Document:

Note Purchase Agreement

 Exhibit 4.1 
 CONFORMED COPY 
  

 
 ARTHUR J.
GALLAGHER & CO. 
 ARTHUR J. GALLAGHER &
CO. (ILLINOIS) 
 ARTHUR J. GALLAGHER
BROKERAGE & RISK MANAGEMENT SERVICES, LLC 

RISK PLACEMENT SERVICES, INC. 

GALLAGHER BASSETT SERVICES, INC. 

GALLAGHER BENEFIT SERVICES, INC. 

ARTHUR J. GALLAGHER RISK MANAGEMENT SERVICES,
INC. 
 ARTHUR J. GALLAGHER SERVICE COMPANY 

$75,000,000 5.18% SENIOR NOTES, SERIES D, DUE FEBRUARY 10,
2021 
 AND 
 $50,000,000 5.49% SENIOR NOTES, SERIES E, DUE FEBRUARY 10, 2023 

 
  

NOTE PURCHASE AGREEMENT 

 
  

DATED AS OF FEBRUARY 10, 2011 

 
  

 

 TABLE OF CONTENTS 

 

									
	 	 	 	 	 	  	Page	 
			
	 Section 1.
	 	 Authorization of Notes
	  	 	1	  
			
	 Section 2.
	 	 Sale and Purchase of Notes
	  	 	1	  
				
		 	 Section 2.1
	 	 Purchase and Sale of Notes
	  	 	1	  
				
		 	 Section 2.2
	 	 Release of Subsidiary Guarantors and Obligors
	  	 	2	  
			
	 Section 3.
	 	 Closing
	  	 	3	  
			
	 Section 4.
	 	 Conditions to Closing
	  	 	3	  
				
		 	 Section 4.1
	 	 Representations and Warranties
	  	 	3	  
				
		 	 Section 4.2
	 	 Performance; No Default
	  	 	3	  
				
		 	 Section 4.3
	 	 Compliance Certificates
	  	 	3	  
				
		 	 Section 4.4
	 	 Opinions of Counsel
	  	 	3	  
				
		 	 Section 4.5
	 	 Purchase Permitted by Applicable Law, Etc.
	  	 	4	  
				
		 	 Section 4.6
	 	 Sale of Other Notes
	  	 	4	  
				
		 	 Section 4.7
	 	 Payment of Special Counsel Fees
	  	 	4	  
				
		 	 Section 4.8
	 	 Private Placement Number
	  	 	4	  
				
		 	 Section 4.9
	 	 Changes in Corporate Structure
	  	 	4	  
				
		 	 Section 4.10
	 	 Funding Instructions
	  	 	4	  
				
		 	 Section 4.11
	 	 Proceedings and Documents
	  	 	4	  
			
	 Section 5.
	 	 Representations and Warranties of the Obligors
	  	 	5	  
				
		 	 Section 5.1
	 	 Organization; Power and Authority
	  	 	5	  
				
		 	 Section 5.2
	 	 Authorization, Etc.
	  	 	5	  
				
		 	 Section 5.3
	 	 Disclosure
	  	 	5	  
				
		 	 Section 5.4
	 	 Organization and Ownership of Shares of Subsidiaries; Affiliates
	  	 	5	  
				
		 	 Section 5.5
	 	 Financial Statements; Material Liabilities
	  	 	6	  
				
		 	 Section 5.6
	 	 Compliance with Laws, Other Instruments, Etc.
	  	 	6	  
				
		 	 Section 5.7
	 	 Governmental Authorizations, Etc.
	  	 	7	  
				
		 	 Section 5.8
	 	 Litigation; Observance of Agreements, Statutes and Orders
	  	 	7	  
				
		 	 Section 5.9
	 	 Taxes
	  	 	7	  
				
		 	 Section 5.10
	 	 Title to Property; Leases
	  	 	7	  
				
		 	 Section 5.11
	 	 Licenses, Permits, Etc.
	  	 	8	  
				
		 	 Section 5.12
	 	 Compliance with ERISA
	  	 	8	  

  
 -i-

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	 Section 5.13
	 	 Private Offering by the Company
	  	 	9	  
				
		 	 Section 5.14
	 	 Use of Proceeds; Margin Regulations
	  	 	9	  
				
		 	 Section 5.15
	 	 Existing Indebtedness; Future Liens
	  	 	9	  
				
		 	 Section 5.16
	 	 Foreign Assets Control Regulations, Etc.
	  	 	10	  
				
		 	 Section 5.17
	 	 Status under Certain Statutes
	  	 	10	  
				
		 	 Section 5.18
	 	 Notes Rank Pari Passu
	  	 	10	  
				
		 	 Section 5.19
	 	 Environmental Matters
	  	 	10	  
			
	 Section 6.
	 	 Representations of the Purchasers
	  	 	11	  
				
		 	 Section 6.1
	 	 Purchase for Investment
	  	 	11	  
				
		 	 Section 6.2
	 	 Source of Funds
	  	 	11	  
			
	 Section 7.
	 	 Information as to the Company
	  	 	13	  
				
		 	 Section 7.1
	 	 Financial and Business Information
	  	 	13	  
				
		 	 Section 7.2
	 	 Officer’s Certificate
	  	 	15	  
				
		 	 Section 7.3
	 	 Visitation
	  	 	16	  
			
	 Section 8.
	 	 Prepayment of the Notes
	  	 	17	  
				
		 	 Section 8.1
	 	 Maturity
	  	 	17	  
				
		 	 Section 8.2
	 	 Optional Prepayments with Make-Whole Amount
	  	 	17	  
				
		 	 Section 8.3
	 	 Allocation of Partial Prepayments
	  	 	17	  
				
		 	 Section 8.4
	 	 Maturity; Surrender, Etc.
	  	 	17	  
				
		 	 Section 8.5
	 	 Purchase of Notes
	  	 	18	  
				
		 	 Section 8.6
	 	 Make-Whole Amount
	  	 	18	  
				
		 	 Section 8.7
	 	 Mandatory Offer to Prepay Upon Change in Control
	  	 	19	  
			
	 Section 9.
	 	 Affirmative Covenants
	  	 	21	  
				
		 	 Section 9.1
	 	 Compliance with Law
	  	 	21	  
				
		 	 Section 9.2
	 	 Insurance
	  	 	21	  
				
		 	 Section 9.3
	 	 Maintenance of Properties
	  	 	21	  
				
		 	 Section 9.4
	 	 Payment of Taxes and Claims
	  	 	21	  
				
		 	 Section 9.5
	 	 Legal Existence, Etc.
	  	 	22	  
				
		 	 Section 9.6
	 	 Notes to Rank Pari Passu
	  	 	22	  
				
		 	 Section 9.7
	 	 Additional Obligors; Guaranty by Subsidiaries
	  	 	22	  

  
 -ii-

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	 Section 9.8
	 	 Books and Records
	  	 	23	  
			
	 Section 10.
	 	 Negative Covenants
	  	 	23	  
				
		 	 Section 10.1
	 	 Cash Flow Leverage Ratio
	  	 	23	  
				
		 	 Section 10.2
	 	 Fixed Charge Coverage Ratio
	  	 	24	  
				
		 	 Section 10.3
	 	 Limitations on Consolidated Priority Indebtedness
	  	 	24	  
				
		 	 Section 10.4
	 	 Limitation on Liens
	  	 	24	  
				
		 	 Section 10.5
	 	 Mergers, Consolidations, Etc.
	  	 	26	  
				
		 	 Section 10.6
	 	 Sale of Assets
	  	 	27	  
				
		 	 Section 10.7
	 	 Transactions with Affiliates
	  	 	28	  
				
		 	 Section 10.8
	 	 Line of Business
	  	 	28	  
				
		 	 Section 10.9
	 	 Terrorism Sanctions Regulations
	  	 	28	  
			
	 Section 11.
	 	 Events of Default
	  	 	29	  
			
	 Section 12.
	 	 Remedies on Default, Etc.
	  	 	31	  
				
		 	 Section 12.1
	 	 Acceleration
	  	 	31	  
				
		 	 Section 12.2
	 	 Other Remedies
	  	 	32	  
				
		 	 Section 12.3
	 	 Rescission
	  	 	32	  
				
		 	 Section 12.4
	 	 No Waivers or Election of Remedies, Expenses, Etc.
	  	 	32	  
			
	 Section 13.
	 	 Registration; Exchange; Substitution of Notes
	  	 	33	  
				
		 	 Section 13.1
	 	 Registration of Notes
	  	 	33	  
				
		 	 Section 13.2
	 	 Transfer and Exchange of Notes
	  	 	33	  
				
		 	 Section 13.3
	 	 Replacement of Notes
	  	 	33	  
			
	 Section 14.
	 	 Payments on Notes
	  	 	34	  
				
		 	 Section 14.1
	 	 Place of Payment
	  	 	34	  
				
		 	 Section 14.2
	 	 Home Office Payment
	  	 	34	  
			
	 Section 15.
	 	 Expenses, Etc.
	  	 	35	  
				
		 	 Section 15.1
	 	 Transaction Expenses
	  	 	35	  
				
		 	 Section 15.2
	 	 Survival
	  	 	35	  
			
	 Section 16.
	 	 Survival of Representations and Warranties; Entire Agreement
	  	 	35	  
			
	 Section 17.
	 	 Amendment and Waiver
	  	 	35	  
				
		 	 Section 17.1
	 	 Requirements
	  	 	35	  

  
 -iii-

 TABLE OF CONTENTS 

(continued) 
  

									
	 	 	 	 	 	  	Page	 
				
		 	 Section 17.2
	 	 Solicitation of Holders of Notes
	  	 	36	  
				
		 	 Section 17.3
	 	 Binding Effect, Etc.
	  	 	36	  
				
		 	 Section 17.4
	 	 Notes Held by the Obligors, Etc.
	  	 	37	  
			
	 Section 18.
	 	 Notices
	  	 	37	  
			
	 Section 19.
	 	 Reproduction of Documents
	  	 	37	  
			
	 Section 20.
	 	 Confidential Information
	  	 	38	  
			
	 Section 21.
	 	 Substitution of Purchaser
	  	 	39	  
			
	 Section 22.
	 	 Miscellaneous
	  	 	39	  
				
		 	 Section 22.1
	 	 Successors and Assigns
	  	 	39	  
				
		 	 Section 22.2
	 	 Payments Due on Non-Business Days
	  	 	39	  
				
		 	 Section 22.3
	 	 Accounting Terms
	  	 	39	  
				
		 	 Section 22.4
	 	 Severability
	  	 	40	  
				
		 	 Section 22.5
	 	 Construction, Etc.
	  	 	40	  
				
		 	 Section 22.6
	 	 Counterparts
	  	 	40	  
				
		 	 Section 22.7
	 	 Governing Law
	  	 	40	  
				
		 	 Section 22.8
	 	 Jurisdiction and Process; Waiver of Jury Trial
	  	 	40	  
				
		 	 Section 22.9
	 	 Nature of Obligations
	  	 	41	  
				
		 	 Section 22.10
	 	 Obligor Agent
	  	 	45	  

  
 -iv-

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	 	  	Page
				
	SCHEDULE A	 	—  	  	 Purchaser Schedule
	  	
				
	SCHEDULE B	 	—  	  	 Defined Terms
	  	
				
	SCHEDULE 5.3	 	—  	  	 Disclosure Materials
	  	
				
	SCHEDULE 5.4	 	—  	  	 Subsidiaries of the Company and Ownership of Subsidiary Stock; Affiliates
	  	
				
	SCHEDULE 5.5	 	—  	  	 Financial Statements
	  	
				
	SCHEDULE 5.15(a)	 	—  	  	 Existing Indebtedness
	  	
				
	SCHEDULE 5.15(b)	 	—  	  	 Liens
	  	
				
	SCHEDULE 5.15(c)	 	—  	  	 Restrictions on Indebtedness
	  	
				
	EXHIBIT 1(a)	 	—  	  	 Form of 5.18% Senior Notes, Series D, due February 10, 2021
	  	
				
	EXHIBIT 1(b)	 	—  	  	 Form of 5.49% Senior Notes, Series E, due February 10, 2023
	  	
				
	EXHIBIT 4.4(a)	 	—  	  	 Form of Opinion of Special Counsel for the Obligors
	  	
				
	EXHIBIT 4.4(b)	 	—  	  	 Form of Opinion of Counsel for the Obligors
	  	
				
	EXHIBIT 4.4(c)	 	—  	  	 Form of Opinion of Special Counsel for the Purchasers
	  	
				
	EXHIBIT 9.7(a)(i)	 	—  	  	 Form of Subsidiary Guaranty
	  	
				
	EXHIBIT 9.7(a)(ii)	 	—  	  	 Form of Joinder Agreement
	  	

  
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 ARTHUR J. GALLAGHER & CO.

 The Gallagher Centre, Two Pierce Place 
 Itasca, Illinois 60143-3141 
 $75,000,000 5.18% Senior Notes, Series D, due
February 10, 2021 
 and 
 $50,000,000 5.49% Senior Notes, Series E, due February 10, 2023 
 Dated as of
February 10, 2011 
 TO EACH OF THE PURCHASERS
LISTED IN 
 SCHEDULE A HERETO: 

Ladies and Gentlemen: 
 Arthur
J. Gallagher & Co., a Delaware corporation (the “Company”), Arthur J. Gallagher & Co. (Illinois), an Illinois corporation (“AJG Illinois”), Arthur J. Gallagher Brokerage & Risk Management
Services, LLC, a Delaware limited liability company (“AJG Brokerage”), Risk Placement Services, Inc., an Illinois corporation (“RPS”), Gallagher Bassett Services, Inc., a Delaware corporation (“Gallagher
Bassett”), Gallagher Benefit Services, Inc., a Delaware corporation (“Gallagher Benefit”), Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation (“Gallagher Risk”), and Arthur J.
Gallagher Service Company, a Delaware corporation (“Gallagher Service”; the Company, AJG Illinois, AJG Brokerage, RPS, Gallagher Bassett, Gallagher Benefit, Gallagher Risk and Gallagher Service are each, together with any Subsidiary
which is required to become an Obligor in compliance with the requirements of Section 9.7, hereinafter individually referred to as an “Obligor” and collectively as the “Obligors”), jointly and severally
agree with each of the Purchasers whose names appear in Schedule A attached hereto (each, a “Purchaser” and, collectively, the “Purchasers”) as follows: 

 

	 	SECTION 1.	Authorization of Notes. 

 The
Obligors will authorize the issue and sale of (i) $75,000,000 aggregate principal amount of their 5.18% Senior Notes, Series D, due February 10, 2021 (the “Series D Notes”) and (ii) $50,000,000 aggregate principal
amount of their 5.49% Senior Notes, Series E, due February 10, 2023 (the “Series E Notes”, together with the Series D Notes, the “Notes,” such term to include any such notes issued in substitution therefor
pursuant to Section 13). The Series D Notes shall be substantially in the form set out in Exhibit 1(a). The Series E Notes shall be substantially in the form set out in Exhibit 1(b). Certain capitalized and other
terms used in this Agreement are defined in Schedule B; and references to a “Schedule” or an “Exhibit” are, unless otherwise specified, to a Schedule or an Exhibit attached to this Agreement. 

 

	 	SECTION 2.	Sale and Purchase of Notes. 

Section 2.1 Purchase and Sale of Notes. Subject to the terms and conditions of this Agreement, the Obligors will issue and
sell to each Purchaser and each Purchaser will purchase 

 
from the Obligors, at the Closing provided for in Section 3, Notes in the principal amount and in the series specified opposite such Purchaser’s name in Schedule A at
the purchase price of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser shall have any liability to any Person for the performance or non-performance of any
obligation by any other Purchaser hereunder. 
 Section 2.2 Release of Subsidiary Guarantors and Obligors.
(a) The holders of the Notes acknowledge and agree that any Subsidiary Guarantor or Obligor (other than the Company) shall be automatically discharged and released from the Subsidiary Guaranty to which it is a party or this Agreement, the Notes
and any Joinder Agreement, as the case may be, pursuant to the written request of the Company, provided that (i) such Subsidiary Guarantor or such Obligor, as the case may be, has been released and discharged as a guarantor or an obligor
under and in respect of all Indebtedness of the Company at any time due and owing pursuant to the Bank Credit Agreement and the Company so certifies to the holders of the Notes in a certificate which accompanies such request for release and
discharge, (ii) any such release and discharge shall be expressly conditioned upon receipt by the holders of the Notes of a written agreement executed by the Subsidiary Guarantor or such Obligor, as the case may be, to be released pursuant to
which such Subsidiary Guarantor or Obligor, shall agree that if, for any reason whatsoever, it thereafter becomes a guarantor or an obligor under and in respect of any Indebtedness of the Company at any time due and owing pursuant to the Bank Credit
Agreement, then such Subsidiary Guarantor or such Obligor, as the case may be, shall contemporaneously provide written notice thereof to the holders of the Notes accompanied by an executed (A) Subsidiary Guaranty or (B) Joinder Agreement,
as the case may be, of such Subsidiary, and (iii) at the time of such release and discharge, the Company shall deliver a certificate of a Responsible Officer to the holders of the Notes to the effect that no Default or Event of Default exists;
provided that, notwithstanding the foregoing, the Company, or any successor that becomes an Obligor in place of the Company in the manner prescribed in Section 10.5, shall in any and all events and at all times remain an Obligor.

 (b) The Company agrees that it will not, nor will it permit any Subsidiary or Affiliate to, directly or indirectly, pay or
cause to be paid any consideration or remuneration, whether by way of supplemental or additional interest, fee or otherwise, to any creditor of the Company or of any Subsidiary Guarantor or Obligor, as the case may be, as consideration for or as an
inducement to the entering into by any such creditor of any release or discharge of any Subsidiary Guarantor or Obligor, as the case may be, with respect to any liability of such Subsidiary Guarantor or Obligor, as the case may be, as a guarantor or
obligor under or in respect of Indebtedness of the Company, unless such consideration or remuneration is concurrently paid, on the same terms, ratably to the holders of all of the Notes then outstanding. 

(c) Each holder of the Notes further acknowledges and agrees that following the release of an Obligor pursuant to this
Section 2.2, if requested in writing by the Obligor Agent, that such holder of the Notes shall, at the cost and expense of the Obligors, within 20 Business Days following the date of such request, surrender each Note which it then
holds in exchange for the receipt of a new Note and in an equal outstanding principal amount executed by the remaining Obligors. 

  
 - 2 -

	 	SECTION 3.	Closing. 

 The sale and purchase
of the Notes to be purchased by each Purchaser shall occur at the offices of Schiff Hardin LLP, Suite 6600, 233 S. Wacker Dr., Chicago, Illinois 60606, at 10:00 A.M. Chicago time, at a closing (the
“Closing”) on February 10, 2011. At the Closing, the Obligors will deliver to each Purchaser the Notes to be purchased by such Purchaser in the form of a single Note of each series to be purchased by such Purchaser (or such
greater number of Notes in denominations of at least $100,000 as such Purchaser may request) dated the date of the Closing and registered in such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the
Obligors or their order of immediately available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company to account number 265-977-9, Account Name: Arthur J.
Gallagher & Co. – Delaware Dividend Account, at Harris N.A., Chicago, IL (ABA No.: 071-000-288). If at the Closing the Obligors shall fail to tender such Notes to any Purchaser as provided above in this Section 3, or any of
the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction, such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any
rights such Purchaser may have by reason of such failure or such nonfulfillment. 
  

	 	SECTION 4.	Conditions to Closing. 

 Each
Purchaser’s obligation to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s satisfaction, prior to or at the Closing, of the following conditions: 

Section 4.1 Representations and Warranties. The representations and warranties of each Obligor in this Agreement shall be
correct when made and at the time of the Closing. 
 Section 4.2 Performance; No Default. Each Obligor shall have
performed and complied with all agreements and conditions contained in this Agreement required to be performed or complied with by it prior to or at the Closing, and after giving effect to the issue and sale of the Notes (and the application of the
proceeds thereof as contemplated by Section 5.14), no Default or Event of Default shall have occurred and be continuing. 
 Section 4.3 Compliance Certificates. 
 (a) Officer’s
Certificate. Each Obligor shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

 (b) Secretary’s Certificate. Each Obligor shall have delivered to such Purchaser a certificate of its Secretary
or Assistant Secretary, dated the date of Closing, certifying as to the resolutions attached thereto and other corporate proceedings relating to the authorization, execution and delivery of the Notes and this Agreement. 

Section 4.4 Opinions of Counsel. Such Purchaser shall have received opinions in form and substance reasonably satisfactory to
such Purchaser, dated the date of the Closing (a) from Sidley Austin LLP, counsel for the Obligors, in the form set forth in Exhibit 4.4(a) (and 

  
 - 3 -

 
each Obligor hereby instructs its counsel to deliver such opinion to the Purchasers) (b) from Walter D. Bay, Esq., General Counsel and Secretary of the Company, in the form set forth in
Exhibit 4.4(b) (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (c) from Schiff Hardin LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form
set forth in Exhibit 4.4(c) and covering such other matters incident to such transactions as such Purchaser may reasonably request. 
 Section 4.5 Purchase Permitted by Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase of Notes shall (a) be permitted by the laws and regulations of each
jurisdiction to which such Purchaser is subject, without recourse to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies without restriction as to the character of the
particular investment, (b) not violate any applicable law or regulation (including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty or
liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such
matters of fact as such Purchaser may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted. 
 Section 4.6 Sale of Other Notes. Contemporaneously with the Closing, the Obligors shall sell to each other Purchaser, and each other Purchaser shall purchase, the Notes to be purchased by it
at the Closing as specified in Schedule A. 
 Section 4.7 Payment of Special Counsel Fees. Without
limiting the provisions of Section 15.1, the Obligors shall have paid on or before the Closing the reasonable fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the extent
reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing. 

Section 4.8 Private Placement Number. A Private Placement Number issued by Standard & Poor’s CUSIP Service
Bureau (in cooperation with the Securities Valuation Office of the National Association of Insurance Commissioners) shall have been obtained for each series of the Notes. 
 Section 4.9 Changes in Corporate Structure. No Obligor shall have changed its jurisdiction of incorporation or organization, as applicable, or been a party to any merger or consolidation or
succeeded to all or any substantial part of the liabilities of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5. 

Section 4.10 Funding Instructions. At least three Business Days prior to the date of the Closing, each Purchaser shall have
received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in Section 3 including (a) the name and address of the transferee bank, (b) such transferee
bank’s ABA number and (c) the account name and number into which the purchase price for the Notes is to be deposited. 

Section 4.11 Proceedings and Documents. All corporate or limited liability company and other proceedings in connection with
the transactions contemplated by this Agreement and 

  
 - 4 -

 
all documents and instruments incident to such transactions shall be reasonably satisfactory to such Purchaser and its special counsel, and such Purchaser and its special counsel shall have
received all such counterpart originals or certified or other copies of such documents as such Purchaser or such special counsel may reasonably request. 
  

	 	SECTION 5.	Representations and Warranties of the Obligors. 

 Each Obligor represents and warrants to each Purchaser that: 
 Section 5.1
Organization; Power and Authority. Such Obligor is a corporation or limited liability company, as the case may be, duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation or formation, and is
duly qualified as a foreign corporation or limited liability company, as the case may be, and is in good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so
qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Such Obligor has the corporate or limited liability company power and authority to own or hold under lease the
properties it purports to own or hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof and thereof. 

Section 5.2 Authorization, Etc. This Agreement and the Notes have been duly authorized by all necessary corporate or limited
liability company action on the part of such Obligor, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal, valid and binding obligation of such Obligor enforceable against such Obligor in
accordance with its terms, except as such enforceability may be limited by (a) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally and
(b) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 
 Section 5.3 Disclosure. This Agreement and the documents, certificates or other writings delivered to the Purchasers by or on behalf of the Company in connection with the transactions
contemplated hereby and identified in Schedule 5.3, and the financial statements listed in Schedule 5.5 (this Agreement, and such documents, certificates or other writings and such financial statements delivered to each
Purchaser prior to February 10, 2011 being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not include an untrue statement of a material fact or omit to state any material fact necessary to make
the statements therein not misleading in light of the circumstances under which they were made. Since December 31, 2010, there has been no change in the financial condition, operations, business or properties of the Company and its
Subsidiaries, taken as a whole, except changes that individually or in the aggregate could not reasonably be expected to have a Material Adverse Effect. There is no fact known to any Obligor that could reasonably be expected to have a Material
Adverse Effect that has not been set forth herein or in the Disclosure Documents. 
 Section 5.4 Organization and
Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except as noted therein) complete and correct lists (i) of the Company’s Subsidiaries, showing, as to each Subsidiary, the correct name
thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock or 

  
 - 5 -

 
similar equity interests outstanding owned by the Company and each other Subsidiary and designation of whether or not such Subsidiary is an obligor or guarantor under the Bank Credit Agreement,
(ii) of the Company’s Affiliates, other than Subsidiaries, and (iii) of the Company’s directors and senior officers. 
 (b) All of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the Company and its Subsidiaries have been validly
issued, are (in the case of capital stock) fully paid and nonassessable and are owned by the Company or another Subsidiary free and clear of any Lien (except as otherwise disclosed in Schedule 5.4 or Schedule 5.15(b)). 

(c) Each Subsidiary identified in Schedule 5.4 is a corporation or other legal entity duly organized, validly existing and in
good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each jurisdiction in which such qualification is required by law, other than those
jurisdictions as to which the failure to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. Each such Subsidiary has the corporate or other legal entity power
and authority to own or hold under lease the properties it purports to own or hold under lease and to transact the business it transacts and proposes to transact other than that which could not reasonably be expected to have a Material Adverse
Effect. 
 (d) No Subsidiary is a party to, or otherwise subject to, any legal, regulatory, contractual or other restriction
(other than this Agreement, the agreements listed on Schedule 5.4 and limitations imposed by law) restricting the ability of such Subsidiary to pay dividends out of profits or make any other similar distributions of profits to the
Company or any of its Subsidiaries that owns outstanding shares of capital stock or similar equity interests of such Subsidiary. 
 Section 5.5 Financial Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the financial statements of the Company and its Subsidiaries listed on
Schedule 5.5. All of said financial statements (including in each case the related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries as of the respective
dates specified in such financial statements and the consolidated results of their operations and cash flows for the respective periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved
except as set forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments). To the knowledge of the Company, the Company and its Subsidiaries do not have any Material liabilities that are not
disclosed in such financial statements or otherwise disclosed in the Disclosure Documents. 
 Section 5.6 Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by the Obligors of this Agreement and the Notes will not (a) contravene, result in any breach of, or constitute a default under, or result in the creation of any
Lien in respect of any property of any Obligor or any Subsidiary under, any Material indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter or by-laws, or any other Material agreement or instrument to which
such Obligor or any Subsidiary is bound or by which any Obligor or any Subsidiary or any of their respective properties may be bound or affected, 

  
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(b) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable
to any Obligor or any Subsidiary or (c) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to any Obligor or any Subsidiary. 

Section 5.7 Governmental Authorizations, Etc. No consent, approval or authorization of, or registration, filing or
declaration with, any Governmental Authority is required in connection with the execution, delivery or performance by the Obligors of this Agreement or the Notes. 
 Section 5.8 Litigation; Observance of Agreements, Statutes and Orders. (a) Except as disclosed in the Company’s Form 10-K for the year ended December 31, 2010, there are no
actions, suits, investigations or proceedings pending or, to the knowledge of each of the Obligors, threatened against or affecting the Company or any Subsidiary or any property of the Company or any Subsidiary in any court or before any arbitrator
of any kind or before or by any Governmental Authority that, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 (b) Neither the Company nor any Subsidiary is in default under any term of any agreement or instrument to which it is a party or by which it is bound, or any order, judgment, decree or ruling of any
court, arbitrator or Governmental Authority or is in violation of any applicable law, ordinance, rule or regulation (including without limitation Environmental Laws or the USA Patriot Act) of any Governmental Authority, which default or violation,
individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect. 
 Section 5.9
Taxes. The Company and its Subsidiaries have filed all tax returns that are required to have been filed in any jurisdiction, and have paid all taxes shown to be due and payable on such returns and all other taxes and assessments levied upon them
or their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent, except for any taxes and assessments (a) the amount of which is not individually or
in the aggregate Material or (b) the amount, applicability or validity of which is currently being contested in good faith by appropriate proceedings and with respect to which the Company has established adequate reserves on a consolidated
basis in accordance with GAAP. No Obligor knows of any basis for any other tax or assessment that could reasonably be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries in
respect of Federal, state or other taxes for all fiscal periods are, in the judgment of the Company, adequate. The Federal income tax liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits
or the statute of limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2008; provided, however, that this sentence shall not apply to any Federal income tax liabilities of the
Company and its Subsidiaries arising from an examination by a Governmental Authority of any of the investment partnerships of the Company. 
 Section 5.10 Title to Property; Leases. The Company and its Subsidiaries have good and sufficient title to their respective properties that individually or in the aggregate are Material,
including all such properties reflected in the most recent audited balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Subsidiary after said date

  
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(except as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement. All leases that individually or in the aggregate
are Material are valid and subsisting and are in full force and effect in all material respects. 
 Section 5.11
Licenses, Permits, Etc. (a) The Company and its Subsidiaries own or possess all licenses, permits, franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, without
known conflict with the rights of others, except those conflicts that, individually and in the aggregate, could not reasonably be expected to have a Material Adverse Effect. 
 (b) To the knowledge of each Obligor, no product of the Company or any of its Subsidiaries infringes in any respect with any license, permit, franchise, authorization, patent, copyright, proprietary
software, service mark, trademark, trade name or other right owned by any other Person, except to the extent any such infringement could not reasonably be expected to have a Material Adverse Effect. 

(c) To the knowledge of each Obligor, there is no Material violation by any Person of any right of the Company or any of its Subsidiaries
with respect to any patent, copyright, proprietary software, service mark, trademark, trade name or other right owned or used by the Company or any of its Subsidiaries. 
 Section 5.12 Compliance with ERISA. (a) The Company and each ERISA Affiliate have operated and administered each Plan in compliance with all applicable laws except for such instances of
noncompliance as have not resulted in and could not reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax
provisions of the Code relating to employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could reasonably be expected to result in the incurrence of any such liability by
the Company or any ERISA Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either case pursuant to Title I or IV of ERISA or to such penalty or excise tax provisions or
to sections 401(a)(29), 412 or 430 of the Code or section 4068 of ERISA, other than such liabilities or Liens as would not be individually or in the aggregate Material. 

(b) The present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the
end of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s most recent actuarial valuation report, did not exceed the aggregate current value of the assets of
such Plan allocable to such benefit liabilities. The term “benefit liabilities” has the meaning specified in Section 4001 of ERISA and the terms “current value” and “present value” have the meaning specified in
section 3 of ERISA. 
 (c) The Company and its ERISA Affiliates have not incurred withdrawal liabilities (and are not
subject to contingent withdrawal liabilities) under Section 4201 or 4204 of ERISA in respect of Multiemployer Plans that individually or in the aggregate are Material. 
 (d) The expected post retirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance with Accounting Standard Codification 715, formerly
known as Financial Accounting Standards Board Statement No. 106, 

  
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without regard to liabilities attributable to continuation coverage mandated by Section 4980B of the Code) of the Company and its Subsidiaries is not Material or has otherwise been disclosed
in the financial statements set forth on Schedule 5.5. 
 (e) The execution and delivery of this Agreement and the
issuance and sale of the Notes hereunder will not involve any transaction that is subject to the prohibitions of Section 406 of ERISA or in connection with which a tax could be imposed pursuant to Section 4975(c)(1)(A)-(D) of the Code. The
representation by the Company in the first sentence of this Section 5.12(e) is made in reliance upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds used to
pay the purchase price of the Notes to be purchased by such Purchaser. 
 Section 5.13 Private Offering by the
Company. No Obligor nor anyone acting on its behalf has offered the Notes or any similar securities for sale to, or solicited any offer to buy any of the same from, or otherwise approached or negotiated in respect thereof with, any Person other
than the Purchasers and not more than 10 other Institutional Investors, each of which has been offered the Notes at a private sale for investment. No Obligor nor anyone acting on its behalf has taken, or will take, any action that would subject the
issuance or sale of the Notes to the registration requirements of Section 5 of the Securities Act or to the registration requirements of any securities or blue sky laws of any applicable jurisdiction. 

Section 5.14 Use of Proceeds; Margin Regulations. The Obligors will apply the proceeds of the sale of the Notes to repay
outstanding borrowings under the Bank Credit Agreement (without reducing the commitments thereunder) and for general corporate purposes, including the financing of acquisitions. No part of the proceeds from the sale of the Notes hereunder will be
used, directly or indirectly, for the purpose of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System (12 CFR 221), or for the purpose of buying or carrying or
trading in any securities under such circumstances as to involve the Company in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board
(12 CFR 220), in each case, in contravention of applicable margin stock regulations. Margin stock does not constitute more than 15% of the value of the consolidated assets of the Company and its Subsidiaries and the Company does not have
any present intention that margin stock will constitute more than 15% of the value of such assets. As used in this Section 5.14, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings
assigned to them in said Regulation U. 
 Section 5.15 Existing Indebtedness; Future Liens.
(a) Schedule 5.15(a) sets forth the outstanding Indebtedness of the Company and its Subsidiaries as of December 31, 2010, which list is complete and correct in all material respects (including a description of the obligors and
obligees, principal amount outstanding and collateral therefor, if any, and Guaranty thereof, if any), since which date there has been no Material change in the amounts, interest rates, sinking funds, installment payments or maturities of the
Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the Company or such Subsidiary
and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary that would permit (or that with notice or the lapse of time, or both, would permit) one or more Persons to cause such Indebtedness to become due and
payable before its stated maturity or before its regularly scheduled dates of payment. 

  
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 (b) Except as disclosed in Schedule 5.15(b), neither the Company nor any
Subsidiary has agreed or consented to cause or permit in the future (upon the happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien not permitted by Section 10.4.

 (c) Neither the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument
evidencing Indebtedness of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including, but not limited to, its charter or other organizational document) which limits the amount of, or otherwise imposes
restrictions on the incurring of, Indebtedness of the Company or any Subsidiary, except as specifically indicated in Schedule 5.15(c). 
 Section 5.16 Foreign Assets Control Regulations, Etc. (a) Neither the sale of the Notes by the Company hereunder nor its use of the proceeds thereof will violate the Trading with the
Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) or any enabling legislation or executive order relating thereto. 

(b) Neither the Company nor any Subsidiary (i) is a Person described or designated in the Specially Designated Nationals and Blocked
Persons List of the Office of Foreign Assets Control or in Section 1 of the Anti-Terrorism Order or (ii) engages in any dealings or transactions with any such Person. The Company and its Subsidiaries are in compliance with the USA Patriot
Act to the extent necessary to ensure that non-compliance with such law could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 (c) No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for any payments to any governmental official or employee, political party, official of a political
party, candidate for political office, or anyone else acting in an official capacity, in order to obtain, retain or direct business or obtain any improper advantage, in violation of the United States Foreign Corrupt Practices Act of 1977, as
amended, assuming in all cases that such Act applies to the Company. 
 Section 5.17 Status under Certain Statutes.
Neither the Company nor any Subsidiary is subject to regulation under the Investment Company Act of 1940, as amended, the ICC Termination Act of 1995, as amended, or the Federal Power Act, as amended. 

Section 5.18 Notes Rank Pari Passu. The obligations of the Company under this Agreement and the Notes rank at least pari
passu in right of payment with all other unsecured Senior Indebtedness (actual or contingent) of the Company, including, without limitation, all senior unsecured Indebtedness of the Company described in Schedule 5.15(a) hereto.

 Section 5.19 Environmental Matters. (a) Neither the Company nor any Subsidiary has knowledge of any claim or
has received any notice of any claim, and no proceeding has been instituted raising any claim against the Company or any of its Subsidiaries or any of their respective real properties now or formerly owned, leased or operated by any of them or other
assets, alleging any damage to the environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 

  
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 (b) Neither the Company nor any Subsidiary has knowledge of any facts which could reasonably
be expected to give rise to any claim, public or private, of violation of Environmental Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased or operated by any of them
or to other assets or their use, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect. 
 (c) Neither the Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any of them or has disposed of any Hazardous Materials in a
manner contrary to any Environmental Laws, in each case in any manner that could reasonably be expected to result in a Material Adverse Effect. 
 (d) All buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable Environmental Laws, except where failure to comply could not
reasonably be expected to result in a Material Adverse Effect. 
  

	 	SECTION 6.	Representations of the Purchasers. 

 Section 6.1 Purchase for Investment. Each Purchaser severally represents that (a) it is purchasing the Notes for its own account or for one or more separate accounts maintained by such
Purchaser or for the account of one or more pension or trust funds and not with a view to the distribution thereof; provided that the disposition of such Purchaser’s or their property shall at all times be within such Purchaser’s or
such pension or trust fund’s control and (b) is an “Accredited Investor” as defined in Regulation D of the Securities Act and an experienced and sophisticated investor with such knowledge and experience in financial and
business matters as is necessary to evaluate the merits and risks of an investment in the Notes. Each Purchaser understands that the Notes have not been registered under the Securities Act and may be resold only if registered pursuant to the
provisions of the Securities Act or if an exemption from registration is available, except under circumstances where neither such registration nor such an exemption is required by law, and that neither the Company nor any Obligor is required to
register the Notes. 
 Section 6.2 Source of Funds. Each Purchaser severally represents that at least one of the
following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: 

(a) the Source is an “insurance company general account” (as the term is defined in the United States Department
of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the National Association of Insurance
Commissioners (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by
or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do 

  
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not exceed ten percent (10%) of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement
filed with such Purchaser’s state of domicile; or 
 (b) the Source is a separate account that is maintained
solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or
beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or 
 (c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1, or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and,
except as have been disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all
assets allocated to such pooled separate account or collective investment fund; or 
 (d) the Source constitutes
assets of an “investment fund” (within the meaning of Part VI of the QPAM Exemption) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no
employee benefit plan’s assets that are included in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of
Section VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM exceed 20% of the total client assets managed by such QPAM; the conditions of Part I(c) and (g) of the QPAM Exemption
are satisfied; as of the last day of its most recent calendar quarter, the QPAM does not own a 10% or more interest in the Company and no Person controlling or controlled by the QPAM (applying the definition of “control” in
Section VI(e) of the QPAM Exemption) owns a 20% or more interest in the Company (or less than 20% but greater than 10%, if such person exercises control over the management or policies of the Company by reason of its ownership interest); and
(i) the identity of such QPAM and (ii) the names of all employee benefit plans whose assets are included in such investment fund have been disclosed to the Company in writing pursuant to this clause (d); or 

(e) the Source constitutes assets of a “plan(s)” (within the meaning of Section IV of PTE 96-23 (the
“INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are
satisfied, neither the INHAM nor a Person controlling or controlled by the INHAM (applying the definition of “control” in Section IV(d) of the INHAM Exemption) owns a 5% or more interest in the Company and (i) the identity of
such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or 

(f) the Source is a governmental plan; or 

  
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 (g) the Source is one or more employee benefit plans, or a separate account
or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or 
 (h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. 
 As used in this Section 6.2, the terms “employee benefit plan”, “governmental plan”, “party in interest” and “separate account” shall have the
respective meanings assigned to such terms in section 3 of ERISA. 
  

	 	SECTION 7.	Information as to the Company. 

Section 7.1 Financial and Business Information. The Company shall deliver to each holder of Notes that is an Institutional
Investor: 
 (a) Quarterly Statements — within 60 days (or such shorter period as is 15 days greater
than the period applicable to the filing of the Company’s Quarterly Report on Form 10-Q (the “Form 10-Q”) with the SEC regardless of whether the Company is subject to the filing requirements thereof) after the end of
each quarterly fiscal period in each fiscal year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of: 
 (i) a consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter (compared to the previous fiscal year end), and 

(ii) consolidated statements of earnings and cash flows of the Company and its Subsidiaries for such quarter and (in the
case of the second and third quarters) for the portion of the fiscal year ending with such quarter (compared to the corresponding periods in the previous fiscal year), 
 all in reasonable detail, prepared in accordance with GAAP applicable to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material
respects, the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting from year-end adjustments; provided that delivery within the time period specified above of
copies of the Company’s Form 10-Q prepared in compliance with the requirements therefor and filed with the SEC shall be deemed to satisfy the requirements of this Section 7.1(a); provided, further, that the Company shall be
deemed to have made such delivery of such Form 10-Q if it shall have timely made such Form 10-Q available on the SEC’s “EDGAR” system (or any successor thereto) or any other publicly available database maintained by the SEC
and on its home page on the worldwide web (at the date of this Agreement located at: http//www.ajg.com) and shall have given each holder of a Note prior notice of such availability on EDGAR (or any such successor thereto) or any other such publicly
available database maintained by the SEC and on its home page on the worldwide web in connection with each delivery (such availability and notice thereof being referred to as “Electronic Delivery”); 

(b) Annual Statements — within 120 days (or such shorter period as is 15 days greater than the period
applicable to the filing of the Company’s Annual Report on 

  
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Form 10-K (the “Form 10-K”) with the SEC regardless of whether the Company is subject to the filing requirements thereof) after the end of each fiscal year of the
Company, duplicate copies of, 
 (i) a consolidated balance sheet of the Company and its Subsidiaries, as at the
end of such year, and 
 (ii) consolidated statements of earnings, changes in stockholders’ equity and cash
flows of the Company and its Subsidiaries, for such year, 
 setting forth in each case in comparative form the figures for the
previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon of independent public accountants of recognized national standing, which opinion shall state that such financial statements
present fairly, in all material respects, the financial position of the companies being reported upon and their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants in
connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit provides a reasonable basis for such opinion in the circumstances, provided that the delivery within the
time period specified above of the Company’s Form 10-K for such fiscal year (together with the Company’s annual report to stockholders, if any, prepared pursuant to Rule 14a-3 under the Exchange Act) prepared in accordance with the
requirements therefor and filed with the SEC, shall be deemed to satisfy the requirements of this Section 7.1(b); provided, further, that the Company shall be deemed to have made such delivery of such Form 10-K if it shall
have timely made Electronic Delivery thereof; 
 (c) SEC and Other Reports — promptly upon their
becoming available, one copy of (i) each financial statement, report, notice or proxy statement sent by the Company or any Subsidiary to its principal lending banks as a whole (excluding information sent to such banks in the ordinary course of
administration of a bank facility, such as information relating to pricing and borrowing availability or to its public securities holders generally) and (ii) each regular or periodic report, each registration statement (without exhibits except
as expressly requested by such holder and excluding registration statements on Form S-8), and each prospectus and all amendments thereto (excluding those related to plans or plan interests registered on a Form S-8 registration statement) filed by
the Company or any Subsidiary with the SEC and of all press releases and other statements made available generally by the Company or any Subsidiary to the public concerning developments that are Material; provided that with respect to any
such report, registration statement or prospectus filed by the Company or any Subsidiary with the SEC, the Company shall be deemed to have made such delivery of such report, registration statement or prospectus if it shall have timely made
Electronic Delivery thereof; 
 (d) Notice of Default or Event of Default — promptly, and in any
event within five Business Days after a Responsible Officer becoming aware of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed default hereunder or that any Person
has given any notice or taken any action with respect to a claimed default of the type referred to in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or proposes
to take with respect thereto; 

  
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 (e) ERISA Matters — promptly, and in any event within five
Business Days after a Responsible Officer becoming aware of any of the following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to take with respect thereto: 

(i) with respect to any Plan, any reportable event, as defined in Section 4043(c) of ERISA and the regulations
thereunder, for which notice thereof has not been waived pursuant to such regulations as in effect on the date hereof; or 
 (ii) the taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under Section 4042 of ERISA for the termination of, or the appointment of a
trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan; or 

(iii) any event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA
Affiliate pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate
pursuant to Title I or IV of ERISA or such penalty or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, could reasonably be expected to have a Material Adverse Effect;

 (f) Notices from Governmental Authority — promptly, and in any event within 30 days of receipt
thereof, copies of any notice to any Obligor or any Subsidiary from any Federal or state Governmental Authority relating to any order, ruling, statute or other law or regulation that could reasonably be expected to have a Material Adverse Effect;
and 
 (g) Requested Information — with reasonable promptness, such other data and information
relating to the business, operations, affairs, financial condition, assets or properties of the Obligors or any of their Subsidiaries or relating to the ability of the Obligors to perform their respective obligations hereunder and under the Notes as
from time to time may be reasonably requested by any such holder of Notes. 
 Section 7.2 Officer’s
Certificate. Each set of financial statements delivered to a holder of Notes pursuant to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer setting forth (which, in the
case of Electronic Delivery of such financial statements, shall be by separate concurrent delivery of such certificate to each holder of Notes): 
 (a) Covenant Compliance — the information (including detailed calculations) required in order to establish whether the Company was in compliance with the

  
 - 15 -

 
requirements of Sections 10.1 through Section 10.3, inclusive, during the quarterly or annual period covered by the statements then being furnished (including with respect
to each such Section, where applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in
existence) and, to the extent that the Agreement Accounting Principles applied in connection with determining compliance with the requirements of Section 10.1 through Section 10.4 and Section 10.6 are not the same
as the generally accepted accounting principles used in preparation of the financial statements delivered pursuant to Section 7.1(a) or Section 7.1(b), a reconciliation of the consolidated financial statements for the Company
and its Subsidiaries delivered pursuant to Section 7.1(a) or Section 7.1(b) and the financial information used to determine compliance with the requirements of Section 10.1 through Section 10.4 and
Section 10.6; and 
 (b) Event of Default — a statement that such Senior Financial
Officer has reviewed the relevant terms hereof and has made, or caused to be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning of the quarterly or annual period
covered by the statements then being furnished to the date of the certificate and that such review shall not have disclosed, to the best of such Senior Financial Officer’s knowledge and belief, the existence during such period of any condition
or event that constitutes a Default or an Event of Default or, if any such condition or event existed or exists (including, without limitation, any such event or condition resulting from the failure of the Company or any Subsidiary to comply with
any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall have taken or proposes to take with respect thereto. 
 Section 7.3 Visitation. The Company shall permit the representatives of each holder of Notes that is an Institutional Investor: 

(a) No Default — if no Default or Event of Default then exists, at the expense of such holder and upon
reasonable prior notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company and its Subsidiaries with the Company’s Senior Financial Officers, and (with the
consent of the Company, which consent will not be unreasonably withheld) to visit during normal business hours the other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably
requested in writing; and 
 (b) Default — if a Default or Event of Default then exists, at the
expense of the Company, to visit and inspect any of the offices or properties of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies and extracts therefrom, and to
discuss their respective affairs, finances and accounts with their respective Senior Financial Officers and independent public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts
of the Company and its Subsidiaries), all at such times and as often as may be requested, provided that prior to disclosure of any material non public information pursuant to this Section 7.3, the holders of the Notes

  
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shall, if requested by the Company, provide the Company with reasonable assurance that such disclosure will be held in confidence in accordance with the requirements of Regulation FD promulgated
by the SEC, subject to the last sentence of Section 20. 
  

	 	SECTION 8.	Prepayment of the Notes. 

Section 8.1 Maturity. 
 (a) The entire unpaid principal amount of the Series D Notes shall become due and payable on February 10, 2021. 

(b) The entire unpaid principal amount of the Series E Notes shall become due and payable on February 10, 2023.

 Section 8.2 Optional Prepayments with Make-Whole Amount. The Obligors may, at their option, upon notice as
provided below, prepay at any time all, or from time to time any part of, the Notes at 100% of the principal amount so prepaid, together with interest accrued thereon to the date of such prepayment, and the Make-Whole Amount determined for the
prepayment date with respect to such principal amount. If the entire principal amount of the Notes then outstanding are not being prepaid, then the Notes must be prepaid in an amount not less than 10% of the aggregate principal amount of the Notes
then outstanding; provided, however, that the Obligors may prepay all of the Notes of any (or both) series then outstanding at any time with or without prepaying any of the Notes of the other series so long as no Default or Event of
Default is then in existence or would be caused thereby. The Company will give each holder of Notes the Obligors intend to prepay written notice of each optional prepayment under this Section 8.2 not less than 30 days and not more than
60 days prior to the date fixed for such prepayment. Each such notice shall specify such date (which shall be a Business Day), the aggregate principal amount of each series of Notes to be prepaid on such date, the principal amount of each Note held
by such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior
Financial Officer as to the estimated Make-Whole Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth the details of such computation. Two Business Days prior to such
prepayment, the Company shall deliver to each holder of Notes of any series being prepaid a certificate of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date. 

Section 8.3 Allocation of Partial Prepayments. Unless the Obligors are prepaying all of the Notes of any series, in the case
of each partial prepayment of Notes pursuant to Section 8.2, the principal amount of the Notes to be prepaid shall be allocated pro rata among all holders of the Notes at the time outstanding in proportion, as nearly as practicable, to
the respective unpaid principal amounts thereof. If the Obligors are prepaying all of the Notes of any series and prepaying the Notes of the other series in part, the principal amount of the Notes of the series to be prepaid in part shall be
allocated pro rata among all holders of such series of Notes at the time outstanding in proportion, as nearly as practicable, to the respective unpaid principal amounts thereof. 

Section 8.4 Maturity; Surrender, Etc. In the case of each prepayment of Notes of any series pursuant to this
Section 8, the principal amount of each Note to be prepaid shall 

  
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mature and become due and payable on the date fixed for such prepayment (which shall be a Business Day), together with interest on such principal amount accrued to such date and the applicable
Make-Whole Amount, if any. From and after such date, unless the Obligors shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any, as aforesaid, interest on such principal amount shall
cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Obligor Agent and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note. 

Section 8.5 Purchase of Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay or
otherwise acquire, directly or indirectly, any of the outstanding Notes or any part or portion thereof except (a) upon the payment or prepayment of such Notes in accordance with the terms of this Agreement and such Notes or (b) pursuant to
an offer to purchase made by the Company or an Affiliate pro rata to the holders of all Notes at the time outstanding upon the same terms and conditions (other than differences attributable to the differences in the interest rates and maturity dates
of the Series D Notes and the Series E Notes). Any such offer shall provide each holder with sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business Days. If the
holders of more than 10% of the principal amount of the Notes then outstanding accept such offer, the Obligor Agent shall promptly notify the remaining holders of Notes of such fact and the expiration date for the acceptance by holders of such Notes
of such offer shall be extended by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to accept such offer. The Obligor Agent will promptly cancel all Notes acquired by it or any
Affiliate pursuant to any payment, prepayment or purchase of Notes pursuant to any provision of this Agreement and no Notes may be issued in substitution or exchange for any such Notes. 

Section 8.6 Make-Whole Amount. The term “Make-Whole Amount” means, with respect to any Note, an amount equal
to the excess, if any, of the Discounted Value of the Remaining Scheduled Payments with respect to the Called Principal of such Note over the amount of such Called Principal; provided that the Make-Whole Amount may in no event be less than
zero. For the purposes of determining the Make-Whole Amount, the following terms have the following meanings: 

“Called Principal” means, with respect to any Note, the principal of such Note that is to be prepaid
pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

“Discounted Value” means, with respect to the Called Principal of any Note, the amount obtained by
discounting all Remaining Scheduled Payments with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal, in accordance with accepted financial practice and at a
discount factor (applied on the same periodic basis as that on which interest on such Note is payable) equal to the Reinvestment Yield with respect to such Called Principal. 

“Reinvestment Yield” means, with respect to the Called Principal of any Note, 0.50% (50 basis points)
over the yield to maturity implied by (i) the yields reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement Date with respect to such Called Principal, on the display designated as “Page
PX1” (or 

  
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such other display as may replace Page PX1) on Bloomberg Financial Markets for the most recently issued actively traded on the run U.S. Treasury securities having a maturity equal to the
Remaining Average Life of such Called Principal as of such Settlement Date, or (ii) if such yields are not reported as of such time or the yields reported as of such time are not ascertainable (including by way of interpolation), the Treasury
Constant Maturity Series Yields reported, for the latest day for which such yields have been so reported as of the second Business Day preceding the Settlement Date with respect to such Called Principal, in Federal Reserve Statistical Release H.15
(or any comparable successor publication) for U.S. Treasury securities having a constant maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. In the case of each determination under clause (i) or
clause (ii), as the case may be, of the preceding paragraph, such implied yield will be determined, if necessary, by (a) converting U.S. Treasury bill quotations to bond-equivalent yields in accordance with accepted financial practice and
(b) interpolating linearly between (1) the applicable U.S. Treasury security with the maturity closest to and greater than such Remaining Average Life and (2) the applicable U.S. Treasury security with the maturity closest to and less
than such Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Note. 

“Remaining Average Life” means, with respect to any Called Principal of any Note, the number of years
(calculated to the nearest one-twelfth year) obtained by dividing (a) such Called Principal into (b) the sum of the products obtained by multiplying (i) the principal component of each Remaining Scheduled Payment with respect to such
Called Principal by (ii) the number of years (calculated to the nearest one-twelfth year) that will elapse between the Settlement Date with respect to such Called Principal and the scheduled due date of such Remaining Scheduled Payment.

 “Remaining Scheduled Payments” means, with respect to the Called Principal of any Note, all
payments of such Called Principal and interest thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were made prior to its scheduled due date; provided that if such
Settlement Date is not a date on which interest payments are due to be made under the terms of such Note, then the amount of the next succeeding scheduled interest payment will be reduced by the amount of interest accrued to such Settlement Date and
required to be paid on such Settlement Date pursuant to Section 8.2 or 12.1. 

“Settlement Date” means, with respect to the Called Principal of any Note, the date on which such Called
Principal is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires. 

Section 8.7 Mandatory Offer to Prepay Upon Change in Control. (a) Notice of Change in Control and Change in Control
Event. The Company will, within five Business Days after any Responsible Officer has knowledge of the occurrence of any Change in Control, give written notice of such Change in Control to each holder of Notes. If within 90 days after such Change
in Control, the Company does not, for any reason, have an Investment Grade Rating, a “Change in Control Event” shall be deemed to have occurred. If a Change in Control Event has occurred, the Company shall promptly give written
notice thereof to the holders of Notes, and 

  
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such notice shall contain and constitute an offer to prepay Notes as described in subparagraph (b) of this Section 8.7 and shall be accompanied by the certificate described in
subparagraph (e) of this Section 8.7. 
 (b) Offer to Prepay Notes. The offer to prepay the Notes
contemplated by subparagraph (a) of this Section 8.7 shall be an offer to prepay, in accordance with and subject to this Section 8.7, all, but not less than all, the Notes held by each holder (in this case only,
“holder” in respect of any Note registered in the name of a nominee for a disclosed beneficial owner shall mean such beneficial owner) on a date specified in such offer (the “Proposed Prepayment Date”). Such date
shall be a Business Day not less than 30 days and not more than 60 days after the date of such offer. 
 (c)
Acceptance/Rejection. A holder of Notes may accept the offer to prepay made pursuant to this Section 8.7 by causing a written notice of such acceptance to be delivered to the Company not later than 15 days prior to the Proposed
Prepayment Date. A failure by a holder of Notes to respond to the offer to prepay made pursuant to this Section 8.7 within the specified time period shall be deemed to constitute a rejection of such offer by such holder. 

(d) Prepayment. Prepayment of the Notes to be prepaid pursuant to this Section 8.7 shall be at 100% of the principal
amount of such Notes, together with interest accrued and unpaid on such Notes to the date of prepayment, but in no event with a Make-Whole Amount or other premium. The prepayment shall be made on the Proposed Prepayment Date. 

(e) Officer’s Certificate. Each offer to prepay the Notes pursuant to this Section 8.7 shall be accompanied by a
certificate, executed by a Senior Financial Officer and dated the date of such offer, specifying: (i) the Proposed Prepayment Date; (ii) that such offer is made pursuant to this Section 8.7; (iii) the principal amount of
each Note offered to be prepaid; (iv) the interest that would be due on each Note offered to be prepaid, accrued to the Proposed Prepayment Date; (v) that the conditions of this Section 8.7 have been fulfilled; (vi) in
reasonable detail, the nature of the Change in Control Event; and (vii) any written response from the relevant rating agency. 
 (f) Certain Definitions. “Change in Control” shall be deemed to have occurred if any person (as such term is used in Section 13(d) and Section 14(d)(2) of the Exchange Act) or
related persons constituting a group (as such term is used in Rule 13d-5 under the Exchange Act): 
 (i)
become the “beneficial owners” (as such term is used in Rule 13d-3 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of all classes then outstanding of the Voting Stock of the Company; or

 (ii) acquire after the date of the Closing (x) the power to elect, appoint or cause the election or
appointment of at least a majority of the members of the board of directors of the Company, through beneficial ownership of the capital stock of the Company or otherwise, or (y) all or substantially all of the assets of the Company. 

“Investment Grade Rating” in respect of any Person means, at the time of determination, at least two of
the following ratings of its senior, unsecured, non-credit enhanced, long-term indebtedness for borrowed money: (i) by Standard & Poor’s Rating 

  
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Services, a division of The McGraw-Hill Companies, or any successor thereof, “BBB-” or better, (ii) by Moody’s Investors Service, Inc., or any successor thereof,
“Baa3” or better, or (iii) by any other nationally recognized statistical rating agency, an equivalent or better rating. 
 (g) All calculations contemplated in this Section 8.7 involving the capital stock of any Person shall be made with the assumption that all convertible Securities of such Person then
outstanding and all convertible Securities issuable upon the exercise of any warrants, options and other rights outstanding at such time were converted at such time and that all options, warrants and similar rights to acquire shares of capital stock
of such Person were exercised at such time. 
  

	 	SECTION 9.	Affirmative Covenants. 

 The
Obligors, jointly and severally, covenant that so long as any of the Notes are outstanding: 
 Section 9.1 Compliance
with Law. Without limiting Section 10.9, each Obligor will, and will cause each of its Subsidiaries to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject, including, without
limitation, ERISA, the USA Patriot Act and Environmental Laws, and will obtain and maintain in effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective properties or
to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses,
certificates, permits, franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 9.2 Insurance. Each Obligor will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with respect to their respective
properties and businesses against such casualties and contingencies, of such types, on such terms and in such amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary
in the case of entities of established reputations engaged in the same or a similar business and similarly situated. 

Section 9.3 Maintenance of Properties. Each Obligor will, and will cause each of its Subsidiaries to, maintain and keep, or
cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times;
provided that this Section 9.3 shall not prevent any Obligor or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such discontinuance is desirable in the conduct of its business and
the Company has concluded that such discontinuance could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. 
 Section 9.4 Payment of Taxes and Claims. Each Obligor will, and will cause each of its Subsidiaries to, file all tax returns required to be filed in any jurisdiction and to pay and discharge
all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or 

  
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franchises, to the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on
properties or assets of any Obligor or any Subsidiary; provided that no Obligor nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (a) the amount, applicability or validity thereof is contested by such Obligor
or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or such Obligor or Subsidiary, as the case may be, has established adequate reserves therefor in accordance with GAAP on the books of the Company or
such Obligor or such Subsidiary or (b) the nonpayment of all such taxes, assessments, charges, levies and claims in the aggregate could not reasonably be expected to have a Material Adverse Effect. 

Section 9.5 Legal Existence, Etc. Subject to Section 10.5, the Company will at all times preserve and keep in
full force and effect its legal existence. Subject to Section 10.5 and Section 10.6, each Obligor will at all times preserve and keep in full force and effect its legal existence and that of each of its Subsidiaries (unless
merged into the Company or a Wholly-owned Subsidiary) and all rights and franchises of such Obligor and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or failure to preserve and keep in full force and effect
such legal existence, right or franchise could not, individually or in the aggregate, have a Material Adverse Effect. 

Section 9.6 Notes to Rank Pari Passu. The Notes and all other respective obligations of the Obligors under this Agreement are
and at all times shall rank at least pari passu in right of payment with all other present and future unsecured senior Indebtedness (actual or contingent) of each Obligor which is not expressed to be subordinate or junior in rank to any other
unsecured Indebtedness of each such Obligor. 
 Section 9.7 Additional Obligors; Guaranty by Subsidiaries. The
Company: 
 (a) will cause each Subsidiary which becomes a guarantor or an obligor of Indebtedness outstanding
pursuant to the Bank Credit Agreement after the date of Closing to concurrently enter into, in the case of a guarantor, a guaranty agreement substantially in the form of Exhibit 9.7(a)(i) attached hereto and made a part hereof (as the same
may be amended, modified, extended or renewed, the “Subsidiary Guaranty”) or, in the case of an additional obligor, a joinder agreement substantially in the form of Exhibit 9.7(a)(ii) attached hereto and made a part hereof (a
“Joinder Agreement”); and 
 (b) may cause any other Subsidiary which is not an obligor or
guarantor of Indebtedness outstanding pursuant to the Bank Credit Agreement to enter into a Joinder Agreement; 
 and in any such case within
three Business Days thereafter will deliver to each of the holders of the Notes the following items: 
 (i) an
executed counterpart of, in the case of a guarantor, a Subsidiary Guaranty or, in the case of an additional obligor, a Joinder Agreement in respect of this Agreement and the Notes; 

  
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 (ii) a certificate signed by the President, a Vice President or another
authorized officer of such Subsidiary making representations and warranties to the effect of those contained in Sections 5.1, 5.2, 5.6 and 5.7, but with respect to such Subsidiary, and either (1) the Subsidiary Guaranty or
(2) the Joinder Agreement, this Agreement and the Notes, as the case may be; 
 (iii) such documents and
evidence with respect to such Subsidiary as the Required Holders may reasonably request in order to establish the existence and good standing of such Subsidiary and the authorization of the transactions contemplated by either (1) the Subsidiary
Guaranty or (2) the Joinder Agreement, this Agreement and the Notes, as the case may be; and 
 (iv) an
opinion of counsel satisfactory to the Required Holders to the effect that either (1) the Subsidiary Guaranty or (2) the Joinder Agreement, this Agreement and the Notes, as the case may be, have been duly authorized, executed and delivered
and such agreement or agreements, as the case may be, constitute(s) the legal, valid and binding contract(s) and agreement(s) of such Subsidiary enforceable in accordance with its or their respective terms, subject to bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar laws relating to or affecting the rights and remedies of creditors generally and by general principles of equity (whether considered in equity or at law) and
will rank at all times at least pari passu in right of payment with all other unsecured and unsubordinated Indebtedness of such Subsidiary. 
 (c) Promptly after each time an additional Obligor is added in respect of this Agreement and the Notes pursuant to this Section 9.7, the Obligor Agent shall, at its cost and expense, request
in writing that each holder of a Note surrender each Note which it then holds and within twenty Business Days following the date of such request, each holder of a Note shall surrender each Note which it then holds in exchange for the receipt of a
new Note of the same series and in an equal outstanding principal amount executed by the Obligors (including such additional Obligor) reflecting the addition of any Obligor pursuant to this Section 9.7. 

Section 9.8 Books and Records. The Obligors will, and will cause each of their Subsidiaries to, maintain proper books of
record and account and, in the case of the Company, in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory jurisdiction over the Company, or such Subsidiary, as the case may be. 

 

	 	SECTION 10.	Negative Covenants. 

 The Company
covenants that so long as any of the Notes are outstanding: 
 Section 10.1 Cash Flow Leverage Ratio. The Company
will not, as at the end of any fiscal quarter, permit the ratio of Consolidated Indebtedness as of the last day of the most recent four consecutive fiscal quarters of the Company then ended minus Excess Cash, as of the last day of the same
such period, to EBITDA for such most recent four consecutive fiscal quarters of the Company then ended to be greater than 3.25 to 1.00, calculated in accordance with Agreement Accounting Principles. 

  
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 Section 10.2 Fixed Charge Coverage Ratio. The Company will not, as at the end of
any fiscal quarter, permit the ratio of EBITDAR to Fixed Charges for the most recent four consecutive fiscal quarters of the Company then ended to be less than 1.75 to 1.00, calculated in accordance with Agreement Accounting Principles. 

Section 10.3 Limitations on Consolidated Priority Indebtedness. The Company will not, as at the end of any fiscal quarter,
permit Consolidated Priority Indebtedness to exceed 15% of Consolidated Total Capitalization, calculated in accordance with Agreement Accounting Principles. 
 Section 10.4 Limitation on Liens. The Company will not, nor will it permit any Subsidiary to, create, incur or permit to exist any Lien of any kind on any property owned by the Company or such
Subsidiary; provided that the foregoing shall not apply to nor operate to prevent (each of the following, a “Permitted Lien”): 
 (a) Liens for taxes, assessments, governmental charges or levies; provided that payment thereof is not at the time required by Section 9.4; 

(b) Liens arising under statutes or by operation of law, Liens in connection with worker’s compensation, unemployment
insurance, social security and other similar laws (including, without limitation, pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements), Liens to secure the performance of bids, tenders, trade,
government or other similar contracts, obligations for utilities, leases, licenses, statutory obligations, completion guarantees, surety, judgment, appeal or performance bonds, or other similar bonds, or other Liens of like general nature, in any
such case incurred in the ordinary course of business and not in connection with the creation or incurrence of Indebtedness; provided that (i) any such Lien secures only amounts not due and payable or the payment of which is being
contested in good faith by appropriate actions or proceedings and (ii) any such Lien does not materially impair the business of the Company and its Subsidiaries taken as a whole or the value of the related property for the purposes of such
business; 
 (c) mechanics’, workmen’s, materialmen’s, attorney’s, landlords’,
carriers’ or other similar Liens arising in the ordinary course of business and not in connection with the creation or incurrence of Indebtedness and in each such case with respect to obligations which are not due or that are bonded or that are
being contested in good faith by appropriate proceedings; 
 (d) Liens of or resulting from any court proceeding,
judgment or award, (i) the time for the appeal or petition for rehearing of which shall not have expired, or (ii) in respect of which the Company or a Subsidiary shall be prosecuting an appeal or proceeding for a review and in respect of
which a stay of execution pending such appeal or proceeding for review shall have been secured; provided that the Company or such Subsidiary (1) is contesting such proceeding, judgment or award on a timely basis, in good faith and by
appropriate proceedings, and (2) has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary, as the case may be; 

  
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 (e) Liens securing Indebtedness of a Subsidiary to the Company or to another
Wholly-owned Subsidiary; 
 (f) Liens existing as of the date of the Closing and described on
Schedule 5.15(b) hereto; 
 (g) Liens on property of the Company or any of its Subsidiaries created
solely for the purpose of securing purchase money indebtedness (including in connection with the acquisition, construction or improvement of property) or Capitalized Lease Obligations and, representing or incurred to finance, refinance or refund the
purchase price of property; provided that no such Lien shall extend to or cover other property of the Company or such Subsidiary other than the respective property so acquired, constructed or improved, and the principal amount of indebtedness
secured by any such Lien shall at no time exceed the total purchase price (or cost of construction or improvement) of such property; 
 (h) Liens existing on property of a Person at the time such Person is consolidated with or merged into the Company or a Subsidiary or becomes a Subsidiary, or any Lien existing on any property acquired by
the Company or any Subsidiary at the time such property is so acquired (whether or not the Indebtedness secured thereby shall have been assumed); provided that (i) no such Lien shall have been created or assumed in contemplation of such
consolidation or merger or such Person’s becoming a Subsidiary or such acquisition of property, (ii) each such Lien shall extend solely to the item or items of property so acquired and, if required by the terms of the instrument originally
creating such Lien, other property which is an improvement to or is acquired for specific use in connection with such acquired property; 
 (i) customary rights of set off, revocation, refund or chargeback under deposit agreements or under the Uniform Commercial Code in favor of banks or other financial institutions where the Company or any
Subsidiary maintains deposits in the ordinary course of business; 
 (j) Liens constituting (i) survey
restrictions, encumbrances in the nature of zoning restrictions, condemnations, easements, encroachments, covenants, rights of way, defects, irregularities and rights or restrictions of record on the title or use of real property, and
(ii) leases, subleases, licenses or sublicenses granted to others in the ordinary course of business and Liens covering property subject to any lease which was not entered into in violation of this Agreement securing the interest of the lessor
or other Person under such lease, which in any such case does not materially detract from the value of the subject property or materially impair the use thereof in the business of the Company and its Subsidiaries taken as a whole; 

(k) any encumbrance or restriction (including, but not limited to, put and call agreements, rights of first refusal, and
voting or equity holder agreements) with respect to equity or ownership interests in any joint venture or similar arrangement pursuant to any joint venture or similar agreement in any such case not entered into in connection with the creation or
incurrence of Indebtedness; 

  
 - 25 -

 (l) Liens other than those permitted by any of the foregoing
subsections (a) through (k); provided that all Indebtedness secured by any such Liens, in the aggregate with all other Consolidated Priority Indebtedness at such time, does not exceed 15% of Consolidated Total Capitalization, calculated in
accordance with Agreement Accounting Principles; and 
 (m) any extension, renewal or replacement of any Lien
permitted by the preceding clauses (e), (f), (g) and (h) of this Section 10.4; provided that (i) no additional property (other than improvements thereon) shall be encumbered by such Liens, (ii) the unpaid principal amount of
Indebtedness secured thereby shall not be increased on or after the date of such extension, renewal or replacement and (iii) at the time of such extension, renewal or replacement and after giving effect thereto, no Default or Event of Default
would exist, including, without limitation, under Sections 10.1, 10.2 and 10.3, with any calculation of compliance therewith to be made as of the end of the immediately preceding fiscal quarter after giving pro forma effect to the extension,
renewal or replacement of such Lien. 
 Notwithstanding anything to the contrary contained herein, the Company covenants that it
will not, and will not permit any Subsidiary to, create, incur or permit to exist any Lien of any kind on any property owned by the Company or such Subsidiary to secure any Indebtedness of the Company or any Subsidiary under the Bank Credit
Agreement unless the Notes and all other respective obligations of the Obligors under this Agreement and of the Subsidiary Guarantors under any Subsidiary Guaranty, as applicable, are secured on a pari passu basis by a lien on such property pursuant
to documentation, including an intercreditor agreement, in form and substance reasonably satisfactory to the Required Holders. 

Section 10.5 Mergers, Consolidations, Etc. The Company will not consolidate with or merge with any other Person
or convey, transfer, sell or lease all or substantially all of its assets in a single transaction or series of transactions to any Person unless: 
 (a) the successor formed by such consolidation or the survivor of such merger or the Person that acquires by conveyance, transfer, sale or lease all or substantially all of the assets of the Company as an
entirety, as the case may be, is a solvent corporation or limited liability company organized and existing under the laws of the United States or any state thereof (including the District of Columbia), and, if the Company is not such successor or
survivor, such successor or survivor (i) shall have executed and delivered to each holder of any Notes its assumption of the due and punctual performance and observance of each covenant and condition of this Agreement and the Notes and
(ii) shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent counsel or other independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or
instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms hereof; 

  
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 (b) each Subsidiary Guarantor and each Obligor (other than the Company)
shall have affirmed in writing its obligations under the Subsidiary Guaranty to which it is a party or this Agreement and the Notes, as the case may be (unless and to the extent any such Subsidiary Guaranty or the obligations of any such Obligor, as
the case may be, have been discharged or released as expressly permitted by Section 2.2(a) or otherwise in accordance with the terms of this Agreement); and 

(c) immediately after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing, including, without limitation, under Sections 10.1, 10.2 and 10.3, with any calculation of compliance therewith to be made as of the end of the immediately preceding fiscal quarter after giving pro forma effect
to the consummation of such transaction. 
 Section 10.6 Sale of Assets. Except as permitted by
Section 10.5, the Company will not, and will not permit any Subsidiary to, sell, lease, transfer or otherwise dispose of, including by way of merger (collectively a “Disposition”), any assets, including capital stock of
Subsidiaries, in one or a series of transactions, to any Person, other than: 
 (a) Dispositions in the ordinary
course of business; 
 (b) Dispositions by a Subsidiary to the Company or a Wholly-owned Subsidiary or by the
Company to a Wholly-owned Subsidiary; 
 (c) Dispositions of the Company’s interest in Chem-Mod LLC,
Chem-Mod International LLC, C-Quest Technologies LLC or C-Quest Technologies International LLC; or 
 (d)
Dispositions not otherwise permitted by Sections 10.6(a) through 10.6(c), inclusive, provided that: 
 (i) in the good faith opinion of the Company, the Disposition is in exchange for consideration having a fair market value at least equal to that of the property exchanged and is in the best interest of
the Company or such Subsidiary; 
 (ii) immediately after giving effect to the Disposition, no Default or Event
of Default shall exist, including, without limitation, under Sections 10.1, 10.2 and 10.3, with any calculation of compliance therewith to be made as of the end of the immediately preceding fiscal quarter after giving pro
forma effect to the consummation of such Disposition; and 
 (iii) immediately after giving effect to the
Disposition, the aggregate net book value of all assets that were the subject of any Disposition occurring in the then current fiscal year would not exceed 15% of Consolidated Total Assets as of the last day of the most recently ended fiscal year of
the Company, calculated in accordance with Agreement Accounting Principles. 
 Notwithstanding the foregoing, the Company may, or may permit a
Subsidiary to, make a Disposition and the assets subject to such Disposition shall not be subject to or included in the foregoing limitation and computation contained in clause (iii) of the preceding sentence if, within 365 days of such
Disposition: 
 (1) the net proceeds from such Disposition are reinvested in productive assets to be used in the
existing business of the Company or a Subsidiary; or 

  
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 (2) the net proceeds from such Disposition are applied to the payment or
prepayment of the Notes or any other outstanding Indebtedness of the Company or any Subsidiary ranking pari passu with or senior to the Notes (other than Indebtedness of the Company owing to a Subsidiary or an Affiliate or Indebtedness of any
Subsidiary owing to the Company or an Affiliate). 
 For purposes of foregoing clause (2), the Obligors shall offer to prepay (on a
Business Day not less than 30 or more than 60 days following such offer) the Notes on a pro rata basis with any such other Indebtedness that the Company elects to include in such offer at a price of 100% of the principal amount of the Notes to be
prepaid, together with interest accrued and unpaid on such Notes to the date of prepayment (but in no event with a Make Whole Amount or other premium); provided that if any holder of the Notes declines or rejects such offer, the net proceeds that
would have been paid to such holder may be used by the Company for general corporate purposes. A failure by a holder of Notes to respond in writing not later than fifteen Business Days prior to the proposed prepayment date to an offer to prepay made
pursuant to this Section 10.6 shall be deemed to constitute a rejection of such offer by such holder. To the extent that any holder of the Notes rejects or is deemed to have rejected such offer of prepayment, the Company may use the
aggregate amount of such prepayments so rejected for general corporate purposes. 
 Section 10.7 Transactions with
Affiliates. The Company will not and will not permit any Subsidiary to enter into directly or indirectly any Material transaction or Material group of related transactions (including without limitation the purchase, lease, sale or exchange of
properties of any kind or the rendering of any service) with any Affiliate (other than the Company or another Subsidiary), except upon terms and conditions which are no less favorable to the Company or such Subsidiary than would be obtainable in a
comparable arm’s-length transaction with a Person not an Affiliate and except for benefit and compensation plans and arrangements approved by the Board of Directors (or similar governing body) of the Company or any such Subsidiary that is not a
Domestic Subsidiary. 
 Section 10.8 Line of Business. The Company will not and will not permit any Subsidiary to
engage in any business if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged would be substantially changed from the general nature of the business in which the Company
and its Subsidiaries, taken as a whole, are engaged on the date of this Agreement. 
 Section 10.9 Terrorism Sanctions
Regulations. The Company will not and will not permit any Subsidiary to (a) become a Person described or designated in the Specially Designated Nationals and Blocked Persons List of the Office of Foreign Assets Control or in Section 1
of the Anti-Terrorism Order or (b) knowingly engage in any dealings or transactions with any such Person. 

  
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	 	SECTION 11.	Events of Default. 

 An
“Event of Default” shall exist if any of the following conditions or events shall occur and be continuing: 
 (a) the Obligors default in the payment of any principal or Make-Whole Amount, if any, on any Note when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by
declaration or otherwise; or 
 (b) the Obligors default in the payment of any interest on any Note for more than
five Business Days after the same becomes due and payable; or 
 (c) the Company defaults in the performance of
or compliance with any term contained in Section 7.1(d) or Sections 10.1, 10.2 or 10.3; or 
 (d) the Obligors default in the performance of or compliance with any term contained herein (other than those referred to in Sections 11(a), (b) and (c)) and such
default is not remedied within 45 days after the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written notice of such default from any holder of a Note (any such written
notice to be identified as a “notice of default” and to refer specifically to this Section 11(d)); or 
 (e) (i) any representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in this Agreement or in any writing furnished by the Company pursuant to this
Agreement, proves to have been false or incorrect in any material respect on the date as of which made, (ii) any representation or warranty made in writing by or on behalf of an Obligor (other than the Company) or by any officer of an Obligor
(other than the Company) in this Agreement or a Joinder Agreement or in any writing furnished by an Obligor (other than the Company) pursuant to this Agreement or a Joinder Agreement, proves in any such case to have been false or incorrect in any
material respect on the date as of which made and such falsity or incorrectness could reasonably be expected to have a Material Adverse Effect or (iii) any representation or warranty made in writing by or on behalf of a Subsidiary Guarantor or
by any officer of a Subsidiary Guarantor in any Subsidiary Guaranty or in any writing furnished by a Subsidiary Guarantor pursuant to any Subsidiary Guaranty, proves in any such case to have been false or incorrect in any material respect on the
date as of which made and such falsity or incorrectness could reasonably be expected to have a Material Adverse Effect; or 
 (f) (i) the Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium or make-whole amount or interest on any Indebtedness
that is outstanding in an aggregate principal amount in excess of the greater of $25,000,000 or 1% of Consolidated Total Assets beyond any period of grace provided with respect thereto, or (ii) the Company or any Subsidiary is in default in the
performance of or compliance with any term of any evidence of any Indebtedness in an aggregate outstanding principal amount in excess of the greater of $25,000,000 or 1% of Consolidated Total Assets or of any mortgage, indenture or other agreement
relating thereto or any other condition exists, and as a 

  
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consequence of such default or condition such Indebtedness has become, or has been declared, due and payable before its stated maturity or before its regularly scheduled dates of payment, or
(iii) as a consequence of the occurrence or continuation of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into equity interests), the Company or any Subsidiary has
become obligated to purchase or repay Indebtedness before its regular maturity or before its regularly scheduled dates of payment in an aggregate outstanding principal amount in excess of the greater of $25,000,000 or 1% of Consolidated Total
Assets; or 
 (g) any Obligor or any Material Subsidiary (i) is generally not paying, or admits in writing
its inability to pay, its debts as they become due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement or any other petition in bankruptcy, for liquidation or to
take advantage of any bankruptcy, insolvency, reorganization, moratorium or other similar law of any jurisdiction, (iii) makes an assignment of any substantial part of its property for the benefit of its creditors, (iv) consents to the
appointment of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of its property, (v) is finally adjudicated as insolvent or to be liquidated, or (vi) takes
corporate action for the purpose of any of the foregoing; or 
 (h) a court or Governmental Authority of
competent jurisdiction enters an order appointing, without consent by any Obligor or any of its Material Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of
its property, or constituting an order for relief or approving a petition for relief or reorganization or any other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering
the dissolution, winding-up or liquidation of any Obligor or any of its Material Subsidiaries, or any such petition shall be filed against any Obligor or any of its Material Subsidiaries and such petition shall not be dismissed within 60 days; or

 (i) a final judgment or judgments for the payment of money aggregating in excess of the greater of $25,000,000
or 1% of Consolidated Total Assets (excluding for purposes of such determination such amount of any insurance proceeds paid by or on behalf of the Company or any of its Subsidiaries in respect of such judgment or judgments or unconditionally
acknowledged in writing to be payable by the insurance carrier that issued the related insurance policy) are rendered against one or more of the Company and its Subsidiaries and which judgments are not, within 60 days after entry thereof, bonded,
discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 
 (j) if (i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver of such standards or extension of any amortization period is
sought or granted under section 412 or 430 of the Code, (ii) a notice of intent to terminate any Plan shall have been or is reasonably expected within the immediately following two-month period, to be filed with the PBGC or the PBGC shall
have instituted proceedings under ERISA Section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company or any ERISA Affiliate that a Plan may become a subject of any such proceedings,
(iii) the 

  
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aggregate “amount of unfunded benefit liabilities” (within the meaning of Section 4001(a)(18) of ERISA) under all Plans, determined in accordance with Title IV of ERISA, shall
exceed the greater of $25,000,000 or 1% of Consolidated Total Assets, (iv) the Company or any ERISA Affiliate shall have incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax
provisions of the Code relating to employee benefit plans, (v) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, or (vi) the Company or any Subsidiary establishes or amends any employee welfare benefit plan that
provides post-employment welfare benefits in a manner that would increase the liability of the Company or any Subsidiary thereunder; and any such event or events described in clauses (i) through (vi) above, either individually or together
with any other such event or events, could reasonably be expected to have a Material Adverse Effect; or 
 (k)
any Subsidiary Guaranty (once in full force and effect) shall cease to be in full force and effect for any reason whatsoever, including, without limitation, a determination by any Governmental Authority that such Subsidiary Guaranty is invalid, void
or unenforceable or any Subsidiary Guarantor which is a party to such Subsidiary Guaranty shall contest or deny in writing the validity or enforceability of any of its obligations under such Subsidiary Guaranty, but excluding any Subsidiary Guaranty
which ceases to be in full force and effect in accordance with and by reason of the express provisions of Section 2.2 or is otherwise released in accordance with the terms of this Agreement; or 

(l) the obligations of any Obligor shall cease to be in full force and effect for any reason whatsoever, including,
without limitation, a determination by any Governmental Authority that such obligations are invalid, void or unenforceable or any Obligor shall contest or deny in writing the validity or enforceability of any of its obligations under this Agreement
or the Notes, but excluding any Obligor which is released in accordance with and by reason of the express provisions of Section 2.2 or is otherwise released in accordance with the terms of this Agreement. 

As used in Section 11(j), the terms “employee benefit plan” and “employee welfare benefit plan” shall have the respective
meanings assigned to such terms in Section 3 of ERISA. 
  

	 	SECTION 12.	Remedies on Default, Etc. 

Section 12.1 Acceleration. (a) If an Event of Default with respect to an Obligor described in Section 11(g)
or (h) (other than an Event of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue of the fact that such clause encompasses clause (i) of
Section 11(g)) has occurred, all the Notes then outstanding shall automatically become immediately due and payable. 

(b) If any other Event of Default has occurred and is continuing, the Required Holders may at any time at their option, by notice or
notices to the Company, declare all the Notes then outstanding to be immediately due and payable. 
 (c) If any Event of Default
described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to
the Company, declare all the Notes held by it or them to be immediately due and payable. 

  
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 Upon any Note becoming due and payable under this Section 12.1, whether
automatically or by declaration, such Note will forthwith mature and the entire unpaid principal amount of such Note, plus (i) all accrued and unpaid interest thereon (including, but not limited to, interest accrued thereon at the Default Rate)
and (ii) the Make-Whole Amount determined in respect of such principal amount (to the full extent permitted by applicable law), shall all be immediately due and payable, in each and every case without presentment, demand, protest or further
notice, all of which are hereby waived. Each Obligor acknowledges, and the parties hereto agree, that each holder of a Note has the right to maintain its investment in the Notes free from repayment by any Obligor or Obligors (except as herein
specifically provided for), and that the provision for payment of a Make-Whole Amount by the Obligors in the event that any Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the
deprivation of such right under such circumstances. 
 Section 12.2 Other Remedies. If any Default or Event of
Default has occurred and is continuing, and irrespective of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at the time outstanding may proceed to protect and
enforce the rights of such holder by an action at law, suit in equity or other appropriate proceeding, whether for the specific performance of any agreement contained herein or in any Note, or for an injunction against a violation of any of the
terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law or otherwise. 

Section 12.3 Rescission. At any time after any Notes have been declared due and payable pursuant to Section 12.1(b)
or (c), the Required Holders, by written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Obligors have paid all overdue interest on such Notes, all principal of and Make-Whole Amount,
if any, on any Notes that are due and payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if any, and (to the extent permitted by applicable law) any overdue interest in
respect of such Notes, at the Default Rate, (b) the Obligors shall not have paid any amounts which have become due solely by reason of such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have
become due solely by reason of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered for the payment of any monies due pursuant hereto or to such Notes. No
rescission and annulment under this Section 12.3 will extend to or affect any subsequent Event of Default or Default or impair any right consequent thereon. 
 Section 12.4 No Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part of any holder of any Note in exercising any right, power or remedy shall operate
as a waiver thereof or otherwise prejudice such holder’s rights, powers or remedies. No right, power or remedy conferred by this Agreement or by any Note upon any holder thereof shall be exclusive of any other right, power or remedy referred to
herein or therein or now or hereafter available at law, in equity, by statute or otherwise. Without limiting the obligations of the Obligors under Section 15, the Obligors will pay to the holder of each Note on demand such further amount
as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement or collection under this Section 12, including, without limitation, reasonable attorneys’ fees, expenses and disbursements.

  
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	 	SECTION 13.	Registration; Exchange; Substitution of Notes 

 Section 13.1 Registration of Notes. The Obligor Agent shall keep at its principal executive office a register for the registration and registration of transfers of Notes. The name and address
of each holder of one or more Notes, each transfer thereof and the name and address of each transferee of one or more Notes shall be registered in such register. Prior to due presentment for registration of transfer, the Person in whose name any
Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Obligor Agent shall not be affected by any notice or knowledge to the contrary. The Obligor Agent shall give to any holder of a
Note that is an Institutional Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes. 
 Section 13.2 Transfer and Exchange of Notes. Upon surrender of any Note to the Obligor Agent at the address of the Company and to the attention of the designated officer (all as specified in
Section 18(iii)) for registration of transfer or exchange (and in the case of a surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such Note or such
holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for notices of each transferee of such Note or part thereof), within ten Business Days thereafter, the Obligor Agent shall, and
shall cause each of the other Obligors to, execute and deliver, at the Obligors’ expense (except as provided below), one or more new Notes of the same series (as requested by the holder thereof) in exchange therefor and in an aggregate
principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note shall be payable to such Person as such holder may request and shall be substantially in the form of Exhibit 1(a) or Exhibit 1(b), as
applicable. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Obligor Agent may
require payment of a sum sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred in denominations of less than $100,000; provided that if necessary to enable
the registration of transfer by a holder of its entire holding of Notes of a series, one Note of such series may be in a denomination of less than $100,000. Any transferee, by its acceptance of a Note registered in its name (or the name of its
nominee), shall be deemed to have made the representations set forth in Section 6.1 and Section 6.2 with respect to the Notes and, in addition, shall be deemed to represent that either (a) the transferee is not, and is
not acting on behalf of, an employee benefit plan or plan subject to ERISA or Section 4975 of the Code, or (b) the transfer of the Note to, and the holding of the Note by, the transferee is exempt from the prohibited transaction provisions
of ERISA and Section 4975 of the Code as a result of an applicable class or statutory prohibited transaction exemption. The Obligors shall not, however, be required to register any transfer of a Note if, acting in its reasonable
discretion, the Obligor Agent believes such transfer is in violation of applicable law or the representations of the transferee set forth in Sections 6.1 and 6.2 are not true and correct. 

Section 13.3 Replacement of Notes. Upon receipt by the Obligor Agent at the address and to the attention of the designated
officer (all as specified in Section 18(iii)) of 

  
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evidence reasonably satisfactory to it of the ownership of and the loss, theft, destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice
from such Institutional Investor of such ownership and such loss, theft, destruction or mutilation), and 
 (a)
in the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least
$50,000,000 or a Qualified Institutional Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or 
 (b) in the case of mutilation, upon surrender and cancellation thereof, 
 within ten Business Days
thereafter, the Obligor Agent shall, and shall cause each of the other Obligors to, at their own expense, execute and deliver, in lieu thereof, a new Note of the same series, dated and bearing interest from the date to which interest shall have been
paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed or mutilated Note if no interest shall have been paid thereon. 
  

	 	SECTION 14.	Payments on Notes. 

Section 14.1 Place of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any, and
interest becoming due and payable on the Notes shall be made in Itasca, Illinois at the principal office of the Company in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of the Notes
so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal office of a bank or trust company in Chicago, Illinois. 

Section 14.2 Home Office Payment. So long as any Purchaser or its nominee shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Obligors will pay all sums becoming due on such Note for principal, Make-Whole Amount, if any, and interest by the method and at the address
specified for such purpose below such Purchaser’s name in Schedule A, or by such other method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose, without the
presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall
surrender such Note for cancellation, reasonably promptly after any such request, to the Obligor Agent at the Company’s principal executive office or at the place of payment most recently designated by the Company pursuant to
Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to which interest
has been paid thereon or surrender such Note to the Obligor Agent in exchange for a new Note or Notes pursuant to Section 13.2. The Obligors will afford the benefits of this Section 14.2 to any Institutional Investor that is
the direct or indirect transferee of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers have made in this Section 14.2. 

  
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	 	SECTION 15.	Expenses, Etc. 

Section 15.1 Transaction Expenses. Whether or not the transactions contemplated hereby are consummated, the Obligors will pay
all reasonable costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection
with such transactions and in connection with any amendments, waivers or consents under or in respect of this Agreement, any Notes or any Subsidiary Guaranty (whether or not such amendment, waiver or consent becomes effective), including, without
limitation: (a) the reasonable costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under this Agreement, the Notes or any Subsidiary Guaranty or in responding to any subpoena or
other legal process or informal investigative demand issued in connection with this Agreement, the Notes or any Subsidiary Guaranty, or by reason of being a holder of any Note, (b) the reasonable costs and expenses incurred in connection with
the insolvency or bankruptcy of any Obligor or any Subsidiary or in connection with any work-out or restructuring of the transactions contemplated hereby and by the Notes, and (c) the reasonable costs and expenses incurred in connection with
the delivery of any Subsidiary Guaranty or Joinder Agreement as contemplated by Section 9.7. The Obligors will pay, and will save each Purchaser and each other holder of a Note harmless from, all claims in respect of any fees, costs or
expenses, if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of any Notes). 
 Section 15.2 Survival. The obligations of the Obligors under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment or waiver of any provision
of this Agreement or any Notes, and the termination of this Agreement. 
  

	 	SECTION 16.	Survival of Representations and Warranties; Entire Agreement. 

 All representations and warranties contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser of any Note or portion thereof or
interest therein and the payment of any Note, and may be relied upon by any Obligor and any subsequent holder of a Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements
contained in any certificate or other instrument delivered by or on behalf of any Obligor pursuant to this Agreement shall be deemed representations and warranties of the Obligors under this Agreement. Subject to the preceding sentence, this
Agreement and the Notes embody the entire agreement and understanding between each Purchaser and the Obligors and supersede all prior agreements and understandings (written or oral) relating to the subject matter hereof. 

 

	 	SECTION 17.	Amendment and Waiver. 

Section 17.1 Requirements. This Agreement, the Notes, any Joinder Agreement and any Subsidiary Guaranty may be amended, and
the observance of any term hereof or of any Joinder Agreement, Subsidiary Guaranty or the Notes may be waived (either retroactively or prospectively and for a specified time period or permanently), with (and only with) the written consent of the
Obligors and the Required Holders, except that (a) no amendment or waiver of any of the provisions of Section 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective as to any Purchaser
unless consented to by such Purchaser in writing, 

  
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and (b) no such amendment or waiver may, without the written consent of the holder of each Note at the time outstanding affected thereby, (i) subject to the provisions of
Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or reduce the rate or change the time of payment or method of computation of interest or of the Make-Whole Amount
on, the Notes, (ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any such amendment or waiver, or (iii) amend any of Section 8, 11(a), 11(b), 12, 17 or 20.

 Section 17.2 Solicitation of Holders of Notes. 

(a) Solicitation. The Company will provide each holder of the Notes (irrespective of the amount or series of Notes then owned by
it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such holder to make an informed and considered decision with respect to any proposed amendment, waiver or consent in respect of any of the
provisions hereof, of the Notes, any Subsidiary Guaranty or any Joinder Agreement. The Company will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 17
to each holder of outstanding Notes promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the requisite holders of Notes as specified in Section 17.1. 

(b) Payment. None of the Obligors will directly or indirectly pay or cause to be paid any remuneration, whether by way of
supplemental or additional interest, fee or otherwise, or grant any security or provide other credit support, to any holder of Notes as consideration for or as an inducement to the entering into by any holder of Notes of any waiver or amendment of
any of the terms and provisions hereof or of any Note or any Subsidiary Guaranty or any Joinder Agreement unless such remuneration is concurrently paid, or security is concurrently granted or other credit support concurrently provided, on the same
terms, ratably to each holder of Notes then outstanding even if such holder did not consent to such waiver or amendment. 
 (c)
Consent in Contemplation of Transfer. Any consent made pursuant to this Section 17.2 by the holder of any Note that has transferred or has agreed to transfer such Note to any of the Obligors, any Subsidiary or any Affiliate of the
Obligors and has provided or has agreed to provide such written consent as a condition to such transfer, shall be void and of no force except solely as to such holder, and any amendments effected or to be effected or granted that would not have been
or would not be so effected or granted but for such consents or waivers granted (and the consents of all other holders of Notes that were acquired under the same or similar conditions) shall be void and of no force except solely as to such
transferring holder. 
 Section 17.3 Binding Effect, Etc. Any amendment or waiver consented to as provided in this
Section 17 applies equally to all holders of each series of Notes and is binding upon them and upon each future holder of any Note and upon the Obligors without regard to whether such Note has been marked to indicate such amendment or
waiver. No such amendment or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or impair any right consequent thereon. No course of dealing between the Obligors and the
holder of any Note nor any delay in exercising any rights hereunder, under any Note or under any Subsidiary Guaranty shall operate as a waiver of any rights of any holder of such Note. As used herein, the term “this Agreement” and
references thereto shall mean this Agreement as it may from time to time be amended or supplemented. 

  
 - 36 -

 Section 17.4 Notes Held by the Obligors, Etc. Solely for the purpose of
determining whether the holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Agreement, the Notes, any Subsidiary Guaranty or
any Joinder Agreement, or have directed the taking of any action provided herein, in the Notes, any Subsidiary Guaranty or any Joinder Agreement to be taken upon the direction of the holders of a specified percentage of the aggregate principal
amount of Notes then outstanding, Notes directly or indirectly owned by any Obligor or any of its Affiliates shall be deemed not to be outstanding. 
  

	 	SECTION 18.	Notices. 

 All notices and
communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered
or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(i) if to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in
Schedule A, or at such other address as such Purchaser or nominee shall have specified to the Obligor Agent in writing, 
 (ii) if to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Obligor Agent in writing, or 

(iii) if to any of the Obligors, c/o the Company at its address set forth at the beginning hereof to the attention of
Treasurer, with a copy to the General Counsel, or at such other address as the Company shall have specified to the holder of each Note in writing. 
 Notices under this Section 18 will be deemed given only when actually received. 
  

	 	SECTION 19.	Reproduction of Documents. 

 This
Agreement or any Subsidiary Guaranty and all documents relating thereto, including, without limitation, (a) consents, waivers and modifications that may hereafter be executed, (b) documents received by any Purchaser at the Closing (except
the Notes themselves), and (c) financial statements, certificates and other information previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic, digital or other
similar process and such Purchaser may destroy any original document so reproduced. Each Obligor agrees and stipulates that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in
any judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such
reproduction shall likewise be admissible in evidence. This Section 19 shall not prohibit the Obligors or any other holder of Notes from contesting any such reproduction to the same extent that it could contest the original, or from
introducing evidence to demonstrate the inaccuracy of any such reproduction. 

  
 - 37 -

	 	SECTION 20.	Confidential Information. 

 For
the purposes of this Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of any Obligor or any Subsidiary in connection with the transactions contemplated by or otherwise
pursuant to this Agreement and not previously disclosed in any filings by the Company with the SEC; provided that such term does not include information that (a) was publicly known or otherwise known to such Purchaser prior to the time
of such disclosure, (b) subsequently becomes publicly known through no act or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser other than through disclosure by
an Obligor or any Subsidiary, or is known by such Purchaser to be under an obligation not to transmit such information to such Purchaser or (d) constitutes financial statements delivered to such Purchaser under Section 7.1 that are
otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered to
such Purchaser; provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, trustees, officers, employees, agents, attorneys and Affiliates (to the extent such disclosure reasonably relates to the
administration of the investment represented by its Notes), (ii) its financial advisors and other professional advisors who agree to hold confidential the Confidential Information substantially in accordance with the terms of this
Section 20, (iii) any other holder of any Note, (iv) any Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person has agreed in writing prior to its
receipt of such Confidential Information to be bound by the provisions of this Section 20), (v) any Person from which it offers to purchase any security of an Obligor (if such Person has agreed in writing prior to its receipt of
such Confidential Information to be bound by the provisions of this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser, (vii) the NAIC or the SVO or, in each case, any similar
organization, or any nationally recognized rating agency that requires access to information about such Purchaser’s investment portfolio or (viii) any other Person to which such delivery or disclosure may be necessary or appropriate
(w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or
(z) if an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure to be necessary or appropriate in the enforcement or for the protection of the rights and remedies
under such Purchaser’s Notes and this Agreement. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound by and to be entitled to the benefits of this Section 20 as though it were a party to
this Agreement. On reasonable request by the Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement or requested by such holder (other than a holder that is a party
to this Agreement or its nominee), such holder will, as a condition precedent to receiving such information, enter into an agreement with the Company embodying the provisions of this Section 20 and providing the Company assurances that
such holder will enter into further agreements with language no more burdensome on the holder than the language contained in this Section 20 as reasonably requested by the Company in order to comply with Regulation FD promulgated by the
SEC. The Obligors shall reimburse such holder’s reasonable expenses incurred in connection with entering into any such agreement. 

  
 - 38 -

	 	SECTION 21.	Substitution of Purchaser. 

 Each
Purchaser shall have the right to substitute any one of its Affiliates as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Obligors, which notice shall be signed by both such Purchaser and such Affiliate,
shall contain such Affiliate’s agreement to be bound by this Agreement and shall contain a confirmation by such Affiliate of the accuracy with respect to it of the representations set forth in Section 6. Upon receipt of such notice,
any reference to such Purchaser in this Agreement (other than in this Section 21) shall be deemed to refer to such Affiliate in lieu of such original Purchaser. In the event that such Affiliate is so substituted as a Purchaser hereunder
and such Affiliate thereafter transfers to such original Purchaser all of the Notes then held by such Affiliate, upon receipt by the Company of notice of such transfer, any reference to such Affiliate as a “Purchaser” in this Agreement
(other than in this Section 21) shall no longer be deemed to refer to such Affiliate, but shall refer to such original Purchaser, and such original Purchaser shall again have all the rights of an original holder of the Notes under this
Agreement. 
  

	 	SECTION 22.	Miscellaneous. 

Section 22.1 Successors and Assigns. All covenants and other agreements contained in this Agreement by or on behalf of any of
the parties hereto bind and inure to the benefit of their respective successors and assigns (including, without limitation, any subsequent holder of a Note) whether so expressed or not. 

Section 22.2 Payments Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding (but
without limiting the requirement in Section 8.4 that the notice of any optional prepayment specify a Business Day as the date fixed for such prepayment), any payment of principal of or Make-Whole Amount or interest on any Note that is
due on a date other than a Business Day shall be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on such next succeeding Business Day; provided that if the
maturity date of any Note is a date other than a Business Day, the payment otherwise due on such maturity date shall be made on the next succeeding Business Day and shall include the additional days elapsed in the computation of interest payable on
such next succeeding Business Day. 
 Section 22.3 Accounting Terms. All accounting terms used herein which are not
expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP. Except as otherwise specifically provided herein, all financial statements shall be prepared in accordance with GAAP. Notwithstanding anything
to the contrary in this Agreement, any calculation required by, or for purposes of determining compliance with, Sections 10.1, 10.2, 10.3, 10.4 and 10.6 shall be calculated using Agreement Accounting Principles and each financial
or accounting term used in each such Section shall have the meaning given to them in accordance with generally accepted accounting principles as used in the United States in effect as of December 31, 2010 applied on a consistent basis with that
used in preparation of the most recent audited consolidated financial statements listed in Schedule 5.5 (whether, in the case of capitalized terms defined in this Agreement, the definition expressly refers to Agreement Accounting
Principles or not). For purposes of determining compliance with, Sections 10.1, 10.2, 10.3, 10.4 and 10.6, any election by the Company to measure an item of Indebtedness using fair value (as permitted by Accounting Standard
Codification 825-10-25, formerly known as Statement of Financial Accounting Standards No. 159, or any similar accounting standard) shall be disregarded and such determination shall be made as if such election had not been made. 

  
 - 39 -

 Section 22.4 Severability. Any provision of this Agreement that is prohibited or
unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any
jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 Section 22.5 Construction, Etc. Each covenant contained herein shall be construed (absent express provision to the contrary) as being independent of each other covenant contained herein, so
that compliance with any one covenant shall not (absent such an express contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by any Person, or which such Person is
prohibited from taking, such provision shall be applicable whether such action is taken directly or indirectly by such Person. 

For the avoidance of doubt, all Schedules and Exhibits attached to this Agreement shall be deemed to be a part hereof. 

Section 22.6 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be an original
but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 

Section 22.7 Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of Illinois, excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction other than such State. 

Section 22.8 Jurisdiction and Process; Waiver of Jury Trial. (a) Each Obligor irrevocably submits to the non-exclusive
jurisdiction of any Illinois State or federal court sitting in Cook County, Illinois over any suit, action or proceeding arising out of or relating to this Agreement or the Notes. To the fullest extent permitted by applicable law, each Obligor
irrevocably waives and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such
suit, action or proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 

(b) Each Obligor consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature
referred to in Section 22.8(a) by mailing a copy thereof by registered or certified mail (or any substantially similar form of mail), postage prepaid, return receipt requested, to it at its address specified in Section 18 or
at such other address of which such holder shall then have been notified pursuant to said Section. Each Obligor agrees that such service upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit,
action or proceeding and (ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal 

  
 - 40 -

 
delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United States Postal Service or any reputable commercial delivery
service. 
 (c) Nothing in this Section 22.8 shall affect the right of any holder of a Note to serve process in any
manner permitted by law, or limit any right that the holders of any of the Notes may have to bring proceedings against an Obligor in the courts of any appropriate jurisdiction or to enforce in any lawful manner a judgment obtained in one
jurisdiction in any other jurisdiction. 
 (d) THE PARTIES HERETO
HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH
RESPECT TO THIS AGREEMENT, THE NOTES OR ANY OTHER DOCUMENT EXECUTED
IN CONNECTION HEREWITH OR THEREWITH. 

Section 22.9 Nature of Obligations. (a) The obligations of the Obligors under this Agreement and the Notes are joint and
several primary obligations of each Obligor regardless of which Obligor actually receives the proceeds of any Notes or the manner in which the Obligors, any Purchaser or any holder thereof accounts for such Notes on its books and records.

 (b) Each Obligor hereby waives, to the fullest extent permitted by law: 

(1) notice of the creation, renewal or accrual of any liability of an Obligor, present or future, or of the reliance of
such holder of Notes upon this Agreement (it being understood that every Indebtedness, liability and obligation described in this Agreement or the Notes shall conclusively be presumed to have been created, contracted or incurred in reliance upon the
execution of this Agreement and the Notes); 
 (2) demand of payment by any holder of Notes from an Obligor or
any other Person indebted in any manner on or for any of the Indebtedness, liabilities or obligations hereby guaranteed; and 
 (3) presentment for the payment by any holder of Notes or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to such Obligor.

 The obligations of each Obligor under this Agreement and the Notes and the rights of any holder of Notes to enforce such
obligations by any proceedings, whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination (other than by indefeasible payment in full in cash of the Notes and the obligations
of the Obligors under this Agreement), whether by reason of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than any compulsory counterclaim), recoupment or termination
whatsoever. 

  
 - 41 -

 (c) Except as otherwise expressly provided in this Agreement, the obligations of the
Obligors hereunder and under the Notes shall be binding upon the Obligors and their successors and assigns, and shall remain in full force and effect until the entire principal, interest and premium, if any, on the Notes and all other sums due under
this Agreement shall have been paid and such obligations shall not be affected, modified or impaired upon the happening from time to time of any event, including without limitation any of the following, whether or not with notice to or the consent
of the Obligors: 
 (1) the genuineness, validity, regularity or enforceability of the Notes, this Agreement or
any other agreement or any of the terms of any thereof, the continuance of any obligation on the part of any Obligor or any other Person on or in respect of the Notes or under this Agreement or any other agreement or the power or authority or the
lack of power or authority of any Obligor to issue the Notes or any Obligor to execute and deliver this Agreement or any other agreement or to perform any of its obligations hereunder or the existence or continuance of any Obligor or any other
Person as a legal entity; or 
 (2) any default, failure or delay, willful or otherwise, in the performance by an
Obligor or any other Person of any obligations of any kind or character whatsoever under the Notes, this Agreement or any other agreement; or 
 (3) any creditors’ rights, bankruptcy, receivership or other insolvency proceeding of any Obligor or any other Person or in respect of the property of an Obligor or any other Person or any merger,
consolidation, reorganization, dissolution, liquidation, the sale of all or substantially all of the assets of or winding up of an Obligor or any other Person; or 

(4) impossibility or illegality of performance on the part of any Obligor or any other Person of its obligations under the
Notes, this Agreement or any other agreements; or 
 (5) in respect of an Obligor or any other Person, any change
of circumstances, whether or not foreseen or foreseeable, whether or not imputable to an Obligor or any other Person, or other impossibility of performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars
(whether or not declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain materials, action of any Federal or state regulatory body or agency, change of law or any other causes
affecting performance, or any other force majeure, whether or not beyond the control of an Obligor or any other Person and whether or not of the kind hereinbefore specified; or 

(6) any attachment, claim, demand, charge, Lien, order, process, encumbrance or any other happening or event or reason,
similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Indebtedness, obligations or liabilities of any character, foreseen or unforeseen, and whether or not valid,
incurred by or against an Obligor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by an Obligor or any other Person, or against any sums payable in respect of the Notes or under this
Agreement, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or 
 (7) any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of any political subdivision thereof or any body, agency, department, official or administrative
or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in any way adversely affect, the performance by an Obligor or any other Person of its respective
obligations under or in respect of the Notes, this Agreement or any other agreement; or 

  
 - 42 -

 (8) the failure of any Obligor to receive any benefit from or as a result of
its execution, delivery and performance of this Agreement; or 
 (9) any failure or lack of diligence in
collection or protection, failure in presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Obligor of failure of an Obligor or any other Person to keep and perform any
obligation, covenant or agreement under the terms of the Notes, this Agreement or any other agreement or failure to resort for payment to an Obligor or to any other Person or to any other Agreement or to any property, security, Liens or other rights
or remedies; or 
 (10) the acceptance of any additional security or other agreement, the advance of additional
money to an Obligor or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, this Agreement or any other agreement, or the sale, release, substitution or exchange of any
security for the Notes; or 
 (11) any merger or consolidation of an Obligor or any other Person into or with any
other Person or any sale, lease, transfer or other disposition of any of the assets of an Obligor or any other Person to any other Person, or any change in the ownership of any shares of an Obligor or any other Person or any release of any Obligor;
or 
 (12) any defense whatsoever that: (i) an Obligor or any other Person might have to the payment of the
Notes (principal, premium, if any, or interest), other than indefeasible payment thereof in Federal or other immediately available funds, or (ii) an Obligor or any other Person might have to the performance or observance of any of the
provisions of the Notes, this Agreement or any other agreement, whether through the satisfaction or purported satisfaction by an Obligor or any other Person of its debts due to any cause such as bankruptcy, insolvency, receivership, merger,
consolidation, reorganization, dissolution, liquidation, winding-up or otherwise, other than the defense of indefeasible payment in full in cash of the Notes; or 

(13) any act or failure to act with regard to the Notes, this Agreement or any other agreement or anything which might
vary the risk of any Obligor or any other Person; or 
 (14) any other circumstance which might otherwise
constitute a defense available to, or a discharge of, any Obligor or any other Person in respect of the obligations of any Obligor or other Person under this Agreement or any other agreement, other than the defense of indefeasible payment in full in
cash of the Notes; 
 provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to
exclude any other acts, failures or omissions, though not specifically mentioned above, it being the purpose and intent of this Agreement and the Notes and the parties hereto that the obligations of each Obligor shall be absolute and unconditional
and shall not be discharged, impaired or varied except by the indefeasible payment in full in cash of the principal of, 

  
 - 43 -

 
premium, if any, and interest on the Notes in accordance with their respective terms whenever the same shall become due and payable as in the Notes provided and all other sums due and payable
under this Agreement, at the place specified in and all in the manner and with the effect provided in the Notes and this Agreement, as each may be amended or modified from time to time. Without limiting the foregoing, it is understood that repeated
and successive demands may be made and recoveries may be had hereunder as and when, from time to time, an Obligor shall default under or in respect of the terms of the Notes or this Agreement and that notwithstanding recovery hereunder for or in
respect of any given default or defaults by an Obligor under the Notes or this Agreement shall remain in full force and effect and shall apply to each and every subsequent default. 

(d) To the extent of any payments made under this Agreement, each Obligor making such payment shall have a right of contribution from the
other Obligors, but such Obligor covenants and agrees that such right of contribution shall be subordinate in right of payment to the rights of the holder of Notes for which full payment has not been made or provided for and, to that end, such
Obligor agrees not to claim or enforce any such right of contribution unless and until all of the Notes and all other sums due and payable under this Agreement have been fully and irrevocably paid and discharged. 

(e) Each Obligor agrees that to the extent an Obligor or any other Person makes any payment on any Note, which payment or any part
thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a trustee, receiver, or any other Person under any bankruptcy code, common law, or
equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in full force and effect with respect to the Obligors’ obligations hereunder, as if said payment
had not been made. The liability of the Obligors hereunder shall not be reduced or discharged, in whole or in part, by any payment to any holder of a Note from any source that is thereafter paid, returned or refunded in whole or in part by reason of
the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference, illegality, invalidity, or fraud asserted by any account debtor or by any other Person.

 (f) No holder of a Note shall be under any obligation: (1) to marshal any assets in favor of the Obligors or in payment
of any or all of the liabilities of any Obligor under or in respect of the Notes or the obligations of the Obligors hereunder or (2) to pursue any other remedy that the Obligors may or may not be able to pursue themselves and that may lighten
the Obligors’ burden, any right to which each Obligor hereby expressly waives. 
 (g) Notwithstanding anything to the
contrary in this Agreement, including this Section 22.9, all obligations and liabilities of an Obligor under this Agreement, the Notes and any Joinder Agreement shall automatically, without any action on the part of any party hereto,
terminate and be void and of no further force and effect with respect to such Obligor (or any successor thereto or assign thereof) if and when such Obligor (or any successor thereto or assign thereof) is released from this Agreement, the Notes and
any Joinder Agreement by reason of the express provisions of Section 2.2 of this Agreement or is otherwise released from this Agreement, the Notes and any Joinder Agreement in accordance with the terms of this Agreement. 

  
 - 44 -

 Section 22.10 Obligor Agent. (a) Each Obligor (other than the Company) by
its execution of this Agreement or a Joinder Agreement irrevocably appoints the Company to act on its behalf as its agent (the “Obligor Agent”) in relation to this Agreement and the Notes and irrevocably authorizes: 

(i) the Company on its behalf to supply all information concerning itself contemplated by this Agreement to the holders of
a Note and to give all notices and instructions, to execute on its behalf any Joinder Agreement, to make such agreements and to effect the relevant amendments, supplements and variations capable of being given, made or effected by any Obligor
notwithstanding that they may affect the Obligor, without further reference to or the consent of that Obligor; and 
 (ii) each holder of a Note to give any notice, demand or other communication to that Obligor pursuant to the this Agreement and the Notes to the Company, 

and in each case the Obligors shall be bound as though that Obligor itself had given the notices and instructions or executed or made the agreements or
effected the amendments, supplements or variations, or received the relevant notice, demand or other communication. 
 (b) Every
act, omission, agreement, undertaking, settlement, waiver, amendment, supplement, variation, notice or other communication given or made by the Obligor Agent or given to the Obligor Agent under this Agreement and the Notes on behalf of another
Obligor or in connection with this Agreement and the Notes (whether or not known to any other Obligor and whether occurring before or after such other Obligor became an Obligor under this Agreement and the Notes) shall be binding for all purposes on
that Obligor as if that Obligor had expressly made, given or concurred with it. In the event of any conflict between any notices or other communications of the Obligor Agent and any other Obligor, those of the Obligor Agent shall prevail.

 *    *    *    *    * 

  
 - 45 -

 If you are in agreement with the foregoing, please sign the form of agreement on a
counterpart of this Agreement and return it to the Company, whereupon this Agreement shall become a binding agreement between you and the Obligors. 
  

			
	Very truly yours,
	
	 ARTHUR J. GALLAGHER & CO., a Delaware
corporation

		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer
	
	 ARTHUR J. GALLAGHER & CO. (ILLINOIS), an
Illinois corporation

		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer
	
	 ARTHUR J. GALLAGHER BROKERAGE & RISK
MANAGEMENT SERVICES, LLC, a Delaware limited liability company

		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer
	
	 RISK PLACEMENT SERVICES, INC., an Illinois
corporation

		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer
	
	 GALLAGHER BASSETT SERVICES, INC., a Delaware
corporation

		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer

 SIGNATURE
PAGE TO NOTE PURCHASE AGREEMENT 

 
			
	 GALLAGHER BENEFIT SERVICES, INC., a Delaware
corporation

		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer
	
	 ARTHUR J. GALLAGHER RISK MANAGEMENT
SERVICES, INC., an Illinois corporation

		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer
	
	ARTHUR J. GALLAGHER SERVICE COMPANY, a Delaware corporation
		
	By:	 	/s/ Jack H. Lazzaro
	Title:	 	Treasurer

  

SIGNATURE PAGE TO NOTE PURCHASE AGREEMENT

 This Agreement is hereby accepted and agreed 
 to as of the date thereof. 
  

			
	NEW YORK LIFE INSURANCE COMPANY
		
	By:	 	/s/ Christopher H. Carey
	Title:	 	Corporate Vice President
	
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION
		
	By:	 	New York Life Investment Management LLC, Its Investment Manager
		
	By:	 	/s/ Christopher H. Carey
	Title:	 	Director
	
	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30C)
		
	By:	 	New York Life Investment Management LLC, its Investment Manager
		
	By:	 	/s/ Christopher H. Carey
	Title:	 	Director

  

SIGNATURE PAGE TO NOTE PURCHASE AGREEMENT

 This Agreement is hereby accepted and agreed 
 to as of the date thereof. 
  

					
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	/s/ Anthony Coletta
		 	Vice President
	
	RGA REINSURANCE COMPANY
		
	 By:
	 	 Prudential Private Placement Investors, L.P.
 (as Investment Advisor)

		
	By:	 	 Prudential Private Placement Investors, Inc.
 (as its General Partner)

			
		 	By:	 	/s/ Anthony Coletta
		 		 	Vice President
	
	MTL INSURANCE COMPANY
		
	By:	 	 Prudential Private Placement Investors, L.P.
 (as Investment Advisor)

		
	By:	 	 Prudential Private Placement Investors, Inc.
 (as its General Partner)

			
		 	By:	 	/s/ Anthony Coletta
		 		 	Vice President

  

SIGNATURE PAGE TO NOTE PURCHASE AGREEMENT

 PURCHASER SCHEDULE 

 

													
	 	  	 	  	 	  	Aggregate
Principal
Amount
of
Series D Notes
to be Purchased	 	  	Note
Denomination	 
				
		  	NEW YORK LIFE INSURANCE COMPANY	  	$	29,300,000.00	  	  	$	29,300,000.00	  
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		  	 JPMorgan Chase Bank

New York, New York 10019
 ABA No.

Credit: New York Life Insurance Company
 General
Account No.
  
 with sufficient information (including issuer, PPN number,
interest rate, maturity and whether payment is of principal, premium, or interest) to identify the source and application of such funds.
  

All notices of payments, written confirmations of such wire transfers and any audit confirmation:

 
 New York Life Insurance Company

c/o New York Life Investment Management LLC
 51
Madison Avenue

2nd Floor, Room 208
 New York, New York 10010-1603
	  				  			
					
		  	 Attention:
	  	 Securities Operations

Private Group
 2nd Floor
 Fax #: 908-840-3385
	  				  			

									
		 	with a copy sent electronically to:	  		  	
				
	 (2)
	 	 All other communications:
 New York Life Insurance Company
 c/o New York Life Investment Management LLC

51 Madison Avenue
 2nd Floor, Room 208

New York, New York 10010
	  		  	
					
		 	Attention:	  	 Fixed Income Investors Group

Private Finance
 2nd Floor
 Fax #: (212) 447-4122
	  		  	
				
		 	with a copy sent electronically to:	  		  	
				
		 	and with a copy of any notices regarding defaults or Events of Default under the operative documents to:	  		  	
					
		 	Attention:	  	 Office of General Counsel

Investment Section, Room 1016
 Fax #: (212)
576-8340
	  		  	
		
	 (3)
	 	Address for Delivery of Notes:
				
		 	 Send physical security by nationwide overnight delivery service to:

 
 Barbara T. Friedman
 Managing Director & Assoc. General Counsel New
 York Life Investment Management LLC

51 Madison Avenue, 10th Floor
 New York, NY
10010
	  		  	
				
	 (4)
	 	Tax Identification No.:	  		  	

 PURCHASER SCHEDULE 

 

													
	 	  	 	  	 	  	Aggregate
Principal
Amount
of
Series D Notes
to be Purchased	 	  	Note
Denomination	 
				
		  	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION	  	$	38,200,000.00	  	  	$	38,200,000.00	  
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		  	 JPMorgan Chase Bank

New York, New York 10019
 ABA No.

Credit: New York Life Insurance and Annuity Corporation
 General Account No.
  
 with
sufficient information (including issuer, PPN number, interest rate, maturity and whether payment is of principal, premium, or interest) to identify the source and application of such funds.

 
 All notices of payments, written confirmations of such wire transfers and any audit
confirmation:
  
 New York Life Insurance and Annuity Corporation

c/o New York Life Investment Management LLC
 51
Madison Avenue

2nd Floor, Room 208
 New York, New York 10010-1603
	  				  			
					
		  	 Attention:
	  	 Securities Operations

Private Group
 2nd Floor
 Fax #: 908-840-3385
	  				  			

									
				
		 	 with a copy sent electronically to:
	 		 	
				
	 (2)
	 	 All other communications:
 New York Life Insurance and Annuity Company
 c/o New York Life Investment Management LLC

51 Madison Avenue
 2nd Floor, Room 208

New York, New York 10010
	 		 	
					
		 	 Attention:
	 	 Fixed Income Investors Group

Private Finance
 2nd Floor
 Fax #: (212) 447-4122
	 		 	
				
		 	with a copy sent electronically to:	 		 	
				
		 	and with a copy of any notices regarding defaults or Events of Default under the operative documents to:	 		 	
					
		 	Attention:	 	 Office of General Counsel

Investment Section, Room 1016
 Fax #: (212)
576-8340
	 		 	
				
	 (3)
	 	Address for Delivery of Notes:	 		 	
				
		 	 Send physical security by nationwide overnight delivery service to:

 
 Barbara T. Friedman
 Managing Director & Assoc. General Counsel New
 York Life Investment Management LLC

51 Madison Avenue, 10th Floor
 New York, NY
10010
	 		 	
				
	 (4)
	 	Tax Identification No.:	 		 	

 PURCHASER SCHEDULE 

 

													
	 	 	 	  	 	  	Aggregate
Principal
Amount
of
Series D Notes
to be Purchased	 	  	Note
Denomination	 
				
		 	NEW YORK LIFE INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI30C)	  	$	7,500,000.00	  	  	$	7,500,000.00	  
				
	 (1)
	 	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		 	 JPMorgan Chase Bank

New York, New York 10019
 ABA No.

Credit: NYLIAC SEPARATE BOLI 30C
 General Account
No.
	  				  			
				
		 	with sufficient information (including issuer, PPN number, interest rate, maturity and whether payment is of principal, premium, or interest) to identify the source and
application of such funds.	  				  			
				
		 	All notices of payments, written confirmations of such wire transfers and any audit confirmation:	  				  			
				
		 	 New York Life Insurance and Annuity Corporation
 c/o New York Life Investment Management LLC
 51 Madison Avenue

2nd Floor, Room 208
 New York, New York 10010-1603
	  				  			
					
		 	 Attention:
	  	 Securities Operations

Private Group
 2nd Floor
 Fax #: 908-840-3385
	  				  			

									
				
		 	with a copy sent electronically to:	 		 	
				
	 (2)
	 	 All other communications:
 New York Life Insurance and Annuity Corporation
 c/o New York Life Investment Management
LLC
 51 Madison Avenue
 2nd Floor, Room 208

New York, New York 10010
	 		 	
					
		 	Attention:	 	 Fixed Income Investors Group

Private Finance
 2nd Floor
 Fax #: (212) 447-4122
	 		 	
				
		 	with a copy sent electronically to:	 		 	
				
		 	and with a copy of any notices regarding defaults or Events of Default under the operative documents to:	 		 	
					
		 	Attention:	 	 Office of General Counsel

Investment Section, Room 1016
 Fax #: (212)
576-8340
	 		 	
				
	 (3)
	 	Address for Delivery of Notes:	 		 	
				
		 	 Send physical security by nationwide overnight delivery service to:

 
 Barbara T. Friedman
 Managing Director & Assoc. General Counsel New
 York Life Investment Management LLC

51 Madison Avenue, 10th Floor
 New York, NY
10010
	 		 	
				
	 (4)
	 	Tax Identification No.:	 		 	

 PURCHASER SCHEDULE 

 

											
	 	  	 	  	Aggregate
Principal
Amount
of
Series E Notes
to be Purchased	 	  	Note
Denomination	 
				
		  	 THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
	  	$	39,500,000.00	  	  	$	39,500,000.00	  
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		  	 Account Name: Prudential Managed Portfolio
 Account No.: (please do not include spaces) (in the case of payments on account of the Note originally issued in the principal amount of $39,500,000.00)
	  				  			
				
		  	 JPMorgan Chase Bank
 New York,
NY
 ABA No.:
	  				  			
				
		  	Each such wire transfer shall set forth the name of the Company, a reference to “5.49% Series E Senior Notes due February 10, 2023, Security No. , PPN” and the due date
and application (as among principal, interest and Make-Whole Amount) of the payment being made.	  				  			
				
	 (2)
	  	Address for all notices relating to payments:	  				  			
				
		  	 The Prudential Insurance Company of America
 c/o Investment Operations Group
 Gateway Center Two, 10th Floor

100 Mulberry Street
 Newark, NJ
07102-4077
	  				  			
				
		  	Attention: Manager, Billings and Collections	  				  			

							
				
	 (3)
	  	Address for all other communications and notices:	  		  	
				
		  	 The Prudential Insurance Company of America
 c/o Prudential Capital Group
 Two Prudential Plaza

180 N. Stetson Avenue
 Suite 5600

Chicago, IL 60601
	  		  	
				
		  	Attention: Managing Director, Corporate Finance	  		  	
				
	 (4)
	  	Recipient of telephonic prepayment notices:	  		  	
				
		  	Manager, Trade Management Group	  		  	
				
		  	Telephone: (973) 367-3141	  		  	
		  	Facsimile: (888) 889-3832	  		  	
				
	 (5)
	  	Address for Delivery of Notes:	  		  	
				
		  	 Send physical security by nationwide overnight delivery service to:

 
 Prudential Capital Group
 Two Prudential Plaza
 180 N. Stetson Avenue
 Suite 5600
 Chicago, IL 60601

 
 Attention: Armando Gamboa
 Telephone: (312) 540.4203
	  		  	
				
	 (6)
	  	Tax Identification No.:	  		  	

 PURCHASER SCHEDULE 

 

											
	 	  	 	  	Aggregate
Principal
Amount
of
Series E Notes
to be Purchased	 	  	Note
Denomination	 
				
		  	RGA REINSURANCE COMPANY	  	$	7,500,000.00	  	  	$	7,500,000.00	  
				
		  	 Notes/Certificates to be registered in the name of:
 Hare & Co.
	  				  			
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		  	 The Bank of New York Mellon

ABA No.:
 BNF Account No.

Credit to: RGA Reinsurance Company
	  				  			
				
		  	Each such wire transfer shall set forth the name of the Company, a reference to “5.49% Series E Senior Notes due February 10, 2023, PPN” and the due date and
application (as among principal, interest and Make-Whole Amount) of the payment being made.	  				  			
				
	 (2)
	  	All notices of payments and written confirmations of such wire transfers:	  				  			
				
		  	 RGA Reinsurance Company

Attn: Banking Dept.
 1370 Timberlake Manor
Parkway
 Chesterfield, MO 63017-6039
	  				  			
				
	 (3)
	  	Address for all other communications and notices:	  				  			
				
		  	 Prudential Private Placement Investors, L.P.
 c/o Prudential Capital Group
 Two Prudential Plaza

180 N. Stetson Avenue
 Suite 5600

Chicago, IL 60601
  
 Attention: Managing Director, Corporate Finance
	  				  			

							
				
	 (4)
	  	Address for Delivery of Notes:	  		  	
				
		  	 (a) Send physical security by nationwide overnight delivery service to:

 
 The Bank of New York Mellon

One Wall Street
 3rd Floor Window A
 New York, NY 10256

Attn: Anthony V. Saviano (212-635-6742)
  

Please include in the cover letter accompanying the Notes a reference to the Purchaser (RGA Private Placement Prudential Financial
Account No. ).
  
 (b) Send copy by nationwide overnight delivery service
to:
  
 Prudential Capital Group

Gateway Center 4
 100 Mulberry, 7th Floor
 Newark, NJ 07102

 
 Attention: Trade Management, Manager

Telephone: (973) 367-3141
	  		  	
				
	 (5)
	  	Tax Identification No.:	  		  	

 PURCHASER SCHEDULE 

 

											
	 	  	 	  	Aggregate
Principal
Amount
of
Series E Notes
to be Purchased	 	  	Note
Denomination	 
				
		  	MTL INSURANCE COMPANY	  	$	3,000,000.00	  	  	$	3,000,000.00	  
				
	 (1)
	  	All payments on account of Notes held by such purchaser shall be made by wire transfer of immediately available funds for credit to:	  				  			
				
		  	 The Northern Trust Company

ABA #
 Credit Wire Account #

FFC: /MTL Insurance Company - Prudential
	  				  			
				
		  	Each such wire transfer shall set forth the name of the Company, a reference to “5.49% Series E Senior Notes due February 10, 2023, PPN” and the due date and
application (as among principal, interest and Make-Whole Amount) of the payment being made.	  				  			
				
	 (2)
	  	All notices of payments and written confirmations of such wire transfers:	  				  			
				
		  	 MTL Insurance Company
 1200
Jorie Blvd.
 Oak Brook, IL 60522-9060
  

Attention: Margaret Culkeen
	  				  			
				
	 (3)
	  	Address for all other communications and notices:	  				  			
				
		  	 Prudential Private Placement Investors, L.P.
 c/o Prudential Capital Group
 Two Prudential Plaza

180 N. Stetson Avenue
 Suite 5600

Chicago, IL 60601
  
 Attention: Managing Director, Corporate Finance
	  				  			

							
				
	 (4)
	  	Address for Delivery of Notes:	  		  	
				
		  	 (a) Send physical security by nationwide overnight delivery
 service to:
  

The Northern Trust Company of New York
 Harborside Financial Center 10, Suite 1401
 3 Second Street

Northern Acct. # / Acct. Name:
     Insurance Company - Prudential
 Jersey City, NJ
07311
  
 Attn: Jose Mero & Rubie Vega

 
 Please include in the cover letter accompanying the Notes a
reference to the Purchaser’s account number (MTL Insurance Company-Prudential; Account Number: ).
  
 (b) Send copy by nationwide overnight delivery service to:
  
 Prudential Capital Group
 Gateway Center 4

100 Mulberry, 7th Floor
 Newark, NJ 07102
  
 Attention: Trade Management, Manager
 Telephone: (973) 367-3141
	  		  	
				
	 (5)
	  	Tax Identification No.:	  		  	

 DEFINED TERMS 

As used herein, the following terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 “Affiliate” means, at any time, and with respect to any Person, any other Person that at such time directly
or indirectly through one or more intermediaries Controls, or is Controlled by, or is under common Control with, such first Person, and with respect to the Company, shall include any Person beneficially owning or holding, directly or indirectly, 10%
or more of any class of voting or equity interests of the Company or any Subsidiary or any corporation of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly, 10% or more of any class of voting
or equity interests. As used in this definition, “Control” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of
voting securities, by contract or otherwise. Unless the context otherwise clearly requires, any reference to an “Affiliate” is a reference to an Affiliate of the Company. 

“Agreement” means this Note Purchase Agreement among the Obligors and the Purchasers dated February 10, 2011.

 “Agreement Accounting Principles” means generally accepted accounting principles as used in the United
States in effect as of August 3, 2007 applied on a basis consistent with that used in the preparation of the audited consolidated financial statements of the Company for the year ended December 31, 2006. 

“AJG Brokerage” means Arthur J. Gallagher Brokerage & Risk Management Services, LLC, a Delaware limited
liability company. 
 “AJG Illinois” means Arthur J. Gallagher & Co. (Illinois), an Illinois
corporation. 
 “Anti-Terrorism Order” means Executive Order No. 13,224 of September 24, 2001,
Blocking Property and Prohibiting Transactions with Persons Who Commit, Threaten to Commit or Support Terrorism, 66 U.S. Fed. Reg. 49,079 (2001), as amended. 
 “Bank Credit Agreement” means Multicurrency Credit Agreement, dated as of July 15, 2010, among the Obligors, the lenders from time to time party thereto, Bank of Montreal, as
administrative agent, Bank of America, N.A., Citibank N.A. and Barclays Bank PLC, as co-syndication agents, and JPMorgan Chase Bank N.A. and U.S. Bank National Association, as documentation agents, as the same may from time to time be amended,
modified, supplemented, renewed, extended, refinanced or replaced. 
 “Business Day” means (a) for the
purposes of Section 8.6 only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York City are required or authorized to be closed, and (b) for the purposes of any other provision of this Agreement,
any day other than a Saturday, a Sunday or a day on which commercial banks in Chicago, Illinois or New York, New York are required or authorized to be closed. 
 SCHEDULE B 
 (to Note Purchase Agreement) 

 “Capital Lease” means any lease of property which, in accordance with
Agreement Accounting Principles, is required to be capitalized on the balance sheet of the lessee. 
 “Capitalized Lease
Obligation” means the amount of the liability shown on the balance sheet of any Person in respect of a Capital Lease as determined in accordance with Agreement Accounting Principles. 

“Change in Control” is defined in Section 8.7(f). 

“Change in Control Event” is defined in Section 8.7(a). 

“Closing” is defined in Section 3. 
 “Code” means the Internal Revenue Code of 1986, as amended from time to time, and the rules and regulations promulgated thereunder from time to time. 

“Company” means Arthur J. Gallagher & Co., a Delaware corporation, or any successor that becomes such in the
manner prescribed in Section 10.5. 
 “Confidential Information” is defined in
Section 20. 
 “Consolidated Indebtedness” means, without duplication, all Indebtedness of the
Company and its Subsidiaries, determined on a consolidated basis eliminating intercompany items. 
 “Consolidated Net
Worth” means, at any time the same is to be determined, the total stockholders’ equity (including capital stock, additional paid-in capital and retained earnings after deducting treasury stock, but excluding minority interests in
Subsidiaries) which would appear on the balance sheet of the Company and its Subsidiaries determined on a consolidated basis in accordance with Agreement Accounting Principles. 

“Consolidated Priority Indebtedness” means, without duplication, all Priority Indebtedness of the Company and its
Subsidiaries determined on a consolidated basis eliminating inter-company items. 
 “Consolidated Total Assets”
means, as of the date of any determination thereof and without duplication, total assets of the Company and its Subsidiaries determined on a consolidated basis in accordance with Agreement Accounting Principles. 

“Consolidated Total Capitalization” means, as of the date of any determination thereof and without duplication, the sum
of (a) Consolidated Indebtedness plus (b) Consolidated Net Worth. 
 “Default” means an event
or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become an Event of Default. 
 “Default Rate” means, for each Note, that rate of interest stated in clause (b) of the first paragraph of such Note. 

  
 B-2

 “Disclosure Documents” is defined in Section 5.3. 

“Disposition” is defined in Section 10.6. 

“Domestic Subsidiary” means each Subsidiary of the Company which is organized under the laws of the United States of
America or any state thereof. 
 “EBITDA” means, for any period, the sum, determined on a consolidated basis in
accordance with Agreement Accounting Principles, without duplication, for the Company and its Subsidiaries of: 
  

	 	(a)	Net Income for such period plus 

  

	 	(b)	to the extent deducted in determining Net Income: 

  

	 	(i)	income and franchise taxes; 

  

	 	(ii)	Interest Expense; 

  

	 	(iii)	amortization; 

  

	 	(iv)	depreciation; 

  

	 	(v)	non-cash stock option expense; 

  

	 	(vi)	non-cash restructuring charges; and 

  

	 	(vii)	the expense resulting from any change in estimated acquisition earnout payables minus  

 

	 	(c)	to the extent included in determining Net Income, the income resulting from any change in estimated acquisition earnout payables. 

“EBITDAR” means, for any period, EBITDA plus, to the extent deducted in determining Net Income, Rental Expense.

 “Electronic Delivery” is defined in Section 7.1(a). 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, laws, regulations, ordinances,
rules, judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment,
including but not limited to those related to Hazardous Materials. 
 “ERISA” means the Employee Retirement
Income Security Act of 1974, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “ERISA Affiliate” means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under Section 414 of the Code. 

  
 B-3

 “Event of Default” is defined in Section 11. 

“Excess Cash” means, as of any date the same is to be determined, all cash on the books of the Company and its Domestic
Subsidiaries which is maintained in accounts located in the United States of America and which is in excess of $25,000,000, but excluding restricted cash as set forth in the financial statements of the Company delivered pursuant to
Section 7.1. 
 “Exchange Act” means the Securities Exchange Act of 1934, as amended from time to
time, and the rules and regulations promulgated thereunder from time to time in effect. 
 “Fixed Charges”
means for any period, the sum, determined on a consolidated basis in accordance with Agreement Accounting Principles, without duplication, for the Company and its Subsidiaries of Interest Expense paid or payable in cash for such period and Rental
Expense for such period. 
 “Form 10-K” is defined in Section 7.1(b). 

“Form 10-Q” is defined in Section 7.1(a). 

“GAAP” means generally accepted accounting principles as in effect from time to time in the United States of America.

 “Gallagher Bassett” means Gallagher Bassett Services, Inc., a Delaware corporation. 

“Gallagher Benefit” means Gallagher Benefit Services, Inc., a Delaware corporation. 

“Gallagher Risk” means Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation. 

“Gallagher Service” means Arthur J. Gallagher Service Company, a Delaware corporation. 

“Governmental Authority” means: 
 (a) the government of 
 (i) the United States of America or any
State or other political subdivision thereof, or 
 (ii) any other jurisdiction in which the Company or any
Subsidiary conducts all or any part of its business, or which asserts jurisdiction over any properties of the Company or any Subsidiary, or 
 (b) any entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government. 

“Guaranty” means, with respect to any Person and without duplication, any obligation (except the endorsement in the
ordinary course of business of negotiable instruments for deposit or collection) of such Person guaranteeing or in effect guaranteeing any Indebtedness, dividend 

  
 B-4

 
or other obligation of any other Person in any manner, whether directly or indirectly, including (without limitation) obligations incurred through an agreement, contingent or otherwise, by such
Person: 
 (a) to purchase such Indebtedness or obligation or any property constituting security therefor;

 (b) to advance or supply funds (i) for the purchase or payment of such Indebtedness or obligation, or
(ii) to maintain any working capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available funds for the purchase or payment of such Indebtedness or obligation;

 (c) to lease properties or to purchase properties or services primarily for the purpose of assuring the owner
of such Indebtedness or obligation of the ability of any other Person to make payment of the Indebtedness or obligation; or 
 (d) otherwise to assure the owner of such Indebtedness or obligation against loss in respect thereof. 
 In any computation of the Indebtedness or other liabilities of the obligor under any Guaranty, the Indebtedness or other obligations that are the subject of such Guaranty shall be assumed to be direct
obligations of such obligor. 
 “Hazardous Materials” means any and all pollutants, toxic or hazardous wastes
or any other substances, including all substances listed in or regulated in any Environmental Law as posing a hazard to health and safety, the removal of which is required or the generation, manufacture, refining, production, processing, treatment,
storage, handling, transportation, transfer, use, disposal, release, discharge, spillage, seepage, or filtration of which is or shall be restricted, regulated, prohibited or penalized by any applicable law including, but not limited to, asbestos,
urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products, lead based paint, radon gas or similar restricted, prohibited or penalized substances. 

“holder” means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by
the Obligor Agent pursuant to Section 13.1. 
 “Indebtedness” means for any Person (without
duplication) (a) all indebtedness created, assumed or incurred in any manner by such Person representing money borrowed (including by the issuance of debt securities), (b) all indebtedness for the deferred purchase price of property or
services (other than (i) trade accounts payable arising in the ordinary course of business which are not more than 90 days past due and (ii) obligations to make earn-out payments payable (including at the election of the Company) in
capital stock of the Company pursuant to acquisitions by the Company or any of its Subsidiaries), (c) all indebtedness secured by any Lien upon property of such Person, whether or not such Person has assumed or become liable for the payment of
such indebtedness, (d) all Capitalized Lease Obligations of such Person, (e) all obligations of such Person on or with respect to letters of credit, bankers’ acceptances and other extensions of credit whether or not representing
obligations for borrowed money, excluding, in each case, indebtedness which is non-recourse to such Person and its subsidiaries and (f) any Guaranty of such Person with respect to liabilities of a type described in any of clauses (a)
through (e) hereof. 

  
 B-5

 “INHAM Exemption” is defined in Section 6.2(e). 

“Institutional Investor” means (a) any purchaser of a Note, (b) any holder of a Note holding (together with
one or more of its Affiliates) more than 5% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or other financial institution, any pension plan, any investment company, any
insurance company, any broker or dealer, or any other similar financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note. 

“Interest Expense” means, for any Person and with reference to any period, the sum of all interest charges (including
imputed interest charges with respect to Capitalized Lease Obligations and all amortization of debt discount and expense) of such Person and its subsidiaries for such period (after eliminating intercompany items) determined on a consolidated basis
in accordance with Agreement Accounting Principles. 
 “Investment Grade Rating” is defined in
Section 8.7(f). 
 “Joinder Agreement” means a joinder agreement substantially in the form of
Exhibit 9.7(a)(ii). 
 “Lien” means, with respect to any Person and without duplication, any
mortgage, lien, pledge, charge, security interest or other encumbrance, or any interest or title of any vendor, lessor, lender or other secured party to or of such Person under any conditional sale or other title retention agreement or Capital
Lease, upon or with respect to any property or asset of such Person (including in the case of stock, stockholder agreements, voting trust agreements and all similar arrangements). 

“Make-Whole Amount” is defined in Section 8.6. 

“Material” means material in relation to the business, operations, affairs, financial condition, assets or properties of
the Company and its Subsidiaries taken as a whole. 
 “Material Adverse Effect” means a material adverse effect
on (a) the business, operations, affairs, financial condition, assets or properties of the Company and its Subsidiaries taken as a whole, or (b) the ability of the Company to perform its obligations under this Agreement and the Notes, or
(c) the ability of any Subsidiary Guarantor or any Obligor (other than the Company) to perform its obligations under any Subsidiary Guaranty or this Agreement and the Notes, as the case may be, when taken together with the Company’s
ability to perform its obligations under this Agreement and the Notes and the other Subsidiary Guarantors’ and the Obligors’ (other than the Company) ability to perform their obligations under any Subsidiary Guaranty or this Agreement and
the Notes, as the case may be, or (d) the validity or enforceability against the Company of this Agreement or the Notes or (e) the validity or enforceability against the Subsidiary Guarantors and the Obligors (other than the Company),
taken as a whole, of any Subsidiary Guaranty and this Agreement and the Notes. 
 “Material Subsidiary” means a
Subsidiary of the Company whose assets represent more than 5% of the Consolidated Total Assets. 

  
 B-6

 “Multiemployer Plan” means any Plan that is a “multiemployer
plan” (as such term is defined in section 4001(a)(3) of ERISA). 
 “NAIC” means the National
Association of Insurance Commissioners or any successor thereto. 
 “NAIC Annual Statement” is
defined in Section 6.2(a). 
 “Net Income” means, for any Person and with reference to any period,
the net income (or net loss) of such Person and its subsidiaries for such period as computed on a consolidated basis in accordance with Agreement Accounting Principles, and, without limiting the foregoing, after deduction from gross income of all
expenses and reserves, including reserves for all taxes on or measured by income. 
 “net proceeds” means, with
respect to any sale, lease, transfer or other disposition of the assets or property of any Person, an amount equal to the (a) aggregate amount of the value of the consideration received by such Person in respect thereof (the value of any
consideration which is not cash to be determined in good faith by a Senior Financial Officer) minus (b) the sum of (i) all out-of-pocket costs and expenses actually incurred by such Person and its Affiliates in connection with such
sale, lease, transfer or other disposition and (ii) all state, federal or foreign taxes incurred or to be incurred by such Person or its Affiliates (assuming the highest marginal rate were applicable thereto) in connection therewith.

 “Notes” is defined in the first paragraph of this Agreement. 

“Obligor” and “Obligors” are defined in the first paragraph of this Agreement and shall include any
Subsidiary which is required to become an Obligor in compliance with the requirements of Section 9.7; provided that the Company, or any successor that becomes an Obligor in place of the Company in the manner prescribed in
Section 10.5, shall in any and all events and at all times remain an Obligor. 
 “Obligor Agent”
means, the Company, as agent and attorney-in-fact for the other Obligors pursuant to Section 22.10 of this Agreement. 
 “Officer’s Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company or an Obligor, as the case may be, whose responsibilities extend to
the subject matter of such certificate. 
 “Operating Lease” means, as to any Person, any lease of property
(whether real, personal or mixed) by such Person as lessee that is not a Capital Lease. 
 “PBGC” means the
Pension Benefit Guaranty Corporation referred to and defined in ERISA or any successor thereto. 
 “Permitted
Lien” is defined in Section 10.4. 
 “Person” means an individual, partnership,
corporation, limited liability company, association, trust, unincorporated organization, business entity or Governmental Authority. 

  
 B-7

 “Plan” means an “employee benefit plan” (as defined in
section 3(3) of ERISA) subject to Title I of ERISA that is or, within the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have been made or required to be made,
by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may have any liability. 

“Priority Indebtedness” means, without duplication (a) any Indebtedness of the Company or a Subsidiary secured by a
Lien created or incurred within the limitations of Section 10.4(l) and (b) any Indebtedness of the Company’s Subsidiaries; provided that there shall be excluded from any calculation of Priority Indebtedness: (i) the
Indebtedness of any Subsidiary Guarantor or any Obligor (other than Indebtedness of any Subsidiary Guarantor or Obligor secured by a Lien created or incurred within the limitations of Section 10.4(l)), (ii) the Indebtedness of any
Subsidiary owing to the Company or a Wholly-owned Subsidiary of the Company, (iii) the Indebtedness of any Subsidiary outstanding on the date of Closing and described on Schedule 5.15(a) hereto and any extension, renewal or
refunding of any such Indebtedness, and (iv) the Indebtedness of any Person which becomes a Subsidiary after the date of Closing and any extension, renewal or refunding thereof; provided that such Indebtedness was not incurred in
contemplation of such Person becoming a Subsidiary. 
 “property” or “properties” means any
interest in any kind of property or asset, whether real, personal or mixed, or tangible or intangible. 
 “Proposed
Prepayment Date” is defined in Section 8.7(b). 
 “PTE” is defined in
Section 6.2(a). 
 “Purchaser” is defined in the first paragraph of this Agreement. 

“QPAM Exemption” means Prohibited Transaction Class Exemption 84-14 issued by the United States Department of Labor, as
amended effective November 3, 2010. 
 “Qualified Institutional Buyer” means any Person who is a
“qualified institutional buyer” within the meaning of such term as set forth in Rule 144A(a)(1) under the Securities Act. 
 “Related Fund” means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised or managed by such holder, the
same investment advisor as such holder or by an Affiliate of such holder or such investment advisor. 
 “Rental
Expense” means, with respect to the Company and its Subsidiaries for any period, the aggregate amounts payable with respect to Operating Leases of the Company and its Subsidiaries for such period, determined on a consolidated basis in
accordance with Agreement Accounting Principles. 
 “Required Holders” means, at any time, the holders of at
least 66% in principal amount of the Notes at the time outstanding (exclusive of Notes then owned by an Obligor or any of its Affiliates). 
 “Responsible Officer” means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion of this Agreement.

  
 B-8

 “RPS” means Risk Placement Services, Inc., an Illinois corporation.

 “SEC” shall mean the Securities and Exchange Commission of the United States, or any successor thereto.

 “Securities” or “Security” shall have the same meaning as in Section 2(1) of the
Securities Act. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, and the
rules and regulations promulgated thereunder from time to time in effect. 
 “Senior Financial Officer”
means the chief financial officer, chief accounting officer or treasurer of the Company. 
 “Senior
Indebtedness” means all Indebtedness of the Company which is not expressed to be subordinate or junior in rank to any other Indebtedness of the Company. 
 “Series D Notes” is defined in Section 1. 

“Series E Notes” is defined in Section 1. 

“Source” is defined in Section 6.2. 

“Subsidiary” means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or
such first Person and one or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of contingencies, to elect a majority of the directors (or Persons performing similar
functions) of such second Person, and any partnership or joint venture if more than a 50% interest in the profits or capital thereof is owned by such Person or one or more of its Subsidiaries or such first Person and one or more of its Subsidiaries
(unless such partnership can and does ordinarily take major business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly requires, any reference to a “Subsidiary” is a
reference to a Subsidiary of the Company. 
 “Subsidiary Guarantor” means any Subsidiary which is required to
deliver a Subsidiary Guaranty in compliance with the requirements of Section 9.7. 
 “Subsidiary
Guaranty” means a guaranty substantially in the form of Exhibit 9.7(a)(i) (as the same may be amended from time to time). 
 “SVO” means the Securities Valuation Office of the NAIC or any successor to such Office. 
 “USA Patriot Act” means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA
PATRIOT ACT) Act of 2001, as amended from time to time, and the rules and regulations promulgated thereunder from time to time in effect. 

  
 B-9

 “Voting Stock” means Securities of any class or classes of a Person, the
holders of which are ordinarily, in the absence of contingencies, entitled to elect the corporate directors (or persons performing similar functions) of such Person. 
 “Wholly-owned Subsidiary” means, at any time, any Subsidiary of which all of the issued and outstanding shares of capital stock (other than directors’ qualifying shares as required
by law) or other equity interests are owned by any one or more of the Company and the Company’s other Wholly-owned Subsidiaries. 

  
 B-10

 SCHEDULE 5.3 

DISCLOSURE MATERIALS 
 1. Current Report on Form 8-K of Arthur J. Gallagher & Co. furnished to the SEC on February 1, 2011 
 2. Annual Report on Form 10-K for the year ended December 31, 2010, as filed by Arthur J. Gallagher & Co. with the SEC on February 7, 2011 

SCHEDULE 5.3 
 (to Note Purchase Agreement) 

 SCHEDULE 5.4(a)(i) 

COMPANY’S SUBSIDIARIES 

In the following list of subsidiaries of the Company, those companies which are indented represent subsidiaries of the corporation under
which they are indented. Except for directors’ qualifying shares, 100% of the voting stock of each of the subsidiaries listed below, other than those indicated by footnote, is owned of record or beneficially by its indicated parent. 

 

							
	 Name
	  	 State or Other
Jurisdiction
of
Incorporation
	  	Guarantor
under
Bank 
Credit
Agreement?	  	Obligor
under
Bank 
Credit
Agreement?
				
	 Arthur J. Gallagher Latin America, LLC
	  	Illinois	  	No	  	No
				
	 Arthur J. Gallagher Brasil Corretora de Resseguros, S.A.
	  	Brazil	  	No	  	No
				
	 Arthur J. Gallagher Service Company
	  	Delaware	  	No	  	Yes
				
	 Arthur J. Gallagher & Co. (Illinois)
	  	Illinois	  	No	  	Yes
				
	 Gallagher Mauritius Holdings
	  	Mauritius	  	No	  	No
				
	 Gallagher Offshore Support Services Private Limited
	  	India	  	No	  	No
				
	 Third Group Services, LLC
	  	Delaware	  	No	  	No
				
	 Arthur J. Gallagher Brokerage & Risk Management Services, LLC
	  	Delaware	  	No	  	Yes
				
	 Arthur J. Gallagher Risk Management Services, Inc.
	  	Illinois	  	No	  	Yes
				
	 Arthur J. Gallagher & Co. Insurance Brokers of California, Inc.
	  	California	  	No	  	No
				
	 Charity First Insurance Services, Inc.
	  	California	  	No	  	No
				
	 Commonwealth Premium Finance Corporation
	  	Kentucky	  	No	  	No
				
	 Artex Risk Solutions, Inc.
	  	Delaware	  	No	  	No
				
	 Western Litigation, Inc.
	  	Texas	  	No	  	No
				
	 Arthur J. Gallagher & Co. (Canada) Ltd.
	  	Delaware	  	No	  	No
				
	 AJG Canada ULC
	  	Canada	  	No	  	No
				
	 AJG North America ULC
	  	Canada	  	No	  	No
				
	 Arthur J. Gallagher (Canada) Group
	  	Canada	  	No	  	No
				
	 Gallagher Lambert Group I, Inc.
	  	Canada	  	No	  	No
				
	 Arthur J. Gallagher Group Quebec ULC
	  	Canada	  	No	  	No
				
	 Risk Placement Services, Inc.
	  	Illinois	  	No	  	Yes
				
	 Edwin M. Rollins Company
	  	North Carolina	  	No	  	No

  

SCHEDULE 5.4(a)(i) 
 (to Note Purchase Agreement) 

							
	 Name
	  	
State or Other
Jurisdiction of
Incorporation
	  	Guarantor
under
Bank 
Credit
Agreement?	  	Obligor
under
Bank 
Credit
Agreement?
				
	 Continental Premium Finance Corporation
	  	Georgia	  	No	  	No
				
	 Arthur J. Gallagher & Co. (Bermuda) Limited
	  	Bermuda	  	No	  	No
				
	 Arthur J. Gallagher Management (Bermuda) Limited
	  	Bermuda	  	No	  	No
				
	 Artex Risk Solutions, Inc. (Cayman) Limited
	  	Cayman Islands	  	No	  	No
				
	 Artex Intermediaries, Ltd.
	  	Bermuda	  	No	  	No
				
	 SEG Insurance Ltd. (1)
	  	Bermuda	  	No	  	No
				
	 Artex Risk Solutions (Bermuda) Ltd.
	  	Bermuda	  	No	  	No
				
	 Protected Insurance Company
	  	Bermuda	  	No	  	No
				
	 Gallagher Holdings (UK) Limited
	  	England	  	No	  	No
				
	 Arthur J. Gallagher (Singapore) Pte. Ltd.
	  	Singapore	  	No	  	No
				
	 Arthur J. Gallagher (UK) Limited
	  	England	  	No	  	No
				
	 Strand Underwriting Limited
	  	England	  	No	  	No
				
	 Risk Management Partners Ltd.
	  	England	  	No	  	No
				
	 Alesco Risk Management Services, Ltd. (2)
	  	England	  	No	  	No
				
	 Arthur J. Gallagher Asia Limited
	  	Hong Kong	  	No	  	No
				
	 Gallagher Holdings Two (UK) Limited
	  	England	  	No	  	No
				
	 OIM Underwriting Limited
	  	England	  	No	  	No
				
	 Risk & Reward Group (Holdings) Limited
	  	England	  	No	  	No
				
	 Risk & Reward Consulting Group
	  	England	  	No	  	No
				
	 Arthur J. Gallagher Australasia Holdings Pty Ltd.
	  	Australia	  	No	  	No
				
	 Australis Group (Underwriting) Pty Ltd.
	  	Australia	  	No	  	No
				
	 Interpacific Underwriting Agencies Pty Ltd.
	  	Australia	  	No	  	No
				
	 Arthur J. Gallagher Reinsurance Australasia Pty Ltd.
	  	Australia	  	No	  	No
				
	 Arthur J. Gallagher (Aus) Pty Ltd.
	  	Australia	  	No	  	No
				
	 Gallagher Bassett Services, Inc.
	  	Delaware	  	No	  	Yes
				
	 Gallagher Bassett of New York, Inc.
	  	New York	  	No	  	No
				
	 Med Insights, Inc.
	  	Delaware	  	No	  	No
				
	 Gallagher Bassett International Ltd. (UK)
	  	England	  	No	  	No

  

SCHEDULE 5.4(a)(i)-2 
 (to Note Purchase Agreement) 

							
	 Name
	  	
State or Other
Jurisdiction of
Incorporation
	  	Guarantor
under
Bank 
Credit
Agreement?	  	Obligor
under
Bank 
Credit
Agreement?
				
	 Gallagher Bassett Canada Inc.
	  	Canada	  	No	  	No
				
	 Gallagher Bassett Services Pty Ltd.
	  	Australia	  	No	  	No
				
	 Gallagher Bassett Services Workers Compensation Victoria Pty Ltd.
	  	Australia	  	No	  	No
				
	 Gallagher Bassett Services NZ Pty Ltd.
	  	Australia	  	No	  	No
				
	 AJG Financial Services, Inc.
	  	Delaware	  	No	  	No
				
	 AJG Investments, Inc.
	  	Delaware	  	No	  	No
				
	 AJG Coal, Inc.
	  	Delaware	  	No	  	No
				
	 Gallagher Clean Energy, LLC
	  	Delaware	  	No	  	No
				
	 Gallagher Holdings Bermuda Company Limited
	  	Bermuda	  	No	  	No
				
	 MG Advanced Coal Technologies-1 LLC
	  	Delaware	  	No	  	No
				
	 Advanced Energy Systems LLC (3)
	  	Delaware	  	No	  	No
				
	 AJG RCF, LLC
	  	Delaware	  	No	  	No
				
	 Gallagher Benefit Services, Inc.
	  	Delaware	  	No	  	Yes
				
	 GBS Retirement Services, Inc.
	  	New York	  	No	  	No
				
	 GBS Insurance and Financial Services, Inc.
	  	Delaware	  	No	  	No
				
	 GBS Administrators, Inc.
	  	Washington	  	No	  	No
				
	 GBS Investment Consulting, LLC
	  	Delaware	  	No	  	No

  

	(1)	76% of the common stock of this subsidiary is owned by two third parties. 

	(2)	35% of the common stock of this subsidiary is owned by the management group. 

	(3)	15% of the membership interests of this subsidiary is owned by an unrelated party. 

  

SCHEDULE 5.4(a)(i)-3 
 (to Note Purchase Agreement) 

 SCHEDULE 5.4(a)(ii) 

COMPANY’S AFFILIATES 
 As noted in Schedule 5.4(a)(i), 76% of the common stock of SEG Insurance Ltd., a corporation organized under the laws of Bermuda, is owned by two third parties. 

The Company owns 38.5% of the common stock of CGM Group Limited, a corporation headquartered in St. Lucia. 

According to Amendment No. 2 to a Schedule 13G filing with the SEC on February 11, 2010, Capital Research Global Investors owns 10,955,920
shares of the common stock of the Company, which represented 10.3% of the outstanding common stock of the Company as of September 30, 2010. 
 SCHEDULE 5.4(a)(ii) 
 (to Note Purchase Agreement) 

 SCHEDULE 5.4(a)(iii) 

COMPANY’S DIRECTORS AND SENIOR OFFICERS

 Directors: 
 J. Patrick Gallagher, Jr. 
 William L. Bax 

Frank E. English, Jr. 
 Ilene S. Gordon 
 Elbert O. Hand 

David S. Johnson 
 Kay W. McCurdy 
 Norman L. Rosenthal 

James R. Wimmer 

Senior Officers: 

J. Patrick Gallagher, Jr., Chairman, President and Chief Executive Officer 

Walter D. Bay, Vice President, General Counsel and Secretary 

James W. Durkin, Jr., Vice President 

James S. Gault, Vice President 
 Douglas K. Howell, Vice President and Chief Financial Officer 

Scott R. Hudson, Vice President 
 Susan E. McGrath, Vice President and Chief Human Resources Officer 

David E. McGurn, Jr., Vice President 
 SCHEDULE 5.4(a)(iii) 
 (to Note Purchase Agreement) 

 SCHEDULE 5.4(b) 

LIENS ON SHARES 
 None. 
 SCHEDULE 5.4(b) 

(to Note Purchase Agreement) 

 SCHEDULE 5.4(d) 

RESTRICTIONS ON DIVIDENDS, ETC. 

None. 
 SCHEDULE
5.4(d) 
 (to Note Purchase Agreement) 

 SCHEDULE 5.5 

FINANCIAL STATEMENTS 
 1. The financial statements of the Company and its Subsidiaries contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2010. 

SCHEDULE 5.5 
 (to Note Purchase Agreement) 

 SCHEDULE 5.15(a) 

EXISTING INDEBTEDNESS 

 

													
	 Description of Indebtedness
	  	 Obligor
	  	 Obligee
	  	Principal
Amount
Outstanding
at 12/31/10	 	  	Collateral
(if any)	  	Guarantor
(if any)
						
	$400 Million Private Placement Debt dated as of December 19, 2007	  	Arthur J. Gallagher & Co. (the Parent Company) and 7 Subsidiaries (1)	  	20 noteholders named in the Amended and Restated Note Purchase Agreement	  	$	400,000,000	  	  	Unsecured	  	None
						
	$150 Million Private Placement Debt dated as of November 30, 2009	  	Arthur J. Gallagher & Co. (the Parent Company) and 7 Subsidiaries (1)	  	5 noteholders named in the Note Purchase Agreement	  	 	150,000,000	  	  	Unsecured	  	None
						
	$500 Million Multicurrency Credit Agreement dated as of July 15, 2010	  	Arthur J. Gallagher & Co. (the Parent Company) and 7 Subsidiaries (1)	  	12 financial institutions that are parties to the Credit Agreement	  	 	—  	  	  	Unsecured	  	None
						
	Accrued Interest on $400 Million PP Debt, $150 Million PP Debt and $500 Million CA Debt	  	Arthur J. Gallagher & Co. (the Parent Company) and 7 Subsidiaries (1)	  		  	 	11,389,589	  	  	Unsecured	  	None
		  		  		  	 	 	 	  		  	
						
	Total Credit Agreement and Private Placement Indebtedness	  		  		  	$	561,389,589	  	  		  	
		  		  		  	 	 	 	  		  	
						
	Note Payable Agreements	  	AJG Financial Services, Inc.	  	 Various Affordable
 Housing
Projects - AJG FS
	  	$	21,415	  	  	AJG’s
Ownership
Interests in
Projects	  	None
						
	Note Payable Agreement	  	AJG Financial Services, Inc.	  	T.E.S. Filer City - Chem Mod LLC	  	 	158,000	  	  	Unsecured	  	None
						
	Accrued Liability on Book of Business Purchase	  	Arthur J. Gallagher Brokerage & Risk Management Services, LLC	  	PestSure Captive and Hunt Petroleum - Dallas Office (Cash only)	  	 	1,274,847	  	  	Unsecured	  	None

SCHEDULE 5.15(a) 
 (to Note Purchase Agreement) 

													
	 Description of Indebtedness
	  	 Obligor
	  	 Obligee
	  	Principal
Amount
Outstanding
at 12/31/10	 	  	 Collateral

(if any)
	  	Guarantor
(if any)
	Accrued Liability on Book of Business Purchase	  	Arthur J. Gallagher Brokerage & Risk Management Services, LLC	  	Cobbs, Allen Hall Book Purchase Liability (Cash only)	  	 	623,000	  	  	Unsecured	  	None
						
	Accrued Liability on Book of Business Purchase	  	Arthur J. Gallagher Brokerage & Risk Management Services, LLC	  	Imperial Purchase Liability Owed to Wells Fargo (Cash only)	  	 	86,419	  	  	Unsecured	  	None
						
	Accrued Liability	  	Arthur J. Gallagher Brokerage & Risk Management Services, LLC	  	Jane Chambers Agreement - LA Office	  	 	28,326	  	  	Unsecured	  	None
						
	Accrued Liability on Book of Business Purchase	  	Arthur J. Gallagher (Canada) Group	  	Irwin Kumka Book Purchase Liability (Cash only)	  	 	505,557	  	  	Unsecured	  	None
						
	Accrued Liability on Book of Business Purchase	  	Risk Placement Services, Inc.	  	Thomas Egan Book Purchase Liability (Cash only)	  	 	23,516	  	  	Unsecured	  	None
						
	Accrued Liability on Book of Business Purchase	  	Risk Placement Services, Inc.	  	Crawley Warren Purchase Liability (Cash only)	  	 	112,109	  	  	Unsecured	  	None
						
	Accrued Liability on Book of Business Purchase	  	Arthur J. Gallagher (UK) Limited	  	Purchase Liability for Policy Renewal Rights of FirstCity Partnership (Cash only)	  	 	3,085,000	  	  	Unsecured	  	None
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Holdings Two (UK) Limited	  	Risk & Reward Group Purchase Liability (Cash only)	  	 	1,940,257	  	  	Unsecured	  	None
						
	Promissory Note - Escrow Related to the GAB Robins Acquisition	  	Gallagher Bassett Services, Inc.	  	GAB Robins North America, Inc.	  	 	3,500,000	  	  	Unsecured	  	None

  

SCHEDULE 5.15(a)-2 
 (to Note Purchase Agreement) 

																	
	 Description of Indebtedness
	  	 Obligor
	  	 Obligee
	  	Principal
Amount
Outstanding
at 12/31/10	 	  	Collateral
(if any)	 	  	Guarantor
(if any)	 
	Promissory Note - Escrow Related to the GAB Robins Acquisition	  	Gallagher Bassett Services, Inc.	  	GAB Robins North America, Inc.	  	 	500,000	  	  	 	Unsecured	  	  	 	None	  
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Bassett Services, Inc.	  	Creative Risk Controls Purchase Liability (Cash only)	  	 	200,000	  	  	 	Unsecured	  	  	 	None	  
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Benefit Services, Inc.	  	The Benefits Group Purchase Liability (Cash only)	  	 	5,000	  	  	 	Unsecured	  	  	 	None	  
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Benefit Services, Inc.	  	Mask & Associates Escrow Liability (Cash only)	  	 	5,000	  	  	 	Unsecured	  	  	 	None	  
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Benefit Services, Inc.	  	Griffin Escrow Liability (Cash only)	  	 	10,000	  	  	 	Unsecured	  	  	 	None	  
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Benefit Services, Inc.	  	Dutch Ross Book Purchase Liability (Cash only)	  	 	43,500	  	  	 	Unsecured	  	  	 	None	  
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Benefit Services, Inc.	  	Harbuck Book Purchase Liability (Cash only)	  	 	67,283	  	  	 	Unsecured	  	  	 	None	  
						
	Accrued Liability on Book of Business Purchase	  	Gallagher Benefit Services, Inc.	  	CJW Associates Purchase Liability (Cash only)	  	 	191,638	  	  	 	Unsecured	  	  	 	None	  
		  		  		  	 	 	 	  				  			
						
	 Total Other Indebtedness
	  		  		  	$	12,380,867	  	  				  			
		  		  		  	 	 	 	  				  			
						
	 Total Indebtedness
	  		  		  	$	573,770,456	  	  				  			
		  		  		  	 	 	 	  				  			

  

	(1)	Co-obligors: Arthur J. Gallagher & Co. 

  

SCHEDULE 5.15(a)-3 
 (to Note Purchase Agreement) 

 Arthur J. Gallagher & Co. (Illinois) 

Arthur J. Gallagher Brokerage & Risk Management Services, LLC 

Risk Placement Services, Inc. 
 Gallagher Bassett Services, Inc. 
 Gallagher Benefit Services, Inc. 

Arthur J. Gallagher Risk Management Services, Inc. 
 Arthur J. Gallagher Service Company 

  

SCHEDULE 5.15(a)-4 
 (to Note Purchase Agreement) 

 SCHEDULE 5.15(b) 

LIENS 
 1. Note Purchase Agreement, dated as of November 30, 2009, among the Obligors and the Purchasers named therein. 
 2. Note Purchase Agreement, dated as of February 10, 2011, among the Obligors and the Purchasers named therein. 
 SCHEDULE 5.15(b) 
 (to Note Purchase Agreement) 

 SCHEDULE 5.15(c) 

RESTRICTIONS ON INDEBTEDNESS 

1. Multicurrency Credit Agreement, dated as of July 15, 2010, among Arthur J. Gallagher & Co., as Borrower, the other
Borrowers named therein, the several financial institutions from time to time party to the Agreement, as Lenders, Bank of Montreal, as Administrative Agent, Bank of America, N.A., Citibank N.A. and Barclays Bank PLC, as Co-Syndication Agents, and
JPMorgan Chase Bank N.A. and U.S. Bank National Association, as Documentation Agent. 
 2. 6.26% Amended and Restated Senior
Notes, Series A, due August 3, 2014 
 3. 6.44% Amended and Restated Senior Notes, Series B, due August 3, 2017

 4. Amended and Restated Note Purchase Agreement, dated as of December 19, 2007, among the Obligors and the Noteholders
named therein. 
 5. 5.85% Senior Notes, Series C, due November 30, 2019 

6. Note Purchase Agreement, dated as of November 30, 2009, among the Obligors and the Purchasers named therein. 

7. 5.18% Senior Notes, Series D, due February 10, 2021 
 8. 5.49% Senior Notes, Series E, due February 10, 2023 
 9. Note Purchase
Agreement, dated as of February 10, 2011, among the Obligors and the Purchasers named therein. 
 SCHEDULE
5.15(c) 
 (to Note Purchase Agreement) 

 FORM OF NOTE 

ARTHUR J. GALLAGHER & CO. 

ARTHUR J. GALLAGHER & CO. (ILLINOIS) 

ARTHUR J. GALLAGHER BROKERAGE & RISK MANAGEMENT
SERVICES, LLC 
 RISK PLACEMENT SERVICES, INC.

 GALLAGHER BASSETT SERVICES, INC. 

GALLAGHER BENEFIT SERVICES, INC. 

ARTHUR J. GALLAGHER RISK MANAGEMENT SERVICES,
INC. 
 ARTHUR J. GALLAGHER SERVICE COMPANY 

5.18% Senior Notes, Series D, due February 10, 2021 
  

			
	 No. D-    
	 	February 10, 2011
	
$                    
	 	[PPN]

 FOR VALUE RECEIVED, the undersigned, Arthur J. Gallagher & Co., a Delaware corporation (the “Company”), Arthur J.
Gallagher & Co. (Illinois), an Illinois corporation (“AJG Illinois”), Arthur J. Gallagher Brokerage & Risk Management Services, LLC, a Delaware limited liability company (“AJG Brokerage”), Risk
Placement Services, Inc., an Illinois corporation (“RPS”), Gallagher Bassett Services, Inc., a Delaware corporation (“Gallagher Bassett”), Gallagher Benefit Services, Inc., a Delaware corporation (“Gallagher
Benefit”), Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation (“Gallagher Risk”) and Arthur J. Gallagher Service Company, a Delaware corporation (“Gallagher Service”; the Company,
AJG Illinois, AJG Brokerage, RPS, Gallagher Bassett, Gallagher Benefit, Gallagher Risk and Gallagher Service are each hereinafter individually referred to as an “Obligor” and collectively as the “Obligors”), jointly
and severally, hereby promise to pay to
                                        ,
or registered assigns, the principal sum of
                                        
DOLLARS (or so much thereof as shall not have been prepaid) on February 10, 2021 with interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid balance hereof at the rate of (a) 5.18% per annum
from the date hereof payable semi-annually on the 10th day
of February and August in each year commencing with the February 10 or August 10 next succeeding the date hereof, until the principal shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of
principal, on any overdue payment of interest and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to 7.18% payable semiannually
as aforesaid (or, at the option of the registered holder hereof, on demand). 
 Payments of principal of, interest on and any
Make-Whole Amount with respect to this Note are to be made in lawful money of the United States of America at Chicago, Illinois or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in
the Note Purchase Agreement referred to below. 
 This Note is one of a series of Senior Notes (herein called the
“Notes”) issued pursuant to the Note Purchase Agreement dated as February 10, 2011 (as from time to time amended, the “Note Purchase Agreement”), among the Obligors and the Purchasers named therein and is
entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note

  

EXHIBIT 1(a) 
 (to Note Purchase Agreement) 

 
Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement and, in addition, in the case of a transferee, shall be deemed to
represent that either (a) the transferee is not, and is not acting on behalf of, an employee benefit plan or plan subject to ERISA or Section 4975 of the Code, or (b) the transfer of the Note to, and the holding of the Note by, the
transferee is exempt from the prohibited transaction provisions of ERISA and Section 4975 of the Code as a result of an applicable class or statutory prohibited transaction exemption. Unless otherwise indicated, capitalized terms used in this
Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
 This Note is a registered Note
and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s
attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Obligors and any Subsidiary Guarantor may treat
the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Obligors and any Subsidiary Guarantor will not be affected by any notice to the contrary. 

This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note
Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

Pursuant to Section 2.2 of the Note Purchase Agreement, an Obligor (other than the Company) may from time to time be
discharged and released from its obligations under this Note on the terms and with the effect specified in the Note Purchase Agreement. 

  
 E-1(a)-2

 This Note shall be construed and enforced in accordance with, and the rights of the
Obligors and the holder of this Note shall be governed by, the law of the State of Illinois, excluding choice-of-law principles of the law of such State that would permit application of the laws of a jurisdiction other than such State.

  

			
	 ARTHUR J. GALLAGHER & CO., a Delaware
corporation

		
	 By
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER & CO. (ILLINOIS), an
Illinois corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER BROKERAGE & RISK
MANAGEMENT SERVICES, LLC, a Delaware limited liability company

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 RISK PLACEMENT SERVICES, INC., an Illinois
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 E-1(a)-3

 
			
	 GALLAGHER BASSETT SERVICES, INC., a Delaware
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 GALLAGHER BENEFIT SERVICES, INC., a Delaware
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER RISK MANAGEMENT
SERVICES, INC., an Illinois corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER SERVICE COMPANY, a Delaware
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 E-1(a)-4

 FORM OF NOTE 

ARTHUR J. GALLAGHER & CO. 

ARTHUR J. GALLAGHER & CO. (ILLINOIS) 

ARTHUR J. GALLAGHER BROKERAGE & RISK MANAGEMENT
SERVICES, LLC 
 RISK PLACEMENT SERVICES, INC.

 GALLAGHER BASSETT SERVICES, INC. 

GALLAGHER BENEFIT SERVICES, INC. 

ARTHUR J. GALLAGHER RISK MANAGEMENT SERVICES,
INC. 
 ARTHUR J. GALLAGHER SERVICE COMPANY 

5.49% Senior Notes, Series E, due February 10, 2023 
  

			
	 No. E-    
	 	February 10, 2011
	
$                    
	 	[PPN]

 FOR VALUE RECEIVED, the undersigned, Arthur J. Gallagher & Co., a Delaware corporation (the “Company”), Arthur J.
Gallagher & Co. (Illinois), an Illinois corporation (“AJG Illinois”), Arthur J. Gallagher Brokerage & Risk Management Services, LLC, a Delaware limited liability company (“AJG Brokerage”), Risk
Placement Services, Inc., an Illinois corporation (“RPS”), Gallagher Bassett Services, Inc., a Delaware corporation (“Gallagher Bassett”), Gallagher Benefit Services, Inc., a Delaware corporation (“Gallagher
Benefit”), Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation (“Gallagher Risk”) and Arthur J. Gallagher Service Company, a Delaware corporation (“Gallagher Service”; the Company,
AJG Illinois, AJG Brokerage, RPS, Gallagher Bassett, Gallagher Benefit, Gallagher Risk and Gallagher Service are each hereinafter individually referred to as an “Obligor” and collectively as the “Obligors”), jointly
and severally, hereby promise to pay to
                                        ,
or registered assigns, the principal sum of
                                        
DOLLARS (or so much thereof as shall not have been prepaid) on February 10, 2023 with interest (computed on the basis of a 360-day year of twelve 30-day months) on the unpaid balance hereof at the rate of (a) 5.49% per
annum from the date hereof payable semi-annually on the
10th day of February and August in each year commencing
with the February 10 or August 10 next succeeding the date hereof, until the principal shall have become due and payable, and (b) to the extent permitted by law, on any overdue payment of principal, on any overdue payment of interest
and, during the continuance of an Event of Default, on such unpaid balance and on any overdue payment of any Make-Whole Amount, at a rate per annum from time to time equal to 7.49% payable semiannually as aforesaid (or, at the option of the
registered holder hereof, on demand). 
 Payments of principal of, interest on and any Make-Whole Amount with respect to this
Note are to be made in lawful money of the United States of America at Chicago, Illinois or at such other place as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred to
below. 
 This Note is one of a series of Senior Notes (herein called the “Notes”) issued pursuant to the Note
Purchase Agreement dated as February 10, 2011 (as from time to time amended, the “Note Purchase Agreement”), among the Obligors and the Purchasers named therein and is entitled to the benefits thereof. Each holder of this Note
will be deemed, by its acceptance hereof, to have (i) agreed to the confidentiality provisions set forth in Section 20 of the Note 

 
 EXHIBIT 1(b) 

(to Note Purchase Agreement) 

 
Purchase Agreement and (ii) made the representations set forth in Section 6 of the Note Purchase Agreement and, in addition, in the case of a transferee, shall be deemed to
represent that either (a) the transferee is not, and is not acting on behalf of, an employee benefit plan or plan subject to ERISA or Section 4975 of the Code, or (b) the transfer of the Note to, and the holding of the Note by, the
transferee is exempt from the prohibited transaction provisions of ERISA and Section 4975 of the Code as a result of an applicable class or statutory prohibited transaction exemption. Unless otherwise indicated, capitalized terms used in this
Note shall have the respective meanings ascribed to such terms in the Note Purchase Agreement. 
 This Note is a registered Note
and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer, duly endorsed, or accompanied by a written instrument of transfer duly executed, by the registered holder hereof or such holder’s
attorney duly authorized in writing, a new Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration of transfer, the Obligors and any Subsidiary Guarantor may treat
the person in whose name this Note is registered as the owner hereof for the purpose of receiving payment and for all other purposes, and the Obligors and any Subsidiary Guarantor will not be affected by any notice to the contrary. 

This Note is subject to optional prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note
Purchase Agreement, but not otherwise. 
 If an Event of Default occurs and is continuing, the principal of this Note may be
declared or otherwise become due and payable in the manner, at the price (including any applicable Make-Whole Amount) and with the effect provided in the Note Purchase Agreement. 

Pursuant to Section 2.2 of the Note Purchase Agreement, an Obligor (other than the Company) may from time to time be
discharged and released from its obligations under this Note on the terms and with the effect specified in the Note Purchase Agreement. 

  
 E-1(b)-2

 This Note shall be construed and enforced in accordance with, and the rights of the
Obligors and the holder of this Note shall be governed by, the law of the State of Illinois, excluding choice-of-law principles of the law of such State that would permit application of the laws of a jurisdiction other than such State.

  

			
	 ARTHUR J. GALLAGHER & CO., a Delaware
corporation

		
	 By
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER & CO. (ILLINOIS), an
Illinois corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER BROKERAGE & RISK
MANAGEMENT SERVICES, LLC, a Delaware limited liability company

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 RISK PLACEMENT SERVICES, INC., an Illinois
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 E-1(b)-3

 
			
	 GALLAGHER BASSETT SERVICES, INC., a Delaware
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 GALLAGHER BENEFIT SERVICES, INC., a Delaware
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER RISK MANAGEMENT
SERVICES, INC., an Illinois corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

	
	 ARTHUR J. GALLAGHER SERVICE COMPANY, a Delaware
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 E-1(b)-4

 FORM OF OPINION OF
SPECIAL COUNSEL 
 FOR THE OBLIGORS

 February 10, 2011 
 To the Purchasers Listed 
 on Schedule I hereto 

 

	 	Re:	$75,000,000 5.18% Senior Notes, Series D, due February 10, 2021 

 $50,000,000 5.49% Senior Notes, Series E, due February 10, 2023 
 Ladies and
Gentlemen: 
 We have acted as counsel to (i) Arthur J. Gallagher & Co., a Delaware corporation (the
“Company”), (ii) Arthur J. Gallagher & Co. (Illinois), an Illinois corporation (“AJG Illinois”), (iii) Arthur J. Gallagher Brokerage & Risk Management Services, LLC, a Delaware limited
liability company (“AJG Brokerage”), (iv) Risk Placement Services, Inc., an Illinois corporation (“RPS”), (v) Gallagher Bassett Services, Inc., a Delaware corporation (“Gallagher
Bassett”), (vi) Gallagher Benefit Services, Inc., a Delaware corporation (“Gallagher Benefit”), (vii) Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation (“Gallagher
Risk”), and (viii) Arthur J. Gallagher Service Company, a Delaware corporation (“Gallagher Service”, and, collectively with the Company, AJG Illinois, AJG Brokerage, RPS, Gallagher Bassett, Gallagher Benefit and
Gallagher Risk, the “Obligors”), in connection with the preparation, execution and delivery of that certain Note Purchase Agreement, dated as of the date hereof (the “Agreement”), among the Purchasers listed on
Schedule I hereto (the “Purchasers”) and the Obligors, pursuant to which the Obligors are issuing to the Purchasers (i) $75,000,000 aggregate principal amount of their 5.18% Senior Notes, Series D, due February 10, 2021
(the “Series D Notes”) and (ii) $50,000,000 aggregate principal amount of their 5.49% Senior Notes, Series E, due February 10, 2023 (the “Series E Notes,” and, together with the Series D Notes, the
“Notes”). This opinion letter is being delivered to you at the request of the Obligors pursuant to Section 4.4(a) of the Agreement. 
 In connection with this opinion letter, we have examined originals, or copies certified or otherwise identified to our satisfaction, of: 

 

	 	a)	the Agreement; 

  

	 	b)	the Series D Notes being delivered to the Purchasers on the date hereof; and 

 

	 	c)	the Series E Notes being delivered to the Purchasers on the date hereof. 

 We also have examined originals, or copies of originals certified to our satisfaction, of such agreements, documents, certificates and other statements of government officials and other instruments, have
examined such questions of law and have satisfied ourselves as to such matters 
  

EXHIBIT 4.4(a) 
 (to Note Purchase Agreement) 

 
of fact as we have considered relevant and necessary as a basis for this opinion letter. We have assumed the genuineness of all signatures, the legal capacity of all natural persons, the
authenticity of all documents submitted to us as originals and the conformity with the original documents of all documents submitted to us as certified or photostatic copies or by facsimile or other means of electronic transmission. 

Based on and subject to the foregoing and the other limitations, qualifications, exceptions and assumptions set forth herein, this will
advise you that in the opinion of the undersigned: 
 1. The Agreement constitutes a valid and binding obligation of each
Obligor, enforceable against each Obligor in accordance with its terms. 
 2. The Notes, when delivered to and paid for by the
Purchasers in accordance with the terms of the Agreement, will constitute valid and binding obligations of each Obligor, enforceable against each Obligor in accordance with their respective terms. 

3. Assuming the accuracy of the representations and warranties and compliance with the agreements of the Obligors and the Purchasers in
the Agreement, it is not necessary, in connection with the offer and sale of the Notes by the Obligors to the Purchasers in the manner contemplated by the Agreement, to register the Notes under the Securities Act of 1933, as amended, or to qualify
an indenture under the Trust Indenture Act of 1939, as amended. 
 4. Based upon the Officer’s Certificate of the Company
dated the date hereof and attached hereto, the issuance of the Notes in accordance with the provisions of and as contemplated by the Agreement do not violate Regulation U or X of the Board of Governors of the Federal Reserve System. 

As to facts relevant to the opinions expressed herein, we have relied, without independent investigation or verification, upon, and
assumed the accuracy and completeness of, the representations and warranties made in the Agreement and upon certificates and oral and written statements of officers of the Obligors. 

The foregoing opinions are subject to the following qualifications, exceptions, assumptions and limitations: 

A. The foregoing opinions are limited to matters arising under the federal laws of the United States of America and the laws of the
State of Illinois. We express no opinion as to the laws, rules or regulations of any other jurisdiction, or as to the municipal laws or the laws, rules or regulations of any local agencies or governmental authorities of or within the State of
Illinois, or in each case as to any matters arising thereunder or relating thereto. 
 B. Our opinions in paragraph 1 and 2
above are subject to bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other similar laws relating to or affecting the rights and remedies of creditors generally and to general principles of equity
(whether considered in a proceeding in equity or at law), including concepts of commercial reasonableness, good faith and fair dealing and the possible unavailability of specific performance or injunctive relief. 

C. We express no opinion as to any provision of any instrument, agreement or other document regarding severability of the provisions
thereof. 

  
 E-4.4(a)-2

 D. With respect to the Agreement and the Notes (collectively, the “Transaction
Documents”), we have assumed, to the extent relevant to the opinions set forth herein, that (i) each party to such Transaction Document (if not a natural person) was duly formed or organized, as the case may be, and was at all relevant
times and is validly existing and in good standing under the laws of its jurisdiction of formation or organization, as the case may be, and had at all relevant times and has the full right, power and authority to execute, deliver and perform its
obligations under such Transaction Document, (ii) such Transaction Document has been duly authorized, executed and delivered by each party thereto, (iii) such Transaction Document was at all relevant times and is the valid, binding and
enforceable agreement or obligation, as the case may be, of each party thereto in accordance with its terms, provided that we make no such assumption in this clause (iii) insofar as such matters relate to any of the Obligors and is expressly
covered by our opinions in paragraph 1 or 2 above, and (iv) the terms and provisions of such Transaction Document do not, and the execution, delivery and performance thereof by each of the parties to such Transaction Document do not and will
not, violate the respective organizational documents of any of the parties to such Transaction Document or any law, order or decree of any court, administrative agency or other governmental authority binding on any such party, or result in a breach
of or cause a default under any contract, instrument or agreement to which each party to such Transaction Document is a party or by which any such party is bound. 
 This opinion letter is being rendered and delivered solely to and for the benefit of the persons to whom it is addressed in connection with the matters described above; accordingly, it may not be quoted
or otherwise delivered to or relied upon by any other person or used for any other purpose without our prior written consent. Notwithstanding the preceding sentence: (i) you may make available a copy of this opinion letter to any federal or
state regulatory authority having jurisdiction over you (as well as the National Association of Insurance Commissioners) or any prospective purchaser of the Notes that is an Institutional Investor (as defined in clause (c) of the definition
thereof set forth in Schedule B to the Agreement), provided that such recipient shall not be entitled to rely on this opinion letter; and (ii) any Institutional Investor (as defined in clause (c) of the definition thereof set forth in
Schedule B to the Agreement) who purchases a Note may rely on this opinion letter as of the date hereof (and any reliance after the date hereof shall not be deemed to be an updating or re-delivery of the opinions expressed in this opinion letter).
We assume no obligation to notify you or any such Institutional Investor or to supplement this opinion letter to reflect any facts or circumstances which may hereafter come to our attention with respect to the opinions expressed herein, including
any changes in applicable law which may hereafter occur. 
 Very truly yours, 

  
 E-4.4(a)-3

 Schedule I 
 NEW YORK LIFE INSURANCE COMPANY 
 c/o New York Life Investment Management LLC 
 51 Madison Avenue 

2nd
 Floor, Room 208 
 New York, New York 10010 

NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION 
 c/o New York Life Investment Management LLC 
 51 Madison Avenue 
 2nd Floor, Room 208 
 New York, New York 10010 
 NEW YORK LIFE
INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE 
 INSURANCE SEPARATE ACCOUNT (BOLI 30C) 
 c/o New
York Life Investment Management LLC 
 51 Madison Avenue 
 2nd Floor,
Room 208 
 New York, New York 10010 

THE PRUDENTIAL INSURANCE COMPANY OF AMERICA 

c/o Prudential Capital Group 
 Two Prudential
Plaza 
 180 N. Stetson Avenue 
 Suite
5600 
 Chicago, IL 60601 
 RGA
REINSURANCE COMPANY 
 c/o Prudential Capital Group 
 Two Prudential Plaza 
 180 N. Stetson Avenue 

Suite 5600 
 Chicago, IL 60601 

MTL INSURANCE COMPANY 
 c/o Prudential Capital Group 
 Two Prudential Plaza 

180 N. Stetson Avenue 
 Suite 5600 

Chicago, IL 60601 

  
 E-4.4(a)-4

 FORM OF OPINION OF
COUNSEL 
 FOR THE OBLIGORS 

February 10, 2011 
 To the
Purchasers Listed 
 on Schedule I hereto 
  

	 	Re:	$75,000,000 5.18% Senior Notes, Series D, due February 10, 2021 

 $50,000,000 5.49% Senior Notes, Series E, due February 10, 2023 
 Ladies and
Gentlemen: 
 I am General Counsel of (i) Arthur J. Gallagher & Co., a Delaware corporation (the
“Company”), (ii) Arthur J. Gallagher & Co. (Illinois), an Illinois corporation (“AJG Illinois”), (iii) Arthur J. Gallagher Brokerage & Risk Management Services, LLC, a Delaware limited
liability company (“AJG Brokerage”), (iv) Risk Placement Services, Inc., an Illinois corporation (“RPS”), (v) Gallagher Bassett Services, Inc., a Delaware corporation (“Gallagher
Bassett”), (vi) Gallagher Benefit Services, Inc., a Delaware corporation (“Gallagher Benefit”), (vii) Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation (“Gallagher
Risk”), and (viii) Arthur J. Gallagher Service Company, a Delaware corporation (“Gallagher Service”, and, collectively with the Company, AJG Illinois, AJG Brokerage, RPS, Gallagher Bassett, Gallagher Benefit and
Gallagher Risk, the “Obligors”), in connection with the preparation, execution and delivery of that certain Note Purchase Agreement, dated as of the date hereof (the “Agreement”), among the Purchasers listed on
Schedule I hereto (the “Purchasers”) and the Obligors, pursuant to which the Obligors are issuing to the Purchasers (i) $75,000,000 aggregate principal amount of their 5.18% Senior Notes, Series D, due February 10,
2021 (the “Series D Notes”) and (ii) $50,000,000 aggregate principal amount of their 5.49% Senior Notes, Series E, due February 10, 2023 (the “Series E Notes,” and, together with the Series D Notes, the
“Notes”). This opinion letter is being delivered to you pursuant to Section 4.4(b) of the Agreement. 
 I
have reviewed the following documents and all exhibits thereto for the purposes of rendering the opinions expressed herein: 
  

	 	a)	the Agreement; 

  

	 	b)	the Series D Notes being delivered to the Purchasers on the date hereof; and 

 

	 	c)	the Series E Notes being delivered to the Purchasers on the date hereof. 

 I have also examined originals, or copies of originals certified to my satisfaction, of such agreements, documents, certificates and other statements of government officials and other instruments, have
examined such questions of law and have satisfied myself as to such matters of 

  

EXHIBIT-4.4(b)-5 
 (to Note Purchase Agreement) 

 
fact as I have deemed relevant and necessary as a basis for this opinion letter. I have assumed the authenticity of all documents submitted to me as originals, the conformity with the original
documents of all documents submitted to me as certified or photostatic copies or by facsimile or other means of electronic transmission for my examination and the legal capacity of all natural persons. 

Based on and subject to the foregoing and the other limitations, qualifications, exceptions and assumptions set forth herein, this will
advise you that in the opinion of the undersigned: 
 1. The Company is validly existing as a corporation and is in good
standing under the laws of the State of Delaware. The Company has the corporate power and authority to execute and perform its obligations under the Agreement and to issue the Notes and has the corporate power and authority to conduct the activities
in which it is now engaged and is duly licensed or qualified and is in good standing as a foreign corporation in each jurisdiction in which the character of the properties owned or leased by it or the nature of the business transacted by it makes
such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing would not reasonably be expected to have a material adverse effect on the Company and its subsidiaries taken as a whole. 

2. Each Obligor other than the Company is validly existing as a corporation or limited liability company and is in good standing under
the laws of its state of incorporation or formation. Each Obligor other than the Company has the corporate or limited liability company power and authority to execute and perform its obligations under the Agreement and has the corporate or limited
liability company power and authority to conduct the activities in which it is now engaged and is duly licensed or qualified and is in good standing as a foreign corporation or limited liability company in each jurisdiction in which the character of
the properties owned or leased by it or the nature of the business transacted by it makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing would not reasonably be expected to have a
material adverse effect on the Company and its subsidiaries taken as a whole. All of the issued and outstanding shares of capital stock or limited liability company interests of each Obligor other than the Company have been duly issued, are (in the
case of shares of capital stock) fully paid and non-assessable and are owned by the Company, by one or more subsidiaries of the Company, or by the Company and one or more of its subsidiaries, free and clear of any lien, mortgage, pledge, charge,
security interest or other encumbrance. 
 3. All necessary corporate or limited liability company action on the part of each
Obligor has been taken to authorize the execution, delivery and performance of the Agreement by such Obligor, and the Agreement has been duly executed and delivered by each Obligor. 

4. All necessary corporate or limited liability company action on the part of each Obligor has been taken to authorize the execution,
delivery and performance of the Notes by such Obligor, and the Notes have been duly executed and delivered by each Obligor. 

5. No consent, approval, authorization or other order of any federal regulatory body, federal administrative agency or other federal
governmental body of the United States of America or any state regulatory body, state administrative agency or other state governmental body is required under Applicable Laws for execution, delivery or performance of the Agreement or the Notes by
the Obligors or the issuance and sale of the Notes to the Purchasers as contemplated by the 

  
 E-4.4(c)-6

 
Agreement. As used in this opinion letter, “Applicable Laws” means the General Corporation Law of the State of Delaware, the Limited Liability Company Act of the State of
Delaware, those state laws of the State of Illinois and those federal laws of the United States of America which a lawyer in the relevant jurisdiction exercising customary diligence would reasonably recognize as being applicable to transactions of
the type contemplated by the Agreement; provided, that the term “Applicable Laws” shall not include federal or state securities or blue sky laws (including, without limitation, the Securities Act of 1933, as amended, the Securities
Exchange Act of 1934, as amended, the Trust Indenture Act of 1939, as amended or the Investment Company Act of 1940, as amended, or in each case any rules or regulations thereunder). 

6. The execution and delivery by each Obligor of the Agreement and the Notes do not, and the performance by each Obligor of the
Agreement and the Notes (including the issuance and sale of the Notes) will not, (i) violate the certificate or articles of incorporation, certificate of formation, by-laws or limited liability company agreement, as applicable, of such Obligor,
(ii) result in a violation by such Obligor of any of the terms and provisions of any Applicable Laws or (iii) result in any breach of, or constitute a default under, or result in the creation of any lien or encumbrance in respect of any
property of such Obligor under, any agreement or other instrument known to me to which such Obligor is a party or by which such Obligor may be bound, including, without limitation, the agreements set forth in Schedule 5.15(c) to the Agreement.

 7. No Obligor is an “investment company” or a company “controlled” by an “investment company”
under the Investment Company Act of 1940, as amended. 
 8. To my knowledge after due inquiry, except as disclosed in the
Company’s reports, documents or other materials filed with the Securities and Exchange Commission, there are no legal, governmental or regulatory investigations, actions, suits or proceedings pending to which any Obligor is a party or to which
any property of any Obligor is the subject which, individually or in the aggregate, would reasonably be expected to have a materially adverse effect on the business or assets of the Company and its subsidiaries taken as a whole or which would impair
the ability of the Obligors to issue and deliver the Notes or to comply with the provisions of the Agreement or the Notes or which challenges the legal, valid and binding nature of the Agreement or the Notes; and to my knowledge, no such
investigations, actions, suits or proceedings are threatened or contemplated by any governmental or regulatory authority or threatened by others. 
 As to facts relevant to the opinions expressed herein, I have reviewed originals of each of the Agreement and the Notes (collectively, the “Relevant Documents”) and have relied, without
independent investigation or verification, upon, and assumed the accuracy and completeness of, the representations and warranties made in the Agreement. 
 I am the Vice President, General Counsel and Secretary of the Company, and I am delivering this opinion letter only in such capacity. 

This opinion letter is subject to the following qualifications: 

(A) In rendering the opinions set forth in paragraphs 1 and 2 above with respect to the Obligors’ valid existence and good standing
and license or qualification to transact business as a foreign corporation or limited liability company, as applicable, I have relied solely on certificates of government officials, in each case as of a recent date prior to the date hereof.

  
 E-4.4(c)-7

 (B) I express no opinion in paragraph 6(iii) above as to any breach of or default under any
financial covenant or any provision requiring a mathematical, accounting or financial computation or determination. 
 (C) Any
opinion herein which is expressed to be “to my knowledge” or “known to me” or is otherwise qualified by words of like import means that I have no actual knowledge of any facts or information contrary to such opinion. I have not
undertaken any independent investigation, beyond that mentioned in paragraph 8 of this opinion letter, to determine the accuracy of any such facts or information, and no inference as to my knowledge of any matters bearing on the accuracy of any such
facts or information should be drawn solely from the fact of my employment by the Company or the rendering of this opinion letter. 
 (D) This opinion letter is limited to matters arising under the General Corporation Law of the State of Delaware, the Limited Liability Company Act of the State of Delaware, the laws of the State of
Illinois and the federal laws of the United States of America. I express no opinion as to the laws, rules or regulations of any other jurisdiction or, in the case of Delaware, any other Delaware laws, rules or regulations, or as to the municipal
laws or the laws, rules or regulations of any local agencies or governmental authorities of or within the State of Illinois, or in each case as to any matters arising thereunder or relating thereto. I express no opinion as to matters relating to
securities or blue sky laws of any jurisdiction. 
 This opinion letter is being rendered and delivered solely to and for the
benefit of the persons to whom it is addressed in connection with the matters described above; accordingly, it may not be quoted or otherwise delivered to or relied upon by any other person or used for any other purpose without my prior written
consent. Notwithstanding the preceding sentence: (i) you may make available a copy of this opinion letter to any federal or state regulatory authority having jurisdiction over you (as well as the National Association of Insurance Commissioners)
or any prospective purchaser of the Notes that is an Institutional Investor (as defined in clause (c) of the definition thereof set forth in Schedule B to the Agreement), provided that such recipient shall not be entitled to rely on this
opinion letter; and (ii) any Institutional Investor (as defined in clause (c) of the definition thereof set forth in Schedule B to the Agreement) who purchases a Note may rely on this opinion letter as of the date hereof (and any reliance
after the date hereof shall not be deemed to be an updating or re-delivery of the opinions expressed in this opinion letter). I assume no obligation to notify you or any such Institutional Investor or to supplement this opinion letter to reflect any
facts or circumstances which may hereafter come to my attention with respect to the opinions expressed herein, including any changes in applicable law which may hereafter occur. 

 

	
	Very truly yours,
	
	Walter D. Bay
	Vice President, General Counsel and Secretary

  
 E-4.4(c)-8

 Schedule I 
 NEW YORK LIFE INSURANCE COMPANY 
 c/o New York Life Investment Management LLC 
 51 Madison Avenue 

2nd
 Floor, Room 208 
 New York, New York 10010 

NEW YORK LIFE INSURANCE AND ANNUITY
CORPORATION 
 c/o New York Life Investment Management LLC 
 51 Madison Avenue 
 2nd Floor, Room 208 
 New York, New York 10010 
 NEW YORK LIFE
INSURANCE AND ANNUITY CORPORATION INSTITUTIONALLY OWNED LIFE INSURANCE SEPARATE ACCOUNT (BOLI 30C)

 c/o New York Life Investment Management LLC 
 51 Madison Avenue 
 2nd Floor, Room 208 
 New York, New York 10010 
 THE PRUDENTIAL
INSURANCE COMPANY OF AMERICA 
 c/o Prudential Capital Group 

Two Prudential Plaza 
 180 N. Stetson Avenue

 Suite 5600 
 Chicago, IL 60601

 RGA REINSURANCE COMPANY 
 c/o Prudential Capital Group 
 Two Prudential Plaza 

180 N. Stetson Avenue 
 Suite 5600 

Chicago, IL 60601 
 MTL
INSURANCE COMPANY 
 c/o Prudential Capital Group 

Two Prudential Plaza 
 180 N. Stetson Avenue

 Suite 5600 
 Chicago, IL 60601

  
 E-4.4(c)-9

 FORM OF OPINION OF
COUNSEL 
 FOR THE PURCHASERS 

The closing opinion of Schiff Hardin LLP, special counsel to the Purchasers, called for by Section 4.4(c) of the Agreement, shall be
dated the date of the Closing and addressed to the Purchasers, shall be satisfactory in form and substance to the Purchasers and shall be to the effect that: 
 1. The Company is a corporation validly existing and in good standing under the laws of the State of Delaware. 
 2. Each Obligor other than the Company is validly existing as a corporation or limited liability company and is in good standing under the laws of its state of incorporation or formation. 

3. The Company and each other Obligor has the corporate or limited liability company power and authority to execute,
deliver and perform its obligations under the Agreement. The execution, delivery and performance thereof by the Company and each other Obligor has been duly authorized by all necessary corporate or limited liability company action on the part of the
Company and each other Obligor, as the case may be, and the Agreement and the Notes have been duly executed and delivered by the Company and each of the other Obligors. 

4. The Agreement and the Notes constitute the legal, valid and binding obligations of the Company and each other Obligor
enforceable against such Person in accordance with its terms. 
 5. In view of the circumstances surrounding the
sale and delivery of the Notes and on the basis of the representations made by the Company and each other Obligor in Section 5.13 of the Agreement and by you in Section 6.1 of the Agreement, it is not necessary in connection with the
offering, issuance and delivery of the Notes under the circumstance contemplated by the Agreement to register the Notes under the Securities Act or to qualify and indenture in respect of the Notes under the Trust Indenture Act of 1939, as amended
and now in effect. 
 The opinion of Schiff Hardin LLP shall also state that the opinions of Sidley Austin LLP and Walter D.
Bay, General Counsel of the Company, are each satisfactory in scope and form to Schiff Hardin LLP and that, in their opinion, the Purchasers are justified in relying thereon. 
 In rendering the opinion set forth in paragraphs 1 and 2 above, Schiff Hardin LLP may rely, as to matters referred to in paragraphs 1 and 2, solely upon an examination of certificates of government
officials, in each case as of a recent date prior to the date hereof. In rendering the opinion set forth in paragraph 3 above, Schiff Hardin LLP may rely upon the opinions of Sidley Austin LLP and Walter D. Bay, General Counsel of the Company. The
opinion of Schiff Hardin LLP is limited to the General Corporation Law of the State of Delaware, the Limited Liability Company Act of the State of Delaware, the laws of the State of Illinois and the federal laws of the United States of America.

  

EXHIBIT 4.4(c) 
 (to Note Purchase Agreement) 

 With respect to matters of fact upon which such opinion is based, Schiff Hardin LLP may rely
on appropriate certificates of public officials and officers of the Obligors and upon representations of the Obligors and the Purchasers delivered in connection with the issuance and sale of the Notes. 

  
 E-4.4(c)-2

 FORM OF SUBSIDIARY GUARANTY

  
  

 
 GUARANTY
AGREEMENT 
 DATED AS OF
                 , 20     
  

			
	 Re:
	  	 $75,000,000 5.18% Senior Notes, Series D, Due February 10, 2021

 
 and

 
 $50,000,000 5.49% Senior Notes, Series E, Due
February 10, 2023

 of 
 ARTHUR J. GALLAGHER & CO. 

ARTHUR J. GALLAGHER & CO. (ILLINOIS) 

ARTHUR J. GALLAGHER BROKERAGE & RISK MANAGEMENT
SERVICES, LLC 
 RISK PLACEMENT SERVICES, INC.

 GALLAGHER BASSETT SERVICES, INC. 

GALLAGHER BENEFIT SERVICES, INC. 

ARTHUR J. GALLAGHER RISK MANAGEMENT SERVICES,
INC. 
 ARTHUR J. GALLAGHER SERVICE COMPANY 

 
  

 

  

EXHIBIT 9.7(a)(i) 
 (to Note Purchase Agreement) 

 TABLE OF CONTENTS 

(Not a part of the Agreement) 
  

							
	SECTION	 	HEADING	  	PAGE	 
			
	 SECTION 1.
	 	Definitions	  	 	2	  
			
	 SECTION 2.
	 	Guaranty of Notes and Note Purchase Agreement	  	 	2	  
			
	 SECTION 3.
	 	Guaranty of Payment and Performance	  	 	2	  
			
	 SECTION 4.
	 	General Provisions Relating to the Guaranty	  	 	3	  
			
	 SECTION 5.
	 	Representations and Warranties of the Guarantors	  	 	8	  
			
	 SECTION 6.
	 	Guarantor Covenants	  	 	9	  
			
	 SECTION 7.
	 	[Reserved]	  	 	9	  
			
	 SECTION 8.
	 	Governing Law	  	 	9	  
			
	 SECTION 9.
	 	[Reserved]	  	 	10	  
			
	 SECTION 10.
	 	Amendments, Waivers and Consents	  	 	10	  
			
	 SECTION 11.
	 	Notices	  	 	11	  
			
	 SECTION 12.
	 	Miscellaneous	  	 	11	  
			
	 SECTION 13.
	 	Indemnity	  	 	12	  
			
	 SECTION 14.
	 	Termination	  	 	12	  

  
 E-9.7(a)(i)-i

 GUARANTY AGREEMENT 

Re:   $75,000,000 5.18% Senior Notes, Series D, Due February 10, 2021        

 and 

$50,000,000 5.49% Senior Notes, Series E, Due February 10, 2023 

This GUARANTY AGREEMENT dated as of
                    ,          (the or this “Guaranty”) is entered into on a
joint and several basis by each of the undersigned (which parties are hereinafter referred to individually as a “Guarantor” and collectively as the “Guarantors”). 

RECITALS 
 A. Each Guarantor is a Subsidiary (as defined in the hereinafter defined Note Purchase Agreement) of Arthur J. Gallagher & Co., a Delaware corporation (the “Company”).

 B. For the purpose set forth in Section 5.14 thereof, the Company has entered into that certain Note Purchase Agreement
dated as of February 10, 2011 (the “Note Purchase Agreement”) among the Company, Arthur J. Gallagher & Co. (Illinois), an Illinois corporation (“AJG Illinois”), Arthur J. Gallagher Brokerage &
Risk Management Services, LLC, a Delaware limited liability company (“AJG Brokerage”), Risk Placement Services, Inc., an Illinois corporation (“RPS”), Gallagher Bassett Services, Inc., a Delaware corporation
(“Gallagher Bassett”), Gallagher Benefit Services, Inc., a Delaware corporation (“Gallagher Benefit”), Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation (“Gallagher Risk”)
and Arthur J. Gallagher Service Company, a Delaware corporation (“Gallagher Service”; the Company, AJG Illinois, AJG Brokerage, RPS, Gallagher Bassett, Gallagher Benefit, Gallagher Risk and Gallagher Service are each, together with
any Subsidiary which is required to become an Obligor in compliance with the requirements of Section 9.7 of the Note Purchase Agreement, hereinafter individually referred to as an “Obligor” and collectively as the
“Obligors”) and each of the purchasers named on Schedule A thereto (the “Initial Note Purchasers”; the Initial Note Purchasers, together with their successors, assigns or any other future holder of the Notes
(as hereinafter defined), the “Holders”), providing for, inter alia, the issue and sale by the Company to the Initial Note Purchasers of (i) $75,000,000 aggregate principal amount of their 5.18% Senior Notes, Series D, due
February 10, 2021 (the “Series D Notes”) and (ii) $50,000,000 aggregate principal amount of their 5.49% Senior Notes, Series E, due February 10, 2023 (the “Series E Notes”, together with the Series D
Notes, the “Notes”). 
 C. The Initial Note Purchasers have required as a condition to their purchase of the
Notes that the Company cause each Subsidiary that after the date of Closing delivers a guaranty pursuant to the Bank Credit Agreement to enter into this Guaranty, as security for the Notes. The Company owns 100% of the equity interests of the
Guarantors. 
 D. Each of the Guarantors has derived substantial direct and indirect benefit from the sale of the Notes to the
Initial Note Purchasers. 

  

EXHIBIT 9.7(a)(i) 

 NOW, THEREFORE, as required by Section 9.7 of the Note
Purchase Agreement and in consideration of the premises and other good and valuable consideration, the receipt and sufficiency whereof are hereby acknowledged, each Guarantor does hereby covenant and agree, jointly and severally, as follows:

  

	 	SECTION 1.	Definitions. 

 Capitalized terms
used herein shall have the meanings set forth in the Note Purchase Agreement unless herein defined or the context shall otherwise require. 
  

	 	SECTION 2.	Guaranty of Notes and Note Purchase Agreement. 

 (a) Subject to the limitation set forth in Section 2(b) hereof, each Guarantor jointly and severally does hereby irrevocably, absolutely and unconditionally guarantee unto the Holders:
(1) the full and prompt payment of the principal of, premium (including, without limitation, any Make-Whole Amount), if any, and interest on the Notes and any other amounts from time to time outstanding under the Note Purchase Agreement or the
Notes, as and when such payments shall become due and payable whether by lapse of time, upon redemption or prepayment, by extension or by acceleration or declaration or otherwise (including (to the extent legally enforceable) interest due on overdue
payments of principal, premium, if any, or interest at the rate set forth in the Notes and interest accruing at the then applicable rate provided in the Notes after the filing of any petition in bankruptcy, or the commencement of any insolvency,
reorganization or like proceeding, relating to an Obligor, whether or not a claim for post-filing or post-petition interest is allowed in such proceeding) in Federal or other immediately available funds of the United States of America which at the
time of payment or demand therefor shall be legal tender for the payment of public and private debts, (2) the full and prompt performance and observance by the Obligors of each and all of the obligations, covenants and agreements required to be
performed or owed by the Obligors under the terms of the Notes and the Note Purchase Agreement and (3) the full and prompt payment, upon demand by any Holder, of all costs and expenses, legal or otherwise (including reasonable attorneys’
fees), if any, as shall have been expended or incurred in the protection or enforcement of any rights, privileges or liabilities in favor of the Holders under or in respect of the Notes, the Note Purchase Agreement or under this Guaranty or in any
consultation or action in connection therewith or herewith and in each and every case irrespective of the validity, regularity, or enforcement of any of the Notes or Note Purchase Agreement or any of the terms thereof or any other like circumstance
or circumstances. 
 (b) The liability of each Guarantor under this Guaranty shall not exceed an amount equal to a maximum
amount as will, after giving effect to such maximum amount and all other liabilities of such Guarantor, contingent or otherwise, result in the obligations of such Guarantor hereunder not constituting a fraudulent transfer, obligation or conveyance.

  

	 	SECTION 3.	Guaranty of Payment and Performance. 

 This is a guarantee of payment and performance and each Guarantor hereby waives, to the fullest extent permitted by law, any right to require that any action on or in respect of any Note or the Note
Purchase Agreement be brought against an Obligor or any other Person or that resort be had to any direct or indirect security for the Notes or for this Guaranty or any other 

  
 E-9.7(a)(i)-2

 
remedy. Any Holder may, at its option, proceed hereunder against any Guarantor in the first instance to collect monies when due, the payment of which is guaranteed hereby, without first
proceeding against an Obligor or any other Person and without first resorting to any direct or indirect security for the Notes or for this Guaranty or any other remedy. The liability of each Guarantor hereunder shall in no way be affected or
impaired by any acceptance by any Holder of any direct or indirect security for, or other guaranties of, any Indebtedness, liability or obligation of an Obligor or any other Person to any Holder or by any failure, delay, neglect or omission by any
Holder to realize upon or protect any such guarantees, Indebtedness, liability or obligation or any notes or other instruments evidencing the same or any direct or indirect security therefor or by any approval, consent, waiver, or other action
taken, or omitted to be taken by any such Holder. 
 The covenants and agreements on the part of the Guarantors herein contained
shall take effect as joint and several covenants and agreements, and references to the Guarantors shall take effect as references to each of them and none of them shall be released from liability hereunder by reason of the guarantee ceasing to be
binding as a continuing security on any other of them. 
  

	 	SECTION 4.	General Provisions Relating to the Guaranty. 

 (a) Each Guarantor hereby consents and agrees that any Holder or Holders from time to time, with or without any further notice to or assent from any other Guarantor may, without in any manner affecting
the liability of any Guarantor under this Guaranty, and upon such terms and conditions as any such Holder or Holders may deem advisable: 
 (1) extend in whole or in part (by renewal or otherwise), modify, change, compromise, release or extend the duration of the time for the performance or payment of any Indebtedness, liability or obligation
of any Obligor or of any other Person secondarily or otherwise liable for any Indebtedness, liability or obligations of such Obligor on the Notes, or waive any Default or Event of Default with respect thereto, or waive, modify, amend or change any
provision of any other agreement or this Guaranty; or 
 (2) sell, release, surrender, modify, impair, exchange
or substitute any and all property, of any nature and from whomsoever received, held by, or for the benefit of, any such Holder as direct or indirect security for the payment or performance of any Indebtedness, liability or obligation of an Obligor
or of any other Person secondarily or otherwise liable for any Indebtedness, liability or obligation of such Obligor on the Notes; or 
 (3) settle, adjust or compromise any claim of an Obligor against any other Person secondarily or otherwise liable for any Indebtedness, liability or obligation of such Obligor on the Notes. 

Each Guarantor hereby ratifies and confirms any such extension, renewal, change, sale, release, waiver, surrender, exchange,
modification, amendment, impairment, substitution, settlement, adjustment or compromise and that the same shall be binding upon it, and hereby waives, to the fullest extent permitted by law, any and all defenses, counterclaims or offsets which it
might or could have by reason thereof, it being understood that such Guarantor shall at all times be bound by this Guaranty and remain liable hereunder. 

  
 E-9.7(a)(i)-3

 (b) Each Guarantor hereby waives, to the fullest extent permitted by law: 

(1) notice of acceptance of this Guaranty by the Holders or of the creation, renewal or accrual of any liability of an
Obligor, present or future, or of the reliance of such Holders upon this Guaranty (it being understood that every Indebtedness, liability and obligation described in Section 2 hereof shall conclusively be presumed to have been created,
contracted or incurred in reliance upon the execution of this Guaranty); 
 (2) demand of payment by any Holder
from an Obligor or any other Person indebted in any manner on or for any of the Indebtedness, liabilities or obligations hereby guaranteed; and 
 (3) presentment for the payment by any Holder or any other Person of the Notes or any other instrument, protest thereof and notice of its dishonor to any party thereto and to such Guarantor. 

The obligations of each Guarantor under this Guaranty and the rights of any Holder to enforce such obligations by any proceedings,
whether by action at law, suit in equity or otherwise, shall not be subject to any reduction, limitation, impairment or termination (other than by indefeasible payment in full in cash of the Notes and the obligations of the Obligors under the Note
Purchase Agreement), whether by reason of any claim of any character whatsoever or otherwise and shall not be subject to any defense, set-off, counterclaim (other than any compulsory counterclaim), recoupment or termination whatsoever. 

(c) The obligations of the Guarantors hereunder shall be binding upon the Guarantors and their successors and assigns, and shall remain
in full force and effect until the entire principal, interest and premium, if any, on the Notes and all other sums due pursuant to Section 2 shall have been paid and such obligations shall not be affected, modified or impaired upon the
happening from time to time of any event, including without limitation any of the following, whether or not with notice to or the consent of the Guarantors: 
 (1) the genuineness, validity, regularity or enforceability of the Notes, the Note Purchase Agreement or any other agreement or any of the terms of any thereof, the continuance of any obligation on the
part of the Obligors, any other Guarantors or any other Person on or in respect of the Notes or under the Note Purchase Agreement or any other agreement or the power or authority or the lack of power or authority of the Obligors to issue the Notes
or the Obligors to execute and deliver the Note Purchase Agreement or any other agreement or of any other Guarantors to execute and deliver this Guaranty or any other agreement or to perform any of its obligations hereunder or the existence or
continuance of the Obligors or any other Person as a legal entity; or 
 (2) any default, failure or delay,
willful or otherwise, in the performance by an Obligor, any other Guarantor or any other Person of any obligations of any kind or character whatsoever under the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or 

  
 E-9.7(a)(i)-4

 (3) any creditors’ rights, bankruptcy, receivership or other insolvency
proceeding of an Obligor, any other Guarantor or any other Person or in respect of the property of an Obligor, any other Guarantor or any other Person or any merger, consolidation, reorganization, dissolution, liquidation, the sale of all or
substantially all of the assets of or winding up of an Obligor, any other Guarantor or any other Person; or 

(4) impossibility or illegality of performance on the part of an Obligor, any other Guarantor or any other Person of its
obligations under the Notes, the Note Purchase Agreement, this Guaranty or any other agreements; or 
 (5) in
respect of an Obligor, any other Guarantors or any other Person, any change of circumstances, whether or not foreseen or foreseeable, whether or not imputable to an Obligor, any other Guarantors or any other Person, or other impossibility of
performance through fire, explosion, accident, labor disturbance, floods, droughts, embargoes, wars (whether or not declared), civil commotion, acts of God or the public enemy, delays or failure of suppliers or carriers, inability to obtain
materials, action of any Federal or state regulatory body or agency, change of law or any other causes affecting performance, or any other force majeure, whether or not beyond the control of an Obligor, any other Guarantors or any other Person and
whether or not of the kind hereinbefore specified; or 
 (6) any attachment, claim, demand, charge, Lien, order,
process, encumbrance or any other happening or event or reason, similar or dissimilar to the foregoing, or any withholding or diminution at the source, by reason of any taxes, assessments, expenses, Indebtedness, obligations or liabilities of any
character, foreseen or unforeseen, and whether or not valid, incurred by or against an Obligor, any Guarantor or any other Person or any claims, demands, charges or Liens of any nature, foreseen or unforeseen, incurred by an Obligor, any Guarantor
or any other Person, or against any sums payable in respect of the Notes or under the Note Purchase Agreement or this Guaranty, so that such sums would be rendered inadequate or would be unavailable to make the payments herein provided; or

 (7) any order, judgment, decree, ruling or regulation (whether or not valid) of any court of any nation or of
any political subdivision thereof or any body, agency, department, official or administrative or regulatory agency of any thereof or any other action, happening, event or reason whatsoever which shall delay, interfere with, hinder or prevent, or in
any way adversely affect, the performance by an Obligor, any Guarantor or any other Person of its respective obligations under or in respect of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement; or 

(8) the failure of any Guarantor to receive any benefit from or as a result of its execution, delivery and performance of
this Guaranty; or 

  
 E-9.7(a)(i)-5

 (9) any failure or lack of diligence in collection or protection, failure in
presentment or demand for payment, protest, notice of protest, notice of default and of nonpayment, any failure to give notice to any Guarantor of failure of an Obligor, any Guarantor or any other Person to keep and perform any obligation, covenant
or agreement under the terms of the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or failure to resort for payment to an Obligor, any other Guarantor or to any other Person or to any other guaranty or to any property,
security, Liens or other rights or remedies; or 
 (10) the acceptance of any additional security or other
guaranty, the advance of additional money to an Obligor or any other Person, the renewal or extension of the Notes or amendments, modifications, consents or waivers with respect to the Notes, the Note Purchase Agreement or any other agreement, or
the sale, release, substitution or exchange of any security for the Notes; or 
 (11) any merger or consolidation
of an Obligor, any other Guarantor or any other Person into or with any other Person or any sale, lease, transfer or other disposition of any of the assets of an Obligor, any other Guarantor or any other Person to any other Person, or any change in
the ownership of any shares of an Obligor, any other Guarantor or any other Person or any release of any other Guarantor; or 
 (12) any defense whatsoever that: (i) an Obligor or any other Person might have to the payment of the Notes (principal, premium, if any, or interest), other than indefeasible payment thereof in
Federal or other immediately available funds, or (ii) an Obligor or any other Person might have to the performance or observance of any of the provisions of the Notes, the Note Purchase Agreement or any other agreement, whether through the
satisfaction or purported satisfaction by an Obligor, any other Guarantor or any other Person of its debts due to any cause such as bankruptcy, insolvency, receivership, merger, consolidation, reorganization, dissolution, liquidation, winding-up or
otherwise, other than the defense of indefeasible payment in full in cash of the Notes; or 
 (13) any act or
failure to act with regard to the Notes, the Note Purchase Agreement, this Guaranty or any other agreement or anything which might vary the risk of any Guarantor or any other Person; or 

(14) any other circumstance which might otherwise constitute a defense available to, or a discharge of, any Guarantor or
any other Person in respect of the obligations of any Guarantor or other Person under this Guaranty or any other agreement, other than the defense of indefeasible payment in full in cash of the Notes; 

provided that the specific enumeration of the above-mentioned acts, failures or omissions shall not be deemed to exclude any other acts, failures
or omissions, though not specifically mentioned above, it being the purpose and intent of this Guaranty and the parties hereto that the obligations of each Guarantor shall be absolute and unconditional and shall not be discharged, impaired or varied
except by the indefeasible payment in full in cash of the principal of, premium, if any, and interest on the Notes in accordance with their respective terms whenever the same shall become 

  
 E-9.7(a)(i)-6

 
due and payable as in the Notes provided and all other sums due and payable under the Note Purchase Agreement, at the place specified in and all in the manner and with the effect provided in the
Notes and the Note Purchase Agreement, as each may be amended or modified from time to time. Without limiting the foregoing, it is understood that repeated and successive demands may be made and recoveries may be had hereunder as and when, from time
to time, an Obligor shall default under or in respect of the terms of the Notes or the Note Purchase Agreement and that notwithstanding recovery hereunder for or in respect of any given default or defaults by an Obligor under the Notes or the Note
Purchase Agreement, this Guaranty shall remain in full force and effect and shall apply to each and every subsequent default. 

(d) All rights of any Holder may be transferred or assigned at any time and shall be considered to be transferred or assigned at any time
or from time to time upon the transfer of such Note whether with or without the consent of or notice to the Guarantors under this Guaranty or to the Obligors. 
 (e) To the extent of any payments made under this Guaranty, the Guarantors shall be subrogated to the rights of the Holder or Holders upon whose Notes such payment was made, but each Guarantor covenants
and agrees that such right of subrogation shall be junior and subordinate in right of payment to the prior indefeasible final payment in cash in full of all amounts due and owing by the Obligors with respect to the Notes and the Note Purchase
Agreement and by the Guarantors under this Guaranty, and the Guarantors shall not take any action to enforce such right of subrogation, and the Guarantors shall not accept any payment in respect of such right of subrogation, until all amounts due
and owing by the Obligors under or in respect of the Notes and the Note Purchase Agreement and all amounts due and owing by the Guarantors hereunder have indefeasibly been finally paid in cash in full. If any amount shall be paid to any Guarantor in
violation of the preceding sentence at any time prior to the indefeasible payment in cash in full of the Notes and all other amounts payable under the Notes, the Note Purchase Agreement and this Guaranty, such amount shall be held in trust for the
benefit of the Holders and shall forthwith be paid to the Holders to be credited and applied to the amounts due or to become due with respect to the Notes and all other amounts payable under the Note Purchase Agreement and this Guaranty, whether
matured or unmatured. Each Guarantor acknowledges that it has received direct and indirect benefits from the financing arrangements contemplated by the Note Purchase Agreement and that the waiver set forth in this paragraph (e) is
knowingly made as a result of the receipt of such benefits. 
 (f) To the extent of any payments made under this Guaranty, each
Guarantor making such payment shall have a right of contribution from the other Guarantors, but such Guarantor covenants and agrees that such right of contribution shall be subordinate in right of payment to the rights of the Holders for which full
payment has not been made or provided for and, to that end, such Guarantor agrees not to claim or enforce any such right of contribution unless and until all of the Notes and all other sums due and payable under the Note Purchase Agreement have been
fully and irrevocably paid and discharged. 
 (g) Each Guarantor agrees that to the extent an Obligor, any other Guarantor or
any other Person makes any payment on any Note, which payment or any part thereof is subsequently invalidated, voided, declared to be fraudulent or preferential, set aside, recovered, rescinded or is required to be retained by or repaid to a
trustee, receiver, or any other Person 

  
 E-9.7(a)(i)-7

 
under any bankruptcy code, common law, or equitable cause, then and to the extent of such payment, the obligation or the part thereof intended to be satisfied shall be revived and continued in
full force and effect with respect to the Guarantors’ obligations hereunder, as if said payment had not been made. The liability of the Guarantors hereunder shall not be reduced or discharged, in whole or in part, by any payment to any Holder
from any source that is thereafter paid, returned or refunded in whole or in part by reason of the assertion of a claim of any kind relating thereto, including, but not limited to, any claim for breach of contract, breach of warranty, preference,
illegality, invalidity, or fraud asserted by any account debtor or by any other Person. 
 (h) No Holder shall be under any
obligation: (1) to marshal any assets in favor of the Guarantors or in payment of any or all of the liabilities of any Obligor under or in respect of the Notes or the obligations of the Guarantors hereunder or (2) to pursue any other
remedy that the Guarantors may or may not be able to pursue themselves and that may lighten the Guarantors’ burden, any right to which each Guarantor hereby expressly waives. 

(i) The obligations of each Guarantor under this Guaranty rank pari passu in right of payment with all other Indebtedness of such
Guarantor which is not secured or which is not expressly subordinated in right of payment to any other Indebtedness of such Guarantor. 
 (j) A Guarantor shall be automatically discharged and released from this Guaranty pursuant to and in accordance with the provisions of Section 2.2 of the Note Purchase Agreement. 

 

	 	SECTION 5.	Representations and Warranties of the Guarantors. 

 Each Guarantor represents and warrants to each Holder that: 
 (a) Such Guarantor
is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and is in good standing in each
jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified or in good standing would not, individually or in the aggregate, reasonably be expected to have a material adverse
effect on (1) the business, operations, affairs, financial condition, assets or properties of such Guarantor and its subsidiaries, taken as a whole, or (2) the ability of such Guarantor to perform its obligations under this Guaranty, or
(3) the validity or enforceability of this Guaranty (herein in this Section 5, a “Material Adverse Effect”). Such Guarantor has the power and authority to own or hold under lease the properties it purports to own or
hold under lease, to transact the business it transacts and proposes to transact, to execute and deliver this Guaranty and to perform the provisions hereof. 
 (b) This Guaranty has been duly authorized by all necessary action on the part of such Guarantor, and this Guaranty constitutes a legal, valid and binding obligation of such Guarantor enforceable against
such Guarantor in accordance with its terms, except as such enforceability may be limited by (1) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement of creditors’ rights generally
and (2) general principles of equity (regardless of whether such enforceability is considered in a proceeding in equity or at law). 

  
 E-9.7(a)(i)-8

 (c) The execution, delivery and performance by such Guarantor of this Guaranty will not
(1) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of such Guarantor or any of its subsidiaries under any material indenture, mortgage, deed of trust, loan,
purchase or credit agreement, lease, charter document or by-law, or any other material agreement or instrument to which such Guarantor or any of its subsidiaries is bound or by which such Guarantor or any of its subsidiaries or any of their
respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree, or ruling of any court, arbitrator or Governmental Authority applicable to
such Guarantor or any of its subsidiaries or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the such Guarantor or any of its subsidiaries. 

(d) No consent, approval or authorization of, or registration, filing or declaration with, any Governmental Authority is required in
connection with the execution, delivery or performance by such Guarantor of this Guaranty. 
 (e) Such Guarantor is solvent, has
capital not unreasonably small in relation to its business or any contemplated or undertaken transaction and has assets having a value both at fair valuation and at present fair salable value greater than the amount required to pay its debts as they
become due and greater than the amount that will be required to pay its probable liability on its existing debts as they become absolute and matured. Such Guarantor does not intend to incur, or believe or should have believed that it will incur,
debts beyond its ability to pay such debts as they become due. Such Guarantor will not be rendered insolvent by the execution and delivery of, and performance of its obligations under, this Guaranty. Such Guarantor does not intend to hinder, delay
or defraud its creditors by or through the execution and delivery of, or performance of its obligations under, this Guaranty. 

(f) The obligations of each Guarantor under this Guaranty rank at least pari passu in right of payment with all other unsecured
senior Indebtedness (actual or contingent) of each Guarantor. 
  

	 	SECTION 6.	Guarantor Covenants. 

 From and
after the date of issuance of the Notes by the Obligors and continuing so long as any amount remains unpaid thereon each Guarantor agrees to comply with the terms and provisions of Sections 9.1, 9.2, 9.3, 9.4, 9.5 and 9.8 of the Note Purchase
Agreement, insofar as such provisions apply to such Guarantor, as if said Sections were set forth herein in full. 
  

	 	SECTION 7.	[Reserved]. 

  

	 	SECTION 8.	Governing Law. 

 (a)
THIS GUARANTY SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, AND THE RIGHTS OF THE PARTIES SHALL BE GOVERNED BY, THE LAW OF THE STATE OF ILLINOIS, EXCLUDING CHOICE-OF-LAW PRINCIPLES OF THE LAW OF SUCH STATE THAT WOULD PERMIT THE APPLICATION OF
THE LAWS OF A JURISDICTION OTHER THAN SUCH STATE. 

  
 E-9.7(a)(i)-9

 (b) Each Guarantor irrevocably submits to the non-exclusive jurisdiction of any Illinois
State or federal court sitting in Cook County, Illinois over any suit, action or proceeding arising out of or relating to this Guaranty. To the fullest extent permitted by applicable law, such Guarantor irrevocably waives and agrees not to assert,
by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any
such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. 
 (c) The parties hereto waive any right to have a jury participate in resolving any dispute, whether sounding in contract, tort, or otherwise, between them arising out of, connected with, related to or
incidental to the relationship established between them in connection with this Guaranty, any financing agreement, any loan party document or any other instrument, document or agreement executed or delivered in connection herewith or the
transactions related hereto. The parties hereto hereby agree and consent that any such claim, demand, action or cause of action shall be decided by court trial without a jury and that any of them may file an original counterpart or a copy of this
Guaranty with any court as written evidence of the consent of the parties hereto to the waiver of their right to trial by jury. 
  

	 	SECTION 9.	[Reserved]. 

  

	 	SECTION 10.	Amendments, Waivers and Consents. 

(a) This Guaranty may be amended, and the observance of any term hereof may be waived (either retroactively or prospectively), with (and
only with) the written consent of each Guarantor and the Required Holders. 
 (b) The Guarantors will provide each Holder
(irrespective of the amount of Notes then owned by it) with sufficient information, sufficiently far in advance of the date a decision is required, to enable such Holder to make an informed and considered decision with respect to any proposed
amendment, waiver or consent in respect of any of the provisions hereof. The Guarantors will deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to the provisions of this Section 10 to each Holder
promptly following the date on which it is executed and delivered by, or receives the consent or approval of, the Required Holders. 
 (c) The Obligors will not directly or indirectly pay or cause to be paid any remuneration, whether by way of fee or otherwise, or grant any security, to any Holder as consideration for or as an inducement
to the entering into by any Holder of any waiver or amendment of any of the terms and provisions hereof unless such remuneration is concurrently paid, or security is concurrently granted, on the same terms, ratably to each Holder even if such Holder
did not consent to such waiver or amendment. 
 (d) Any amendment or waiver consented to as provided in this
Section 10 applies equally to all Holders and is binding upon them and upon each future holder and upon the Guarantors. No such amendment or waiver will extend to or affect any obligation, covenant or agreement not expressly amended or
waived or impair any right consequent thereon. No course 

  
 E-9.7(a)(i)-10

 
of dealing between the Guarantors and any Holder nor any delay in exercising any rights hereunder shall operate as a waiver of any rights of any Holder. As used herein, the term “this
Guaranty” and references thereto shall mean this Guaranty as it may from time to time be amended or supplemented. 
 (e)
Solely for the purpose of determining whether the Holders of the requisite percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be given under this Guaranty, Notes
directly or indirectly owned by any Guarantor, any Obligor or any of their respective subsidiaries or Affiliates shall be deemed not to be outstanding. 
  

	 	SECTION 11.	Notices. 

 All notices and
communications provided for hereunder shall be in writing and sent (a) by telefacsimile if the sender on the same day sends a confirming copy of such notice by a recognized overnight delivery service (charges prepaid), or (b) by registered
or certified mail with return receipt requested (postage prepaid), or (c) by a recognized overnight delivery service (with charges prepaid). Any such notice must be sent: 

(1) if to an Initial Note Purchaser or such Initial Note Purchaser’s nominee, to such Initial Note Purchaser or such
Initial Note Purchaser’s nominee at the address specified for such communications in Schedule A to the Note Purchase Agreement, or at such other address as such Initial Note Purchaser or such Initial Note Purchaser’s nominee shall
have specified to any Guarantor or the Company in writing, 
 (2) if to any other Holder, to such Holder at such
address as such Holder shall have specified to any Guarantor or the Company in writing, or 
 (3) if to any
Guarantor, to such Guarantor c/o the Company at its address set forth at the beginning of the Note Purchase Agreement to the attention of Treasurer, with a copy to the General Counsel, or at such other address as such Guarantor shall have specified
to the Holders in writing. 
 Notices under this Section 11 will be deemed given only when actually received. 

 

	 	SECTION 12.	Miscellaneous. 

 (a) No remedy
herein conferred upon or reserved to any Holder is intended to be exclusive of any other available remedy or remedies, but each and every such remedy shall be cumulative and shall be in addition to every other remedy given under this Guaranty now or
hereafter existing at law or in equity. No delay or omission to exercise any right or power accruing upon any default, omission or failure of performance hereunder shall impair any such right or power or shall be construed to be a waiver thereof but
any such right or power may be exercised from time to time and as often as may be deemed expedient. In order to entitle any Holder to exercise any remedy reserved to it under the Guaranty, it shall not be necessary for such Holder to physically
produce its Note in any proceedings instituted by it or to give any notice, other than such notice as may be herein expressly required. 

  
 E-9.7(a)(i)-11

 (b) The Guarantors will pay all sums becoming due under this Guaranty by the method and at
the address specified in the Note Purchase Agreement, or by such other method or at such other address as any Holder shall have from time to time specified to the Guarantors in writing for such purpose, without the presentation or surrender of this
Guaranty or any Note. 
 (c) Any provision of this Guaranty that is prohibited or unenforceable in any jurisdiction shall, as to
such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall (to the full extent permitted by
law) not invalidate or render unenforceable such provision in any other jurisdiction. 
 (d) If the whole or any part of this
Guaranty shall be now or hereafter become unenforceable against any one or more of the Guarantors for any reason whatsoever or if it is not executed by any one or more of the Guarantors, this Guaranty shall nevertheless be and remain fully binding
upon and enforceable against each other Guarantor as if it had been made and delivered only by such other Guarantors. 
 (e)
This Guaranty shall be binding upon each Guarantor and its successors and assigns and shall inure to the benefit of each Holder and its successors and assigns so long as its Notes remain outstanding and unpaid. 

(f) This Guaranty may be executed in any number of counterparts, each of which shall be an original but all of which together shall
constitute one instrument. Each counterpart may consist of a number of copies hereof, each signed by less than all, but together signed by all, of the parties hereto. 
  

	 	SECTION 13.	Indemnity. 

 To the fullest
extent of applicable law, each Guarantor shall indemnify and save each Holder harmless from and against any losses which may arise by virtue of any of the obligations hereby guaranteed being or becoming for any reason whatsoever in whole or in part
void, voidable, contrary to law, invalid, ineffective or otherwise unenforceable by the Holder or any of them in accordance with its terms (all of the foregoing collectively, an “Indemnifiable Circumstance”). For greater certainty, these
losses shall include without limitation all obligations hereby guaranteed which would have been payable by the Obligors but for the existence of an Indemnifiable Circumstance, net of any withholding or deduction of or on account of any tax;
provided, however, that the extent of the Guarantor’s aggregate liability under this Section 13 shall not at any time exceed the amount (but for any Indemnifiable Circumstance) otherwise guaranteed pursuant to Section 2. 

 

	 	SECTION 14.	Termination. 

 This Guaranty
shall automatically, without any action on the part of any party hereto, terminate and be void and of no further force and effect with respect to any Guarantor (or any successor thereto or assign thereof) if and when such Guarantor (or any successor
thereto or assign thereof) is released from this Guaranty by reason of the express provisions of Section 2.2 of the Note Purchase Agreement or is otherwise released from this Guaranty in accordance with the terms of the Note Purchase Agreement.

  
 E-9.7(a)(i)-12

 IN WITNESS WHEREOF, the undersigned has caused
this Guaranty to be duly executed by an authorized representative as of this      day of                     ,
        . 
  

			
	[GUARANTOR], a(n)
                             [corporation]
		
	By:	 	  

		 	Name:
		 	Title:

  
 E-9.7(a)(i)-13

 
			
	Accepted and Agreed:
	
	 ARTHUR J. GALLAGHER & Co., a Delaware corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARTHUR J. GALLAGHER & CO. (ILLINOIS), an
Illinois corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARTHUR J. GALLAGHER BROKERAGE & RISK
MANAGEMENT SERVICES, LLC, a Delaware limited liability company

		
	By:	 	  

		 	Name:
		 	Title:

  
 E-9.7(a)(i)-14

			
	 RISK PLACEMENT SERVICES, INC., an Illinois
corporation

		
	By:	 	  

		 	Name:
		 	Title:

  
 E-9.7(a)(i)-15

			
	 GALLAGHER BASSETT SERVICES, INC., a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 GALLAGHER BENEFIT SERVICES, INC., a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARTHUR J. GALLAGHER RISK MANAGEMENT
SERVICES, INC., an Illinois corporation

		
	By:	 	  

		 	Name:
		 	Title:

  
 E-9.7(a)(i)-16

 
			
	 ARTHUR J. GALLAGHER SERVICE COMPANY, a Delaware
corporation

		
	 By:
	 	  

		 	 Name:

		 	 Title:

  
 E-9.7(a)(i)-17

 FORM OF JOINDER AGREEMENT

 JOINDER AGREEMENT 

THIS JOINDER AGREEMENT, dated as of
[            ], is made by [            ], a
[                    ] (the “New Obligor”) in favor of the holders of the Notes (as defined in the hereinafter defined Note
Purchase Agreement) under the Note Purchase Agreement (as hereinafter defined). 
 RECITALS 

A. Arthur J. Gallagher & Co., a Delaware corporation (the “Company”), Arthur J. Gallagher & Co.
(Illinois), an Illinois corporation (“AJG Illinois”), Arthur J. Gallagher Brokerage & Risk Management Services, LLC, a Delaware limited liability company (“AJG Brokerage”), Risk Placement Services,
Inc., an Illinois corporation (“RPS”), Gallagher Bassett Services, Inc., a Delaware corporation (“Gallagher Bassett”), Gallagher Benefit Services, Inc., a Delaware corporation (“Gallagher Benefit”),
Arthur J. Gallagher Risk Management Services, Inc., an Illinois corporation (“Gallagher Risk”) and Arthur J. Gallagher Service Company, a Delaware corporation (“Gallagher Service”; the Company, AJG Illinois, AJG
Brokerage, RPS, Gallagher Bassett, Gallagher Benefit, Gallagher Risk and Gallagher Service are each hereinafter individually referred to as an “Existing Obligor”, collectively as the “Existing Obligors”) are parties
to that certain Note Purchase Agreement dated as of February 10, 2011 (as amended, the “Note Purchase Agreement”) with the Purchasers named therein. 
 B. Without in any manner affecting the Existing Obligors’ joint and several liability under the Note Purchase Agreement, the New Obligor desires to become an obligor under the Note Purchase Agreement
and the Notes. 
 NOW THEREFORE, for and in consideration of the mutual covenants and agreements
set forth herein and in the Note Purchase Agreement, and other valuable consideration, the receipt of which is hereby acknowledged, each undersigned hereby consents and agrees as follows: 

1. Capitalized terms used herein but not otherwise defined shall have the meanings ascribed to them in the Note Purchase Agreement.

 2. Without in any manner affecting the Existing Obligors’ joint and several liability under the Note Purchase Agreement
and the Notes, the New Obligor hereby assumes and agrees to perform all of the terms, restrictions, obligations and conditions of an “Obligor” under the Note Purchase Agreement and the Notes, and, by execution of this Joinder Agreement, is
hereby designated an “Obligor” for purposes of, and agrees to be bound by, each and all terms of the Note Purchase Agreement and the Notes. Without limiting the generality of the forgoing, the New Obligor hereby (a) expressly agrees
that it is jointly and severally liable for and assumes all obligations of an Obligor under the Note Purchase Agreement, the Notes and all other related documents to which any Existing Obligor is a party, and (b) agrees to perform for the
holders’ benefit and be bound by the terms and covenants applicable to an Obligor under the Note Purchase Agreement, the Notes and all other related documents to which any Existing Obligor is a party. 

EXHIBIT 9.7(a)(ii) 
 (to Note Purchase Agreement) 

 3. The undersigned is the duly elected
                                        
of the New Obligor, a Subsidiary of the Company, and is duly authorized to execute and deliver this Joinder Agreement to each of you. The execution by the undersigned of this Joinder Agreement shall evidence its consent to and acknowledgment and
approval of the terms set forth herein and in the Note Purchase Agreement and by such execution the New Obligor shall be deemed to have made in favor of the holders the representations and warranties set forth in Section 5 of the Note Purchase
Agreement. 
 4. Upon execution of this Joinder Agreement, the Note Purchase Agreement and the Notes shall be deemed to be
amended as set forth above. Except as amended herein, the terms and provisions of the Note Purchase Agreement and the Notes are hereby ratified, confirmed and approved in all respects. 

5. Any and all notices, requests, certificates and other instruments (including the Notes) may refer to the Note Purchase Agreement and
the Notes without making specific reference to this Joinder Agreement, but nevertheless all such references shall be deemed to include this Joinder Agreement unless the context shall otherwise require. 

6. This Joinder Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same
instrument, and any of the parties hereto may execute this Joinder Agreement by signing any such counterpart. 
 [The next page
is the signature page.] 

  
 E-9.7(a)(ii)-2

 IN WITNESS WHEREOF, the parties hereto have
caused this Joinder Agreement to be executed as of the date and year first above written. 
  

					
	,[NEW OBLIGOR]
		
	By:	 	  

		 	Name:	 	  

		 	Title:	 	  

  
 E-9.7(a)(ii)-3

 REAFFIRMATION 

Each of the undersigned consents to the terms of this Joinder Agreement and reaffirms, ratifies and confirms in all respects each and
every obligation and covenant made by it in the Note Purchase Agreement and the Notes executed by each of the undersigned in favor of the holders and that the Note Purchase Agreement and the Notes remain the legal, valid and binding obligation of
the undersigned enforceable against the undersigned in accordance with their terms. 
  

			
	 ARTHUR J. GALLAGHER & CO., a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARTHUR J. GALLAGHER & CO. (ILLINOIS), an
Illinois corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARTHUR J. GALLAGHER BROKERAGE & RISK
MANAGEMENT SERVICES, LLC, a Delaware limited liability company

		
	By:	 	  

		 	Name:
		 	Title:
	
	 RISK PLACEMENT SERVICES, INC., an Illinois
corporation

		
	By:	 	  

		 	Name:
		 	Title:

  
 E-9.7(a)(ii)-4

 
			
	 GALLAGHER BASSETT SERVICES, INC., a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 GALLAGHER BENEFIT SERVICES, INC., a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARTHUR J. GALLAGHER RISK MANAGEMENT
SERVICES, INC., an Illinois corporation

		
	By:	 	  

		 	Name:
		 	Title:
	
	 ARTHUR J. GALLAGHER SERVICE COMPANY, a Delaware
corporation

		
	By:	 	  

		 	Name:
		 	Title:

  
 E-9.7(a)(ii)-5Indenture

 Exhibit 4.1 
 HUTCHINSON TECHNOLOGY INCORPORATED 
 8.50% CONVERTIBLE SENIOR NOTES DUE 2026

  
  

INDENTURE 
 DATED
AS OF FEBRUARY 11, 2011 
  
  

WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 AS TRUSTEE 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE	  	 	1	  
			
	 Section 1.01
	  	 Definitions
	  	 	1	  
	 Section 1.02
	  	 Other Definitions
	  	 	6	  
	 Section 1.03
	  	 Trust Indenture Act Provisions
	  	 	7	  
	 Section 1.04
	  	 Rules Of Construction
	  	 	8	  
		
	ARTICLE II THE SECURITIES	  	 	8	  
			
	 Section 2.01
	  	 Form And Dating
	  	 	8	  
	 Section 2.02
	  	 Execution And Authentication
	  	 	10	  
	 Section 2.03
	  	 Registrar, Paying Agent and Conversion Agent
	  	 	11	  
	 Section 2.04
	  	 Paying Agent To Hold Money In Trust
	  	 	11	  
	 Section 2.05
	  	 Lists of Holders of Securities
	  	 	12	  
	 Section 2.06
	  	 Transfer And Exchange
	  	 	12	  
	 Section 2.07
	  	 Replacement Securities
	  	 	13	  
	 Section 2.08
	  	 Outstanding Securities
	  	 	13	  
	 Section 2.09
	  	 Treasury Securities
	  	 	14	  
	 Section 2.10
	  	 Temporary Securities
	  	 	14	  
	 Section 2.11
	  	 Cancellation
	  	 	14	  
	 Section 2.12
	  	 Additional Transfer And Exchange Requirements
	  	 	15	  
	 Section 2.13
	  	 CUSIP Numbers
	  	 	17	  
		
	ARTICLE III REDEMPTION AND PURCHASE	  	 	17	  
			
	 Section 3.01
	  	 Optional Redemption
	  	 	17	  
	 Section 3.02
	  	 Selection Of Securities To Be Redeemed
	  	 	18	  
	 Section 3.03
	  	 Notice Of Redemption
	  	 	18	  
	 Section 3.04
	  	 Effect Of Notice Of Redemption
	  	 	20	  
	 Section 3.05
	  	 Deposit Of Redemption Price
	  	 	20	  
	 Section 3.06
	  	 Securities Redeemed In Part
	  	 	20	  
	 Section 3.07
	  	 Conversion Arrangement On Call For Redemption
	  	 	20	  
	 Section 3.08
	  	 Repurchase Of Securities At Option Of The Holder Upon a Fundamental Change
	  	 	21	  
	 Section 3.09
	  	 Effect Of Fundamental Change Repurchase Notice
	  	 	24	  
	 Section 3.10
	  	 Deposit of Fundamental Change Repurchase Price
	  	 	24	  
	 Section 3.11
	  	 Repayment To The Company
	  	 	25	  
	 Section 3.12
	  	 Purchase Of Securities At Option Of The Holder On Specified Dates
	  	 	25	  
	 Section 3.13
	  	 Securities Purchased In Part
	  	 	29	  
	 Section 3.14
	  	 Compliance With Securities Laws Upon Purchase of Securities
	  	 	29	  
	 Section 3.15
	  	 Purchase Of Securities In Open Market
	  	 	29	  

  
 -i-

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
		
	ARTICLE IV CONVERSION	  	 	29	  
			
	 Section 4.01
	  	 Conversion Privilege And Conversion Rate
	  	 	29	  
	 Section 4.02
	  	 Conversion Procedure
	  	 	32	  
	 Section 4.03
	  	 Fractional Shares
	  	 	34	  
	 Section 4.04
	  	 Taxes On Conversion
	  	 	34	  
	 Section 4.05
	  	 Company To Provide Stock
	  	 	34	  
	 Section 4.06
	  	 Adjustment Of Conversion Rate
	  	 	35	  
	 Section 4.07
	  	 No Adjustment
	  	 	42	  
	 Section 4.08
	  	 Notice of Adjustment
	  	 	43	  
	 Section 4.09
	  	 Notice of Certain Transactions
	  	 	43	  
	 Section 4.10
	  	 Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale
	  	 	43	  
	 Section 4.11
	  	 Trustee’s Disclaimer
	  	 	45	  
	 Section 4.12
	  	 Voluntary Increase
	  	 	45	  
		
	ARTICLE V COVENANTS	  	 	46	  
			
	 Section 5.01
	  	 Payment Of Securities
	  	 	46	  
	 Section 5.02
	  	 SEC and Other Reports
	  	 	46	  
	 Section 5.03
	  	 Compliance Certificates
	  	 	47	  
	 Section 5.04
	  	 Further Instruments And Acts
	  	 	47	  
	 Section 5.05
	  	 Maintenance Of Corporate Existence
	  	 	47	  
	 Section 5.06
	  	 Stay, Extension And Usury Laws
	  	 	47	  
	 Section 5.07
	  	 Maintenance of Office or Agency
	  	 	47	  
		
	ARTICLE VI CONSOLIDATION; MERGER; CONVEYANCE; TRANSFER OR LEASE	  	 	48	  
			
	 Section 6.01
	  	 Company May Consolidate, Etc., Only On Certain Terms
	  	 	48	  
	 Section 6.02
	  	 Successor Substituted
	  	 	49	  
		
	ARTICLE VII DEFAULT AND REMEDIES	  	 	49	  
			
	 Section 7.01
	  	 Events Of Default
	  	 	49	  
	 Section 7.02
	  	 Acceleration
	  	 	51	  
	 Section 7.03
	  	 Other Remedies
	  	 	51	  
	 Section 7.04
	  	 Waiver Of Defaults And Events Of Default
	  	 	52	  
	 Section 7.05
	  	 Control By Majority
	  	 	52	  
	 Section 7.06
	  	 Limitations On Suits
	  	 	52	  
	 Section 7.07
	  	 Rights Of Holders To Receive Payment And To Convert
	  	 	53	  
	 Section 7.08
	  	 Collection Suit By Trustee
	  	 	53	  
	 Section 7.09
	  	 Trustee May File Proofs Of Claim
	  	 	53	  
	 Section 7.10
	  	 Priorities
	  	 	54	  
	 Section 7.11
	  	 Undertaking For Costs
	  	 	54	  

  
 -ii-

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
		
	ARTICLE VIII TRUSTEE	  	 	54	  
			
	 Section 8.01
	  	 Obligations Of Trustee
	  	 	54	  
	 Section 8.02
	  	 Rights Of Trustee
	  	 	56	  
	 Section 8.03
	  	 Individual Rights Of Trustee
	  	 	57	  
	 Section 8.04
	  	 Trustee’s Disclaimer
	  	 	57	  
	 Section 8.05
	  	 Notice Of Default Or Events Of Default
	  	 	57	  
	 Section 8.06
	  	 Reports By Trustee To Holders
	  	 	58	  
	 Section 8.07
	  	 Compensation And Indemnity
	  	 	58	  
	 Section 8.08
	  	 Replacement Of Trustee
	  	 	59	  
	 Section 8.09
	  	 Successor Trustee By Merger, Etc.
	  	 	60	  
	 Section 8.10
	  	 Eligibility; Disqualification
	  	 	60	  
	 Section 8.11
	  	 Preferential Collection Of Claims Against Company
	  	 	60	  
		
	ARTICLE IX SATISFACTION AND DISCHARGE OF INDENTURE	  	 	60	  
			
	 Section 9.01
	  	 Satisfaction And Discharge Of Indenture
	  	 	60	  
	 Section 9.02
	  	 Application Of Trust Money
	  	 	61	  
	 Section 9.03
	  	 Repayment To Company
	  	 	62	  
	 Section 9.04
	  	 Reinstatement
	  	 	62	  
		
	ARTICLE X AMENDMENTS; SUPPLEMENTS AND WAIVERS	  	 	63	  
			
	 Section 10.01
	  	 Without Consent Of Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to or consent of
any Holder of a Security for the purpose of:
	  	 	63	  
	 Section 10.02
	  	 With Consent Of Holders
	  	 	63	  
	 Section 10.03
	  	 Compliance With Trust Indenture Act
	  	 	65	  
	 Section 10.04
	  	 Revocation And Effect Of Consents
	  	 	65	  
	 Section 10.05
	  	 Notation On Or Exchange of Securities
	  	 	65	  
	 Section 10.06
	  	 Trustee To Sign Amendments, Etc.
	  	 	65	  
	 Section 10.07
	  	 Effect Of Supplemental Indentures
	  	 	65	  
		
	ARTICLE XI MISCELLANEOUS	  	 	66	  
			
	 Section 11.01
	  	 Trust Indenture Act Controls
	  	 	66	  
	 Section 11.02
	  	 Notices
	  	 	66	  
	 Section 11.03
	  	 Communications By Holders With Other Holders
	  	 	67	  
	 Section 11.04
	  	 Certificate And Opinion As To Conditions Precedent
	  	 	67	  
	 Section 11.05
	  	 Record Date For Vote Or Consent Of Holders of Securities
	  	 	68	  
	 Section 11.06
	  	 Rules By Trustee, Paying Agent, Registrar And Conversion Agent
	  	 	68	  
	 Section 11.07
	  	 Legal Holidays
	  	 	68	  
	 Section 11.08
	  	 Governing Law
	  	 	68	  
	 Section 11.09
	  	 No Adverse Interpretation Of Other Agreements
	  	 	68	  
	 Section 11.10
	  	 No Recourse Against Others
	  	 	68	  

  
 -iii-

 TABLE OF CONTENTS 

(Continued) 
  

							
	 	  	 	  	Page	 
			
	 Section 11.11
	  	 No Security Interest Created
	  	 	69	  
	 Section 11.12
	  	 Successors
	  	 	69	  
	 Section 11.13
	  	 Multiple Counterparts
	  	 	69	  
	 Section 11.14
	  	 Separability
	  	 	69	  
	 Section 11.15
	  	 Table Of Contents, Headings, Etc.
	  	 	69	  
	
	EXHIBIT A        Form of Security	  

  
 -iv-

 CROSS REFERENCE TABLE* 

 

					
	 TIA SECTION
	  	 INDENTURE
SECTION

	Section	  	310	  	11.01
		  	310(a)(1)	  	8.10
		  	(a)(2)	  	8.10
		  	(a)(3)	  	N.A.**
		  	(a)(4)	  	N.A.
		  	(a)(5)	  	8.10
		  	(b)	  	8.10
		  	(c)	  	N.A.
	Section	  	311	  	11.01
		  	311(a)	  	8.11
		  	(b)	  	8.11
		  	(c)	  	N.A.
	Section	  	312	  	11.01
		  	312(a)	  	2.05
		  	(b)	  	11.03
		  	(c)	  	11.03
	Section	  	313	  	11.01
		  	313(a)	  	8.06(a)
		  	(b)(1)	  	N.A.
		  	(b)(2)	  	8.06(a)
		  	(c)	  	8.06(a)
		  	(d)	  	8.06(b)
	Section	  	314	  	11.01
		  	314(a)	  	5.02(a); 5.03
		  	(b)	  	N.A.
		  	(c)(1)	  	2.02; 9.01; 11.04
		  	(c)(2)	  	9.01; 11.04
		  	(c)(3)	  	N.A.
		  	(d)	  	N.A.
		  	(e)	  	11.04
		  	(f)	  	N.A.
	Section	  	315	  	11.01
		  	315(a)	  	8.01(b)
		  	(b)	  	8.05
		  	(d)	  	8.01(c)
		  	(d)(2)	  	8.01(c)
		  	(d)(3)	  	8.01(c)
		  	(e)	  	7.11
	Section	  	316	  	11.01
		  	316(a)	  	7.05; 10.02 (b)
		  	(b)	  	7.07
		  	(c)	  	11.05
	Section	  	317	  	7.08; 7.09, 11.01
	Section	  	318	  	11.01

  

	*	This Cross-Reference Table shall not, for any purpose, be deemed a part of this Indenture. 

	**	N.A. means Not Applicable. 

 THIS INDENTURE dated as of February 11, 2011 is between Hutchinson Technology
Incorporated, a corporation duly organized under the laws of the State of Minnesota (the “Company”), and Wells Fargo Bank, National Association, a national banking association organized and existing under the laws of the United States, as
Trustee (the “Trustee”). 
 In consideration of the purchase of the securities (as defined herein) by the Holders
thereof, both parties agree as follows for the benefit of the other and for the equal and ratable benefit of the Holders of the Company’s 8.50% Convertible Senior Notes due 2026. 

ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 
 “Affiliate” means, with respect
to any specified person, any other person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified person. For the purposes of this definition, “control” when used with respect to
any person means the power to direct the management and policies of such person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing. 
 “Agent” means any Registrar, Paying Agent or Conversion Agent.

 “Applicable Procedures” means, with respect to any transfer or exchange of beneficial ownership interests in a
Global Security, the rules and procedures of the Depositary, to the extent applicable to such transfer or exchange. 

“Beneficial Ownership” means the definition such term is given in accordance with Rule 13d-3 promulgated by the SEC under
the Exchange Act. 
 “Board of Directors” means either the board of directors of the Company or any committee of the
Board of Directors authorized to act for it with respect to this Indenture. 
 “Business Day” means any weekday that
is not a day on which banking institutions in New York, New York or Minneapolis, Minnesota are authorized or obligated to close. 
 “Capital Stock” of any Person means any and all shares, interests, rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of
such Person, but excluding any debt securities convertible into such equity. 
 “Cash” or “cash” means such
coin or currency of the United States as at any time of payment is legal tender for the payment of public and private debts. 

“Certificated Security” means a Security that is in substantially the form attached as Exhibit A but that does not include
the information called for by the schedule thereof. 

 “Change of Control” means the occurrence of any of the following after the date
hereof: (i) the acquisition by any Person of Beneficial Ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of transactions, of shares of the Company’s Capital Stock entitling that
person to exercise 50% or more of the total voting power of all shares of the Company’s Capital Stock entitled to vote generally in elections of directors, other than any acquisition by the Company, any of its subsidiaries or any of its
employee benefit plans; or (ii) the consolidation or merger of the Company with or into any other Person, any merger of another Person into the Company, or any conveyance, transfer, sale, lease or other disposition of all or substantially all
of the Company’s properties and assets to another person other than to one or more of the Company’s wholly-owned subsidiaries, provided that this clause (ii) shall not apply to (A) any transaction (y) that does not result in
any reclassification, conversion, exchange or cancellation of outstanding shares of the Company’s Capital Stock and (z) pursuant to which holders of the Company’s Capital Stock immediately prior to the transaction have the entitlement
to exercise, directly or indirectly, 50% or more of the total voting power of all shares of the Capital Stock entitled to vote generally in elections of directors of the continuing or surviving Person immediately after the transaction; or
(B) any merger solely for the purpose of changing the Company’s jurisdiction of incorporation and resulting in a reclassification, conversion or exchange of outstanding shares of Common Stock solely into shares of common stock of the
surviving entity; or (iii) if, during any consecutive two-year period, individuals who at the beginning of that two-year period constituted the Company’s Board of Directors, together with any new directors whose election to the
Company’s Board of Directors, or whose nomination for election by the Company’s shareholders, was approved by a vote of a majority of the directors then still in office who were either directors at the beginning of such period or whose
election or nomination for election was previously so approved, cease for any reason to constitute a majority of the Company’s Board of Directors then in office. Notwithstanding anything to the contrary set forth herein, it will not constitute
a Change of Control if (1) the Closing Price of the Common Stock for any five Trading Days during the ten Trading Days immediately preceding the effective date of the Change of Control is at least equal to 105% of the Conversion Price in effect
on such day (the “105% Trading Price Exception”), or (2) 100% of the consideration for the Common Stock (excluding cash payments for fractional shares and cash payments made in respect of dissenters’ appraisal rights) in the
transaction or transactions constituting a Change of Control consists of common stock or American Depositary Shares representing shares of common stock, in each case which are traded on a U.S. national securities exchange or the NASDAQ Global Select
Market (or any of their respective successors), or which will be so traded or quoted when issued or exchanged in connection with the Change of Control, and as a result of such transaction or transactions the Securities become convertible solely into
such common stock and cash in lieu of fractional shares; provided that, with respect to an entity organized under the laws of a jurisdiction outside the United States, such entity has a worldwide total market capitalization of its equity securities
of at least three times the market capitalization of the Company before giving effect to the consolidation or merger. 

“Closing Price” means, on any Trading Day, the reported last sale price per share of the Common Stock (or, if no last sale
price is reported, the average of the bid and ask prices per share or, if more than one in either case, the average of the average bid and the average ask prices per share) on such date reported by the NASDAQ Global Select Market or, if the

  
 -2-

 
Common Stock (or the applicable security) is not quoted on the NASDAQ Global Select Market, as reported by the principal other national or regional securities exchange on which the Common Stock
(or such other security) is listed, or if no such prices are available, the Closing Price per share shall be the fair value of a share of Common Stock (or such other security) as reasonably determined by the Board of Directors (which determination
shall be conclusive and shall be evidenced by an Officers’ Certificate delivered to the Trustee). 
 “Common
Stock” means the common stock of the Company, par value $0.01 per share as it exists on the date of this Indenture and any shares of any class or classes of Capital Stock of the Company resulting from any reclassification or reclassifications
thereof, or, in the event of a merger, consolidation or other similar transaction involving the Company that is otherwise permitted hereunder in which the Company is not the surviving corporation, the common stock, common equity interests, ordinary
shares or depositary shares or other certificates representing common equity interests of such surviving corporation or its direct or indirect parent corporation, and which have no preference in respect of dividends or of amounts payable in the
event of any voluntary or involuntary liquidation, dissolution or winding-up of the Company and which are not subject to redemption by the Company; provided, however, that if at any time there shall be more than one such resulting class, the
shares of each such class then so issuable on conversion of Securities shall be substantially in the proportion which the total number of shares of such class resulting from all such reclassifications bears to the total number of shares of all such
classes resulting from all such reclassifications. 
 “Company” means the party named as such in the first paragraph
of this Indenture until a successor replaces it pursuant to the applicable provisions of this Indenture, and thereafter “Company” shall mean such successor Company. 
 “Conversion Price” per share of Common Stock as of any day means the result obtained by dividing (i) $1,000 by (ii) the then applicable Conversion Rate, rounded to the nearest cent.

 “Conversion Rate” means the rate at which shares of Common Stock shall be delivered upon conversion, which rate
shall be initially 116.2790 shares of Common Stock for each $1,000 principal amount of Securities, as adjusted from time to time pursuant to the provisions of this Indenture. 
 “Corporate Trust Office” means the office of the Trustee at which at any particular time the trust created by this Indenture shall be administered, which initially will be the office of Wells
Fargo Bank, National Association, located at 625 Marquette Avenue, MAC N9311-110, Minneapolis, Minnesota 55479, Attention: Hutchinson Administrator. 
 “Default” means, when used with respect to the Securities, any event that is or, after notice or passage of time, or both, would be, an Event of Default. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as
in effect from time to time. 
 “Final Maturity Date” means January 15, 2026. 

  
 -3-

 “Fundamental Change” means the occurrence of a Change of Control or a Termination
of Trading following the original issuance of the Securities. 
 “Fundamental Change Effective Date” means the date on
which any Fundamental Change becomes effective. 
 “Fundamental Change Repurchase Price” of any Security means 100% of
the principal amount of the Security to be purchased plus accrued and unpaid interest, if any, to, but excluding, the Fundamental Change Repurchase Date. 
 “GAAP” means generally accepted accounting principles in the United States of America as in effect from time to time, including those set forth in (1) the opinions and pronouncements of the
Accounting Principles Board of the American Institute of Certified Public Accountants, (2) the statements and pronouncements of the Financial Accounting Standards Board, and (3) the rules and regulations of the SEC governing the inclusion
of financial statements (including pro forma financial statements) in registration statements filed under the Securities Act and periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and
pronouncements in staff accounting bulletins and similar written statements from the accounting staff of the SEC. 

“Global Security” means a Security in global form that is in substantially the form attached as Exhibit A and that
includes the information called for by the schedule thereof and which is deposited with the Depositary or its custodian and registered in the name of the Depositary or its nominee. 

“Holder” or “Holder of a Security” means the person in whose name a Security is registered on the Registrar’s
books. 
 “Indenture” means this Indenture as amended or supplemented from time to time pursuant to the terms of this
Indenture, including the provisions of the TIA that are automatically deemed to be a part of this Indenture by operation of the TIA. 
 “Interest Payment Date” means January 15 and July 15 of each year, commencing July 15, 2011. 
 “Issue Date” of any Security means the date on which the Security was originally issued or deemed issued as set forth on the face of the Security. 

“Officer” means the Chairman or any Co-Chairman of the Board, any Vice Chairman of the Board, the Chief Executive Officer, the
President, any Vice President, the Chief Financial Officer, the Treasurer, the Controller, the Secretary, any Assistant Controller or any Assistant Secretary of the Company. 
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers; provided, however, that for purposes of Sections 4.08 and 5.03, “Officers’
Certificate” means a certificate signed by (a) the principal executive officer, principal financial officer or principal accounting officer of the Company and (b) one other Officer of the Company. 

  
 -4-

 “Opinion of Counsel” means a written opinion from legal counsel reasonably
acceptable to the Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
 “Person” or
“person” means any individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any
syndicate or group that would be deemed to be a “person” under Section 13(d)(3) of the Exchange Act or any other entity. 
 “Principal” or “principal” of a debt security, including the Securities, means the principal of the security plus, when appropriate, the premium, if any, on the security. 

“Redemption Date” when used with respect to any Security to be redeemed, means the date fixed by the Company for such
redemption pursuant to Section 3.01. 
 “Regular Record Date” means, with respect to each Interest Payment Date,
the January 1 or July 1, as the case may be, next preceding such Interest Payment Date. 
 “SEC” means the
Securities and Exchange Commission. 
 “Securities” means the 8.50% Convertible Senior Notes due 2026, or any of them
(each a “Security”), as amended or supplemented from time to time, that are issued under this Indenture. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in
effect from time to time. 
 “Securities Custodian” means the Trustee, as custodian with respect to the Securities in
global form, or any successor thereto. 
 “Stock Price” means the price paid, or deemed to be paid, per share of the
Common Stock in connection with a Fundamental Change as determined pursuant to Section 4.01(f). 
 “Subsidiary”
means, in respect of any Person, any corporation, association, partnership or other business entity of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency within the
control of such Person to satisfy) to vote in the election of directors, managers, general partners or trustees thereof is at the time owned or controlled, directly or indirectly, by (i) such Person; (ii) such Person and one or more
Subsidiaries of such Person; or (iii) one or more Subsidiaries of such Person. 
 “Termination of Trading” means
the termination (but not the temporary suspension) of trading of the Common Stock, which will be deemed to have occurred if the Common Stock or other common stock into which the Securities are convertible is neither listed for trading on a United
States national securities exchange or the NASDAQ Global Select Market nor approved for listing on any United States system of automated dissemination of quotations of securities prices, or traded in over-the-counter securities markets, and no
American Depository Shares or similar instruments for such common stock are so listed or approved for listing in the United States. 

  
 -5-

 “TIA” means the Trust Indenture Act of 1939, as amended, and the rules and
regulations thereunder as in effect on the date of this Indenture, except to the extent that the Trust Indenture Act or any amendment thereto expressly provides for application of the Trust Indenture Act as in effect on another date. 

“Trading Day” means any day on which (i) trading in the Common Stock generally occurs on the NASDAQ Global Select Market
or, if the Common Stock is not quoted on the NASDAQ Global Select market, the principal other national or regional securities exchange on which the Common Stock is listed, or if the Common Stock is not then listed on a national or regional
securities exchange, on the principal other market on which the Common Stock is then traded and (ii) a Closing Price for the Common Stock is available on such securities exchange or market; provided, however, that if the Common
Stock is not so listed or traded, “Trading Day” means any Business Day. A Trading Day only includes those days that have a scheduled closing time of 4:00 p.m. (New York City time) or the then standard closing time for regular trading
on the relevant exchange or trading system. 
 “Trustee” means the party named as such in the first paragraph of this
Indenture until a successor replaces it in accordance with the provisions of this Indenture, and thereafter means the successor. 
 “Trust Officer” means, with respect to the Trustee, any officer assigned to the Corporate Trust Office, and also, with respect to a particular matter, any other officer to whom such matter is
referred because of such officer’s knowledge of and familiarity with the particular subject. 
 “Vice President”
when used with respect to the Company or the Trustee, means any vice president, whether or not designated by a number or a word or words added before or after the title “vice president.” 

“Voting Stock” of a Person means all classes of Capital Stock or other interests (including partnership interests) of such
Person then outstanding and normally entitled (without regard to the occurrence of any contingency within the control of such person to satisfy) to vote in the election of directors, managers or trustees thereof. 

Section 1.02 Other Definitions. 
  

					
	 Term
	  	Defined in Section	 
	 “Agent Members”
	  	 	2.01	  
	 “Bankruptcy Law”
	  	 	7.01	  
	 “Business Combination”
	  	 	4.10	  
	 “Company Order”
	  	 	2.02	  
	 “Company Put Right Notice”
	  	 	3.12	  
	 “Conversion Agent”
	  	 	2.03	  
	 “Conversion Date”
	  	 	4.02	  
	 “DTC”
	  	 	2.01	  
	 “Depositary”
	  	 	2.01	  
	 “Determination Date”
	  	 	4.06	  

  
 -6-

					
	 Term
	  	Defined in Section	 
	 “Distributed Securities”
	  	 	4.06	  
	 “Distribution Notice”
	  	 	4.01	  
	 “Event of Default”
	  	 	7.01	  
	 “Expiration Date”
	  	 	4.06	  
	 “Expiration Time”
	  	 	4.06	  
	 “Fundamental Change Company Notice”
	  	 	3.08	  
	 “Fundamental Change Repurchase Date”
	  	 	3.08	  
	 “Fundamental Change Repurchase Notice”
	  	 	3.08	  
	 “Legal Holiday”
	  	 	11.07	  
	 “Make-Whole Fundamental Change”
	  	 	4.01	  
	 “Make Whole Premium”
	  	 	4.01	  
	 “Notice of Default”
	  	 	7.01	  
	 “Paying Agent”
	  	 	2.03	  
	 “Primary Registrar”
	  	 	2.03	  
	 “Purchased Shares”
	  	 	4.06	  
	 “Put Right Purchase Date”
	  	 	3.12	  
	 “Put Right Purchase Notice”
	  	 	3.12	  
	 “Put Right Purchase Price”
	  	 	3.12	  
	 “record date”
	  	 	4.06	  
	 “Receiver”
	  	 	7.01	  
	 “Redemption Price”
	  	 	3.01	  
	 “Registrar”
	  	 	2.03	  
	 “Rights”
	  	 	4.06	  
	 “Rights Plan”
	  	 	4.06	  
	 “Spinoff Securities”
	  	 	4.06	  
	 “Spinoff Valuation Period”
	  	 	4.06	  
	 “tender offer”
	  	 	4.06	  
	 “Triggering Distribution”
	  	 	4.06	  

 Section 1.03
Trust Indenture Act Provisions. 
 Whenever this Indenture refers to a provision of the TIA, that provision is
incorporated by reference in and made a part of this Indenture. This Indenture shall also include those provisions of the TIA required to be included herein by the provisions of the Trust Indenture Reform Act of 1990. The following TIA terms used in
this Indenture have the following meanings: 
 “indenture securities” means the Securities; 

“indenture security holder” means a Holder of a Security; 

“indenture to be qualified” means this Indenture; 

  
 -7-

 “indenture trustee” or “institutional trustee” means the Trustee; and
“obligor” on the indenture securities means the Company or any other obligor on the Securities. 
 All other terms
used in this Indenture that are defined in the TIA, defined by TIA reference to another statute or defined by any SEC rule and not otherwise defined herein have the meanings assigned to them therein. 

Section 1.04 Rules Of Construction. 
 (a) Unless the context otherwise requires: 
 (1) a term has the
meaning assigned to it; 
 (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP; 
 (3) words in the singular include the plural, and words in the plural include the
singular; 
 (4) provisions apply to successive events and transactions; 

(5) the term “merger” includes a statutory share exchange and the term “merged” has a correlative
meaning; 
 (6) the masculine gender includes the feminine and the neuter; 

(7) references to agreements and other instruments include subsequent amendments thereto; and 

(8) all “Article”, “Exhibit” and “Section” references are to Articles, Exhibits and
Sections, respectively, of or to this Indenture unless otherwise specified herein, and the terms “herein,” “hereof” and other words of similar import refer to this Indenture as a whole and not to any particular Article,
Section or other subdivision. 
 ARTICLE II 
 THE SECURITIES 
 Section 2.01 Form And Dating. 

The Securities and the Trustee’s certificate of authentication shall be substantially in the respective forms set forth in
Exhibit A, which Exhibit is incorporated in and made part of this Indenture. The Securities may have notations, legends or endorsements required by law, stock exchange or automated quotation system rule or regulation or usage. The Company
shall provide any such notations, legends or endorsements to the Trustee in writing. Each Security shall be dated the date of its authentication. 

  
 -8-

 (a) Global Securities. All of the Securities are initially being offered and sold in
reliance on an effective registration statement under the Securities Act and shall be issued initially in the form of a Global Security, which shall be deposited with the Trustee, at its Corporate Trust Office, as custodian for the depositary, The
Depository Trust Company (“DTC”, and such depositary, or any successor thereto, being hereinafter referred to as the “Depositary”), and registered in the name of its nominee, Cede & Co. (or any successor thereto), for
the accounts of participants in the Depositary, duly executed by the Company and authenticated by the Trustee as hereinafter provided. The aggregate principal amount of a Global Security may from time to time be increased or decreased by adjustments
made on the records of the Securities Custodian as hereinafter provided, subject in each case to compliance with the Applicable Procedures. 
 (b) Global Securities In General. Each Global Security shall represent such of the outstanding Securities as shall be specified therein and each shall provide that it shall represent the aggregate
amount of outstanding Securities from time to time endorsed thereon and that the aggregate amount of outstanding Securities represented thereby may from time to time be reduced or increased, as appropriate, to reflect issuances, replacements,
exchanges, purchases, redemptions, or conversions of such Securities. Any adjustment of the aggregate principal amount of a Global Security to reflect the amount of any increase or decrease in the amount of outstanding Securities represented thereby
shall be made by the Trustee in accordance with instructions given by the Holder thereof as required by Section 2.12 and shall be made on the records of the Trustee and the Depositary. 

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 under the Global Security, and the Depositary (including, for this purpose, its nominee) may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute
owner and Holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall (1) prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or (2) impair, as between the Depositary and its Agent Members, the operation of customary practices governing the exercise of the rights of a Holder of any Security.

 (c) Book Entry Provisions. The Company shall execute and the Trustee shall, in accordance with this
Section 2.01(c), authenticate and deliver initially one or more Global Securities that (1) shall be registered in the name of the Depositary or its nominee, (2) shall be delivered by the Trustee to the Depositary or pursuant to the
Depositary’s instructions and (3) shall bear a legend substantially to the following effect: 
 “UNLESS THIS
CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE 

  
 -9-

 
DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE
HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE 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 FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE
DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.” 

Section 2.02 Execution And Authentication. 
 (a) The aggregate principal amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 
 (b) An Officer shall sign the Securities for the Company by manual or facsimile signature. Typographic and other minor errors or defects in any such facsimile signature shall not affect the validity or
enforceability of any Security that has been authenticated and delivered by the Trustee. 
 (c) If an officer whose signature is
on a Security no longer holds that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 
 (d) A Security shall not be valid until an authorized signatory of the Trustee by manual signature signs the certificate of authentication on the Security. The signature shall be conclusive evidence that
the Security has been authenticated under this Indenture. 
 (e) The Trustee shall authenticate and make available for delivery
Securities for original issue upon receipt of a written order or orders of the Company signed by an Officer of the Company (a “Company Order”). The Company Order shall specify the amount of Securities to be authenticated, whether such
securities will be represented by a Global Security or Certificated Securities and the date on which each original issue of Securities is to be authenticated. 

  
 -10-

 (f) The Trustee shall act as the initial authenticating agent. Thereafter, the Trustee may
appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes
authentication by such agent. An authenticating agent shall have the same rights as an Agent to deal with the Company or an Affiliate of the Company. 
 (g) The Securities shall be issuable only in registered form without coupons and only in denominations of $1,000 principal amount and any integral multiple thereof. 

Section 2.03 Registrar, Paying Agent and Conversion Agent. 

(a) The Company shall maintain one or more offices or agencies where Securities may be presented for registration of transfer or for
exchange (each, a “Registrar”), one or more offices or agencies where Securities may be presented for payment (each, a “Paying Agent”), one or more offices or agencies where Securities may be presented for conversion (each, a
“Conversion Agent”) and one or more offices or agencies where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. One of the Registrars (the “Primary Registrar”) shall keep a
register of the Securities and of their transfer and exchange. 
 (b) The Company shall enter into an appropriate agency
agreement with any Agent not a party to this Indenture, provided that the Agent may be an Affiliate of the Trustee. The agreement shall implement the provisions of this Indenture that relate to such Agent. The Company shall notify the Trustee in
writing of the name and address of any Agent not a party to this Indenture. If the Company fails to maintain a Registrar, Paying Agent, Conversion Agent, or agent for service of notices and demands, or fails to give the foregoing notice, the Trustee
shall act as such. The Company or any Affiliate of the Company may act as Paying Agent (except for the purposes of Section 5.01 and Article IX). 
 (c) The Company hereby initially designates the Trustee as Paying Agent, Registrar, Securities Custodian and Conversion Agent, and designates the Corporate Trust Office of the Trustee as the office where
notices and demands to or upon the Company in respect of the Securities and this Indenture shall be served. 
 Section 2.04
Paying Agent To Hold Money In Trust. 
 Prior to 12:00 p.m. (noon), New York City time, on each due date of the
payment of principal of, or interest on, any Securities, the Company shall deposit with the Paying Agent a sum sufficient to pay such principal or interest so becoming due. Subject to Section 9.03, a Paying Agent shall hold in trust for the
benefit of Holders of Securities or the Trustee all money held by the Paying Agent for the payment of principal of, or interest on, the Securities, and shall notify the Trustee in writing of any failure by the Company (or any other obligor on the
Securities) to make any such payment. If the Company or an Affiliate of the Company acts as Paying Agent, it shall, before 12:00 p.m. (noon), New York City time, on each due date of the principal of, or interest on, any Securities, segregate
the money and hold it as a separate trust 

  
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fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee, and the Trustee may at any time during the continuance of any Default, upon written request to
a Paying Agent, require such Paying Agent to pay forthwith to the Trustee all sums so held in trust by such Paying Agent. Upon doing so, the Paying Agent (other than the Company) shall have no further liability for the money. 

Section 2.05 Lists of Holders of Securities. 
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders of Securities. If the Trustee is not the Primary
Registrar, the Company shall furnish to the Trustee at least five (5) Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may
reasonably require of the names and addresses of Holders of Securities. 
 Section 2.06 Transfer And Exchange.

 (a) Subject to compliance with any applicable additional requirements contained in Section 2.12, when a Security is
presented to a Registrar with a request to register a transfer thereof or to exchange such Security for an equal principal amount of Securities of other authorized denominations, the Registrar shall register the transfer or make the exchange as
requested; provided, however, that every Security presented or surrendered for registration of transfer or exchange shall be duly endorsed or accompanied by an assignment form and, if applicable, a transfer certificate each in the form
included in Exhibit A, and completed in a manner satisfactory to the Registrar and duly executed by the Holder thereof or its attorney duly authorized in writing. To permit registration of transfers and exchanges, upon surrender of any Security
for registration of transfer or exchange at an office or agency maintained pursuant to Section 2.03, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate Securities of a like aggregate principal amount at
the Registrar’s request. Any exchange or transfer shall be without charge, except that the Company or the Registrar may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto;
provided that this sentence shall not apply to any exchange pursuant to Section 2.10, 3.06, 3.13, 4.02(e) or 10.05. 
 (b)
Neither the Company, any Registrar nor the Trustee shall be required to exchange or register a transfer of (1) any Securities for a period of 15 days next preceding mailing of a notice of Securities to be redeemed, (2) any Securities or
portions thereof selected or called for redemption (except, in the case of redemption of a Security in part, the portion thereof not to be redeemed), (3) any Securities or portions thereof in respect of which a Fundamental Change Repurchase
Notice has been delivered and not withdrawn by the Holder thereof (except, in the case of the purchase of a Security in part, the portion thereof not to be purchased) or (4) any Securities or portions thereof in respect of which a Put Right
Purchase Notice has been delivered and not withdrawn by the Holder thereof (except, in the case of the purchase of a Security in part, the portion thereof not to be purchased). 

  
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 (c) All Securities issued upon any transfer or exchange of Securities shall be valid
obligations of the Company, evidencing the same debt and entitled to the same benefits under this Indenture, as the Securities surrendered upon such transfer or exchange. 
 (d) Any Registrar appointed pursuant to Section 2.03 shall provide to the Trustee such information as the Trustee may reasonably require in connection with the delivery by such Registrar of
Securities upon transfer or exchange of Securities. 
 Section 2.07 Replacement Securities. 

(a) If any mutilated Security is surrendered to the Company, a Registrar or the Trustee, or the Company, a Registrar and the Trustee
receive evidence to their satisfaction of the destruction, loss or theft of any Security, and there is delivered to the Company, the applicable Registrar and the Trustee such security or indemnity as will be required by them to save each of them
harmless, then, in the absence of notice to the Company, such Registrar or the Trustee that such Security has been acquired by a bona fide purchaser, the Company shall execute, and upon delivery of a Company Order the Trustee shall authenticate and
deliver, in exchange for any such mutilated Security or in lieu of any such destroyed, lost or stolen Security, a new Security of like tenor and principal amount, bearing a number not contemporaneously outstanding. 

(b) If any such mutilated, destroyed, lost or stolen Security has become or is about to become due and payable, or is about to be
purchased or redeemed by the Company pursuant to Article III, or converted pursuant to Article IV, the Company in its discretion may, instead of issuing a new Security, pay, redeem, purchase or convert such Security, as the case may be.

 (c) Upon the issuance of any new Securities under this Section 2.07, the Company may require the payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other reasonable expenses (including the reasonable fees and expenses of the Trustee or the Registrar) in connection therewith. 

(d) Every new Security issued pursuant to this Section 2.07 in lieu of any mutilated, destroyed, lost or stolen Security shall
constitute an original additional contractual obligation of the Company, whether or not the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and
proportionately with any and all other Securities duly issued hereunder. 
 (e) The provisions of this Section 2.07 are (to
the extent lawful) exclusive and shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.08 Outstanding Securities. 
 (a) Securities outstanding at any time are all Securities authenticated by the Trustee, except for those canceled by it, those redeemed or purchased pursuant to Article III, those converted pursuant
to Article IV, those delivered to the Trustee for cancellation or surrendered for transfer or exchange and those described in this Section 2.08 as not outstanding. 

  
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 (b) If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding
unless the Company receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 (c) If a
Paying Agent (other than the Company or an Affiliate of the Company) holds in respect of the outstanding securities on a Redemption Date, a Fundamental Change Repurchase Date, a Put Right Purchase Date, or the Final Maturity Date money sufficient to
pay the principal of (including premium, if any) and accrued interest on Securities (or portions thereof) payable on that date, then on and after such Redemption Date, Fundamental Change Repurchase Date, Put Right Purchase Date, or Final Maturity
Date, as the case may be, such Securities (or portions thereof, as the case may be) shall cease to be outstanding and cash interest on them shall cease to accrue; provided that if such Securities are to be redeemed, notice of such redemption has
been duly given pursuant to this Indenture or provision thereof satisfactory to the Trustee has been made. 
 (d) Subject to the
restrictions contained in Section 2.09, a Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security. 
 Section 2.09 Treasury Securities. 
 In determining whether the Holders
of the required principal amount of Securities have concurred in any notice, direction, waiver or consent, securities owned by the Company or any other obligor on the Securities or by any Affiliate of the Company or of such other obligor shall be
disregarded, except that, for purposes of determining whether the Trustee shall be protected in relying on any such notice, direction, waiver or consent, only Securities which a Trust Officer of the Trustee with responsibility for this Indenture
actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith shall not be disregarded if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to
the Securities and that the pledgee is not the Company or any other obligor on the Securities or any Affiliate of the Company or of such other obligor. 
 Section 2.10 Temporary Securities. 
 Until definitive Securities are
ready for delivery, the Company may prepare and execute, and, upon receipt of a Company Order, the Trustee shall authenticate and deliver, temporary Securities. Temporary Securities shall be substantially in the form of definitive securities but may
have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate and deliver definitive Securities in exchange for temporary Securities.

 Section 2.11 Cancellation. 
 The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar, the Paying Agent and the Conversion Agent shall forward to the Trustee or its agent any Securities
surrendered to them for transfer, exchange, redemption, purchase, payment or conversion. The Trustee and no one else shall cancel, in accordance with its standard procedures, all Securities surrendered for transfer, exchange, redemption, purchase,
payment, 

  
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conversion or cancellation and shall dispose of the cancelled Securities in accordance with its customary procedures or deliver the canceled Securities to the Company. All Securities which are
redeemed, purchased or otherwise acquired by the Company or any of its Subsidiaries prior to the Final Maturity Date pursuant to Article III shall be delivered to the Trustee for cancellation, and the Company may not hold or resell such
Securities. 
 Section 2.12 Additional Transfer And Exchange Requirements. 

(a) A Global Security may not be transferred, in whole or in part, to any Person other than the Depositary or a nominee or any successor
thereof, and no such transfer to any such other Person may be registered; provided that the foregoing shall not prohibit any transfer of a Security that is issued in exchange for a Global Security but is not itself a Global Security. No transfer of
a Security to any Person shall be effective under this Indenture or the Securities unless and until such Security has been registered in the name of such Person. Notwithstanding any other provisions of this Indenture or the Securities, transfers of
a Global Security, in whole or in part, shall be made only in accordance with this Section 2.12. 
 (b) Whenever any
Security other than a Global Security is presented or surrendered for registration of transfer or in exchange for a Security registered in a name other than that of the Holder, such Security must be accompanied by a certificate in substantially the
form set forth in Exhibit A, dated the date of such surrender and signed by the Holder of such Security. The Registrar shall not be required to accept for such registration of transfer or exchange any Security not so accompanied by a properly
completed certificate. 
 As used in this Section 2.12(b), the term “transfer” encompasses any sale, pledge, transfer,
hypothecation or other disposition of any Security. 
 (c) The provisions below shall apply to Global Securities: 

(1) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary or a nominee
thereof and delivered to such Depositary or a nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for purposes of this Indenture. 

(2) Notwithstanding any other provisions of this Indenture or the Securities, a Global Security shall not be exchanged in
whole or in part for a Security registered, and no transfer of a Global Security in whole or in part shall be registered in the name of any Person other than the Depositary or one or more nominees thereof; provided that a Global Security may be
exchanged for securities registered in the names of any person designated by the Depositary in the event that (A) the Depositary has notified the Company that it is unwilling or unable to continue as Depositary for such Global Security or such
Depositary has ceased to be a “clearing agency” registered under the Exchange Act, and a successor Depositary is not appointed by the Company within 90 days after receiving such notice or becoming aware that the Depositary has ceased to be
a “clearing agency,” or (B) an Event of Default has occurred and is continuing with 

  
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respect to the Securities and the Depositary requests the issuance of Certificated Securities. Any Global Security exchanged pursuant to subclause (A) above shall be so exchanged in whole
and not in part, and any Global Security exchanged pursuant to subclause (B) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Security issued in exchange for a Global Security or any portion
thereof shall be a Global Security; provided further that any such Security so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Security. 

(3) Securities issued in exchange for a Global Security or any portion thereof shall be issued in definitive, fully
registered form, without interest coupons, shall have an aggregate principal amount equal to that of such Global Security or portion thereof to be so exchanged, shall be registered in such names and be in such authorized denominations as the
Depositary shall designate and shall bear the applicable legend provided for herein. Any Global Security to be exchanged in whole shall be surrendered by the Depositary to the Trustee, as Registrar. With regard to any Global Security to be exchanged
in part, either such Global Security shall be so surrendered for exchange or, if the Trustee is acting as custodian for the Depositary or its nominee with respect to such Global Security, the principal amount thereof shall be reduced, by an amount
equal to the portion thereof to be so exchanged, by means of an appropriate adjustment made on the records of the Trustee. Upon any such surrender or adjustment, the Trustee shall authenticate and deliver the Security issuable on such exchange to or
upon the order of the Depositary or an authorized representative thereof. 
 (4) Subject to clause (6) of
this Section 2.12(c), the registered Holder 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. 
 (5) In the event of the occurrence of any of the events specified in
clause (2) of this Section 2.12(c), the Company will promptly make available to the Trustee a reasonable supply of Certificated Securities in definitive, fully registered form, without interest coupons. 

(6) Neither Agent Members nor any other Persons on whose behalf Agent Members may act shall have any rights under this
Indenture with respect to any Global Security registered in the name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and
any agent of the Company or the Trustee as the absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an
Agent Member may act, the operation of customary practices of such Persons governing the exercise of the rights of a holder of any Security. 

  
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 (7) At such time as all interests in a Global Security have been redeemed,
converted, cancelled or exchanged for Securities in certificated form, such Global Security shall, upon receipt thereof, be cancelled by the Trustee in accordance with standing procedures and instructions existing between the Depositary and the
Securities Custodian, subject to Section 2.11 of this Indenture. At any time prior to such cancellation, if any interest in a Global Security is redeemed, converted, canceled or exchanged for Securities in certificated form, the principal
amount of such Global Security shall, in accordance with the standing procedures and instructions existing between the Depositary and the Securities Custodian, be appropriately reduced, and an endorsement shall be made on such Global Security, by
the Trustee or the Securities Custodian, at the direction of the Trustee, to reflect such reduction. 
 Section 2.13
CUSIP Numbers. 
 The Company in issuing the Securities may use a “CUSIP” number (if then generally in use),
and, if so, the Trustee shall use the “CUSIP” number in notices of redemption or purchase as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such number either as
printed on the Securities or as contained in any notice of a redemption or purchase and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption or purchase shall not be affected by any
defect in or omission of such number. The Company will promptly notify the Trustee in writing of any change in the “CUSIP” number. 
 ARTICLE III 
 REDEMPTION AND PURCHASE 

Section 3.01 Optional Redemption. 
 (a) Prior to January 15, 2013, the Securities shall not be redeemable. The Company may, at its option, redeem the Securities for cash at the Redemption Price, in whole or in part, on any Redemption
Date (or in the case of multiple redemptions, Redemption Dates) fixed by the Company (i) from time to time on or after January 15, 2013 to, but excluding, January 15, 2015, if the Closing Price of the Common Stock equals or exceeds
150% of the Conversion Price in effect for at least 20 Trading Days during the 30 consecutive Trading Day period ending on the Trading Day immediately prior to the date the Company delivers the redemption notice specified in Section 3.03, and
(ii) on and after January 15, 2015, at any time and from time to time. The Redemption Price shall equal 100% of the principal amount of the Securities to be redeemed, plus any accrued and unpaid interest to, but excluding, the Redemption
Date; provided, however, that if the Redemption Date falls after a Regular Record Date but on or prior to the corresponding Interest Payment Date, the interest on the Securities payable on such Redemption Date will be payable to the
Holders in whose names the Securities are registered at the close of business on the applicable Regular Record Date. 

  
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 (b) If the Company elects to redeem Securities pursuant to this Section 3.01, it shall
notify the Trustee at least fifteen days prior to the date it sends the redemption notice specified in Section 3.03 to the Holders (unless a shorter notice shall be satisfactory to the Trustee), of the Redemption Date and the principal amount
of Securities to be redeemed. 
 Section 3.02 Selection Of Securities To Be Redeemed. 

(a) If less than all of the Securities are to be redeemed, unless the Applicable Procedures specify otherwise, the Trustee shall select
the Securities to be redeemed within five Business Days after it receives the notice described in Section 3.01(b). The Trustee shall make the selection from the Securities outstanding and not previously called for redemption by lot, or in its
discretion, on a pro rata basis or by another method that the Trustee considers fair and appropriate (so long as such method is not prohibited by the rules of any stock exchange or market on which the Securities are listed and the Trustee has
knowledge of such listing). Securities in denominations of $1,000 principal amount may only be redeemed in whole. The Trustee may select for redemption portions (equal to $1,000 principal amount or any integral multiple thereof) of the principal
amount of Securities that have denominations larger than $1,000. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of
the Securities or portions of Securities to be redeemed. 
 (b) If any Security selected for partial redemption is converted in
part before termination of the conversion right with respect to the portion of the Security so selected, the converted portion of such Security shall be deemed (up to the amount of the redemption) to be the portion selected for redemption.
Securities which have been converted subsequent to the Trustee commencing selection of Securities to be redeemed but prior to redemption of such Securities shall be treated by the Trustee as outstanding for the purpose of such selection. 

(c) In the event of any redemption in part, the Company shall not be required to (i) issue, register the transfer of or exchange any
Security during a period beginning at the opening of business 15 days before any selection of Securities for redemption and ending at the close of business on the earliest date on which the relevant notice of redemption is deemed to have been given
to all Holders of Securities to be redeemed, or (ii) register the transfer or exchange of any Security so selected for redemption, in whole or in part, except the unredeemed portion of any security being redeemed in part. 

Section 3.03 Notice Of Redemption. 
 (a) At least 30 days but not more than 60 days before a Redemption Date, the Company shall mail or cause to be mailed a notice of redemption to each Holder of Securities to be redeemed at such
Holder’s address as it appears on the Registrar’s books. 
 (b) The notice shall identify the Securities (including
CUSIP number) to be redeemed and shall state: 
 (1) the Redemption Date; 

  
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 (2) the Redemption Price; 

(3) the then effective Conversion Rate; 

(4) the name and address of each Paying Agent and Conversion Agent; 

(5) that Securities called for redemption must be presented and surrendered to a Paying Agent to collect the Redemption
Price; 
 (6) that Holders who wish to convert Securities must surrender such Securities for conversion no later
than the close of business on the second Business Day immediately preceding the Redemption Date and must satisfy the other requirements set forth in Article IV; 

(7) that, unless the Company has failed to make the payment of such Redemption Price which is due and payable, interest
will cease to accrue on and after the Redemption Date; 
 (8) if any Security is being redeemed in part, the
portion of the principal amount of such Security to be redeemed and that, after the Redemption Date, upon presentation and surrender of such Security, a new Security or Securities in aggregate principal amount equal to the unredeemed portion thereof
will be issued; 
 (9) if Certificated Securities have been issued and fewer than all the outstanding Securities
are to be redeemed, the certificate number and the principal amounts of the particular Securities to be redeemed; and 
 (10) if such notice is provided by the Trustee, that no representation is made as to the correctness or accuracy of the CUSIP number listed in such notice. 

(c) If any of the Securities to be redeemed are in the form of a Global Security, then the Company shall modify such notice to the extent
necessary to accord with the procedures of the Depositary applicable to redemptions. At the Company’s written request, which request shall (1) be irrevocable once given and (2) set forth all relevant information required by
clauses (1) through (9) of Section 3.03(b), the Trustee shall give the notice of redemption to each Holder in the Company’s name and at the Company’s expense; provided, however, that in all cases, the text of such
notice of redemption shall be prepared by the Company; and provided further that the Company submit to the Trustee such written request, along with an Officers’ Certificate, at least five Business Days prior to the date by which such notice of
redemption must be given to the Holders in accordance with this Section 3.03 (unless a shorter period should be satisfactory to the Trustee). 

  
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 Section 3.04 Effect Of Notice Of Redemption. 

Once notice of redemption is mailed, Securities called for redemption become due and payable on the Redemption Date and at the Redemption
Price stated in the notice, except for Securities that are converted on a Conversion Date prior to the Redemption Date in accordance with the provisions of Article IV. On or after the Redemption Date and upon presentation and surrender to a
Paying Agent, Securities called for redemption shall be paid at the Redemption Price. 
 Section 3.05 Deposit Of
Redemption Price. 
 (a) Prior to 12:00 p.m. (noon), New York City time, on the Redemption Date, the Company shall
deposit with a Paying Agent (or, if the Company acts as Paying Agent, shall segregate and hold in trust) an amount of money (in immediately available funds if deposited on such Redemption Date) sufficient to pay the Redemption Price payable upon
redemption on all Securities to be redeemed on that date, other than Securities or portions thereof called for redemption on that date which have been delivered by the Company to the Trustee for cancellation or have been converted. The Paying Agent
shall as promptly as practicable return to the Company any money not required for that purpose because of the cancellation of Securities or the conversion of Securities pursuant to Article IV or, if such money is then held by the Company in
trust and is not required for such purpose, it shall be discharged from the trust. 
 (b) If a Paying Agent holds, in accordance
with the terms hereof, money sufficient to pay the Redemption Price of any Security for which a notice of redemption has been tendered and not withdrawn in accordance with this Indenture then, on the Redemption Date, such Security will cease to be
outstanding, whether or not the Security is delivered to the Paying Agent, and the rights of the Holder in respect thereof shall terminate (other than the right to receive the Redemption Price as aforesaid). 

Section 3.06 Securities Redeemed In Part. 
 Upon presentation and surrender of a Security that is redeemed in part, the Company shall execute and the Trustee shall authenticate and deliver to the Holder a new Security equal in principal amount to
the unredeemed portion of the Security surrendered. 
 Section 3.07 Conversion Arrangement On Call For Redemption.

 In connection with any redemption of Securities, the Company may arrange for the purchase and conversion into Common Stock of
any Securities called for redemption by an agreement with one or more investment banks or other purchasers to purchase such Securities by paying to a Paying Agent (other than the Company or any of its Affiliates) in trust for the Holders, on or
before 12:00 p.m. (noon), New York City time, on the Redemption Date, an amount that, together with any amounts deposited with such Paying Agent by the Company for the redemption of such securities, is not less than the Redemption Price.
Notwithstanding anything to the contrary contained in this Article III, the obligation of the Company to pay the Redemption Price of such Securities shall be deemed to be satisfied and discharged to the extent such amount is so paid by such
purchasers; provided, however, that nothing in this Section 3.07 

  
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shall relieve the Company of its obligation to pay the Redemption Price on Securities called for redemption. If such an agreement with one or more investment banks or other purchasers is entered
into, any Securities called for redemption and not surrendered for conversion by the Holders thereof prior to the relevant Redemption Date may, at the option of the Company upon written notice to the Trustee, be deemed, to the fullest extent
permitted by law, acquired by such purchasers from such Holders and (notwithstanding anything to the contrary contained in Article IV) surrendered by such purchasers for conversion, all as of 12:00 p.m. (noon), New York City time, on the
Redemption Date, subject to payment of the above amount as aforesaid. The Paying Agent shall hold and pay to the Holders whose Securities are selected for redemption any such amount paid to it for purchase in the same manner as it would money
deposited with it by the Company for the redemption of Securities. Without the Paying Agent’s prior written consent, no arrangement between the Company and such purchasers for the purchase and conversion of any Securities shall increase or
otherwise affect any of the powers, duties, responsibilities or obligations of the Paying Agent as set forth in this Indenture, and the Company agrees to indemnify the Paying Agent from, and hold it harmless against, any loss, liability or expense
arising out of or in connection with any such arrangement for the purchase and conversion of any Securities between the Company and such purchasers, including the costs and expenses incurred by the Paying Agent in the defense of any claim or
liability arising out of or in connection with the exercise or performance of any of its powers, duties, responsibilities or obligations under this Indenture. 
 Section 3.08 Repurchase Of Securities At Option Of The Holder Upon a Fundamental Change. 
 (a) If a Fundamental Change occurs prior to the Final Maturity Date, each Holder of a Security shall have the right, at the option of the Holder, provided that no Default or Event of Default has occurred
and is continuing (other than a Default in the payment of the Fundamental Change Repurchase Price), to require the Company to repurchase for cash all or any portion of the Securities of such Holder equal to $1,000 principal amount (or an integral
multiple thereof) at the Fundamental Change Repurchase Price, on the date that is not less than 30 days nor more than 45 days after the date of the Fundamental Change Company Notice pursuant to subsection 3.08(b) (the “Fundamental Change
Repurchase Date”). 
 (b) On or before the 30th day after the occurrence of a Fundamental Change, the Company shall mail a
written notice of the Fundamental Change and of the resulting repurchase right to the Trustee, Paying Agent and to each Holder (and to beneficial owners to the extent and in the manner required by applicable law) (the “Fundamental Change
Company Notice”). The Fundamental Change Company Notice shall include the form of a Fundamental Change Repurchase Notice to be completed by the Holder and shall state: 

(1) the events causing such Fundamental Change; 

(2) the date of such Fundamental Change; 

(3) the last date by which the Fundamental Change Repurchase Notice must be delivered to elect the repurchase option
pursuant to this Section 3.08; 

  
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 (4) the Fundamental Change Repurchase Date; 

(5) the Fundamental Change Repurchase Price; 

(6) the Holder’s right to require the Company to purchase the Securities; 

(7) the name and address of each Paying Agent and Conversion Agent; 

(8) the then effective Conversion Rate and any adjustments to the Conversion Rate resulting from such Fundamental Change;

 (9) the procedures that the Holder must follow to exercise rights under Article IV and that Securities as
to which a Fundamental Change Repurchase Notice has been given may be converted into Common Stock pursuant to Article IV of this Indenture only to the extent that the Fundamental Change Repurchase Notice has been withdrawn in accordance with
the terms of this Indenture; 
 (10) the procedures that the Holder must follow to exercise rights under this
Section 3.08; 
 (11) the procedures for withdrawing a Fundamental Change Repurchase Notice; 

(12) that, unless the Company fails to pay such Fundamental Change Repurchase Price, Securities covered by any Fundamental
Change Repurchase Notice will cease to be outstanding and interest will cease to accrue on and after the Fundamental Change Repurchase Date; and 
 (13) the CUSIP number of the Securities, provided that if such notice is provided by the Trustee, no representation is made as to the correctness or accuracy of such CUSIP number. 

At the Company’s written request, the Trustee shall give such Fundamental Change Company Notice in the Company’s name and at
the Company’s expense; provided, that, in all cases, the text of such Fundamental Change Company Notice shall be prepared by the Company and submitted to the Trustee along with an Officers’ Certificate and written request within 20 days
after the occurrence of a Fundamental Change. If any of the Securities is in the form of a Global Security, then the Company shall modify such notice to the extent necessary to accord with the Applicable Procedures relating to the purchase of Global
Securities. 
 (c) A Holder may exercise its rights specified in Section 3.08(a) upon delivery of a written notice (which
shall be in substantially the form attached as Exhibit A under the heading “Fundamental Change Repurchase Notice” and which may be delivered by letter, overnight courier, hand delivery, facsimile transmission or in any other written
form and, in the case of Global Securities, may be delivered electronically or by other means in accordance with 

  
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the Depositary’s Applicable Procedures) of the exercise of such rights (a “Fundamental Change Repurchase Notice”) to the Company or any Paying Agent at any time prior to the close
of business on the Business Day next preceding the Fundamental Change Repurchase Date, subject to extension to comply with applicable law. 
 (1) The Fundamental Change Repurchase Notice shall state: (A) the certificate number (if such Security is held other than in global form) of the Security which the Holder will deliver to be purchased
(or, if the Security is held in global form, any other items required to comply with the Applicable Procedures), (B) the portion of the principal amount of the Security which the Holder will deliver to be purchased and (C) that such
Security shall be purchased as of the Fundamental Change Repurchase Date pursuant to the terms and conditions specified in the Securities and in this Indenture. 
 (2) The delivery of a Security for which a Fundamental Change Repurchase Notice has been timely delivered to any Paying Agent and not validly withdrawn prior to, on or after the Fundamental Change
Repurchase Date (together with all necessary endorsements) at the office of such Paying Agent shall be a condition to the receipt by the Holder of the Fundamental Change Repurchase Price therefor. 

(3) The Company shall only be obliged to purchase, pursuant to this Section 3.08, a portion of a Security if the
principal amount of such portion is $1,000 or an integral multiple of $1,000 (provisions of this Indenture that apply to the purchase of all of a Security also apply to the purchase of such portion of such Security). 

(4) Notwithstanding anything herein to the contrary, any Holder delivering to a Paying Agent the Fundamental Change
Repurchase Notice contemplated by this Section 3.08(c) shall have the right to withdraw such Fundamental Change Repurchase Notice in whole or in a portion thereof that is a principal amount of $1,000 or in an integral multiple thereof at any
time prior to the close of business on the Business Day prior to the Fundamental Change Repurchase Date by delivery of a written notice of withdrawal to the Paying Agent in accordance with Section 3.09. 

(5) A Paying Agent shall promptly notify the Company of the receipt by it of any Fundamental Change Repurchase Notice or
written withdrawal thereof. 
 (6) Anything herein to the contrary notwithstanding, in the case of Global
Securities, any Fundamental Change Repurchase Notice may be delivered or withdrawn and such Securities may be surrendered or delivered for purchase in accordance with the Applicable Procedures as in effect from time to time. 

  
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 Section 3.09 Effect Of Fundamental Change Repurchase Notice. 

(a) Upon receipt by any Paying Agent of a properly completed Fundamental Change Repurchase Notice from a Holder, the Holder of the
Security in respect of which such Fundamental Change Repurchase Notice was given shall (unless such Fundamental Change Repurchase Notice is withdrawn as specified in Section 3.09(b)) thereafter be entitled to receive the Fundamental Change
Repurchase Price with respect to such Security, subject to the occurrence of the Fundamental Change Effective Date. Such Fundamental Change Repurchase Price shall be paid to such Holder promptly following the later of (1) the Fundamental Change
Repurchase Date (provided that the conditions in Section 3.08 have been satisfied) and (2) the time of delivery of such Security to a Paying Agent by the Holder thereof in the manner required by Section 3.08(c). Securities in respect
of which a Fundamental Change Repurchase Notice has been given by the Holder thereof may not be converted into shares of Common Stock pursuant to Article IV on or after the date of the delivery of such Fundamental Change Repurchase Notice
unless such Fundamental Change Repurchase Notice has first been validly withdrawn in accordance with Section 3.09(b) with respect to the Securities to be converted. 
 (b) A Fundamental Change Repurchase Notice may be withdrawn by means of a written notice (which may be delivered by mail, overnight courier, hand delivery, facsimile transmission or in any other written
form and, in the case of Global Securities, may be delivered electronically or by other means in accordance with the Applicable Procedures) of withdrawal delivered by the Holder to a Paying Agent at any time prior to the close of business on the
Business Day immediately prior to the Fundamental Change Repurchase Date, specifying (1) the principal amount of the Security or portion thereof (which must be a principal amount of $1,000 or an integral multiple of $1,000 in excess thereof)
with respect to which such notice of withdrawal is being submitted, (2) if certificated Securities have been issued, the certificate number of the Security being withdrawn in whole or in withdrawable part (or if the Securities are not
certificated, such written notice must comply with the procedures of the Depositary) and (3) the portion, if any, of the principal amount of the Security that will remain subject to the Fundamental Change Repurchase Notice, which portion must
be a principal amount of $1,000 or an integral multiple thereof. 
 Section 3.10 Deposit of Fundamental Change
Repurchase Price. 
 (a) On or before 12:00 p.m.(noon) New York City time on the Business Day following the applicable
Fundamental Change Repurchase Date, the Company shall deposit with the Trustee or with a Paying Agent (or if the Company or an Affiliate of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in
Section 2.04) an amount of money (in immediately available funds if deposited on or after such Fundamental Change Repurchase Date), sufficient to pay the aggregate Fundamental Change Repurchase Price of all the Securities or portions thereof
that are to be purchased as of such Fundamental Change Repurchase Date. 
 (b) If a Paying Agent or the Trustee holds, in
accordance with the terms hereof, money sufficient to pay the Fundamental Change Repurchase Price of any security for which a Fundamental Change Repurchase Notice has been tendered and not withdrawn in

  
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accordance with this Indenture then, on the Business Day following the applicable Fundamental Change Repurchase Date, such Security will cease to be outstanding, whether or not the Security is
delivered to the Paying Agent or the Trustee, and interest shall cease to accrue, and the rights of the Holder in respect of the Security shall terminate (other than the right to receive the Fundamental Change Repurchase Price as aforesaid). The
Company shall publicly announce the principal amount of Securities repurchased on or as soon as practicable after the Fundamental Change Repurchase Date. 
 (c) The Paying Agent will promptly return to the respective Holders thereof any Securities with respect to which a Fundamental Change Repurchase Notice has been withdrawn in compliance with this
Indenture. 
 (d) If a Fundamental Change Repurchase Date falls after a Regular Record Date and on or before the related
Interest Payment Date, then interest on the Securities payable on such Fundamental Change Repurchase Date will be payable to the Holders in whose names the Securities are registered at the close of business on such Regular Record Date. 

Section 3.11 Repayment To The Company. 
 To the extent that the aggregate amount of cash deposited by the Company pursuant to Section 3.10 exceeds the aggregate Fundamental Change Repurchase Price of the Securities or portions thereof that
the Company is obligated to purchase, then promptly after the Fundamental Change Repurchase Date the Trustee or a Paying Agent, as the case may be, shall return any such excess cash to the Company. 

Section 3.12 Purchase Of Securities At Option Of The Holder On Specified Dates. 

(a) Securities shall be purchased in cash in whole or in part (which must be equal to $1,000 principal amount or any integral multiple
thereof) by the Company, at the option of Holders, in accordance with the provisions of this Section 3.12 and paragraph 8 of the Securities promptly on January 15, 2015, January 15, 2016 and January 15, 2021 (each, a
“Put Right Purchase Date”), or the time of the surrender of the Securities, if later, for cash at a purchase price equal to 100% of the principal amount of the surrendered securities together with accrued but unpaid interest, if any, to
but excluding the applicable Put Right Purchase Date (the “Put Right Purchase Price”); provided that if the Put Right Purchase Date is also an Interest Payment Date, then interest on the Securities payable on such Interest Payment Date
will instead be payable to the Holders in whose names the Securities are registered at the close of business on the applicable Regular Record Date. 
 (b) The Company shall give written notice of the applicable Put Right Purchase Date by notice sent by first-class mail to the Trustee and to each Holder (at its address shown in the register of the
Registrar) and to Beneficial Owners to the extent and in the manner required by applicable law not less than 20 Business Days prior to each Put Right Purchase Date (the “Company Put Right Notice”). Each Company Put Right Notice shall
include a form of Put Right Purchase Notice to be completed by a Holder and shall state: 
 (1) the Put Right
Purchase Price and the Conversion Rate then in effect; 

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

 (3) that Securities as to which a Put Right Purchase Notice has been given may be converted, if they are
otherwise convertible, only in accordance with Article IV and paragraph 9 of the Securities and only to the extent that the Put Right Purchase Notice has been withdrawn in accordance with the terms of this Indenture; 

(4) that Securities must be surrendered to the Paying Agent as a condition to collecting payment of the Put Right Purchase
Price; 
 (5) that the Put Right Purchase Price for any Security as to which a Put Right Purchase Notice has been
given and not withdrawn will be paid promptly following the later of the Put Right Purchase Date and the time of surrender of such Security as described in subclause (4) above; 

(6) the procedures the Holder must follow to exercise rights under this Section 3.12 and a brief description of those
rights; 
 (7) briefly, the conversion rights of the Securities; 

(8) the procedures for withdrawing a Put Right Purchase Notice (including a summary of the terms of Section 3.12(g));

 (9) that, unless the Company fails to pay such Put Right Purchase Price on Securities for which a Put Right
Purchase Notice has been submitted, such Securities shall no longer be outstanding and interest on such Securities will cease to accrue on and after the Put Right Purchase Date; and 

(10) the CUSIP number of the Securities, provided that if such notice is provided by the Trustee, no representation is
made as to the correctness or accuracy of such CUSIP number. 
 (c) If any of the Securities to be repurchased are in the form
of a Global Security, the Company shall modify such notice to the extent necessary to accord with the Applicable Procedures relating to repurchases. 
 (d) At the Company’s written request, the Trustee shall give such Company Put Right Notice on behalf of the Company and at the Company’s expense; provided, however, that, in all
cases, the text of such Company Put Right Notice shall be prepared by the Company; provided further that the Company shall make such request and deliver the text of such Company Put Right Notice at least five Business Days prior to the date by which
such Company Put Right Notice must be given in accordance with this Section 3.12 (unless a shorter period shall be satisfactory to the Trustee). 

  
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 (e) To exercise its rights pursuant to this Section 3.12, the Holder shall deliver to
the Paying Agent a properly completed put right purchase notice (each, a “Put Right Purchase Notice”) at any time from the opening of business on the date that is 20 Business Days prior to the applicable Put Right Purchase Date until the
close of business on the Business Day immediately preceding the Put Right Purchase Date stating: 
 (1) if
certificated Securities have been issued, the certificate number of the Security that the Holder will deliver for repurchase (or if the Securities are not certificated, the Put Right Purchase Notice must comply with the Applicable Procedures
relating to purchases), 
 (2) the portion of the principal amount of the Security which the Holder will deliver
to be purchased, which portion must be a principal amount of $1,000 or an integral multiple thereof, and 
 (3)
that such Security shall be purchased as of the applicable Put Right Purchase Date pursuant to the terms and conditions in this Section 3.12 and the Securities. 
 (f) The Company shall pay the Put Right Purchase Price for all Securities with respect to which a Put Right Purchase Notice is given and not validly withdrawn, promptly following the later of the
applicable Put Right Purchase Date and delivery of such Securities to the Paying Agent (together with all necessary endorsements) at the offices of the Paying Agent (if the Securities are not certificated, such delivery must comply with the
Applicable Procedures relating to purchases). Delivery of such Security shall be a condition to receipt by the Holder of the Put Right Purchase Price therefor. The Put Right Purchase Price shall be paid pursuant to this Section 3.12 only if the
Security delivered to the Paying Agent conforms in all respects to the description thereof in the related Put Right Purchase Notice, as determined by the Company. 
 (g) Notwithstanding anything herein to the contrary, any Holder delivering to the Paying Agent the Put Right Purchase Notice contemplated by this Section 3.12 shall have the right to withdraw such
Put Right Purchase Notice in whole or in part at any time prior to the close of business on the Business Day immediately preceding the applicable Put Right Purchase Date by delivery of a written notice of withdrawal to the Paying Agent specifying:

 (1) the aggregate principal amount of the Security (which must be equal to $1,000 or any integral multiple
thereof) with respect to which such notice of withdrawal is being submitted, 
 (2) the certificate number, if
any, of the Security in respect of which such notice of withdrawal is being submitted (or, if the Securities are not certificated, the withdrawal notice must comply with the Applicable Procedures relating to withdrawals), and 

  
 -27-

 (3) the aggregate principal amount, if any, of such Security which remains
subject to the original Put Right Purchase Notice and which has been or will be delivered for purchase by the Company. 
 (h)
The Paying Agent shall promptly notify the Company of the receipt by it of any Put Right Purchase Notice or written notice of withdrawal thereof. 
 (i) On or before 12:00 p.m. (noon) New York City time on the Business Day following the applicable Put Right Purchase Date, the Company shall deposit with the Trustee or with the Paying Agent (or if
the Company or an Affiliate of the Company is acting as the Paying Agent, shall segregate and hold in trust as provided in Section 2.04) an amount of money (in immediately available funds if deposited on or after such Put Right Purchase Date)
sufficient to pay the aggregate Put Right Purchase Price of all the Securities or portions thereof which are to be purchased as of the Put Right Purchase Date. 
 (1) If a Paying Agent holds, in accordance with the terms hereof, money sufficient to pay the Put Right Purchase Price of any Security for which a Put Right Notice has been tendered and not withdrawn,
then, on the Business Day after the Put Right Purchase Date, such Security will cease to be outstanding, and interest shall cease to accrue, whether or not the Security is delivered to the Paying Agent, and the rights of the Holder in respect of the
Security shall terminate (other than the right to receive the Put Right Purchase Price as aforesaid). 
 (2) The
Put Right Purchase Price shall be paid to such Holder with respect to Securities for which a Put Right Purchase Notice has been tendered and not validly withdrawn, subject to receipt of funds by the Paying Agent, promptly after the later of
(A) the applicable Put Right Purchase Date with respect to such Security (provided that the conditions in Section 3.12(f) have been satisfied) and (B) the time of delivery of such Security to the Paying Agent by the Holder thereof in
the manner required by Section 3.12(f). Securities in respect of which a Put Right Purchase Notice has been given by the Holder thereof may not be converted on or after the date of the delivery of such Put Right Purchase Notice, unless such Put
Right Purchase Notice has first been validly withdrawn as specified in Section 3.12(g). 
 (3) To the extent
that the aggregate amount of cash deposited by the Company pursuant to this Section 3.12(i) exceeds the aggregate Put Right Purchase Price of the Securities or portions thereof that the Company is obligated to purchase, then promptly after the
Put Right Purchase Date the Trustee or a Paying Agent, as the case may be, shall return any such excess cash to the Company, or if such money is then held by the Company in trust, it shall be discharged from the trust. 

(j) The Company shall only be obligated to purchase, pursuant to this Section 3.12, a portion of a Security if the principal amount
of such portion is $1,000 or an integral multiple of $1,000. Provisions of this Indenture that apply to the purchase of all of a Security also apply to the purchase of such portion of such Security. 

  
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 Section 3.13 Securities Purchased In Part 

Any Security that is to be purchased only in part shall be surrendered at the office of a Paying Agent, and promptly after the Fundamental
Change Repurchase Date or the Put Right Purchase Date, as the case may be, the Company shall execute and the Trustee shall authenticate and deliver to the Holder of such Security, without service charge, a new Security or Securities, of such
authorized denomination or denominations as may be requested by such Holder (which must be equal to $1,000 principal amount or any integral thereof), in aggregate principal amount equal to, and in exchange for, the portion of the principal amount of
the Security so surrendered that is not purchased. 
 Section 3.14 Compliance With Securities Laws Upon Purchase of
Securities. 
 In connection with any offer to purchase of Securities under Section 3.08 or Section 3.12, the
Company shall (a) comply with Rule 13e-4 and Rule 14e-1 (or any successor to either such Rule) and any other tender offer rules, if applicable, under the Exchange Act, (b) file the related Schedule TO (or any successor or
similar schedule, form or report) if required under the Exchange Act, and (c) otherwise comply with all federal and state securities laws in connection with such offer to purchase or purchase of Securities, all so as to permit the rights of the
Holders and obligations of the Company under Sections 3.08 through 3.12 to be exercised in the time and in the manner specified therein. To the extent that compliance with any such laws, rules and regulations would result in a conflict with any
of the terms hereof, this Indenture is hereby modified to the extent required for the Company to comply with such laws, rules and regulations, and the Company shall give prompt written notice to the Trustee of such modifications. 

Section 3.15 Purchase Of Securities In Open Market. 
 The Company (a) shall, in accordance with Section 2.11, surrender any Security purchased by the Company pursuant to this Article III to the Trustee for cancellation. Any securities
surrendered to the Trustee for cancellation may not be reissued or resold by the Company and will be canceled promptly in accordance with Section 2.11. The Company may repurchase Securities in open market and negotiated transactions.

 ARTICLE IV 
 CONVERSION 
 Section 4.01 Conversion Privilege And Conversion Rate.

 (a) Upon compliance with the provisions of this Article IV, at the option of the Holder thereof, any Security or portion
thereof that is an integral multiple of $1,000 principal amount may be converted into fully paid and nonassessable shares (calculated as to each conversion to the nearest 1/100th of a share) of Common Stock at any time prior to the close of business
on the Business Day immediately preceding the Final Maturity Date, unless previously 

  
 -29-

 
redeemed by the Company or purchased by the Company at the Holder’s option, at the Conversion Rate in effect at such time, determined as hereinafter provided and subject to the adjustments
described below. Upon conversion of a Security, the Holder of such Security shall receive a number of shares of Common Stock equal to the product of (i) the number obtained by dividing the principal amount of the Security converted by $1,000
and (ii) the Conversion Rate in effect on the applicable Conversion Date; provided, however, that in lieu of any fractional share of Common Stock, the Company shall deliver an amount of cash equal to the product of (i) such
fraction of a share and (ii) the Closing Price of the Common Stock on the applicable Conversion Date (or, if the applicable Conversion Date is not a Trading Day, the Trading Day immediately preceding such Conversion Date). The Company shall
deliver the consideration due with respect to the conversion of any Security as soon as practicable after the applicable Conversion Date, but in no event later than five Business Days after the applicable Conversion Date. 

(b) The conversion rights pursuant to this Article IV shall commence on the initial issuance date of the Securities and expire at
the close of business on the Business Day immediately preceding the Final Maturity Date and shall be exercisable at any time, subject, in the case of conversion of any Global Security, to any Applicable Procedures. If a Security is called for
redemption or submitted or presented for purchase pursuant to Article III, such conversion right shall terminate at the close of business on the second Business Day immediately preceding the Redemption Date and on the Business Day immediately
preceding the Put Right Purchase Date or Fundamental Change Repurchase Date for such Security (unless the Company shall fail to make the Redemption Price, Put Right Purchase Price, or Fundamental Change Repurchase Price payment when due in
accordance with Article III, in which case the conversion right shall terminate at the close of business on the date such failure is cured and such Security is redeemed or purchased, as the case may be). Securities in respect of which a
Fundamental Change Repurchase Notice or a Put Right Purchase Notice, as the case may be, has been delivered may not be surrendered for conversion pursuant to this Article IV prior to a valid withdrawal of such Fundamental Change Repurchase
Notice or Put Right Purchase Notice, as the case may be, in accordance with the provisions of Article III. 
 (c)
Provisions of this Indenture that apply to conversion of all of a Security also apply to conversion of a portion of a Security. 

(d) A Holder of Securities is not entitled to any rights of a holder of Common Stock until such Holder has converted its Securities into
Common Stock. 
 (e) The Conversion Rate shall be adjusted in certain instances as provided in Section 4.01(f) and
Section 4.06. 
 (f) If prior to January 15, 2015, there shall have occurred a Fundamental Change (or an event that
would have been a Change of Control but for the existence of the 105% Trading Price Exception) (a “Make-Whole Fundamental Change”), the Company shall pay a “Make Whole Premium” to the Holders of the Securities who convert
their Securities during the period beginning on the Fundamental Change Effective Date and ending at the close of business on the Business Day immediately preceding the Fundamental Change Repurchase Date by

  
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increasing the Conversion Rate for such Securities. The number of additional shares of Common Stock per $1,000 principal amount of Securities constituting the Make Whole Premium shall be
determined by the Company by reference to the table below, based on the Fundamental Change Effective Date and the Stock Price of such Fundamental Change; provided that if the Stock Price or Fundamental Change Effective Date are not set forth on the
table: (i) if the actual Stock Price on the Fundamental Change Effective Date is between two Stock Prices on the table or the actual Fundamental Change Effective Date is between two Fundamental Change Effective Dates on the table, the Make
Whole Premium will be determined by a straight-line interpolation between the Make Whole Premiums set forth for the two Stock Prices and the two Fundamental Change Effective Dates on the table based on a 365-day year, as applicable, (ii) if the
Stock Price on the Fundamental Change Effective Date exceeds $15.00 per share, subject to adjustment as set forth herein, no Make Whole Premium will be paid, and (iii) if the Stock Price on the Fundamental Change Effective Date is less than
$5.00 per share, subject to adjustment as set forth herein, no Make Whole Premium will be paid. If Holders of the Common Stock receive only cash in the Fundamental Change, the Stock Price shall be the cash amount paid per share of the Common Stock
in connection with the Fundamental Change. Otherwise, the Stock Price shall be equal to the average Closing Prices of the Common Stock for each of the 10 Trading Days immediately preceding, but not including, the applicable Fundamental Change
Effective Date. 
 Make Whole Premium Upon Make-Whole Fundamental Change 

(Increase in Applicable Conversion Rate) 
  

																							
	 Stock Price

on Fundamental
 Change Effective

Date
	 	  	February 11,
2011	 	  	January 15,
2012	 	  	January 15,
2013	 	  	January 15,
2014	 	  	January 15,
2015	 
	$	5.00	  	  	 	75.9650	  	  	 	73.4250	  	  	 	72.0830	  	  	 	72.9060	  	  	 	83.7040	  
	$	6.00	  	  	 	56.9800	  	  	 	53.1980	  	  	 	50.4570	  	  	 	47.9520	  	  	 	50.3710	  
	$	7.00	  	  	 	44.3770	  	  	 	39.8170	  	  	 	36.3140	  	  	 	32.3530	  	  	 	26.5610	  
	$	8.00	  	  	 	35.5970	  	  	 	30.5500	  	  	 	26.5100	  	  	 	22.2690	  	  	 	8.7040	  
	$	9.00	  	  	 	29.2490	  	  	 	23.9230	  	  	 	19.3660	  	  	 	15.4970	  	  	 	0.0000	  
	$	10.00	  	  	 	24.5250	  	  	 	19.0740	  	  	 	13.9280	  	  	 	10.7380	  	  	 	0.0000	  
	$	11.00	  	  	 	20.9240	  	  	 	15.4650	  	  	 	9.6460	  	  	 	7.2400	  	  	 	0.0000	  
	$	12.00	  	  	 	18.1230	  	  	 	12.7430	  	  	 	6.2010	  	  	 	4.5700	  	  	 	0.0000	  
	$	13.00	  	  	 	15.9060	  	  	 	10.6650	  	  	 	3.4030	  	  	 	2.4800	  	  	 	0.0000	  
	$	14.00	  	  	 	14.1240	  	  	 	9.0620	  	  	 	1.1370	  	  	 	0.8260	  	  	 	0.0000	  
	$	15.00	  	  	 	12.6670	  	  	 	7.8090	  	  	 	0.0000	  	  	 	0.0000	  	  	 	0.0000	  

 The Stock Prices set
forth in the first column of the table above will be adjusted as of any date on which the Conversion Rate of the Securities is adjusted. The adjusted Stock Prices will equal the Stock Prices applicable immediately prior to such adjustment multiplied
by a fraction, the numerator of which is the Conversion Rate immediately prior to the adjustment giving rise to the Stock Price adjustment and the denominator of which is the Conversion Rate as so adjusted. The number of additional shares set forth
in the table above will be adjusted in the same manner as the Conversion Rate as set forth in Section 4.06 hereof, other than as a result of an adjustment of the Conversion Rate by adding the Make Whole Premium as described above. 

  
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 Notwithstanding the foregoing paragraph, in no event will the total number of shares of
Common Stock issuable upon conversion of a Security exceed 116.2790 per $1,000 principal amount, other than on account of proportional adjustments to the Conversion Rate in the manner set forth in clauses (1) and (2) of
Section 4.06(a) hereof, unless the Company obtains shareholder approval of the increase in the Conversion Rate; provided, however, that the Company shall not undertake a Make-Whole Fundamental Change without first obtaining
shareholder approval for the increase in the applicable Conversion Rate provided for in the table above. 
 The additional
shares of Common Stock delivered to satisfy the Company’s obligations to Holders that convert their Securities in connection with a Make-Whole Fundamental Change and cash in lieu of fractional shares will be delivered by the Company upon the
later of the settlement date for the conversion and promptly following the Fundamental Change Effective Date or the effective date of such other event. 
 Promptly upon the occurrence of any Make-Whole Fundamental Change, the Company shall deliver notice to each Holder and the Trustee, which notice will state that a Make-Whole Fundamental Change has
occurred and include the Make-Whole Premium, if any. Simultaneously with delivering such notice, the Company shall publish the information contained in such notice on its website. 

(g) By delivering the number of shares of Common Stock issuable on conversion and cash in lieu of fractional shares to the Trustee, the
Company will be deemed to have satisfied its obligation to pay the principal amount of the Securities so converted and, except as otherwise provided in Section 4.02(c), its obligation to pay accrued and unpaid interest attributable to the
period from the most recent Interest Payment Date through the Conversion Date (which amount will be deemed paid in full rather than cancelled, extinguished or forfeited). 
 Section 4.02 Conversion Procedure. 
 (a) To convert a Security, a
Holder must (1) complete and manually sign the conversion notice on the back of the Security and deliver such notice to a Conversion Agent, (2) surrender the Security to a Conversion Agent, (3) furnish appropriate endorsements and
transfer documents if required by a Registrar or a Conversion Agent, (4) pay all transfer or similar taxes, if required pursuant to Section 4.04, and (5) pay funds equal to the interest payable on the Interest Payment Date immediately
following the Conversion Date, if required pursuant to Section 4.02(c). The date on which the Holder satisfies all of those requirements is the “Conversion Date.” Upon the conversion of a Security, the Company will deliver the shares
of Common Stock and cash in lieu of fractional shares as promptly as practicable after the Conversion Date, but in no event later than five Business Days after the Conversion Date. Anything herein to the contrary notwithstanding, in the case of
Global Securities, conversion notices may be delivered and such Securities may be surrendered for conversion in accordance with the Applicable Procedures as in effect from time to time. 

(b) The person in whose name the shares of Common Stock are issuable upon conversion shall be deemed to be a holder of record of such
Common Stock on the close of business on the Conversion Date; provided, however, that no surrender of a Security on any 

  
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Conversion Date when the stock transfer books of the Company shall be closed shall be effective to constitute the person or persons entitled to receive the shares of Common Stock upon conversion
as the record holder or holders of such shares of Common Stock on such date, but such surrender shall be effective to constitute the person or persons entitled to receive such shares of Common Stock as the record holder or holders thereof for all
purposes at the close of business on the next succeeding day on which such stock transfer books are open; provided further that such conversion shall be at the applicable Conversion Rate as if the stock transfer books of the Company had not been
closed. Upon conversion of a Security, such person shall no longer be a Holder of such Security. Except as set forth in this Indenture, no payment or adjustment will be made for dividends or distributions declared or made on shares of Common Stock
issued upon conversion of a Security prior to the issuance of such shares. 
 (c) Holders of Securities surrendered for
conversion (in whole or in part) during the period from the close of business on any Regular Record Date to the opening of business on the next succeeding Interest Payment Date will receive the semi-annual interest payable on such Securities on the
corresponding Interest Payment Date notwithstanding the conversion. Upon surrender of any such Securities for conversion, such Securities shall also be accompanied by payment in funds acceptable to the Company of an amount equal to the interest
payable on such corresponding Interest Payment Date, except to the extent of any overdue interest that is due at the time of conversion, unless (i) such Securities are converted after the close of business on the Regular Record Date immediately
preceding the Stated Maturity Date, (ii) the Company has specified a Redemption Date that is after such Regular Record Date and on or prior to such Interest Payment Date and the Holder surrenders the Securities for conversion after the close of
business on such Regular Record Date and on or prior to the close of business on the second Business Day prior to such Redemption Date or (iii) if the Company has specified a Fundamental Change Repurchase Date that is after such Regular Record
Date and on or prior to such Interest Payment Date and the Holder surrenders the Securities for conversion after the close of business on such Regular Record Date and prior to the open of business on such Fundamental Change Repurchase Date, in which
cases no such payment will be required. Except as otherwise provided in this Section 4.02(c), no payment or adjustment will be made for accrued interest on a converted Security. 

(d) Subject to Section 4.02(c), nothing in this Section shall affect the right of a Holder in whose name any Security is
registered at the close of business on a Regular Record Date to receive the interest payable on such Security on the related Interest Payment Date in accordance with the terms of this Indenture and the Securities. If a Holder converts more than one
Security at the same time, the number of shares of Common Stock issuable upon the conversion (and the amount of any cash in lieu of fractional shares pursuant to Section 4.03) shall be based on the aggregate principal amount of all Securities
so converted. 
 (e) In the case of any Security which is converted in part only, upon such conversion the Company shall execute
and the Trustee shall authenticate and deliver to the Holder thereof, without service charge, a new Security or Securities of authorized denominations in an aggregate principal amount equal to, and in exchange for, the unconverted portion of the
principal amount of such Security. A Security may be converted in part, but only if the principal amount of such part is an integral multiple of $1,000 and the principal amount of such Security to remain outstanding after such conversion is equal to
$1,000 or any integral multiple of $1,000 in excess thereof. 

  
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 Section 4.03 Fractional Shares. 

The Company will not issue fractional shares of Common Stock upon conversion of Securities. If more than one Security shall be surrendered
for conversion at one time by the same Holder, the number of full shares that shall be issuable upon conversion shall be computed on the basis of the aggregate principal amount of the Securities (or specified portions thereof to the extent permitted
hereby) so surrendered. In lieu of any fractional shares, the Company will pay an amount in cash equal to the product of (i) such fraction of a share and (ii) the Closing Price of the Common Stock on the applicable Conversion Date (or, if
the applicable Conversion Date is not a Trading Day, the Trading Day immediately preceding such Conversion Date). 

Section 4.04 Taxes On Conversion. 
 If a Holder converts a Security, the Holder shall pay any transfer, stamp or similar taxes or duties related to the issue or delivery of shares of Common Stock upon such conversion. The Holder shall also
pay any such tax with respect to cash received in lieu of fractional shares. In addition, the Holder shall pay any such tax which is due because the Holder requests the shares to be issued in a name other than the Holder’s name. The Conversion
Agent may refuse to deliver the certificate representing the Common Stock being issued in a name other than the Holder’s name until the Conversion Agent receives a sum sufficient to pay any tax which will be due because the shares are to be
issued in a name other than the Holder’s name. Nothing herein shall preclude any tax withholding required by law or regulation. 
 Section 4.05 Company To Provide Stock. 
 (a) The Company shall, prior
to issuance of any Securities hereunder, and from time to time as may be necessary, reserve, out of its authorized but unissued Common Stock, a sufficient number of shares of Common Stock to permit the conversion of all outstanding Securities into
shares of Common Stock. 
 (b) All shares of Common Stock delivered upon conversion of the Securities shall be newly issued
shares, shall be duly authorized, validly issued, fully paid and nonassessable and shall be free from preemptive or similar rights and free of any lien or adverse claim as the result of any action by the Company. 

(c) The Company will endeavor promptly to comply with all federal and state securities laws regulating the offer and delivery of shares
of Common Stock upon conversion of Securities. 

  
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 Section 4.06 Adjustment Of Conversion Rate. 

(a) The Conversion Rate shall be adjusted from time to time by the Company as follows: 

(1) If the Company shall pay a dividend or make a distribution to all holders of outstanding Common Stock in shares of
Common Stock, the Conversion Rate in effect immediately prior to the record date for the determination of shareholders entitled to receive such dividend or other distribution shall be increased so that the same shall equal the rate determined by
multiplying the Conversion Rate in effect immediately prior to such record date by a fraction of which the numerator of shall be the sum of the number of shares of Common Stock outstanding at the close of business on such record date plus the total
number of shares of Common Stock constituting such dividend or other distribution and of which the denominator shall be the number of shares of Common Stock outstanding at the close of business on such record date. Such adjustment shall be made
successively whenever any such dividend or distribution is made and shall become effective immediately after such record date. For the purpose of this clause (1), the number of shares of Common Stock at any time outstanding shall not include
shares held in the treasury of the Company. The Company will not pay any dividend or make any distribution on Common Stock held in the treasury of the Company. If any dividend or distribution of the type described in this clause is declared but not
so paid or made, the Conversion Rate shall again be adjusted to the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

(2) If the Company shall subdivide its outstanding Common Stock into a greater number of shares, or combine its
outstanding Common Stock into a smaller number of shares, the Conversion Rate in effect immediately prior to the day upon which such subdivision or combination becomes effective shall be, in the case of a subdivision of Common Stock, proportionately
increased and, in the case of a combination of Common Stock, proportionately reduced. Such adjustment shall be made successively whenever any such subdivision or combination of the Common Stock occurs and shall become effective immediately after the
date upon which such subdivision or combination becomes effective. 
 (3) If the Company shall issue rights or
warrants to all holders of its outstanding Common Stock entitling them (for a period expiring within 45 days after such issuance) to subscribe for or purchase shares of Common Stock (or securities convertible into Common Stock) at a price per share
(or having a conversion price per share) less than the Current Market Price per share of Common Stock (as determined in accordance with clause (9) of this Section 4.06(a)) on the record date for the determination of shareholders entitled
to receive such rights or warrants, the Conversion Rate in effect immediately prior thereto shall be adjusted so that the same shall equal the rate determined by 

  
 -35-

 
multiplying the Conversion Rate in effect immediately prior to such record date by a fraction of which the numerator shall be the number of shares of Common Stock outstanding at the close of
business on such record date plus the number of additional shares of Common Stock that such rights or warrants entitle holders thereof to subscribe for or purchase (or into which such convertible securities are convertible) and of which the
denominator shall be the number of shares of Common Stock outstanding at the close of business on such record date plus the number of shares which the aggregate offering price of the total number of shares of Common Stock so offered for subscription
or purchase (or the aggregate conversion price of the convertible securities so offered for subscription or purchase, which shall be determined by multiplying the number of shares of Common Stock issuable upon conversion of such convertible
securities by the conversion price per share of Common Stock pursuant to the terms of such convertible securities) would purchase at the Current Market Price per share of Common Stock on such record date. Such adjustment shall be made successively
whenever any such rights or warrants (or convertible securities) are issued, and shall become effective immediately after such record date. To the extent that shares of Common Stock (or securities convertible into Common Stock) are not delivered
after the expiration of such rights or warrants, the Conversion Rate shall be readjusted to the Conversion Rate that would then be in effect had the adjustments made upon the issuance of such rights or warrants been made on the basis of delivery of
only the number of shares of Common Stock (or securities convertible into Common Stock) actually delivered. If such rights or warrants are not so issued, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in
effect if the record date for the determination of shareholders entitled to receive such rights or warrants had not been fixed. In determining whether any rights or warrants entitle the shareholders to subscribe for or purchase shares of Common
Stock at a price less than the Current Market Price per share of Common Stock and in determining the aggregate offering price of the total number of shares of Common Stock so offered, there shall be taken into account any consideration received by
the Company for such rights or warrants and any amount payable on exercise or conversion thereof, the value of such consideration, if other than cash, to be determined by the Board of Directors. 

(4) If the Company shall make a dividend or other distribution to all holders of its Common Stock of Capital Stock, other
than Common Stock, or evidences of indebtedness or other assets of the Company (excluding (x) any issuance of rights or warrants for which an adjustment was made pursuant to Section 4.06(a)(3), (y) dividends or distributions in
connection with a reclassification, change, consolidation, merger, combination, liquidation, dissolution, winding up, sale or conveyance resulting in a change in the conversion consideration, or pursuant to any shareholder rights plan or
(z) any dividend or distribution paid exclusively in cash for which an adjustment was made pursuant to Section 4.06(a)(6)) (the “Distributed Securities”), then in each such case (unless the Company distributes such Distributed
Securities for distribution to the Holders of Securities on such dividend or distribution date as if 

  
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each Holder had converted such Security into Common Stock immediately prior to the record date with respect to such distribution) the Conversion Rate in effect immediately prior to the record
date fixed for the determination of shareholders entitled to receive such dividend or distribution shall be adjusted so that the same shall equal the rate determined by multiplying the Conversion Rate in effect immediately prior to such record date
by a fraction of which the numerator shall be the Current Market Price per share of the Common Stock on such record date and of which the denominator shall be Current Market Price per share on such record date less the fair market value (as
determined in good faith by the Board of Directors, whose determination shall be conclusive evidence of such fair market value and which shall be evidenced by an Officers’ Certificate delivered to the Trustee) on such record date of the portion
of the Distributed Securities so distributed applicable to one share of Common Stock (determined on the basis of the number of shares of Common Stock outstanding at the close of business on such record date). Such adjustment shall be made
successively whenever any such distribution is made and shall become effective immediately after the record date for the determination of shareholders entitled to receive such distribution. In the event that such dividend or distribution is not so
paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such dividend or distribution had not been declared. 

If the fair market value (as so determined) of the portion of the Distributed Securities so distributed applicable to one
share of Common Stock is equal to or greater than the Current Market Price per share of the Common Stock on such record date, in lieu of the foregoing adjustment, adequate provision shall be made so that each holder of a Security shall have the
right to receive upon conversion the amount of Distributed Securities so distributed that such Holder would have received had such Holder converted each Security on such record date. If the Board of Directors determines the fair market value of any
distribution for purposes of this Section 4.06(a)(4) by reference to the actual or when issued trading market for any securities, it must in doing so consider the prices in such market over the same period used in computing the Current Market
Price of the Common Stock. 
 Notwithstanding the foregoing, if the securities distributed by the Company to all
holders of its Common Stock consist of Capital Stock of, or similar equity interests in, a Subsidiary or other business unit of the Company (the “Spinoff Securities”), the Conversion Rate shall be adjusted, unless the Company makes an
equivalent distribution to the Holders of the Securities, so that the same shall be equal to the rate determined by multiplying the applicable Conversion Rate in effect on and after the record date fixed for the determination of shareholders
entitled to receive such distribution by a fraction, the numerator of which shall be the sum of (A) the average Closing Price of one share of Common Stock over the ten consecutive Trading Day period (the “Spinoff Valuation Period”)
commencing on and including the fifth Trading Day after the date on which ex-dividend trading commences for such distribution on the NASDAQ 

  
 -37-

 
Global Select Market or such other U.S. national or regional exchange or market on which the Common Stock is then listed or quoted and (B) the average of the Closing Prices over the Spinoff
Valuation Period of the Spinoff Securities multiplied by the number of Spinoff Securities distributed in respect of one share of Common Stock and the denominator of which shall be the average Closing Price of one share of Common Stock over the
Spinoff Valuation Period, such adjustment to become effective immediately prior to the opening of business on the fifteenth Trading Day after the date on which ex-dividend trading commences; provided, however, that the Company may in
lieu of the foregoing adjustment elect to make adequate provision so that each Holder of Securities shall have the right to receive upon conversion thereof the amount of such Spinoff Securities that such Holder of Securities would have received if
such Securities had been converted on the record date with respect to such distribution. 
 (5) With respect to
any rights, rights certificates or warrants (the “Rights”) that may be issued or distributed pursuant to any rights plan (including any rights plan that the Company implements after the date of this Indenture, a “Rights Plan”),
in lieu of any adjustment required by any other provision of this Section 4.06, upon conversion of the Securities into Common Stock, to the extent that such Rights Plan is in effect upon such conversion, the Holders of Securities will receive,
with respect to the shares of Common Stock issued upon conversion, the Rights described therein (whether or not the Rights have separated from the Common Stock at the time of conversion), subject to the limitations set forth in and in accordance
with any such Rights Plan; provided that if, at the time of conversion, however, the Rights have separated from the shares of Common Stock in accordance with the provisions of the Rights Plan so that Holders would not be entitled to receive any
rights in respect of the shares of Common Stock issuable upon conversion of the Securities as a result of the timing of the Conversion Date, the Conversion Rate will be adjusted as if the Company distributed to all holders of Common Stock
Distributed Securities as provided in the first paragraph of clause (4) of this Section 4.06(a), subject to appropriate readjustment in the event of the expiration, termination, repurchase or redemption of the Rights. Any distribution of
rights, rights certificates or warrants pursuant to a Rights Plan complying with the requirements set forth in the immediately preceding sentence of this paragraph shall not constitute a distribution of rights, rights certificates or warrants
pursuant to this Section 4.06(a). Other than as specified in this clause (5) of this Section 4.06(a), there will not be any adjustment to the Conversion Rate as the result of the issuance of any Rights, the distribution of separate
certificates representing such Rights, the exercise or redemption of such Rights in accordance with any Rights Plan or the termination or invalidation of any Rights. 

(6) If the Company shall, by dividend or otherwise, at any time distribute (a “Triggering Distribution”) to all
holders of its Common Stock a payment consisting exclusively of cash (excluding any dividend or distribution in connection with the liquidation, dissolution or winding up of the Company, 

  
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whether voluntary or involuntary) the Conversion Rate shall be increased so that the same shall equal the rate determined by multiplying such Conversion Rate in effect immediately prior to the
close of business on the record date for such Triggering Distribution (a “Determination Date”) by a fraction of which the numerator shall be such Current Market Price per share of the Common Stock on the Determination Date and the
denominator of which shall be the Current Market Price per share of the Common Stock on the Determination Date less the amount of such cash dividend or distribution applicable to one share of Common Stock (determined on the basis of the number of
shares of Common Stock outstanding at the close of business on the Determination Date), such increase to become effective immediately prior to the opening of business on the day following the date on which the Triggering Distribution is paid. If the
amount of cash dividend or distribution applicable to one share of Common Stock is equal to or greater than the Current Market Price per share of the Common Stock on the Determination Date, in lieu of the foregoing adjustment, adequate provision
shall be made so that each Holder of a Security shall have the right to receive upon conversion the amount of cash so distributed that such Holder would have received had such Holder converted each Security on such Determination Date. In the event
that such dividend or distribution is not so paid or made, the Conversion Rate shall again be adjusted to be the Conversion Rate that would then be in effect if such divided or distribution had not been declared. 

(7) If any tender offer made by the Company or any of its Subsidiaries for all or any portion of Common Stock shall
expire, then, if the tender offer shall require the payment to shareholders of consideration per share of Common Stock having a fair market value (determined as provided below) that exceeds the average of the Closing Price per share of Common Stock
on the Trading Day next succeeding the last date (the “Expiration Date”) tenders could have been made pursuant to such tender offer (as it may be amended) (the last time at which such tenders could have been made on the Expiration Date is
hereinafter sometimes called the “Expiration Time”), the Conversion Rate shall be increased so that the same shall equal the rate determined by multiplying the Conversion Rate in effect immediately prior to the close of business on the
Expiration Date by a fraction of which the numerator shall be the sum of (A) the fair market value of the aggregate consideration (the fair market value as determined in good faith by the Board of Directors, whose determination shall be
conclusive evidence of such fair market value and which shall be evidenced by an Officers’ Certificate delivered to the Trustee) payable to shareholders based on the acceptance (up to any maximum specified in the terms of the tender offer) of
all shares validly tendered and not withdrawn as of the Expiration Time (the shares deemed so accepted, up to any such maximum, being referred to as the “Purchased Shares”) and (B) the product of the number of shares of Common Stock
outstanding (less any Purchased Shares and excluding any shares held in the treasury of the Company) at the Expiration Time and the Closing Price per share of Common Stock on the Trading Day next succeeding the Expiration Date and the denominator of
which shall be the product of the number of shares of Common Stock outstanding (including Purchased 

  
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Shares but excluding any shares held in the treasury of the Company) at the Expiration Time multiplied by the Closing Price per share of the Common Stock on the Trading Day next succeeding the
Expiration Date, such increase to become effective immediately prior to the opening of business on the day following the Expiration Date. In the event that the Company is obligated to purchase shares pursuant to any such tender offer, but the
Company is permanently prevented by applicable law from effecting any or all such purchases or any or all such purchases are rescinded, the Conversion Rate shall again be adjusted to be the Conversion Rate which would have been in effect based upon
the number of shares actually purchased, if any. If the application of this clause (7) of Section 4.06(a) to any tender offer would result in a decrease in the Conversion Rate, no adjustment shall be made for such tender offer under this
clause (7). 
 (8) For purposes of this Section 4.06, the term “tender offer” shall mean and
include both tender offers and exchange offers, all references to “purchases” of shares in tender offers (and all similar references) shall mean and include both the purchase of shares in tender offers and the acquisition of shares
pursuant to exchange offers, and all references to “tendered shares” (and all similar references) shall mean and include shares tendered in both tender offers and exchange offers. 

(9) For purposes of any computation under this Section 4.06, “Current Market Price” shall mean the average
of the daily Closing Prices per share of Common Stock for each of the ten consecutive Trading Days immediately prior to the date in question; provided, however, that if 

(A) the “ex” date (as hereinafter defined) for any event (other than the issuance or distribution requiring
such computation) that requires an adjustment to the Conversion Rate pursuant to Section 4.06(a) (1), (2), (3), (4), (5), (6) or (7) occurs during such ten consecutive Trading Days, the Closing Price for each Trading Day prior to the
“ex” date for such other event shall be adjusted by dividing such Closing Price by the same fraction by which the Conversion Rate is so required to be adjusted as a result of such other event; 

(B) the “ex” date for any event (other than the issuance or distribution requiring such computation) that
requires an adjustment to the Conversion Rate pursuant to Section 4.06(a) (1), (2), (3), (4), (5), (6) or (7) occurs on or after the “ex” date for the issuance or distribution requiring such computation and prior to the day
in question, the Closing Price for each Trading Day on and after the “ex” date for such other event shall be adjusted by dividing such Closing Price by the reciprocal of the fraction by which the Conversion Rate is so required to be
adjusted as a result of such other event; and 

  
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 (C) the “ex” date for the issuance or distribution requiring such
computation is prior to the day in question, after taking into account any adjustment required pursuant to the immediately preceding clause (A) or (B) of this Section 4.06(a)(9), the Closing Price for each Trading Day on or after such
“ex” date shall be adjusted by adding thereto the amount of any cash and the fair market value (as determined in good faith by the Board of Directors in a manner consistent with any determination of such value for purposes of
Section 4.06(a)(4) or (7), whose determination shall be conclusive and set forth in a Board Resolution) of the evidences of indebtedness, shares of capital stock or assets being distributed applicable to one share of Common Stock as of the
close of business on the day before such “ex” date. 
 For purposes of any computation under Section 4.06(a)(7),
if the “ex” date for any event (other than the tender offer that is the subject of the adjustment pursuant to Section 4.06(a)(7)) that requires an adjustment to the Conversion Rate pursuant to Section 4.06(a)(1), (2), (3), (4),
(5) or (6) occurs on the date of the Expiration Time for the tender or exchange offer requiring such computation or on the Trading Day next following the Expiration Time, the Closing Price for each Trading Day on and after the
“ex” date for such other event shall be adjusted by dividing such Closing Price by the reciprocal of the fraction by which the Conversion Rate is so required to be adjusted as a result of such other event. For purposes of this
Section 4.09(a) the term “ex” date, when used: 
 (A) with respect to any issuance or
distribution, means the first date on which the Common Stock trades regular way on the relevant exchange or in the relevant market from which the Closing Price was obtained without the right to receive such issuance or distribution; 

(B) with respect to any subdivision or combination of shares of Common Stock, means the first date on which the Common
Stock trades regular way on such exchange or in such market after the time at which such subdivision or combination becomes effective, and 
 (C) with respect to any tender or exchange offer, means the first date on which the Common Stock trades regular way on such exchange or in such market after the Expiration Time of such offer. 

Notwithstanding the foregoing, whenever successive adjustments to the Conversion Rate are called for pursuant to this Section 4.06,
such adjustments shall be made to the Current Market Price as may be necessary or appropriate to effectuate the intent of this Section 4.06 and to avoid unjust or inequitable results as determined in good faith by the Board of Directors.

 (b) In any case in which this Section 4.06 shall require that an adjustment be made following a record date, a
Determination Date or Expiration Date, as the case may be, 

  
 41 

 
established for the purposes specified in this Section 4.06, the Company may elect to defer (but only until five Business Days following the filing by the Company with the Trustee of the
certificate described in Section 4.08) issuing to the Holder of any Security converted after such record date, Determination Date or Expiration Date the shares of Common Stock and other Capital Stock of the Company issuable upon such conversion
over and above the shares of Common Stock and other Capital Stock of the Company (or other cash, property or securities, as applicable) issuable upon such conversion only on the basis of the Conversion Rate prior to adjustment; and, in lieu of any
cash, property or securities the issuance of which is so deferred, the Company shall issue or cause its transfer agents to issue due bills or other appropriate evidence prepared by the Company of the right to receive such cash, property or
securities. If any distribution in respect of which an adjustment to the Conversion Rate is required to be made as of the record date, Determination Date or Expiration Date therefore is not thereafter made or paid by the Company for any reason, the
Conversion Rate shall be readjusted to the Conversion Rate which would then be in effect if such record date had not been fixed or such record date, Determination Date or Expiration Date had not occurred. 

(c) For purposes of this Section 4.06, “record date” shall mean, with respect to any dividend, distribution or other
transaction or event in which the holders of Common Stock have the right to receive any cash, securities or other property or in which the Common Stock (or other applicable security) is exchanged or converted into any combination of cash, securities
or other property, the date fixed for determination of shareholders entitled to receive such cash, security or other property (whether or not such date is fixed by the Board of Directors or by statute, contract or otherwise). 

(d) If one or more event occurs requiring an adjustment be made to the Conversion Rate for a particular period, adjustments to the
Conversion Rate shall be determined by the Company’s Board of Directors to reflect the combined impact of such Conversion Rate adjustment events, as set out in this Section 4.06, during such period. 

Section 4.07 No Adjustment 
 (a) No adjustment in the Conversion Rate shall be required if Holders may participate in the transactions set forth in Section 4.06 above (to the same extent as if the Securities had been converted
into Common Stock immediately prior to such transactions) without converting the Securities held by such Holders. 
 (b) No
adjustment in the Conversion Rate shall be required unless such adjustment would require an increase or decrease of at least 1% in the Conversion Rate as last adjusted; provided, however, that any adjustments which would be required to
be made but for this Section 4.07(b) shall be carried forward and taken into account in any subsequent adjustment. All calculations under this Article IV shall be made to the nearest cent or to the nearest one-ten thousandth of a share, as
the case may be, with one half cent and 0.00005 of a share, respectively, being rounded upward. 

  
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 (c) No adjustment in the Conversion Rate shall be required for issuances of Common Stock
pursuant to a Company plan for reinvestment of dividends or interest or for a change in the par value or a change to no par value of the Common Stock. 
 (d) To the extent that the Securities become convertible into the right to receive cash, no adjustment need be made thereafter as to the cash. 

(e) Notwithstanding anything to the contrary provided in Section 4.06, in no event shall the Conversion Rate as adjusted in
accordance with Section 4.06 exceed 116.2790 per $1,000 principal amount, other than on account of proportional adjustments to the Conversion Rate in the manner set forth in clauses (1) and (2) of Section 4.06(a), unless the
Company obtains shareholder approval of the increase in the Conversion Rate; provided, however, that the Company shall not undertake any action described in clauses (3), (4), (5), (6) or (7) of Section 4.06(a) above
without first obtaining shareholder approval for the increase in the applicable Conversion Rate that would otherwise be required as a result of such action. 
 Section 4.08 Notice of Adjustment. 
 Whenever the Conversion Rate is
required to be adjusted pursuant to this Indenture, the Company shall promptly mail to Holders a notice of the adjustment and file with the Trustee an Officers’ Certificate briefly stating the facts requiring the adjustment and the manner of
computing it. Failure to mail such notice or any defect therein shall not affect the validity of any such adjustment. Unless and until the Trustee shall receive an Officers’ Certificate setting forth an adjustment of the Conversion Rate, the
Trustee may assume without inquiry that the Conversion Rate has not been adjusted and that the last Conversion Rate of which it has knowledge remains in effect. 
 Section 4.09 Notice of Certain Transactions. 
 In the event that there
is a dissolution or liquidation of the Company, the Company shall mail to Holders and file with the Trustee a notice stating the proposed effective date. The Company shall mail such notice at least 10 days before such proposed effective date.
Failure to mail such notice or any defect therein shall not affect the validity of any transaction referred to in this Section 4.09. 
 Section 4.10 Effect of Recapitalization, Reclassification, Consolidation, Merger or Sale. 
 If any of following events occur (each, a “Business Combination”): 
 (1) any recapitalization, reclassification or change of the Common Stock, other than changes resulting from a subdivision or a combination, 

(2) a consolidation, merger or combination involving the Company, 

  
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 (3) a sale, conveyance or lease to another corporation of all or
substantially all of the property and assets of the Company, other than one or more of the Company’s subsidiaries, or 
 (4) any statutory share exchange, 
 in each case as a result of which holders of Common Stock are
entitled to receive stock, other securities, other property or assets (including cash or any combination thereof) with respect to or in exchange for Common Stock, the Company or the successor or purchasing corporation, as the case may be, shall
execute with the Trustee a supplemental indenture (which shall comply with the TIA as in force at the date of execution of such supplemental indenture if such supplemental indenture is then required to so comply) providing that the Holders of the
Securities then outstanding will be entitled thereafter to convert such Securities into the kind and amount of shares of stock, other securities or other property or assets (including cash or any combination thereof) which they would have owned or
been entitled to receive upon such Business Combination had such Securities been converted into Common Stock immediately prior to such Business Combination, except that such Holders will not receive the Make Whole Premium if such Holder does not
convert its Securities “in connection with” the relevant Make-Whole Fundamental Change. A conversion of the Securities by a Holder will be deemed for these purposes to be “in connection with” a Make-Whole Fundamental Change if
the notice of such conversion is provided in compliance with Section 4.02(a) to the Conversion Agent on or subsequent to the Fundamental Change Effective Date but before the close of business on the Business Day immediately preceding the
related Fundamental Change Repurchase Date. In the event holders of Common Stock have the opportunity to elect the form of consideration to be received in such Business Combination, the Company shall make adequate provision whereby the Holders of
the Securities shall have a reasonable opportunity to determine the form of consideration into which all of the Securities, treated as a single class, shall be convertible from and after the effective date of such Business Combination. Such
determination shall be (i) based on the weighted average of elections made by Holders of the Securities who participate in such determination, (ii) subject to any limitations to which all of the holders of the Common Stock are subject,
such as pro-rata reductions applicable to any portion of the consideration payable in such Business Combination and (iii) conducted in such a manner as to be completed by the date which is the earliest of (a) the deadline for elections to
be made by shareholders of the Company, and (b) two Trading Days prior to the anticipated effective date of the Business Combination. The Company shall provide notice of the opportunity to determine the form of such consideration, as well as
notice of the determination made by Holders of the Securities (and the weighted average of elections), by posting such notice with DTC and providing a copy of such notice to the Trustee. In the event the effective date of the Business Combination is
delayed beyond the initially anticipated effective date, Holders of the Securities shall be given the opportunity to make subsequent similar determinations in regard to such delayed effective date. The Company may not become a party to any such
transaction unless its terms are consistent with this Section 4.10. Such supplemental indenture shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments provided for in this Article IV. If,
in the case of any such Business Combination, the stock or other securities and assets receivable thereupon by a holder of shares of Common Stock includes shares of stock or other securities and assets of a corporation other than the successor or
purchasing corporation, as the case may be, in such 

  
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Business Combination, then such supplemental indenture shall also be executed by such other corporation and shall contain such additional provisions to protect the interests of the Holders of the
Securities as the Board of Directors shall reasonably consider necessary by reason of the foregoing, including to the extent practicable the provisions providing for the repurchase rights set forth in Article III hereof. Notwithstanding
anything contained in this Section, and for the avoidance of doubt, this Section shall not affect the right of a Holder to convert its Securities into shares of Common Stock prior to the effective date of the Business Combination. 

Section 4.11 Trustee’s Disclaimer. 
 (a) The Trustee shall have no duty to determine when an adjustment under this Article IV should be made, how it should be made or what such adjustment should be, but may accept as conclusive evidence
of that fact or the correctness of any such adjustment, and shall be protected in relying upon, an Officers’ Certificate and Opinion of Counsel, including the Officers’ Certificate with respect thereto which the Company is obligated to
file with the Trustee pursuant to Section 4.08. The Trustee makes no representation as to the validity or value of any securities or assets issued upon conversion of Securities, and the Trustee shall not be responsible for the Company’s
failure to comply with any provisions of this Article IV. 
 (b) The Trustee shall not be under any responsibility to
determine the correctness of any provisions contained in any supplemental indenture executed pursuant to Section 4.10, but may accept as conclusive evidence of the correctness thereof, and shall be fully protected in relying upon, the
Officers’ Certificate and Opinion of Counsel, with respect thereto which the Company is obligated to file with the Trustee pursuant to Section 11.04. 
 Section 4.12 Voluntary Increase. 
 The Company from time to time may
increase the Conversion Rate, to the extent permitted by law, by any amount for any period of time if the period is at least 20 Business Days, and the Company provides 15 days’ prior written notice to any increase in the Conversion Rate to the
Trustee and Holders. The Company may also make such an increase to the Conversion Rate as the Board of Directors determines would avoid or diminish income tax to holders of shares of Common Stock in connection with a dividend or distribution of
stock (or rights to acquire stock) or from any event treated as such for income tax purposes. 
 Notwithstanding the foregoing
paragraph, in no event will the total number of shares of Common Stock issuable upon conversion of a Security exceed 116.2790 per $1,000 principal amount, subject to proportional adjustment in the same manner as the Conversion Rate as set forth
in clauses (1) and (2) of Section 4.06(a) hereof. 

  
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 ARTICLE V 
 COVENANTS 
 Section 5.01 Payment Of Securities. 

(a) The Company shall promptly make all payments in respect of the Securities on the dates and in the manner provided in the Securities
and this Indenture. A payment of principal or interest shall be considered paid on the date it is due if the Paying Agent (other than the Company) holds by 12:00 p.m. (noon), New York City time, on that date money, deposited by or on behalf of
the Company sufficient to make the payment. Subject to Section 4.02, accrued and unpaid interest on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose
name that Security is registered at the close of business on the Regular Record Date for such interest at the office or agency of the Company maintained for such purpose. Principal, Redemption Price, Put Right Purchase Price, Fundamental Change
Repurchase Price, and interest, in each case if payable, shall be considered paid on the applicable date due if on such date (or, in the case of Put Right Purchase Price or Fundamental Change Repurchase Price, on the Business Day following the
applicable Put Right Purchase Date or Fundamental Change Repurchase Date, as the case may be) the Trustee or the Paying Agent holds, in accordance with this Indenture, money sufficient to pay all such amounts then due. 

(b) Payment of the principal of and interest, if any, on the Securities shall be made at the office or agency of the Company maintained
for that purpose at the Corporate Trust Office of the Trustee in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the
option of the Company payment of interest may be made through the Paying Agent by check mailed to the address of the Person entitled thereto as such address appears in the Register; provided further that a Holder with an aggregate principal amount
in excess of $2,000,000 will be paid by wire transfer in immediately available funds at the election of such Holder if such Holder has provided wire transfer instructions to the Trustee at least 10 Business Days prior to the payment date. Any wire
transfer instructions received by the Trustee will remain in effect until revoked by the Holder. 
 Section 5.02 SEC and
Other Reports. 
 (a) The Company shall file all reports and other information and documents which it is required to file
with the SEC pursuant to Section 13 or 15(d) of the Exchange Act, and within 15 days after it files them with the SEC, the Company shall file copies of all such reports, information and other documents with the Trustee; provided that any such
reports, information and documents filed with the SEC pursuant to its Electronic Data Gathering, Analysis and Retrieval (or EDGAR) system shall be deemed to be filed with the Trustee. The Company also shall comply with the provisions of TIA
Section 314(a). 
 (b) Delivery of such reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive 

  
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notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates). 
 Section 5.03 Compliance Certificates.

 The Company shall deliver to the Trustee, within 120 days after the end of each fiscal year of the Company (beginning with the
fiscal year ending September 25, 2011), an Officers’ Certificate as to the signer’s knowledge of the Company’s compliance with all conditions and covenants on its part contained in this Indenture and stating whether or not the
signer knows of any Default or Event of Default. If such signer knows of such a Default or Event of Default, the Officers’ Certificate shall describe the Default or Event of Default and the efforts to remedy the same. For the purposes of this
Section 5.03, compliance shall be determined without regard to any grace period or requirement of notice provided pursuant to the terms of this Indenture. 
 Section 5.04 Further Instruments And Acts. 
 Upon request of the
Trustee, the Company will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purposes of this Indenture. 

Section 5.05 Maintenance Of Corporate Existence. 
 Subject to Article VI, the Company will do or cause to be done all things necessary to preserve and keep in full force and effect its corporate existence. 

Section 5.06 Stay, Extension And Usury Laws. 
 The Company covenants (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay,
extension or usury law or other law which would prohibit or forgive the Company from paying all or any portion of the principal of or accrued but unpaid interest, if any, on the Securities as contemplated herein, wherever enacted, now or at any time
hereafter in force, or which may affect the covenants or the performance of this Indenture, and the Company (to the extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not, by
resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law had been enacted. 

Section 5.07 Maintenance of Office or Agency. 
 The Company will maintain an office or agency of the Trustee, Registrar and Paying Agent where securities may be presented or surrendered for payment, where Securities may be surrendered for registration
of transfer, purchase or redemption and where notices and demands to or upon the Company in respect of the Securities and this Indenture may be served. The Corporate Trust Office shall initially be one such office or agency for all of the aforesaid
purposes. The Company shall give prompt written notice to the Trustee of the location, and of 

  
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any change in the location, of any such office or agency (other than a change in the location of the office of the Trustee). If at any time the Company shall fail to maintain any such required
office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the address of the Trustee set forth in Section 11.02. 

The Company may also from time to time designate one or more other offices or agencies where the Securities may be presented or
surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Company of its obligation to maintain an office or
agency. 
 ARTICLE VI 
 CONSOLIDATION; MERGER; CONVEYANCE; TRANSFER OR LEASE 
 Section 6.01
Company May Consolidate, Etc., Only On Certain Terms. 
 The Company may not consolidate with or merge into any
Person or convey, transfer or lease the property and assets, substantially as an entirety, of the Company to another Person, other than to one or more of the Company’s wholly-owned subsidiaries, unless: 

(1) the Person (if other than the Company) formed by such consolidation or into which the Company is merged, or the Person
which acquires by conveyance, transfer or lease all or substantially all of the properties and assets of the Company, shall (i) be a corporation organized and existing under the laws of the United States of America or any State thereof or the
District of Columbia and (ii) such Person (if other than the Company) expressly assumes, by an indenture supplemental hereto, executed and delivered to the Trustee, the obligations of the Company under the Securities and this Indenture and the
performance or observance of every covenant and provision of this Indenture and the Securities required on the part of the Company to be performed or observed and the conversion rights shall be provided for in accordance with Article IV, by
supplemental indenture executed and delivered to the Trustee, by the Person (if other than the Company) formed by such consolidation or into which the Company shall have been merged or by the Person which shall have acquired the Company’s
assets; 
 (2) after giving effect to such transaction, no Event of Default, and no event which, after notice or
lapse of time or both, would become an Event of Default, shall have occurred and be continuing; and 
 (3) if the
Company will not be the resulting or surviving corporation, the Company shall have, at or prior to the effective date of such consolidation, merger or transfer, delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each
stating that such consolidation, merger or transfer complies with this Article VI and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture complies with this Article VI, and that all
conditions precedent herein provided for relating to such transaction have been complied with. 

  
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 Section 6.02 Successor Substituted. 

Upon any consolidation of the Company with, or merger of the Company into, any other Person or any conveyance, transfer or lease
substantially as an entirety, of the properties and assets of the Company and its Subsidiaries, taken as a whole, in accordance with Section 6.01, the successor Person formed by such consolidation or into which the Company is merged or to which
such conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein,
and thereafter, except in the case of a lease, and except for obligations the predecessor Person may have under a supplemental indenture, the predecessor Person shall be relieved of all obligations and covenants under this Indenture and the
Securities. 
 ARTICLE VII 
 DEFAULT AND REMEDIES 
 Section 7.01 Events Of Default. 

(a) An “Event of Default” shall occur if: 

(1) the Company shall fail to pay when due the Principal or any Redemption Price, Put Right Purchase Price or Fundamental
Change Repurchase Price of any Security, when the same becomes due and payable whether at the Final Maturity Date, upon redemption, repurchase, acceleration or otherwise; or 

(2) the Company shall fail to pay an installment of cash interest on any of the Securities, which failure continues for 30
days after the date when due; or 
 (3) the Company shall fail to deliver when due any consideration payable upon
conversion of the Securities, which failure continues for 15 days; or 
 (4) the Company shall fail to perform or
observe (or obtain a waiver with respect to) any other term, covenant or agreement contained in the Securities or this Indenture for a period of 60 days after receipt by the Company of a Notice of Default specifying such failure; or 

(5) default in the payment of principal by the end of any applicable grace period or resulting in acceleration of other
indebtedness of the Company for borrowed money where the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $25 million and such acceleration has not been rescinded or annulled or such indebtedness
repaid within a period of 30 days after receipt of a Notice of Default, provided that if any such default is cured, waived, rescinded or annulled, then the Event of Default by reason thereof would be deemed not to have occurred; or 

  
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 (6) the Company pursuant to or within the meaning of any Bankruptcy Law:

 (A) commences as a debtor a voluntary case or proceeding; or 

(B) consents to the entry of an order for relief against it in an involuntary case or proceeding or the commencement of
any case against it; 
 (C) consents to the appointment of a Receiver of it or for all or substantially all of
its property; or 
 (D) makes a general assignment for the benefit of its creditors; 

(E) files a petition in bankruptcy or answer or consent seeking reorganization or relief; or 

(F) consents to the filing of such a petition or the appointment of or taking possession by a Receiver; or 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) grants relief against the Company in an involuntary case or proceeding or adjudicates the Company insolvent or
bankrupt; 
 (B) appoints a Receiver of the Company or for all or substantially all of the property of the
Company; or 
 (C) orders the winding up or liquidation of the Company; 

and in each case the order or decree remains unstayed and in effect for 60 consecutive days. 

The term “Bankruptcy Law” means Title 11 of the United States Code (or any successor thereto) or any similar federal or
state law for the relief of debtors. The term “Receiver” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 

(b) Notwithstanding Section 7.01(a), no Event of Default under clauses (4) or (5) of Section 7.01(a) shall occur
until the Trustee notifies the Company in writing, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee in writing, of the Default (a “Notice of Default”), and
the Company does not cure the Default within the time specified in clause (4) or (5) of Section 7.01(a), as applicable, after receipt of such notice. A notice given pursuant to this

  
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Section 7.01 shall be given by registered or certified mail, must specify the Default, demand that it be remedied and state that the notice is a Notice of Default. When any Default under
this Section 7.01 is cured, it ceases. 
 (c) The Company will deliver to the Trustee, within five Business Days after
becoming aware of the occurrence of a Default or Event of Default, written notice thereof. 
 The Trustee shall not be charged
with knowledge of any Event of Default unless written notice thereof shall have been given to a Trust Officer with responsibility for this Indenture at the Corporate Trust Office of the Trustee by the Company, a Paying Agent, any Holder or any agent
of any Holder or unless a Trust Officer with responsibility for this Indenture acquires actual knowledge of such Event of Default in the course of performing other duties pursuant to this Indenture. 

Section 7.02 Acceleration. 
 If an Event of Default (other than an Event of Default specified in clauses (6) or (7) of Section 7.01(a)) occurs and is continuing with respect to the Company, the Trustee may, by notice
to the Company, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding may, by notice to the Company and the Trustee, declare the principal amount and accrued and unpaid interest, if any, through the date of
declaration on all the Securities to be immediately due and payable. Upon such a declaration, such principal amount and such accrued and unpaid interest, if any, shall be due and payable immediately. If an Event of Default specified in
Section 7.01(a)(6) or (7) occurs in respect of the Company and is continuing, the principal amount and accrued but unpaid interest, if any, on all the Securities shall become and be immediately due and payable without any declaration or
other act on the part of the Trustee or any Holders of Securities. The Holders of a majority in aggregate principal amount of the Securities then outstanding by notice to the Trustee may rescind an acceleration and its consequences if (a) all
existing Events of Default, other than the nonpayment of the principal of the Securities which have become due solely by such declaration of acceleration, have been cured or waived; (b) the rescission would not conflict with any judgment or
decree of a court of competent jurisdiction; and (c) all payments due to the Trustee and any predecessor Trustee under Section 8.07 have been made. No such rescission shall affect any subsequent Default or impair any right consequent
thereto. 
 Section 7.03 Other Remedies.
 (a) If an Event of Default occurs and is continuing, the Trustee may, but shall not be obligated to, pursue any available remedy by proceeding at law or in equity to collect payment of the principal
amount and accrued and unpaid interest, if any, on the Securities or to enforce the performance of any provision of the Securities or this Indenture. 
 (b) The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not produce any of them in the proceeding. A delay or omission by the Trustee or any Holder in
exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is exclusive of any other remedy. All available remedies are
cumulative to the extent permitted by applicable law. 

  
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 Section 7.04 Waiver Of Defaults And Events Of Default.

Subject to Sections 7.07 and 10.02, the Holders of a majority in aggregate principal amount of the Securities then outstanding by
notice to the Trustee may waive an existing Default or Event of Default and its consequences, except an uncured Default or Event of Default in the payment of the principal of, premium, if any, or any accrued but unpaid interest on any Security, an
uncured failure by the Company to convert any Securities into Common Stock or any Default or Event of Default in respect of any provision of this Indenture or the Securities which, under Section 10.02, cannot be modified or amended without the
consent of the Holder of each Security affected. When a Default or Event of Default is waived, it is cured and ceases. 

Section 7.05 Control By Majority.
 The Holders of a majority in aggregate principal amount of the Securities then outstanding may direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or
exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture, that the Trustee determines may be unduly prejudicial to the rights of another Holder or the Trustee,
or that may involve the Trustee in personal liability unless the Trustee is offered security or indemnity satisfactory to it; provided, however, that the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction. 
 Section 7.06 Limitations On Suits.

(a) A Holder may not pursue any remedy with respect to this Indenture or the Securities (except actions for payment of overdue principal,
premium, if any, or interest or for the conversion of the Securities pursuant to Article IV) unless: 
 (1)
the Holder gives to the Trustee written notice of a continuing Event of Default; 
 (2) the Holders of at least
25% in aggregate principal amount of the then outstanding Securities make a written request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer to the Trustee reasonable security or indemnity to the Trustee against any loss, liability or expense; 

(4) the Trustee does not comply with the request within 60 days after receipt of the request and the offer of security or
indemnity; and 
 (5) no direction inconsistent with such written request has been given to the Trustee during
such 60-day period by the Holders of a majority in aggregate principal amount of the Securities then outstanding. 

  
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 (b) No Holder of a Security shall have any right under any provision of this Indenture or
the Securities to affect, disturb, or prejudice the rights of another Holder of a Security or to obtain a preference or priority over another Holder of a Security. 
 Section 7.07 Rights Of Holders To Receive Payment And To Convert.

Notwithstanding any other provision of this Indenture, the right of any Holder of a Security to receive payment of the principal amount,
Redemption Price, Put Right Purchase Price, Fundamental Change Repurchase Price, or Make-Whole Premium and interest, if any, in respect of the Securities held by such Holder, on or after the respective due dates expressed in the Securities and this
Indenture, (whether upon redemption, repurchase, or otherwise), and to convert such Security in accordance with Article IV, and to bring suit for the enforcement of any such payment on or after such respective due dates or for the right to
convert in accordance with Article IV, is absolute and unconditional and shall not be impaired or affected without the consent of the Holder. 
 Section 7.08 Collection Suit By Trustee.
 If an Event of Default
described in clause (1) or (2) of Section 7.01(a) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company or another obligor on the Securities for the whole
amount owing with respect to the Securities and such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel. 
 Section 7.09 Trustee May File Proofs Of Claim.

The Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Company (or any other obligor on the
Securities), its creditors or its property and shall be entitled and empowered to collect and receive any money or other property payable or deliverable on any such claims and to distribute the same, and any Receiver in any such judicial proceeding
is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the compensation,
reasonable expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 8.07, and to the extent that such payment of the compensation, reasonable expenses, disbursements and
advances in any such proceedings shall be denied for any reason, payment of the same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other property which the Holders may be
entitled to receive in such proceedings, whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to, or, on behalf of any
Holder, to authorize, accept or adopt any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any
such proceeding. 

  
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 Section 7.10 Priorities.

(a) If the Trustee collects any money or property pursuant to this Article VII, it shall pay out the money or property in the
following order: 
 (1) First, to the Trustee for amounts due under Section 8.07; 

(2) Second, to Holders for amounts due and unpaid on the Securities for the principal amount, and interest, as applicable,
ratably, without preference or priority of any kind, according to such respective amounts due and payable on the Holders’ Securities; 
 (3) Third, to such other Person or Persons, if any, to the extent entitled thereto; and 
 (4) Fourth, the balance, if any, to the Company. 
 (b) The Trustee
may fix a record date and payment date for any payment to Holders pursuant to this Section 7.10. 
 Section 7.11
Undertaking For Costs.
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees and expenses, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 7.11 does not
apply to a suit made by the Trustee, a suit by a Holder pursuant to Section 7.07, or a suit by Holders of more than 10% in aggregate principal amount of the Securities then outstanding. This Section 7.11 shall be in lieu of
Section 315(e) of the TIA and such Section 315(e) is hereby expressly excluded from this Indenture, as permitted by the TIA. 
 ARTICLE VIII 
 TRUSTEE 

Section 8.01 Obligations Of Trustee.
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture and use the same degree of care and skill in its exercise
as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

  
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 (b) Except during the continuance of an Event of Default: 

(1) the Trustee need perform only those duties as are specifically set forth in this Indenture and no others; and

 (2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. The Trustee, however, shall examine any certificates and opinions which by
any provision hereof are specifically required to be delivered to the Trustee to determine whether or not they conform to the requirements of this Indenture, but need not confirm or investigate the accuracy of mathematical calculations or other
facts stated therein. 
 This Section 8.01(b) shall be in lieu of Section 315(a) of the TIA and such
Section 315(a) is hereby expressly excluded from this Indenture, as permitted by the TIA. 
 (c) The Trustee may not be
relieved from liability for its own gross negligent action, its own gross negligent failure to act, or its own willful misconduct, except that: 
 (1) this paragraph does not limit the effect of Section 8.01(b); 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts; and

 (3) the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in
accordance with a direction received by it pursuant to Section 7.05. 
 This Section 8.01(c) shall be in lieu of
Sections 315(d)(1), 315(d)(2) and 315(d)(3) of the TIA and such Sections are hereby expressly excluded from this Indenture as permitted by the TIA. 
 (d) No provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise
of any of its rights or powers unless the Trustee shall have received adequate security or indemnity in its opinion against potential costs and liabilities incurred by it relating thereto. 

(e) Every provision of this Indenture that in any way relates to the Trustee is subject to subsections (a), (b), (c) and (d) of
this Section 8.01. 
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee
may agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

  
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 Section 8.02 Rights Of Trustee.

(a) Subject to Section 8.01: 
 (1) The Trustee may rely conclusively on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in
the document. 
 (2) Before the Trustee acts or refrains from acting, it may require an Officers’
Certificate, an Opinion of Counsel or both, which shall conform to Section 11.04(b). The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel.

 (3) The Trustee may act through its agents and shall not be responsible for the misconduct or negligence of
any agent appointed with due care. 
 (4) The Trustee shall not be liable for any action it takes or omits to
take in good faith which it believes to be authorized or within its rights or powers. 
 (5) The Trustee may
consult with counsel of its selection, and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection in respect of any such action taken, omitted or suffered by it hereunder in good faith and
in accordance with the advice or opinion of such counsel. 
 (6) The Trustee shall be under no obligation to
exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee
against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 
 (7) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent,
order, bond, debenture, note, other evidence of indebtedness or other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall
determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole cost of the Company, and shall incur no liability or additional
liability of any kind by reason of such inquiry or investigation. 
 (8) The Trustee shall not be deemed to have
notice of any Default or Event of Default unless a Trust Officer of the Trustee responsible for this Indenture has actual knowledge thereof or unless written notice of any event which is in fact such a Default is received by the Trustee at the
Corporate Trust Office, and such notice references the Securities and this Indenture. 

  
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 (9) The rights, privileges, protections, immunities and benefits given to
the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, including, without limitation as Paying Agent, Registrar and Conversion Agent,
and to each agent, custodian and other Person employed to act hereunder. The Trustee may appoint an agent, with the approval of the Company, to perform such calculations as the Conversion Agent hereunder may be required to perform. 

(10) In no event shall the Trustee, including in its capacity as Paying Agent, Registrar or Conversion Agent or in any
other capacity hereunder, be liable under or in connection with this Indenture for indirect, special, incidental, punitive or consequential losses or damages of any kind whatsoever, including but not limited to lost profits, whether or not
foreseeable, even if the Trustee has been advised of the possibility thereof and regardless of the form of action in which such damages are sought. 
 (11) The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified herein. 

Section 8.03 Individual Rights Of Trustee.
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or an Affiliate of the Company with the same rights it would have
if it were not Trustee. Any Agent may do the same with like rights. However, the Trustee is subject to Sections 8.10 and 8.11. 
 Section 8.04 Trustee’s Disclaimer.
 The Trustee makes no
representation as to the validity or adequacy of this Indenture or the Securities. It shall not be responsible for any statement in the Securities other than its certificate of authentication. 

Section 8.05 Notice Of Default Or Events Of Default.
 If a Default or an Event of Default occurs and is continuing and if it is known to a Trust Officer of the Trustee responsible for this Indenture, the Trustee shall mail to each Holder of a Security notice
of all uncured Defaults or Events of Default known to it within 90 days after it occurs or, if later, within 15 days after it becomes known to the Trustee. However, the Trustee may withhold the notice if and for so long as a committee of its Trust
Officers in good faith determines that withholding notice is in the interests of Holders of Securities, except in the case of a Default or an Event of Default in payment of the principal of, or premium, if any, or interest on any Security when due
or in the payment of any redemption or purchase obligation, or the Company’s failure to convert Securities when obligated to convert them. This Section 8.05 is in lieu of section 315(b) of the TIA and such provision is expressly excluded
from this Indenture as permitted by the TIA. 

  
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 Section 8.06 Reports By Trustee To Holders.

(a) If a report is required by TIA Section 313, within 60 days after each May 15, beginning with the May 15 following the
date of this Indenture, the Trustee shall mail to each Holder of Securities a brief report dated as of such May 15 that complies with TIA Section 313(a). If required by TIA Section 313, the Trustee also shall comply with TIA
Sections 313(b)(2) and (c). 
 (b) A copy of each report at the time of its mailing to Holders of Securities shall be
mailed to the Company and, to the extent required by the TIA, filed with the SEC, and each stock exchange, if any, on which the Securities are listed. The Company shall notify the Trustee in writing whenever the Securities become listed on any stock
exchange or listed or admitted to trading on any quotation system and any changes in the stock exchanges or quotation systems on which the Securities are listed or admitted to trading and of any delisting thereof. 

Section 8.07 Compensation And Indemnity.
 (a) The Company shall pay to the Trustee from time to time such compensation (as agreed to from time to time by the Company and the Trustee in writing) for its services (which compensation shall not be
limited by any provision of law in regard to the compensation of a trustee of an express trust). The Company shall reimburse the Trustee upon request for all reasonable disbursements, expenses and advances incurred or made by it. Such expenses may
include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
 (b) The Company
shall indemnify the Trustee or any predecessor Trustee (which for purposes of this Section 8.07 shall include its officers, directors, employees and agents) for, and hold it harmless against, any and all loss, liability or expense including
taxes (other than taxes based upon, measured by or determined by the income of the Trustee), incurred by it in connection with the acceptance or administration of its duties under this Indenture or any action or failure to act as authorized or
within the discretion or rights or powers conferred upon the Trustee hereunder including the reasonable costs and expenses of the Trustee and its counsel in defending (including reasonable legal fees and expenses) itself against any claim or
liability in connection with the exercise or performance of any of its powers or duties hereunder. The Trustee shall notify the Company promptly of any claim asserted against the Trustee for which it may seek indemnity. The Company need not pay for
any settlement effected without its prior written consent, which shall not be unreasonably withheld. 
 (c) The Company need not
reimburse the Trustee for any expense or indemnify it against any loss or liability incurred by it resulting from its gross negligence, willful misconduct or bad faith. 
 (d) To secure the Company’s payment obligations in this Section 8.07, the Trustee shall have a senior claim to which the Securities are hereby made subordinate on all

  
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money or property held or collected by the Trustee. The obligations of the Company under this Section 8.07 shall survive the satisfaction and discharge of this Indenture or the resignation
or removal of the Trustee. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in
clauses (6) or (7) of Section 7.01(a) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. The provisions of this Section shall survive the
termination of this Indenture. 
 Section 8.08 Replacement Of Trustee.

(a) The Trustee may resign by so notifying the Company. The Holders of a majority in aggregate principal amount of the Securities then
outstanding may remove the Trustee by so notifying the Trustee and the Company and may, with the Company’s written consent, appoint a successor Trustee. The Company may remove the Trustee at any time, so long as no Default or Event of Default
has occurred and is continuing, and appoint a Successor Trustee in accordance with this Section 8.08. 
 (b) If the Trustee
resigns or is removed or if a vacancy exists in the office of Trustee for any reason, the Company shall promptly appoint a successor Trustee. The resignation or removal of a Trustee shall not be effective until a successor Trustee shall have
delivered the written acceptance of its appointment as described below. 
 (c) If a successor Trustee does not take office
within 45 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of 10% in principal amount of the Securities then outstanding may petition any court of competent jurisdiction for the appointment of a
successor Trustee at the expense of the Company. 
 (d) If the Trustee fails to comply with Section 8.10, any Holder may
petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
 (e) A
successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee, subject to
the rights set forth in Section 8.07, and be released from its obligations (exclusive of any liabilities that the retiring Trustee may have incurred while acting as Trustee) hereunder, the resignation or removal of the retiring Trustee shall
become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. A successor Trustee shall mail notice of its succession to each Holder. 

(f) A retiring Trustee shall not be liable for the acts or omissions of any successor Trustee after its succession. 

(g) Notwithstanding replacement of the Trustee pursuant to this Section 8.08, the Company’s obligations under Section 8.07
shall continue for the benefit of the retiring Trustee. 

  
 -59-

 Section 8.09 Successor Trustee By Merger, Etc.

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust business
(including the administration of this Indenture) to, another corporation, the resulting, surviving or transferee corporation, without any further act, shall be the successor Trustee; provided such transferee corporation shall qualify and be eligible
under Section 8.10. Such successor Trustee shall promptly mail notice of its succession to the Company and each Holder. 

Section 8.10 Eligibility; Disqualification.
 The Trustee shall always satisfy the requirements of paragraphs (1), (2) and (5) of TIA Section 310(a). The Trustee (or its parent holding company) shall have a combined capital and
surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. If at any time the Trustee shall cease to satisfy any such requirements, it shall resign immediately in the manner and with the effect specified in
this Article VIII. The Trustee shall be subject to the provisions of TIA Section 310(b). Nothing herein shall prevent the Trustee from filing with the SEC the application referred to in the penultimate paragraph of TIA Section 310(b).

 Section 8.11 Preferential Collection Of Claims Against Company.

The Trustee shall comply with TIA Section 311(a), excluding any creditor relationship listed in TIA Section 311(b). A Trustee
who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated therein. 
 ARTICLE IX

 SATISFACTION AND DISCHARGE OF INDENTURE 
 Section 9.01 Satisfaction And Discharge Of Indenture.
 (a) This
Indenture shall cease to be of further force and effect (except as to any surviving rights of conversion, registration of transfer or exchange of Securities herein expressly provided for and except as further provided below), and the Trustee, on
demand of and at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture, when either: 
 (A) all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 2.07
and (ii) Securities for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 9.03) have been delivered to the Trustee for cancellation; or 

  
 -60-

 (B) all such Securities not theretofore delivered to the Trustee for
cancellation, 
 (i) have become due and payable, 

(ii) will become due and payable at the Final Maturity Date within one year, or 

(iii) are to be called for redemption within one year under arrangements reasonably satisfactory to the Trustee for the
giving of notice of redemption by the Trustee in the name, and at the expense, of the Company; 
 provided in the case of
clause (B), that 
 (1) the Company has deposited with the Trustee or a Paying Agent (other than the Company
or any of its Affiliates) as trust funds in trust for the purpose of and in an amount sufficient to pay and discharge all indebtedness related to such Securities not theretofore delivered to the Trustee for cancellation, for principal and interest
to the date of such deposit (in the case of Securities which have become due and payable) or to the Final Maturity Date or Redemption Date, as the case may be. In the event that the Company exercises its right to redeem the Securities as provided in
Article III, the Company shall have the right to withdraw its funds previously deposited with the Trustee or Paying Agent pursuant to the immediately preceding sentence; 

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

(3) the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein relating to the satisfaction and discharge of this Indenture have been complied with. 
 (b)
Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company with respect to the conversion privilege and the Conversion Rate of the Securities pursuant to Article IV, the obligations of the Company to the
Trustee under Section 8.07 and, if money shall have been deposited with the Trustee pursuant to clause (2) of Section 9.01(a), the provisions of Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.12, 5.01 and 11.05, Article IV, and
this Article IX, shall survive until the Securities have been paid in full. 
 Section 9.02 Application Of Trust
Money.
 Subject to the provisions of Section 9.03, the Trustee or a Paying Agent shall hold in trust, for the benefit
of the Holders, all money deposited with it pursuant to Section 9.01 and shall apply the deposited money in accordance with this Indenture and the Securities to the payment of the principal of and interest on the Securities. 

  
 -61-

 Section 9.03 Repayment To Company.

(a) The Trustee and each Paying Agent shall promptly pay to the Company upon request any excess money (1) deposited with them
pursuant to Section 9.01 and (2) held by them at any time. 
 (b) The Trustee and each Paying Agent shall, subject to
applicable abandonment property laws, pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years after a right to such money has matured; provided, however, that
the Trustee or such Paying Agent, before being required to make any such payment, may at the expense of the Company cause to be mailed to each Holder entitled to such money notice that such money remains unclaimed and that after a date specified
therein, which shall be at least 30 days from the date of such mailing, any unclaimed balance of such money then remaining will be repaid to the Company. After payment to the Company, Holders entitled to money must look to the Company for payment as
general creditors unless an applicable abandoned property law designates another person. 
 Section 9.04
Reinstatement.
 (a) If the Trustee or any Paying Agent is unable to apply any money in accordance with Section 9.02
by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Company’s obligations under this Indenture and the
Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 9.01 until such time as the Trustee or such Paying Agent is permitted to apply all such money in accordance with Section 9.02;
provided, however, that if the Company has made any payment of the principal of or interest on any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such
Securities to receive any such payment from the money held by the Trustee or such Paying Agent. 
 (b) If pursuant to the last
sentence of Section 9.01(a)(1), the Company withdraws its previously deposited funds as a result of its exercise of its redemption right, the Company’s obligations under this Indenture and the Securities shall be revived and reinstated as
though no deposit has occurred pursuant to Section 9.01. 

  
 -62-

 ARTICLE X 
 AMENDMENTS; SUPPLEMENTS AND WAIVERS 
 Section 10.01 Without Consent Of
Holders. The Company and the Trustee may amend or supplement this Indenture or the Securities without notice to or consent of any Holder of a Security for the purpose of: 
 (a) evidencing a successor to the Company and the assumption by that successor of the Company’s obligations under this Indenture and the Securities; 

(b) adding to the Company’s covenants for the benefit of the Holders or surrendering any right or power conferred upon the Company;

 (c) securing the Company’s obligations in respect of the Securities; 

(d) evidencing and providing for the acceptance of the appointment of a successor trustee in accordance with Article VIII;

 (e) complying with the requirements of the SEC in order to effect or maintain the qualification of this Indenture under the
TIA, as contemplated by this Indenture or otherwise; 
 (f) complying with the provisions of any securities depositary, clearing
agency, clearing corporation or clearing system, or the requirements of the Trustee or Registrar, relating to transfers and exchanges of the Securities pursuant to this Indenture; 

(g) making provision with respect to adjustments to the Conversion Rate as required by this Indenture or to increase the Conversion Rate
in accordance with this Indenture; 
 (h) curing any ambiguity, omission, inconsistency or correcting or supplementing any
defective provision contained in this Indenture; or 
 (i) modifying any other provisions of this Indenture in any manner that
will not adversely affect the interests of the Holders in any material respect. 
 Section 10.02 With Consent Of
Holders.
 (a) The Company and the Trustee may amend or supplement this Indenture or the Securities with the written consent
of the Holders of at least a majority in aggregate principal amount of the Securities then outstanding. However, subject to Section 10.04, without the written consent of each Holder affected, an amendment, supplement or waiver may not:

 (1) alter the manner of calculation or rate of accrual of interest on any Security or change the time of
payment of any installment of interest on, or with respect to, any Security; 

  
 -63-

 (2) make any of the Securities payable in money or securities other than
that stated in the Securities; 
 (3) change the stated maturity of any Security; 

(4) reduce the principal amount, Redemption Price, Put Right Purchase Price, or Fundamental Change Repurchase Price or any
Make Whole Premium payable (as applicable) with respect to any of the Securities, or the amount payable upon redemption or purchase pursuant to Article III, with respect to any Security; 

(5) make any change that adversely affects the rights of a Holder to convert any of the Securities in any material
respect; 
 (6) make any change that adversely affects the rights of Holders to require the Company to purchase
Securities at the option of Holders; 
 (7) impair the right to institute suit for the enforcement of any payment
on or with respect to any Security or with respect to the conversion of any Security; 
 (8) change the currency
of payment of principal of, or interest on, the Securities; or 
 (9) reduce the percentage in aggregate
principal amount of Securities outstanding necessary to modify or amend this Indenture or to waive any past Default or Event of Default. 
 (b) Without limiting the provisions of Section 10.02(a) hereof, the Holders of a majority in principal amount of the Securities then outstanding may, on behalf of all the Holders of all Securities,
(i) waive compliance by the Company with the restrictive provisions of this Indenture, and (ii) waive any past Default or Event of Default under this Indenture and its consequences, except an uncured failure to pay when due the principal
amount, accrued and unpaid interest, Redemption Price, Put Right Purchase Price or Fundamental Change Repurchase Price, or in the obligation to deliver any consideration due upon conversion, or in respect of any provision which under this Indenture
cannot be modified or amended without the consent of the Holder of each outstanding Security affected. 
 (c) It is not
necessary for the consent of the Holders of Securities under this Section 10.02 to approve the particular form of any proposed amendment, supplement or waiver, but is sufficient if such consent approves the substance thereof. 

(d) After an amendment, supplement or waiver under this Section 10.02 becomes effective, the Company shall promptly mail to the
Holders affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company to mail such notice, or any defect therein, shall not, however, in any way impair or affect the validity of any such amendment,
supplement or waiver. 

  
 -64-

 Section 10.03 Compliance With Trust Indenture Act.

Every amendment to or supplement of this Indenture or the Securities shall comply with the TIA as in effect at the date of such amendment
or supplement. 
 Section 10.04 Revocation And Effect Of Consents.

(a) Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder and
every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on any Security. However, any such Holder or subsequent Holder may
revoke the consent as to its Security or portion of a Security if the Trustee receives the notice of revocation before the date the amendment, supplement or waiver becomes effective. 

(b) After an amendment, supplement or waiver becomes effective, it shall bind every Holder of a Security. 

Section 10.05 Notation On Or Exchange of Securities.
 If an amendment, supplement or waiver changes the terms of a Security, the Trustee may require the Holder of the Security to deliver it to the Trustee. The Trustee may place an appropriate notation on the
Security about the changed terms and return it to the Holder. Alternatively, if the Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the
changed terms. 
 Section 10.06 Trustee To Sign Amendments, Etc.

The Trustee shall sign any amendment or supplemental indenture authorized pursuant to this Article X if the amendment or supplemental
indenture does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may, in its sole discretion, but need not sign it. In signing or refusing to sign such amendment or supplemental indenture, the
Trustee shall be entitled to receive and, subject to Section 8.01, shall be fully protected in relying upon, an Officers’ Certificate and Opinion of Counsel stating that such amendment or supplemental indenture is authorized or permitted
by this Indenture. The Company may not sign an amendment or supplement indenture until the Board of Directors approves it. 

Section 10.07 Effect Of Supplemental Indentures.
 Upon the execution of any supplemental indenture under this Article X, this Indenture shall be modified in accordance therewith, and such supplemental indenture shall form a part of this Indenture
for all purposes; and every Holder of Securities theretofore or thereafter authenticated and delivered hereunder shall be bound thereby. 

  
 -65-

 ARTICLE XI 
 MISCELLANEOUS 
 Section 11.01 Trust Indenture Act Controls.

If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive,
of the TIA through operation of Section 318(c) thereof, such imposed duties shall control. 
 Section 11.02
Notices.
 Any demand, authorization notice, request, consent or communication shall be given in writing and delivered in
person or mailed by first-class mail, postage prepaid, addressed as follows or transmitted by facsimile transmission (confirmed by delivery in person or mail by first-class mail, postage prepaid, or by guaranteed overnight courier) to the following
facsimile numbers: 
 If to the Company, to: 

Hutchinson Technology Incorporated 

40 West Highland Park 
 Hutchinson, Minnesota 55350-9784 
 Attention: Investor Relations

 Fax: (604) 415-6240 

if to the Trustee, to: 
 Wells Fargo Bank, National Association 
 MAC N9311-110 

625 Marquette Avenue 
 Minneapolis, Minnesota 55479 
 Attention: Hutchinson Administrator

 Such notices or communications shall be effective when received. 

The Company or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or
communications. 
 Any notice or communication mailed to a Holder of a Security shall be mailed by first-class mail or delivered
by an overnight delivery service to it at its address shown on the register kept by the Primary Registrar. 
 Failure to mail a
notice or communication to a Holder of a Security or any defect in it shall not affect its sufficiency with respect to other Holders of Securities. If a notice or communication to a Holder of a Security is mailed in the manner provided above, it is
duly given, whether or not the addressee receives it. 

  
 -66-

 If the Company mails any notice to a Holder of a Security, it shall mail a copy to the
Trustee and each Registrar, Paying Agent and Conversion Agent. 
 Notwithstanding any other provision of this Indenture or any
Security, where this Indenture or any Security provides for notice of any event (including any notice of redemption or repurchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to
the Depositary as such Holder (or its designee) pursuant to the standing instructions from the Depositary or its designee. 

Section 11.03 Communications By Holders With Other Holders.

Holders of Securities may communicate pursuant to TIA Section 312(b) with other Holders of Securities with respect to their rights
under this Indenture or the Securities. The Company, the Trustee, the Registrar and any other person shall have the protection of TIA Section 312(c). 
 Section 11.04 Certificate And Opinion As To Conditions Precedent.
 (a)
Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall furnish to the Trustee at the request of the Trustee: 

(1) an Officers’ Certificate stating that, in the opinion of the signers, all conditions precedent (including any
covenants, compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(2) an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent (including any
covenants, compliance with which constitutes a condition precedent) have been complied with. 
 (b) Each Officers’
Certificate and Opinion of Counsel with respect to compliance with a condition or covenant provided for in this Indenture shall include: 
 (1) a statement that the person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of such person, he or she has made such examination or investigation as is necessary
to enable him or her to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
 -67-

 (4) a statement as to whether or not, in the opinion of such person, such
condition or covenant has been complied with; 
 provided, however, that with respect to matters of fact an Opinion of Counsel may
rely on an Officers’ Certificate or certificates of public officials. 
 Section 11.05 Record Date For Vote Or
Consent Of Holders of Securities.
 The Company (or, in the event deposits have been made pursuant to Section 9.01, the
Trustee) may set a record date for purposes of determining the identity of Holders entitled to vote or consent to any action by vote or consent authorized or permitted under this Indenture, which record date shall not be more than 30 days prior to
the date of the commencement of solicitation of such action. Notwithstanding the provisions of Section 10.04, if a record date is fixed, those persons who were Holders of Securities at the close of business on such record date (or their duly
designated proxies), and only those persons, shall be entitled to take such action by vote or consent or to revoke any vote or consent previously given, whether or not such persons continue to be Holders after such record date. 

Section 11.06 Rules By Trustee, Paying Agent, Registrar And Conversion Agent.

The Trustee may make reasonable rules (not inconsistent with the terms of this Indenture) for action by or at a meeting of Holders. Any
Registrar, Paying Agent or Conversion Agent may make reasonable rules for its functions. 
 Section 11.07 Legal
Holidays.
 A “Legal Holiday” is a Saturday, Sunday or a day on which state or federally chartered banking
institutions in New York, New York or Minneapolis, Minnesota are authorized or obligated to close. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for
the intervening period. If a Regular Record Date is a Legal Holiday, the record date shall not be affected. 

Section 11.08 Governing Law.
 This Indenture and the Securities shall be governed by, and construed in accordance with, the laws of the State of New York. 
 Section 11.09 No Adverse Interpretation Of Other Agreements.
 This
Indenture may not be used to interpret another indenture, loan or debt agreement of the Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 11.10 No Recourse Against Others.
 All liability described in paragraph 17 of the Securities of any director, officer, employee or shareholder, as such, of the Company hereby is waived and released by each of the Holders. 

  
 -68-

 Section 11.11 No Security Interest Created.

Nothing in this Indenture or in the Securities, express or implied, shall be construed to constitute a security interest against the
property of the Company under the Uniform Commercial Code or similar legislation, now in effect or hereafter enacted and made effective, in any jurisdiction. 
 Section 11.12 Successors.
 All agreements of the Company in this
Indenture and the Securities shall bind its successor. All agreements of the Trustee in this Indenture shall bind its successor. 
 Section 11.13 Multiple Counterparts.
 The parties may sign multiple
counterparts of this Indenture. Each signed counterpart shall be deemed an original, but all of them together represent the same agreement. 
 Section 11.14 Separability.
 If any provisions in this Indenture or in
the Securities shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

Section 11.15 Table Of Contents, Headings, Etc.
 The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof,
and shall in no way modify or restrict any of the terms or provisions hereof. 
 [SIGNATURE PAGE FOLLOWS] 

  
 -69-

 IN WITNESS WHEREOF, the parties hereto have hereunto set their hands as of the date and year
first above written. 
  

							
	HUTCHINSON TECHNOLOGY INCORPORATED
		
	By:	 	 /s/ David P. Radloff

		 		 	Name:	 	David P. Radloff
		 		 	Title:	 	Vice President and CFO
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
 solely as Trustee hereunder and not in its individual capacity

		
	By:	 	 /s/ Richard Prokosch

		 		 	Name:	 	Richard Prokosch
		 		 	Title:	 	Vice President

 [Signature Page to
Indenture] 

 EXHIBIT A 
 [FORM OF FACE OF SECURITY] 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (AND ANY PAYMENT HEREON IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY), ANY TRANSFER, PLEDGE OR OTHER
USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS
REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE 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 FORM, THIS SECURITY MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR
ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 

  
 A-1

 HUTCHINSON TECHNOLOGY INCORPORATED 

8.50% Convertible Senior Notes due 2026 
  

			
	 No. [            ]
	 	CUSIP: 448407AG1

 Hutchinson
Technology Incorporated, a Minnesota corporation, promises to pay to Cede & Co. or registered assigns the principal amount of
                                        
($            ) on January 15, 2026. 
 This Security
shall bear interest as specified on the other side of this Security. This Security is convertible as specified on the other side of this Security. 
 Additional provisions of this Security are set forth on the other side of this Security. 
 Dated:

 [SIGNATURE PAGE FOLLOWS] 

  
 A-2

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed. 

 

					
	HUTCHINSON TECHNOLOGY INCORPORATED
		
	By:	 	  

		 	Name:	 	
		 	Title:	 	

 Dated: 
 Trustee’s Certificate of Authentication: This is one of the 
 Securities referred to in the
within-mentioned Indenture. 
 WELLS FARGO BANK, NATIONAL ASSOCIATION, 
 solely as Trustee hereunder and not in its individual capacity 
  

			
	By:	 	  

		 	Authorized Signatory

  
 A-3

 [FORM OF REVERSE SIDE OF SECURITY] 

HUTCHINSON TECHNOLOGY INCORPORATED. 
 CONVERTIBLE SENIOR NOTES DUE 2026 
  

	1.	INTEREST 

 Hutchinson Technology
Incorporated, a Minnesota corporation (the “Company”, which term shall include any successor corporation under the Indenture hereinafter referred to), promises to pay interest on the principal amount of this Security at the rate of
8.50% per annum. The Company shall pay interest semiannually on January 15 and July 15 of each year (each an “Interest Payment Date”), commencing July 15, 2011. Each payment of interest will include interest accrued
through the day before the relevant Interest Payment Date (or purchase or redemption date, as the case may be). Cash interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

No sinking fund is provided for the Securities. 
  

	2.	METHOD OF PAYMENT 

 The Company
shall pay interest on this Security (except defaulted interest) to the person who is the Holder of this Security at the close of business on January 1 or July 1, as the case may be (each, a “Regular Record Date”), next preceding
the related Interest Payment Date. The Holder must surrender this Security to a Paying Agent to collect payment of principal. The Company will pay principal and interest in money of the United States that at the time of payment is legal tender for
payment of public and private debts. The Company may pay principal and interest in respect of any Certificated Security through the Paying Agent by check or wire payable in such money; provided, however, that a Holder with an aggregate
principal amount in excess of $2,000,000 will be paid by wire transfer in immediately available funds at the election of such Holder if such Holder has provided wire transfer instructions to the Trustee at least 10 Business Days prior to the
Interest Payment Date. The Company may mail an interest check to the Holder’s registered address. Notwithstanding the foregoing, so long as this Security is registered in the name of a Depositary or its nominee, all payments hereon shall be
made by wire transfer of immediately available funds to the account of the Depositary or its nominee. 
 Any wire transfer
instructions received by the Trustee will remain in effect until revoked by the Holder. 
  

	3.	PAYING AGENT, REGISTRAR AND CONVERSION AGENT 

 Initially, Wells Fargo Bank, National Association (the “Trustee”, which term shall include any successor trustee under the Indenture hereinafter referred to) will act as Paying Agent, Registrar
and Conversion Agent. The Company may change any Paying Agent, Registrar or Conversion Agent without notice to the Holder. The Company or any of its Subsidiaries may, subject to certain limitations set forth in the Indenture, act as Paying Agent or
Registrar. 

  
 A-4

	4.	INDENTURE, LIMITATIONS 

 This
Security is one of a duly authorized issue of Securities of the Company designated as its 8.50% Convertible Senior Notes Due 2026 (the “Securities”), issued under an Indenture dated as of February 11, 2011 (together with any
supplemental indentures thereto, the “Indenture”), between the Company and the Trustee. The terms of this Security include those stated in the Indenture and those required by or made part of the Indenture by reference to the Trust
Indenture Act of 1939, as amended, as in effect on the date of the Indenture. This Security is subject to all such terms, and the Holder of this Security is referred to the Indenture and said Act for a statement of them. 

The Securities are senior unsecured obligations of the Company. The Indenture does not limit debt of the Company, secured or unsecured.

  

	5.	REDEMPTION AT THE OPTION OF THE COMPANY 

 Prior to January 15, 2013, the Securities shall not be redeemable. The Company may, at its option, redeem the Securities for cash at the Redemption Price, in whole or in part, on any Redemption Date
(or in the case of multiple redemptions, Redemption Dates) fixed by the Company (i) from time to time on or after January 15, 2013 to, but excluding, January 15, 2015, if the Closing Price of the Common Stock equals or exceeds 150% of
the Conversion Price in effect for at least 20 Trading Days during the 30 consecutive Trading Day period ending on the Trading Day immediately prior to the date the Company delivers the redemption notice specified in Section 3.03 of the
Indenture, and (ii) on and after January 15, 2015, at any time and from time to time. The Redemption Price shall equal 100% of the principal amount of the Securities to be redeemed, plus any accrued and unpaid interest to, but excluding,
the Redemption Date; provided, however, that if the Redemption Date falls after a Regular Record Date but on or prior to the corresponding Interest Payment Date, the interest on the Securities payable on such Redemption Date will be
payable to the Holders in whose names the Securities are registered at the close of business on the applicable Regular Record Date. Securities or portions of Securities called for redemption shall be convertible by the Holder until the close of
business on the second Business Day prior to the relevant Redemption Date. 
  

	6.	NOTICE OF REDEMPTION 

 Notice of
redemption, as set forth in Section 3.03 of the Indenture, will be mailed by first-class mail at least 30 days but not more than 60 days before a Redemption Date to each Holder of Securities to be redeemed at its registered address. Securities
in denominations larger than $1,000 may be redeemed in part, but only in whole multiples of $1,000. On and after the Redemption Date, subject to the deposit with the Paying Agent of funds sufficient to pay the Redemption Price, such Securities or
portions of them called for redemption will cease to be outstanding, whether or not the Security is delivered to the Paying Agent, and the rights of the Holder in respect thereof shall cease (other than the right to receive the Redemption Price).

  
 A-5

	7.	PURCHASE OF SECURITIES AT OPTION OF HOLDER UPON A FUNDAMENTAL CHANGE 

 At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to purchase for cash, subject to certain exceptions described in the Indenture, all
or any part specified by the Holder (so long as the principal amount of such part is $1,000 or an integral multiple of $1,000) of the Securities held by such Holder on a date specified by the Company that is not less than 30 nor more than 45 days
after the date of the Fundamental Change Company Notice, at a purchase price equal to 100% of the principal amount thereof together with accrued and unpaid interest, if any, to, but excluding, the Fundamental Change Repurchase Date. The Holder shall
have the right to withdraw any Fundamental Change Repurchase Notice (in whole or in a portion thereof that is $1,000 or an integral multiple of $1,000) at any time prior to the close of business on the Business Day next preceding the Fundamental
Change Repurchase Date by delivering a written notice of withdrawal to the Paying Agent in accordance with the terms of the Indenture. 
  

	8.	PURCHASE OF SECURITIES AT OPTION OF HOLDER ON SPECIFIED DATES 

 At the option of the Holder and subject to the terms and conditions of the Indenture, the Company shall become obligated to purchase for cash all or any part specified by the Holder (so long as the
principal amount of such part is $1,000 or an integral multiple of $1,000) of the Securities held by such Holder on the applicable Put Right Purchase Date at the applicable Put Right Purchase Price. The Holder shall have the right to withdraw any
Put Right Purchase Notice (in whole or in a portion thereof that is $1,000 or an integral multiple of $1,000) at any time prior to the close of business on the Business Day next preceding the Put Right Purchase Date by delivering a written notice of
withdrawal to the Paying Agent in accordance with the terms of the Indenture. 
  

	9.	CONVERSION 

 Subject to and upon
compliance with the provisions of the Indenture, a Holder may surrender for conversion any Security that is $1,000 principal amount or integral multiples thereof. Upon conversion of a Security, the Holder of such Security shall receive a number of
shares of Common Stock equal to the product of (i) the number obtained by dividing the principal amount of the Security converted by $1,000 and (ii) the Conversion Rate in effect on the applicable Conversion Date; provided, however, that
in lieu of any fractional share of Common Stock, the Company shall deliver an amount of cash equal to the product of (i) such fraction of a share and (ii) the Closing Price of the Common Stock on the applicable Conversion Date (or, if the
applicable Conversion Date is not a Trading Day, the Trading Day immediately preceding such Conversion Date). 
  

	10.	DENOMINATIONS, TRANSFER, EXCHANGE 

The Securities are in registered form, without coupons, in denominations of $1,000 principal amount and integral multiples of $1,000
principal amount. A Holder may register the transfer of or exchange Securities in accordance with the Indenture. The Registrar may require a 

  
 A-6

 
Holder, among other things, to furnish appropriate endorsements and transfer documents and to pay any taxes or other governmental charges that may be imposed in relation thereto by law or
permitted by the Indenture. 
  

	11.	PERSONS DEEMED OWNERS 

 The
Holder of a Security may be treated as the owner of it for all purposes. 
  

	12.	UNCLAIMED MONEY 

 If money for
the payment of principal or interest remains unclaimed for two years, the Trustee and any Paying Agent will pay the money back to the Company at its written request, subject to applicable unclaimed property law and the provisions of the Indenture.
After that, Holders entitled to money must look to the Company for payment as general creditors unless an applicable abandoned property law designates another person. 
  

	13.	AMENDMENT, SUPPLEMENT AND WAIVER 

Subject to certain exceptions, the Indenture or the Securities may be amended or supplemented with the consent of the Holders of at least
a majority in aggregate principal amount of the Securities then outstanding, and an existing Default or Event of Default and its consequence or compliance with any provision of the Indenture or the Securities may be waived in a particular instance
with the consent of the Holders of a majority in aggregate principal amount of the Securities then outstanding. Without the consent of or notice to any Holder, the Company and the Trustee may amend or supplement the Indenture or the Securities to,
among other things, cure any ambiguity, defect or inconsistency or make any other change that does not adversely affect the rights of the Holders in any material respect. 

 

	14.	SUCCESSOR ENTITY 

 When a
successor corporation assumes all the obligations of its predecessor under the Securities and the Indenture in accordance with the terms and conditions of the Indenture, the predecessor corporation (except in certain circumstances specified in the
Indenture) shall be released from those obligations. 
  

	15.	DEFAULTS AND REMEDIES 

 Under the
Indenture, an Event of Default shall occur if: 
 (1) the Company shall fail to pay when due the Principal or any Redemption
Price, Put Right Purchase Price or Fundamental Change Repurchase Price of any Security, when the same becomes due and payable whether at the Final Maturity Date, upon redemption, repurchase, acceleration or otherwise; or 

(2) the Company shall fail to pay an installment of cash interest on any of the Securities, which failure continues for 30 days after the
date when due; or 

  
 A-7

 (3) the Company shall fail to deliver when due any consideration payable upon conversion of
the Securities, which failure continues for 15 days; or 
 (4) the Company shall fail to perform or observe (or obtain a waiver
with respect to) any other term, covenant or agreement contained in the Securities or the Indenture for a period of 60 days after receipt by the Company of a Notice of Default specifying such failure; or 

(5) default in the payment of principal by the end of any applicable grace period or resulting in acceleration of other indebtedness of
the Company for borrowed money where the aggregate principal amount with respect to which the default or acceleration has occurred exceeds $25 million and such acceleration has not been rescinded or annulled or such indebtedness repaid within a
period of 30 days after receipt of a Notice of Default, provided that if any such default is cured, waived, rescinded or annulled, then the Event of Default by reason thereof would be deemed not to have occurred; or 

(6) the Company pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences as a debtor a voluntary case or proceeding; or 
 (B) consents to the entry of an order for relief against it in an involuntary case or proceeding or the commencement of any case against it; or 

(C) consents to the appointment of a Receiver of it or for all or substantially all of its property; or 

(D) makes a general assignment for the benefit of its creditors; or 

(E) files a petition in bankruptcy or answer or consent seeking reorganization or relief; or 

(F) consents to the filing of such a petition or the appointment of or taking possession by a Receiver; or 

(7) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) grants relief against the Company in an involuntary case or proceeding or adjudicates the Company insolvent or bankrupt; 

(B) appoints a Receiver of the Company or for all or substantially all of the property of the Company; or 

(C) orders the winding up or liquidation of the Company; 
 and in each case the order or decree remains unstayed and in effect for 60 consecutive days. 

  
 A-8

 The term “Bankruptcy Law” means Title 11 of the United States Code (or any
successor thereto) or any similar federal or state law for the relief of debtors. The term “Receiver” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 

Notwithstanding the above, no Event of Default under clauses (4) or (5) above shall occur until the Trustee notifies the
Company in writing, or the Holders of at least 25% in aggregate principal amount of the Securities then outstanding notify the Company and the Trustee in writing, of the Default (a “Notice of Default”), and the Company does not cure the
Default within the time specified in clause (4) or (5), as applicable, after receipt of such notice. 
 If an Event of
Default (other than an Event of Default specified in clauses (6) or (7) above) occurs and is continuing with respect to the Company, the Trustee may, by notice to the Company, or the Holders of at least 25% in aggregate principal amount of
the Securities then outstanding may, by notice to the Company and the Trustee, declare the principal amount and accrued and unpaid interest, if any, through the date of declaration on all the Securities to be immediately due and payable. Upon such a
declaration, such principal amount and such accrued and unpaid interest, if any, shall be due and payable immediately. If an Event of Default specified in clauses (6) or (7) occurs in respect of the Company and is continuing, the principal
amount and accrued but unpaid interest, if any, on all the Securities shall become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders of Securities. The Holders of a majority in
aggregate principal amount of the Securities then outstanding by notice to the Trustee may rescind an acceleration and its consequences if (a) all existing Events of Default, other than the nonpayment of the principal of the Securities which
have become due solely by such declaration of acceleration, have been cured or waived; (b) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; and (c) all payments due to the Trustee and any
predecessor Trustee under the Indenture have been made. No such rescission shall affect any subsequent Default or impair any right consequent thereto. Holders may not enforce the Indenture or the Securities except as provided in the Indenture. The
Trustee may require indemnity satisfactory to it before it enforces the Indenture or the Securities. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Securities then outstanding may direct the Trustee in its
exercise of any trust or power. The Trustee may withhold from Holders notice of any continuing Default (except a Default in payment of principal or interest) if and so long as it determines that withholding notice is in their interests. The Company
is required to file periodic certificates with the Trustee as to the Company’s compliance with the Indenture and knowledge or status of any Default. 
  

	16.	TRUSTEE DEALINGS WITH THE COMPANY 

Wells Fargo Bank, National Association, the initial Trustee under the Indenture, in its individual or any other capacity, may make loans
to, accept deposits from and perform services for the Company or an Affiliate of the Company, and may otherwise deal with the Company or an Affiliate of the Company, as if it were not the Trustee. 

  
 A-9

	17.	NO RECOURSE AGAINST OTHERS 

 A
director, officer, employee or shareholder, as such, of the Company shall not have any liability for any obligations of the Company under the Securities or the Indenture nor for any claim based on, in respect of or by reason of such obligations or
their creation. The Holder of this Security by accepting this Security waives and releases all such liability. The waiver and release are part of the consideration for the issuance of this Security. 

 

	18.	AUTHENTICATION 

 This Security
shall not be valid until the Trustee or an authenticating agent manually signs the certificate of authentication on the other side of this Security. 
  

	19.	ABBREVIATIONS AND DEFINITIONS 

Customary abbreviations may be used in the name of the 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 UGMA (= Uniform Gifts to Minors Act). 
 All terms defined in the Indenture and used in this Security but not specifically defined herein are defined in the Indenture and are used herein as so defined. 

 

	20.	INDENTURE TO CONTROL; GOVERNING LAW 

 In the case of any conflict between the provisions of this Security and the Indenture, the provisions of the Indenture shall control. This Security and the Indenture shall be governed by, and construed in
accordance with, the laws of the State of New York. 

  
 A-10

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer
this Security to 
  
  

 
 (Insert assignee’s social
security or tax I.D. number) 
  
  

 
  
  

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

 
  
 agent to transfer this Security on the books of the Company. The agent may substitute another to act for him or her. 
  

							
		 		 		 	Your Signature
				
	Date:	 	  
	 		 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Security)
			
	* Signature guaranteed by:	 		 	
				
	By:	 	  
	 		 	

  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

  
 A-11

 CONVERSION NOTICE 
 To convert this Security into Common Stock of the Company, check the box:   ̈ 

To convert only part of this Security, state the principal amount to be converted (must be $1,000 or an integral multiple of $1,000):
$            . 
 If you want the stock certificate made out
in another person’s name, fill in the form below: 
  
  

(Insert assignee’s social security or tax I.D. number) 

 
  
  

 
  

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

							
		 		 		 	Your Signature
				
	Date:	 	  
	 		 	  

		 		 		 	(Sign exactly as your name appears on the other side of this Security)
			
	* Signature guaranteed by:	 		 	
				
	By:	 	  
	 		 	

  

	*	The signature must be guaranteed by an institution which is a member of one of the following recognized signature guaranty programs: (i) the Securities Transfer
Agent Medallion Program (STAMP); (ii) the New York Stock Exchange Medallion Program (MSP); (iii) the Stock Exchange Medallion Program (SEMP); or (iv) such other guaranty program acceptable to the Trustee. 

  
 A-12

 FUNDAMENTAL CHANGE REPURCHASE NOTICE 

To: Hutchinson Technology Incorporated 
 The undersigned registered owner of this Security hereby irrevocably acknowledges receipt of a notice from Hutchinson Technology Incorporated (the “Company”) as to the occurrence of a
Fundamental Change with respect to the Company and requests and instructs the Company to purchase the entire principal amount of this Security, or the portion thereof (which is $1,000 or an integral multiple thereof) below designated, in accordance
with the terms of the Security and the Indenture referred to in the Security at the Fundamental Change Repurchase Price, together with accrued and unpaid interest, to, but excluding, such date, to the registered Holder hereof. 

 

					
	Dated:	 		 	  

		 		 	Signature (s)
			
		 		 	Signature(s) must be guaranteed by a qualified guarantor institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities
Exchange Act of 1934.
			
		 		 	  

		 		 	Signature Guaranty
			
	 Principal amount to be purchased (in an integral multiple of $1,000, if less than all):
	 		 	

  

NOTICE: The signature to the foregoing Election must correspond to the Name as written upon the face of this Security in every particular, without any
alteration or change whatsoever. 

  
 A-13

 OPTION TO ELECT PURCHASE 

ON SPECIFIED DATES 
 To:
Hutchinson Technology Incorporated 
 The undersigned hereby requests and instructs Hutchinson Technology Incorporated to
purchase the entire principal amount of this Security, or the portion thereof (which is $1,000 or an integral multiple thereof) below designated, on ____________ in accordance with the terms of the Indenture referred to in this Security at the Put
Right Purchase Price for the next occurring Put Right Purchase Date to the registered Holder hereof. 
  

					
	Dated:	 		 	  

		 		 	Signature (s)
			
		 		 	Signature(s) must be guaranteed by a qualified guarantor institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities
Exchange Act of 1934.
			
		 		 	  

		 		 	Signature Guaranty
			
	 Principal amount to be purchased (in an integral multiple of $1,000, if less than all):
	 		 	

  

NOTICE: The signature to the foregoing Election must correspond to the Name as written upon the face of this Security in every particular, without any
alteration or change whatsoever. 

  
 A-14

 SCHEDULE OF EXCHANGES OF SECURITIES 

The following exchanges, purchase, redemptions, purchases or conversions of a part of this Global Security have been made: 

 

							
	 Principal Amount of this

Global Security
 Following Such Decrease
 Date of Exchange (or

Increase)
	 	 Authorized Signatory of

Securities Custodian
	 	 Amount of Decrease in

Principal Amount of this
 Global Security
	 	 Amount of Increase in

Principal Amount of this
 Global Security

		 		 		 	
		 		 		 	
		 		 		 	
		 		 		 	

  
 A-15

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