Document:

Exhibit

2018 Performance-Based Restricted Stock Unit Award Agreement

EXHIBIT 10.4

2018 Performance-Based Restricted Stock Unit Award Agreement
NCR Corporation 2017 Stock Incentive Plan
You have been awarded a number of performance-based restricted stock units (the “Stock Units”) under the NCR Corporation 2017 Stock Incentive Plan, as amended from time to time (the “Plan”), which number is described on the performance-based restricted stock unit information page on the website (www.netbenefits.fidelity.com) of the third‐party Plan administrator (the “TPA”) for NCR Corporation (referred to herein as “NCR” or the “Company”), effective as of the date of grant of this award (the “Grant Date”), subject to the terms and conditions of this 2018 Performance-Based Restricted Stock Unit Award Agreement (this “Agreement”), including the non-competition, non-solicitation and non-recruit/hire post-employment restrictive covenants set forth in Section 10, and the Plan.  Capitalized terms used but not defined herein are defined in the Plan.  
1.Grant of Stock Units.  Subject to potential adjustment as set forth in Section 2 and further subject to the other terms and conditions of this Agreement, the Stock Units will become vested and nonforfeitable to the extent provided and on the date(s) described in Section 2 hereof (each a “Vesting Date”), provided that (i) the Compensation and Human Resource Committee of the NCR Board of Directors (the “Committee”) has certified that NCR has achieved the level of Return on Capital (as defined by the Committee) for the period from January 1, 2018 through December 31, 2020 (the “Performance Period”), and (ii) you are continuously employed by NCR or a Subsidiary or Affiliate of NCR (each, an “Employer”) through and until the applicable Vesting Date.  In all cases, the Committee shall certify whether NCR has achieved the predetermined level of Return on Capital, and certain other discretionary performance vesting measures (as outlined in Section 2 below), within ninety (90) days following the end of the Performance Period.  The Stock Units are referred to in this Agreement as “Vested” at the time they become vested and non-forfeitable pursuant to this Section or Section 2 or Section 4 below.
2.    Performance Vesting.  The number of Stock Units awarded to you (the “Target Award Number”) may be adjusted upward or downward depending on whether NCR’s Non-GAAP Diluted Earnings Per Share (independently weighted 60%) and Software-Related Margin Dollars (independently weighted 40%) for all or a portion of the Performance Period (“NCR Performance”) is greater or less than the targets for these performance measures (the “Performance Targets”) during each of the three (3) calendar years that make up the Performance Period (respectively, “Year One,” “Year Two,” and “Year Three”) as specified below.  You may receive from 0% up to 200% of the Target Award Number based on NCR Performance.  The number of Stock Units that you will receive under this Agreement, after giving effect to such adjustment, is referred to as the “Final Award Number.”  In addition, if the specified performance conditions for the Stock Units are satisfied to the extent provided in this Section 2, a preliminary award number of Stock Units referred to as the “Preliminary Award Number” may vest as provided herein.  
The Final Award Number and the Preliminary Award Number represent rights to receive a number of Stock Units equal to the Final Award Number and/or the Preliminary Award Number (as applicable), subject to the vesting requirements and distribution provisions of this Agreement and the terms of the Plan.  Subject to the terms of this Agreement, your Final Award Number and your 

2018 Performance-Based Restricted Stock Unit Award Agreement

Preliminary Award Number shall be calculated, and your Vesting Date(s) shall be determined, as described in the following Performance Vesting Scenarios chart.
Performance Vesting Scenarios 
and Determination of Preliminary Award Number and Final Award Number (if any)
	
				
	Performance Vesting Scenarios

	Scenario
	Year One 
NCR Performance Relative to Year One Target
	Year Two & Year Three NCR Performance Relative to 
Year Two & Year Three Targets
	Preliminary and Final Award Numbers 
& Vesting Dates

	Scenario 1
	Above Target
	Year Two:  
At or Above Target,
and
Year Three:  
At or Above Target
	Preliminary Award Number:  50% of Final Award Number earned after Year One NCR Performance as determined by the Committee. 
Accelerated Vesting Date for Preliminary Award:  Thirty (30) months after the Grant Date.
Final Award Number:  (a) Target Award Number multiplied by a percentage from above 100% to 200%, where above 100% applies where Year One NCR Performance is above the Performance Target, 200% applies where Year One NCR Performance is at or above Maximum, and all other percentages from above 100% to 200% are determined through interpolation of NCR Performance between above Performance Target and Maximum, minus (b) the Preliminary Award Number.   
Final Award Vesting Date:  Forty-two (42) months after the Grant Date. 

	

	Performance Vesting Scenarios

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2018 Performance-Based Restricted Stock Unit Award Agreement

	
				
	Scenario
	Year One 
NCR Performance Relative to Year One Target
	Year Two & Year Three NCR Performance Relative to 
Year Two & Year Three Targets
	Preliminary and Final Award Numbers 
& Vesting Dates

	Scenario 2
	Above Target
	Year Two:  
At or Above Target, 
and
Year Three:  
Below Target  
	Preliminary Award Number:  50% of Final Award Number earned after Year One NCR Performance as determined by the Committee.  
Accelerated Vesting Date for Preliminary Award:  thirty (30) months after the Grant Date.
Final Award Number:  (i) Target Award Number multiplied by a percentage from above 100% to 200%, where above 100% applies where Year One NCR Performance is above the Performance Target, 200% applies where Year One NCR Performance is at or above Maximum, and all other percentages from above 100% to 200% are determined through interpolation of NCR Performance between above Performance Target and Maximum, reduced by (ii) Preliminary Award Number
Final Award Vesting Date:  Forty-two (42) months after the Grant Date.

	Scenario 3
	Above Target
	Year Two:  
Below Target, 
and
Year Three:  
At, Above, or Below Target  
	Preliminary Award Number:  None / Zero shares.
Final Award Number:  100% of Target Award Number.
Final Award Vesting Date:  Forty-two (42) months after the Grant Date.

	Scenario 4
	At or Below Target, 
and
At or Above Threshold
	Not Applicable
	Preliminary Award Number:  None / Zero shares.
Final Award Number:  Target Award Number multiplied by a percentage from 40% to 100%, where 40% applies where Year One NCR Performance equals Threshold, 100% applies where Year One NCR Performance equals Performance Target, and all other percentages from 40% to 100% are determined through interpolation of the Year One NCR Performance between Threshold and Performance Target.  
Final Award Vesting Date:  Forty-two (42) months after the Grant Date.

	Performance Vesting Scenarios

	Scenario
	Year One 
NCR Performance Relative to Year One Target
	Year Two & Year Three NCR Performance Relative to 
Year Two & Year Three Targets
	Preliminary and Final Award Numbers 
& Vesting Dates

	Scenario 5
	Below Threshold
	Not Applicable
	Preliminary Award:  None / Zero shares.
Final Award Number:  None / Zero shares - 100% of Stock Units terminate and are forfeited.

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2018 Performance-Based Restricted Stock Unit Award Agreement

Notwithstanding the foregoing, the Committee reserves the right to reduce the Final Award Number based on the achievement of Non-GAAP Diluted Earnings Per Share and Software-Related Margin Dollars during the Performance Period, and as a result, may reduce the number of Stock Units that will vest based on such achievement and such other factors as the Committee in its sole and absolute discretion determines to be appropriate and/or advisable.
For purposes of this Agreement, Non-GAAP Diluted Earnings Per Share, Software-Related Margin Dollars and Return on Capital shall have the meanings approved by the Committee.  “Threshold,” “Target” and “Maximum” shall mean the respective levels of performance determined by the Committee, which levels will be summarized on the applicable performance-based restricted stock unit information page on the website of the TPA for NCR (and updated from time to time).  All information summarized or otherwise shown on the website of the TPA shall be subject to the determinations of the Committee, the Plan and this Agreement. 
3.    Settlement of Stock Units.  Except as may be otherwise provided in Section 4 or 5 below, or Section 14.12 of the Plan or pursuant to an election under Section 14.11 of the Plan,  Vested Stock Units will be paid to you as soon as reasonably practicable after the earliest of:  (a) the applicable Vesting Date, (b) your Termination of Employment if such Termination of Employment results in vesting pursuant to Section 4 below, including but not limited to a Termination of Employment in connection with a Change in Control, or (c) the Change in Control date if vesting occurs in connection with a Change in Control without a Termination of Employment as determined under Section 4 below.  In all events, the settlement date shall be no later than March 15 of the year following the year in which the earliest of such events occurs; except that, notwithstanding any other provision hereof, the settlement date in the event of vesting in connection with a Change in Control as described in Section 4(i) or 4(ii) shall be no later than 30 days after the Termination of Employment date or the Change in Control date, as applicable.   Such Vested Stock Units will be paid to you in shares of Common Stock (such that one Stock Unit equals one share of Common Stock) or, in NCR’s sole discretion in an amount of cash equal to the Fair Market Value of such number of shares of Common Stock on date that immediately precedes the Vesting Date (or such earlier date upon which the Stock Units have become Vested pursuant to Section 4 of this Agreement), or a combination thereof (the date of such payment shall be referred to herein as the “Settlement Date”).  
4.    Certain Events Resulting in Accelerated Vesting Date.  The Plan provides for what happens in connection with certain events resulting in accelerated vesting of the Award.  The following charts describe the more common events.  Except as otherwise provided below, in the event of your Termination of Employment prior to the Vesting Date for any reason, all unvested Stock Units will automatically terminate and be forfeited and no shares or cash will be issued or paid (as the case may be).  For purposes of the chart below, the “Pro-Rata Fraction” means a fraction, the numerator of which is the number of days that you completed as an employee of the Employer during the period beginning on the Grant Date and ending on the date that is forty-two (42) months after the Grant Date, and the denominator of which is the number of days during the period beginning on the Grant Date and ending on the date that is forty-two (42) months after the Grant Date. 
Termination Provisions

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2018 Performance-Based Restricted Stock Unit Award Agreement

	
		
	Termination Event
	Treatment of Stock Units

	Death or Disability 

	Prorated Vesting—Except as otherwise determined by the Committee in its sole discretion, a pro-rata portion of the unvested Stock Units will become Vested pursuant to this Section 4, effective as of the termination date, based on the greater of:  (a) Target performance, or (b) actual or projected actual level of Company performance with respect to the applicable performance measures as determined by the Committee in its sole discretion, and will be determined by (i) calculating the total number of shares that you would have received (as determined under Section 2) as if your NCR employment had not terminated prior to the last Vesting Date for Stock Units awarded under this Agreement, and (ii) multiplying that number by the Pro-Rata Fraction, and (iii) subtracting from the resulting amount the number of Stock Units that previously vested under this Agreement (if any).  Any portion of the unvested Stock Units that do not vest in accordance with the foregoing will terminate and be forfeited.

	Involuntary Termination (other than for Cause) or Retirement
	Prorated Vesting—A pro-rata portion of the unvested Stock Units will become Vested effective on the Vesting Date for your Award determined under Section 2, and will be determined by:  (A) calculating the total number of shares that you would have received (as determined under Section 2) as if your NCR employment had not terminated prior to the last Vesting Date for Stock Units awarded under this Agreement, and (B) multiplying that number by the Pro-Rata Fraction, and (C) subtracting from the resulting amount the number of Stock Units that previously vested under this Agreement (if any).  

Any portion of the unvested Stock Units that do not vest in accordance with the foregoing will terminate and be forfeited.    

	Voluntary Resignation
	Forfeited—Unvested Stock Units will be forfeited.

	Termination for Cause
	Forfeited—Unvested Stock Units will be forfeited.

For purposes of this Agreement, “Disability” means Termination of Employment as a result of a disability for which you qualify for benefits under the NCR Long-Term Disability Plan or another long-term disability plan sponsored by NCR, its Subsidiaries or Affiliates.  “Retirement” means your Termination of Employment when you are age 62 or older with at least 10 years of continuous service with the Company and its Subsidiaries and Affiliates for the period ending on the date of your Termination of Employment (but excluding service with any entity whose stock or assets were acquired by the Company for the period prior to such acquisition).  “Involuntary Termination” means Termination of Employment by the Company or the Employer for any reason other than for Cause (as defined in the Plan and, for the avoidance of doubt, not including any termination due to your Disability), excluding termination by the Company or the Employer during the 24 months following a Change in Control.  
Change in Control Provisions 

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2018 Performance-Based Restricted Stock Unit Award Agreement

	
		
	Change in Control Event
	Treatment of Stock Units

	Change in Control occurring prior to the end of Year One 

	The Target Award Number of Stock Units shall become Vested thirty (30) months after the Grant Date (without regard to performance and with no proration), subject to your continued employment through and until the Vesting Date (and subject to the special vesting rules immediately below).

	Change in Control occurring on or after the end of Year One but before the end of the Performance Period

	The Stock Units shall become Vested on the later of: (a) thirty (30) months after the Grant Date, or (b) the Change in Control date; in each case with no proration, and subject to the special vesting rules immediately below) based on NCR Performance for Year One (as if NCR Performance for Years Two and Three are greater than NCR Performance for Year One) as determined under Scenario 1 of Section 2.

	Change in Control Event
	Treatment of Stock Units

	Change in Control occurring on or after the end of the Performance Period but prior to Vesting Date

	The Stock Units shall Vest forty-two (42) months after the Grant Date (with no proration, and subject to the special vesting rules immediately below) as determined under Section 2. 

Notwithstanding any other provision of this Agreement to the contrary other than Sections 6, 10, 13 and 24:
(i)    where the Stock Units are assumed, converted or replaced by the continuing entity or successor, if, during the twenty four (24) months following the Change in Control, you incur a Termination of Employment by NCR, the Employer or the continuing entity or successor other than for Cause (as defined in the NCR Change in Control Severance Plan, to the extent you are a Participant in the NCR Change in Control Severance Plan at the time of such Termination of Employment; otherwise, as defined in the Plan and, for the avoidance of doubt, not including any termination due to your Disability) or, if you are a Participant in the NCR Change in Control Severance Plan, an NCR policy or a similar arrangement or individual agreement that defines “Good Reason” in the context of a resignation following a Change in Control and you terminate your employment for Good Reason as so defined, to the extent not then Vested, the Stock Units shall become Vested immediately upon your Termination of Employment in the amounts determined as set forth in the chart above; and
(ii)    in the event a Change in Control occurs prior to the applicable Vesting Date and the Stock Units are not assumed, converted or replaced by the continuing entity or successor, the Stock Units shall become Vested immediately prior to the Change in Control in the amounts determined as set forth in the chart above.
5.    Compliance with Section 409A of the Code.  The intent of the parties is that payments under this Agreement comply with Section 409A of the Code or are exempt there from, and this Agreement shall be interpreted, administered and governed in accordance with such intent.  
6.    Confidentiality.  You agree that the terms of this Agreement are to remain confidential and you will not disclose the terms of this Agreement to anyone other than your spouse, domestic partner, tax advisor, or attorney, or as required by law.  You agree that you will require that persons to whom disclosure is made as permitted by this paragraph will keep any such 

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2018 Performance-Based Restricted Stock Unit Award Agreement

information confidential and will not disclose it to others.  Notwithstanding this confidentiality provision, you may disclose to any prospective employer the fact that you are subject to obligations of non-disclosure, non-competition, non-solicitation, and non-recruit/hire and may provide those sections of this Agreement to such prospective employer.  A disclosure by you of this Agreement required pursuant to any person, court or non-governmental proceeding will not constitute a breach of this Agreement if, to the extent permitted under the circumstances, you: (a) have first provided notice to NCR and its General Counsel, at law.notices@ncr.com, and provided an opportunity to  NCR to protect such information by protective order or other means; and (b) you disclose only that portion of this Agreement that you are legally required to disclose. [FOR US EMPLOYEES ONLY:] However, upon request by a U.S. government agency, such as the Securities and Exchange Commission (“SEC”) or the Department of Justice (“DOJ”) in connection with a government investigation, you may provide a copy of this Agreement to the agency without first providing notice to NCR.
7.    Adjustments Based on Certain Changes in the Common Stock.  In the event of any stock split, reverse stock split, stock dividend, recapitalization or similar change affecting the Common Stock, the Award shall be equitably adjusted in accordance with Section 3.04 of the Plan. 
8.    Nontransferability.  At all times before the Vesting Date, the Stock Units, to the extent not fully Vested, may not be sold, transferred, pledged, assigned or otherwise alienated, except by beneficiary designation, by will or by the laws of descent and distribution upon your death.  As soon as practicable after the Vesting Date (or such other date as Stock Units become payable in accordance with Section 4), if Stock Units are to be paid in the form of shares of Common Stock, NCR will instruct its transfer agent and/or its TPA to record on your account the number of such shares underlying the number of Stock Units, and such shares will be freely transferable.
9.    Dividends.  Any cash dividends declared before the date the Stock Units become Vested on the shares underlying unvested Stock Units shall not be paid currently, but shall be converted into additional unvested Stock Units, and any cash dividends declared after the Stock Units become Vested but before the applicable Settlement Date on the shares underlying Vested Stock Units shall not be paid currently, but shall be converted into additional Vested Stock Units and settled pursuant to Section 3 at the same time as the underlying Vested Stock Units.  Any Stock Units resulting from such conversion (the “Dividend Units”) will be considered Stock Units for purposes of this Agreement and will be subject to all of the terms, conditions and restrictions set forth herein that apply to the underlying Stock Units that generated the Dividend Units.  As of each date that NCR would otherwise pay the declared dividend on the shares underlying the Stock Units (the “Dividend Payment Date”) in the absence of the reinvestment requirements of this Section, the number of Dividend Units will be determined by dividing the amount of dividends otherwise attributable to the Stock Units but not paid on the Dividend Payment Date by the Fair Market Value of NCR’s Common Stock on the Dividend Payment Date.  
10.    Non-Competition, Non-Solicitation and Non-Recruit/Hire. 
(a)Pursuant to your employment with NCR (“the Company”), you have or will have access to, and knowledge of, certain confidential information (including, without limitation, trade secrets and information about the Company’s business, operations, customers, employees, and 

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2018 Performance-Based Restricted Stock Unit Award Agreement

industry relationships) not known to, or readily ascertainable by, the public or NCR’s competitors and that gives the Company a competitive advantage (“Confidential Information”).  You acknowledge that any unauthorized use (including use for your own benefit or to the benefit of others), transfer, or disclosure by you of NCR’s Confidential Information can place NCR at a competitive disadvantage and cause damage, financial and otherwise, to its business.  You further acknowledge that, because of the knowledge of and access to the Confidential Information of the Company that you have acquired or will have acquired during your employment, you will be in a position to compete unfairly with the Company following the termination of your employment.
(b)Post-Employment Restrictive Covenants.  Therefore, for the purpose of protecting NCR’s business interests, including the Confidential Information, goodwill and stable trained workforce of the Company, and in exchange for the benefits and consideration provided to you under this Agreement (including, without limitation, the potential future vesting of Stock Units), you agree that, for a 12-month period after the termination of your NCR employment (or if applicable law mandates a maximum time that is shorter than 12 months, then for a period of time equal to that shorter maximum period) (the “Restricted Period”), regardless of the reason for termination, you will not, without the prior written consent of the Chief Executive Officer of NCR:
 (1).    Non-Recruit/Hire - Directly or indirectly (including without limitation assisting third parties) recruit, hire or solicit, or attempt to recruit, hire or solicit any employee of NCR, induce or attempt to induce any employee of NCR to terminate his or her employment with NCR, or refer any such employee to anyone outside of the Company for the purpose of that NCR’s employee’s seeking, obtaining, or entering into an employment relationship or agreement to provide services;
(2).    Non-Solicitation - Directly or indirectly (including without limitation assisting others), solicit or attempt to solicit the business of any NCR customers or prospective customers with which you had Material Contact (as defined in Section 10(c)(i) below) during the last 2 years of your NCR employment for purposes of providing products or services that are competitive with those provided by NCR; 
(3).    Non-Competition - Perform services, directly or indirectly, in any capacity (including, without limitation, as an employee, consultant, contractor, owner or member of a board of directors):  
		
	(i)
	Of the type conducted, authorized, offered, or provided by you on behalf of NCR during the 2 years prior to termination of your NCR employment; 

		
	(ii)
	In connection with Competing Products/Services (as defined in Section 10(c)(ii)) that are similar to or serve substantially the same functions as those with respect to which you worked during the 2 years prior to termination of your NCR employment or about which you obtained trade secret or other Confidential Information;

		
	(iii)
	Within the geographic territories (including countries and regions, if applicable, or types, classes or tiers of customers if no geographic territory was assigned to you) w

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2018 Performance-Based Restricted Stock Unit Award Agreement

here or for which you performed, were assigned, or had responsibilities for such services during the 2 years preceding your termination; and
		
	(iv)
	On behalf of a Competing Organization (as defined in Section 10(c)(iii)).

(c)    For purposes of Section 10 of this Agreement, the following definitions shall apply:  
(i)    “Material Contact” means the contact between you and each customer or prospective customer (a) with which you dealt on behalf of NCR, (b) whose dealings with NCR were coordinated or supervised by you, (c) about whom you obtained confidential information in the ordinary course of business as a result of your association with NCR, or (d) who receives products or services authorized by NCR, the sale or provision of which results, resulted or, with regard to prospective customers, would have resulted in compensation, commissions, or earnings for you within the 2 years prior to the date of your termination;
(ii)    “Competing Products/Services” are any products, services, solutions, platforms, or activities that compete, directly or indirectly, in whole or in part, with one or more of the products, services or activities produced, provided or engaged in by NCR (including, without limitation, products, services or activities in the planning or development stage during your NCR employment) at the time of your separation from NCR and during the 2 years prior to termination of your NCR employment; 
(iii)    A “Competing Organization” is any person, business or organization that sells, researches, develops, manufactures, markets, consults with respect to, distributes and/or provides referrals with regard to one or more Competing Products/Services; 
(iv)    The NCR “Competing Organization List,” which the Company updates from time to time, provides examples of companies that, as of the date of the List’s publication, meet the definition of Competing Organization under Section 10(c)(iii) above.  However, the Competing Organization List is not comprehensive and, in the event of a conflict between Section 10(c)(iii) and the Competing Organization List, Section 10(c)(iii) controls.  The most recent version of the Competing Organization List in effect at the time of the termination of your NCR employment, which is available on the NCR HR intranet, or from the NCR Law Department or HR upon request, is the version to consult for relevant examples of Competing Organizations for purposes of this Agreement.  As of the Grant Date, the companies listed on Schedule A to this Agreement (and the subsidiaries of each) constitute the Company’s Competing Organization List for 2018.  
(v)    All references to “NCR employment” in this Section 10 refer to your employment by NCR (or, if different, to an affiliate or subsidiary of NCR) and shall also be deemed to include your employment, if any, by any company the stock or substantially all the assets of which NCR has acquired.  As a non-limiting example, a reference to the “2 years prior to the termination of your NCR employment” may include both time as an NCR employee and time as a Retalix Ltd or Digital Insight employment.  

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2018 Performance-Based Restricted Stock Unit Award Agreement

(d)    Consideration.  You acknowledge that (a) you would not have received the benefits and consideration provided under this Agreement, including the potential future vesting of equity awards, but for your consent to abide by the Post-Employment Restricted Covenants contained in Section 10(b); (b) you must abide Section 10(b) regardless of whether any stock units or other equity has vested or been distributed as of the time of any violation of its terms; and (c) your agreement to Section 10(b) is a material component of the consideration for this Agreement.
(e)    Remedies.  You agree that, if you breach any of the provisions of this Agreement:  (i) NCR shall be entitled to all of its remedies at law or in equity, including but not limited to money damages and injunctive relief; (ii) in the event of such breach, in addition to NCR’s other remedies, any unvested Stock Units will be immediately forfeited and deemed canceled, and you agree to pay immediately to NCR the Fair Market Value of any Stock Units that vested during the 18 months prior to the date of your termination of employment (or if applicable law mandates a maximum time that is shorter than 18 months, then for a period of time equal to the shorter maximum period), without regard to whether you continue to own the shares associated with such Stock Units; and (iii) NCR shall also be entitled to an accounting and repayment from you of all profits, compensation, commissions, remuneration or benefits that you (and/or the applicable Competing Organization) directly or indirectly have realized or may realize as a result of or in connection with any breach of these covenants, and such remedy shall be in addition to and not in limitation of any injunctive relief or other rights or remedies to which NCR may be entitled at law or in equity.  For U.S. employees, pursuant to the Defense of Trade Secrets Act, NCR may also recover punitive damages and attorneys’ fees, and may also seek and be awarded ex parte seizure of property necessary to prevent the unauthorized use, transfer and disclosure of trade secrets.
(f)    Subsequent Employment.  You agree that, while employed by NCR and for 1 year thereafter, you will communicate the contents of this Agreement to any person, firm, association, partnership, corporation or other entity which you intend to become employed by, contract for, associated with or represent, prior to accepting and engaging in such employment, contract, association and/or representation.
(g)    Tolling.  [FOR US EMPLOYEES ONLY:] You agree that the Restricted Period shall be tolled and suspended during and for the pendency of any violation of its terms and for the pendency of any legal proceedings to enforce any of the covenants set forth in this Section 10 and that all time that is part of or subject to such tolling and suspension shall not be counted toward the 12-month duration of the Restricted Period.
(h)    Reasonable and Necessary. You agree that the Post-Employment Restrictive Covenants set forth in Section 10(b) are reasonable and necessary for the protection of NCR’s legitimate business interests, that they do not impose a greater restraint than is necessary to protect the goodwill or other business interests of NCR, that they contain reasonable limitations as to time and scope of activity to be restrained, that they do not unduly restrict your ability to earn a living, and that they are not unduly burdensome to you.
(i)    Severability.  Each clause of this Agreement and Section constitutes an entirely separate and independent restriction and the duration, extent and application of each of the restrictions are no greater than is necessary for the protection of NCR’s interests. If any part or 

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2018 Performance-Based Restricted Stock Unit Award Agreement

clause of this Section 10 is held unenforceable, it shall be severed and shall not affect any other part of Section 10 and this Agreement.
(j)    Amendment for California Employees Only. Section 10(b)’s Non-Competition, Non-Solicitation, and Non-Recruit/Hire restrictions do not apply to you if, following the termination of your NCR employment, you continue to reside or work in California.  Notwithstanding the foregoing, you are and shall continue to be prohibited from any unauthorized use, transfer, or disclosure of the Company’s Confidential Information, including trade secrets, pursuant to the California Trade Secrets Act, the U.S. Defend Trade Secrets Act of 2016, your confidentiality and non-disclosure agreements with NCR, and any other applicable federal, state and common law protections afforded proprietary business and trade secret information.
(k)    Non-U.S. Country-Specific Amendments. The restrictions contained in Section 10(b)(2) and/or (3) do not apply to you if, following the termination of your NCR employment, you continue to reside or work in a country that mandates, as a non-waiveable condition, continued pay during the Restricted Period, unless NCR advises you it will tender such pay, which shall be in the minimum amount required by local law.  Section 10(b)(2) and/or (3) do not apply to you if you are terminated without cause (as this term or concept is defined by applicable law) and you reside in a country that requires termination for cause in order to enforce post-employment non-competition and/or non-solicitation restrictions. [FOR EMPLOYEES IN ARGENTINA, BELGIUM, CHINA, CZECH REPUBLIC, ISRAEL, SERBIA ONLY:]  The restrictions set forth in Section 10(b)(2) and/or (3), as the case may be, shall have the additional consideration of a monthly payment from NCR during the term of the Agreement in such amount as is minimally required by law (“Non-Competition Compensation”); however, NCR may at any time, and it its sole discretion, waive the obligations and duties set forth in Section 10(b)(2) and/or (3), which shall release NCR from the obligation of making Non-Competition Compensation payments.  Subject to the foregoing and local law, Non-Competition Compensation, if calculated based on monthly salary, will exclude any bonus, commissions, ex gratia payments, payments under any share option or incentive plan, benefits, “thirteenth-month” salary, or any payment in respect of any vacation entitlement accrued or that would have accrued during the period of the Agreement, and the payment of Non-Competition Compensation shall be made in monthly installments starting 1-month after the start of the Restricted Period (or, if applicable law mandates a maximum time that is shorter than 1 month, then for a period of time equal to that shorter maximum period) (“Payment Period”).  If NCR does not commence the Non-Competition Compensation payments within the Payment Period, this shall affect a mutual release of Section 10(b)(2) and (3) obligations and no separate waiver need be provided by NCR.  In such circumstances, you will not be subject to any ongoing non-competition or non-solicitation obligations, nor will NCR have any obligation to pay the Non-Competition Compensation; however, this release does not extend to the obligations under Section 10(b)(1), which will continue to apply.  [FOR EMPLOYEES IN DENMARK, FRANCE, GERMANY ONLY:] Section 10(b)(2) and (3) of this Section do not apply to you if, following the termination of your NCR employment, you continue to reside or work in Denmark, France, or Germany; however, Section 10(b)(1) shall continue to apply.  [FOR EMPLOYEES IN UAE ONLY:] In the event that you breach the Section 10(b)(3) Non-Competition restrictive covenant, you acknowledge that NCR will suffer irreparable damage, and you promise to pay NCR on demand damages in a sum equal to the amount of 6 months of your salary that was in effect when your NCR employment 

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2018 Performance-Based Restricted Stock Unit Award Agreement

ended.  You acknowledge that this sum represents a reasonable estimate of damages that NCR will suffer, and that, where local law allows, NCR may seek additional compensatory damages.
(l)     [FOR U.S. EMPLOYEES ONLY:]  Pursuant to the Defend Trade Secrets Act of 2016, you understand that:  an individual may not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret that: (i) is made (a) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (b) solely for the purpose of reporting or investigating a suspected violation of law; or (ii) is made in a complaint or other document that is filed under seal in a lawsuit or other proceeding.  Further, an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the employer's trade secrets to the attorney and use the trade secret information in the court proceeding if the individual: (i) files any document containing the trade secret under seal; and (ii) does not disclose the trade secret, except pursuant to court order.
11.     [FOR U.S. EMPLOYEES ONLY:] Arbitration, and Class, Collective, and Representative Action Waiver.  You and NCR (collectively, “The Parties”) agree that any controversy or claim arising out of or related to this Agreement and/or with respect to your employment with NCR shall be resolved by binding arbitration; the obligation to arbitrate shall also extend to and encompass any claims that you may have or assert against any NCR employees, officers, directors or agents.  Notwithstanding the foregoing, the following disputes and claims are not covered by this Arbitration provision and shall therefore be resolved in any appropriate forum as required by the laws then in effect:  claims for workers’ compensation benefits, unemployment insurance, or state or federal disability insurance; claims for temporary or preliminary injunctive relief (including a temporary restraining order) in aid of arbitration or to maintain the status quo pending arbitration; and any other dispute or claim that has been expressly excluded from arbitration by statute.  The Parties further agree that in the event of a breach of this Agreement, NCR or you may, in addition to any other available remedies, bring an action in a Court of competent jurisdiction for equitable relief pending appointment of an arbitrator and completion of an arbitration; and, in such instance, shall not be required to post a bond. If any portion of this Arbitration provision is held unenforceable, it shall be severed and shall not affect the duty to arbitrate nor any other part of this Section.  In addition:
(a)    The Parties agree that any demand for arbitration shall be filed within the statute of limitations applicable to the claim or claims upon which arbitration is sought or required, or the claim shall be barred. Arbitration shall be conducted in accordance with the Employment Arbitration Rules and Mediation Procedures of the American Arbitration Association (available at www.ADR.org) to the extent not inconsistent with the terms of this Agreement.  The arbitrator shall allow discovery in the form of: (1) the mutual exchange of documents (as defined under the Federal Rules of Civil Procedure) pertaining to the claim being arbitrated and for which there is a direct and demonstrable need; and (2) up to three depositions by each party.  Upon good cause shown, in a personal or telephonic hearing, the arbitrator may allow additional, non-burdensome discovery.  The arbitrator shall balance the likely importance of the requested materials with the cost and burden of the discovery sought, and when disproportionate, the arbitrator may deny the request(s) or require that the requesting party advance the reasonable cost of production to the other side. Issues of arbitrability shall be determined in accordance with the U.S. federal substantive and procedural laws relating to arbitration; in all other respects, this Agreement shall be governed by the laws of 

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2018 Performance-Based Restricted Stock Unit Award Agreement

the State of Georgia in the United States, without regard to its conflict-of-laws principles, and the arbitration shall be held in the metropolitan Atlanta, Georgia area, with the exception of employees who primarily reside and work in California, for whom arbitration shall be held in California, and with respect to controversies arising in California, to which California law shall apply.  The arbitration shall be held before a single arbitrator who is an attorney having at least five years of experience in employment law.  The arbitrator’s decision and award shall be written, final and binding and may be entered in any court having jurisdiction.  The Parties agree that nothing in this Agreement relieves them from any obligation they may have to exhaust certain administrative remedies before arbitrating any claims or disputes under this Agreement.  Each party shall bear its own attorney fees associated with the arbitration; other costs, and the expenses of the arbitration, shall be borne as provided by the rules of the American Arbitration Association. 
(b)    Class, Collective and/or Representative Action Waiver.  To the maximum extent permitted by law:  (1) all covered claims under this Agreement must be brought in the party’s individual capacity, and not as a plaintiff or class member in any purported class, collective or representative proceeding; (2) no claims may be brought or maintained on a class, collective or representative basis either in Court or in arbitration, notwithstanding the rules of the arbitral body; (3) such claims will be decided on an individual basis in arbitration pursuant to this Agreement; and (4) the Parties expressly waive any right with respect to any covered claims to submit, initiate, or participate as a plaintiff, claimant or member in a class action or collective action, regardless of whether the action is filed in arbitration or in court.  Claims may not be joined or consolidated in arbitration with disputes brought by or against other individual(s), unless agreed to in writing by the Parties (you, NCR, and the other individual(s)).  Any issue concerning the validity of this class, collective or representative action waiver, and whether an action may proceed as a class, collective or representative action, must be decided by a Court, and an arbitrator shall not have authority to consider the issue of the validity of this waiver or whether the action may proceed as a class, collective or representative action.  If, for any reason, this class, collective and/or representative action waiver is determined to be unenforceable, then the class, collective or representative claim may proceed only in a Court of competent jurisdiction and may not be arbitrated. No arbitration award or decision will have any preclusive or estoppel effect as to issues or claims in any future dispute.
1.    Withholding.  %2. Prior to any relevant tax or tax withholding event (as applicable) and as a condition of your receiving the shares of Common Stock in respect of the Stock Units, you agree to make arrangements satisfactory to NCR and/or the Employer to satisfy all income tax, social insurance tax, payroll tax, fringe benefits tax or other Federal, state or local tax payment or withholding requirements or other tax related items (collectively, “Tax-Related Items”) applicable to you as a result of or related to your participation in the Plan.  In this regard, you agree to pay to NCR, including, at NCR’s sole discretion, through payroll withholding or other method prescribed by the Chief Human Resources Officer, an amount equal to the  amount of such Tax-Related Items required to be paid or withheld with respect to the Stock Units as determined in the sole discretion of NCR; provided that you will be required to pay any such amount prior to the tax or tax withholding event (as applicable) and as a condition of your receiving the shares of Common Stock to be issued in respect of the Stock Units.  Such payment of Tax-Related Items shall be made by NCR withholding shares of Common Stock that are issuable upon the settlement of the Stock Units equal to the amount 

13

2018 Performance-Based Restricted Stock Unit Award Agreement

required to be withheld or paid as determined by NCR, except to the extent that:  (i) the Chief Human Resources Officer permits payment for such Tax-Related Items in cash by an employee other than an executive officer of NCR (“Executive Officer”) subject to Section 16 of the Securities Exchange Act of 1934, as amended (the “Act”), or (ii) you are an Executive Officer and you elect to make payment for such Tax-Related Items in cash or by instructing NCR and any brokerage firm determined acceptable to NCR for such purpose to sell on your behalf the whole number of shares of Common Stock underlying the Stock Units that NCR determines to be appropriate to generate the cash proceeds sufficient to satisfy such Tax-Related Items.  Any withholding of shares or sale or cash payment pursuant to this Section shall occur on the date that the requirement to withhold or pay taxes arises, or as soon as practicable thereafter if permitted by NCR.  To the extent that you are an Executive Officer who instructs a brokerage firm sale permitted by this Section, you will be responsible for, and will indemnify and hold NCR and the Employer harmless with respect to, any and all losses, costs, damages or other expenses (including brokerage fees and other similar costs related directly to any such sale of Common Stock) arising in connection with, or related to, any such sale.  You acknowledge that if, at the time any shares of Common Stock are sold to satisfy requirements relating to Tax-Related Items pursuant to this Section, you are an Executive Officer as defined above, any such sale of Common Stock must be made pursuant to an exemption from the requirements under Section 16(b) of the Act.    
(a)    You acknowledge that, regardless of any action taken by NCR or the Employer, the ultimate liability for all Tax-Related Items is and remains your responsibility and may exceed the amount actually withheld by NCR or the Employer.  Depending on the withholding method, NCR may withhold or account for Tax-Related Items by considering such statutory withholding rates as may be determined applicable in the discretion of the Chief Human Resources Officer that will not result in an adverse accounting consequence or cost.
13.    Compensation Recovery Policy.  By accepting the Stock Units, you acknowledge and agree that to the extent that the Stock Units constitute “Covered Incentive Compensation” subject to the terms of NCR’s Compensation Recovery Policy, as the same may be in effect from time to time (the “Compensation Recovery Policy”), then, notwithstanding any other provision of this Agreement to the contrary, you may be required to forfeit any or all of the Stock Units and repay any or all amounts previously paid pursuant to the Stock Units pursuant to the terms of the Compensation Recovery Policy.  Further, you acknowledge and agree that NCR may, to the extent permitted or required by law or regulation (including the Dodd-Frank Act), enforce any repayment obligation pursuant to the Compensation Recovery Policy by reducing any amounts that may be owing from time to time by NCR or its Subsidiaries or Affiliates to you, whether as wages, severance, vacation pay or in the form of any other benefit or for any other reason, or enforce any other recoupment as prescribed by applicable law or regulation.
14.     Beneficiaries.  Subject to the terms of this Agreement, you may, to the extent permitted by the Chief Human Resources Officer (or his or her delegate) and such procedures of the TPA as may be in effect from time to time, designate one or more beneficiaries to receive all or part of any shares of NCR Common Stock underlying the Stock Units to be distributed in case of your death, and you may change or revoke such designation at any time in accordance with such procedures.  In the event of your death, any such shares distributable hereunder that are subject to such a designation that has not been superseded, modified or revoked in accordance with such 

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2018 Performance-Based Restricted Stock Unit Award Agreement

procedures will be distributed to such beneficiary or beneficiaries in accordance with this Agreement.  Any other shares of NCR Common Stock underlying the Stock Units not designated by you will be distributable to your estate.  If there is any question as to the legal right of any beneficiary to receive a distribution hereunder, the shares of NCR Common Stock underlying the Stock Units in question may be transferred to your estate, in which event NCR will have no further liability to anyone with respect to such shares.  For information about TPA beneficiary designation procedures, or to revoke or change a beneficiary designation, please call Fidelity at 1-800-544-9354 (U.S. grantees) or 1-800-544-0275 (non-U.S. grantees), or at such other number as provided by NCR or Fidelity.  If you are a non-U.S. grantee, please visit the following link for access to the toll-free number:  https://www.fidelity.com/customer-service/phone-numbers/overview.
14.    Data Privacy.   By entering into this Agreement, you understand and acknowledge that your personal data may be collected, used or transferred, in electronic or other form, for purposes relevant to the purposes described in this Agreement and any other Award materials (“Data”) by and among, as applicable the Employer, NCR, its Subsidiaries and Affiliates for the exclusive purpose of implementing, administering and managing your participation in the Plan. 
You understand and acknowledge that the Company and the Employer may hold certain personal information about you, including, but not limited to, your name, home address and telephone number, date of birth, social insurance number or other identification number, salary, nationality, job title, any shares of stock or directorships held in NCR, details of all Stock Units or other entitlement to shares of stock awarded, cancelled, exercised, vested, unvested or outstanding in your favor, for the purpose of implementing, administering and managing the Plan.
You understand that Data will be transferred to the TPA or such other stock plan service provider as may be selected by NCR in the future, which is assisting NCR with the implementation, administration and management of the Plan.  You understand that the recipients of the Data may be located in the United States or elsewhere, and that the recipients’ country (for example, the United States) may have different data privacy laws and protections than your country.  It is NCR’s policy to support such transfers of your Data with appropriate safeguards.  You understand that if you reside outside the United States you may request a list with the names and addresses of any potential recipients of the Data by contacting your local human resources representative.  You understand that your Data will be held only as long as is necessary to implement, administer and manage your participation in the Plan.  
You understand that if you reside outside the United States you may have certain rights with respect to your data. NCR.  For example, you may have the right at any time, to confirm from the Company whether the Company process your Data.  You may also have the right to access and review your Data, request additional information about the storage and processing of Data, require any necessary amendments to Data to correct its accuracy or to complete the Data.  In certain instances, you may also the right to have your Data erased, to restrict its processing, or to require its delivery to a third party.  In some jurisdictions, the Company may be required to obtain your consent to process your Data.  To the extent that the Company is required by law to obtain such consents, you agree that NCR, the TPA and any other possible recipients which may assist NCR (presently or in the future) with implementing, administering and managing the Plan to receive, 

15

2018 Performance-Based Restricted Stock Unit Award Agreement

possess, use, retain and transfer the Data, in electronic or other form, for the purpose of implementing, administering and managing your participation in the Plan.  
You may refuse to consent or withdraw the consents herein, in any case without cost, by contacting in writing your local human resources representative.  Further, you understand that you are providing the consents herein on a purely voluntary basis.  If you do not consent, or if you later seek to revoke your consent, your employment status or service and career with the Employer will not be adversely affected; the only adverse consequence of refusing or withdrawing your consent is that NCR would not be able to grant you Stock Units or other equity awards or administer or maintain such awards.  Therefore, you understand that refusing or withdrawing your consent may affect your ability to participate in the Plan.  For more information on the consequences of your refusal to consent or withdrawal of consent, you understand that you may contact your local human resources representative.
15.  Non-Disclosure of Confidential Information, Including Trade Secrets.  You acknowledge and agree that your employment with NCR created a relationship of confidence and trust between you and NCR with respect to the Company’s confidential information; you further acknowledge and agree that your particular position and its job duties exposed you to a broad variety of sensitive, confidential and non-public information of competitive value.  You warrant and agree that (a) you will keep in confidence and trust all NCR confidential information known to you; (b) you have not transferred, used or disclosed any NCR confidential information (or assisted others in transferring, using or disclosing NCR confidential information) other than as necessary in the ordinary course of performing your duties as an NCR employee, and (c) you will not transfer, use or disclose NCR confidential information (or assist others with the transfer, use or disclosure of NCR confidential information) without the prior written consent of NCR, which may be granted or withheld in NCR’s sole discretion, for any reason or no reason.  [US EMPLOYEES ONLY:] Notwithstanding the foregoing, this Agreement does not prohibit you from reporting possible violations of the law to government agencies including, without limitation, the DOJ, SEC, Equal Employment Opportunity Commission, or any agency Inspector General, but you agree and understand that you are waiving, and hereby do waive, your right to monetary compensation and any other relief if any such agency elects to pursue any such claim, whether on your behalf or otherwise, to the fullest extent permitted by law.  Nothing in this Agreement is intended to, or shall prevent, impede, or interfere with your providing truthful testimony and truthful information in the course of an investigation or proceeding authorized or required by law and/or conducted by an Agency of the United States.  Should you receive a disclosure demand from any government agency, you may reach out to NCR’s General Counsel or its law department for assistance, but you are not required to do so.  Further, nothing in this Agreement is intended to or shall preclude you from providing truthful testimony or providing truthful information in response to a valid subpoena, court order or discovery request in any public proceeding, provided, to the extent permitted by law, you have provided to NCR as much advance notice as practicable of any such compelled disclosure, so as to enable NCR to seek to limit, condition or quash such disclosure.  
1.    Compensation.  Your participation in the Plan is voluntary.  The value of this Award is an extraordinary item of income, is not part of your normal or expected compensation for purposes of calculating any severance, redundancy, end of service payments, bonus, long-service awards, pension, retirement or other benefits or similar payments.  The Plan is discretionary in nature.  This 

16

2018 Performance-Based Restricted Stock Unit Award Agreement

Award is a one-time benefit that does not create any contractual or other right to receive additional awards or other benefits in the future.  Future grants, if any, are at the sole grace and discretion of NCR, including but not limited to, the timing of the grant, amount and vesting provisions.
2.    No Advice Regarding Grant.  NCR is not providing any tax, legal or financial advice, nor is NCR making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying shares of Common Stock.  You are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
3.    Electronic Agreement; Governing Documents.  This Agreement, including without limitation Section 10, is executed electronically, and it is immediately binding upon your electronic acceptance.  If you reside in a country that requires original ink signatures on paper, you hereby waive any such requirement to the extent permitted by law.  NCR may, in its sole discretion, decide to deliver any documents related to current or future participation in the Plan by electronic means.  You hereby consent to receive such documents by electronic delivery and agree to participate in the Plan through an on-line or electronic system established and maintained by NCR or the TPA.  Information summarized or otherwise shown on the website of the TPA for NCR, which may be updated from time to time, shall be subject to the determinations of the Committee, the Plan and this Agreement.
4.    Severability.  The provisions of this Agreement are severable.  If any provision of this Agreement is held to be unenforceable or invalid by a court or other tribunal of competent jurisdiction, it shall be severed and shall not affect any other part of this Agreement, which will be enforced as permitted by law.  Provided, however, that to the extent such invalid provision can be rendered valid by modification, you agree that the court or tribunal shall so modify such provision so as to render it valid and enforceable to the fullest extent permitted by law. 
5.    Amendment.  The terms of this Award of Stock Units as evidenced by this Agreement may be amended by the NCR Board of Directors or the Committee or any delegate thereof, but no such amendment shall be made which would materially impair your rights hereunder without your consent, except such an amendment made to comply with applicable law, including Section 409A of the Code, stock exchange rules or accounting rules.
6.    Waiver.  You acknowledge that a waiver by NCR of breach of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of this Agreement.
7.    Provisions Applicable to Participants in Jurisdictions outside the United States. Notwithstanding any provision of this Agreement or the Plan to the contrary, if you are or become subject to the laws of a jurisdiction outside the United States, your Award shall be subject to any special terms and conditions set forth in any appendix to this Agreement for your country (the “Appendix”).  In addition, your Award shall be subject to the laws and requirements of such jurisdiction outside the United States and the terms and conditions of this Agreement are deemed modified to the extent NCR determines necessary or advisable for legal or administrative reasons.  Moreover, if you relocate to one of the countries included in the Appendix, the special terms and 

17

2018 Performance-Based Restricted Stock Unit Award Agreement

conditions for such country will apply to you, to the extent NCR determines that the application of such terms is necessary or advisable for legal or administrative reasons.  Finally, the Committee may take any other action, including amending this Agreement, before or after an Award is made, that it deems necessary or advisable to obtain approval or comply with any necessary local governmental regulatory requirements or exemptions to the extent such amendment is permissible under the Plan with or without your prior written consent.
8.    Conflicting Terms.  In the event of a conflict between the terms and conditions of this Agreement and the terms and conditions of the Plan, the terms and conditions of the Plan shall prevail, except that with respect to the law governing this Agreement and any claims arising under or relating to it, Section 11 of this Agreement shall prevail.
9.    Code of Conduct Certification; Compliance with Insider Trading Laws and NCR Insider Trading Policy.  Notwithstanding any other provision of this Agreement, this Award of Stock Units and your right to receive payment of any Stock Units that become Vested hereunder are subject to and expressly conditioned upon your timely annual certification to NCR’s Code of Conduct, and in the event of your failure to timely provide any such certification as may be required prior to the date that Stock Units would otherwise be paid under this Agreement, those Stock Units shall be forfeited; provided that no such forfeiture shall occur unless you are provided written notice (which notice may be provided by email) of the impending forfeiture, and you do not provide your certification to NCR’s Code of Conduct within thirty days following such notice.  
With respect to any shares of Common Stock distributed to you hereunder, you understand and agree that if at any time following such distribution you are in possession or have knowledge of material non-public information relating to NCR, in accordance with law you may not trade in NCR securities until the information becomes public, except as may be the case pursuant to a 10b5-1 trading plan properly executed by you and NCR when you were not in possession or did not have knowledge of material non-public information relating to NCR (to the extent such a trading plan is required or permitted by NCR’s Insider Trading Policy). You should consult an attorney if you have questions concerning such matters.   
10.    No Employment Modification. The Plan and this Agreement do not constitute a contract of employment or impose on you, the Company or your Employer any obligation to retain you as an employee, to change the status of your employment, or to change the Company’s policies or those of its Subsidiaries regarding termination of employment.  For U.S. employees, employment with the Company and the Employer is at will, which means that you or the Company or your Employer may terminate the employment relationship at any time, with or without cause.
11.    Execution and Validity of Agreement. This Agreement shall be valid, binding and effective upon the Company on the Grant Date.  However, the grant contained in this Agreement shall be forfeited by you and this Agreement shall have no force and effect if it is not duly executed by electronic acceptance on the website of the TPA at www.netbenefits.fidelity.com (on which this Agreement is posted) in the form prescribed by the Company within ninety (90) days following the Grant Date (or by such other date as may be required by the Chief Human Resources Officer).

18

2018 Performance-Based Restricted Stock Unit Award Agreement

SCHEDULE A
NCR  2018 COMPETING ORGANIZATION LIST 
For purposes of non-competition provisions in NCR plans or agreements that refer to “Competing Organizations,” the companies identified in the list below, including the subsidiaries and affiliates of each, constitute the current list of “Competing Organizations”.  Please note that non-competition provisions in NCR plans or agreements are not limited to the identified Competing Organizations, that other companies may qualify as competitors under such provisions, and that NCR employees may be restricted from accepting employment or other work from such other companies, subject to the terms of the relevant NCR plan or agreement.  This list shall remain in effect until an updated list is approved/posted. 

19

2018 Performance-Based Restricted Stock Unit Award Agreement

	
			
	ACI Worldwide
	GK Software
	PAR Technology

	Acuative
	Global Payments
	PCMS

	Agilysys
	Glory
	Pinnacle Corp

	Alkami
	GLS (Global Linking Solutions)
	Posiflex

	Allure Global Solutions
	GRG Banking Equipment
	Presidio

	Altametrics
	GRG International
	Q2

	Appetize
	Hemmersbach
	QSR Automations

	Aptos
	Hisense Intelligent Commercial System
	Red Prairie Holding (JDA & Escalate)

	Arinc
	Hitachi
	Retail Pro International

	AWA Technology Services
	Hitachi-Omron Terminal Solutions
	Revel Systems

	Bematech (TOTVS SA)
	HotSchedules Inc.
	RTC Quaterion Group

	Black Box
	HP Inc.
	Salesforce

	Burroughs, Inc.
	IBM Corp
	ShopKeep

	Bypass Mobile LLC
	IER
	SICOM

	Cennox Group
	Infor
	SITA

	Crunchtime
	Ipsoft
	Sonda

	Cummins Allison
	ITAB Group
	Spartan Computer Services

	Curvature
	Itasca Retail Information Systems
	Square

	Cuscapi
	Jack Henry & Assoc.
	Symphony EYC

	Daisy
	Kony Inc.
	Tech Mahindra

	Datalogic SpA
	Korala Associates Ltd.
	TEKsystems

	Dell, Inc.
	Lavu Inc.
	TIBCO Loyalty Lab

	Diebold Nixdorf
	LOC Software
	Tillster

	Digital Hands
	Logicalis
	Toast, Inc.

	Dimension Data
	Magstar
	Toshiba TEC

	ECR Software Corporation
	Malauzai Software Inc
	Unisys

	Elo
	Manhattan Associates
	Upserve (Breadcrumb)

	EOS IT Solutions
	Mi9 Retail
	Vista Retail Support

	Epicor
	Micros – See Oracle
	Vsoft Corporation

	eRestaurant Systems
	Mobile Travel Technologies
	Wand

	FIS
	Nautilus Hyosung
	Wayne Fueling Systems

	Fiserv
	NSC Group
	Wescom Resources Group

	Fourth Ltd.
	OBS (Orange Business Services)
	Westcon Group

	Fujitsu
	Office Depot (Compucom)
	Xpient

	FuturePOS
	OKI Electric Industry Co. Ltd.
	ZebraTechnologies Corp

	GBM (Gulf Business Machines)
	Onepath
	Zonal Retail Data

	Getronics
	Open Table
	 

	Gilbarco Veeder-Root
	Oracle
	 

APPENDIX A
PROVISIONS FOR NON-U.S. PARTICIPANTS

2018 Performance-Based Restricted Stock Unit Award Agreement

20

2018 Performance-Based Restricted Stock Unit Award Agreement

NCR Corporation 2017 Stock Incentive Plan

The following terms and conditions apply to Participants who reside outside the United States or who are otherwise subject to the laws of a country other than the United States.  In general, the terms and conditions in this Appendix A supplement the provisions of the Agreement, unless otherwise indicated herein.
1.    Nature of Grant.  In accepting the grant, you acknowledge, understand and agree that:
(a)    the Stock Units and the shares of Common Stock subject to the Stock Units are not intended to replace any pension rights or compensation;
(b)    the Stock Units and the shares of Common Stock subject to the Stock Units and the income and value of same, are not part of normal or expected compensation for any purpose;
(c)    the future value of the underlying shares of Common Stock is unknown, indeterminable and cannot be predicted with certainty;
(d)    no claim or entitlement to compensation or damages shall arise from forfeiture of the Stock Units resulting from your Termination of Employment (for any reason whatsoever, whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any), and in consideration of the grant of Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any claim against NCR, any of its Subsidiaries or Affiliates or the Employer, waive your ability, if any, to bring any such claim, and release NCR, its Subsidiaries and Affiliates, and the Employer from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim;
(e)    for purposes of the Stock Units, your employment or service relationship will be considered terminated as of the date you are no longer actively providing services to NCR or the Employer (regardless of the reason for such termination and whether or not later found to be invalid or in breach of employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any) and unless otherwise expressly provided in this Agreement or determined by NCR, your right to vest in the Stock Units under the Plan, if any, will terminate as of such date and will not be extended by any notice period (for example, your period of service would not include any contractual notice period or any period of “garden leave” or similar period mandated under employment laws in the jurisdiction where you are employed or the terms of your employment agreement, if any); the Committee shall have the exclusive discretion to determine when you are no longer actively providing services for purposes of your Award (including whether you may still be considered to be providing services while on a leave of absence); 

21

2018 Performance-Based Restricted Stock Unit Award Agreement

(f)    unless otherwise provided in the Plan or by the Company in its discretion, the Award and the benefits evidenced by this Agreement do not create any entitlement to have the Award or any such benefits transferred to, or assumed by, another company nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the shares of the Company; and
(g)    neither NCR, the Employer nor any Subsidiary or Affiliate shall be liable for any foreign exchange rate fluctuation between your local currency and the United States Dollar that may affect the value of the Stock Units or of any amounts due to you pursuant to the settlement of the Stock Units or the subsequent sale of any shares of Common Stock acquired upon settlement.
2.    Language.  If you have received this Agreement or any other document related to the Plan translated into a language other than English and if the meaning of the translated version is different than the English version, the English version will control.  You acknowledge that it is your express wish that this Agreement, as well as all documents, notices, and legal proceedings entered into, given or instituted pursuant hereto or relating directly or indirectly hereto, be drawn up in English.  By accepting the Stock Units, you confirm having read and understood the Plan and this Agreement, including all terms and conditions included therein, which were provided in the English language.  You accept the terms of those documents accordingly. 
3.    Conditions for Issuance.  Notwithstanding any other provision of the Plan or this Agreement, unless there is an available exemption from any registration, qualification or other legal requirement applicable to the shares of Common Stock, the Company shall not be required to deliver any shares issuable upon settlement of the Stock Units prior to the completion of any registration or qualification of the shares under any local, state, federal or foreign securities or exchange control law or under rulings or regulations of the U.S. Securities and Exchange Commission (“SEC”) or of any other governmental regulatory body, or prior to obtaining any approval or other clearance from any local, state, federal or foreign governmental agency, which registration, qualification or approval the Company shall, in its absolute discretion, deem necessary or advisable.  You understand that the Company is under no obligation to register or qualify the shares with the SEC or any state or foreign securities commission or to seek approval or clearance from any governmental authority for the issuance or sale of the shares.  The grant of Stock Units is not intended to be a public offering of securities in your country, and the Company has not submitted any registration statement, prospectus or other filings with the local securities authorities in connection with this grant, and the grant of the Stock Units is not subject to the supervision of the local securities authorities.
1.    Repatriation and Other Non-U.S. Compliance Requirements.  As a condition of the grant of your Stock Units, you agree to repatriate all payments attributable to the shares of NCR Common Stock and/or cash acquired under the Plan (including, but not limited to, dividends and dividend equivalents) in accordance with local foreign exchange rules and regulations in your country of residence (and your country of employment, if different).  In addition, you also agree to take any and all actions, and consent to any and all actions taken by the Company, its Subsidiaries and Affiliates, as may be required to allow the Company, its Subsidiaries and Affiliates to comply with local laws, rules and regulations in your country of residence (and your country of employment, if different).  Finally, you agree to take any and all actions as may be required to comply with your personal legal and tax obligations under local tax, exchange control, insider trading and other laws, 

22

2018 Performance-Based Restricted Stock Unit Award Agreement

rules and regulations in your country of residence (and your country of employment, if different) with respect to the Stock Units and the NCR Common Stock issued with respect thereto.
2.    Insider Trading Restrictions/Market Abuse Laws.  You acknowledge that, depending on your country of residence, you may be subject to insider trading restrictions and/or market abuse laws, which may affect your ability to acquire or sell shares of Common Stock or rights to such shares (e.g., Stock Units) under the Plan during such times as you are considered to have “inside information” regarding the Company (as defined by the laws in your country).  Any restrictions under these laws or regulations are separate from and in addition to any restrictions that may be imposed under any applicable insider trading policy of the Company.  You acknowledge that it is your responsibility to comply with any applicable restrictions, and you are advised to speak to your personal advisor on this matter.

23

2018 Performance-Based Restricted Stock Unit Award Agreement

APPENDIX B
COUNTRY-SPECIFIC PROVISIONS FOR NON-U.S. PARTICIPANTS
2018 Performance-Based Restricted Stock Unit Award Agreement
NCR Corporation 2017 Stock Incentive Plan
This Appendix B includes special terms and conditions applicable to you if you reside in the countries below.  These terms and conditions are in addition to or, if so indicated, in place of, those set forth in the Agreement.  Capitalized terms used but not defined in this Appendix have the meanings assigned to them in the Plan, or the Agreement, as applicable.
This Appendix B also includes information relating to exchange control and other issues of which you should be aware with respect to your participation in the Plan.  The information is based on the exchange control, securities and other laws in effect in the respective countries as of the Grant Date.  Such laws are often complex and change frequently.  As a result, NCR strongly recommends that you do not rely on the information herein as the only source of information relating to the consequences of participation in the Plan because the information may be out of date at the time the Stock Units are Vested or shares of Common Stock acquired under the Plan are sold.
In addition, the information is general in nature and may not apply to your particular situation and NCR is not in a position to assure you of any particular result.  Accordingly, you are advised to seek appropriate professional advice as to how the relevant laws in your country may apply to your situation.  Finally, if you are a citizen or resident of a country other than the one in which you are currently working, are considered a citizen or resident of another country for local law purposes, or transfer employment or residency to another country after the Grant Date, the notifications contained herein may not be applicable to you.  In addition, NCR shall, in its discretion, determine to what extent the terms and conditions contained herein shall be applicable to you.
CHINA
Settlement of Stock Units.  This provision supplements Section 3 of the Agreement:
To facilitate compliance with exchange control laws and regulations in the People’s Republic of China (“China”), you agree to the sale of any shares of Common Stock to be issued upon vesting and settlement of the Stock Units.  The sale will occur (i) immediately upon vesting and settlement of the Stock Units, (ii) following your Termination of Employment, or (iii) within any other time frame as the Company determines to be necessary to facilitate compliance with local regulatory requirements.  You further agree that the Company is authorized to instruct its designated broker to assist with the mandatory sale of such shares (on your behalf pursuant to this authorization) and you expressly authorize the Company’s designated broker to complete the sale of such shares.  You agree to sign any agreements, forms and/or consents that may be reasonably requested by NCR (or the broker) to effectuate the sale of the shares of Common Stock and shall otherwise cooperate with NCR with respect to such matters.  You acknowledge that neither NCR nor the broker is under any obligation to arrange for the sale of the shares of Common Stock at any particular price and that broker’s fees and similar expenses may be incurred in any such sale.  In any event, when the shares 

24

2018 Performance-Based Restricted Stock Unit Award Agreement

of Common Stock are sold, the proceeds of the sale of such shares, less any Tax-Related Items and the broker’s fees, commissions or similar expenses, will be remitted to you in accordance with applicable exchange control laws and regulations.
Exchange Control Restrictions.  You understand and agree that, if you are subject to exchange control laws in China, you will be required to immediately repatriate to China the proceeds from the sale of any shares of Common Stock acquired under the Plan.  You further understand that such repatriation of the proceeds may need to be effected through a special exchange control account established by NCR or a Subsidiary or Affiliate, and you hereby consent and agree that the proceeds from the sale of shares of Common Stock acquired under the Plan may be transferred to such account by NCR (or the broker) on your behalf prior to being delivered to you.  You also agree to sign any agreements, forms and/or consents that may be reasonably requested by NCR (or the broker) to effectuate such transfers.  
The proceeds may be paid to you in U.S. dollars or local currency at NCR’s discretion.  If the proceeds are paid to you in U.S. dollars, you understand that you will be required to set up a U.S. dollar bank account in China so that the proceeds may be deposited into this account.  If the proceeds are paid to you in local currency, (i) you acknowledge that NCR is under no obligation to secure any particular exchange conversion rate and that NCR may face delays in converting the proceeds to local currency due to exchange control restrictions, and (ii) you agree to bear any currency fluctuation risk between the time the shares of Common Stock are sold and the time the proceeds are converted to local currency and distributed to you.  
Finally, you agree to comply with any other requirements that may be imposed by NCR in the future in order to facilitate compliance with exchange control requirements in China.  
ISRAEL
Trust Arrangement.  You understand and agree that this Award is offered subject to and in accordance with the terms of the Plan and its Israeli Appendix.  Upon vesting, the shares of Common Stock shall be controlled by the Company’s trustee appointed by the Company or its Subsidiary or Affiliate in Israel (the “Trustee”) for your benefit for at least such period of time as required by Section 102 or any shorter period determined under the Israeli Income Tax Ordinance (New Version), 5721-1961 as now in effect or as hereafter amended (the “Ordinance”) (with respect to the “capital gain route”) or by the Israeli Tax Authority (the “Lock‐Up Period”).  You shall be able to request the sale of the shares or the release of the shares from the Trustee, subject to the terms of the Plan, this Agreement and any applicable Israeli tax law.  Without derogating from the aforementioned, if the shares are released by the Trustee during the Lock‐Up Period, the sanctions under Section 102 of the Ordinance shall apply to and be borne by you.  The shares shall not be sold or released from the control of the Trustee unless the Company, the Subsidiary or Affiliate and the Trustee are satisfied that the full amount of Tax-Related Items due have been paid or will be paid in relation thereto.  Notwithstanding any provision of this Agreement or the Plan to the contrary except the provisions in Section 4 of this Agreement relating to a Good Reason Termination (as defined in Section 4) or your Retirement (in each case, to the extent specifically applicable to you), in the event of your resignation from service with NCR or the Employer due to any reason, including worsening of employment conditions, or any other reason relating to conditions of employment, 

25

2018 Performance-Based Restricted Stock Unit Award Agreement

all unvested Stock Units will automatically terminate and be forfeited and no shares or cash will be issued or paid to you (as the case may be). 

26EX-4.2

 Exhibit 4.2 

Dated as of May 3, 2018 

Eighth Supplemental Indenture 

among 
 Kansas City Southern,

 as Issuer 
 Each of the
Guarantors Party Hereto 
 and 

U.S. Bank National Association, 

as Trustee 
 4.700% Senior Notes
due 2048 

 EIGHTH SUPPLEMENTAL INDENTURE (the “Eighth Supplemental Indenture”), dated as of May 3,
2018, among KANSAS CITY SOUTHERN, a Delaware corporation (the “Issuer”), the guarantors party hereto and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly incorporated and existing under the laws of the United
States of America, as Trustee (together with its successors and assigns, in such capacity, the “Trustee”). 
 W
I T N E S S E T H : 
 WHEREAS, the Issuer, the guarantors party
hereto and the Trustee have heretofore executed and delivered an Indenture, dated as of December 9, 2015 (the “Original Indenture” and, as hereby supplemented, the “Indenture”), providing for the issuance from
time to time of one or more series of the Issuer’s Securities; 
 WHEREAS, pursuant to the terms of the Indenture, the Issuer desires
to provide for the establishment of a series of Securities to be designated as the “4.700% Senior Notes due 2048” (herein referred to as the “2048 Senior Notes”), the form and substance of the 2048 Senior Notes and the
terms, provisions and conditions thereof to be set forth as provided in the Original Indenture and this Eighth Supplemental Indenture; 

WHEREAS, Section 11.01(h) of the Original Indenture provides that the Issuer and the Trustee may provide for the issuance of additional
Securities in accordance with the Original Indenture; 
 WHEREAS, Section 2.01 of the Original Indenture provides that various matters
with respect to any series of Securities issued under the Indenture may be established in a supplemental indenture to the Original Indenture; and 

WHEREAS, all acts and things necessary to make this Eighth Supplemental Indenture, when duly executed and delivered, a valid and binding
instrument in accordance with its terms and for the purposes herein expressed, have been done and performed; and the execution and delivery of this Eighth Supplemental Indenture have been in all respects duly authorized. 

NOW, THEREFORE, in consideration of the promises and mutual covenants herein contained and intending to be legally bound, the parties to this
Eighth Supplemental Indenture hereby agree as follows: 
 ARTICLE I 

RELATION TO INDENTURE; ADDITIONAL DEFINITIONS 

Section 1.01    Relation to Indenture. This Eighth Supplemental Indenture constitutes an
integral part of the Indenture. 
 Section 1.02    Additional Definitions. For all purposes of
this Eighth Supplemental Indenture, capitalized terms used herein shall have the respective meanings specified below or, if not specified below, shall have the meaning specified in the Original Indenture. 

“2048 Senior Notes” has the meaning set forth in the second paragraph of the Recitals hereof. 

“Below Investment Grade Ratings Event” means, on any day within the 60-day period
(which period shall be extended so long as the rating of the 2048 Senior Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (1) the occurrence of a Change of Control or
(2) public notice by the Issuer of the occurrence of a Change of Control or the Issuer’s intention to effect a Change of Control, that the 2048 Senior Notes are rated below Investment Grade by two of the three Rating Agencies.
Notwithstanding the foregoing, a Below 

 
Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall
not be deemed a Below Investment Grade Ratings Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not announce
or publicly confirm or inform the Trustee in writing at the Issuer’s request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of
Control (whether or not the applicable Change of Control shall have occurred at the time of the ratings event). 
 “Change of
Control” means the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the
Exchange Act), other than the Issuer and its Subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or
indirectly, of more than 50% of the combined voting power of the total Voting Stock of the Issuer or other Voting Stock into which the Issuer’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting power rather
than number of shares. 
 “Change of Control Payment Date” has the meaning assigned to it in
Section 4.07(c) hereof. 
 “Change of Control Repurchase Event” means the occurrence of both a
Change of Control and a Below Investment Grade Ratings Event. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term (as measured from the date of redemption assuming the 2048 Senior Notes matured on the Par Call Date) (“Remaining
Life”) of the 2048 Senior Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining
Life. 
 “Comparable Treasury Price” means, with respect to any Redemption Date, the average of the Reference Treasury
Dealer Quotations for such Redemption Date. 
 “Consolidated Net Assets” means total assets after deducting therefrom all
current liabilities as set forth on the most recent publicly filed balance sheet of the Issuer and its consolidated subsidiaries and computed in accordance with generally accepted accounting principles. 

“Existing KCSM Notes” means any 2.35% Senior Notes due 2020 and 3.00% Senior Notes due 2023, each issued by KCSM. 

“Guarantor” means each subsidiary of the Issuer that executes a Note Guarantee, and its successors and assigns, in each case,
until the Note Guarantee of such Person has been released in accordance with the provisions of the Indenture. 
 “Independent
Investment Banker” means one of the Reference Treasury Dealers appointed by the Issuer. 
 “Indirect Participant”
means a Person who holds a beneficial interest in a Registered Global Security through a Participant. 
 “Investment Grade”
means a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating categories of Moody’s), a rating of BBB- or better by S&P (or its equivalent under any successor rating
categories of S&P), a rating of BBB- or better by Fitch (or its equivalent under any successor rating categories of Fitch) and the equivalent investment grade credit rating from any additional Rating
Agency or Rating Agencies selected by the Issuer. 

  
 2 

 “Interest Payment Dates” means May 1 and November 1 of each year, or
if any such day is not a Business Day, the next succeeding Business Day, until maturity, beginning on November 1, 2018. 

“Issue Date” means May 3, 2018. 

“Maturity Date” has the meaning set forth in Section 2.03 hereof. 

“Note Guarantee” means each Guarantee of the obligations with respect to the 2048 Senior Notes issued by a Person pursuant to
the terms of the Indenture. 
 “Original Indenture” has the meaning set forth in the first paragraph of the Recitals
hereof. 
 “Par Call Date” means November 1, 2047 (six months prior to the maturity date of the 2048 Senior Notes).

 “Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Rating Agency” means (1) each of Moody’s, S&P and Fitch; and (2) if any of Moody’s, S&P or Fitch
ceases to rate the 2048 Senior Notes or fails to make a rating of the 2048 Senior Notes publicly available for reasons outside of the Issuer’s control, a “nationally recognized statistical rating organization” as defined in
Section 3(a)(62) of the Exchange Act, selected by the Issuer (as certified by a resolution of the Issuer’s board of directors) as a replacement agency for Moody’s, S&P or Fitch, or all of them, as the case may be, with respect to
the 2048 Senior Notes. 
 “Reference Treasury Dealer” means each of J.P. Morgan Securities LLC, Merrill Lynch, Pierce,
Fenner & Smith Incorporated and Morgan Stanley & Co. LLC (or their respective affiliates that are primary Government Securities dealers) and their respective successors; provided, however, that if any Reference Treasury
Dealer is not at the applicable time a primary Government Securities dealer (a “Primary Treasury Dealer”), the Issuer shall substitute therefor another Primary Treasury Dealer selected by it. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the
average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the 2048 Senior Notes (expressed in each case as a percentage of its principal amount) quoted in writing to the
Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m. New York City time on the third Business Day preceding such Redemption Date. 

“Registered Global Security” means a Security evidencing all or a part of a series of Registered Securities, issued to the
Depositary in accordance with Section 2.07(b), and bearing the legend prescribed in Section 2.07(b). 

“Registered Security” means any Security registered on the Security Register. 

“S&P” means S&P Global Ratings, a division of S&P Global Inc., and its successors. 

“Treasury Rate” means, on any Redemption Date, (i) the yield, under the heading which represents the average for the
immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the applicable Comparable Treasury Issue (if no
maturity is within three months before or after the Remaining Life, yields for the two published maturities most closely 

  
 3 

 
corresponding to such Comparable Treasury Issue shall be determined and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest
month) or (ii) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the related
Comparable Treasury Issue, calculated using a price for that Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. The Treasury Rate shall be calculated on the
third Business Day preceding the Redemption Date. 
 All references herein to Articles, Sections or Exhibits, unless otherwise specified,
refer to the corresponding Articles, Sections or Exhibits of this Eighth Supplemental Indenture. The terms “herein,” “hereof,” “hereunder” and other words of similar import refer to this Eighth
Supplemental Indenture. 
 ARTICLE II 

THE SERIES OF NOTES 

Section 2.01    Title of the Notes. The 2048 Senior Notes shall be designated as the
“4.700% Senior Notes due 2048.” 
 Section 2.02    No Limitation on Aggregate Principal
Amount. There shall be no limitation on the aggregate principal amount of 2048 Senior Notes that may be outstanding. 

Section 2.03    Stated Maturity. The Stated Maturity of the 2048 Senior Notes shall be May 1,
2048 (the “Maturity Date”). 
 Section 2.04    Interest and Interest Rate.
(a) The 2048 Senior Notes shall bear interest at the rate of 4.700% per annum, and interest will accrue from the most recent Interest Payment Date on which interest has been paid or, if no interest has been paid, from and including the
Issue Date. Such interest shall be payable semi-annually in arrears, on the Interest Payment Dates. Interest on the 2048 Senior Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. Interest accrued on the 2048 Senior Notes from the last Interest Payment Date before the Maturity Date shall be payable on the Maturity Date. If a payment date is a Legal Holiday at a place of
payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 

(b)    The interest so payable on any Interest Payment Date shall be paid to the Persons in whose names the 2048 Senior
Notes are registered at the close of business on the record date for such Interest Payment Date, being the immediately preceding April 15 and October 15, as the case may be. 

Section 2.05    Place of Payment. The place or places where the principal of and interest on the 2048
Senior Notes shall be payable is the office or agency of the Issuer maintained for such purpose, which shall initially be the Corporate Trust Office of the Trustee, and any other place or places designated by the Issuer pursuant to the Indenture;
provided that while the 2048 Senior Notes are represented by one or more Registered Global Securities registered in the name of the Depositary, or its nominee, the Issuer will cause payments of principal and interest on such Registered Global
Securities to be made to the Depositary or its nominee, as the case may be, by wire transfer to the extent, in the funds and in the manner required by agreements with, or regulations or procedures prescribed from time to time by the Depositary or
its nominee, and otherwise in accordance with such agreements, regulations or procedures. 
 Section 2.06
    Place of Registration or Exchange. The place where the Holders of the 2048 Senior Notes may present the 2048 Senior Notes for registration of transfer or exchange and may make notices and demands to or upon the
Issuer in respect of the 2048 Senior Notes shall be the Corporate 

  
 4 

 Trust Office of the Trustee. Prior to due presentment for the registration of a transfer of any Registered
Security, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name such Registered Security is registered as the absolute owner of such Registered Security for the purpose of receiving payment of principal of and interest on
such Registered Security and for all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 

Section 2.07    Registered Global Security. (a) The 2048 Senior Notes shall be
issuable in whole or in part in the form of one or more Registered Global Securities in definitive, fully registered, book-entry form, without interest coupons. 

(b)    The Issuer shall execute and the Trustee, upon receipt of a Company Order, shall authenticate and deliver one or
more Registered Global Securities in temporary or permanent form that (i) shall represent and shall be denominated in an amount equal to the aggregate principal amount of the 2048 Senior Notes, (ii) shall be registered in the name of the
Depositary for such Registered Global Security or Registered Global Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions and (iv) shall
bear a legend substantially to the following effect: 
 “THIS SECURITY IS A REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE
INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED
CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO THE 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.” 

(c)    The Depository Trust Company shall initially serve as Depositary with respect to the Registered Global Security.

 Section 2.08    Form of Securities. The Registered Global Security shall be substantially
in the form attached as Exhibit A. 
 Section 2.09    Additional 2048 Senior
Notes. The Issuer may issue additional 2048 Senior Notes under the Indenture. Each of the 2048 Senior Notes issued on the Issue Date and any additional 2048 Senior Notes subsequently issued shall each be treated as a single class for
all purposes under the Indenture, unless otherwise provided in the Indenture; provided, however, that any additional 2048 Senior Notes that are not fungible with existing 2048 Senior Notes for U.S. federal income tax purposes will have
a separate CUSIP, ISIN and other identifying number from the existing 2048 Senior Notes. Unless the context otherwise requires, for all purposes of the Indenture, references to the 2048 Senior Notes include any additional 2048 Senior Notes actually
issued. 

  
 5 

 ARTICLE III 

REDEMPTION OF THE 2048 SENIOR NOTES 

Section 3.01    Optional Redemption. (a) Prior to the Par Call Date, the 2048 Senior Notes will be
redeemable in whole or in part at any time and from time to time, at the Issuer’s option, at a redemption price equal to the greater of: 

(i)    100% of the principal amount of the 2048 Senior Notes to be redeemed and 

(ii)    the sum of the present values of the remaining scheduled payments of principal and interest on the
2048 Senior Notes to be redeemed that would have been made if such 2048 Senior Notes matured on the Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then-current Treasury Rate, plus 25 basis points, 

plus accrued interest thereon to but excluding the Redemption Date. 

(b)    On or after the Par Call Date, the 2048 Senior Notes will be redeemable in whole or in part at any time and from
time to time, at the Issuer’s option, at a redemption price equal to 100% of the principal amount of the 2048 Senior Notes to be redeemed plus accrued interest thereon to but excluding the Redemption Date. 

(c)    Any redemption pursuant to this Section 3.01 shall be made pursuant to the provisions of
Sections 3.01 through 3.07 of the Original Indenture; provided, however, that if less than all of the 2048 Senior Notes are to be redeemed at any time, the Trustee (or Registrar if other than the Trustee) will select the 2048 Senior
Notes to be redeemed in compliance with the requirements of the principal national securities exchange, if any, on which the 2048 Senior Notes are listed or, if the 2048 Senior Notes are not listed on a national securities exchange, on a pro
rata basis, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate; provided, that no 2048 Senior Note of $2,000 in principal amount or less shall be redeemed in part. 

Section 3.02    Mandatory Redemption; Sinking Fund Obligations. The Issuer shall have no obligation to
redeem or purchase any 2048 Senior Notes pursuant to any Mandatory Sinking Fund Payment. 
 ARTICLE IV 

AMENDMENTS TO ORIGINAL INDENTURE 

Section 4.01    Amendments to Article II of the Original Indenture. 

Article II of the Original Indenture shall be amended by deleting Sections 2.02, 2.03, 2.09, 2.10 and 2.11 thereof in their entirety and
replacing it with the language as set forth below for the benefit of the Holders of the 2048 Senior Notes but no other series of Securities under the Original Indenture, whether now or hereafter issued and outstanding (except as may be provided in a
future supplemental indenture to the Original Indenture): 

“Section 2.02    Form and Dating. The Securities of each
series shall be substantially in such form or forms (not inconsistent with this Indenture) as shall be established by or pursuant to one or more Board Resolutions or in one or more indentures supplemental hereto, in each case with such appropriate
insertions, omissions, 

  
 6 

 
substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced thereon such legend or legends or endorsements, not inconsistent
with the provisions of this Indenture, as may be required to comply with any law, or with any rules of any securities exchange or usage, all as may be determined by the Officer executing such Securities as evidenced by their execution of the
Securities. To the extent any provisions of any Security conflict with the express provisions of this Indenture, the provisions of this Indenture shall govern and control.” 

“Section 2.03    [Reserved].” 

“Section 2.09    Transfer and Exchange. 

(a)    Upon surrender for registration of transfer of any Registered Security of the 2048 Senior Notes at
the Registrar in accordance with the Indenture and upon payment (if so required by the Issuer) of the charges hereinafter provided, the Issuer shall execute, and the Trustee shall, upon receipt of a Company Order, authenticate and deliver, in the
name of the designated transferee or transferees, one or more new Registered Securities of the 2048 Senior Notes, of any authorized denominations and of like tenor and aggregate principal amount and maturity. 

(b)    All Registered Securities presented or surrendered for registration of transfer, exchange,
redemption or payment shall (if so required by the Issuer) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer in form satisfactory to the Issuer duly executed by the Holder thereof or his attorney duly
authorized in writing. 
 (c)    No service charge shall be made to a Holder of a Security for any
registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.14, 3.07 or 11.04 hereof). 

(d)    Notwithstanding any other provision of this Section 2.09, unless and until
it is exchanged in whole or in part for Securities in definitive registered form, a Registered Global Security representing all or a portion of the 2048 Senior Notes 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.

 (e)    Registered Global Securities representing all or a portion of the 2048 Senior Notes may be
exchanged by the Issuer for Registered Securities of 2048 Senior Notes in definitive form if: 

(i)    the Issuer delivers to the Trustee notice from the Depositary that it is unwilling or unable to
continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the Depositary;

 (ii)    the Issuer in its sole discretion determines that the Registered Global Securities (in whole
but not in part) should be exchanged for Registered Securities in definitive form and delivers an Officer’s Certificate to such effect to the Trustee; or 

  
 7 

 (iii)    there has occurred and is continuing a Default or
Event of Default with respect to the Securities of the 2048 Senior Notes. 
 (f)    If established by the
Issuer pursuant to Section 2.01 hereof with respect to any Registered Global Security, the Depositary for such Registered Global Security may surrender such Registered Global Security in exchange in whole or in part for
Registered Securities of the same series in definitive registered form on such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute, and the Trustee shall, upon receipt of a Company Order, authenticate and
deliver, without service charge: 
 (i)    to each Person specified by such Depositary, new Registered
Securities of the same series, of any authorized denominations as requested by such Person, in an aggregate principal amount equal to and in exchange for such Person’s beneficial interest in the Registered Global Security; and 

(ii)    to such Depositary, a new Registered Global Security in a denomination equal to the difference, if
any, between the principal amount of the surrendered Registered Global Security and the aggregate principal amount of Registered Securities authenticated and delivered pursuant to clause (i) above. 

(g)    Registered Securities issued in exchange for a Registered Global Security pursuant to this
Section 2.09 shall be registered in such names and in such authorized denominations as the Depositary for such Registered Global Security, pursuant to instructions from its Participant or Indirect Participants or otherwise,
shall instruct the Trustee. The Trustee shall deliver such Securities to or as directed by the Persons in whose names such Securities are so registered. The Registered Global Security exchanged shall be canceled by the Trustee. 

(h)    All Securities issued upon any registration of transfer or exchange of Securities shall be the valid
obligations of the Issuer, evidencing the same Debt, and entitled to the same benefits under this Indenture, as the Securities surrendered upon such registration of transfer or exchange. 

(i)    The Registrar shall not be required (i) to issue, register the transfer of or exchange any
Security during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Securities selected for redemption under Section 3.03 hereof 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.” 

“Section 2.10    Book-Entry Provisions for Global Securities. 

(a)    Members of, or participants in, the Depositary (“Agent Members”) shall have no rights
under this Indenture with respect to any Global Security held on their behalf by the Depositary, or the Trustee as its custodian, or under any Global Security, and the Depositary may be treated by the Issuer, the Guarantors, the Trustee and any
agent of the Issuer, the Guarantors or the Trustee as the absolute owner 

  
 8 

 
of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuer, the Guarantors, the Trustee or any agent of the Issuer, the Guarantors
or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the
rights of a Beneficial Owner of any Security. 
 (b)    Transfers of a Global Security shall be limited
to transfers of such Global Security in whole, but not in part, to the Depositary, its successors or their respective nominees. Interests of Beneficial Owners in a Global Security may be transferred in accordance with the applicable rules and
procedures of the Depositary. 
 (c)    Any beneficial interest in one of the Global Securities that is
transferred to a Person who takes delivery in the form of an interest in the other Global Security of the same series will, upon transfer, cease to be an interest in such Global Security and become an interest in the other Global Security and,
accordingly, will thereafter be subject to all transfer restrictions, if any, and other procedures applicable to beneficial interests in such other Global Security for as long as it remains such an interest. 

(d)    The registered holder of a Global Security may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Securities.” 

“Section 2.11    [Reserved].” 

Section 4.02    Amendments to Article IV of the Original Indenture. Article IV of the Original
Indenture shall be amended by adding the following new Sections thereto as set forth below for the benefit of the Holders of the 2048 Senior Notes but no other series of Securities under the Original Indenture, whether now or hereafter issued and
outstanding (except as may be provided in a future supplemental indenture to the Original Indenture): 

“Section 4.06    Limitation on Secured Indebtedness and Indebtedness
of Non-Guarantor Subsidiaries. 
 (a)    If the Issuer or
any of the Issuer’s Significant Subsidiaries that is a Guarantor creates or permits any lien of any kind upon (1) any stock, whether owned on the Issue Date or thereafter acquired, of any of the Issuer’s Significant Subsidiaries that
is a Guarantor or (2) any indebtedness, whether owned on the Issue Date or thereafter acquired, of the Issuer or any of the Issuer’s Significant Subsidiaries that is a Guarantor, in each case, to secure any Debt (other than the 2048 Senior
Notes) of the Issuer, any of the Issuer’s Subsidiaries or any other person, the Issuer will cause the outstanding 2048 Senior Notes to be secured equally and ratably with that Debt, unless the aggregate principal amount of all such secured Debt
then outstanding (together with any Debt outstanding under clauses (i), (iii), (iv) and (v) of Section 4.06(b)) would not exceed 10.0% of the Issuer’s Consolidated Net Assets. This
Section 4.06 does not restrict any other property of the Issuer or its Subsidiaries. Subject to Section 4.06(b), the Indenture does not prohibit the sale by the Issuer or any of its Subsidiaries of any stock or indebtedness
of any Subsidiary, including any Significant Subsidiary. 

  
 9 

 (b)    The Issuer shall not permit any of its Subsidiaries
that is not a Guarantor to incur any Debt, except: 
 (i)    Debt with a final maturity of not more than
365 days; 
 (ii)    intercompany Debt owed to the Issuer or any of its Subsidiaries; 

(iii)    Debt of any joint venture to which the Issuer or any of its Subsidiaries is a party; 

(iv)    any Existing KCSM Notes and any Secured Debt of any Subsidiary of the Issuer that is not a
Guarantor, in each case, outstanding on the Issue Date; and 
 (v)    Debt not otherwise permitted by
this Section 4.06(b) in an aggregate principal amount, at any one time outstanding, not to exceed $150.0 million less the aggregate principal amount of any Existing KCSM Notes outstanding at the time of such incurrence
(but not less than $0); 
 provided that, the limitations set forth in this Section 4.06(b) shall not apply
to Meridian Speedway, LLC. 
 Section 4.07    Offer to Repurchase Upon Change of Control
Repurchase Event 
 (a)     If a Change of Control Repurchase Event occurs, the Issuer will
be required to make an offer to each Holder of the 2048 Senior Notes to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s 2048 Senior Notes at a repurchase price in cash equal to
101% of the aggregate principal amount of the 2048 Senior Notes repurchased plus accrued interest, if any, to but excluding the date of repurchase. Within 30 days following a Change of Control Repurchase Event or, at the Issuer’s option, prior
to a Change of Control, but after the public announcement of such Change of Control, the Issuer shall mail to each Holder of the 2048 Senior Notes, with a copy to the Trustee, a notice: 

(i)    describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event; 
 (ii)    offering to repurchase the 2048 Senior Notes; 

(iii)    setting forth the payment date for the repurchase of the 2048 Senior Notes, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is mailed; 
 (iv)    if mailed
prior to the date of consummation of the Change of Control, stating that the offer to purchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the payment date specified in the notice; 

(v)    stating that any 2048 Senior Note not tendered will continue to accrue interest; 

(vi)    stating that, unless the Issuer defaults in the payment of the repurchase price, all 2048 Senior
Notes accepted for payment pursuant to the repurchase offer will cease to accrue interest after the payment date specified in the notice; and 

  
 10 

 (vii)    specifying the procedure for tendering 2048 Senior
Notes. 
 (b)    The Issuer will comply with the requirements of Rule
14e-1 under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the 2048 Senior Notes as a
result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section 4.07, the Issuer will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under the Indenture by virtue of such conflict. 

(c)    On the repurchase date following a Change of Control Repurchase Event (the “Change of
Control Payment Date”), the Issuer will, to the extent lawful: 
 (i)    accept for payment all
2048 Senior Notes or portions of 2048 Senior Notes properly tendered pursuant to the Issuer’s offer; 

(ii)    deposit with the Paying Agent an amount equal to the aggregate purchase price in respect of all
2048 Senior Notes or portions of 2048 Senior Notes properly tendered; and 
 (iii)    deliver or cause to
be delivered to the Trustee the 2048 Senior Notes properly accepted together with an Officer’s Certificate stating the aggregate principal amount of 2048 Senior Notes being purchased by the Issuer. 

(d)    The Paying Agent will promptly deliver to each Holder of 2048 Senior Notes properly tendered the
purchase price for the 2048 Senior Notes, and the Trustee will promptly authenticate and deliver (or otherwise cause to be transferred by book entry) to each Holder of 2048 Senior Notes a new 2048 Senior Note equal in principal amount to any
unpurchased portion of any 2048 Senior Notes surrendered; provided that each new 2048 Senior Note will be in minimum denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

(e)    The Issuer will not be required to make an offer to repurchase the 2048 Senior Notes upon a Change
of Control Repurchase Event if (i) a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements for an offer made by the Issuer set forth in the Indenture and such third party purchases all
2048 Senior Notes properly tendered and not withdrawn under its offer or (ii) a notice of redemption for all outstanding 2048 Senior Notes has been given pursuant to Section 3.03 of the Original Indenture. 

Section 4.08    Additional Guarantors. The Issuer shall cause each
Domestic Subsidiary that guarantees the Credit Agreement or any other Debt of the Issuer or any of the Issuer’s Significant Subsidiaries that is a Guarantor to become a Guarantor and execute a supplemental indenture and deliver an Opinion of
Counsel satisfactory to the Trustee within 30 days of becoming a Guarantor of such Debt; provided that, for avoidance of doubt, none of KCSM or any other Subsidiary of the Issuer that is not a Domestic Subsidiary shall be required to become a
Guarantor. 

  
 11 

 Section 4.09    Reports. Whether or not
the Issuer is required to file reports with the Commission, the Issuer shall file with the Commission all such reports and other information when and as the Issuer would be required to file with the Commission by Sections 13(a) or 15(d) under the
Exchange Act if the Issuer were subject thereto, unless the Commission does not permit such filings, in which case the Issuer shall provide such reports and other information to the Trustee (within the same time periods that would be applicable if
the Issuer were required and permitted to file reports with the Commission) and instruct the Trustee to mail such reports and other information to Holders at their addresses set forth on the Security Register. The Issuer shall supply the Trustee and
each Holder of 2048 Senior Notes or shall supply to the Trustee for forwarding to each such Holder, without cost to such Holder, copies of such reports and other information. Notwithstanding the foregoing sentence, the Trustee and each Holder of
2048 Senior Notes shall be deemed to have been supplied the foregoing reports and other information at the time the Trustee or such Holder may electronically access such reports and other information by means of the Commission’s homepage on the
internet or at the Issuer’s homepage on the internet. 
 Delivery of the reports and other information described in this
Section 4.09 to the Trustee is for informational purposes only and the Trustee’s receipt of such reports or other information shall not constitute constructive notice of any information contained therein or determinable from information
contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officer’s Certificates).” 

Section 4.03    Amendment to Article V of the Original Indenture. Article V of the Original Indenture
shall be amended by deleting Section 5.01 thereof in its entirety and replacing it with the language set forth below for the benefit of the Holders of the 2048 Senior Notes but no other series of Securities under the Original Indenture, whether now
or hereafter issued and outstanding (except as may be provided in a future supplemental indenture to the Original Indenture): 

“Section 5.01    Merger, Consolidation or Sale of Assets.
Neither the Issuer nor any Guarantor will consolidate with, merge with or into, or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its property and assets (as an entirety or substantially as an entirety in
one transaction or a series of related transactions) to, any Person or permit any Person to merge with or into the Issuer or such Guarantor unless: 

(a)    the Issuer or such Guarantor shall be the continuing Person, or the Person (if other than the Issuer
or such Guarantor) formed by such consolidation or into which the Issuer or such Guarantor is merged or that acquired or leased such property and its assets shall be a corporation organized and validly existing under the laws of the United States of
America, any state thereof or the District of Columbia (or in the case of a Guarantor, a corporation, partnership, limited liability company or similar entity organized and validly existing under the laws of the jurisdiction under which such
Guarantor was organized) and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all of the obligations of the Issuer or such Guarantor under the Securities, the
Note Guarantee and this Indenture, as applicable; provided that this clause (a) shall not apply with respect to a Guarantor whose Note Guarantee is released as described in Section 9.04 hereof; 

(b)    immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; and 

  
 12 

 (c)    the Issuer delivers to the Trustee an Officer’s
Certificate and an Opinion of Counsel, in each case stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or other deposition and such supplemental indenture complies with this
Section 5.01.” 
 Section 4.04    Amendments to Article VI of the Original
Indenture. Article VI of the Original Indenture shall be amended by replacing clause (g) of Section 6.01 with the following: 

“(g)    (i) the Concession Title shall cease to grant to KCSM the rights provided therein as of the
Closing Date and such cessation has had a material adverse effect on the Issuer and its Subsidiaries taken as a whole, 

(ii)    (x) the Concession Title shall for any reason be terminated (other than as a result of the
expiration or termination of the Concession Title in June 2047 pursuant to its terms) and not reinstated within 30 days or (y) rights provided therein which were originally exclusive to KCSM shall become nonexclusive and the cessation of such
exclusivity has had a material adverse effect on the Issuer and its Subsidiaries taken as a whole, or 

(iii)    the operations of the Northeast Rail Lines shall be commandeered or repossessed (a requisa) for a
period of 90 days or more; and.” 
 ARTICLE V 

MISCELLANEOUS PROVISIONS 

Section 5.01    Effect of Covenant Defeasance. Upon the Issuer’s exercise under Section 8.01 of
the Original Indenture of Covenant Defeasance, the Issuer and each of the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 thereof, be released from their obligations under Sections 4.06, 4.07, 4.08 and 4.09
of the Indenture with respect to the outstanding 2048 Senior Notes on and after the date the conditions set forth in Section 8.04 thereof are satisfied, and the 2048 Senior Notes will thereafter be deemed not “outstanding” for the purposes
of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all other purposes hereunder (it being understood
that 2048 Senior Notes will not be deemed outstanding for accounting purposes). 

Section 5.02    Counterpart Originals. The Original Indenture, as supplemented by this Eighth
Supplemental Indenture, is in all respects hereby adopted, ratified and confirmed. This Eighth Supplemental Indenture may be executed in any number of counterparts, each of which shall be an original, but such counterparts shall together constitute
but one and the same instrument. 
 Section 5.03    Governing Law. THE INTERNAL LAW OF THE STATE OF
NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS EIGHTH SUPPLEMENTAL INDENTURE AND THE 2048 SENIOR NOTES. 

Section 5.04    TIA Controls. If any provision in this Eighth Supplemental Indenture limits, qualifies
or conflicts with another provision hereof that is required to be included herein by any provisions of the TIA, such required provision shall control. 

Section 5.05    Severability. In case any provision in this Eighth Supplemental Indenture or the 2048
Senior Notes 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. 

  
 13 

 Section 5.06    Trustee’s Disclaimer. The recitals
contained herein shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Eighth Supplemental Indenture, except
that the Trustee represents that it is duly authorized to execute and deliver this Eighth Supplemental Indenture and perform its obligations hereunder. 

*    *    *     

  
 14 

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

			
	KANSAS CITY SOUTHERN, as Issuer
		
	By	 	 /s/ Michael W. Upchurch

	Name:	 	Michael W. Upchurch
	Title:	 	Executive Vice President and Chief Financial Officer
	
	THE KANSAS CITY SOUTHERN RAILWAY COMPANY, as Guarantor
		
	By	 	 /s/ Michael W. Cline

	Name:	 	Michael W. Cline
	Title:	 	Vice President & Treasurer
	
	GATEWAY EASTERN RAILWAY COMPANY, as Guarantor
		
	By	 	 /s/ Michael W. Cline

	Name:	 	Michael W. Cline
	Title:	 	Vice President and Treasurer
	
	SOUTHERN DEVELOPMENT COMPANY, as Guarantor
		
	By:	 	 /s/ Michael W. Upchurch

	Name:	 	Michael W. Upchurch
	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	THE KANSAS CITY NORTHERN RAILWAY COMPANY, as Guarantor
		
	By:	 	 /s/ Michael W. Cline

	Name:	 	Michael W. Cline
	Title:	 	Vice President and Treasurer
	
	TRANS-SERVE, INC., as Guarantor
		
	By:	 	 /s/ Michael W. Cline

	Name:	 	Michael W. Cline
	Title:	 	Vice President and Treasurer

 Signature Page to Eighth Supplemental Indenture 

 
			
	KCS HOLDINGS I, INC., as Guarantor
		
	By:	 	 /s/ Michael W. Cline

	Name:	 	Michael W. Cline
	Title:	 	Vice President and Treasurer
	
	KCS VENTURES I, INC., as Guarantor
		
	By:	 	 /s/ Michael W. Cline

	Name:	 	Michael W. Cline
	Title:	 	Vice President and Treasurer
	
	SOUTHERN INDUSTRIAL SERVICES, INC., as Guarantor
		
	By:	 	 /s/ Michael W. Upchurch

	Name:	 	Michael W. Upchurch
	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	VEALS, INC., as Guarantor
		
	By:	 	 /s/ Michael W. Upchurch

	Name:	 	Michael W. Upchurch
	Title:	 	Vice President, Chief Financial Officer and Treasurer
	
	PABTEX, INC., as Guarantor
		
	By:	 	 /s/ Michael W. Upchurch

	Name:	 	Michael W. Upchurch
	Title:	 	Vice President, Chief Financial Officer and Treasurer

 Signature Page to Eighth Supplemental Indenture 

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Michael M. Hopkins

	Name:	 	Michael M. Hopkins
	Title:	 	Vice President

 Signature Page to Eighth Supplemental Indenture 

 Exhibit A 

 EXHIBIT A 

[Face of Note] 
 CUSIP
No. 485170 BB9 
 ISIN No. US485170BB94 

4.700% Senior Notes due 2048 
  

			
	No.             	  	$                    

 KANSAS CITY SOUTHERN 

promises to pay to                      or
registered assigns, 
 the principal sum of
                     dollars on May 1, 2048. 

Interest Payment Dates: May 1 and November 1. 
 Regular
Record Dates: April 15 and October 15.                 

  
 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be signed manually or by facsimile by its duly authorized
officers. 
 Date: 
  

			
	Kansas City Southern
		
	By:	 	  

	Name:	 	
	Title:	 	
		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-3 

 This is one of the 2048 Senior Notes referred to 

in the within-mentioned Indenture. 
  

			
	 U.S. Bank National Association
 as
Trustee

		
	By:	 	  

		 	Authorized Signatory
	
	Date:             ,         

  
 A-4 

 [REVERSE SIDE OF NOTE] 

4.700% Senior Notes due 2048 
 THIS SECURITY IS A
REGISTERED GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR SECURITIES IN DEFINITIVE REGISTERED FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO THE 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.

 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1.     Principal and Interest. 

The Issuer will pay the principal of this Note on May 1, 2048. 

The Issuer promises to pay interest on the principal amount of this Note on each Interest Payment Date at the rate of 4.700% per annum. 

Interest will be payable semi-annually (to the holders of record of the 2048 Senior Notes at the close of business on April 15 or
October 15 immediately preceding the Interest Payment Date) on each Interest Payment Date, commencing [November 1, 2018]1. 

Interest on the 2048 Senior Notes will accrue from the most recent date on which interest has been paid or, if no interest has been paid,
[from and including May 3, 2018]2; provided that, if there is no existing default in the payment of interest and this Note is authenticated between a Regular Record Date referred to on
the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such Interest Payment Date. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 The Issuer shall pay interest on overdue principal and premium, if any, and interest on
overdue installments of interest, to the extent lawful, at the rate per annum borne by the 2048 Senior Notes to the extent lawful and in accordance with the terms of the Indenture. 

2.    Method of Payment. 

The Issuer will pay principal as provided above and interest (except defaulted interest) on the principal amount of the 2048 Senior Notes
as provided above on each Interest Payment Date to the persons who are Holders (as reflected in the Security Register at the close of business on April 15 and October 15 immediately preceding the Interest Payment Date), in each case, even
if the 2048 Senior Note is cancelled on registration of transfer or registration of exchange after such record date; provided that, with respect to the payment of principal, the Issuer will not make payment to the Holder unless this Note is
surrendered to a Paying Agent. 
  

	1 	With respect to Notes issued on the Issue Date. 

	2 	With respect to Notes issued on the Issue Date. 

  
 A-5 

 The Issuer will pay principal, premium, if any, and, as provided above, interest in money of the
United States that at the time of payment is legal tender for payment of public and private debts. However, subject to the requirements of any Depositary which is the Holder of this Note, the Issuer may pay principal, premium, if any, and interest
by its check payable in such money. The Issuer may mail an interest check to a Holder’s registered address (as reflected in the Security Register). If a payment date is a date other than a Business Day at a place of payment, payment may be made
at that place on the next succeeding day that is a Business Day and no interest shall accrue for the intervening period. 

3.    Paying Agent and Registrar. 

Initially, the Trustee will act as Authenticating Agent, Paying Agent and Registrar. The Issuer may appoint or change any Authenticating Agent,
Paying Agent or Registrar without notice. The Issuer, any Subsidiary or any Affiliate of any of them may act as Paying Agent, Registrar or co-Registrar. 

4.    Indenture. 
 The
Issuer issued the 2048 Senior Notes under an Indenture dated as of December 9, 2015 (as supplemented by the Eighth Supplemental Indenture dated as of May 3, 2018, the “Indenture”), among the Issuer, the guarantors party
thereto and U.S. Bank National Association, as trustee (in such capacity, the “Trustee”). Capitalized terms herein are used as defined in the Indenture unless otherwise indicated. The terms of the 2048 Senior Notes include those
stated in the Indenture and those made part of the Indenture by reference to the TIA. The 2048 Senior Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of all such terms. To the extent
permitted by applicable law, in the event of any inconsistency between the terms of this Note and the terms of the Indenture, the terms of the Indenture shall control. The 2048 Senior Notes are general unsecured obligations of the Issuer. 

5.    Optional Redemption. 

Prior to the Par Call Date, the 2048 Senior Notes will be redeemable in whole or in part at any time and from time to time, at the
Issuer’s option, at a Redemption Price equal to the greater of (i) 100% of the principal amount of the 2048 Senior Notes to be redeemed and (ii) the sum of the present values of the remaining scheduled payments of principal and interest on
the 2048 Senior Notes to be redeemed that would have been made if such 2048 Senior Notes matured on the Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at then-current Treasury Rate, plus 25 basis points, plus accrued interest thereon to but excluding the Redemption Date. 

On or after the Par Call Date, the 2048 Senior Notes will be redeemable in whole or in part at any time and from time to time, at the
Issuer’s option, at a Redemption Price equal to 100% of the principal amount of the 2048 Senior Notes to be redeemed plus accrued interest thereon to but excluding the Redemption Date. 

6.    Partial Redemption. 

If less than all of the 2048 Senior Notes are to be redeemed at any time, the Trustee shall select the 2048 Senior Notes to be redeemed in
compliance with the requirements of the principal national securities exchange, if any, on which the 2048 Senior Notes are listed, or if the 2048 Senior Notes are not 

  
 A-6 

 
listed on a national securities exchange, pro rata, by lot or by such other method as the Trustee in its sole discretion shall deem to be fair and appropriate; provided that no 2048
Senior Note of $2,000 in principal amount or less shall be redeemed in part. 
 7.    Notice of Redemption. 

Notice of any redemption pursuant to Section 5 hereof will be mailed at least 30 days but not more than 60 days
before the Redemption Date to each Holder of 2048 Senior Notes to be redeemed at his or her last address as it appears in the Security Register. Any 2048 Senior Notes in original denominations larger than $2,000 may be redeemed in part. On and after
the Redemption Date, interest ceases to accrue and the principal amount shall remain constant (using the principal amount as of the Redemption Date) on 2048 Senior Notes or portions of 2048 Senior Notes called for redemption, unless the Issuer
defaults in the payment of the Redemption Price. 
 8.    Repurchase upon Change of Control Repurchase Event. 

Upon the occurrence of any Change of Control Repurchase Event, each Holder shall have the right to require the repurchase of its 2048 Senior
Notes by the Issuer in cash pursuant to the offer described in the Indenture at a purchase price equal to 101% of the principal amount thereof on the date of repurchase plus accrued interest, if any, to, but excluding, the date of repurchase. 

A notice of such Change of Control Repurchase Event will be mailed within 30 days after any Change of Control Repurchase Event occurs or, at
the Issuer’s option, prior to the Change of Control, but after public announcement of such Change of Control, to each Holder of the 2048 Senior Notes with a copy to the Trustee. Any 2048 Senior Notes in original denominations larger than $2,000
may be sold to the Issuer in part. On and after the Change of Control Payment Date, interest ceases to accrue on 2048 Senior Notes or portions of 2048 Senior Notes surrendered for purchase by the Issuer, unless the Issuer defaults in the payment of
the repurchase price. 
 9.    Denominations; Transfer; Exchange. 

The 2048 Senior Notes are in registered form without coupons in minimum denominations of $2,000 and integral multiples of $1,000 in excess
thereof. A Holder may register the transfer or exchange of 2048 Senior Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes
and fees required by law or permitted by the Indenture. The Registrar need not register the transfer or exchange of any 2048 Senior Notes selected for redemption, except the unredeemed portion of any 2048 Senior Notes being redeemed in part. Also,
it need not register the transfer or exchange of any 2048 Senior Notes for a period of 15 days before a selection of 2048 Senior Notes to be redeemed is made. 

10.    Persons Deemed Owners. 

A Holder shall be treated as the owner of a 2048 Senior Note for all purposes. 

11.    Unclaimed Money. 

If money for the payment of principal, premium, if any, or interest remains unclaimed for two years, then, subject to applicable escheat law,
the Trustee and the Paying Agent will pay the money back to the Issuer at its request. After that, Holders entitled to the money must look to the Issuer for payment, unless an abandoned property law designates another Person, and all liability of
the Trustee and such Paying Agent with respect to such money shall cease. 

  
 A-7 

 12.    Discharge Prior to Redemption or Maturity. 

The Issuer’s and the Guarantors’ obligations pursuant to the Indenture will be discharged, except for obligations pursuant to certain
sections thereof, subject to the terms of the Indenture, upon the payment of all the 2048 Senior Notes or upon the irrevocable deposit with the Trustee of U.S. dollars or Government Securities sufficient to pay when due principal of and interest on
the 2048 Senior Notes to maturity or redemption, as the case may be. 
 13.    Amendment; Supplement; Waiver. 

Subject to certain exceptions, the Indenture, the 2048 Senior Notes and the Note Guarantees may be amended or supplemented with the consent of
the Holders of a majority in principal amount of the 2048 Senior Notes then outstanding, and any existing default or compliance with any provision may be waived with the consent of the Holders of a majority in principal amount of the 2048 Senior
Notes then outstanding. Without notice to or the consent of any Holder, the parties thereto may amend or supplement the Indenture, the 2048 Senior Notes and the Note Guarantees to, among other things, cure any ambiguity, omission, mistake, defect or
inconsistency and make any change that does not adversely affect the legal rights of any Holder. 
 14.    Restrictive Covenants.

 The Indenture imposes certain limitations on the ability of (x) the Issuer and the Guarantors, among other things, to create or
permit any lien or merge, consolidate or transfer substantially all of their assets and (y) the Issuer to permit its Subsidiaries that are not Guarantors to incur certain Debt. The Indenture also requires the Issuer to cause each Domestic
Subsidiary that guarantees the Credit Agreement or any other Debt of the Issuer or a Significant Subsidiary of the Issuer that is a Guarantor to become a Guarantor of the 2048 Senior Notes as set forth in the Indenture. Within 90 days after the end
of each fiscal year, the Issuer must report to the Trustee on compliance with such covenants. 
 15.    Successor Persons. 

When a successor person or other entity assumes all the obligations of its predecessor under the 2048 Senior Notes and the Indenture in
accordance with the terms of the Indenture, the predecessor person will be released from those obligations. 
 16.    Defaults and
Remedies. 
 The following events constitute “Events of Default” under the Indenture: (a) default in the payment of
principal of (or premium, if any, on) any 2048 Senior Note when the same becomes due at maturity, upon acceleration, redemption or otherwise; (b) default in the payment of interest on any 2048 Senior Note when due and such default
continues for a period of 30 days; (c) the Issuer or a Guarantor defaults in the performance of any covenant of the Issuer or a Guarantor in the Indenture or under this Note (other than a default specified in clause (a) or (b) above),
and such default continues for a period of 90 days after written notice by the Trustee or the Holders of 25% or more in aggregate principal amount of the 2048 Senior Notes; (d) a court having jurisdiction in the premises enters a decree or
order for (i) relief in respect of the Issuer or a Guarantor in an involuntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, (ii) appointment of a receiver, liquidator, assignee,
custodian, trustee, sequestrator or similar official for the Issuer or a Guarantor or for all or substantially all of the property and assets of the Issuer or a Guarantor or (iii) the winding-up or
liquidation of the affairs of the Issuer or a Guarantor and, in each case, such decree or order shall remain unstayed and in effect for a period of 30 consecutive days; (e) the Issuer or a Guarantor (i) commences a

  
 A-8 

 
voluntary case under any applicable bankruptcy, insolvency or other similar law now or hereafter in effect, or consents to the entry of an order for relief in an involuntary case under any such
law; (ii) consents to the appointment of or taking possession by a receiver, liquidator, assignee, custodian, trustee, sequestrator or similar official for the Issuer or a Guarantor or for all or substantially all of the property and assets of
the Issuer or a Guarantor or (iii) effects any general assignment for the benefit of creditors; (f) any Note Guarantee ceases to be in full force and effect (except as contemplated by the terms of the Indenture) or any Guarantor or Person
acting on behalf of such Guarantor denies or disaffirms such Guarantor’s obligations under the Indenture or any Note Guarantee and such default continues for a period of 10 days after written notice by the Trustee or the Holders of 25% or more
in aggregate principal amount of the 2048 Senior Notes; or (g) (A) the Concession Title shall cease to grant to KCSM the rights provided therein as of the Issue Date and such cessation has had a material adverse effect on the Issuer and its
Subsidiaries taken as a whole, (B) (x) the Concession Title shall for any reason be terminated (other than as a result of the expiration or termination of the Concession Title in June 2047 pursuant to its terms) and not reinstated within 30
days or (y) rights provided therein which were originally exclusive to KCSM shall become nonexclusive and the cessation of such exclusivity has had a material adverse effect on the Issuer and its Subsidiaries taken as a whole, or (C) the
operations of the Northeast Rail Lines shall be commandeered or repossessed (a requisa) for a period of 90 days or more. 
 If an
Event of Default occurs and is continuing under the Indenture, the Trustee or the Holders of at least 25% in aggregate principal amount of the 2048 Senior Notes then outstanding, by written notice to the Issuer (and to the Trustee if such notice is
given by the Holders), may, and the Trustee at the request of such Holders shall, declare the principal of, premium, if any, and accrued interest on the 2048 Senior Notes to be immediately due and payable. 

Holders may not enforce the Indenture or the 2048 Senior Notes except as provided in the Indenture. The Trustee may require indemnity
satisfactory to it before it enforces the Indenture or the 2048 Senior Notes. Subject to certain limitations, Holders of a majority in principal amount of the 2048 Senior Notes then outstanding may direct the Trustee in its exercise of any trust or
power. 
 17.    Trustee Dealings with Issuer. 

The Trustee under the Indenture, in its individual or any other capacity, may make loans to, accept deposits from and perform services for the
Issuer or its Affiliates and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 
 18.    No
Personal Liability of Incorporators, Stockholders, Officers, Directors, or Employees. 
 No recourse for the payment of the principal of,
premium, if any, or interest on any of the 2048 Senior Notes issued under the Indenture or for any claim based on the Indenture or otherwise in respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Issuer or any
Guarantor in the Indenture, or in any of the 2048 Senior Notes or the Note Guarantees or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer, director, employee or controlling
person of the Issuer, any Guarantor or of any successor Person thereof. Each Holder, by accepting the 2048 Senior Notes, waives and releases all such liability. 

19.    Authentication. 

This Note shall not be valid until the Trustee or Authenticating Agent manually signs the certificate of authentication on the other side of
this Note. 

  
 A-9 

 20.    Abbreviations. 

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

The Issuer will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to Kansas City
Southern, 427 West 12th Street, Kansas City, MO 64105, Attention: Treasurer. 

  
 A-10 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	 	  

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

 

	
	  
 (Insert
assignee’s legal name)

	  

	
	  

	
	  

	
	  

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

 and irrevocably appoint 
  

 
 to transfer this Note on the books of the Issuer. The
agent may substitute another to act for him. 
  

					
	Your Signature:	  	  
	  	
		  	(Sign exactly as your name appears	  	
		  	on the face of this Note)	  	

 Signature Guarantee*:
                                         
                
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-11 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.07 of the Indenture, check the box below: 

☐ Section 4.07 

If you want to elect to have only part of the 2048 Senior Note purchased by the Issuer pursuant to Section 4.07 of
the Indenture, state the amount you elect to have purchased: 

$                     

Date:                      

 

					
	Your Signature:	  	  
	  	
		  	(Sign exactly as your name appears	  	
		  	on the face of this Note)	  	

					
			
	Tax Identification No.:	  	  
	  	
			
	Signature Guarantee*:	  	  
	  	

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-12 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE REGISTERED GLOBAL SECURITY 

The following exchanges of a part of this Registered Global Security for an interest in another Registered Global Security, or exchanges of a
part of another Registered Global Security for an interest in this Registered Global Security, have been made: 
  

									
	 Date of Exchange
	  	 Amount of

decrease in
 Principal Amount

of this Registered
 Global
Security
	  	 Amount of

increase in
 Principal Amount

of this Registered
 Global
Security
	  	 Principal Amount
of this Registered
Global
Security
following such
decrease (or
increase)
	  	 Signature of
authorized officer
of Trustee
or
Custodian

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

	  
	  	  
	  	  
	  	  
	  	  

  
 A-13

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