
	
 
    	
 
    	
Attention: Li-Lan Cheng, Chief Operating Officer
    
	
 
    	
 
    	
 
    
	
(b)
    	
if to the Company after Closing, or to the Purchaser:
    
	
 
    	
 
    	
 
    
	
 
    	
 
    	
Jupai Holdings Limited
    
	
 
    	
 
    	
10/F Jinsui Building,
    
	
 
    	
 
    	
No. 379 South Pudong Road,
    
	
 
    	
 
    	
Pudong District, Shanghai,
    
	
 
    	
 
    	
People’s Republic of China
    
	
 
    	
 
    	
Attn: Tianxiang Hu
    

 

9.10                        Amendments and Waivers.  Any term of this Agreement may be amended or waived only with the written consent of the parties hereto.

 

28

 

9.11                        Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith.  In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (a) such provision shall be excluded from this Agreement, (b) the balance of the Agreement shall be interpreted as if such provision were so excluded so as reasonably to effect the intent of the parties hereto and (c) the balance of the Agreement shall be enforceable in accordance with its terms.  The parties further agree to use good faith efforts to replace such void or unenforceable provision of this Agreement with a valid and enforceable provision that will achieve, to the extent possible, the economic, business and other purposes of such void or unenforceable provision.

 

9.12                        Delays or Omissions.  No delay or omission to exercise any right, power or remedy accruing to any party under this Agreement, upon any breach or default of any other party under this Agreement, shall impair any such right, power or remedy of such non-breaching or non-defaulting party nor shall it be construed to be a waiver of any such breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other breach or default theretofore or thereafter occurring.  Any waiver, permit, consent or approval of any kind or character on the part of any party of any breach or default under this Agreement, or any waiver on the part of any party of any provisions or conditions of this Agreement, must be in writing and shall be effective only to the extent specifically set forth in such writing.  All remedies, either under this Agreement or by law or otherwise afforded to any party, shall be cumulative and not alternative.

 

9.13                        Entire Agreement.  This Agreement, and the documents referred to herein constitute the entire agreement between the parties hereto pertaining to the subject matter hereof, and any and all other written or oral agreements relating to the subject matter hereof existing between the parties hereto are expressly canceled;

 

9.14                        Dispute Resolution.

 

(a)              Negotiation Between Parties; Mediations.  The parties agree to negotiate in good faith to resolve any dispute between them regarding this Agreement.  If the negotiations do not resolve the dispute to the reasonable satisfaction of both parties, then each party that is a company shall nominate one authorized officer as its representative.  The parties or their representatives, as the case may be, shall, within 30 days of a written request by either party to call such a meeting, meet in person and shall attempt in good faith to resolve the dispute.  If the disputes cannot be resolved by such senior managers in such meeting, the parties agree that they shall, if requested in writing by either party, meet within 30 days after such written notification for one day with an impartial mediator and consider dispute resolution alternatives other than formal arbitration.  If an alternative method of dispute resolution is not agreed upon in the one day mediation, either party may begin formal arbitration proceedings to be conducted in accordance with subsection (b) below.  This procedure shall be a prerequisite before taking any additional action hereunder.

 

29

 

(b)              Arbitration.  In the event the parties are unable to settle a dispute between them regarding this Agreement in accordance with subsection (a) above, subject to subsection (c) below, such dispute shall be referred to and finally settled by arbitration at the Hong Kong International Arbitration Centre in accordance with the UNCITRAL Arbitration Rules (the “UNCITRAL Rules”) in effect, which rules are deemed to be incorporated by reference into this subsection (b), subject to the following: (i) the arbitration tribunal shall consist of three arbitrators to be appointed according to the UNCITRAL Rules; and (ii) the language of the arbitration shall be English.  The prevailing party shall be entitled to reasonable attorney’s fees, costs and necessary disbursements in addition to any other relief to which such party may be entitled.

 

(c)               Specific Performance.  The parties hereto agree that the Purchaser would suffer irreparable damage if any provision of this Agreement were not performed in accordance with the terms hereof and that, notwithstanding anything to the contrary herein, the Purchaser shall be entitled to an injunction or injunctions to prevent breaches of this Agreement or to enforce specifically the performance of the terms and provisions hereof in any court of competent jurisdiction, in addition to any other remedy to which they are entitled at law or in equity.

 

[Signature Pages Follow]

 

30

 

The parties have executed this Shares Purchase Agreement as of the date first written above.

 

	
 
    	
COMPANY:
    
	
 
    	
 
    
	
 
    	
SCEPTER PACIFIC LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By: 
    	
/s/ Xin Zhou
    
	
 
    	
Name: Xin Zhou
    
	
 
    	
Title:
    

 

 

	
 
    	
PURCHASER:
    
	
 
    	
 
    
	
 
    	
JUPAI HOLDINGS LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Tianxiang Hu
    
	
 
    	
Name: Tianxiang Hu
    
	
 
    	
Title:
    

 

 

	
 
    	
SELLERS:
    
	
 
    	
 
    
	
 
    	
E-HOUSE (CHINA) CAPITAL INVESTMENT MANAGEMENT   LTD.
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Xin Zhou
    
	
 
    	
Name: Xin Zhou
    
	
 
    	
Title:
    

 

 

	
 
    	
RECKON CAPITAL LIMITED
    
	
 
    	
 
    
	
 
    	
 
    
	
 
    	
By:
    	
/s/ Xin Zhou
    
	
 
    	
Name: Xin Zhou
    
	
 
    	
Title:EX-4.1

Table of Contents

 Exhibit 4.1 
  

 
  

 
 Dated as of June 15, 2015 

INDENTURE 
 between 

EMBRAER S.A., 
 as Company 

and 
 THE BANK OF NEW YORK MELLON,

 as Trustee, Paying Agent, Registrar and Transfer Agent 
  

 
  

 

Table of Contents

 Table of Contents 

 

							
	 	 
	 	  	Page	 
	 ARTICLE I Definitions and Other Provisions of General Application
	  	 	1	  
	 Section 1.1            
Definitions
	  	 	1	  
	 Section 1.2            
Compliance Certificates and Opinions
	  	 	9	  
	 Section 1.3            
Form of Documents Delivered to Trustee
	  	 	10	  
	 Section 1.4            
Acts of Holders; Record Dates
	  	 	10	  
	 Section 1.5            
Notices, Etc., to Trustee and the Company
	  	 	12	  
	 Section 1.6            
Notice to Holders; Waiver
	  	 	13	  
	 Section 1.7            
Conflict with Trust Indenture Act
	  	 	14	  
	 Section 1.8            
Effect of Headings and Table of Contents
	  	 	14	  
	 Section 1.9            
Successors and Assigns
	  	 	14	  
	 Section 1.10         Separability
Clause
	  	 	14	  
	 Section 1.11         Benefits of
Indenture
	  	 	14	  
	 Section 1.12         Legal
Holidays
	  	 	14	  
	 Section 1.13         
Consent to Service; Jurisdiction
	  	 	14	  
	 Section 1.14         
Language of Notices, Etc
	  	 	15	  
		
	 ARTICLE II Security Forms
	  	 	15	  
	 Section 2.1            
Forms Generally
	  	 	15	  
	 Section 2.2            
Form of Legend for Global Security
	  	 	16	  
	 Section 2.3            
Form of Trustee’s Certificate of Authentication
	  	 	16	  
		
	 ARTICLE III The Securities
	  	 	17	  
	 Section 3.1            
Amount Unlimited; Issuable in Series
	  	 	17	  
	 Section 3.2            
Denominations
	  	 	19	  
	 Section 3.3            
Execution, Authentication, Delivery and Dating
	  	 	19	  
	 Section 3.4            
Registration, Registration of Transfer and Exchange
	  	 	20	  
	 Section 3.5            
Mutilated, Destroyed, Lost and Stolen Securities
	  	 	23	  
	 Section 3.6            
Payment of Interest; Interest Rights Preserved
	  	 	24	  
	 Section 3.7            
Persons Deemed Owners
	  	 	25	  
	 Section 3.8            
Cancellation
	  	 	25	  
	 Section 3.9            
Computation of Interest
	  	 	25	  
	 Section 3.10         
CUSIP or “ISIN” Numbers
	  	 	25	  
		
	 ARTICLE IV Satisfaction and Discharge
	  	 	26	  
	 Section 4.1            
Satisfaction and Discharge of Indenture
	  	 	26	  
	 Section 4.2            
Application of Trust Money
	  	 	26	  
		
	 ARTICLE V Remedies
	  	 	27	  
	 Section 5.1            
Events of Default
	  	 	27	  
	 Section 5.2            
Acceleration of Maturity; Rescission and Annulment
	  	 	28	  
	 Section 5.3            
Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	29	  
	 Section 5.4            
Trustee May File Proofs of Claim
	  	 	29	  
	 Section 5.5            
Trustee May Enforce Claims Without Possession of Securities
	  	 	29	  
	 Section 5.6            
Application of Money Collected
	  	 	30	  
	 Section 5.7            
Limitation on Suits
	  	 	30	  

  
 (i) 

Table of Contents

 Table of Contents 

(continued) 
  

							
	 	  	Page	 
	 Section 5.8            
Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	 	31	  
	 Section 5.9            
Restoration of Rights and Remedies
	  	 	31	  
	 Section 5.10         
Rights and Remedies Cumulative
	  	 	31	  
	 Section 5.11         
Delay or Omission Not Waiver
	  	 	31	  
	 Section 5.12         Control by
Holders
	  	 	31	  
	 Section 5.13         
Waiver of Past Defaults
	  	 	32	  
	 Section 5.14         Undertaking for
Costs
	  	 	32	  
	 Section 5.15         
Waiver of Usury, Stay or Extension Laws
	  	 	32	  
		
	 ARTICLE VI The Trustee
	  	 	32	  
	 Section 6.1            
Certain Duties and Responsibilities
	  	 	32	  
	 Section 6.2            
Notice of Default; Potential Default
	  	 	33	  
	 Section 6.3            
Certain Rights of Trustee
	  	 	33	  
	 Section 6.4            
Not Responsible for Recitals or Issuance of Securities
	  	 	34	  
	 Section 6.5            
May Hold Securities
	  	 	35	  
	 Section 6.6            
Money Held in Trust
	  	 	35	  
	 Section 6.7            
Compensation and Reimbursement
	  	 	35	  
	 Section 6.8            
Conflicting Interests
	  	 	35	  
	 Section 6.9            
Corporate Trustee Required; Eligibility
	  	 	36	  
	 Section 6.10         
Resignation and Removal; Appointment of Successor
	  	 	36	  
	 Section 6.11         
Acceptance of Appointment by Successor
	  	 	37	  
	 Section 6.12         
Merger, Conversion, Consolidation or Succession to Business
	  	 	38	  
	 Section 6.13         
Preferential Collection of Claims Against Company
	  	 	38	  
	 Section 6.14         
Appointment of Authenticating Agent
	  	 	39	  
	 Section 6.15         
Trustee’s Application for Instructions from the Company
	  	 	39	  
		
	 ARTICLE VII Holders’ Lists and Reports by Trustee and Company
	  	 	40	  
	 Section 7.1            
Company to Furnish Trustee Names and Addresses of Holders
	  	 	40	  
	 Section 7.2            
Preservation of Information; Communications to Holders
	  	 	40	  
	 Section 7.3            
Reports by Trustee
	  	 	40	  
		
	 ARTICLE VIII Consolidation, Merger, Conveyance, Transfer or Lease
	  	 	41	  
	 Section 8.1            
Company May Consolidate, Etc. Only on Certain Terms
	  	 	41	  
	 Section 8.2            
Successor Substituted
	  	 	41	  
	 Section 8.3            
Right to Redemption
	  	 	41	  
		
	 ARTICLE IX Supplemental Indentures
	  	 	42	  
	 Section 9.1            
Supplemental Indentures without Consent of Holders
	  	 	42	  
	 Section 9.2            
Supplemental Indentures or Waiver with Consent of Holders
	  	 	43	  
	 Section 9.3            
Execution of Supplemental Indentures
	  	 	44	  
	 Section 9.4            
Effect of Supplemental Indentures
	  	 	44	  
	 Section 9.5            
Conformity with Trust Indenture Act
	  	 	44	  
	 Section 9.6            
Reference in Securities to Supplemental Indentures
	  	 	44	  
	 Section 9.7            
Effect of Waiver
	  	 	44	  

  
 (ii) 

Table of Contents

							
	 Table of Contents

(continued)
  
	 
	 	  	Page	 
	 ARTICLE X Covenants
	  	 	45	  
	 Section 10.1         
Payment of Principal, Premium and Interest
	  	 	45	  
	 Section 10.2         
Maintenance of Office or Agency
	  	 	45	  
	 Section 10.3         
Money for Security Payments To Be Held in Trust
	  	 	46	  
	 Section 10.4         
Statement by Officers as to Default
	  	 	47	  
	 Section 10.5         Reports by
Company
	  	 	47	  
	 Section 10.6         Limitation on
Liens
	  	 	47	  
	 Section 10.7         
Payment of Additional Amounts
	  	 	48	  
	 Section 10.8         
Indemnification of Judgment Currency
	  	 	50	  
	 Section 10.9         Further
Acts
	  	 	51	  
	 Section 10.10       
Securities held by the Company, Etc.
	  	 	51	  
	 Section 10.11       Status of
Securities
	  	 	51	  
	 Section 10.12       
Maintenance of Corporate Existence
	  	 	51	  
	 Section 10.13       Maintenance of
Insurance
	  	 	51	  
	 Section 10.14       Payment of Taxes
	  	 	52	  
		
	 ARTICLE XI Redemption of Securities
	  	 	52	  
	 Section 11.1         Right of
Redemption
	  	 	52	  
	 Section 11.2         Notice of
Redemption
	  	 	53	  
	 Section 11.3         
Deposit of Redemption Price
	  	 	53	  
	 Section 11.4         
Securities Payable on Redemption Date
	  	 	54	  
	 Section 11.5         
Securities Redeemed in Part
	  	 	54	  
		
	 ARTICLE XII Defeasance and Covenant Defeasance
	  	 	55	  
	 Section 12.1         
Company’s Option to Effect Defeasance or Covenant Defeasance
	  	 	55	  
	 Section 12.2         
Defeasance and Discharge
	  	 	55	  
	 Section 12.3         Covenant
Defeasance
	  	 	55	  
	 Section 12.4         
Conditions to Defeasance or Covenant Defeasance
	  	 	56	  
	 Section 12.5         
Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions
	  	 	57	  
	
Section 12.6         Reinstatement
	  	 	58	  
		
	 ARTICLE XIII Governing Law
	  	 	58	  

  
 (iii) 

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 Certain Sections of this Indenture relating to Section 310 through 318, inclusive, of the
U.S. Trust Indenture Act of 1939: 
  

					
	 Trust Indenture Act Section
	  	Indenture Section	 
	 §310(a)(1)
	  	 	6.9	  
	 (a)(2)
	  	 	6.9	  
	 (a)(3)
	  	 	Not Applicable	  
	 (a)(4)
	  	 	Not Applicable	  
	 (a)(5)
	  	 	6.9	  
	 (b)
	  	 	6.8	  
		  	 	6.10	  
	 §311(a)
	  	 	6.13	  
	 (b)
	  	 	6.13	  
	 §312(a)
	  	 	7.1	  
		  	 	7.2	  
	 (b)
	  	 	7.2	  
	 (c)
	  	 	7.2	  
	 §313(a)
	  	 	7.3	  
	 (b)
	  	 	7.3	  
	 (c)(1)
	  	 	7.3	  
	 (c)(2)
	  	 	7.3	  
	 (c)(3)
	  	 	7.3	  
	 (d)
	  	 	7.3	  
	 §314(a)
	  	 	10.5	  
	 (b)
	  	 	10.5	  
	 (c)
	  	 	10.5	  
	 (d)
	  	 	10.5	  
	 §315(a)
	  	 	6.1	  
	 (b)
	  	 	6.2	  
	 (c)
	  	 	6.1	  
	 (d)
	  	 	6.1	  
	 (e)
	  	 	5.14	  
	 §316(a)(1)(A)
	  	 	5.12	  
	 (a)(1)(B)
	  	 	5.13	  
	 (a)(2)
	  	 	Not Applicable	  
	 (b)
	  	 	5.8	  
	 (c)
	  	 	1.4	  
	 §317(a)(1)
	  	 	5.3	  
	 (a)(2)
	  	 	5.4	  
	 (b)
	  	 	10.3	  
	 §318(a)
	  	 	1.7	  

 Note: This reconciliation and tie shall not, for any purpose, be deemed to be part of this Indenture. 

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 INDENTURE, dated as of June 15, 2015 (the “Indenture”), among EMBRAER S.A.,
a company (sociedade anônima) duly organized and existing under the laws of the Federative Republic of Brazil (herein called the “Company”), having its principal office at Avenida Brigadeiro Faria Lima, 2170, 12227-901
São José dos Campos, São Paulo State, Brazil, and THE BANK OF NEW YORK MELLON, a banking corporation duly organized and existing under the laws of the State of New York, having its principal corporate trust office at 101 Barclay
Street, New York, New York 10286, as Trustee (herein called the “Trustee”). 
 W I T N E S S E T H: 

WHEREAS, the Company has duly authorized the execution and delivery of this Indenture to provide for the sale in one or more offerings of debt
securities of the Company (herein called collectively the “Securities”), to be issued in one or more tranches of one or more series as in this Indenture provided; and 

WHEREAS, all things necessary to make this Indenture a valid and binding legal obligation of the Company according to its terms have been
done. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

It is hereby covenanted and agreed that the terms and conditions upon which the Securities are issued, authenticated, delivered and accepted
by all Persons who shall from time to time be or become the Holders thereof (each as defined below), which said terms and conditions the Trustee hereby accepts and agrees to discharge pursuant to the terms hereof, are as follows: 

ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.1 Definitions. For all purposes of this Indenture, except as otherwise expressly provided or
unless the context otherwise requires: 
 1.1.1 the terms defined in this Article have the meanings assigned to them in this Article and
include the plural as well as the singular; 
 1.1.2 terms used herein which are defined in the Trust Indenture Act (as defined below),
either directly or by reference therein, have the meanings assigned to them therein; 
 1.1.3 all accounting terms not otherwise defined
herein have the meanings assigned to them in accordance with international financial reporting standards, and, except as otherwise herein expressly provided, the terms “generally accepted accounting principles” or “IFRS” with
respect to any computation required or permitted hereunder shall mean such accounting principles as are generally accepted under IFRS at the date of such computation; 

1.1.4 unless the context otherwise requires, any reference to an “Article” or a “Section” refers to an Article or Section,
as the case may be, of this Indenture; 
 1.1.5 unless the context otherwise requires, any reference to a statute, rule or regulation refers
to the same (including any successor statute, rule or regulation thereto) as it may be amended from time to time; and 

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 1.1.6 the words “herein,” “hereof” and “ hereunder” and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 

“Act,” when used with respect to any Holder, has the meaning specified in Section 1.4.1. 

“Additional Amounts” has the meaning specified in Section 10.7.1. 

“Affiliate” means, with respect to any specified Person, (i) any other Person which, directly or indirectly, is in
control of, is controlled by or is under common control with such specified Person or (ii) any other Person who is a director or officer (a) of such specified Person, (b) of any subsidiary of such specified Person or (c) of any
Person described in clause (i) above. For purposes of this definition, control of a Person means the power, direct or indirect, to direct or cause the direction of the management and policies of such Person whether by contract or otherwise and
the terms “controlling” and “controlled” have meanings correlative to the foregoing. 
 “Agent
Members” has the meaning specified in Section 3.4.5. 
 “Applicable Procedures” means, with respect to
the Depositary, at any matter at any time, the policies and procedures of the Depositary, if any, that are applicable to such matter at such time. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 6.14 to act on behalf of
the Trustee to authenticate Securities of one or more series. 
 “Bankruptcy Law” means (i) Title 11, United States
Code or any similar U.S. federal or state law for the relief of debtors or the administration or liquidation of debtors’ estates for the benefit of their creditors and (ii) the Brazilian Bankruptcy Law or any similar Brazilian federal or
state law for the relief of debtors or the administration or liquidation of debtors’ estates for the benefit of their creditors. 

“Board of Directors” means, as the case may be, the Board of Directors of the Company (Conselho de
Administração) or any committee thereof duly authorized to act on behalf of such Board of Directors. 
 “Board
Resolution” means a copy of a resolution certified by the Secretary, the Assistant Secretary or another director or Officer performing corporate secretarial functions 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. 
 “Brazil” means the
Federative Republic of Brazil. 
 “Brazilian Bankruptcy Law” means Brazilian Federal Law No. 11,101. 

“Brazilian Taxes” has the meaning specified in Section 10.7.1. 

“Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday which is not a day on which banking institutions in
the City of New York or the City of São Paulo, Brazil, are authorized or obligated by law or executive order to close. 

  
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 “Capitalized Lease Obligation” means, with respect to any Person, any obligation
which is required to be classified and accounted for as a capital lease on the face of a balance sheet of such Person prepared in accordance with IFRS; the amount of such obligation shall be the capitalized amount thereof, determined in accordance
with IFRS; and the Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. 

“Clearstream Luxembourg” has the meaning specified in Section 3.4.5. 

“Company” means the Person named as the “Company” in the first paragraph of this Indenture until a Person shall
have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Person. 

“Company Request” or “Company Order” means a written request or order signed on behalf of the Company by any
two of its Officers or attorneys-in-fact in accordance with its bylaws (estatuto social) and delivered to the Trustee. 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business shall
be principally administered which office as of the date hereof is located at 101 Barclay Street, 7E, New York, New York 10286, Attention: Global Finance Americas, Fax: (212) 815-5603, Tel: (212) 815-5782. 

“Custodian” means any receiver, trustee, assignee, liquidator, custodian or similar official under any Bankruptcy Law. 

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

“Defaulted Interest” has the meaning specified in Section 3.6. 

“Depositary” means The Depository Trust Company, or such other depository institution hereafter appointed by the Company,
until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” shall mean such successor Depositary. 

“Dollar” and “US$” mean a U.S. dollar or other equivalent unit in such coin or currency of the United States
as at the time shall be legal tender for the payment of public and private debts. 
 “Euroclear” has the meaning specified
in Section 3.4.5. 
 “Event of Default” has the meaning specified in Section 5.1. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and any successor statute thereto. 

“Expiration Date” has the meaning specified in Section 1.4.7. 

“Foreign Taxes” has the meaning specified in Section 10.7.1. 

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

“Hedging Agreement” means (i) any interest rate swap agreement, interest rate cap agreement or other agreement designed
to protect against fluctuations in interest rates or (ii) any foreign exchange forward contract, currency swap agreement or other agreement designed to protect against fluctuations in foreign exchange rates. 

“Holder” means, with respect to any Security, a Person in whose name such Security is registered in the Security Register.

 “IFRS” has the meaning specified in Section 1.1.3. 

“Illegality Event” means an event as a result of which it becomes and continues to be unlawful for the Company to perform or
comply with any one or more of its obligations under this Indenture. 
 “Indebtedness” means with respect to any Person,
any amount payable (whether as a direct obligation or indirectly through a guaranty by such Person) pursuant to (i) an agreement or instrument involving or evidencing money borrowed, (ii) a conditional sale or a transfer with recourse or
with an obligation to repurchase or (iii) a Capitalized Lease Obligation, provided, however, that as used in Section 5.1.4, “Indebtedness” shall not include any payment made by the Company on behalf of
an Affiliate, upon any Indebtedness of such Affiliate becoming immediately due and payable as a result of a default by such Affiliate, pursuant to a guarantee or similar instrument provided by the Company in connection with such Indebtedness,
provided that such payment made by the Company is made within five Business Days of notice being provided to the Company that payment is due under such guarantee or similar instrument. 

“Indenture” means this instrument as originally executed or as it may from time to time be supplemented or amended by one or
more indentures supplemental hereto entered into pursuant to the applicable provisions hereof, including, for all purposes of this Indenture and any such supplemental indenture, the provisions of the Trust Indenture Act that are deemed to be a part
of and govern this instrument and any such supplemental indenture, respectively. The term “Indenture” shall also include the terms of the particular series of Securities established as contemplated by Section 3.1. 

“Interest Payment Date” means, when used with respect to any Security, the Stated Maturity of an installment of interest on
such Security. 
 “Investment Company Act” means the U.S. Investment Company Act of 1940, as amended. 

“Judgment Currency” has the meaning specified in Section 10.8. 

“Lien” means any mortgage, charge, pledge, lien, hypothecation, security interest or other encumbrance, including, without
limitation, any equivalent of the foregoing created under the laws of Brazil or any other jurisdiction. 

  
 4 

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

“Moody’s” means Moody’s Investors Service, Inc. and its successors. 

“Notice of Default” means a written notice of the kind specified in Section 6.2. 

“Officer” means, with respect to any Person, the president, vice-president, chief executive officer, chief financial officer
or any other executive officer performing decision-making functions for such Person (including, in the case of the Company, any member of its Board of Executive Officers (Diretoria)). 

“Officers’ Certificate” means a certificate signed by any two Officers or representatives of the Company in accordance
with its bylaws (estatuto social), and in each case delivered to the Trustee; provided, however, that one of the Officers signing the Officers’ Certificate of the Company pursuant to Section 10.4 shall be the
chief executive officer, the chief financial officer or the principal accounting officer of the Company. 
 “Opinion of
Counsel” means a written opinion of counsel, who, unless otherwise indicated, may be an employee of or counsel for the Company, and who shall be reasonably acceptable to the Trustee. 

“Outstanding” means, when used with respect to the Securities, as of the date of determination, all Securities theretofore
authenticated and delivered under this Indenture, except: 
 (i) Securities theretofore canceled by the Trustee or delivered
to the Trustee for cancellation; 
 (ii) Securities for whose payment, redemption or repurchase money in the necessary amount
has been theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or set aside and segregated in trust by the Company (if the Company shall act as its own Paying Agent) for the Holders of such Securities;
provided that, if such Securities are to be redeemed, notice of such redemption shall have been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee shall have been made; and 

(iii) Securities (except to the extent provided in Section 12.2) with respect to which the Company has effected
legal defeasance and/or covenant defeasance as provided in Article XII. 
 (iv) Securities which have been paid
pursuant to Section 3.5 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid obligations of the Company; 

  
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 provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other action hereunder as of any date, Securities owned by the Company or any other obligor upon the Securities or any
Affiliate of the Company or of such other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice,
consent, waiver or other action, only Securities which a Responsible Officer of the Trustee actually knows to be so owned shall 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 other obligor upon the Securities or any Affiliate of the Company or of such
other obligor. 
 “Paying Agent” means any Person (i) having a combined capital and surplus of not less than
US$50,000,000 and (ii) subject to supervision or examination by U.S. federal or state authority, that is authorized by the Company to pay the principal of or premium, if any, or interest on any Securities on behalf of the Company. 

“Permitted Lien” means, with respect to any series of Securities issued hereunder, any Lien: 

(i) granted upon or with regard to any property acquired after the date of this Indenture by the Company, to secure the
purchase price of such property or to secure Indebtedness incurred solely for the purpose of financing the acquisition of such property; provided, however, that the maximum amount secured thereby shall not exceed the purchase price of
such property or the Indebtedness incurred solely for the purpose of financing the acquisition of such property; 
 (ii) in
existence on the date of this Indenture and any extension, renewal or replacement thereof; provided, however, that the total amount of Indebtedness so secured shall not exceed the amount so secured on the date of this Indenture; 

(iii) arising in the ordinary course of business of the Company in connection with the financing of any aircraft owned by the
Company that is leased to another Person; provided, however, that such Lien is limited to such aircraft; 

(iv) arising by operation of law, such as tax, merchants’, maritime or other similar Liens arising in the ordinary course
of business of the Company; 
 (v) arising in the ordinary course of the business of the Company in connection with the
financing of export, import or other trade related transactions of the Company; 
 (vi) granted upon or with regard to any
present or future asset or property of in respect of Indebtedness of the Company which is owed to (a) any Brazilian governmental credit agency (including, but not limited to the Brazilian National Treasury, Banco Nacional de Desenvolvimento
Econômico e Social, BNDES Participações S.A., Financiadora de Estudos e Projetos and Agência Especial de Financiamento Industrial); (b) any international official export import bank or official export import credit
insurer; or (c) the International Finance Corporation or any international multilateral or government sponsored agency; 

  
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 (vii) (a) existing with respect to any assets of a Person at the time such Person
is merged or consolidated with or into the Company (and such Lien is not incurred in anticipation of such transaction), provided that such Lien is not extended to any asset of the Company other than the assets of such Person affected thereby
prior to giving effect to such merger or consolidation, (b) existing on any assets at the time of the acquisition thereof (and not incurred in anticipation of such transaction), and (c) to secure any extension, renewal, refinancing,
refunding or exchange (or successive extensions, renewals, refinancing, refunding or exchanges), in whole or in part, of or for any Indebtedness secured by Liens referred to above, provided that such Liens do not extend to any other property;

 (viii) created pursuant to any order of attachment or similar legal process arising in connection with court proceedings
which are being contested by the Company in good faith and by appropriate proceedings; 
 (ix) on any property or assets in
connection with Indebtedness related to any regulated program for industrial or defense development related to the activities performed by the Company imposed or entered into as a result of the regulations or requirements of an applicable
governmental authority; provided, however, that such Lien is limited to such property or assets associated with such regulated program; 

(x) existing on any asset prior to the acquisition thereof by the Company and not created in contemplation of such acquisition;

 (xi) created over funds reserved for the payment of principal, interest and premium, if any, and any Additional Amounts,
due in respect of the Securities of any series issued by the Company; 
 (xii) arising from Capitalized Lease Obligations
entered into in the ordinary course of business; or 
 (xiii) granted after the date of this Indenture upon or in respect of
any asset of the Company other than those referred to above, provided that the aggregate amount of Indebtedness secured pursuant to this exception shall not, on the date any such Indebtedness is incurred, exceed an amount equal to 10% of the
Company’s shareholders’ equity (calculated on the basis of the Company’s latest quarterly unaudited or annual audited consolidated financial statements whichever is the most recently prepared in accordance with IFRS and currency
exchange rates prevailing on the last day of the period covered by such financial statements). 
 “Person” means any
individual, corporation, limited liability company, partnership, joint venture, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment” means, when used with respect to the Securities of any series and subject to Section 10.2, the
place or places where the principal of and premium, if any, and interest on the Securities of such series are payable as specified as contemplated by Section 3.1.6. 

  
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 “Predecessor Security” means, with respect to any particular Security, every
previous Security evidencing all or a portion of the same debt as that evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.5 in exchange for or in lieu
of a mutilated, destroyed, lost or stolen Security shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Security. 

“Redemption Date” means, when used with respect to any Security to be redeemed, the date fixed for such redemption by or
pursuant to this Indenture. 
 “Redemption Price” means, when used with respect to any Security to be redeemed, the price
at which it is to be redeemed pursuant to this Indenture as set forth in such Security, such calculation to be made by the Company. 

“Regular Record Date” means, for the interest payable on any Interest Payment Date on the Securities of any series, the date
specified for that purpose as contemplated by Section 3.1.5. 
 “Relevant Taxing Jurisdiction” has the meaning
specified in Section 10.7.1. 
 “Repurchase Date” means, when used with respect to any Security to be
repurchased, the date fixed for such repurchase by or pursuant to this Indenture. 
 “Repurchase Price” means, when used
with respect to any Security to be repurchased, the price at which it is to be repurchased pursuant to this Indenture as set forth in such Security. 

“Responsible Officer” means, when used with respect to the Trustee, any officer of the Trustee having direct responsibility
for the administration of this Indenture, and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 

“SEC” means the U.S. 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 applicable law, then the body performing such duties at such time. 

“Securities” has the meaning stated in the first recital of this Indenture and more particularly means any Securities
authenticated and delivered under this Indenture. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended,
and any successor statute thereto. 
 “Security Register” and “Security Registrar” have the respective
meanings specified in Section 3.4. 
 “Significant Subsidiary” means any Subsidiary of the Company which at the
time of determination either (i) had assets which, as of the date of the Company’s most recent unaudited quarterly or audited annual consolidated balance sheet, constituted at least 10% of the Company’s total assets on a consolidated
basis as of such date or (ii) had revenues for the 12-month period ending on the date of the Company’s most recent unaudited quarterly or audited annual consolidated statement of income which constituted at least 10% of the Company’s
total revenues on a consolidated basis for such period. 

  
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 “Special Record Date” means, for the payment of any Defaulted Interest, a date
fixed by the Trustee pursuant to Section 3.6.1. 
 “Specified Currency” has the meaning specified in
Section 10.8. 
 “S&P” means Standard & Poor’s Rating Services, a division of McGraw Hill,
Inc., and its successors. 
 “Stated Maturity” means, when used with respect to any Security or any installment of interest
thereon, the date specified in such Security as the fixed date on which the principal of such Security or such installment of interest is due and payable. 

“Subsidiary” means any corporation, association, partnership or other business entity of which more than 50% of the total
voting power of shares of capital stock or other interests (including partnership interests) entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees, as applicable, thereof is at the
time owned or controlled, directly or indirectly, by (i) the Company, (ii) the Company and one or more of its Subsidiaries or (iii) one or more Subsidiaries of the Company. 

“Successor Jurisdiction” means the jurisdiction, other than Brazil, in which a Successor Person is incorporated or considered
to be resident. 
 “Successor Person” has the meaning specified in Section 8.1.1. 

“Transfer” of any Security means any sale, pledge, transfer, hypothecation or other disposition of such Security or any
interest therein. 
 “Trust Indenture Act” means the U.S. Trust Indenture Act of 1939, as amended, and any successor
statute thereto. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture
until a Person shall have become a successor thereto pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than
one Person, “Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of such series. Each Trustee shall be a Person that (i) is eligible pursuant to the Trust Indenture Act to
act as such, (ii) has a combined capital and surplus of at least US$50,000,000, (iii) is subject to supervision or examination by U.S. federal or state authority and (v) has its Corporate Trust Office in the United States. 

“United States” or “U.S.” means the United States of America (including the states thereof and the District
of Columbia), its territories, its possessions and other areas subject to its jurisdiction. 
 Section 1.2
Compliance Certificates and Opinions. Upon any application or request by the Company to the Trustee to take any action under any provision of this Indenture, the Company shall furnish to the Trustee such certificates and opinions as may be
required hereunder and under the Trust Indenture Act. Each such certificate or opinion shall be given in the form of an Officers’ Certificate or an Opinion of Counsel, respectively, and shall comply with the requirements of the Trust Indenture
Act and any other requirements set forth in this Indenture. 

  
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 Every certificate or opinion with respect to compliance with a condition or covenant provided for
in this Indenture shall include: 
 1.2.1 a statement that each individual signing such certificate or opinion has read such covenant or
condition and the definitions herein relating thereto; 
 1.2.2 a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 1.2.3 a statement that, in the
opinion of each such individual, such individual has made such examination or investigation as is necessary to enable such individual to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

1.2.4 a statement as to whether, in the opinion of each such individual, such condition or covenant has been complied with. 

Section 1.3 Form of Documents Delivered to Trustee. In any case where several matters are required to
be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one
such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 

Any certificate of the Company may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or representations by,
counsel, unless such officers or directors know, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to the matters upon which the certificate or opinion is based are erroneous. Any such
certificate or opinion of counsel may be based, insofar as it relates to factual matters, upon a certificate of the Company stating that the information with respect to such factual matters is in the possession of the Company, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. Where any Person is required to make, give or execute two or more applications, requests,
consents, certificates, statements, opinions or other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 

Section 1.4 Acts of Holders; Record Dates 

1.4.1 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to be
given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Company. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this
Indenture and (subject to Section 6.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in this Section 1.4.1. 

  
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 1.4.2 The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him
the execution thereof. Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such
instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

1.4.3 The ownership of Securities shall be proved by the Security Register. 

1.4.4 Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security shall bind every
future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Company
in reliance thereon, whether or not notation of such action is made upon such Security. 
 1.4.5 The Company may set any day as a record
date for the purpose of determining the Holders of Outstanding Securities of any series entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by this Indenture to
be given, made or taken by Holders of Securities of such series, provided that the Company may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration,
request or direction referred to in Section 1.4.6. If any record date is set pursuant to this Section 1.4.5, the Holders of Outstanding Securities of the relevant series on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this Section 1.4.5 shall be construed to prevent the Company from setting a new record date for any action for which a record date has
previously been set pursuant to this Section 1.4.5 (whereupon the record date previously set shall automatically and with no action by any Person be canceled and of no effect), and nothing in this Section 1.4.5 shall be
construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any record date is set pursuant to this
Section 1.4.5, the Company, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6. 

  
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 1.4.6 The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to institute proceedings
referred to in Section 5.7.2 or (iv) any direction referred to in Section 5.12, in each case with respect to the Securities of such series. If any record date is set pursuant to this Section 1.4.6, the
Holders of Outstanding Securities of such series on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such Holders remain Holders after such record date;
provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Securities of such series on such record date. Nothing in this
Section 1.4.6 shall be construed to prevent the Trustee from setting a new record date for any action (whereupon the record date previously set shall automatically and without any action by any Person be canceled and of no effect), nor
shall anything in this Section 1.4.6 be construed to render ineffective any action taken by Holders of the requisite principal amount of Outstanding Securities of the relevant series on the date such action is taken. Promptly after any
record date is set pursuant to this Section 1.4.6, the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Company in
writing and to each Holder of Securities of the relevant series in the manner set forth in Section 1.6. 
 1.4.7 With respect to
any record date set pursuant to this Section 1.4, the party hereto that sets such record date may designate any day as the “Expiration Date” and from time to time may change the Expiration Date to any earlier or later
day, provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to the other party hereto in writing, and to each Holder of Securities of the relevant series in the manner set forth in
Section 1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section 1.4.7, the party hereto that set such record date shall be deemed
to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this Section 1.4.7. Notwithstanding the foregoing, no
Expiration Date shall be later than the 180th day after the applicable record date. 
 Without limiting the foregoing, a Holder entitled
hereunder to take any action hereunder with regard to any particular Security may do so with regard to all or any part of the principal amount of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount. 
 Section 1.5 Notices, Etc., to
Trustee and the Company. Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or other document provided or permitted by this Indenture to be made upon, given or furnished to, or filed with, 

1.5.1 the Trustee by any Holder or by the Company shall be sufficient for every purpose hereunder if made, given, furnished or filed in
writing, which may be by facsimile or other electronic transmission, to or with the Trustee at its Corporate Trust Office, or 

  
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 1.5.2(i) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to the Company at the address specified below or at any other address
previously furnished in writing to the Trustee by the Company: 
  

			
	To the Company:
	
	Embraer S.A.
	Avenida Brigadeiro Faria Lima, 2170
	12227-901 São José dos Campos, São Paulo
	Brazil		
	Attention:		José Antonio de Almeida Filippo
			Chief Financial and Investor Relations Officer
	Telephone:		55-12-3040-9517
	Facsimile:		N/A
	
	With a copy (which shall not constitute notice) to:
	
	Tobias Stirnberg
	Milbank, Tweed, Hadley & McCloy LLP
	Rua Colombia, 325
	Jardin América
	01438-000 São Paulo, São Paulo
	Brazil

 The Trustee may rely upon and comply with instructions or directions sent by an authorized representative of
the Company via unsecured facsimile or email transmission and the Trustee shall not be liable for any loss, liability or expense of any kind incurred by the Company due to the Trustee’s reliance upon and compliance with instructions or
directions given by unsecured facsimile or email transmission, provided, however, that such losses have not arisen from the negligence or willful misconduct of the Trustee. The Trustee may request that the Company deliver a certificate
setting forth the names of individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture. 

Section 1.6 Notice to Holders; Waiver. Where this Indenture provides for notice to Holders of any
event, such notice shall be sufficiently given (unless otherwise herein expressly provided) if in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to each Holder affected by such event,
at his address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither
the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture provides for notice in any manner, such notice may be
waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a
condition precedent to the validity of any action taken in reliance upon such waiver. 
 In case by reason of the suspension of regular mail
service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder. 

  
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 Notwithstanding the provisions of this Section 1.6, in case any series of Securities
are listed on any securities exchange, a notice to holders of such Securities given in accordance with the rules and procedures of such securities exchange shall be regarded as a valid notice under this section 1.6. In addition, if any series
of Securities are held as a Global Security, notices will be delivered in accordance with the Applicable Procedures. 
 
Section 1.7 Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act that is required under the Trust Indenture Act to be a part of and govern this
Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes any provision of the Trust Indenture Act that may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as
so modified or excluded, as the case may be. 
 Section 1.8 Effect of Headings and Table of
Contents. The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof. 

Section 1.9 Successors and Assigns. All covenants and agreements in this Indenture by the
Company shall bind its successors and assigns, whether so expressed or not. 
 Section 1.10
Separability Clause. In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby. 
 Section 1.11 Benefits of Indenture. Nothing in this Indenture or in the
Securities, express or implied, shall give to any Person, other than the parties hereto and their successors hereunder and the Holders of Securities, any benefit or any legal or equitable right, remedy or claim under this Indenture. 

Section 1.12 Legal Holidays. Except as otherwise provided pursuant to Section 2.1 or
Section 3.1, in any case where any Interest Payment Date, Redemption Date or Stated Maturity of any Security shall not be a Business Day, then (notwithstanding any other provision of this Indenture or of the Securities) payment of
interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption Date or at the Stated Maturity, as the
case may be; provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be, to the next Business Day. 

Section 1.13 Consent to Service; Jurisdiction. The Company and the Trustee agree that any legal
suit, action or proceeding arising out of or relating to this Indenture, and the Company agrees that any legal suit, action or proceeding arising out of or relating to the Securities may be instituted in any federal or state court in the Borough of
Manhattan, The City of New York, in respect of actions brought against each such party as a defendant, and each waives any objection which it may now or hereafter have to the laying of the venue of any such legal suit, action or proceeding, waives
any immunity, to the extent permitted by law, from jurisdiction or to service of process in respect of any such suit, action or proceeding, waives any right to which it may be entitled on account of place of residence or domicile and irrevocably
submits to the jurisdiction of any such court in any such suit, action or proceeding. The Company further submits to the 

  
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jurisdiction of the courts of its own corporate domicile in any legal suit, action or proceeding arising out of or relating to this Indenture or the Securities. The Company hereby designates and
appoints National Corporate Research, Ltd., located at 10 East 40th Street, 10th Floor, New York, New York 10016, as its authorized agent upon
which process may be served in any legal suit, action or proceeding arising out of or relating to this Indenture or the Securities, which may be instituted in any federal or state court in the Borough of Manhattan, The City of New York, New York,
and agree that service of process upon such agent, and written notice of said service to the Company by the Person serving the same, shall be deemed in every respect effective service of process upon the Company in any such suit, action or
proceeding. If for any reason National Corporate Research, Ltd. (or any successor agent for this purpose) shall cease to act as agent for service of process as provided above, the Company will promptly appoint a successor agent for this purpose
reasonably acceptable to the Trustee. The Company agrees to take any and all actions as may be necessary to maintain such designation and appointment of such agent in full force and effect. 

Section 1.14 Language of Notices, Etc. Any request, demand, authorization, direction, notice,
consent or waiver required or permitted under this Indenture shall be in the English language, except that any published notice may be in an official language of the country of publication. 

ARTICLE II 

Security Forms 
 
Section 2.1 Forms Generally. The Securities of each series shall be in substantially such form as shall be approved by or pursuant to a Board Resolution or in one or more indentures supplemental hereto, in each case with such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be
required to comply with the rules of any securities exchange or Depositary thereof or as may, consistently herewith, be determined by the Officers or, in the case of the Company, its directors or Officers executing such Securities, as evidenced by
their execution of the Securities. If the form of Securities of any series is approved by a Board Resolution, a copy of an appropriate record of such action shall be certified by the Secretary, the Assistant Secretary or another Officer or, in the
case of the Company, a director, performing corporate secretarial functions, and delivered to the Trustee at or prior to the delivery of the Company Order contemplated by Section 3.3 for the authentication and delivery of such
Securities. 
 The definitive Securities shall be printed, lithographed or engraved on steel engraved borders or may be produced in any
other manner, all as determined by the Officers, or, in the case of the Company, directors or Officers executing such Securities, as evidenced by their execution of such Securities. 

  
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 Section 2.2 Form of Legend for Global Security. The
following legend shall appear on the face of each Global Security: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY, WHICH MAY BE TREATED BY THE COMPANY, THE TRUSTEE AND ANY AGENT THEREOF AS OWNER AND HOLDER OF THIS SECURITY FOR ALL PURPOSES. UNLESS
AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR REGISTERED SECURITIES IN DEFINITIVE REGISTERED FORM IN THE LIMITED CIRCUMSTANCES REFERRED TO IN SECTION 3.4.2. OF THE INDENTURE, THIS GLOBAL SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE
BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR
DEPOSITARY.” 
 The following legend shall appear on the face of each Global Security for which The Depository Trust Company is to be
the Depositary: 
 “UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY 
 PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 

Section 2.3 Form of Trustee’s Certificate of Authentication. This is one of the Securities
referred to in the within-mentioned Indenture. 
 Dated: [        ] 

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:		  

			Authorized Officer

  
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 ARTICLE III 

The Securities 
 
Section 3.1 Amount Unlimited; Issuable in Series. The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more tranches of one or more series. The issuance of Securities shall be approved in in or pursuant to
a Board Resolution of the Company or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

3.1.1 the title of the Securities, including CUSIP Numbers, of such series (which shall distinguish the Securities of such series from
Securities of any other series); 
 3.1.2 any limit upon the aggregate principal amount of the Securities which may be authenticated and
delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Section 3.4, 3.5, 9.6 or
11.5 and except for any Securities which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered hereunder); 

3.1.3 the Person to whom any interest on a Security of such series shall be payable, if other than the Person in whose name that Security (or
one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest; 
 3.1.4 the date
or dates on which the principal of the Securities of such series is payable; 
 3.1.5 the rate or rates at which the Securities of such
series shall bear interest, if any, the date or dates from which such interest shall accrue, the Interest Payment Dates on which any such interest shall be payable, the Regular Record Date for any interest payable on any Interest Payment Date; 

3.1.6 the place or places where the principal of and premium, if any, and interest on Securities of such series shall be payable and the
manner in which any payment may be made; 
 3.1.7 the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of such series may be redeemed, in whole or in part, at the option of the Company; 
 3.1.8 the obligation,
if any, of the Company to redeem or purchase Securities of such series pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and
conditions upon which Securities of such series shall be redeemed or purchased, in whole or in part, pursuant to such obligation; 
 3.1.9
the rights, if any, of the Holders of the series to demand exchange of their Securities for Securities subject to a registration statement under the Securities Act declared effective by the SEC; 

  
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 3.1.10 if other than denominations of US$2,000 and any integral multiple of US$1,000 in excess
thereof, the denominations in which Securities of such series shall be issuable; 
 3.1.11 if the amount of payments of principal of or
premium, if any, or interest on any Securities of such series may be determined with reference to an index, the manner in which such amounts shall be determined; 

3.1.12 if the principal of or premium, if any, or interest on any Securities of such series is to be payable, at the election of the Company
or a Holder thereof, in one or more currencies or currency units other than that or those in which such Securities are stated to be payable, the currency, currencies or currency units in which payment of the principal of and premium, if any, and
interest on Securities of such series as to which such election is made shall be payable, and the periods within which and the terms and conditions upon which such election is to be made; 

3.1.13 if other than the principal amount thereof, the portion of the principal amount of Securities of such series which shall be payable
upon declaration of acceleration of the Maturity thereof pursuant to Section 5.2; 
 3.1.14 any collateral or other security
pledged against payment of principal, interest or premium, if any, on the Securities; 
 3.1.15 the applicability, non-applicability, or
variation, of Section 10.7 with respect to the Securities of such series; 
 3.1.16 if and as applicable, that the Securities of
such series shall be issuable in whole or in part in the form of one or more Global Securities and, in such case, the Depositary or Depositaries for such Global Security or Global Securities and any circumstances other than those set forth in
Section 3.4 in which any such Global Security may be transferred to, and registered and exchanged for Securities registered in the name of, a Person other than the Depositary for such Global Security or a nominee thereof and in which any
such transfer may be registered; 
 3.1.17 the terms and conditions, if any, pursuant to which the Securities are convertible into or
exchangeable for any other securities; 
 3.1.18 any addition to or change in the covenants set forth in Article 10 which apply to
the Securities of such series; 
 3.1.19 the applicability of Article 13 with respect to the Securities of such series; and 

3.1.20 any other terms of such series (which terms shall not be inconsistent with the provisions of this Indenture, except as permitted by
Section 9.1.5). 
 If any of the terms of the series are established by action taken pursuant to a Board Resolution, a copy of
an appropriate record of such action shall be certified by the Secretary or an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of the Officers’ Certificate setting forth the terms of the series. 

  
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 All Securities of any one series shall be substantially identical except as to issue date, issue
price and first payment of interest. 
 Notwithstanding Section 3.1.2 herein and unless otherwise expressly provided with
respect to a series of Securities, the aggregate principal amount of a series of Securities may be increased and additional Securities of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series
as increased. 
 Section 3.2 Denominations. The Securities shall be issuable only in
registered form without coupons and, unless otherwise specified as contemplated by Section 3.1.10, only in denominations of US$2,000 and any integral multiple of US$1,000 in excess thereof. 

Section 3.3 Execution, Authentication, Delivery and Dating. The Securities shall be executed on
behalf of the Company by any two of its Officers or directors in accordance with its bylaws (estatuto social). The signature of any of these Officers or directors on such Securities may be manual or facsimile. 

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

If a facsimile signature will be used for the Securities, each signatory should approve such use of his signature and evidence of such
approval may be required for the enforcement of the Securities in the Netherlands. If any of the Securities were executed by attaching thereto the facsimile signature of any person who does not hold office at the issue date of such Securities, or if
such Securities will be issued on a date on which the person whose facsimile signature is attached thereto no longer holds office, it may be necessary for the enforcement of such Securities in the Netherlands that the holder of such Securities shall
present both such Securities and evidence of such approval. 
 At any time and from time to time after the execution and delivery of this
Indenture, the Company may deliver Securities of any series executed by the Company to the Trustee for authentication, together with a Company Order for the authentication and delivery of such Securities, and the Trustee in accordance with such
Company Order shall authenticate and deliver such Securities. If the form or terms of the Securities of such series have been established by or pursuant to one or more Board Resolutions as permitted by Sections 2.1 and 3.1, in authenticating
such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully protected in relying upon, an
Opinion of Counsel stating: 
 3.3.1 if the form of such Securities has been established by or pursuant to Board Resolution as permitted by
Section 2.1, that such form has been established in conformity with the provisions of this Indenture; 
 3.3.2 if the terms of
such Securities have been established by or pursuant to Board Resolution as permitted by Section 3.1, that such terms have been established in conformity with the provisions of this Indenture; and 

  
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 3.3.3 that such Securities, when authenticated and delivered by the Trustee and issued by the
Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute valid and legally binding obligations of the Company enforceable in accordance with their terms, subject to bankruptcy, insolvency, fraudulent
transfer, reorganization, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles. 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if, in the opinion of
counsel to the Trustee, the issue of such Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture. 

Notwithstanding the provisions of Section 3.1. and of the preceding paragraph, if all Securities of a series are not to be
originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate otherwise required pursuant to Section 2.1 or the Company Order and Opinion of Counsel otherwise required pursuant to such preceding
paragraph at or prior to the authentication of each Security of such series if such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued and in that case the Trustee may
rely, as to the authorization by the Company of any of such Securities, the form and terms thereof and the legality, validity, binding effect and enforceability thereof, upon the Opinion of Counsel and the other documents delivered pursuant to
Sections 2.1 and 3.1 and this Section, as applicable, in connection with the first authentication of Securities of such series. 

Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Security shall be conclusive evidence, and the only evidence,
that such Security has been duly authenticated and delivered hereunder. 
 Section 3.4
Registration, Registration of Transfer and Exchange. The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register for each series of Securities (the registers maintained in such office and in any other office or
agency of the Company in a Place of Payment being herein sometimes collectively referred to as the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall provide for the
registration of Securities and of transfers and exchanges of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities and registering transfers and exchanges of Securities as herein
provided. Such Security Register shall be in written form or in any other form capable of being converted into written form within a reasonable period of time. At all reasonable times the Security Register shall be open for inspection by the
Company. 
 Upon surrender for registration of transfer of any Security of any series at the office or agency of the Company maintained for
such purpose, the Company shall execute and the Trustee shall authenticate and deliver, provided that the Security has been duly surrendered and all relevant conditions precedent have been satisfied, in the name of the designated transferee,
one or more new Securities of the same series of any authorized denomination or denominations of like tenor and aggregate principal amount. 

  
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 Notwithstanding any other provision of this Section 3.4, unless and until it is
exchanged in whole or in part for the individual Securities represented thereby, a Global Security representing all or a portion of the Securities of a series may not be transferred except as a whole by the Depositary for such series to a nominee of
such Depositary or by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by such Depositary or any such nominee to a successor Depositary for such series or a nominee of such successor Depositary. 

At the option of the Holder and subject to the other provisions of this Section 3.4, Securities of any series (other than a Global
Security, except as set forth below) may be exchanged for other Securities of the same series of any authorized denomination or denominations of like tenor and aggregate principal amount, upon surrender of such Securities to be exchanged at the
office or agency of the Company maintained for such purpose. 
 Whenever any Securities are so surrendered for exchange, the Company shall
execute and the Trustee shall authenticate and deliver, the Securities that the Holder making the exchange is entitled to receive. 
 No
service charge shall be made for any registration of transfer or exchange of Securities, but the Company or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any
registration of transfer or exchange of Securities, other than exchanges pursuant to Section 9.6 or Section 11.5 not involving any registration of transfer. 

Every Security presented or surrendered for registration of transfer or exchange shall (if so required by the Company, the Trustee or the
Security Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Company, the Trustee and the Security Registrar, duly executed, by the Holder thereof or his attorney duly authorized in writing.

 If the Securities of any series (or of any series and specified tenor) are to be redeemed in part, the Company shall not be required
(i) to issue, register the transfer of or exchange any Securities of that series (or of that series and specified tenor, as the case may be) during a period beginning at the opening of business 15 days before the day of the mailing of a notice
of redemption of any such Securities selected for redemption under Section 11.2 and ending at the close of business on the day of such mailing, or (ii) to register the transfer of or exchange any Security so selected for redemption
in whole or in part, except the unredeemed portion of any Security being redeemed in part. 
 All Securities issued upon any registration of
transfer or exchange of Securities shall be valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Securities surrendered for such registration of transfer or exchange. 

  
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 The provisions of Sections 3.4.1, 3.4.2, 3.4.3, 3.4.4, 3.4.5
and 3.4.6 below shall apply only to Global Securities: 
 3.4.1 each Global Security authenticated under this Indenture shall be
registered in the name of the Depositary or a nominee thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes of this Indenture; 

3.4.2 notwithstanding any other provision in this Indenture or the Securities, no Global Security of a series may be exchanged in whole or in
part for Securities registered, and no transfer of a Global Security of a series in whole or in part may be registered, in the name of any Person other than the Depositary or a nominee thereof unless (i) the Depositary for the Securities of a
series notifies the Company that it is unwilling or unable to continue as Depositary for the Securities of such series or if at any time the Depositary for the Securities of such series ceases to be a clearing agency registered under the Exchange
Act, at a time when such Depositary is required to be so registered in order to act as depositary, and in each case, a successor Depositary for the Securities of such series is not appointed by the Company within 90 days after the Company receives
such notice or becomes aware of such ineligibility, (ii) the Company in its sole discretion determines that individual Securities of any series issued in the form of one or more Global Securities shall no longer be represented by such Global
Security or Securities or (iii) there shall have occurred and be continuing an Event of Default with respect to such Global Security. In such event the Company will execute and the Trustee, upon receipt of a Company Order for the authentication
and delivery of individual Securities of such series, will authenticate and deliver, individual Securities of such series in an aggregate principal amount equal to the principal amount of the Global Security or Securities representing Securities of
such series in exchange for such Global Security or Securities. Any Global Security exchanged pursuant to clause (i) above shall be so exchanged in whole and not in part and any Global Security exchanged pursuant to clauses (ii) or
(iii) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion thereof shall be a Global Security, provided that any such Security so
issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security; 
 3.4.3 in
any exchange pursuant to Section 3.4.2 above, the Company will execute and the Trustee will authenticate and deliver individual Securities in registered form in authorized denominations. Upon the exchange of a Global Security for
individual Securities, such Global Security shall be canceled by the Trustee. Individual Securities issued in exchange for a Global Security pursuant to this Section 3.4 shall be registered in such names and in such authorized
denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in whose names such
Securities are so registered. 
 If specified by the Company pursuant to clause (ii) of Section 3.4.2 with respect to a
series of Securities, the Depositary for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for individual Securities of such series on such terms as are acceptable to the Company
and such Depositary. Thereupon, the Company shall execute and the Trustee shall authenticate and deliver, without service charge, (i) to each Person specified by such Depositary a new individual Security or Securities of the same series, of any
authorized denomination as requested by such Person in aggregate principal amount equal to and in exchange for such Persons’ beneficial interest in the Global Security; and (ii) to such Depositary a new Global Security in a denomination
equal to the difference, if any, between the principal amount of the surrendered Global Security and the aggregate principal amount of individual Securities delivered to Holders thereof; 

  
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 3.4.4 in the event of the occurrence of any of the events specified in Section 3.4.2
above, the Company will promptly make available to the Trustee a reasonable supply of certificated Securities in definitive, fully registered form, without interest coupons; 

3.4.5 neither any members of, or participants in, the Depositary (“Agent Members”) nor any other Persons on whose behalf
Agent Members may act (including Euroclear Bank S.A./N.V., as operator of the Euroclear System (“Euroclear”) and Clearstream Banking, société anonyme (“Clearstream Luxembourg”) and account holders and
participants therein) shall have any rights under this Indenture with respect to any Global Security, or under any Global Security, and the Depositary or such nominee, as the case may be, 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, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from
giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other person on whose behalf an Agent Member
may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security; and 
 3.4.6
none of the Company, the Trustee or any agent of the Company or the Trustee shall have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests in a Global Security or
for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 3.5 Mutilated, Destroyed, Lost and Stolen Securities. If any mutilated Security is
surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and of like tenor and principal amount and bearing a number not contemporaneously
outstanding. 
 If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction of the destruction, loss
or theft of any Security and (ii) such security or indemnity as may be required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Company or the Trustee that such Security has been
acquired by a protected purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and principal amount and bearing
a number not contemporaneously outstanding. 
 In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security upon compliance with the foregoing provisions. 

Upon the issuance of any new Security under this Section 3.5, the Company or the Trustee may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 

  
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 Every new Security of any series issued pursuant to this Section 3.5 in lieu of any
destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities of that series duly issued hereunder. 
 The
provisions of this Section 3.5 are exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 3.6 Payment of Interest; Interest Rights Preserved. Interest on any Security which is
payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest. 
 Any interest on any Security of any series which is payable, but is not punctually paid or duly provided for, on any
Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and such Defaulted Interest may be paid by the
Company, at its election in each case, as provided in Section 3.6.1 or Section 3.6.2 below: 
 3.6.1 the Company may
elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such
Defaulted Interest, which shall be fixed in the following manner. The Company shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at
the same time the Company shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as provided in this Section 3.6.1. Thereupon the Trustee shall fix a Special Record Date for
the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The
Trustee shall promptly notify the Company of such Special Record Date and, in the name and at the expense of the Company, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be sent in
writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, to each Holder of Securities of such series at his address as it appears in the Security Register, not less than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so sent, such Defaulted Interest shall be paid to the Persons in whose names the Securities of such series (or their
respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the following Section 3.6.2; or 

  
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 3.6.2 the Company may make payment of any Defaulted Interest on the Securities of any series to
the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed,
and upon such notice as may be required by such exchange, if, after notice given by the Company to the Trustee of the proposed payment pursuant to this Section 3.6.2, such manner of payment shall be deemed practicable by the Trustee.

 Subject to the foregoing provisions of this Section 3.6, each Security delivered under this Indenture upon registration of
transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

Section 3.7 Persons Deemed Owners. Prior to due surrender of a Security for registration of
transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of principal of (and premium, if any)
and (subject to Section 3.6) interest on such Security and for all other purposes whatsoever, whether or not such Security be overdue, and neither the Company, the Trustee nor any agent of the Company, or the Trustee shall be affected by
notice to the contrary. 
 Section 3.8 Cancellation. All Securities surrendered for payment,
redemption, repurchase, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly canceled by it. The Company may at any time deliver to the Trustee for
cancellation any Securities previously authenticated and delivered hereunder which the Company may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for cancellation any
Securities previously authenticated hereunder which the Company has not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No Securities shall be authenticated in lieu of or in exchange for any Securities
canceled as provided in this Section 3.8, except as expressly permitted by this Indenture. All canceled Securities held by the Trustee shall be disposed of in accordance with its customary procedures, unless otherwise directed by a
Company Order. 
 Section 3.9 Computation of Interest. Unless otherwise specified under
Section 3.1 with respect to the Securities of a particular series, interest on such Securities shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 3.10 CUSIP or “ISIN” Numbers. The Company, in issuing the Securities, may use
“CUSIP” or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” or “ISIN” numbers in notices of redemption as a convenience to Holders; provided that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the
Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company will promptly notify the Trustee in writing of any change in the CUSIP or ISIN numbers. 

  
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 ARTICLE IV 

Satisfaction and Discharge 

Section 4.1 Satisfaction and Discharge of Indenture. This Indenture shall cease to be of further
effect (except as to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, on demand of and at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture, when 
 4.1.1 either 

(i) all Securities theretofore authenticated and delivered (other than (a) Securities which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 3.5 and (b) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 10.3) have been delivered to the Trustee for cancellation; or 

(ii) all such Securities not theretofore delivered to the Trustee for cancellation 

(a) have become due and payable, or 

(b) will become due and payable at their Stated Maturity within one year, or 

(c) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company, 
 and the Company, in the case of (i) or (ii) above,
has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount sufficient to pay and discharge the entire indebtedness on such Securities not theretofore delivered to the Trustee for cancellation, for
principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity, Redemption Date or Repurchase Date, as the case may be; 

4.1.2 the Company has paid or caused to be paid all other sums payable hereunder by the Company; and 

4.1.3 the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with. 
 Notwithstanding the
satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under Section 6.7, the obligations of the Company to any Authenticating Agent under Section 6.14 and, if money shall have been
deposited with the Trustee pursuant to clause (ii) of Section 4.1.1 or this Section 4.1.3, the obligations of the Trustee under Section 4.2 and the last paragraph of Section 10.3 shall survive
such satisfaction and discharge. 
 Section 4.2 Application of Trust Money. Subject to the
provisions of the last paragraph of Section 10.3, all money deposited with the Trustee pursuant to Section 4.1 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture,
to the payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment
such money has been deposited with the Trustee. 

  
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 ARTICLE V 

Remedies 
 
Section 5.1 Events of Default. “Event of Default” means, wherever used herein with respect to Securities of any series, any one of the following events (whatever the reason for such Event of Default and whether it shall
be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body) shall have occurred and be continuing: 

5.1.1 the Company defaults in any payment of interest (including any Additional Amounts) on the Securities of such series when the same
becomes due and payable at its Stated Maturity, and such Default continues for a period of 30 calendar days; 
 5.1.2 the Company defaults
in the payment of the principal (including premium, if any, and any Additional Amounts) of the Securities of such series when the same becomes due and payable at its Stated Maturity; 

5.1.3 the Company fails to comply with any of its covenants or agreements in respect of the Securities of such series (other than those
referred to in Sections 5.1.1 and 5.1.2), and such failure continues for 60 calendar days after the notice specified below; 

5.1.4 the maturity of any Indebtedness of the Company or any Subsidiary in a total aggregate principal amount of US$50,000,000 (or the
equivalent thereof at the time of determination) or more is accelerated in accordance with the terms of such Indebtedness, or the failure by the Company or any Subsidiary to make payment at maturity of such Indebtedness (after giving effect to any
grace period provided in the terms of such Indebtedness), it being understood that prepayment or redemption by the Company or any Subsidiary of any Indebtedness is not an acceleration for this purpose; 

5.1.5 one or more final judgments or decrees for the payment of money in excess of US$50,000,000 (or the equivalent thereof at the time of
determination) in the aggregate are rendered against the Company or any Subsidiary and are not paid (whether in full or in installments in accordance with the terms of the judgment) or otherwise discharged and, in the case of each such judgment or
decree, either (i) an enforcement proceeding has been commenced by any creditor upon such judgment or decree and is not dismissed within 60 days following commencement of such enforcement proceedings or (ii) there is a period of 60 days
following such judgment during which such judgment or decree is not discharged, waived or the execution thereof stayed; 
 5.1.6 the Company
or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: (a) commences a voluntary case or files a request or petition for a writ of execution to initiate bankruptcy proceedings or have itself adjudicated as
bankrupt; (b) applies for or consents to the entry of an order for relief against it in an involuntary case; (c) applies for or consents to the appointment of a Custodian of it or for any substantial part of its property; (d) makes a
general assignment for the benefit of its creditors; (e) proposes or agrees to an accord or composition in bankruptcy between itself and its creditors; or (f) files for a reorganization of its debts (judicial or extrajudicial recovery);

  
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 5.1.7 A court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(a) is for relief against the Company or any Significant Subsidiary in an involuntary case; (b) appoints a Custodian of the Company or any Significant Subsidiary or for any substantial part of the property of the Company or any Significant
Subsidiary; (c) orders the winding up or liquidation of the Company or any Significant Subsidiary; (d) adjudicates the Company or a Significant Subsidiary as bankrupt or insolvent; (e) ratifies an accord or composition in bankruptcy
between the Company or a Significant Subsidiary and the respective creditors thereof; or (f) grants a judicial or extrajudicial recovery to the Company or a Significant Subsidiary; and the order or decree remains unstayed and in effect for 60
days; and 
 5.1.8 an Illegality Event shall have occurred and be continuing. 

A Default under Section 5.1.3 is not an Event of Default until the Trustee or the Holders of at least 25% in principal amount of
the Outstanding Securities notify the Company (and the Trustee, if the notice is given by the Holders) of the Default and the Company does not cure, or cause to be cured such Default within the time specified after receipt of such notice. 

Section 5.2 Acceleration of Maturity; Rescission and Annulment. If an Event of Default (other than an
Event of Default specified in Section 5.1.7) occurs and is continuing with respect to any series of Securities, the Trustee or the Holders of not less than 25% in principal amount of the Outstanding Securities of that series may declare
all unpaid principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities of that series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee, if the notice is given
by the Holders), stating that such notice is an “acceleration notice,” and upon any such declaration such amounts shall become due and payable immediately. If an Event of Default specified in Section 5.1.7 occurs and is
continuing, then the principal of and accrued interest on, and any Additional Amounts due with respect to, all the Securities shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any
Holder. 
 At any time after a declaration of acceleration with respect to Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter provided in this Article 5, the Holders of a majority in principal amount of the Outstanding Securities of that series by written notice to the Company and
the Trustee may rescind or annul such declaration if: 
 5.2.1 the Company has paid or deposited with the Trustee a sum sufficient to pay
(i) all overdue interest on Securities of that series, (ii) all unpaid principal of any Securities of that series that has become due otherwise than by such declaration of acceleration, (iii) to the extent that payment of such
interest on the Securities of that series is lawful, interest on such overdue interest, as provided herein (iv) any Additional Amounts due with respect to the Securities of that series and (v) all sums paid or advanced by the Trustee
hereunder and the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel; and 
 5.2.2 all
Events of Default have been cured or waived as provided in Section 5.13 other than the nonpayment of principal that has become due solely because of acceleration. 

  
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 No such rescission shall affect any subsequent Default or Event of Default or impair any right
consequent thereto. 
 Section 5.3 Collection of Indebtedness and Suits for Enforcement by Trustee.
If an Event of Default specified in Section 5.1.1 or Section 5.1.2 occurs, the Trustee, in its own name as trustee of an express trust, (i) may institute a judicial proceeding for the collection of the whole amount then
due and payable on such Securities for principal and interest, interest on any overdue principal and, to the extent that payment of such interest shall be legally enforceable, upon any overdue installment of interest, at the rate borne by the
Securities, any Additional Amounts due with respect to 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, (ii) may prosecute such proceeding to judgment or final decree and (iii) may enforce the same against the Company or any other obligor upon the Securities and collect the moneys adjudged
or decreed to be payable in the manner provided by law out of the property of the Company or any other obligor upon the Securities, wherever situated. 

If an Event of Default occurs and is continuing with respect to Securities of any series, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of that series by any available proceeding at law or in equity, 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 5.4 Trustee May File Proofs of
Claim. In case of any judicial proceeding relative to the Company (or any other obligor upon the Securities), its property or its creditors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take
any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property
payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such
payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.7. 
 No provision of this Indenture
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided, however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be
a member of a creditors’ or other similar committee. 
 Section 5.5 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 such 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 5.6 Application of Money Collected. Any money
collected by the Trustee pursuant to this Article shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of principal or premium, if any, or interest, upon
presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due to the Trustee under Section 6.7; 

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

THIRD: Any remaining amounts shall be repaid to the Company. 

Section 5.7 Limitation on Suits. No Holder of any Securities of any series shall have any right to
institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

5.7.1 such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to the Securities of that
series; 
 5.7.2 the Holders of not less than 25% in principal amount of the Outstanding Securities of that series shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 
 5.7.3 such
Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to the Trustee against the costs, expenses and liabilities to be incurred in compliance with such request; 

5.7.4 the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed to institute any such proceeding;
and 
 5.7.5 no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a
majority in principal amount of the Outstanding Securities of that series; 
 it being understood and intended that no one or more of such Holders shall
have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other
of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

  
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 Section 5.8 Unconditional Right of Holders to Receive
Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and premium, if any, and
(subject to Section 3.6) interest on such Security on the respective Stated Maturities expressed in such Security (or, in the case of redemption or repurchase, on the Redemption Date or Repurchase Date, as the case may be), and to
institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 
 
Section 5.9 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 5.10 Rights and Remedies Cumulative. Except as otherwise provided with respect to the
replacement or payment of mutilated, destroyed, lost or stolen Securities in the last paragraph of Section 3.5, 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 5.11 Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of
any Security 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 or by
law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 5.12 Control by Holders. The Holders of a majority in principal amount of the Outstanding
Securities of any series shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee, with respect to the Securities of such
series, provided that 
 5.12.1 such direction shall not be in conflict with any rule of law or with this Indenture; 

5.12.2 the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with such direction; and 

5.12.3 subject to the provisions of Section 6.1, the Trustee shall have the right to decline to follow any such direction if the
Trustee in good faith shall, by a Responsible Officer or Officers of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability against which indemnity would not be satisfactory.

  
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 Section 5.13 Waiver of Past Defaults. Subject to
Section 5.2, the Holders of not less than a majority in principal amount of the Outstanding Securities of any series may on behalf of the Holders of all the Securities of such series waive any past Event of Default hereunder with respect
to such series and its consequences, except a default 
 5.13.1 in the payment of the principal of or premium, if any, or interest on any
Security of such series, or 
 5.13.2 in respect of a covenant or provision hereof which under Article 10 cannot be modified or
amended without the consent of the Holder of each Security of such series affected. 
 Upon any such waiver, such default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 

Section 5.14 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, including
reasonable attorneys’ fees and expenses, against any such party litigant, in the manner and to the extent provided in the Trust Indenture Act; provided that neither this Section 5.14 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 the Trustee or in any suit to require the Company to repurchase any Security of a series in accordance with its
terms. 
 Section 5.15 Waiver of Usury, Stay or Extension 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 usury, stay or extension law wherever enacted, now or at any time hereafter in force,
which may affect the covenants or the performance of this Indenture; and the Company (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and 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. 

ARTICLE VI 

The Trustee 
 
Section 6.1 Certain Duties and Responsibilities. The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision of this Indenture shall require the Trustee
to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or affording protection
to the Trustee shall be subject to the provisions of this Section 6.1. 

  
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 Section 6.2 Notice of Default; Potential Default. If a
default occurs hereunder with respect to Securities of any series, upon receipt of written notification thereof by a Responsible Officer, the Trustee shall give the Holders of Securities of such series notice of such Default as and to the extent
provided by the Trust Indenture Act (a “Notice of Default”). Specifically, the Trustee shall provide Notice of Default to each Holder promptly, but in no event later than within 15 days of occurrence, and in the manner provided by
Section 313(c) of the Trust Indenture Act or any successor section thereto, of any Default of which the Trustee is aware. The Trustee shall also provide a notice to each Holder of any claim of Default within 30 days of a Responsible Officer
receiving a written assertion of such claim from Holders of no less than 10% of the aggregate principal amount of Securities of such series then Outstanding. For the purpose of this Section 6.2, the term “Default” means
any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. If on the Business Day prior to an Interest Payment Date the Company has not deposited with the Trustee funds
sufficient to pay the interest due on the next Interest Payment Date, then the Trustee shall provide written notice to the Company of such failure. 

Section 6.3 Certain Rights of Trustee. Subject to the provisions of Section 6.1: 

6.3.1 the Trustee may conclusively rely and shall be fully 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 (whether in its original or facsimile form) believed by it to be genuine and to have
been signed or presented by the proper party or parties; 
 6.3.2 any request or direction of the Company mentioned herein shall be
sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

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

6.3.4 the Trustee may consult with counsel of its own choice and the advice of such counsel or any Opinion of Counsel shall 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; 

6.3.5 the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or
direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 

  
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 6.3.6 the Trustee shall not be bound to make any investigation into the facts or matters stated
in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document in connection with this Indenture, but the Trustee,
in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Company, personally or by agent or attorney and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation; 

6.3.7 the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents or
attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

6.3.8 the Trustee shall not be charged with knowledge of any Default or Event of Default with respect to the Securities unless a written
notice of such Default or Event of Default shall have been given to a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee by the Company, the Guarantor or any Holder, and such notice references the Securities and this
Indenture; 
 6.3.9 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; 
 6.3.10 the
Trustee may request that the Company delivers an Officers’ Certificate setting forth the names of individuals and/or titles of officers or directors 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; 

6.3.11 the permissive rights of the Trustee enumerated herein shall not be construed as duties; 

6.3.12 in no event shall the Trustee be responsible or liable for special, indirect, punitive 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; and 

6.3.13 the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its reasonable control, including without limitation, acts of God; earthquakes; fires; floods; wars; civil or military disturbances; sabotage; epidemics; riots; interruption,
loss or malfunctions of utilities, computer (hardware or software) or communications service; accidents; labor disputes; acts of civil or military authority or governmental actions; it being understood that the Trustee shall use its best efforts to
resume performance as soon as practicable under the circumstances. 
 Section 6.4 Not Responsible for
Recitals or Issuance of Securities. Neither the Trustee nor any Authenticating Agent assume any responsibility for the correctness of the recitals contained herein and in the Securities, except the Trustee’s certificates of authentication.
The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of such Securities or the
proceeds thereof. 

  
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 Section 6.5 May Hold Securities. The Trustee, any
Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Company, in its individual or any other capacity, may become the owner or pledgee of the Securities and, subject to Sections 6.8 and 6.13, may otherwise
deal with the Company with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar or such other agent. 

Section 6.6 Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated
from other funds except to the extent required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed in writing with the Company. 

Section 6.7 Compensation and Reimbursement. 

6.7.1 The Company agrees to pay to the Trustee from time to time such compensation as shall be agreed in writing between the parties for all
services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust). 

6.7.2 Except as otherwise expressly provided herein, the Company agrees to reimburse the Trustee upon its request for all reasonable and
documented expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such
expense, disbursement or advance as may be attributable to its negligence or willful misconduct. 
 6.7.3 The Company agrees to fully
indemnify each of the Trustee and any predecessor Trustee for, and to hold it harmless against, any and all losses, liabilities, damages, claims or expenses incurred without negligence or willful misconduct on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim (whether asserted by the Company, a Holder or any other Person) or liability in connection with
the exercise or performance of any of its powers or duties hereunder. 
 When the Trustee incurs expenses or renders services in connection
with an Event of Default specified in Section 5.1.7, the expenses (including the reasonable and documented charges and expenses of its counsel) and the compensation for the services are intended to constitute expenses of administration
under any applicable Bankruptcy Law. 
 As security for the performance of the obligations of the Company under this
Section 6.7.3, the Trustee shall have a claim prior to the Securities of a series upon all property and funds held or collected by the Trustee as such, except funds held in trust for the payment of principal of (premium, if any) or
interest on such Securities. 
 The provisions of this Section 6.7.3 shall survive the resignation or removal of the Trustee and
the satisfaction and discharge of this Indenture. 
 Section 6.8 Conflicting Interests. If the
Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust
Indenture Act and this Indenture. To the extent permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under this Indenture with respect to Securities of more than one
series. 

  
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 Section 6.9 Corporate Trustee Required; Eligibility.
There shall at all times be one (and only one) Trustee hereunder with respect to the Securities of each series, which may be a Trustee hereunder for Securities of one or more other series. Each Trustee shall be a Person that (i) is eligible
pursuant to the Trust Indenture Act to act as such, (ii) has a combined capital and surplus of at least US$50,000,000, (iii) is subject to supervision or examination by U.S. federal or state authority and (v) has its Corporate Trust
Office in the United States. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or examining authority, then for the purposes of this Section 6.9 and to the
extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee with
respect to the Securities of any series shall cease to be eligible in accordance with the provisions of this Section 6.9, it shall resign immediately in the manner and with the effect hereinafter specified in this Article 6. 

Section 6.10 Resignation and Removal; Appointment of Successor. No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

The Trustee may resign at any time with respect to the Securities of one or more series by giving written notice thereof to the Company. If
the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 45 days after the giving of such notice of resignation, the resigning Trustee may, at the expense of the
Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

The Trustee may be removed at any time with respect to the Securities of any series by Act of the Holders of a majority in principal amount of
the Outstanding Securities of such series, delivered to the Trustee and to the Company. 
 If at any time: 

6.10.1 the Trustee shall fail to comply with Section 6.8 after written request therefor by the Company or by any Holder who has
been a bona fide Holder of a Security for at least six months; 
 6.10.2 the Trustee shall cease to be eligible under
Section 6.9 and shall fail to resign after written request therefor by the Company or by any such Holder; or 
 6.10.3 the
Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs
for the purpose of rehabilitation, conservation or liquidation, 
 then, in any such case, (i) the Company by a Board Resolution may remove the Trustee
with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

  
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 If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall
occur in the office of Trustee for any cause, with respect to the Securities of one or more series, the Company, by a Board Resolution, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it
being understood that any such successor Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and
shall comply with the applicable requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall
be appointed by Act of the Holders of a majority in principal amount of the Outstanding Securities of such series delivered to the Company and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such
appointment in accordance with the applicable requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Company. If no
successor Trustee with respect to the Securities of any series shall have been so appointed by the Company or the Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a
Security of such series for at least six months may, on behalf of himself and all others similarly situated, or the Trustee, at the expense of the Company, petition any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series. 
 The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the Securities of any series to all Holders of Securities of such series in the manner provided in Section 1.6. Each notice shall include the
name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 
 
Section 6.11 Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor Trustee so appointed shall execute, acknowledge and deliver to the
Company and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or conveyance, shall
become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Company or the successor Trustee, such retiring Trustee shall, upon payment of its charges, execute and deliver an instrument
transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder. 

In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee shall accept such appointment and which (i) shall
contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to
which the appointment of such successor Trustee relates, (ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and (iii) shall add to or change any
of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute
such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution and delivery
of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates; but, on request of the Company or any successor Trustee, such retiring
Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee
relates. 

  
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 Upon request of any such successor Trustee, the Company shall execute any and all instruments for
more fully and certainly vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article. 
 Section 6.12 Merger, Conversion, Consolidation or Succession to Business.
Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to
all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder, provided that such corporation shall be otherwise qualified and eligible under this Article, without the execution or
filing of any paper or any further act on the part of any of the parties hereto. In case any of the Securities shall have been authenticated, but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to
such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee had itself authenticated such Securities. 

Section 6.13 Preferential Collection of Claims Against Company. If and when the Trustee shall be or
become a creditor of the Company (or any other obligor upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the collection of claims against the Company (or any such other obligor). 

  
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 Section 6.14 Appointment of Authenticating Agent. The
Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer, or partial redemption or pursuant to
Section 3.5, and Securities so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this
Indenture to the authentication and delivery of Securities by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent
and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the
United States, any state thereof or the District of Columbia, authorized under such laws to act as Authenticating Agent, have a combined capital and surplus of at least US$50,000,000 and be subject to supervision or examination by U.S. federal or
state authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 6.14, the combined
capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance
with the provisions of this Section 6.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 6.14. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided that such corporation shall be otherwise eligible under this Section 6.14, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 6.14, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment
by first-class mail, postage prepaid, to all Holders as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and
duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 6.14. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this
Section 6.14. 
 If an appointment is made pursuant to this Section 6.14, the Securities may have endorsed thereon,
in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

“This is one of the Securities referred to in the within-mentioned Indenture. 

 

			
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:		  

			as Authenticating Agent

  

			
		
	By:		  

			Authorized Officer”

 Section 6.15 Trustee’s Application for Instructions from
the Company. Any application by the Trustee for written instructions from the Company may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or
after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date
specified in such application (which date shall not be less than five Business Days after the date any officer or director of the Company actually receives such application, unless any such officer or director shall have consented in writing to any
earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 

  
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 ARTICLE VII 

Holders’ Lists and Reports by Trustee and Company 

Section 7.1 Company to Furnish Trustee Names and Addresses of Holders. The Company will furnish
or cause to be furnished to the Trustee: 
 7.1.1 semi-annually, not more than 15 days after each Regular Record Date with respect to each
series of Securities, a list, in such form as the Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of such Regular Record Date; and 

7.1.2 at such other times as the Trustee may reasonably request in writing, within 30 days after the receipt by the Company of any such
request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished. 
 
Section 7.2 Preservation of Information; Communications to Holders. 
 7.2.1 The Trustee shall preserve, in as current a
form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.1 and the names and addresses of Holders received by the Trustee in its capacity as
Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1 upon receipt of a new list so furnished. 

7.2.2 The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under the Securities, and
the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 
 7.2.3 Every Holder of Securities, by
receiving and holding the same, agrees with the Company and the Trustee that neither the Company nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of
Holders made pursuant to the Trust Indenture Act. 
 Section 7.3 Reports by Trustee. The
Trustee shall transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. If required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15th following the date of this Indenture deliver to Holders a brief report, dated as of such May 15th, which complies with the
provisions of such Section 313(a). 
 A copy of each such report shall, at the time of such transmission to Holders, be filed by
the Trustee with each securities exchange upon which any of the Securities are listed, with the SEC (unless at the time no Outstanding Securities have been registered with the SEC pursuant to the Securities Act) and with the Company. The Company
will promptly notify the Trustee in writing when any of the Securities are listed on any securities exchange. 
 Delivery of such reports to
the Trustee is for informational purposes only and the Trustee’s receipt of such reports 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). 

  
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 ARTICLE VIII 

Consolidation, Merger, Conveyance, Transfer or Lease 

Section 8.1 Company May Consolidate, Etc. Only on Certain Terms. The Company shall not, without
the consent of the Holders of a majority in aggregate principal amount of each series the Securities in accordance with this Indenture, consolidate with or merge into any other corporation or convey or transfer all or substantially all of its
properties or assets to any other Person, unless: 
 8.1.1 the Person formed by such consolidation or into which the Company is merged or
the Person which acquires by conveyance or transfer all or substantially all of its properties or assets (the “Successor Person”) shall expressly assume (via a supplemental indenture), pursuant to this Indenture, the due and
punctual repayment of the principal and interest on all the Securities and all other obligations of the Company under the Indenture and the Securities; 

8.1.2 immediately after giving effect to such transaction, no Event of Default with respect to any Security shall have occurred and be
continuing; 
 8.1.3 the Company has delivered to the Trustee (i) Officers’ Certificates of the Company stating that such
consolidation, merger, conveyance or transfer and supplemental indenture complies with this Article and that all conditions precedent herein provided, which relate to such transaction, have been complied with and (ii) an Opinion of Counsel
issued by external counsel of recognized standing stating that such consolidation, merger, conveyance or transfer complies with this Article and that all conditions herein provided, which relate to such transaction, have been complied with; and 

8.1.4 the Successor Person shall expressly agree to withhold against any tax, duty, assessment or other governmental charge thereafter imposed
or levied by Brazil or a Relevant Taxing Jurisdiction as a consequence of such consolidation, merger, conveyance or transfer with respect to the payment of principal of or interest or premium, if any, on the Securities, and to pay such Additional
Amounts as may be necessary to ensure that the net amounts receivable by Holders after any withholding or deduction of any such tax, assessment, duty or other governmental charge shall equal the respective amounts of principal, premium, if any, and
interest which would have been receivable in respect of the Securities in the absence of such consolidation, merger, conveyance or transfer; provided, however, that Holders will not be subject to the exceptions and limitations
contained in Section 10.7 in relation to the Successor Jurisdiction. 
 Section 8.2
Successor Substituted. Upon any consolidation, merger, conveyance, or transfer in accordance with this Article, the Successor Person shall succeed to, and be substituted for, and may exercise every right and power of the Company under the
Securities with the same effect as if the Successor Person had been named as the issuer of the Securities herein. 
 
Section 8.3 Right to Redemption. No Successor Person shall have the right to redeem the Securities unless the Company would have been entitled to redeem such Securities in similar circumstances. 

  
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 ARTICLE IX 

Supplemental Indentures 
 
Section 9.1 Supplemental Indentures without Consent of Holders. Without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 
 9.1.1 to evidence the succession
of another Person to the Company and the assumption by any such successor of the covenants of the Company herein and in the Securities; 

9.1.2 to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to
be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for the benefit of such series) or to surrender any right or power herein conferred upon the Company; 

9.1.3 to add any additional Events of Default for the benefit of the Holders of all or any series of Securities (and if such additional Events
of Default are to be for the benefit of less than all series of Securities, stating that such additional Events of Default are expressly being included solely for the benefit of such series); 

9.1.4 to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or facilitate the issuance of
Securities in bearer form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Securities in uncertificated form; 

9.1.5 to add to, change or eliminate any of the provisions of this Indenture in respect of one or more series of Securities, provided
that any such addition, change or elimination (i) shall neither (a) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the benefit of such provision nor (b) modify the
rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is no such Security Outstanding; 

9.1.6 to secure the Securities pursuant to the requirements of Section 10.6 or otherwise; 

9.1.7 to establish the form or terms of Securities of any series as permitted by Sections 2.1 and 3.1; 

9.1.8 to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the Securities of one or more
series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11;
or 

  
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 9.1.9 to cure any ambiguity, to correct or supplement any provision herein which may be defective
or inconsistent with any other provision herein, or to make any other provisions with respect to matters or questions arising under this Indenture, provided that such action pursuant to this Section 9.1.9 shall not adversely
affect the interests of the Holders of Securities of any series in any material respect. 

Section 9.2 Supplemental Indentures or Waiver with Consent of Holders. With the written consent
of the Holders of not less than a majority in principal amount of the Outstanding Securities of each series affected by such supplemental indenture or waiver, by Act of said Holders delivered to the Company and the Trustee, the Company, when
authorized by a Board Resolution, and the Trustee may (i) enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or
of modifying in any manner the rights of the Holders of Securities of such series under this Indenture or (ii) waive the application of any provision of this Indenture; provided, however, that no such supplemental indenture or
waiver shall, without the consent of the Holder of each Outstanding Security affected thereby: 
 9.2.1 change the Stated Maturity of the
principal of, or any installment of principal of or interest on, any Security; 
 9.2.2 reduce the principal amount, the interest rate, the
redemption price for any Security or the principal amount that would be due and payable upon acceleration of the Maturity thereof pursuant to Section 5.2; 

9.2.3 change or modify in any way the Company’s or the Guarantor’s obligation to pay Additional Amounts pursuant to
Section 10.7; 
 9.2.4 change the coin or currency in which, any Security or premium, if any, or interest thereon is payable;

 9.2.5 change the Place of Payment of any Security; 

9.2.6 impair the Holder’s right to institute suit for the enforcement of any payment due with respect to any Security; 

9.2.7 change the terms of payment from, or control over, or release or reduce any collateral or security interest that may be created or
provided pursuant to Section 10.6; 
 9.2.8 change any provision of the Guarantees by the Guarantor in a manner which would
materially and adversely affect the Holders; and 
 9.2.9 modify any of the provisions of this Section 9.2,
Section 5.13 or Section 10.9, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security
affected thereby, provided, however, that this clause shall not be deemed to require the consent of any Holder with respect to changes in the references to “the Trustee” and concomitant changes in this
Section 9.2 and Section 10.9, or the deletion of this proviso, in accordance with the requirements of Section 6.11. 

  
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 A supplemental indenture or waiver which changes or eliminates any covenant or other provision of
this Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall
be deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for
any Act of Holders under this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such Act shall approve the substance thereof. 

Section 9.3 Execution of Supplemental Indentures. In executing, or accepting the additional
trusts created by, any supplemental indenture or waiver permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 6.1) shall be fully
protected in relying upon, in addition to the documents required by Section 1.2, an Officers’ Certificate and an Opinion of Counsel, each stating that the execution of such supplemental indenture or waiver is authorized or permitted
by this Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture or waiver which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Section 9.4 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture
under this Article, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered
hereunder shall be bound thereby. 
 Section 9.5 Conformity with Trust Indenture Act. Every
supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act. 
 
Section 9.6 Reference in Securities to Supplemental Indentures. Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall if required by the
Trustee, bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company shall so determine, new Securities of any series so modified as to conform, in the opinion of the Trustee and the
Company, to any such supplemental indenture may be prepared and executed by the Company and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

Section 9.7 Effect of Waiver. A waiver shall be effective to waive compliance with the
particular provision and for the particular instance for which the waiver was made and, until such waiver shall become effective, the obligations of the Company and the duties of the Trustee in respect of any such provision shall remain in full
force and effect. 

  
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 ARTICLE X 

Covenants 
 
Section 10.1 Payment of Principal, Premium and Interest. The Company will duly and punctually pay the principal of and premium, if any, and interest (together with any Additional Amounts payable thereon) on the Securities in accordance
with the terms of the Securities and this Indenture. 
 Section 10.2 Maintenance of Office or
Agency. With respect to any Global Security, and except as otherwise may be specified for such Global Security as contemplated by Section 3.1, the Corporate Trust Office of the Trustee shall be the Place of Payment where such Global
Security may be presented or surrendered for payment or for registration of transfer or exchange, or where successor Securities may be delivered in exchange therefor; provided, however, that any such payment, presentation, surrender or
delivery effected pursuant to the Applicable Procedures of the Depositary for such Global Security shall be deemed to have been effected at the Place of Payment for such Global Security in accordance with the provisions of this Indenture. 

With respect to any Securities that are not in the form of a Global Security, the Company will maintain in the Borough of Manhattan, The City
of New York, New York, an office or agency where Securities may be presented or surrendered for payment, where Securities may be surrendered for registration of transfer or exchange, and where notices and demands to or upon the Company in respect of
the Securities (in this case, without regard to the form 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 Corporate Trust Office of
the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Company may also from time to time designate one or more other offices or agencies (in or outside the Borough of Manhattan, The City of
New York, New York) where the Securities of one or more series, notices and other items may be presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such
designation or rescission 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, New York, for such purposes. The Company will give prompt written notice to the
Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

  
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 Section 10.3 Money for Security Payments To Be Held in
Trust. If the Company shall at any time act as its own Paying Agent with respect to any series of Securities, it will, on or before each due date of the principal of or premium, if any, or interest on any of the Securities of such series,
segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and premium, if any, and interest so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein
provided and will promptly notify the Trustee of its action or failure so to act. 
 Whenever the Company shall have one or more Paying
Agents for any series of Securities, it will, on the business day prior to each due date of the principal of or premium, if any, or interest on any Securities of such series, deposit in Dollars with a Paying Agent in New York, New York a sum
sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and (unless such Paying Agent is the Trustee) the Company will promptly notify the Trustee of its action or failure so to act. 

The Company will cause each Paying Agent for any series of Securities other than the Trustee to execute and deliver to the Trustee an
instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section 10.3, that such Paying Agent will (i) comply with the provisions of the Trust Indenture Act applicable to it as a Paying
Agent and (ii) during the continuance of any default by the Company (or any other obligor upon the Securities of such series) in the making of any payment in respect of the Securities of such series, upon the written request of the Trustee,
forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Securities of such series. 
 The
Company may at any time, for the purpose of obtaining the satisfaction and discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Company or such
Paying Agent, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Company or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from
all further liability with respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Company,
in trust for the payment of the principal of or premium, if any, or interest on any Security of any series and remaining unclaimed for two years after such principal, premium, if any, or interest has become due and payable shall be paid to the
Company on Company Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Company for payment thereof, and all liability of
the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any
such repayment, may, at the expense of the Company, cause to be published once, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in The City of New York, New York, notice that
such money remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Company. 

  
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 Section 10.4 Statement by Officers as to Default. The
Company will deliver to the Trustee, within 90 days after the end of each fiscal year of the Company ending after the date hereof, an Officers’ Certificate, stating whether or not to the best knowledge of the signers thereof the Company is in
default in the performance and observance of any of the terms, provisions and conditions of this Indenture (without regard to any period of grace or requirement of notice provided hereunder) and, if the Company shall be in default, specifying all
such defaults and the nature and status thereof of which they may have knowledge. 
 The Company will deliver to the Trustee, as soon as
possible and in any event within 30 days after the Company becomes aware of the occurrence of any Event of Default or an event which, with notice or the lapse of time or both, would constitute an Event of Default, an Officers’ Certificate
setting forth the details of such Event of Default or default and the action which the Company proposes to take with respect thereto. 
 
Section 10.5 Reports by Company. The Company (unless at the time no Outstanding Securities have been registered with the SEC pursuant to the Securities Act) shall file with the Trustee and the SEC, and transmit to Holders, such
information, documents and other reports, and such summaries thereof, as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant to the Trust Indenture Act. 

Notwithstanding that the Company may not be required to remain subject to the reporting requirements of Section 12, 13 or
15(d) of the Exchange Act, the Company will continue to file with the SEC and provide the Trustee with such annual reports and such information, documents and other reports (or copies of such portions of any of the foregoing as the SEC may by
rules and regulations prescribe) which are specified in Sections 12, 13 and 15(d) of the Exchange Act. 
 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 10.6 Limitation on Liens. The Company will not create, incur, issue or assume any
Indebtedness secured by any Lien, other than a Permitted Lien, without in any such case effectively providing that the Securities shall be secured equally and ratably with or prior to such secured Indebtedness. The (i) giving of a guarantee
that is secured by a Lien upon or in respect of any asset of the Company, and (ii) creation of a Lien upon or in respect of any of the Company’s assets to secure Indebtedness that existed prior to the creation of such Lien, shall be deemed
to involve the incurrence of Indebtedness in an amount equal to the principal amount of such Indebtedness secured by such Lien. 

  
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 Section 10.7 Payment of Additional Amounts. 

10.7.1 All payments in respect of the Securities shall be made without withholding or deduction for or on account of any present or future
taxes, duties, assessments or other governmental charges of whatever nature imposed, levied, collected, withheld or assessed by or on behalf of Brazil (“Brazilian Taxes”) or any other jurisdiction or political subdivision thereof
having power to tax in which the Company or any successor thereto is organized or incorporated or is a resident for tax purposes (“Foreign Taxes”), as applicable (each such jurisdiction, a “Relevant Taxing
Jurisdiction”), unless the Company is compelled by law to deduct or withhold such taxes, duties, assessments or governmental charges. In the event of any such withholding or deduction, the Company shall make such deduction or withholding,
will make payment of the amount so withheld to the appropriate governmental authority and will pay to each Holder such additional amounts (“Additional Amounts”) as may be necessary in order that every net payment made by the Company
on the Securities after such withholding or deduction for or on account of any Brazilian Taxes or Foreign Taxes will equal the respective amounts of principal, premium, if any, and interest which would have been receivable in respect of such
Securities had no such withholding or deduction (including for any Foreign Taxes payable in respect of Additional Amounts) been required, except that no such Additional Amounts shall be payable with respect to any payment on a Security: 

(i) to, or to a third party on behalf of, a Holder who is liable for any such taxes, duties, assessments or other governmental
charges in respect of such Security by reason of (a) a connection between the Holder and a Relevant Taxing Jurisdiction other than the mere holding of such Security and the receipt of payments with respect to such Security or (b) failure
by the Holder to comply with any certification, identification or other reporting requirement concerning the nationality, residence, identity or connection with a Relevant Taxing Jurisdiction, of such Holder, if such compliance is required or
imposed by law as a precondition to exemption from all or a part of such tax, duty, assessment or other governmental charge and the Company has given the Holders at least 30 days’ notice that Holders will be required to comply with such
requirement; 
 (ii) in respect of any such taxes, duties, assessments or other governmental charges with respect to a
Security surrendered (if surrender is required) more than 30 days after the date on which such payment became due and payable or the date on which payment thereof is duly provided for and notice thereof given to Holders, whichever occurs later,
except to the extent that the Holder of such Security would have been entitled to such Additional Amounts on surrender of such Security for payment on the last day of such 30-day period; 

(iii) where such withholding or deduction is imposed on a payment to an individual and is required to be made pursuant to any
European Union Directive on the taxation of savings implementing the conclusions of the ECOFIN Council meeting of November 26-27, 2000 or any law implementing or complying with, or introduced in order to conform to, such directive; 

(iv) in respect of any estate, inheritance, gift, sales, transfer, personal property or similar tax, assessment or governmental
charge imposed with respect to a Security; 
 (v) in respect of any tax, assessment or other governmental charge payable
otherwise than by deduction or withholding from payments of principal of or interest or premium, if any, on any series of Securities or by direct payment by the Company in respect of claims made against the Company; or 

(vi) in respect of any combination of the above. 

  
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 For purposes of the provisions described in this Section 10.7.1, the term
“Holder” of any Security means the direct nominee of any beneficial owner of such Security, which holds such beneficial owner’s interest in such Security. Notwithstanding the foregoing, the limitations on the Company’s
obligation to pay Additional Amounts set forth in clause (i)(b) above shall not apply if the provision of information, documentation or other evidence described in such clause (i)(b) would be materially more onerous, in form, in procedure or in the
substance of information disclosed, to a Holder or beneficial owner of a Security (taking into account any relevant differences between U.S. and Brazilian law, regulation or administrative practice) than comparable information or other reporting
requirements imposed under U.S. tax law (including tax treaties between the United States and Brazil), regulations (including proposed regulations) and administrative practice. 

The Company shall promptly provide the Trustee with documentation, if any, (which may consist of certified copies of such documentation)
reasonably satisfactory to the Trustee evidencing the payment of Foreign Taxes in respect of which the Company has paid any Additional Amounts. Copies of such documentation shall be made available to the Holders of the Securities or the Paying
Agent, as applicable, upon request therefor. 
 In respect of the Securities issued hereunder, at least 10 days prior to the first date of
payment of interest on the Securities and at least 10 days prior to each date, if any, of payment of principal or interest thereafter if there has been any change with respect to the matters set forth in the below-mentioned Officers’
Certificate, the Company shall furnish the Trustee and each Paying Agent with an Officers’ Certificate instructing the Trustee and such Paying Agent as to whether such payment of principal of or interest or premium, if any, on such Securities
shall be made without deduction or withholding for or on account of any tax, duty, assessment or other governmental charge. If any such deduction or withholding shall be required by Brazil or any Successor Jurisdiction or any political subdivision
or authority therein or thereof having power to tax, then such certificate shall specify, by country, the amount, if any, required to be deducted or withheld on such payment to Holders of such Securities, and the Company shall pay or cause to be
paid to the Trustee or such Paying Agent Additional Amounts, if any, required by this Section 10.7. The Company agrees to indemnify the Trustee and each Paying Agent for, and to hold them harmless against, any loss, liability or expense
reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by them in reliance on any Officers’ Certificate furnished pursuant to this Section 10.7. 

10.7.2 The Company shall pay all present or future stamp, issue, registration, documentary or other similar duties, if any, which may be
imposed by Brazil or any other governmental entity or political subdivision therein or thereof, or any taxing authority of or in any of the foregoing, with respect to the Indenture or the issuance of the Securities. 

10.7.3 The Company shall provide each Paying Agent and any withholding agent under relevant tax regulations with copies of each certificate
received by the Company from a Holder of a Security pursuant to the text of such Security. Each such Paying Agent and withholding agent shall retain each such certificate received by it for as long as any Security is outstanding and in no event for
less than four years after its receipt, and for such additional period thereafter, as set forth in an Officers’ Certificate, as such certificate may become material in the administration of applicable tax laws. 

  
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 10.7.4 In the event that Additional Amounts actually paid with respect to the Securities pursuant
to the preceding paragraphs are based on rates of deduction or withholding of withholding taxes in excess of the appropriate rate applicable to the Holder of such Securities, and, as a result thereof, such Holder is entitled to make claim for a
refund or credit of such excess from the authority imposing such withholding tax, then such Holder shall, by accepting such Securities, be deemed to have assigned and transferred all right, title, and interest to any such claim for a refund or
credit of such excess to the Company. However, by making such assignment, the Holder makes no representation or warranty that the Company will be entitled to receive such claim for a refund or credit and incurs no other obligation with respect
thereto. 
 10.7.5 All references in this Indenture and the Securities to principal, premium, if any, or interest in respect of any Security
shall be deemed to mean and include all Additional Amounts, if any, payable in respect of such principal, premium, if any, or interest, unless the context otherwise requires, and express mention of the payment of Additional Amounts in any provision
hereof shall not be construed as excluding reference to Additional Amounts in those provisions hereof where such express mention is not made. All references in this Indenture and the Securities to principal in respect of any Security shall be deemed
to mean and include any Redemption Price or Repurchase Price payable in respect of such Security pursuant to any redemption or repurchase right hereunder (and all such references to the Stated Maturity of the principal in respect of any Security
shall be deemed to mean and include the Redemption Date or Repurchase Date with respect to any such Redemption Price or Repurchase Price), and all such references to principal, premium, if any, interest or Additional Amounts shall be deemed to mean
and include any amount payable in respect hereof pursuant to Section 10.7, and express mention of the payment of any Redemption Price or Repurchase Price, or any such other amount in any provision hereof shall not be construed as
excluding reference to the payment of any Redemption Price or Repurchase Price, or any such other amounts in those provisions hereof where such express reference is not made. 

Section 10.8 Indemnification of Judgment Currency. The Company shall indemnify the Trustee and any
Holder of a Security against any loss incurred by the Trustee or such Holder, as the case may be, as a result of any judgment or order being given or made for any amount due under this Indenture or such Security and being expressed and paid in a
currency (the “Judgment Currency”) other than Dollars (the “Specified Currency”), and as a result of any variation between (i) the rate of exchange at which the Specified Currency amount is converted into the
Judgment Currency for the purpose of such judgment or order and (ii) the spot rate of exchange in The City of New York, New York, at which the Trustee or such Holder, as the case may be, on the date of payment of such judgment or order is able
to purchase the Specified Currency with the amount of the Judgment Currency actually received by the Trustee or such Holder. The foregoing indemnity shall constitute a separate and independent obligation of the Company and shall continue in full
force and effect notwithstanding any such judgment or order as aforesaid. The term “spot rate of exchange” shall include premiums, if any, and costs of exchange payable in connection with the purchase of, or conversion into, the Specified
Currency. 

  
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 Section 10.9 Further Acts. The Company will take any
action, satisfy any condition or do any thing (including the obtaining or effecting of any necessary consent, approval, authorization, exemption, filing, license, order, recording or registration) at any time required in accordance with the
applicable laws and regulations to be taken, fulfilled or done in order (i) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under the Securities, this Indenture and any supplemental
indenture, as the case may be, (ii) to ensure that those obligations are legally binding and enforceable, (iii) to make the Securities, this Indenture and any supplemental indenture admissible in evidence in the courts of the State of New
York and Brazil and (iv) to enable the Trustee to exercise and enforce its respective rights under this Indenture and any supplemental indenture and to carry out the terms, provisions and purposes of this Indenture and any supplemental
indenture. 
 Section 10.10 Securities held by the Company, Etc.. So long as any Security is
Outstanding, the Company will send to the Trustee, as soon as practicable after being so requested by the Trustee, an Officers’ Certificate of the Company stating the aggregate principal amount of Securities held or beneficially owned, at the
date of such certificate by or on behalf of the Company or any of its Subsidiaries. The Company will promptly notify the Trustee when it or any of its Subsidiaries holds or beneficially owns Securities. 

Section 10.11 Status of Securities. The Company will ensure that the Securities will rank at least
pari passu with any current and future unsecured and unsubordinated Indebtedness of the Company, subject to (i) the effects of bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and other similar laws relating to
or affecting creditors’ rights, (ii) general equitable principles (whether considered in a proceeding in equity or at law) and (iii) certain statutory preferred claims for wages, salaries, social security and taxes as provided by
Brazilian law. 
 Section 10.12 Maintenance of Corporate Existence. The Company shall, and shall
cause each of its Subsidiaries to, (i) maintain in effect its corporate existence and all registrations necessary therefor, provided that these restrictions shall not prohibit any transactions permitted by Article 8 or the merger
of any Subsidiary with or into the Company or with or into any other Subsidiary of the Company; (ii) take all reasonable actions to maintain all rights, privileges, titles to property, franchises and the like necessary or desirable in the
normal conduct of its business, activities or operations; and (iii) maintain or cause to be maintained in good repair, working order and condition (normal wear and tear excepted) all properties used or useful in their business; provided,
however, that neither the Company, nor its Subsidiaries shall be prevented from discontinuing those operations or suspending the maintenance of those properties which, in the reasonable judgment of the Company as evidenced by a Board
Resolution, are no longer necessary or useful in the conduct of the Company’s business, or that of its Subsidiaries; and provided, further, that such discontinuation of operations or maintenance would not have a material adverse
effect on the ability of the Company to comply with its obligations under this Indenture. 
 Section 10.13
Maintenance of Insurance. The Company shall, and shall cause each of its Subsidiaries to, maintain insurance with respect to its general business and its properties, with financially sound, responsible and reputable insurance companies in
such amounts and covering such risks as are usually carried by companies of good repute engaged in similar businesses and owning and/or operating properties similar to those owned and/or operated by the Company or such Subsidiary, as the case may
be, in the jurisdictions in which the Company or such Subsidiary owns and/or operates its properties, including policies covering property losses wherein settlement is on a replacement value basis, resultant business interruption and general
liability. 

  
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 Section 10.14 Payment of Taxes. The Company will pay or
discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes, assessments and governmental charges levied or imposed upon the Company or upon the income, profits or property of the Company (the
“Taxes”) which, if unpaid, might by law become a Lien upon the property of the Company; provided, however, that (i) 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 then-currently being contested in good faith by appropriate proceedings and (ii) the Company shall be in compliance with this Section 10.14 if the
individual or the aggregate amount of the Taxes not paid would not have a material adverse effect on the ability of the Company to comply with its obligations under this Indenture. 

ARTICLE XI 

Redemption of Securities 
 
Section 11.1 Right of Redemption. 
 11.1.1 The Securities of any series which are redeemable before their Stated Maturity may
not be redeemed at the election of the Company except in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1 for such Securities) in accordance with the provisions of this Article 11. 

11.1.2 The election of the Company to redeem any Securities shall be evidenced by a Board Resolution. In case of any redemption at the
election of the Company, the Company shall, at least 45 days prior to the Redemption Date fixed by the Company, notify the Trustee of such Redemption Date, of the principal amount of Securities of such series to be redeemed and, if applicable, of
the tenor of the Securities specified therefor in the Securities of a series to be redeemed. 
 11.1.3 The Company will have the option to
redeem, in whole but not in part, the Securities of the applicable series, at any time, on giving not less than 30 nor more than 60 days’ notice to the Holders of such Securities, at a Redemption Price equal to 100% of the principal amount
thereof and premium, if any, applicable thereto, together with accrued interest up to but not including the Redemption Date and any Additional Amounts which would otherwise be payable up to but not including the Redemption Date, if, as a result of
any amendment to, or change in, the laws (or rules and regulation thereunder) of a Relevant Taxing Jurisdiction or any amendment to or change in an official interpretation, administration or application of such laws, rules or regulations (including
a holding by a court of competent jurisdiction), which amendment or change of such laws, rules or regulations or the interpretation, administration or application thereof, in the case of Brazil, becomes effective on or after June 15, 2015, or
in the case of any other Relevant Taxing Jurisdiction is first publicly announced and becomes effective after the date it first becomes a Relevant Jurisdiction, (x) the Company or any successor has or will become obligated to pay Additional
Amounts with respect to the Securities other than Additional Amounts attributable to Brazilian Taxes imposed at a rate of equal to or less than (A) 15% generally in case of any taxes imposed by Brazil or (B) 25% in case of taxes imposed by
Brazil on amounts paid to residents of countries that do not impose any income tax or which impose it at a maximum rate lower than 17% or where the laws of that country or location impose restrictions on the disclosure of (1) shareholding
composition; (2) the ownership of the investment; or (3) the beneficial ownership of income paid to non-resident persons, pursuant to Law No. 9,779, dated January 19, 1999, and (y) such obligation cannot be avoided by the
Company, after the use of reasonable measures available to the Company; provided, however, that (i) no notice of such redemption may be given earlier than 90 days prior to the earliest date on which the Company would but for such
redemption be obligated to pay such Additional Amounts were a payment on such Securities then due, and (ii) at the time such notice is given, such obligation to pay such Additional Amounts remains in effect. 

  
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 11.1.4 Before any notice of redemption pursuant to Section 11.1.3 is given to the
Trustee or the Holders of Securities of the relevant series, the Company shall deliver to the Trustee (i) an Officers’ Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts
showing that the condition or conditions precedent to the right of the Company so to redeem have occurred or been satisfied and that the Company cannot avoid its obligation to pay Additional Amounts by taking reasonable measures available to it and
(ii) an opinion of an independent legal counsel of recognized standing to the effect that the Company has or shall become obligated to pay such Additional Amounts as a result of such change or amendment. Such notice, once given to the Trustee,
shall be irrevocable. 
 Section 11.2 Notice of Redemption. Notice of redemption shall be given by
the Company in writing, which may be by facsimile or other electronic transmission, or mailed by first-class postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be redeemed, at
such Holder’s address appearing in the Security Register. 
 All notices of redemption shall state: 

11.2.1 the Redemption Date; 

11.2.2 the Redemption Price and amount of accrued interest, if any; 

11.2.3 that on the Redemption Date the Redemption Price and any accrued interest shall become due and payable upon each Security to be
redeemed and that interest thereon shall cease to accrue on and after said date; 
 11.2.4 the conversion rate (if applicable), the date on
which the right to convert the Securities to be redeemed shall terminate and the place or places where such Securities may be surrendered for conversion; 

11.2.5 the place or places where such Securities are to be surrendered for payment of the Redemption Price and any accrued interest; and 

11.2.6 applicable CUSIP or ISIN Numbers. 

Notice of redemption of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s
request, by the Trustee in the name and at the expense of the Company, and such notice, when given to the Holders, shall be irrevocable. 
 
Section 11.3 Deposit of Redemption Price. On the Business Day prior to any Redemption Date, the Company shall deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in
trust as provided in Section 10.3) an amount of money sufficient to pay the Redemption Price of, and accrued interest on, all the Securities which are to be redeemed on that date. 

  
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 Section 11.4 Securities Payable on Redemption Date.
Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and payable at the Redemption Price therein specified, and from and after such date (unless the Company shall default in
the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in accordance with said notice, such Security shall be paid by the Company to the Person in
whose name such Security is registered at the Redemption Price, together with accrued interest to the Redemption Date; provided, however, that installments of interest whose Stated Maturity is on or prior to the Redemption Date
shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to their terms and the provisions of Section 3.6. 

If any Security called for redemption shall not be so paid upon surrender thereof for redemption, the principal shall, until paid, bear
interest from the Redemption Date at the rate borne by (or prescribed therefor in) the Security. 

Section 11.5 Securities Redeemed in Part. Any Security of a series which is to be redeemed only in
part shall be surrendered at a Place of Payment therefor (with, if the Company or the Trustee so requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the Trustee duly executed by the Holder
thereof or his attorney duly authorized in writing), and the Company shall execute, and the Trustee shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series and of like
tenor, of any authorized denomination as requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed portion of the principal of the Security so surrendered. 

If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected less than 61 days
prior to the Redemption Date by the Trustee in compliance with the requirements governing redemptions of the principal securities exchange, if any, on which Securities of that series are listed or if such securities exchange has no requirement
governing redemption or the Securities of that series are not then listed on a securities exchange, on a pro rata basis or by lot (or, in the event that the Securities of that series are represented by Global Securities as of the Redemption
Date, subject to the then-current rules and procedures of the applicable Depositary). 
 If Securities of any series are redeemed in
part, the remaining outstanding amount of any Security of that series must be at least equal to U.S.$2,000 and be an integral multiple of U.S.$1,000. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the principal amount of such Securities which has been or is to be redeemed. 

  
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 Article XII 

Defeasance and Covenant Defeasance 

Section 12.1 Company’s Option to Effect Defeasance or Covenant Defeasance. The Company may
elect, at its option at any time, to have Section 12.2 or Section 12.3 applied to any Securities or any series of Securities designated pursuant to Section 3.1 as being defeasible pursuant to such
Section 12.2 or 12.3, in accordance with any applicable requirements provided pursuant to Section 3.1 and upon compliance with the conditions set forth below in this Article 12. Any such election shall be
evidenced by a Board Resolution or in another manner specified as contemplated by Section 
3.1 for such Securities. 
 Section 12.2 Defeasance and Discharge. Upon the Company’s
exercise of its option to have this Section 12.2 applied to any Securities or any series of Securities, as the case may be, the Company shall be deemed to have been discharged from its obligations with respect to such Securities or
series of Securities as provided in this Section 12.2 on and after the date the conditions set forth in Section 12.4 are satisfied (hereinafter called “Defeasance”). For this purpose, such Defeasance means
that the Company shall be deemed to have paid and discharged the entire indebtedness represented by such Securities and to have satisfied all its other obligations under such Securities and this Indenture insofar as such Securities are concerned
(and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging the same), subject to the following which shall survive until otherwise terminated or discharged hereunder: (i) the rights of Holders of such
Securities to receive, solely from the trust fund described in Section 12.4 and as more fully set forth in such Section, payments in respect of the principal of and premium, if any, and interest on such Securities when payments are due,
(ii) the obligations of the Company with respect to such Securities under Sections 3.4, 3.5, 10.2 and 10.3, (iii) the rights, powers, trusts, duties and immunities of the Trustee hereunder and (iv) the provisions
set forth in this Article 12. Subject to compliance with this Article, the Company may exercise its option to have this Section 12.2 applied to any Securities notwithstanding the prior exercise of its option to have
Section 12.3 applied to such Securities. 
 Section 12.3 Covenant Defeasance. Upon the
Company’s exercise of its option to have this Section applied to any Securities or any series of Securities, as the case may be, (i) the Company shall be released from any covenants provided pursuant to Section 3.1.8,
8.1, 9.1.2, 9.1.7, 10.5, 10.6, 10.12, 10.13 and 10.14 for the benefit of the Holders of such Securities, and (ii) the occurrence of any event specified in Section 5.1.3 shall
be deemed not to be or result in an Event of Default, in each case with respect to such Securities as provided in this Section 12.3 on and after the date the conditions set forth in Section 12.4 are satisfied (hereinafter
called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such Securities, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation
set forth in any such specified Section (to the extent so specified in the case of Section 5.13), whether directly or indirectly by reason of any reference elsewhere herein to any such Section or by reason of any reference in any such
Section to any other provision herein or in any other document, but the remainder of this Indenture and such Securities shall be unaffected thereby. 

  
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 Section 12.4 Conditions to Defeasance or Covenant
Defeasance. The following shall be the conditions to the application of Section 12.2 or Section 12.3 to any Securities or any series of Securities, as the case may be: 

12.4.1 The Company shall irrevocably have deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose of
making the following payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of such Securities, (i) money in an amount, or (ii) U.S. Government Obligations which through the scheduled payment of
principal and interest in respect thereof in accordance with their terms will provide, not later than one day before the due date of any payment, money in an amount, or (iii) a combination thereof, in each case sufficient in the opinion of a
nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the Trustee to pay and discharge, the principal of and any
premium, if any, interest and Additional Amounts on such Securities on the respective Stated Maturities, in accordance with the terms of this Indenture and such Securities. As used herein, “U.S. Government Obligation” means (a) any
security which is (1) a direct obligation of the United States of America for the payment of which the full faith and credit of the United States of America is pledged or (2) an obligation of a Person controlled or supervised by and acting
as any 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 (1) or (2), is not callable or
redeemable at the option of the issuer thereof, and (y) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government Obligation which is specified in clause
(a) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation which is so specified and held, provided that
(except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation or the
specific payment of principle or interest evidenced by such depositary receipt. 
 12.4.2 In the event of any election to have
Section 12.2 apply to any Securities or any series of Securities, as the case may be, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (i) the Company has received from, or there has been published
by, the Internal Revenue Service a ruling or (ii) since the date of this Indenture, there has been a change in the applicable U.S. federal income tax law, in either case (i) or (ii) to the effect that, and based thereon such opinion
shall confirm that, the Holders of such Securities will not recognize gain or loss for U.S. federal income tax purposes as a result of the deposit, Defeasance and discharge to be effected with respect to such Securities and will be subject to
federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit, Defeasance and discharge were not to occur. 

12.4.3 In the event of an election to have Section 12.3 apply to any Securities or any series of Securities, as the case may be,
the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of such Securities will not recognize gain or loss for Federal income tax purposes as a result of the deposit and Covenant Defeasance to the
effected with respect to such Security and will be subject to Federal income tax on the same amount, in the same manner and at the same times as would be the case if such deposit and Covenant Defeasance were not to occur.

  
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 12.4.4 No event which is, or after notice or lapse of time both would become, an Event of Default
with respect to such Securities or any other Securities shall have occurred and be continuing at the time of such deposit or, with regard to any such event specified in Sections 5.1.6 and 5.1.7, at any time on or prior to the day which
is 90 days after the date of such deposit (it being understood that this condition shall not be deemed satisfied until after such day which is 90 days after the date of such deposit). 

12.4.5 Such Defeasance or Covenant Defeasance shall not cause the Trustee to have a conflicting interest within the meaning of the Trust
Indenture Act (assuming all Securities are in default within the meaning of the Trust Indenture Act). 
 12.4.6 Such Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, any other agreement or instrument to which the Company is a party or by which it is bound. 

12.4.7 Such Defeasance or Covenant Defeasance shall not result in the trust arising from such deposit constituting an investment company
within the meaning of the Investment Company Act unless such trust shall be registered under the Investment Company Act or exempt from registration thereunder. 

12.4.8 The Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent with respect to such Defeasance or Covenant Defeasance have been complied with. 

Section 12.5 Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous
Provisions. Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 12.4 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of such Securities and this Indenture, to the payment, either directly or through any such Paying Agent (including the Company acting as its own Paying
Agent) as the Trustee may determine, to the Holders of such Securities, of all sums due and to become due thereon in respect of principal and premium, if any, and interest, but money so held in trust 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 Section 12.4, 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. 
 Anything in this Article 12 to the contrary notwithstanding, the Trustee shall deliver or pay to the
Company from time to time upon the Company’s order any money or U.S. Government Obligations held by it as provided in Section 12.4 with respect to any Securities which, in the opinion of a nationally recognized firm of independent
public accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Defeasance or Covenant Defeasance, as the case may be, with
respect to such Securities. 

  
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 Section 12.6 Reinstatement. If the Trustee or the
Paying Agent is unable to apply any money in accordance with this Article with respect to any Securities by reason of any order of judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then
the obligations under this Indenture and such Securities from which the Company has been discharged or released pursuant to Section 12.2 or 12.3 shall be revived and reinstated as though no deposit had occurred pursuant to this
Article with respect to such Securities in accordance with this Article; provided, however, that if the Company makes any payment of principal of or premium, if any, or interest on any such Security following such reinstatement of its
obligations, the Company shall be subrogated to the rights (if any) of the Holders of such Securities to receive such payment from the money so held in trust. 

ARTICLE XIII 

Governing Law 
 THIS
INDENTURE AND THE SECURITIES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 EACH OF THE
PARTIES HERETO HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING AMONG THE PARTIES HERETO (BUT, FOR THE AVOIDANCE OF DOUBT, NOT INCLUDING THE HOLDERS OF THE
NOTES) ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS CONTEMPLATED HEREBY. 
 The transactions
contemplated by this Indenture have been proposed by the Trustee to the Company for the purposes of paragraph 2 of Article 9 of Brazilian Decree-Law No. 4,657 dated September 4, 1942 and for no other purpose or reason whatsoever.

 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such
counterparts shall together constitute but one and the same instrument. 

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

							
					 Embraer S.A.

 as
Company

				
					By:		/s/ Frederico Pinheiro Fleury Curado
					Name:		Frederico Pinheiro Fleury Curado
					Title:		President and Chief Executive Officer

  

							
				
					By:		/s/ José Antonio de Almeida Filippo
					Name:		José Antonio de Almeida Filippo
					Title:		Executive Vice-President and Chief Financial and Investor Relations Officer

  

							
					THE BANK OF NEW YORK MELLON,
					 as Trustee, Paying Agent, Registrar and

Transfer Agent

  

							
				
					By:		/s/ Catherine F. Donohue
					Name:		Catherine F. Donohue
					Title:		Vice President

Table of Contents

 STATE OF NEW YORK             ) 

                          
                            ) 

COUNTY OF NEW YORK         ) 

On this 15th day of June, 2015, before me, a notary public within and for said county, personally
appeared Catherine Donohue, to me personally known who being duly sworn, did say that he is Vice President of THE BANK OF NEW YORK MELLON, one of persons described in and which executed the foregoing instrument, and acknowledges said instrument to
be the free act and deed of said corporation. 
  

			
	BY:		/s/ Christopher J. Traina
			Title: Notary Public, State of New York
			No. 01TR6297825
			Qualified in Queens County
			Commission Expires March 03, 2018

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