Document:

Form of indenture

Table of Contents

 Exhibit 4.1 
  
 Form of Indenture 
 BROADRIDGE
FINANCIAL SOLUTIONS, INC. 
 (as Obligor) 
 and 
 U.S. BANK NATIONAL ASSOCIATION 
 (as Trustee) 
 Indenture 
 Dated as of May [·], 2007 
 DEBT SECURITIES 

Table of Contents

 
TABLE OF CONTENTS 
  

					
	 	  	 	  	Page
		
	 ARTICLE I
	  	
	 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION
	  	
			
	 SECTION 1.01.
	  	
Definitions	  	1
	 SECTION 1.02.
	  	
Officer’s Certificates and Opinions	  	8
	 SECTION 1.03.
	  	
Form of Documents Delivered to Trustee.	  	9
	 SECTION 1.04.
	  	
Acts of Holders.	  	9
	 SECTION 1.05.
	  	
Notices, Etc., to Trustee and Obligor	  	10
	 SECTION 1.06.
	  	
Notice to Holders; Waiver	  	11
	 SECTION 1.07.
	  	
Conflict with Trust Indenture Act	  	11
	 SECTION 1.08.
	  	
Effect of Headings and Table of Contents	  	11
	 SECTION 1.09.
	  	
Successors and Assigns	  	11
	 SECTION 1.10.
	  	
Separability Clause	  	11
	 SECTION 1.11.
	  	
Benefits of Indenture	  	11
	 SECTION 1.12.
	  	
Governing Law	  	11
	 SECTION 1.13.
	  	
Counterparts	  	12
	 SECTION 1.14.
	  	
Legal Holidays	  	12
		
	 ARTICLE II
	  	
	 THE NOTES
	  	
			
	 SECTION 2.01.
	  	
Form and Dating.	  	12
	 SECTION 2.02.
	  	
Execution and Authentication.	  	15
	 SECTION 2.03.
	  	
Temporary Notes	  	16
	 SECTION 2.04.
	  	
Registration, Transfer and Exchange.	  	16
	 SECTION 2.05.
	  	
Mutilated, Destroyed, Lost and Stolen Notes.	  	19
	 SECTION 2.06.
	  	
Payment of Interest; Interest Rights Preserved.	  	20
	 SECTION 2.07.
	  	
Persons Deemed Owners.	  	21
	 SECTION 2.08.
	  	
Cancellation	  	21
	 SECTION 2.09.
	  	
Computation of Interest	  	22
	 SECTION 2.10.
	  	
CUSIP Numbers	  	22
		
	 ARTICLE III
	  	
	 DISCHARGE OF INDENTURE
	  	
			
	 SECTION 3.01.
	  	
Discharge of Indenture	  	22
	 SECTION 3.02.
	  	
Defeasance and Discharge of Covenants upon Deposit of Moneys, U.S. Government Obligations	  	23
	 SECTION 3.03.
	  	
Application of Trust Money	  	25
	 SECTION 3.04.
	  	
Paying Agent to Repay Moneys Held	  	25
	 SECTION 3.05.
	  	
Return of Unclaimed Amounts	  	25
	 SECTION 3.06.
	  	
Reinstatement	  	26

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
	
	 ARTICLE IV

	 REMEDIES

			
	 SECTION 4.01.
	  	
Events of Default	  	26
	 SECTION 4.02.
	  	
Acceleration of Maturity; Rescission and Annulment.	  	28
	 SECTION 4.03.
	  	
Collection of Indebtedness and Suits for Enforcement.	  	29
	 SECTION 4.04.
	  	
Trustee May File Proofs of Claim.	  	29
	 SECTION 4.05.
	  	
Trustee May Enforce Claims Without Possession of Notes	  	30
	 SECTION 4.06.
	  	
Application of Money Collected	  	30
	 SECTION 4.07.
	  	
Limitation on Suits	  	31
	 SECTION 4.08.
	  	
Unconditional Right of Holders to Receive Payment of Principal, Premium and Interest	  	31
	 SECTION 4.09.
	  	
Restoration of Rights and Remedies	  	31
	 SECTION 4.10.
	  	
Rights and Remedies Cumulative	  	31
	 SECTION 4.11.
	  	
Delay or Omission Not Waiver	  	32
	 SECTION 4.12.
	  	
Control by Holders	  	32
	 SECTION 4.13.
	  	
Waiver of Past Defaults	  	32
	 SECTION 4.14.
	  	
Undertaking for Costs	  	33
	 SECTION 4.15.
	  	
Waiver of Stay or Extension Laws	  	33
	
	 ARTICLE V

	 THE TRUSTEE

			
	 SECTION 5.01.
	  	
Certain Duties and Responsibilities of Trustee.	  	33
	 SECTION 5.02.
	  	
Notice of Defaults	  	34
	 SECTION 5.03.
	  	
Certain Rights of Trustee	  	35
	 SECTION 5.04.
	  	
Not Responsible for Recitals or Issuance of Notes	  	36
	 SECTION 5.05.
	  	
May Hold Notes	  	36
	 SECTION 5.06.
	  	
Money Held in Trust	  	36
	 SECTION 5.07.
	  	
Compensation and Reimbursement	  	36
	 SECTION 5.08.
	  	
Disqualification; Conflicting Interests	  	37
	 SECTION 5.09.
	  	
Corporate Trustee Required; Eligibility	  	37
	 SECTION 5.10.
	  	
Resignation and Removal; Appointment of Successor.	  	38
	 SECTION 5.11.
	  	
Acceptance of Appointment by Successor	  	39
	 SECTION 5.12.
	  	
Merger, Conversion, Consolidation or Succession to Business	  	40
	 SECTION 5.13.
	  	
Preferential Collection of Claims Against Obligor	  	40
	 SECTION 5.14.
	  	
Appointment of Authenticating Agent.	  	40
	
	 ARTICLE VI

	 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND OBLIGOR

			
	 SECTION 6.01.
	  	
Obligor to Furnish Trustee Names and Addresses of Holders 	  	42

  

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 TABLE OF CONTENTS 
 (continued) 
  

					
	 	  	 	  	Page
			
	 SECTION 6.02.
	  	
Preservation of Information; Communications to Holders.	  	42
	 SECTION 6.03.
	  	
Reports by Trustee.	  	43
	 SECTION 6.04.
	  	
Reports by Obligor.	  	43
		
	 ARTICLE VII
	  	
	 CONSOLIDATION, MERGER OR TRANSFER
	  	
			
	 SECTION 7.01.
	  	
When Obligor May Merge or Transfer Assets	  	44
	 SECTION 7.02.
	  	
Successor Entity Substituted	  	45
		
	 ARTICLE VIII
	  	
	 SUPPLEMENTAL INDENTURES
	  	
			
	 SECTION 8.01.
	  	
Supplemental Indentures Without Consent of Holders	  	45
	 SECTION 8.02.
	  	
Supplemental Indentures with Consent of Holders	  	46
	 SECTION 8.03.
	  	
Execution of Supplemental Indentures	  	47
	 SECTION 8.04.
	  	
Effect of Supplemental Indentures	  	47
	 SECTION 8.05.
	  	
Conformity with Trust Indenture Act	  	47
	 SECTION 8.06.
	  	
Documents to Be Given to Trustee	  	47
	 SECTION 8.07.
	  	
Notation on Notes in Respect of Supplemental Indentures	  	47
		
	 ARTICLE IX
	  	
	 COVENANTS
	  	
			
	 SECTION 9.01.
	  	
Payment of Principal, Premium and Interest	  	47
	 SECTION 9.02.
	  	
Maintenance of Office or Agency	  	48
	 SECTION 9.03.
	  	
Money for Note Payments to be Held in Trust	  	48
	 SECTION 9.04.
	  	
Certificate to Trustee	  	49
	 SECTION 9.05.
	  	
Existence	  	50
	 SECTION 9.06.
	  	
Limitation on Liens	  	50
	 SECTION 9.07.
	  	
Limitation on Sale-Leaseback Transactions	  	51
		
	 ARTICLE X
	  	
	 REDEMPTION OF NOTES
	  	
			
	 SECTION 10.01.
	  	
Optional Redemption	  	51
	 SECTION 10.02.
	  	
Mandatory Redemption	  	52

  

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 THIS INDENTURE, between Broadridge Financial Solutions, Inc., a Delaware corporation (the
“Obligor”), having its principal office at 2 Journal Square Plaza, Jersey City, New Jersey, 07306 and U.S. Bank National Association, as trustee (the “Trustee”), is made and entered into as of this [·] day of May, 2007. 
 RECITALS OF THE OBLIGOR 
 WHEREAS, the Obligor has duly authorized the issuance from time to time of its debt securities in one or more series (the “Notes”) up to such
principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture and to provide, among other things, for the authentication, delivery and administration thereof, the Obligor has duly authorized the
execution and delivery of this Indenture; and 
 WHEREAS, all things necessary to make this Indenture a valid agreement of the Obligor, in
accordance with its terms, have been done. 
 NOW, THEREFORE: 
 In consideration of the premises and the purchases of the Notes by the Holders (as hereinafter defined) thereof, the Obligor and the Trustee mutually covenant and agree for the equal and proportionate benefit of the
respective Holders from time to time of the Notes or any series thereof as follows: 
 ARTICLE I 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 
 
SECTION 1.01. Definitions. For all purposes of this Indenture, and of any indenture supplemental hereto, except as otherwise expressly provided or unless the context otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as well as the singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act (as hereinafter defined), either directly or by reference therein, have the
meanings assigned to them therein; 
 (3) all accounting terms not otherwise defined herein have the meanings assigned to them in accordance
with GAAP; and 
 (4) all references in this instrument to designated “Articles,” “Sections” and other subdivisions are
to the designated Articles, Sections and other subdivisions of this instrument as originally executed. The words “herein,” “hereof,” and “hereunder” and 

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other words of similar import refer to this Indenture as a whole and not to any particular Article, Section, or other subdivision. 
 “Act,” when used with respect to any Holder, has the meaning specified in Section 1.04. 
 “Affiliate” of any specified Person means 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 specified 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. 
 “Attributable Debt” has the meaning specified in Section 9.07. 
 “Authenticating Agent” means any Person authorized by the Trustee to authenticate Notes under Section 5.14. 
 “Authentication Order” has the meaning specified in Section 2.02(1). 
 “Bankruptcy Code” means title 11, U.S. Code, as amended, or any similar state or federal law for the relief of debtors. 
 “Board of Directors” means (i) the Board of Directors of the Obligor, (ii) any committee of such Board of Directors,
(iii) any committee of officers of the Obligor or (iv) any officer of the Obligor, in the cases of clauses (ii)-(iv), authorized with respect to any matter to exercise the powers of the Board of Directors of the Obligor. 
 “Board Resolution” means a copy of a resolution certified by the secretary or an assistant secretary of the Obligor to have been duly
adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 
 “Business Day” means any day, other than a Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions in New York City are authorized or required by law, regulation or executive order
to be closed. 
 “Commission” means the Securities and Exchange Commission, as from time to time constituted, created under
the Exchange Act, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body performing such duties on such date. 
 “Company Request” or “Company Order” means a written request or order, respectively, signed in the name of the Obligor
by any Officer thereof and delivered to the Trustee. 
  

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 “Consolidated Net Tangible Assets” means, as of the time of determination, the aggregate
amount of the assets of the Obligor and the assets of its consolidated subsidiaries after deducting (1) all goodwill, trade names, trademarks, service marks, patents, unamortized debt discount and expense and other intangible assets and
(2) all current liabilities, as reflected on the most recent consolidated balance sheet prepared by the Obligor in accordance with GAAP contained in an annual report on Form 10-K or a quarterly report on Form 10-Q timely filed or any amendment
thereto (and not subsequently disclaimed as not being reliable by the Obligor) prior to the time as of which “Consolidated Net Tangible Assets” is being determined. 
 “Corporate Trust Office” means the office of the Trustee in the City of New York at which at any particular time its corporate trust
business shall be principally administered, which office at the date hereof is located at U.S. Bank National Association, 100 Wall Street, Suite 1600, New York, NY 10005, except that with respect to the presentation of Notes for payment or
registration of transfer or exchange and with respect to the location of the Security Register, such term shall mean the office or the agency of the Trustee in said city at which at any particular time its corporate agency business shall be
conducted, which office at the date hereof is located at U.S. Bank National Association, 60 Livingston Avenue, EP-MN-WS3C, St. Paul, MN 55107-2292. 
 “Covenant Defeasance” has the meaning specified in Section 3.02. 
 “Custodian” means the
Person appointed by the Obligor to act as custodian for the Depositary, which Person shall be the Trustee unless and until a successor Person is appointed by the Obligor. 
 “Defaulted Interest” has the meaning specified in Section 2.06. 
 “Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with this Indenture. 
 “Depositary” means with respect to the Notes of any series issuable or issued in whole or in part in global form, the Person designated as Depositary for such series by the Obligor pursuant to Section 2.01 or 2.04,
unless and until a successor Depositary for such series shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Depositary” with respect to the Notes of a series shall mean or include each Person who
is then a Depositary hereunder with respect to such series. 
 “Discharged” has the meaning specified in Section 3.02.

 “DTC” has the meaning specified in Section 2.04(2). 
 “Event of Default” has the meaning specified in Section 4.01. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934 (or any successor Act), as amended, and the rules and regulations of the
Commission promulgated thereunder. 
  

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 “GAAP” means generally accepted accounting principles in the United States of America in
effect on the date of the Indenture. 
 “Global Note” means each note in global form issued in accordance with this
Indenture and bearing the Global Note Legend. 
 “Global Note Legend” means the legend set forth in Section 2.01, which
is required to be placed on all Global Notes issued pursuant to this Indenture. 
 “Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness of any other Person and any obligation, direct or indirect, contingent or otherwise, of such Person (1) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreement to keep well, to purchase assets, goods, securities or services, to take or pay or to maintain financial
statement conditions or otherwise) or (2) entered into for purposes of assuring in any other manner the obligee of such indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part);
provided, however, that the term “guarantee” will not include endorsements for collection or deposit in the ordinary course of business. The term “guarantee,” when used as a verb, has a correlative meaning.

 “Holder” and “Holder of Notes” means a Person in whose name a Note is registered in the Security
Register. 
 “Incur” means issue, assume, guarantee or otherwise become liable for. 
 “Indebtedness” means, with respect to any Person, obligations (other than Non-recourse Obligations) of such Person for borrowed money
(including, without limitation, indebtedness for borrowed money evidenced by notes, bonds, debentures or similar instruments). 
 “Indenture” or “this Indenture” means this Indenture, as amended or supplemented from time to time. 
 “Interest Payment Date,” when used with respect to any Note, means the date specified in such Note on which an installment of interest on such Note is scheduled to be paid. 
 “Issue Date” of any Note (or portion thereof) means the earlier of (a) the date of such Note or (b) the date of any Note (or
portion thereof) for which such Note was issued (directly or indirectly) on registration of transfer, exchange or substitution. 
 “Legal Defeasance” has the meaning specified in Section 3.02. 
 “Maturity,” when used with
respect to any Note, means the date on which all or a portion of the principal amount outstanding under such Note becomes due and payable, whether on the Maturity Date or by declaration of acceleration, call for redemption, or otherwise. 

 

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 “Maturity Date,” when used with respect to any Note or any installment of principal
thereof, means the date specified in such Note as the fixed date on which the principal of such Note or such installment of principal becomes due and payable. 
 “Non-recourse Obligation” means Indebtedness or other obligations substantially related to the financing of a project involving the development or expansion of properties of the Obligor or any direct
or indirect subsidiaries of the Obligor, as to which the obligee with respect to such indebtedness or obligation has no recourse to the Obligor or any direct or indirect subsidiary of the Obligor or such subsidiary’s assets other than the
assets which were acquired with the proceeds of such transaction or the project financed with the proceeds of such transaction (and the proceeds thereof). 
 “Notes” has the meaning specified in the Recitals of the Obligor on the first page of this Indenture, including any replacement Notes issued therefor in accordance with this Indenture. 
 “Obligor” means Broadridge Financial Solutions, Inc., a Delaware corporation, unless and until a successor entity or assign shall have
assumed the obligations of the Obligor under this Indenture and the Notes and thereafter “Obligor” shall mean such successor entity or assign. 
 “Officer” means the Chairman of the Board, any Vice Chairman, the Chief Executive Officer, the Chief Financial Officer, the President, any Vice President, the Treasurer, the Secretary, any Assistant
Treasurer or any Assistant Secretary of the Obligor. 
 “Officer’s Certificate” means, with respect to any Person, a
certificate signed on behalf of such Person by any Officer of such Person that meets the applicable requirements of this Indenture. 
 “Opinion of Counsel” means, with respect to the Obligor or the Trustee, a written opinion of counsel to the Obligor or the Trustee, as the case may be, which counsel may be an employee of the Obligor or the Trustee, as the
case may be. 
 “Outstanding,” when used with respect to the Notes or any series of Notes, means, as of the date of
determination, all Notes or all Notes of such series, as the case may be, theretofore authenticated and delivered under this Indenture, except: 
 (a) such Notes or such Notes of such series, as the case may be, theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (b) such Notes or such Notes of such series, as the case may be, or portions thereof, for whose payment or redemption money in the necessary amount has been theretofore deposited in trust with the Trustee or with any
Paying Agent other than the Obligor, or, if the Obligor shall act as its own Paying Agent, has been set aside and 
  

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segregated in trust by the Obligor; provided, in any case, that if such Notes or such Notes of such series, as the case may be, are to be redeemed
prior to their Maturity Date, notice of such redemption has been duly given pursuant to any redemption provision adopted under Section 2.01 of this Indenture or provision therefor satisfactory to the Trustee has been made; 
 (c) such Notes or such Notes of such series, as the case may be, in exchange for or in lieu of which other Notes or other Notes of such series, as the
case may be, have been authenticated and delivered pursuant to this Indenture, or which shall have been paid, in each case, pursuant to the terms of Section 2.05 (except with respect to any such Note or any such Note of such series, as the case
may be, as to which proof satisfactory to the Trustee is presented that such Note or such Note of such series, as the case may be, is held by a person in whose hands such Notes or such Notes of such series, as the case may be, is a legal, valid, and
binding obligation of the Obligor); and 
 (d) solely to the extent provided in Article III, Notes or Notes of such series, as the case
may be, which are subject to Legal Defeasance or Covenant Defeasance as provided in Section 3.02. In determining whether the Holders of the requisite principal amount of such Notes or Notes of such series, as the case may be, Outstanding have
given a direction concerning the time, method and place of conducting any proceeding for any remedy available to the Trustee, or concerning the exercise of any trust or power conferred upon the Trustee under this Indenture, or concerning a consent
on behalf of the Holders of the Notes or the Holders of the Notes of such series, as the case may be, to the waiver of any past default and its consequences, Notes or the Notes of such series, as the case may be, owned by the Obligor, any other
obligor upon the Notes or Notes of such series, as the case may be, or any Affiliate of the Obligor or such other obligor shall be disregarded and deemed not to be Outstanding. In determining whether the Trustee shall be protected in relying upon
any request, demand, authorization, direction, notice, consent, or waiver hereunder, only Notes or Notes of such series, as the case may be, which a Responsible Officer assigned to the corporate trust department of the Trustee knows to be owned by
the Obligor or any other obligor upon the Notes or the Notes of such series, as the case may be, or any Affiliate of the Obligor or such other obligor shall be so disregarded. Notes or Notes of such series, as the case may be, so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right to act as owner with respect to such Notes or Notes of such series, as the case may be, and that the
pledgee is not the Obligor or any other obligor upon the Notes or the Notes of such series, as the case may be, or any Affiliate of the Obligor or such other obligor. 
 “Paying Agent” means any Person appointed by the Obligor to distribute amounts payable by the Obligor on the Notes. The Obligor may act as its own Paying Agent. As of the date of this Indenture, the
Obligor has appointed the Trustee as Paying Agent with respect to all Notes issuable hereunder. 
 “Person” means any
individual, corporation, partnership, limited liability company, joint venture, association, joint-stock company, trust, unincorporated organization, or government, or political subdivision thereof. 
  

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 “Place of Payment” means the place specified pursuant to Section 9.02. 

“Predecessor Notes” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced
by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.05 in lieu of a lost, destroyed, mutilated, or stolen Note shall be deemed to evidence the same debt as the lost, destroyed,
mutilated, or stolen Note. 
 “Record Date” means any date as of which the Holder of a Note of any series will be determined
for any purpose described herein, such determination to be made as of the close of business on such date by reference to the Security Register, and in relation to a determination of a payment of an installment of interest on the Notes of any series,
shall have the meaning specified in such series of Notes. 
 “Redemption Date” when used with respect to any Notes to be
redeemed, means the date fixed for such redemption in any notice of redemption issued pursuant to any redemption provision adopted under Section 2.01 of this Indenture. 
 “Redemption Price” when used with respect to any Notes to be redeemed, means the price specified in any optional redemption provision
pursuant to Section 2.01(1)(v)(f). 
 “Registrar” means the Person who maintains the Security Register, which Person
shall be the Trustee unless and until a successor Registrar is appointed by the Obligor. 
 “Responsible Officer” when used
with respect to the Trustee, means any officer of the Trustee having direct responsibility for the administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is
referred because of his or her knowledge of and familiarity with the particular subject. 
 “Sale and Leaseback Transaction”
has the meaning specified in Section 9.07. 
 “Securities Act” means the U.S. Securities Act of 1933 (or any successor
Act), as amended, and the rules and regulations of the Commission promulgated thereunder. 
 “Security Register” has the
meaning specified in Section 2.04. 
 “Significant Subsidiary” has the meaning set forth in Rule 1-02(w) of Regulation
S-X under the Securities Act. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the
Trustee pursuant to Section 2.06. 
 “Subsidiary” means, with respect to any Person (the “parent”) at any
date, any corporation, limited liability company, partnership, association or other entity of which securities or other ownership interests representing more than 50% of the equity or more than 50% of the ordinary voting power or, in the case of a
partnership, more than 50% of the general partnership interests are, as of that date, owned, controlled or held by the 
  

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parent or one or more Subsidiaries of the parent or by the parent and one or more Subsidiaries of the parent. 
 “Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended, as in force as of the date hereof;
provided that, with respect to every supplemental indenture executed pursuant to this Indenture, “Trust Indenture Act” or “TIA” shall mean the Trust Indenture Act of 1939, as then in effect. 
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean, or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Notes of any series shall mean the Trustee with respect to the Notes of that series. 
 “U.S. Government Obligations” means (a) securities that are direct obligations of the United States of America, the payment of which is unconditionally guaranteed by the full faith and credit of the United States of
America and (b) securities that are obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed by the full faith and credit
of the United States of America, and also includes depository receipts issued by a bank or trust company as custodian with respect to any of the securities described in the preceding clauses (a) and (b), and any payment of interest or principal
payable under any of the securities described in the preceding clauses (a) and (b) that is held by such custodian for the account of the holder of a depository receipt, provided that (except as required by law) such custodian is not
authorized to make any deduction from the amount payable to the holder of such depository receipt, or from any amount received by the custodian in respect of such securities, or from any specific payment of interest or principal payable under the
securities evidenced by such depository receipt. 
 
SECTION 1.02. Officer’s Certificates and Opinions. Every Officer’s Certificate, Opinion of Counsel and other certificate or opinion to be delivered to the Trustee under this Indenture with respect to any
action to be taken by the Trustee shall include the following: 
 (1) a statement that each individual signing such certificate or opinion
has read all covenants and conditions of this Indenture relating to such proposed action, including the definitions of all applicable capitalized terms; 
 (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 each such individual, 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 
  

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 (4) a statement as to whether, in the opinion of each such individual, such condition or covenant has
been complied with. 
 
SECTION 1.03. Form of Documents Delivered to Trustee. 
 (1) In any case where several matters are required
to be certified by, or covered by an opinion of, any specified Person, it is not necessary that all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but
one such Person may certify or give an opinion with respect to some matters and one or more other such Persons as to the other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 (2) Any certificate or opinion of an officer of the Obligor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, or
representations by, legal counsel, unless such officer knows that any such certificate, opinion, or representation is erroneous. Any opinion of counsel for the Obligor may be based, insofar as it relates to factual matters, upon a certificate or
opinion of, or representations by, an officer or officers of the Obligor, unless such counsel knows that any such certificate, opinion, or representation is erroneous. 
 (3) Where any Person is required to make, give, or execute two or more applications, requests, consents, certificates, statements, opinions, or other instruments under this Indenture, such instruments may, but need
not, be consolidated and form a single instrument. 
 
SECTION 1.04. Acts of Holders. 
 (1) Any request, demand, authorization, direction, notice, consent,
waiver, or other action provided by this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing;
and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments are delivered to the Trustee and (if expressly required by the applicable terms of this Indenture) to the Obligor. Such
instrument or instruments (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a
writing appointing any such agent shall be sufficient for any purpose of this Indenture and (subject to Section 5.01) conclusive in favor of the Trustee and the Obligor, if made in the manner provided in this Section 1.04. 
 (2) The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness to such execution or
by the certificate of any notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution is by an
officer of a corporation or a member of a partnership, on behalf of such corporation or partnership, such certificate or 
  

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 affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such
instrument or writing, or the authority of the person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 (3) The ownership of Notes shall for all purposes be determined by reference to the Security Register, as such register shall exist as of the applicable Record Date. 
 (4) If the Obligor shall solicit from the Holders any request, demand, authorization, direction, notice, consent, waiver or other action, the Obligor
may, at its option, by Board Resolution, fix in advance a Record Date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other action, but the Obligor shall have no obligation
to do so. If such Record Date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other action may be given before or after such Record Date, but only the Holders of record at the close of business on such Record
Date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Notes Outstanding have authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or
other action, and for that purpose the Notes Outstanding shall be computed as of such Record Date; provided that no such authorization, agreement or consent by the Holders on such Record Date shall be deemed effective unless it shall become
effective pursuant to the provisions of this Indenture not later than six months after such Record Date. 
 (5) Any request, demand,
authorization, direction, notice, consent, waiver or other action by the Holder of any Note shall bind each subsequent Holder of such Note, and each Holder of any Note issued upon the registration of transfer thereof or in exchange therefor or in
lieu thereof, with respect to anything done or suffered to be done by the Trustee or the Obligor in reliance upon such action, whether or not notation of such action is made upon such Note. 
 
SECTION 1.05. Notices, Etc., to Trustee and Obligor. Any request, order, authorization, direction, consent, waiver or other action to be taken by the Trustee, the Obligor or the Holders hereunder (including any
Authentication Order), and any notice to be given to the Trustee or the Obligor with respect to any action taken or to be taken by the Trustee, the Obligor or the Holders hereunder, shall be sufficient if made in writing and 
 (1) if to be furnished or delivered to or filed with the Trustee by the Obligor or any Holder, delivered to the Trustee at its Corporate Trust Office,
Attention: Worldwide Securities Services, or 
 (2) if to be furnished or delivered to the Obligor by the Trustee or any Holder, and except
as otherwise provided in Section 4.01(3), mailed to the Obligor, first-class postage prepaid, at the following address: c/o Broadridge Financial Solutions, Inc., 2 Journal Square Plaza, Jersey City, New Jersey, 07306 Attention: Treasurer or at
any other address hereafter furnished in writing by the Obligor to the Trustee. 
  

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SECTION 1.06. Notice to Holders; Waiver. Where this Indenture or any Note provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise expressly provided herein or in such
Note) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his or her address as it appears in the Security Register as of the applicable Record Date, if any, not later than the latest date or earlier than
the earliest date prescribed by this Indenture or such Note for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice nor any defect in any notice so mailed to any particular Holder
shall affect the sufficiency of such notice with respect to other Holders. Where this Indenture or any Note provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. In
case, by reason of the suspension of regular mail service as a result of a strike, work stoppage or otherwise, it shall be impractical to mail notice of any event to any Holder when such notice is required to be given pursuant to any provision of
this Indenture or the applicable Note, then any method of notification as shall be satisfactory to the Trustee and the Obligor shall be deemed to be sufficient for the giving of such notice. 
 
SECTION 1.07. Conflict with Trust Indenture Act. If any provision hereof limits, qualifies or conflicts with another provision hereof which is required to be included in this Indenture by any of the provisions of
the TIA, such required provision shall control. 
 
SECTION 1.08. Effect of Headings and Table of Contents. The Article and Section headings herein and the Table of Contents hereof are for convenience only and shall not affect the construction of any provision of
this Indenture. 
 
SECTION 1.09. Successors and Assigns. All covenants and agreements in this Indenture by the Obligor shall bind its successors and assigns, whether so expressed or not. 
 
SECTION 1.10. Separability Clause. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not
in any way be affected or impaired thereby. 
 
SECTION 1.11. Benefits of Indenture. Nothing in this Indenture or in any Notes, express or implied, shall give to any Person, other than the parties hereto, their successors hereunder, the Authenticating Agent, the
Registrar, any Paying Agent, and the Holders of Notes (or such of them as may be affected thereby), any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 
SECTION 1.12. Governing Law. This Indenture shall be governed by and construed in accordance with the laws of the State of New York, without giving effect to rules governing the conflict of laws. 

 

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SECTION 1.13. Counterparts. This instrument may be executed in any number of counterparts, each of which when so executed shall be deemed to be an original, but all of which shall together constitute but one and
the same instrument. 
 
SECTION 1.14. Legal Holidays. In any case where any Interest Payment Date or Redemption Date or Maturity Date shall not be a Business Day, then (notwithstanding any other provisions of this Indenture or of the
Notes) payment of interest or principal (and premium, if any) need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, the Redemption Date or Maturity
Date, provided that no interest shall accrue for the period from and after such Interest Payment Date, Redemption Date or Maturity Date, as the case may be. 
 ARTICLE II 
 THE NOTES 
 
SECTION 2.01. Form and Dating. 
 (1) General. 
 (i) The Notes of each series shall be substantially in such form (not inconsistent with this Indenture) as shall be established by or pursuant to a Board
Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture and may have imprinted or otherwise reproduced
thereon such legend or legends, not inconsistent with the provisions of this Indenture, as may be required to comply with any law, stock exchange rule or DTC rule or usage or with any rules or regulations pursuant thereto, all as may, consistently
herewith, be determined by the Officers executing such Notes, as evidenced by their execution of the Notes. Any portion of the text of any Note may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Note.
Each Note shall be dated the date of its authentication. The Obligor shall furnish any such legends to the Trustee in writing. 
 (ii) The
Definitive Notes, if any, shall be printed, lithographed or engraved or produced by any combination of those methods on steel engraved borders or may be produced in any other manner permitted by any applicable rule of any securities exchange, all as
determined by the Officers executing such Notes, as evidenced by their execution of such Notes. 
 (iii) The terms and provisions contained
in the Notes shall constitute, and are hereby expressly made, a part of this Indenture and the Obligor and the Trustee, by their execution and delivery of this Indenture expressly agree to such terms and provisions and to be bound thereby. Nothing
in the preceding sentence shall, however, limit the effect of the second paragraph of Section 2.02(1). However, to the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture
shall govern and be controlling. All Notes of any one series shall be substantially identical except as to denomination and except as may otherwise be 
  

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 provided in or pursuant to such resolution of the Board of Directors or in any such indenture supplemental hereto.

 (iv) No Note shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Note a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual signature of an authorized officer, and such certificate upon any Note shall be conclusive evidence, and the only evidence, that
such Note has been duly authenticated and delivered hereunder. 
 (v) The aggregate principal amount of Notes which may be authenticated and
delivered under this Indenture is unlimited. The Notes may be issued in one or more series. There shall be established in or pursuant to a resolution of the Board of Directors and set forth in an Officer’s Certificate, or established in one or
more indentures supplemental hereto, prior to the issuance of Notes of any series: 
 (a) the title of the Notes of the series (which shall
distinguish the Notes of the series from all other Notes); 
 (b) any limit upon the aggregate principal amount of the Notes of the series
that may be authenticated and delivered under this Indenture (except for Notes authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Notes of the series pursuant to Section 2.03, 2.04, 2.05, 8.07
or any optional redemption provision pursuant to Section 2.01(1)(v)(f)); 
 (c) the date or dates on which the principal of the Notes of
the series is payable; 
 (d) the rate or rates at which the Notes of the series shall bear interest, if any, or the method by which such
rate shall be determined, the date or dates from which such interest shall accrue, the Interest Payment Dates on which such interest shall be payable and the Record Dates, if any, for the determination of Holders to whom interest is payable;

 (e) the place or places where the principal of and any premium and interest on the Notes of the series shall be payable; 
 (f) any optional redemption and any change of control put provisions; 
 (g) if other than the principal amount thereof, the portion of the principal amount of Notes of the series which shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 4.02;

 (h) the issue date; 
 (i) the
issue price (expressed as a percentage of the aggregate principal amount of the Notes) at which the Notes will be issued; 
  

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 (j) if the Notes of the series are issuable in whole or in part in the form of Definitive Notes or as one
or more Global Notes, and if so, the identity of the Depositary for such Global Notes if other than DTC; 
 (k) any other terms of the series
(which terms shall not be inconsistent with the provisions of this Indenture); 
 (l) any Events of Default with respect to the Notes of a
particular series if not set forth herein; and 
 (m) any covenants of the Obligor with respect to the Notes of a particular series if not
set forth herein. 
 Notwithstanding Section 2.01(1)(v)(b) and unless otherwise expressly provided with respect to a series of Notes, the aggregate
principal amount of a series of Notes may be increased and additional Notes of such series may be issued up to the maximum aggregate principal amount authorized with respect to such series as increased; provided that, any such additional
Notes shall have identical terms as the outstanding Notes of such series, other than with respect to the date of issuance, issue price, first Interest Payment Date, interest accrual date and amount of interest payable on the first Interest Payment
Date applicable thereto; provided further, that any such additional Notes shall be treated as a single class with the outstanding Notes of such series for all purposes under this Indenture. 
 (2) Global Notes. 
 (i) If the
Obligor shall establish pursuant to Section 2.01(1) above that the Notes of a series or a portion thereof are to be issued in the form of one or more Global Notes, then the Obligor shall execute and the Trustee shall authenticate and make
available for delivery one or more Global Notes that (a) shall represent and shall be denominated in an amount equal to the aggregate principal amount of all of the Notes of such series issued in such form and not yet cancelled, (b) shall
be registered, in the name of the Depositary designated for such Global Note pursuant to Section 2.04, or in the name of a nominee of such Depositary, (c) shall be deposited with the Trustee, as Custodian for the Depositary, and
(d) shall bear a legend substantially as follows (“Global Note Legend”): 
 THIS IS A GLOBAL NOTE WITHIN THE MEANING OF THE
INDENTURE REFERRED TO HEREINAFTER. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A
NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE OBLIGOR OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE 
  

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HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR
SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 (ii) Each Depositary designated pursuant to Section 2.01 or 2.04 for a Global Note must, at the time of its designation and at all times while it
serves as Depositary, be a clearing agency registered under the Exchange Act and any other applicable statute or regulation, provided that the Depositary is required to be so registered in order to act as depositary. 
 (iii) Any Global Note may be represented by more than one certificate. The aggregate principal amount of each Global Note may from time to time be
increased or decreased by adjustments made on the records of the Registrar, as provided in this Indenture. 
 (3) Trustee’s
Certificate of Authentication. 
 The Trustee’s Certificate of Authentication shall be in substantially the following form:

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

			
	        U.S. BANK NATIONAL ASSOCIATION
	    as Trustee
		
	 By:
	 	
		
		 	                        Authorized Officer

 
SECTION 2.02. Execution and Authentication. 
 (1) At any time and from time to time after the execution
and delivery of this Indenture, the Obligor may deliver Notes of any series executed on behalf of the Obligor by any Officer to the Trustee for authentication, and the Trustee, upon receipt of a written order of the Obligor specifying the principal
amount and registered Holder of each Note and whether such Note shall be a Definitive Note or a Global Note, and signed by an Officer (the “Authentication Order”) shall thereupon in accordance with the procedures acceptable to the Trustee
set forth in the Authentication Order, and subject to the provisions hereof, authenticate and deliver such Notes to or upon the written order of the Obligor, without any further action by the Obligor except as set forth in this Section 2.02.

  

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 The signature of any Officer on the Notes may be manual or facsimile. Typographical and other minor errors or defects in
any such signature shall not affect the validity or enforceability of any Note that has been duly authenticated and delivered by the Trustee. In authenticating such Notes and accepting the additional responsibilities under this Indenture in relation
to such Notes, the Trustee shall receive, and (subject to Section 5.01) shall be fully protected in relying upon: 
 (a) a copy of the
Board Resolution relating to such series; 
 (b) an executed supplemental indenture, if any, and the documentation required to be delivered
pursuant to Section 8.06; 
 (c) an Officer’s Certificate setting forth the form or forms and terms of the Notes of such series
pursuant to Section 2.01(1)(v), and prepared in accordance with Section 1.02; 
 (d) an Opinion of Counsel, prepared in accordance
with Section 1.02. 
 (2) Notes bearing the manual or facsimile signatures of individuals who were at any time on or after the date
hereof the proper officers of the Obligor shall bind the Obligor, notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such offices at the date
of such Notes. 
 (3) The Notes shall be in fully registered form, without coupons, in minimum denominations of $1,000 and integral multiples
of $1,000 in excess thereof. 
 
SECTION 2.03. Temporary Notes. Until certificates representing Notes of a series are ready for delivery, the Obligor may prepare and the Trustee, upon receipt of an Authentication Order, shall authenticate and
deliver temporary Notes of such series. Temporary Notes shall be substantially in the form of certificated Notes but may have variations that the Obligor considers appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee.
Without unreasonable delay, the Obligor shall prepare and the Trustee shall authenticate Definitive Notes of a series in exchange for temporary Notes of such series. Holders of temporary Notes shall be entitled to all of the benefits of this
Indenture. 
 
SECTION 2.04. Registration, Transfer and Exchange. 
 (1) Securities Register. The Trustee shall
keep a register of the Notes (the “Security Register”) which shall provide for the registration of such Notes, and for transfers of such Notes in accordance with information, if any, to be provided to the Trustee by the Obligor, subject to
such reasonable regulations as the Trustee may prescribe. Such register shall be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the information contained in such
register or registers shall be available for inspection at the Corporate Trust Office of the Trustee or at such other office or agency to be maintained by the Obligor pursuant to Section 9.02. 
  

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 Upon due presentation for registration of transfer of any Note at the Corporate Trust Office of the
Trustee or at any other office or agency maintained by the Obligor pursuant to Section 9.02, the Obligor shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new
Notes of authorized denominations, of a like aggregate principal amount, series and Maturity Date. 
 (2) Transfer of Global Notes.
Any other provision of this Section 2.04 notwithstanding, unless and until it is exchanged in whole or in part for Definitive Notes, a Global Note representing all or a portion of the Notes of a series may not be transferred except as a whole
by the Depositary to a nominee of such Depositary, or by a nominee of such Depositary to such Depositary or another nominee of such Depositary, or by such Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary. 
 The Obligor initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global
Notes of each series. 
 (3) Legends. 
 Each Global Note shall bear the legend specified in clause (i) of Section 2.01(2) on the face thereof. 
 (4) Definitive Notes. 
 (i) Notwithstanding any other provisions of this Indenture or the Notes, a Global Note may be
exchanged for Notes of the same series registered in the names of any Person designated by the Depositary in the event that (a) the Depositary has notified the Obligor that it is unwilling or unable to continue as Depositary for such Global
Note or such Depositary has ceased to be a “clearing agency” registered under the Exchange Act, at a time when the Depositary is required to be so registered in order to act as depositary, and the Obligor has not appointed a successor
Depositary within 90 days of receiving such notice or of becoming aware of such cessation, (b) an Event of Default has occurred and is continuing with respect to the applicable Notes, or (c) the Obligor, in its sole discretion,
determines that the applicable Notes issued in the form of Global Notes shall no longer be represented by such Global Notes as evidenced by a Company Order delivered to the Trustee. Any Global Note exchanged pursuant to clause (a) or
(c) above shall be so exchanged in whole and not in part and any Global Note exchanged pursuant to clause (b) above may be exchanged in whole or from time to time in part as directed by the Depositary. Any Note issued in exchange for
a Global Note of the same series or any portion thereof shall be a Global Note, provided that any such Note so issued that is registered in the name of a Person other than the Depositary or a nominee thereof shall not be a Global Note.

 (ii) If at any time the Depositary for the Notes of any series notifies the Obligor that it is unwilling or unable to continue as
Depositary for such Notes or if the Depositary has ceased to be a “clearing agency” registered under the Exchange Act at a time when the Depositary is required to be so registered in order to act as depositary, the Obligor 
  

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may within 90 days of receiving such notice or of becoming aware of such cessation appoint a successor Depositary with respect to such Notes.

 (iii) If, in accordance with this Section 2.04(4), Notes of any series in global form will no longer be represented by Global Notes,
the Obligor will execute, and the Trustee, upon receipt of an Authentication Order, will authenticate and make available for delivery, Definitive Notes of such series in an aggregate principal amount equal to the principal amount of the Global Notes
of such series, in exchange for such Global Notes. 
 (iv) If a Definitive Note is issued in exchange for any portion of a Global Note after
the close of business at the office or agency where such exchange occurs on any Record Date for the payment of interest and before the opening of business at such office or agency on the next succeeding Interest Payment Date, interest shall not be
payable on such Interest Payment Date in respect of such Definitive Notes, but shall be payable on such Interest Payment Date only to the Person to whom interest in respect of such portion of such Global Note is payable in accordance with the
provisions of this Indenture. 
 (v) Definitive Notes issued in exchange for a Global Note pursuant to this Section 2.04(4) shall be
registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. Upon execution and authentication, the Trustee shall deliver
such Definitive Notes to the Persons in whose names such Notes are so registered. To permit registrations of transfers and exchanges, the Obligor shall execute and the Trustee (or an Authenticating Agent appointed pursuant to this Indenture) shall
authenticate and make available for delivery Definitive Notes at the Registrar’s request, and upon direction of the Obligor. No service charge shall be made for any registration of transfer or exchange, but the Obligor or the Trustee may
require payment of a sum sufficient to cover any transfer tax or other governmental charge payable in connection with any registration of transfer or exchange. 
 (vi) When Definitive Notes are presented to the Trustee with a request to register the transfer of such Definitive Notes or to exchange such Definitive Notes for an equal principal amount of Definitive Notes of other
authorized denominations of the same series, the Trustee shall register the transfer or make the exchange as requested if its requirements for such transaction are met; provided, however, that the Definitive Notes surrendered for
transfer or exchange shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Obligor and the Trustee, duly executed by the Holder thereof or his attorney duly authorized in writing.

 (vii) At such time as all interests in Global Notes of any series have either been exchanged for Definitive Notes of such series or
cancelled, such Global Notes shall be cancelled by the Trustee in accordance with the standing procedures and instructions existing between the Depositary and the Custodian. At any time prior to such cancellation, if any interest in a Global Note of
any series is exchanged for Definitive Notes of such series or cancelled, the principal amount of such Global Note shall, in accordance with the standing procedures and instructions existing between the Depositary 
  

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and the Custodian, be reduced and an endorsement shall be made on such Global Note, by the Trustee or the Custodian, at the direction of the Trustee, to
reflect such reduction. 
 (5) Notwithstanding anything in this Indenture to the contrary, (i) all Notes issued upon any registration of
transfer or exchange of Notes shall be the valid obligations of the Obligor, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Notes surrendered upon such registration of transfer or exchange, (ii) all
transfers and exchanges of the Notes may be made only in accordance with the procedures set forth in this Indenture, and (iii) the transfer and exchange of a beneficial interest in a Global Note may only be effected through the Depositary in
accordance with the procedures promulgated by the Depositary. 
 (6) The Obligor shall not be required to (i) issue, register the
transfer of, or exchange any Note during a period beginning at the opening of business 15 days before the day of the mailing of a notice of redemption of Notes under any optional redemption provision pursuant to Section 2.01(1)(v)(f) and
ending at the close of business on the date of such mailing or (ii) register the transfer of or exchange any Note so selected for redemption in whole or in part, except, in the case of any Note to be redeemed in part, the portion thereof not to
be redeemed. 
 
SECTION 2.05. Mutilated, Destroyed, Lost and Stolen Notes. 
 (1) If (i) any mutilated Note is
surrendered to the Trustee, or the Obligor and the Trustee receive evidence to their satisfaction of the destruction, loss or theft of any Note and (ii) there is delivered to the Obligor and the Trustee such security or indemnity as may be
required by them to save each of them harmless from any loss, liability or expense that they may suffer if such Note is replaced and subsequently presented or otherwise claimed for payment, then, in the absence of notice to the Obligor or the
Trustee that such Note has been acquired by a protected purchaser, the Obligor may in its discretion execute and, upon request of the Obligor, the Trustee shall authenticate and deliver, in exchange for or in lieu of any such mutilated, destroyed,
lost or stolen Note, a new Note of like tenor, series, Maturity Date, and principal amount, bearing a number not contemporaneously outstanding. 
 (2) In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Obligor in its discretion may, instead of issuing a new Note, pay such Note. 
 (3) Upon the issuance of any new Note under this Section 2.05, the Obligor may require the payment by the Holder thereof of a sum sufficient to
cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee) connected therewith. 
 (4) Every new Note issued pursuant to this Section 2.05 in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original
contractual obligation of the Obligor, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time 
  

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 enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and proportionately with any
and all other Notes duly issued hereunder. 
 (5) The provisions of this Section 2.05 are exclusive and shall preclude (to the extent
lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 
SECTION 2.06. Payment of Interest; Interest Rights Preserved. 
 (1) Interest on any Note which is payable
and is punctually paid or duly provided for on any Interest Payment Date shall, if so provided in such Note, be paid to the Person in whose name that Note (or one or more Predecessor Notes) is registered at the close of business on the applicable
Record Date, notwithstanding any transfer or exchange of such Note subsequent to such Record Date and prior to such Interest Payment Date (unless, if so provided in such Note, such Interest Payment Date is also the Maturity Date, in which case such
interest shall be payable to the Person to whom principal is payable). 
 (2) Any interest on any Note which is payable, but is not
punctually paid or duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered Holder on the applicable Record Date by virtue of his having been such Holder;
and, except as hereinafter provided, such Defaulted Interest may be paid by the Obligor, at its election in each case, as provided in clause (i) or (ii) below: 
 (i) The Obligor may elect to make payment of any Defaulted Interest to the Persons in whose names any such Notes (or their respective Predecessor Notes) are registered at the close of business on a Special Record Date
for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Obligor shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each such Note and the date of the proposed payment,
and at the same time the Obligor shall deposit with the Trustee an amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior
to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the Trustee shall fix a Special Record Date for the payment
of such Defaulted Interest which shall be not more than 15 nor less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Trustee shall
promptly notify the Obligor of such Special Record Date and, in the name and at the expense of the Obligor, shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage
prepaid, to the Holder of each such Note at his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date
therefor having been mailed as aforesaid, such Defaulted Interest shall be paid to the Persons in whose names such Notes (or their respective Predecessor Notes) are registered on such Special Record Date and shall no longer be payable pursuant to
the following clause (ii). 
  

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 (ii) The Obligor may make payment of any Defaulted Interest in any other lawful manner if, after notice
given by the Obligor to the Trustee of the proposed payment pursuant to this clause (ii), such manner of payment shall be deemed practicable by the Trustee. 
 (3) If any installment of interest on any Note called for redemption pursuant to any optional redemption provision under Section 2.01(1)(v)(f) is due and payable on or prior to the Redemption Date and is not paid
or duly provided for on or prior to the Redemption Date in accordance with the foregoing provisions of this Section 2.06, such interest shall be payable as part of the Redemption Price of such Notes. 
 (4) Interest on Notes may be paid at the office or agency maintained by the Obligor in New York City pursuant to Section 9.02 or, at the
Obligor’s option, through DTC, Clearstream Banking, société anonyme, or Euroclear System to the Person entitled thereto or by such other means as may be specified in the form of such Note. 
 (5) Subject to the foregoing provisions of this Section 2.06 and the provisions of Section 2.04, each Note delivered under this Indenture upon
registration of transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Note. 
 
SECTION 2.07. Persons Deemed Owners. 
 (1) Prior to due presentment of a Note for registration of
transfer, the Obligor, the Trustee, and any agent of the Obligor or the Trustee may treat the Person in whose name any Note is registered on the Security Register as the owner of such Note for the purpose of receiving payment of principal, premium,
if any, and (subject to Section 2.06) interest, and for all other purposes whatsoever, whether or not such Note is overdue and neither the Obligor, the Trustee, nor any agent of the Obligor or the Trustee shall be affected by notice to the
contrary. 
 (2) None of the Obligor, the Trustee, any Authenticating Agent, any Paying Agent, the Registrar or any Co-Registrar will have
any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership
interests and each of them may act or refrain from acting without liability on any information relating to such records provided by the Depositary. 
 
SECTION 2.08. Cancellation. All Notes surrendered for payment, redemption, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and, if not
already cancelled, shall be promptly cancelled by it. The Obligor may at any time deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Obligor may have acquired in any manner whatsoever, and
all Notes so delivered shall be promptly cancelled by the Trustee. Acquisition of such Notes by the Obligor shall not operate as a redemption or satisfaction of the indebtedness represented by such Notes unless and until 
  

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 the same are delivered to the Trustee for cancellation. No Note shall be authenticated in lieu of or in exchange for any
Notes cancelled as provided in this Section 2.08, except as expressly permitted by this Indenture. The Trustee shall dispose of all cancelled Notes in accordance with its customary procedures and, upon written request, deliver a certificate of
such disposition to the Obligor. 
 
SECTION 2.09. Computation of Interest. Interest on the Notes shall be calculated on the basis of a 360-day year of twelve 30-day months. 
 
SECTION 2.10. CUSIP Numbers. The Obligor in issuing the Notes may use “CUSIP” and “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use the CUSIP or ISIN numbers, as the
case may be, in notices of redemption as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness or accuracy of the CUSIP or ISIN number, as the case may be, either as printed on
the Notes or as contained in any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Notes. The Obligor will promptly notify the Trustee in writing of any change in the CUSIP or ISIN number.

 ARTICLE III 
 DISCHARGE OF
INDENTURE 
 
SECTION 3.01. Discharge of Indenture. This Indenture will be discharged with respect to the Notes of a series and will cease to be of further effect as to all such Notes (except as to any surviving rights of
transfer or exchange of such Notes expressly provided for herein), and the Trustee, on demand of and at the expense of the Obligor, shall execute proper instruments acknowledging the discharge of this Indenture with respect to the Notes of such
series, when 
 (1) either 
 (i)
all Notes of such series theretofore authenticated and delivered (except (i) mutilated, lost, stolen or destroyed Notes which have been replaced or paid, as provided in Section 2.05 and (ii) Notes of such series for whose payment
money has theretofore been deposited in trust or segregated and held in trust by the Obligor and thereafter repaid to the Obligor or discharged from such trust, as provided in Section 3.05) have been delivered by the Obligor to the Trustee
cancelled or for cancellation; or 
 (ii) all such Notes of such series not theretofore delivered to the Trustee cancelled or for
cancellation: 
 (a) have become due and payable, or 
 (b) will, in accordance with their Maturity Date, become due and payable within one year, or 
  

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 (c) are to be called for redemption within one year under arrangements satisfactory to the Trustee for
the giving of notice of redemption by the Trustee in the name, and at the expense, of the Obligor, and, in any of the cases described in (a) or (b) above or in this clause (c), the Obligor has irrevocably deposited or caused to be
deposited with the Trustee, as trust funds in trust for the benefit of the Holders of such Notes for that purpose, U.S. dollars or non-callable U.S. Government Obligations or a combination thereof in such amounts sufficient to pay and discharge the
entire indebtedness on the Notes of such series not theretofore delivered to the Trustee cancelled or for cancellation, for principal of and interest and premium, if any, on the Notes of such series to the date of such deposit (in the case of Notes
of such series that have become due and payable), or to the Maturity Date or the Redemption Date, as the case may be; 
 (2) the Obligor has
paid or caused to be paid all other sums payable by it with respect to the Notes of such series under this Indenture; 
 (3) in the event of
a deposit and defeasance under Section 3.01(1)(ii), no Event of Default or event which with notice or lapse of time would become an Event of Default has occurred and is continuing with respect to the Notes of such series on the date of such
deposit; and 
 (4) the Obligor has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all
conditions precedent to the discharge of this Indenture with respect to the Notes of such series have been complied with. 
 Notwithstanding
the discharge of this Indenture with respect to the Notes of such series, the obligations of the Obligor under Section 3.01(1) and the obligations of the Obligor to the Trustee under Section 5.07 and to any Authenticating Agent under
Section 5.14 shall survive, and the obligations of the Trustee under Sections 3.03 and 3.05 shall survive. 
 
SECTION 3.02. Defeasance and Discharge of Covenants upon Deposit of Moneys, U.S. Government Obligations. At the Obligor’s option, either (a) the Obligor shall be deemed to have been Discharged (as defined
below) from its obligations with respect to the Notes of any series (“Legal Defeasance”) and/or (b) the Obligor shall cease to be under any obligation to comply with any term, provision or condition set forth in
Sections 4.01 (4), 9.05, 9.06 and 9.07 (and any other Sections, covenants or Events of Default applicable to such Notes that are determined pursuant to Section 2.01 to be subject to this provision) with respect to the Notes of such
series at any time after the applicable conditions set forth below have been satisfied (“Covenant Defeasance”): 
 (1) The Obligor
shall have deposited or caused to be deposited irrevocably with the Trustee, as trust funds, in trust, specifically pledged as security for, and dedicated solely to, the benefit of the Holders of the Notes of such series, an amount of money, in cash
in U.S. dollars sufficient, or in non-callable U.S. Government Obligations, the principal of and interest on which, when due, will be sufficient, or a combination thereof, sufficient, in the opinion of a nationally recognized firm of independent
public 
  

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accountants expressed in a written certification thereof delivered to the Trustee, to pay and discharge the entire indebtedness on the Notes of such series
with respect to principal, premium, if any, and accrued and unpaid interest to the date of such deposit (in the case of Notes of any series that have become due and payable), or to the Maturity Date or Redemption Date, as the case may be;

 (2) No Event of Default, or event which with notice or lapse of time would become an Event of Default with respect to the Notes of such
series, shall have occurred and be continuing on the date of such deposit or, with respect to an Event of Default described in Section 4.04(6), at any time in the period ending on the 91st day after the date of deposit; 
 (3) The Obligor shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel each stating that all conditions precedent to
the defeasance and discharge contemplated by this Section 3.02 have been complied with, and: 
 (i) in the case of an
Opinion of Counsel relating to a Legal Defeasance, stating that: 
 (A) the Obligor has received from the Internal Revenue Service a ruling,
or 
 (B) since the date hereof there has been a change in the applicable Federal income tax law, to the effect, in either case, that and
based thereon such Opinion of Counsel shall confirm that the holders of the Notes will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts,
in the same manner and at the same time as would have been the case if such defeasance has not occurred; 
 (ii) in the case of an Opinion of
Counsel relating to a Covenant Defeasance, stating that the deposit and defeasance contemplated by this Section 3.02 will not cause the Holders of the Notes of such series to recognize income, gain or loss for Federal income tax purposes as a
result of the Obligor’s exercise of its option under this Section 3.02 and such Holders will be subject to Federal income tax on the same amount and in the same manner and at the same times as would have been the case if such option had
not been exercised, which Opinion of Counsel (in the case of a Legal Defeasance) must be based upon a ruling of the Internal Revenue Service to the same effect or a change in applicable Federal income tax law or related treasury regulations after
the date of this Indenture. 
 If in connection with the exercise by the Obligor of any option under this Section 3.02, any series of
Notes is to be redeemed, either notice of such redemption shall have been duly given pursuant to any redemption provision adopted under Section 2.01 of this Indenture or provision therefor satisfactory to the Trustee shall have been made.

 If the Obligor exercises its option under Section 3.02(a), payment of the Notes may not be accelerated because of an Event of Default
with respect thereto. If the Obligor exercises its option under Section 3.02(b), payment of the Notes may not be 
  

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 accelerated because of an Event of Default specified in Sections 4.01(2) and (7) with respect to Articles VII
or IX. 
 Notwithstanding the exercise by the Obligor of its option under Section 3.02(b) with respect to Section 7.01, the
obligation of any successor entity to assume the obligations to the Trustee under Section 5.07 shall not be discharged. 
 “Discharged” means, as to any series of Notes, that the Obligor shall be deemed to have paid and discharged the entire indebtedness represented by, and obligations under, the Notes of such series and to have satisfied all the
obligations under this Indenture relating to such series of Notes (and the Trustee, at the expense of the Obligor, shall execute proper instruments acknowledging the same), except (A) the rights of Holders of Notes of such series to receive,
from the trust fund described in clause (1) above, payment of the principal of, premium, if any, and the interest, if any, on such series of Notes when such payments are due; (B) the Obligor’s obligations with respect to such
Notes under Sections 2.04, 2.05, 3.02(1), 3.03, and 9.02 and its obligations under Section 5.07; and (C) the rights, powers, trusts, duties and immunities of the Trustee hereunder. 
 
SECTION 3.03. Application of Trust Money. All money and U.S. Government Obligations deposited with the Trustee pursuant to Section 3.01 or Section 3.02 and all proceeds of such U.S. Government Obligations
and the interest thereon shall be held in trust and applied by it, in accordance with the provisions of this Indenture, to the payment, either directly or through any Paying Agent (including the Obligor acting as its own Paying Agent), as the
Trustee may determine, to the Persons entitled thereto, of the principal, premium, if any, and interest, for whose payment such money and U.S. Government Obligations have been deposited with the Trustee; but such money and U.S. Government
Obligations need not be segregated from other funds except to the extent required by law. 
 
SECTION 3.04. Paying Agent to Repay Moneys Held. Upon the discharge of this Indenture or a Legal Defeasance, in each case, with respect to the Notes of a series, all moneys then held by any Paying Agent under the
provisions of this Indenture with respect to such Notes (other than the Trustee) shall, upon demand of the Obligor, be repaid to it or paid to the Trustee, and thereupon such Paying Agent shall be released from all further liability with respect to
such moneys. 
 
SECTION 3.05. Return of Unclaimed Amounts. Any amounts deposited with or paid to the Trustee or any Paying Agent for payment of the principal of, premium, if any, or interest on any series of Notes or then held by
the Obligor, in trust for the payment of the principal of, premium, if any, or interest on any series of Notes and not applied but remaining unclaimed by the Holders of such series of Notes for two years after the date upon which the principal of,
premium, if any, or interest on such series of Notes, as the case may be, shall have become due and payable, shall be repaid to the Obligor by the Trustee on demand or (if then held by the Obligor) shall be discharged from such Trust; and the Holder
of any Notes of such series shall thereafter, as an unsecured general creditor, look only to the Obligor for any payment which such Holder may be entitled to 
  

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 collect (until such time as such unclaimed amounts shall escheat, if at all, to any applicable jurisdiction) and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Obligor as trustee thereof, shall thereupon cease. Notwithstanding the foregoing, the Trustee or Paying Agent, before being required to make any
such repayment, may at the expense of the Obligor cause to be published once a week for two successive weeks (in each case on any day of the week) in a newspaper printed in the English language and customarily published at least once a day at least
five days in each calendar week and of general circulation in the Borough of Manhattan, in the City and State of New York, a notice that said amounts have not been so applied and that after a date named therein any unclaimed balance of said amounts
then remaining will be promptly returned to the Obligor. 
 
SECTION 3.06. Reinstatement. If the Trustee or any Paying Agent is unable to apply any money in accordance with Section 3.03 by reason of any legal proceeding or by reason of any order or judgment of any court
or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Obligor’s obligations under this Indenture and the Holders of Notes shall be revived and reinstated as though no deposit had occurred pursuant
to Section 3.01 until such time as the Trustee or such Paying Agent is permitted to apply all such money in accordance with Section 3.03. 
 ARTICLE IV 
 REMEDIES 
 
SECTION 4.01. Events of Default. “Event of Default,” wherever used herein, means with respect to Notes of any series, any of the following events (whatever the reason for such Event of Default and whether
it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or governmental body): 
 (1) default in the payment of any principal of or premium, if any, on the Notes of such series when due (whether at maturity, upon optional redemption or
otherwise); 
 (2) default in the payment of any interest on any Note of such series, when it becomes due and payable, and continuance of
such default for a period of 30 days; 
 (3) default in the performance, or breach, of any covenant, warranty or agreement (other than a
default or breach under Section 7.01) of the Obligor under this Indenture in respect of the Notes of such series, and continuance of such default or breach for a period of 60 days after a Notice of Default is given to the Obligor;

 (4) a default in the performance, or breach, of the Obligor’s obligations under Section 7.01; 
 (5) the entry of an order for relief against the Obligor under the Bankruptcy Code by a court having jurisdiction in the premises or a decree or order by
a court having jurisdiction in the premises adjudging the Obligor as bankrupt or insolvent under any other applicable Federal or state law, or the entry of a decree or order approving as properly filed a petition seeking reorganization, arrangement,
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of or in respect of the Obligor under the Bankruptcy Code or any other applicable Federal or state law, or appointing a receiver, liquidator, assignee,
trustee, sequestrator (or other similar official) of the Obligor or of any substantial part of their respective properties, or ordering the winding up or liquidation of their respective affairs, and the continuance of any such decree or order
unstayed and in effect for a period of 90 consecutive days; 
 (6) the consent by the Obligor to the institution of bankruptcy or insolvency
proceedings against any of them, or the filing by the Obligor of a petition or answer or consent seeking reorganization or relief under the Bankruptcy Code or any other applicable Federal or state law, or the consent by the Obligor to the filing of
any such petition or to the appointment of a receiver, liquidator, assignee, trustee, sequestrator (or other similar official) of the Obligor or of any substantial part of their respective properties, or the making by the Obligor of an assignment
for the benefit of creditors, or the admission by the Obligor in writing of the Obligor’s inability to pay debts generally as they become due, or the taking of corporate action by the Obligor in furtherance of any such action; and 

(7) (a) a failure to make any payment at maturity, including any applicable grace period, on any Indebtedness of the Obligor (other than
Indebtedness of the Obligor owing to any of its Subsidiaries) outstanding in an amount in excess of $75 million or its foreign currency equivalent at the time and continuance of this failure to pay or (b) a default on any indebtedness of the
Obligor (other than Indebtedness owing to any of its Subsidiaries), which default results in the acceleration of such Indebtedness in an amount in excess of $75 million or its foreign currency equivalent at the time without such Indebtedness having
been discharged or the acceleration having been cured, waived, rescinded or annulled, in the case of clause (a) or (b) above; provided, however, that if any failure, default or acceleration referred to in clauses 7(a) or (b) ceases or
is cured, waived, rescinded or annulled, then the event of default under the Indenture will be deemed cured. 
 A default under clauses
(3) above is not an Event of Default until the Trustee or the holders of not less than 25% in aggregate principal amount of the Notes of such series then outstanding notify the Obligor of the default and the Obligor does not cure such default
within the time specified after receipt of such notice. Such notice must specify the default, demand that it be remedied and state that such notice is a “Notice of Default.” 
 The Obligor shall deliver to the Trustee, within 30 days after the occurrence thereof, written notice in the form of an Officer’s Certificate
of any event that with the giving of notice or the lapse of time or both would become an Event of Default, its status and what action the Obligor is taking or proposes to take with respect thereto. Upon becoming aware of any default or Event of
Default, the Obligor is required to deliver to the Trustee a statement specifying such default or Event of Default. 
 No Event of Default
with respect to a single series of Notes issued hereunder (and under or pursuant to any Supplemental Indenture or Board Resolution) necessarily constitutes an Event of Default with respect to any other series of Notes. 
  

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SECTION 4.02. Acceleration of Maturity; Rescission and Annulment. 
 (1) If any Event of Default (other
than an Event of Default specified in clause (5) or (6) of Section 4.01) with respect to the Notes of any series occurs and is continuing, then either the Trustee or the Holders of not less than 25% in aggregate principal amount
of the Outstanding Notes of such series may declare the principal of all Outstanding Notes of such series, and the interest to the date of acceleration, if any, accrued thereon, to be immediately due and payable by notice in writing to the Obligor
(and to the Trustee if given by Holders) specifying the event of default. If an Event of Default described in clause (4) or (6) of Section 4.01 occurs, then the principal amount of all the Notes then outstanding and interest
accrued thereon, if any, will become and be immediately due and payable without any declaration or other act on the part of the Trustee or the Holders of the Notes, to the full extent permitted by applicable law. 
 (2) At any time after such a declaration of acceleration has been made with respect to the Notes of any series and before a judgment or decree for
payment of the money due has been obtained by the Trustee as hereinafter in this Article IV provided, the Holders of a majority in aggregate principal amount of the Outstanding Notes of such series by written notice to the Obligor and the
Trustee, may rescind and annul such declaration or waive past defaults and their consequences, except with respect to a default in respect of a covenant or provision of this Indenture which cannot be modified or amended without the consent of the
Holder of each Outstanding Note affected thereby, if: 
 (i) the Obligor has paid or deposited with the Trustee a sum sufficient to pay:

 (a) all overdue installments of interest, if any, on such series of Notes, 
 (b) the principal of (and premium, if any, on) any such series of Notes which have become due otherwise than by such declaration of acceleration, and
interest thereon at the rate prescribed therefor by the Notes of such series, to the extent that payment of such interest is lawful, 
 (c)
interest on overdue installments of interest at the rate prescribed therefor by the Notes of such series to the extent that payment of such interest is lawful, and 
 (d) the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, and all other amounts due the Trustee under Section 5.07; and 
 (ii) all Events of Default, other than the nonpayment of the principal, premium or interest of the Notes of such series which have become due solely by
such acceleration, have been cured or waived as provided in Section 4.13. 
 (3) No such rescission shall affect any subsequent default
or impair any right consequent thereon. 
  

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SECTION 4.03. Collection of Indebtedness and Suits for Enforcement. 
 (1) The Obligor covenants that if:

 (i) default is made in the payment of any installment of interest on any Note of any series when such interest becomes due and payable, or

 (ii) default is made in the payment of (or premium, if any, on) the principal of any Note of any series at the Maturity thereof, and

 (iii) any such default continues for any period of grace provided in relation to such default pursuant to Section 4.01, then, with
respect to such series of Notes, the Obligor will, upon demand of the Trustee, pay to it, for the benefit of the Holders of the Notes of such series, the whole amount then due and payable on all Notes of such series for principal (and premium, if
any) and interest, together with interest (to the extent that payment of such interest shall be legally enforceable) upon the overdue principal (and premium, if any) and upon overdue installments of interest at the rate of interest prescribed
therefor by the Notes of such series; and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its
agents and counsel and all other amounts due the Trustee under Section 5.07. 
 (2) If the Obligor fails to pay such amounts forthwith
upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, and may prosecute such proceeding to judgment or final decree, and may enforce
the same against the Obligor or any other obligor upon such Notes and collect the money adjudged or decreed to be payable in the manner provided by law out of the property of the Obligor or any other obligor upon such Notes, wherever situated.

 (3) If an Event of Default occurs and is continuing with respect to any series of Notes, the Trustee may in its discretion proceed to
protect and enforce its rights and the rights of the Holders of such series of Notes by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 
SECTION 4.04. Trustee May File Proofs of Claim. 
 (1) In case of the pendency of any receivership,
insolvency, liquidation, bankruptcy, reorganization, arrangement, adjustment, composition, or other judicial proceeding relative to the Obligor or any obligor upon the Notes or the property of the Obligor or of such other obligor or their creditors,
the Trustee (irrespective of whether the principal of the Notes shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Obligor for the payment of
overdue principal or interest) shall be entitled and empowered, by intervention in such proceedings or otherwise, 
  

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 (i) to file and prove a claim for the whole amount of principal, premium, if any, and interest owing and
unpaid in respect of the Notes, and to file such other papers or documents as may be necessary and 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 all other amounts due the Trustee under Section 5.07) and of the Holders allowed in such judicial proceedings, and 
 (ii) to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any receiver, assignee, trustee, liquidator, sequestrator (or other similar official)
in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to
it for the reasonable compensation, expenses, disbursements and advances of the Trustee and its agent and counsel, and any other amounts due the Trustee under Section 5.07. 
 (2) Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
 
SECTION 4.05. Trustee May Enforce Claims Without Possession of Notes. All rights of action and claims under this Indenture or the Notes of any series may be prosecuted and enforced by the Trustee without the
possession of any of the Notes of such series or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of
judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee and its agents and counsel, be for the ratable benefit of the Holders of the Notes of such series. 
 
SECTION 4.06. Application of Money Collected. Any money collected by the Trustee from the Obligor pursuant to this Article IV shall be applied in the following order, at the date or dates fixed by the Trustee
and, in case of the distribution of such money on account of principal, premium, if any, or interest, if any, upon presentation of the Notes of any series and the notation thereon of the payment, if only partially paid, and upon surrender thereof,
if fully paid: 
 First: To the payment of all amounts due the Trustee under Section 5.07. 
 Second: To the payment of the amounts then due and unpaid upon such series of Notes for principal, premium, if any, and interest, in respect of which or
for the benefit of which such money has been collected, ratably, without preference or priority of any kind. 
 Third: To the Obligor.

  

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SECTION 4.07. Limitation on Suits. No Holder of any Note of any series may institute any action under this Indenture, unless and until: 
 (1) such Holder has given the Trustee written notice of a continuing Event of Default with respect to the Notes of such series; 
 (2) the Holders of at least 25% in aggregate principal amount of the Outstanding Notes of such series have made a written request to the Trustee to institute proceedings in respect of such Event of Default in its own
name as Trustee hereunder; 
 (3) such Holder or Holders has or have offered the Trustee such reasonable indemnity against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (4) the Trustee has failed to institute any such proceeding for
60 days after its receipt of such notice, request and offer of indemnity; and 
 (5) no inconsistent direction has been given to the
Trustee during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes of such series; 
 it being understood
and intended that no one or more Holders of Notes of any series shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other Holders of Notes of
such series, or to obtain or to seek to obtain priority or preference over any other such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and proportionate benefit of all the Holders of
all Notes of such series. 
 
SECTION 4.08. Unconditional Right of Holders to Receive Payment of Principal, Premium and Interest. Notwithstanding any other provision in this Indenture, the Holder of any Note shall have the right, which is
absolute and unconditional, to receive payment of the principal, premium, if any, and (subject to Section 2.06) interest on such Note on or after the Maturity Date (or, in the case of redemption, on or after the Redemption Date) and to
institute suit for the enforcement of any such payment on or after such respective date, and such right shall not be impaired or affected without the consent of such Holder. 
 
SECTION 4.09. Restoration of Rights and Remedies. If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or
abandoned for any reason, then and in every such case the Obligor, the Trustee and the Holders shall, subject to any determination in such proceeding, be restored severally and respectively to their former positions hereunder, and thereafter all
rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 
 
SECTION 4.10. Rights and Remedies Cumulative. Except as provided in Section 2.05(5), no right or remedy herein conferred upon or reserved to the Trustee or to 
  

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 the Holders is intended to be exclusive of any other right or remedy, and every right or remedy shall, to the extent
permitted by law, be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not
prevent the concurrent assertion or employment of any other appropriate right or remedy. 
 
SECTION 4.11. Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder of any Note to exercise any right or remedy accruing upon any Event of Default shall impair any such right or remedy
or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article IV or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be. 
 
SECTION 4.12. Control by Holders. The Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of any series shall have the right to direct the time, method, and place of
conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred on the Trustee with respect to the Notes of such series provided that: 
 (1) the Trustee is offered reasonable indemnity against any loss, liability or expense; 
 (2) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that the action so
directed may not lawfully be taken or would conflict with this Indenture or if the Trustee in good faith shall, by a Responsible Officer, determine that the proceedings so directed would involve it in personal liability or be unjustly prejudicial to
the Holders not taking part in such direction, and 
 (3) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction. 
 
SECTION 4.13. Waiver of Past Defaults. Subject to Section 4.02, the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of any series may, on behalf of the Holders of all
Notes of such series, waive any past default hereunder with respect to the Notes of such series, except a default not theretofore cured: 
 (1) in the payment of principal, premium, if any, or interest on any Notes of such series, or 
 (2) in respect of a covenant or
provision in this Indenture which, under Article VIII, cannot be modified without the consent of the Holder of each Outstanding Note of such series. 
 Upon any such waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this 
  

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Indenture; but no such waiver shall extend to any subsequent or other default or impair any right consequent thereon. 
 
SECTION 4.14. Undertaking for Costs. All parties to this Indenture agree, and each Holder of any Note by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, 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, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit,
and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party
litigant; but the provisions of this Section 4.14 shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder or group of Holders holding in the aggregate more than 10% in principal amount of the Outstanding
Notes of any series to which the suit relates, or to any suit instituted by any Holder pursuant to Section 4.08. 
 
SECTION 4.15. Waiver of Stay or Extension Laws. The Obligor covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead, or in any manner whatsoever claim or take the
benefit or advantage of, any stay or extension law (other than any bankruptcy law) wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the Obligor (to the extent that it
may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law had been enacted. 
 ARTICLE V 
 THE TRUSTEE 
 
SECTION 5.01. Certain Duties and Responsibilities of Trustee. 
 (1) Except during the continuance of an
Event of Default with respect to a series of Notes: 
 (i) the Trustee undertakes to perform such duties and only such duties with respect to
such series of Notes as are specifically set forth in this Indenture, and no implied covenants or obligations with respect to such series of Notes shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions
expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are specifically required to be
furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture. 
  

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 (2) In case an Event of Default with respect to a series of Notes has occurred and is continuing, the
Trustee shall exercise such of the rights and powers vested in it by this Indenture with respect to such series of Notes and any indenture supplemental hereto relating to such series of Notes, and use the same degree of care and skill in their
exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 
 (3) No provision of
this Indenture shall be construed to relieve the Trustee from liability for its own negligent action, its own negligent failure to act, or its own willful misconduct, except that: 
 (i) this Subsection shall not be construed to limit the effect of Section 5.01(1); 
 (ii) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee
was negligent in ascertaining the pertinent facts; 
 (iii) the Trustee shall not be liable with respect to any action taken or omitted to be
taken by it in good faith in accordance with the direction of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of any series relating to the time, method, and place of conducting any proceeding for any
remedy available to the Trustee with respect to such series of Notes, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to such series of Notes; and 
 (iv) no provision of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any financial loss, expense or liability
in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not
reasonably assured to it. 
 (4) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section 5.01. 
 
SECTION 5.02. Notice of Defaults. Within 90 days after the occurrence of any default hereunder with respect to any series of Notes, the Trustee shall transmit by mail to all Holders of Notes of such series, as
their names and addresses appear in the Security Register, notice of such default hereunder known to the Trustee, unless such default shall have been cured or waived; provided, however, that, except in the case of a default in the
payment of the principal of or interest or premium, if any, on any Note of such series, the Trustee shall be protected in withholding such notice if and so long as the board of directors, the executive committee or a trust committee of directors,
and/or Responsible Officers of the Trustee determine in good faith that the withholding of such notice is in the interests of the Holders of the Outstanding Notes of such series and; provided further, that, in the case of any default of the
character specified in clause (3) of Section 4.01, no such notice to Holders of Notes of such series shall be given until at least 60 days after 
  

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the occurrence thereof. For the purpose of this Section 5.02, the term “default” means any event which is, or after notice or lapse of time or
both would become, an Event of Default. 
 
SECTION 5.03. Certain Rights of Trustee. Except as otherwise provided in Section 5.01: 
 (1) the
Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document believed by
it to be genuine and to have been signed or presented by the proper party or parties; 
 (2) any request or direction of the Obligor
described herein shall be sufficiently evidenced by a Company Request or Company Order and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 
 (3) whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or established prior to taking,
suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 
 (4) the Trustee may consult with counsel of its selection and any Opinion of Counsel shall be full and complete authorization and protection in respect
of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 
 (5) the Trustee shall be under no
obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee reasonable security or indemnity
against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction; 
 (6) the Trustee
shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture 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 Obligor, personally or by agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers hereunder
or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(8) the permissive rights of the Trustee enumerated herein shall not be construed as duties. 
  

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 (9) the Trustee shall not be responsible or liable for special, indirect or consequential loss or damage
of any kind whatsoever (including, but not limited to, loss or profit irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 
 (10) the Trustee shall not be required to give any note, bond, or surety in respect of the execution of the trusts and powers under this Indenture; and

 (11) the Trustee shall not be responsible or liable for any failure or delay in the performance of its obligations under this Indenture
arising out of or caused, directly or indirectly, by circumstances beyond its control, including, without limitation, acts of God; earthquakes; fire; flood; terrorism; wars and other military disturbances, sabotage; epidemics; riots; interruptions;
loss or malfunction of utilities; computer (hardware or software) or communication services; accidents; labor disputes; acts of civil or military authorities and governmental action. 
 
SECTION 5.04. Not Responsible for Recitals or Issuance of Notes. The recitals contained herein and in the Notes, except the certificates of authentication, shall be taken as the statements of the Obligor, and the
Trustee assumes no responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Obligor of the
Notes or the proceeds thereof. The Trustee shall not be charged with notice or knowledge of any Event of Default under clause (6) of Section 4.01 or of the identity of a Significant Subsidiary of the Obligor unless either (i) a
Responsible Officer of the Trustee assigned to and working in its Corporate Trust Office shall have actual knowledge thereof or (ii) notice thereof shall have been given to the Trustee in accordance with Section 1.05 from the Obligor or
any Holder. 
 
SECTION 5.05. May Hold Notes. The Trustee or any Paying Agent, Registrar, or other agent of the Obligor, in its individual or any other capacity, may become the owner or pledgee of Notes and, subject to
Sections 5.08 and 5.12, may otherwise deal with the Obligor with the same rights it would have if it were not Trustee, Paying Agent, Registrar, or such other agent. 
 
SECTION 5.06. Money Held in Trust. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be under no liability for interest on
any money received by it hereunder except as otherwise agreed with the Obligor. 
 
SECTION 5.07. Compensation and Reimbursement. The Obligor covenants and agrees: 
 (1) to pay the Trustee
from time to time, and the Trustee shall be entitled to, reasonable compensation for all services rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express
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 (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its request for all
reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the reasonable expenses and disbursements of its agents and counsel),
except any such expense, disbursement or advance as may be attributable to its negligence or bad faith; and 
 (3) to indemnify the Trustee
for, and to hold it harmless against, any loss, liability or expense incurred without negligence or bad faith on its part, arising out of or in connection with the acceptance or administration of this trust, including the reasonable costs and
expenses of defending itself against any claim or liability in connection with the exercise or performance of any of its powers or duties hereunder. 
 The Trustee shall have a lien prior to the Notes upon all property and funds held by it hereunder for any amount owing it or any retiring Trustee pursuant to this Section 5.07, except with respect to funds held
in trust for the benefit of the Holders of particular Notes. 
 Without prejudice to any other rights available to the Trustee under
applicable law, when the Trustee incurs expenses or renders services in connection with an Event of Default specified in clause (4) or (6) of Section 4.01, such expenses (including the reasonable charges and expenses of its
counsel) and compensation for such services are intended to constitute expenses of administration under any applicable Federal or State bankruptcy, insolvency, reorganization, or other similar law. 
 The provisions of this Section shall survive the termination of this Indenture and the resignation or removal of the Trustee. 
 
SECTION 5.08. Disqualification; Conflicting Interests. If the Trustee has or shall acquire any conflicting interest within the meaning of the Trust Indenture Act, it shall either eliminate such interest or resign
as Trustee, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and this Indenture. 
 
SECTION 5.09. Corporate Trustee Required; Eligibility. There shall at all times be a Trustee hereunder that shall be a corporation organized and doing business under the laws of the United States of America or of
any State or Territory thereof or of the District of Columbia, authorized under such laws to exercise corporate trust powers, having a combined capital and surplus of at least $50,000,000, and subject to supervision or examination by Federal or
State authority. If such corporation publishes reports of condition at least annually, pursuant to law or to the requirements of the aforesaid supervising or examining authority, then for the purposes of this Section 5.09, the combined capital
and surplus of such corporation shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this
Section 5.09, it shall resign immediately in the manner and with the effect hereinafter specified in this Article V. 
  

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SECTION 5.10. Resignation and Removal; Appointment of Successor. 
 (1) No resignation or removal of the
Trustee and no appointment of a successor Trustee pursuant to this Article V shall become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 5.11. 
 (2) The Trustee may resign at any time with respect to the Notes of one or more series by giving written notice thereof to the Obligor. If the instrument
of acceptance by a successor Trustee required by Section 5.11 shall not have been delivered to the Trustee within 30 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent
jurisdiction for the appointment of a successor Trustee with respect to the Notes of such series. 
 (3) The Trustee may be removed at any
time with respect to the Notes of any series by Act of the Holders of 66 2/3% in aggregate principal amount of the Outstanding Notes of such series, delivered to the Trustee and to the Obligor. 
 (4) If at any time: 
 (i) the Trustee shall
fail to comply with Section 5.08 after written request therefor by the Obligor or by any Holder who has been a bona fide Holder of a Note for at least six months, or 
 (ii) the Trustee shall cease to be eligible under Section 5.09 and shall fail to resign after written request therefor by the Obligor or by any such Holder, or 
 (iii) the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the Trustee or of its property shall be
appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (A) the Obligor by a Board Resolution may remove
the Trustee with respect to all Notes, or (B) subject to Section 4.14, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of
competent jurisdiction for the removal of the Trustee with respect to all Notes and the appointment of a successor Trustee or Trustees. 
 (5) If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Notes of one or more series, the Obligor, by a Board Resolution, shall
promptly appoint a successor Trustee or Trustees with respect to the Notes of that or those series (it being understood that any such successor Trustee may be appointed with respect to the Notes of one or more or all of such series and that at any
time there shall be only one Trustee with respect to the Notes of any particular series) and shall comply with the applicable requirements of Section 5.11. If, within one year after such resignation, removal or incapability, or the occurrence
of such vacancy, a successor Trustee with respect to the Notes of any series shall be appointed by Act of the Holders of 66 2/3% in aggregate principal amount of the Outstanding Notes of such series delivered to the Obligor and the 
  

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 retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in
accordance with the applicable requirements of Section 5.11, become the successor Trustee with respect to the Notes of such series and to that extent supersede the successor Trustee appointed by the Obligor. If no successor Trustee with respect
to the Notes of any series shall have been so appointed by the Obligor or the Holders and accepted appointment in the manner required by Section 5.11, any Holder who has been a bona fide Holder of a Note of such series for at least six months
may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes of such series. 
 (6) The Obligor shall give notice of each resignation and each removal of the Trustee with respect to the Notes of any series and each appointment of a
successor Trustee with respect to the Notes of any series to all Holders of Notes of such series in the manner provided in Section 1.06. Each notice shall include the name of the successor Trustee with respect to the Notes of such series and
the address of its Corporate Trust Office. 
 
SECTION 5.11. Acceptance of Appointment by Successor. In case of the appointment hereunder of a successor Trustee with respect to all Notes, every such successor Trustee so appointed shall execute, acknowledge and
deliver to the Obligor and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such successor Trustee, without any further act, deed or
conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Obligor or the successor Trustee, such retiring Trustee shall, upon payment of its reasonable charges and subject to
its lien, if any, provided by Section 5.07, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor Trustee
all property and money held by such retiring Trustee hereunder. 
 In case of the appointment hereunder of a successor Trustee with respect
to the Notes of one or more (but not all) series, the Obligor, the retiring Trustee and each successor Trustee with respect to the Notes of one or more series shall execute and deliver an indenture supplemental hereto wherein each successor Trustee
shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights, powers, trusts and duties of the retiring Trustee
with respect to the Notes of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Notes, shall contain such provisions as shall be deemed necessary or
desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of that or those series as to which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be 
  

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trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon the execution
and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested
with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Notes of that or those series to which the appointment of such successor Trustee relates; but, on request of the Obligor or any successor Trustee, such
retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring Trustee hereunder with respect to the Notes of that or those series to which the appointment of such successor Trustee
relates. 
 Upon request of any such successor Trustee, the Obligor shall execute any and all instruments for more fully and certainly
vesting in and confirming to such successor Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 
 No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article V. 
 
SECTION 5.12. Merger, Conversion, Consolidation or Succession to Business. Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder; provided
that such corporation shall be otherwise qualified and eligible under this Article V, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated, but
not delivered, by the Trustee then in office, any successor Trustee by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor
Trustee had itself authenticated such Notes. 
 
SECTION 5.13. Preferential Collection of Claims Against Obligor. If and when the Trustee shall be or shall become a creditor of the Obligor (or of any other obligor upon the Notes), the Trustee shall be subject to
the provisions of the Trust Indenture Act regarding the collection of claims against the Obligor (or against any such other obligor, as the case may be). 
 
SECTION 5.14. Appointment of Authenticating Agent. 
 (1) At any time when any of the Notes remain
Outstanding the Trustee, with the approval of the Obligor, may appoint an Authenticating Agent or Agents with respect to one or more series of Notes which shall be authorized to act on behalf of the Trustee to authenticate Notes of such series
issued upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 2.05, and Notes so authenticated shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes

  

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 as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and
delivery of Notes by the Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication
executed on behalf of the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Obligor and shall at all times be a corporation organized and doing business under the laws of the United States of America, any state
thereof or the District of Columbia, authorized under such laws to act as an Authenticating Agent, having a combined capital and surplus of not less than $50,000,000 and, if other than the Obligor itself, subject to supervision or examination by
Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 5.14, the
combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in
accordance with the provisions of this Section 5.14, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 5.14. 
 (2) Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation resulting from
any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an Authenticating Agent,
provided such corporation shall be otherwise eligible under this Section 5.14, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 
 (3) An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and, if other than the Obligor, to the Obligor. The
Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and, if other than the Obligor, to the Obligor. Upon receiving such a notice of resignation or upon such a
termination, or in case at any time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section 5.14, the Trustee, with the approval of the Obligor, may appoint a successor Authenticating Agent which
shall be acceptable to the Obligor and shall mail written notice of such appointment by first-class mail, postage prepaid, to all Holders of Notes of the series with respect to which such Authenticating Agent will serve, as their names and addresses
appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 5.14. 
 (4) The Obligor agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 5.14. 
  

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 (5) If an appointment is made pursuant to this Section 5.14, the Notes may have endorsed thereon, in
addition to the Trustee’s certificate of authentication, an alternate certificate of authentication in the following form: 
 This is
one of the Notes referred to in the within-mentioned Indenture. 
  

			
	             U.S. BANK NATIONAL ASSOCIATION,

	     as Trustee

		
	 By:
	 	  
		 	As Authenticating Agent
		 	  
		 	Authorized Officer

 ARTICLE VI 
 HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND OBLIGOR 
 
SECTION 6.01. Obligor to Furnish Trustee Names and Addresses of Holders. The Obligor will furnish or cause to be furnished to the Trustee: 
 (1) semi-annually, not more than 15 days after the Record Date for the payment of interest in respect of each series of Notes, in such form as the
Trustee may reasonably require, a list of the names and addresses of the Holders of such Notes as of such date, 
 (2) at such other times as
the Trustee may request in writing, within 30 days after the receipt by the Obligor of any such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished, provided that,
in the case of (1) and (2), if the Trustee shall be the Registrar, such list shall not be required to be furnished. 
 
SECTION 6.02. Preservation of Information; Communications to Holders. 
 (1) The Trustee shall preserve,
in as current a form as is reasonably practicable, the names and addresses of Holders of Notes of each series contained in the most recent list furnished to the Trustee as provided in Section 6.01 and the names and addresses of Holders of Notes
received by the Trustee. The Trustee may destroy any list furnished to it as provided in Section 6.01 upon receipt of a new list so furnished. 
 (2) Holders of Notes may communicate as provided in Section 312(b) of the Trust Indenture Act with other Holders of Notes with respect to their rights under this Indenture or under the Notes. 
 (3) Every Holder of Notes, by receiving and holding the same, agrees with the Obligor that the Obligor shall not be held accountable by reason of the
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such information as to the names and addresses of the Holders of Notes in accordance with Section 6.02(2), regardless of the source from which such
information was derived. 
 
SECTION 6.03. Reports by Trustee. 
 (1) Within 60 days after December 31 of each year
commencing with the first December 31 following the date of the initial issuance of Notes under this Indenture, the Trustee shall transmit by mail to the Holders of Notes as their names and addresses appear in the Security Register, a brief
report dated as of such December 31, to the extent required under Section 313(a) of the Trust Indenture Act. 
 (2) The Trustee
shall comply with Sections 313(b) and 313(c) of the Trust Indenture Act. 
 (3) A copy of each such report shall, at the time for such
transmission to Holders of Notes, be filed by the Trustee with the Obligor, with each stock exchange upon which any Notes are listed (if so listed) and also with the Commission. The Obligor agrees to promptly notify the Trustee when any Notes become
listed on any stock exchange and of any delisting thereof. 
 
SECTION 6.04. Reports by Obligor. 
 The Obligor shall comply with the provisions of Section 314(a)
and 314(c) of the TIA. Delivery of such reports, information and documents to the Trustee pursuant to TIA Section 314(a)(1), (2) and/or (3) shall be for informational purposes only and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or matters 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 Officer’s Certificates provided pursuant to Section 6.05 below). The Trustee is under no duty to examine such reports, information or documents to ensure compliance with the provisions of this Indenture or to ascertain the
correctness or otherwise of the information or the statements contained herein, or whether any such reports, information or documents have or have not been provided as required by the TIA. The Trustee is entitled to assume such compliance with the
TIA unless a Responsible Officer of the Trustee is informed otherwise. 
 SECTION 6.05. Compliance Certificate. 
 (a) The Obligor shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officer’s Certificate stating that a review of
the activities of the Obligor during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Obligor has kept, observed, performed and fulfilled its obligations under this
Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Obligor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a default or Event of Default has 
  

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occurred, describing such default or Event of Default of which he or she may have knowledge and what action the Obligor is taking or proposes to take with
respect thereto. 
 (b) So long as any of the Notes are outstanding, the Obligor will deliver to the Trustee, forthwith upon any Officer
becoming aware of any default or Event of Default, and what action the Obligor is taking or proposes to take with respect thereto. 
 (c)
Except with respect to receipt of Note payments when due and any default or Event of Default information contained in the Officer’s Certificates delivered to it pursuant to this Section 6.05, the Trustee shall have no duty to review,
ascertain or confirm the Obligor’s compliance with, or the breach of any representation, warranty or covenant made in this Indenture. 
 ARTICLE VII 
 CONSOLIDATION, MERGER OR TRANSFER 
 
SECTION 7.01. When Obligor May Merge or Transfer Assets. The Obligor may not consolidate or merge with or into another entity, or sell, lease, convey, transfer or otherwise dispose of the Obligor’s property
and assets substantially as an entirety to another entity unless: 
 (1) either (a) the Obligor shall be the continuing corporation or
(b) the Person (if other than the Obligor) formed by such consolidation or into which the Obligor is merged or to which all or substantially all of the properties and assets of the Obligor are conveyed or transferred (i) shall be a
corporation, partnership, limited liability company or trust organized and validly existing under the laws of the United States or any state thereof or the District of Columbia and (ii) shall expressly assume, by an Indenture supplemental
hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all of the obligations of the Obligor under the Notes and this Indenture; 
 (2) immediately after giving effect to such transaction, no Event of Default, and no default or other event which, after notice or lapse of time or both, would become a default or Event of Default, shall have occurred
and be continuing; 
 (3) if, as a result of any consolidation, merger, sale or lease, conveyance or transfer described in this
Section 7.01, properties or assets of the Obligor would become subject to any lien which would not be permitted by Section 9.06 without equally and ratably securing the Notes of such series, the Obligor or such successor Person, as the
case may be, will take steps as are necessary to effectively secure the Notes of such series equally and ratably with, or prior to, all Indebtedness secured by those liens as are provided in Section 9.06; and 
 (4) the Obligor shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation,
merger, conveyance or transfer and, if a supplemental Indenture is required in connection with such transaction, such supplemental Indenture, comply with this Section 7.01 and that all conditions precedent herein provided for relating to such
transaction have been satisfied. 
  

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SECTION 7.02. Successor Entity Substituted. The successor Person formed by such consolidation or into which the Obligor is merged or the successor Person to which such conveyance or transfer is made, in each case
other than a lease, shall succeed to, and be substituted for, and may exercise every right and power of the Obligor under this Indenture with the same effect as if such successor had been named as the Obligor herein; and thereafter the Obligor shall
be discharged from all obligations and covenants under this Indenture and the Notes. The Trustee shall enter into a supplemental Indenture to evidence the succession and substitution of such successor Person and such discharge and release of the
Obligor. 
 ARTICLE VIII 
 SUPPLEMENTAL INDENTURES 
 
SECTION 8.01. Supplemental Indentures Without Consent of Holders. Without the consent of the Holders of any Notes, the Obligor and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto (which shall conform to the provisions of the TIA as in force at the date of execution thereof), in form satisfactory to the Trustee, for any of the following purposes: 
 (1) to evidence the succession of another Person to the Obligor and the assumption by any such successor of the covenants of the Obligor under the
Indenture and the Notes pursuant to Article VII; 
 (2) to add to the covenants of the Obligor for the benefit of Holders of the Notes or to
surrender any right or power conferred upon the Obligor; 
 (3) to add any additional events of default for the benefit of Holders of the
Notes; 
 (4) to add to or change any of the provisions of the Indenture as necessary to permit or facilitate the issuance of Notes in bearer
form, registrable or not registrable as to principal, and with or without interest coupons, or to permit or facilitate the issuance of Notes in uncertificated form; 
 (5) to secure the Notes; 
 (6) to add or appoint a successor or separate Trustee; 
 (7) to cure any ambiguity, defect or inconsistency; 
 (8) to supplement any of the provisions of the Indenture as necessary to permit or facilitate the defeasance and discharge of any series of Notes, provided that the interests of the holders of the Notes are not adversely affected in any
material respect; 
 (9) to make any other change that would not adversely affect the holders of the Notes; 
 (10) to make any change necessary to comply with any requirement of the Commission in connection with the qualification of the Indenture or any
supplemental Indenture under the TIA; and 
  

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 (11) to conform the Indenture to the section entitled “Description of Debt Securities” in the
prospectus dated May 22, 2007 or any prospectus supplement to such prospectus relating to the Notes or any corresponding section of such prospectus or prospectus supplement pursuant to which any additional series of Notes is issued under this
Indenture. 
 No supplemental indenture for the purposes identified in clause (2) or (7) above may be entered into if to do so
would adversely affect the interest of the Holders of Notes. 
 
SECTION 8.02. Supplemental Indentures with Consent of Holders. With the consent of the Holders of not less than a majority in aggregate principal amount of the Outstanding Notes of all series affected by such
supplemental indenture (voting as one class), the Obligor, when authorized by a resolution of its Board of Directors, and the Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of
adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Holders of the Notes of each such series under this Indenture;
provided, however, that no such supplemental indenture shall, without the consent of the Holder of each Outstanding Note affected thereby: 
 (1) make any change to the percentage of principal amount of Notes the Holders of which must consent to an amendment, modification, supplement or waiver; 
 (2) reduce the rate of or extend the time of payment for interest on any Note; 
 (3) reduce the principal amount or extend the stated Maturity of any Note; 
 (4) reduce the Redemption Price of any Note or add redemption provisions to the Notes; 
 (5) make any Note
payable in money other than that stated in the Indenture or the Note; 
 (6) impair the right to institute suit for the enforcement of any
payment on or with respect to the Notes; or 
 (7) make any change in the ranking or priority of any Note that would adversely affect the
Holder of such Note. 
 The holders of at least a majority in principal amount of the outstanding notes may waive compliance by the Obligor
with certain restrictive provisions of the indenture with respect to the notes. The holders of at least a majority in principal amount of the outstanding notes may waive any past default under the indenture, except a default not theretofore cured in
the payment of principal or interest and certain covenants and provisions of the indenture which cannot be amended without the consent of the holder of each outstanding note. 
  

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SECTION 8.03. Execution of Supplemental Indentures. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article VIII or the modifications thereby of the
trusts created by this Indenture, the Trustee shall be entitled to receive, and (subject to Section 5.01) shall be fully protected in relying upon, in addition to the documents required by Section 1.02, an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture. Upon request of the Obligor and, in the case of Section 8.02, upon filing with the Trustee of evidence of an Act of Holders as aforementioned, the
Trustee shall join with the Obligor in the execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, powers, trusts, duties or immunities under this Indenture or otherwise, in which case the
Trustee may in its discretion, but shall not be obligated to, enter into such supplemental indenture. 
 
SECTION 8.04. Effect of Supplemental Indentures. Upon the execution of any supplemental indenture under this Article VIII, this Indenture shall be and be deemed to be modified and amended in accordance
therewith, and such supplemental indenture shall form a part of this Indenture for all purposes; and the respective rights, limitation of rights, duties, powers, trusts and immunities under this Indenture of the Trustee, the Obligor and every Holder
of Notes theretofore or thereafter authenticated and delivered hereunder shall be determined, exercised and enforced thereunder to the extent provided therein. 
 
SECTION 8.05. Conformity with Trust Indenture Act. Every supplemental indenture executed pursuant to this Article VIII shall conform to the requirements of the TIA as then in effect. 
 
SECTION 8.06. Documents to Be Given to Trustee. The Trustee, subject to the provisions of Section 5.01, may receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any
supplemental indenture executed pursuant to this Article VIII complies with the applicable provisions of this Indenture. 
 
SECTION 8.07. Notation on Notes in Respect of Supplemental Indentures. Notes of any series authenticated and delivered after the execution of any supplemental indenture pursuant to the provisions of this Article
may bear a notation in form approved by the Trustee for such series as to any matter provided for by such supplemental indenture. If the Obligor or the Trustee shall so determine, new Notes of any series so modified as to conform, in the opinion of
the Trustee and the Board Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared by the Obligor, authenticated by the Trustee and delivered in exchange for the Notes of such series then
Outstanding. 
 ARTICLE IX 
 COVENANTS 
 
SECTION 9.01. Payment of Principal, Premium and Interest. The Obligor covenants and agrees for the benefit of each series of Notes that it will duly and punctually pay or cause to be paid the principal, premium, if
any, and interest on such 
  

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series of Notes on the dates and in the manner provided in such series of Notes, and will duly comply with all the other terms, agreements and conditions
contained in this Indenture for the benefit of such series of Notes. 
 Payment of principal of, and premium, if any, and interest on a
Global Note registered in the name of or held by the DTC or its nominee will be made in immediately available funds to DTC or its nominee, as the case may be, as the Holder of such Global Note. If any of the Notes are no longer represented by a
Global Note, payment of interest on certificated Notes in definitive form may, at the option of the Obligor, be made by (i) check mailed directly to Holders at their registered addresses or (ii) upon request of any Holder of at least
$1,000,000 principal amount of Notes, wire transfer to an account located in the United States by the payee. 
 The Obligor shall pay
interest (including post-petition interest in any proceeding under any Federal or state bankruptcy, insolvency, reorganization, or other similar law) on overdue principal and premium, if any, from time to time on demand at the applicable rate of
interest determined from time to time in the manner provided for in each series of Notes; it shall pay interest (including post-petition interest in any proceeding under any Federal or State bankruptcy, insolvency, reorganization, or other similar
law) on overdue installments of interest and (without regard to any applicable grace periods) from time to time on demand at the same rates to the extent lawful. 
 
SECTION 9.02. Maintenance of Office or Agency. So long as any of the Notes remain outstanding, the Obligor will maintain an office or agency in the City of New York (which initially will be the Corporate Trust
Office) where Notes may be presented or surrendered for payment, where Notes may be surrendered for transfer or exchange, and where notices and demands to or upon the Obligor in respect of the Notes and this Indenture may be served. The Obligor will
give prompt written notice to the Trustee of the location, and of any change in the location, of such office or agency. If at any time the Obligor shall fail to maintain such office or agency or shall fail to furnish the Trustee with the address
thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Obligor hereby appoints the Trustee its agent to receive all such presentations, surrenders, notices and
demands. 
 The Obligor may also from time to time designate one or more other offices or agencies where one or more series of Notes 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 Obligor of its obligation to maintain
an office or agency in the City of New York for such purposes. The Obligor shall give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
 
SECTION 9.03. Money for Note Payments to be Held in Trust. If the Obligor shall at any time act as its own Paying Agent, it will, on or before each due date of the principal, premium, if any, or interest on any
series of Notes, segregate and hold in trust for the benefit of the Holders of such series of Notes a sum sufficient to pay such 
  

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principal, premium or interest so becoming due until such sums shall be paid to such Holders of the Notes of such series or otherwise disposed of as herein
provided, and will promptly notify the Trustee of its action or failure so to act. 
 Whenever the Obligor shall have one or more Paying
Agents, it will, on or prior to each due date of the principal, premium, if any, or interest, on any series of Notes, deposit with a Paying Agent a sum sufficient to pay such principal, premium, or interest so becoming due, such sum to be held in
trust for the benefit of the Holders of the Notes of such series entitled to the same and (unless such Paying Agent is the Trustee) the Obligor will promptly notify the Trustee of its action or failure so to act. 
 The Obligor will cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall
agree with the Trustee, subject to the provisions of this Section 9.03, that such Paying Agent will: 
 (1) hold all sums held by it for
the payment of principal, premium, if any, or interest, on Notes of any series in trust for the benefit of the Holders of the Notes of such series entitled thereto until such sums shall be paid to such Holders or otherwise disposed of as herein
provided; 
 (2) give the Trustee prompt notice of any default by the Obligor (or any other obligor upon the Notes of such series) in the
making of any such payment of principal, premium, if any, or interest, on such Notes; and 
 (3) at any time during the continuance of any
such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by such Paying Agent. 
 The
Obligor may, at any time, for the purpose of obtaining the discharge of this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay, to the Trustee all sums held in trust by the Obligor or such Paying Agent or,
if for any other purpose, all sums so held in trust by the Obligor in respect of all series of Notes, such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Obligor or such Paying Agent; and, upon
such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with respect to such money. 
 
SECTION 9.04. Certificate to Trustee. The Obligor will deliver to the Trustee, within 120 days after the end of each fiscal year of the Obligor ending after the initial issuance of Notes under this Indenture,
an Officer’s Certificate that complies with TIA Section 314(a)(4) stating that in the course of the performance by the signers of their duties as officers of the Obligor, they would normally have knowledge of any default by the Obligor in
the performance of any of its covenants or agreements contained herein, stating whether or not they have knowledge of any such default and, if so, specifying each such default of which the signers have knowledge and the nature thereof. 

 

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SECTION 9.05. Existence. Subject to Article VII, the Obligor will do or cause to be done all things necessary to preserve and keep in full force and effect its limited liability company existence. 

SECTION 9.06. Limitation on Liens. The Obligor will not, and will not permit any Significant Subsidiary to, create, incur, assume or permit to exist any lien on any property or asset (including the capital stock of
any Subsidiary), to secure any Indebtedness of the Obligor, any Significant Subsidiary or any other Person, without securing the Notes equally and ratably with such Indebtedness for so long as such Indebtedness shall be so secured. The foregoing
shall not apply to: 
 (1) liens on assets or property of a Person at the time it becomes a Subsidiary securing only Indebtedness of such
Person; provided such Indebtedness was not incurred in connection with such Person or entity becoming a Subsidiary and such liens do not extend to any assets other than those of the Person becoming a Subsidiary; 
 (2) liens existing on assets created at the time of, or within 18 months after, the acquisition, purchase, lease, improvement or development of such
assets to secure all or a portion of the purchase price or lease for, or the costs of improvement or development of, such assets; 
 (3)
liens to secure any extension, renewal, refinancing or refunding (or successive extensions, renewals, refinancings or refundings), in whole or in part, of any Indebtedness secured by liens referred to in clauses (1) and (2) above or liens
created in connection with any amendment, consent or waiver relating to such Indebtedness, so long as such lien is limited to all or part of substantially the same property which secured the lien extended, renewed or replaced, the amount of
Indebtedness secured is not increased (other than by the amount equal to any costs and expenses (including any premiums, fees or penalties) incurred in connection with any extension, renewal, refinancing or refunding) and the Indebtedness so secured
does not exceed the fair market value (as determined by the Obligor’s Board of Directors) of the assets subject to such liens at the time of such extension, renewal, refinancing or refunding, or such amendment, consent or waiver, as the case
may be; 
 (4) liens on property incurred in Sale and Leaseback Transactions permitted by Section 9.07; 
 (5) liens in favor of only the Obligor or one or more Subsidiaries granted by the Obligor or a Subsidiary to secure any obligations owed to the Obligor
or a Subsidiary of the Obligor; 
 (6) liens on assets of any subsidiary of the Obligor registered as a “broker” or a
“dealer” as such terms are defined in Sections
 3(a)(4) and (5) of the Exchange Act created or otherwise arising in the ordinary course of such subsidiary’s business; 
  

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 (7) liens on securities deemed to exist under repurchase agreements and reverse repurchase agreements
entered into by the Obligor or any Significant Subsidiary in the ordinary course of business; 
 (8) liens in favor of the Trustee granted in
accordance with the Indenture; and 
 (9) liens otherwise prohibited by this Section 7.01, securing Indebtedness which, together with
the value of Attributable Debt incurred in Sale and Leaseback Transactions permitted under Section 9.07 below, do not exceed the greater of (i) 15% of Consolidated Net Tangible Assets measured at the date of incurrence of the lien and
(ii) $50 million. 
 
SECTION 9.07. Limitation on Sale-Leaseback Transactions. The Obligor will not, and will not permit any Significant Subsidiary to, enter into any arrangement with any Person pursuant to which the Obligor or any
Significant Subsidiary leases any property that has been or is to be sold or transferred by the Obligor or the Significant Subsidiary to such Person (a “Sale and Leaseback Transaction”), except that a Sale and Leaseback Transaction is
permitted if the Obligor or such Significant Subsidiary would be entitled to incur Indebtedness secured by a lien on the property to be leased (without equally and ratably securing the outstanding Notes) in an amount equal to the present value of
the lease payments with respect to the term of the lease remaining on the date as of which the amount is being determined, discounted at the rate of interest set forth or implicit in the terms of the lease, compounded semi-annually (such amount is
referred to as the “Attributable Debt”). The foregoing shall not apply to: 
 (a) temporary leases for a term, including renewals
at the option of the lessee, of not more than three years; 
 (b) leases between only the Obligor and a Subsidiary of the Obligor or only
between Subsidiaries of the Obligor; 
 (c) leases where the proceeds are at least equal to the fair market value (as determined by the
Obligor’s board of directors) of the property and the Obligor applies within 180 days after the sale of an amount equal to the greater of the net proceeds of the sale or the Attributable Debt associated with the property to the retirement of
long-term secured Indebtedness; and 
 (d) leases of property executed by the time of, or within 12 months after the latest of, the
acquisition, the completion of construction or improvement, or the commencement of commercial operation of the property. 
 ARTICLE X

 REDEMPTION OF NOTES 
 
SECTION 10.01. Optional Redemption. Unless otherwise provided pursuant to Section 2.01(1)(v)(f), the Obligor shall not be permitted to optionally redeem Notes of any series. 
  

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SECTION 10.02. Mandatory Redemption. Unless otherwise provided pursuant to Section 2.01(1)(v)(k), the Obligor shall not be required to make mandatory redemption or sinking fund payments with respect to the
Notes of any series. 
 IN WITNESS WHEREOF, the parties hereto have caused this Indenture to be duly executed as of the day and year first
above written. 
  

			
	 BROADRIDGE FINANCIAL SERVICES,
 INC.

		
	 By:
	 	  
		 	Name:
		 	Title:

  

			
	U.S. BANK NATIONAL ASSOCIATION,
	     as Trustee

		
	 By:
	 	  
		 	Name:
		 	Title:

  

 52Employee Matters Agreement

 Exhibit 10.2 
 EMPLOYEE MATTERS AGREEMENT 
 This EMPLOYEE MATTERS AGREEMENT (this “Agreement”) is
entered into as of April 3, 2007, between Metavante Holding Company, a Wisconsin corporation (“MVT Holding”), Metavante Corporation, a Wisconsin corporation (“MVT Corp.”) (MVT Holding and MVT Corp.,
collectively, the “MVT Parties”), New M&I Corporation, a Wisconsin corporation (“New MI Corp.”), and Marshall & Ilsley Corporation, a Wisconsin corporation (“MI Corp.”) (New MI Corp.
and MI Corp., collectively, the “MI Parties”). Capitalized terms used herein and not otherwise defined, shall have the respective meanings assigned to them in Article I hereof. 
 WHEREAS, the MVT Parties, MI Corp. and Merger Sub, a Wisconsin corporation (“Merger Sub”), have entered into an Investment Agreement,
dated as of the date hereof (the “Investment Agreement”) with WPM, L.P., a Delaware limited partnership (“Investor”), pursuant to which Investor will purchase shares of MVT Holding common stock; 
 WHEREAS, the MVT Parties and the MI Parties have entered into a Separation Agreement dated as of the date hereof (the “Separation
Agreement”) pursuant to which MVT Holding will distribute to the holders of shares of MVT Holding common stock (“MVT Holding Common Stock”), all of the issued and outstanding shares of New MI Corp. common stock
(“New MI Corp. Common Stock”) on a pro rata basis (the “Distribution”); and 
 WHEREAS, in furtherance of
the foregoing, the MVT Parties and the MI Parties have agreed to enter into this Agreement to allocate between them assets, liabilities and responsibilities with respect to certain employee compensation, benefit plans and programs, and certain
employment matters with respect to their employees. 
 NOW, THEREFORE, in consideration of the foregoing and the covenants and agreements set
forth below, the parties hereto agree as follows: 
 ARTICLE I 
 DEFINITIONS 
 Wherever used in this Agreement, the following terms shall have
the meanings indicated below, unless a different meaning is plainly required by the context. The singular shall include the plural, unless the context indicates otherwise. Headings of sections are used for convenience of reference only, and in case
of conflict, the text of this Agreement, rather than such headings, shall control: 
 1.1. Affiliate. “Affiliates” means,
with respect to any specified Person, any Person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with such specified Person; provided, however, that for purposes of this
Agreement, (i) MVT Holding and its Subsidiaries (other than New MI Corp. and its Subsidiaries) shall not be considered Affiliates of New MI Corp and (ii) New MI Corp. and its Subsidiaries shall not be considered Affiliates of MVT Holding.

 1.2. Agreement. “Agreement” means this Employee Matters Agreement and all amendments made hereto from time to time.

 1.3. Business Day. “Business Day” means any day on which banks are not required or authorized to close in the City of New
York. 
 1.4. COBRA. “COBRA” means the continuation coverage requirements for “group health plans” under Title X
of the Consolidated Omnibus Budget Reconciliation Act of 1985, as amended from time to time, and as codified in Code Section 4980B and ERISA Sections 601 through 608. 
  

 1 

 1.5. Code. “Code” means the Internal Revenue Code of 1986, as amended from time to time.

 1.6. Distribution. “Distribution” means a distribution by MVT Holding to its shareholders on a pro rata basis of all of
the issued and outstanding shares of New MI Corp. common stock. 
 1.7. Distribution Date. “Distribution Date” means the
date that the Distribution is effective. 
 1.8. DOL. “DOL” means the United States Department of Labor. 
 1.9. ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time to time. 
 1.10. FMLA. “FMLA” means the Family and Medical Leave Act of 1993, as amended from time to time. 
 1.11. HCFA. “HCFA” means the United States Health Care Financing Administration. 
 1.12. Intrinsic Value. “Intrinsic Value” means, in the case of a MI Corp. Option prior to the Distribution Date, the difference, if any,
between the MI Corp. Pre-Distribution Stock Price and the exercise price per share of MI Corp. Common Stock subject to such MI Corp. Option, multiplied by the number of shares of MI Corp. Common Stock subject to such MI Corp. Option. 
 1.13. IRS. “IRS” means the United States Internal Revenue Service. 
 1.14. MI Corp. “MI Corp.” means MI Corporation, a Wisconsin corporation. 
 1.15. MI Corp. Pre-Distribution Stock Price. “MI Corp. Pre-Distribution Stock Price” means the closing price per share of MI Corp.
Common Stock on the last full Business Day (as defined in the Investment Agreement) occurring before the date on which MI Corp. Common Stock begins to trade “ex-distribution.” 
 1.16. MI Deferred Compensation Plans. “MI Deferred Compensation Plans” means the MI Corp. Amended and Restated Executive Deferred
Compensation Plan and the MI Corp. 2005 Executive Deferred Compensation Plan, as amended. 
 1.17. MI Group. “MI Group”
means New MI Corp., MI Corp. and each of the Subsidiaries of MI Corp., but not including any member of the MVT Group. 
 1.18. MI Health
Plans. “MI Health Plans” means all medical, pharmaceutical, and dental plans, programs or arrangements maintained by MI Corp. or another member of the MI Group for the benefit of the employees of the members of the MI Group.

 1.19. MI Health and Welfare Plans. “MI Health and Welfare Plans” means the health and welfare plans maintained by MI
Corp. or another member of the MI Group for the benefit of employees and retirees of the MI Group as of the Distribution Date. 
 1.20. MI
Option. “MI Option” means an option to purchase shares of MI Corp. common stock which was granted under an MI Option Plan and is outstanding immediately prior to the Distribution. 
 1.21. MI Option Plans. “MI Option Plans” means the 1989, 1997, 2000 and 2003 Executive Stock Option and Restricted Stock Plans, the 1993
Executive Stock Option Plan, the 2006 Equity Incentive Plan of MI Corp., the 1995 Director Stock Option Plan, and all option plans sponsored by entities acquired by MI Corp. or an Affiliate of MI Corp., as amended. 
 1.22. MI Retirement Program. “MI Retirement Program” means the tax-qualified defined contribution and 401(k) plan sponsored by MI Corp.
or another member of the MI Group. 
  

 2 

 1.23. MI VEBAs. “MI VEBAs” means the MI Corp. Corporation Voluntary Employee Benefits
Association Trusts which are intended to be voluntary employees’ beneficiary associations under Code Section 501(c)(9). 
 1.24.
MVT Corp. “MVT Corp.” means MVT Corporation, a Wisconsin corporation. 
 1.25. MVT Group. “MVT Group” means
MVT Holding, MVT Corp. and each direct and indirect Subsidiary of MVT Corp. or MVT Holding other than a member of the MI Group. 
 1.26.
MVT Employee. “MVT Employee” means any individual who, as of the Distribution Date, is: (a) either actively employed by, or on a leave of absence from, a member of the MVT Group; (b) a MVT Terminated Employee; (c) an
alternate payee under a QDRO, alternate recipient under a QMCSO, beneficiary, covered dependent, or qualified beneficiary (as such term is defined under COBRA), in each case, of an employee or former employee, described in clause (a) or
(b) with respect to that employee’s or former employee’s benefit under the applicable Plan(s) (unless specified otherwise in this Agreement, such an alternate payee, alternate recipient, beneficiary, covered dependent, or qualified
beneficiary shall not otherwise be considered a MVT Employee with respect to any benefits he or she accrues or accrued under any applicable Plan(s), unless he or she is a MVT Employee by virtue of clause (a) or (b)); or (d) an employee or
group of employees designated by the MI Group and MVT Group, by mutual agreement, as MVT Employees. An employee may be a MVT Employee pursuant to this Section regardless of whether such employee is, as of the Distribution Date, alive, actively
employed, on a temporary leave of absence from active employment, on layoff, terminated from employment, retired or on any other type of employment or post-employment status relative to a MI Health and Welfare Plan or the MI Retirement Program, and
regardless of whether, as of the Distribution Date, such employee is then receiving any benefits from a MI Health and Welfare Plan or the MI Retirement Program. Notwithstanding anything else contained herein, the determination of whether the
individuals who provide services to both MI Corp. and MVT Corp. listed on Exhibit A hereto are MVT Employees shall be based upon whether they are designated on such exhibit as “MVT Employees” or “Not MVT Employees”. The parties
may modify Exhibit A hereto by mutual agreement. 
 1.27. MVT Health and Welfare Plans. “MVT Health and Welfare Plans” means
the health and welfare plans to be established by the MVT Group pursuant to Article V or which the MVT Group chooses to establish in its sole discretion. 
 1.28. MVT Health Plans. “MVT Health Plans” means the health plans, programs and arrangements to be established by the MVT Group pursuant to Article V. 
 1.29. MVT Holding. “MVT Holding” means MVT Holding, a Wisconsin corporation. In all such instances in which MVT Holding is referred to
in this Agreement, it shall also be deemed to include a reference to each member of the MVT Holding Group, unless specifically provided otherwise. 
 1.30. MVT Holding Common Stock. “MVT Holding Common Stock” means the common stock of MVT Holding. 
 1.31. MVT
Holding Post-Distribution Stock Price. “MVT Holding Post-Distribution Stock Price” means the average closing price per share of MVT Holding Common Stock over the last full five (5) Business Days within the ten (10) Business
Day period following the Distribution Date. 
 1.32. MVT Option. “MVT Option” means an option to purchase shares of MVT
Holding common stock. 
 1.33. MVT Retirement Plan. “MVT Corp. Retirement Plan” has the meaning set forth in
Section 3.1 hereof. 
 1.34. MVT Terminated Employee. “MVT Terminated Employee” means any individual who on his or her
last date of employment was employed by the MVT Group (including, for this purpose, any entities, trades or businesses acquired by or divested from MVT Holding or another member of the MVT Group), the MI Corp. 

  

 3 

 
Data Services division of MI Corp. or MI Corp. Data Services, Inc. (jointly referred to as “DS”), including any individual who retired from MVT
Corp. or DS. Notwithstanding the foregoing, “MVT Terminated Employee” shall not, unless otherwise expressly provided to the contrary in this Agreement, include any individual who is employed by a member of the MI Group at the Distribution
Date. 
 1.35. New MI Corp. “New MI Corp.” means New MI Corporation, a Wisconsin corporation. In all such instances in which
New MI Corp. is referred to in this Agreement, it shall also be deemed to include a reference to each member of the New MI Corp. Group, unless it specifically provides otherwise. 
 1.36. New MI Corp. Option. “New MI Corp. Option” means an option to purchase shares of New MI Corp. common stock. 
 1.37. New MI Corp. Post-Distribution Stock Price. “New MI Corp. Post-Distribution Stock Price” means the average closing price per share
of New MI Corp. Common Stock over the last full five (5) Business Days within the ten (10) Business Day period following the date on which New MI Corp. Common Stock begins to trade on a “when issued” basis, or such other per
share value as the Board of Directors of MI Corp. shall determine. 
 1.38. Person. “Person” means an individual, a
partnership, a corporation, a limited liability company, an association, a joint stock company, a trust, a joint venture, an unincorporated organization, and a governmental entity or any department, agency or political subdivision thereof.

 1.39. Plan. “Plan” means any plan, policy, program, payroll practice, arrangement, contract, trust, insurance policy, or
any agreement or funding vehicle providing compensation or benefits to employees, former employees or directors of any member of the MI Group or the MVT Group. 
 1.40. QDRO. “QDRO” means a domestic relations order which qualifies under Code Section 414(p) and ERISA Section 206(d) and which creates or recognizes an alternate payee’s right to, or
assigns to an alternate payee, all or a portion of the benefits payable to a participant under the MI Retirement Program. 
 1.41.
QMCSO. “QMCSO” means a medical child support order which qualifies under ERISA Section 609(a) and which creates or recognizes the existence of an alternate recipient’s right to, or assigns to an alternate recipient the
right to, receive benefits for which a participant or beneficiary is eligible under any of the Health Plans. 
 1.42. Separation
Agreement. “Separation Agreement” means the Separation Agreement, dated as of the date hereof, between the MVT Parties and the MI Parties. 
 1.44. Subsidiary. “Subsidiary” means, with respect to any Person, any other Person a majority of the equity ownership or voting stock of which is at the time owned, directly or indirectly, by such
Person and/or one or more other Subsidiaries of such Person; provided, however, that unless the context otherwise requires prior to the Distribution, a Subsidiary of MVT Holding shall only include Persons who would be a Subsidiary of MVT Holding
assuming the Distribution has occurred immediately prior to the determination as to whether such Person were a Subsidiary of MVT Holding. 
 ARTICLE II 
 GENERAL PRINCIPLES 
 2.1. Termination of Participation in MI Group Plans. Except as otherwise specifically provided herein, effective as of the Distribution Date, each member of the MVT Group shall automatically cease to be a
participating employer in any and all MI Group Plans and all MVT Employees shall automatically cease participation in any and all MI Group Plans. 
  

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 2.2. Terms of Participation in MVT Group Plans. 
 (a) Non-Duplication of Benefits. As of the Distribution Date or such other date that applies to the particular MVT Group Plan established
hereunder, the MVT Group Plans shall be, with respect to MVT Employees, in all respects the successors in interest to, and shall not provide benefits that duplicate benefits provided by, the corresponding MI Group Plans. In all events, MVT Employees
shall no longer be participants in the MI Group Plans as of the Distribution Date unless this Agreement specifically provides to the contrary. 
 (b) Service Credit. Except as specified otherwise in this Agreement, with respect to MVT Employees, each MVT Group Plan shall provide that all service that, as of the Distribution Date, was recognized under the corresponding MI Group
Plan shall, as of the Distribution Date, receive full recognition and credit and be taken into account under such MVT Group Plan to the same extent as if such service had occurred under such MVT Group Plan, except to the extent that duplication of
benefits would result. The service crediting provisions shall be subject to any respectively applicable “service bridging,” “break in service,” “employment date,” “adjusted hire date” or “eligibility
date” rules under the MVT Group Plans, the MI Group Plans or this Agreement. For a period of five years following the Distribution Date, New MI Corp. or MVT Holdings shall credit past service recognized as of the Distribution Date for rehired
Employees of MVT Holdings or New MI Corp. who have not yet incurred a separation of service greater than five years from either MVT Holdings or New MI Corp., except to the extent provided in Section 2.2(a) above and, unless the Plan expressly
contains a contrary provision or unless required by law. 
 2.3. MVT Group’s Obligation to Maintain Plans. Subject to
Section 5.11 of this Agreement, the MVT Group may, at any time after the Distribution Date, amend, merge, modify, terminate, eliminate, reduce, or otherwise alter in any respect any MVT Group Plan, any benefit under any MVT Group Plan or any
trust, insurance policy or funding vehicle related to any MVT Group Plan (except to the extent prohibited by law). 
 2.4. Payments from
the MVT Group to the MI Group For Services or Benefits Prior to Distribution Date. Through the Distribution Date, the MVT Group shall continue to pay MI Group in the ordinary course of business consistent with past practice for all costs,
expenses, fees and premiums which the MVT Group has historically paid to the MI Group for services or benefits provided to MVT Employees of a nature governed by this Agreement from the date hereof through and including the Distribution Date unless
this Agreement specifically provides to the contrary. 
 2.5. Indemnification Provision. The indemnification procedures contained in
Article IV of the Separation Agreement shall apply to this Agreement as if incorporated herein in their entirety. 
 2.6. Impact on MI
Group Plans. Nothing in this Agreement shall limit the MI Group’s right to amend, merge, modify, terminate, eliminate, reduce or otherwise alter in any respect any MI Group Plan, any benefit under any MI Group Plan or any trust, insurance
policy or funding vehicle related to any MI Group Plan (except to the extent prohibited by law). 
 2.7 Transfer of Employees.
Prior to the Distribution Date, MI Corp. shall, or shall cause its Subsidiaries to, use their respective reasonable best efforts to ensure that, as of immediately prior to the Distribution Date, (i) all employees of MI Corp. and its Affiliates
who primarily provide services to the MVT Business are employed by a member of the MVT Group, and (ii) all employees of MI Corp. and its Affiliates who do not primarily provide services to the MVT Business are employed by a member of the MI
Group.  
 2.8 Non-MVT Employees. Notwithstanding anything else contained herein, as of the Distribution Date, the MI Group
shall assume or retain, as applicable, and the MVT Group shall have no responsibility for, any liabilities relating to compensation or employee benefits in respect of current or former employees of MI Corp. and its Affiliates who are not MVT
Employees. 
  

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 ARTICLE III 
 QUALIFIED RETIREMENT PLANS 
 3.1. Establishment of 401(k) Plan and Trust Required. Effective
as of the Distribution Date, the MVT Group shall establish a profit sharing retirement plan (the “MVT Retirement Plan”) and a related trust intended to be qualified under Code Section 401(a) and to be exempt from taxation under Code
Section 501(a). Initially, the investment options (other than the M&I and MVT stock funds, which shall be governed by Section 3.8) offered under the MVT Retirement Plan shall be the same as those offered under the MI Retirement Program
as of the Distribution Date. 
 3.2. Transfer of MI Retirement Program Assets and Liabilities. Effective as of the date established
pursuant to Section 3.1, (i) the MVT Retirement Plan shall assume and be solely responsible for all liabilities for or relating to MVT Employees under the MI Retirement Program and (ii) the MI Group shall cause the accounts (including
unvested amounts) of the MVT Employees under the MI Retirement Program and assets attributable thereto that are held by its related trust as of such date to be transferred to the MVT Retirement Plan and its related trust, and the MVT Group shall
cause such transferred accounts and assets to be accepted by such plan and its related trust. Initially, the trust implementing the MVT Retirement Plan shall be established with the same trustee as the trustee of the trust which implements the MI
Retirement Program. The transfer of assets shall be made in kind from the MI Retirement Program trust to the MVT Retirement Plan trust. To the extent that the MVT Group has not made all 401(k) contributions due to the MI Retirement Program as a
participating employer therein by the asset transfer date, the MVT Group will promptly make those contributions to the MI Retirement Program trust following such date and the trustee of the MI Retirement Program trust shall be instructed by the MI
Group to immediately transfer such amounts in cash to the MVT Retirement Plan trust to be held in the accounts of MVT Employees along with other transferred amounts. The MI Group and the MVT Group shall cooperate with one another and with the
trustee in facilitating such transfer of final 401(k) contributions. The MVT Group further agrees to take all actions necessary to obtain, as soon as commercially practicable following the establishment of the MVT Retirement Plan, an Internal
Revenue Service determination that such plan meets the requirements of Section 401(a) of the Code and that the trust which implements such plan meets the requirements of Section 401(a) and is exempt from tax under Section 501(a) of
the Code. 
 3.3. No Distribution to MVT Employees. No distribution of account balances shall be made to any MVT Employee from the MI
Retirement Program or the MVT Retirement Plan because of the fact that the MVT Group ceases to be affiliated with the MI Group and ceases to be a participating employer under the MI Retirement Program. Such events shall not be treated as a
termination of employment for plan purposes and distribution shall not be otherwise specifically permitted under plan terms as a result of the cessation of affiliation and of participating employer status. 
 3.4. Final Year Profit Sharing and Matching Contributions. Profit sharing and matching contributions shall be made by the MVT Group to the MI
Retirement Program for the plan year ending December 31, 2007 in amounts determined pursuant to the terms of the MI Retirement Program (except that any stock contributions shall be made in MVT stock) based on compensation paid to, and 401(k)
contributions made by, MVT Employees from January 1, 2007 through, but not after, the Distribution Date. Such contributions shall be made with respect to MVT Employees who remain in the MVT Group’s employ on December 31, 2007 (or
retire, die or become disabled during calendar year 2007) and who are eligible for an allocation under the terms of the MI Retirement Program taking into account employment with the MVT Group after the Distribution Date; provided, however, that if
the MI Group determines that such contributions must also be made to persons who were MVT Employees on the Distribution Date who are not highly compensated employees within the meaning of Code section 414(q) and who terminate from the MVT Group
prior to December 31, 2007 in order to preserve the tax qualified status of the MI Retirement Program, contributions shall also be made for such individuals. Such contributions shall be made at a time to be determined by the MI Group which is
on or before September 15, 2008. Such contributions shall be paid to the MVT Retirement Plan trust where they shall be held in the accounts of MVT Employees along with other monies transferred pursuant to Section 3.2. 
  

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 3.5. Plan Loans. Effective as of the date established pursuant to Section 3.1, all
outstanding loans of MVT Employees from the MI Retirement Program shall be transferred to the MVT Retirement Plan pursuant to Section 3.2. As of such date, the MVT Group shall be solely responsible for implementing its own payroll system and
making payroll deductions for repayment of such loans. 
 3.6. Qualified Domestic Relations Orders. Effective as of the date
established pursuant to Section 3.1, all QDROs pertaining to accounts of MVT Employees under the MI Retirement Program shall be transferred to the MVT Retirement Plan pursuant to Section 3.2 and shall be the sole responsibility of the MVT
Group. 
 3.7. Testing. The MI Group will conduct applicable nondiscrimination tests for contributions made to the MI Retirement
Program for the plan year in which the date established pursuant to Section 3.1 occurs. To the extent that the MI Group concludes that a distribution or reallocation must be made from a MVT Employee’s account balance in the MI Retirement
Program to facilitate compliance with such tests after such account balance has been transferred to the MVT Retirement Plan, the MVT Group will cause the MVT Retirement Plan to make such distribution or reallocation as directed by the MI Group.

 3.8. Stock Considerations. As a result of the Distribution and as a result of the transfer of assets and liabilities from the MI
Retirement Program to the MVT Retirement Plan described in Section 3.2, the assets of the MI Retirement Program and the MVT Retirement Plan shall each include common stock of both New MI Corp. and MVT Holding. Each shall be solely responsible
for determining the extent to which its plan shall continue to hold the common stock of the other, provided that, subject to applicable Law and fiduciary obligations, for a period of not less than two years after the Distribution, each plan shall
maintain the common stock fund of the other employer as a permitted investment with respect to the portion of the transferred accounts invested in such fund as of the Distribution (which shall not be interpreted to require that additional
investments in such fund must be permitted). The MI Group and the MVT Group each recognize that various legal requirements may be applicable to the holding of securities of New MI Corp. or MVT Holding in the plan sponsored by it and each agrees to
be solely responsible for maintaining the plan sponsored by it in compliance with all applicable legal requirements. However, each party shall provide such information and deliver such notices to employees as may reasonably be requested by the other
in order to facilitate compliance with applicable legal requirements. 
 3.9. Assumption of Obligations for Certain Plans. Effective
as of the Distribution Date, the MVT Group will assume all liabilities and obligations with respect to all existing or previously terminated employee benefit plans in which the sole participants are employees or former employees (or their respective
dependents and beneficiaries) of entities, trades or businesses acquired by or divested from the MVT Group. 
 ARTICLE IV 

NON-QUALIFIED RETIREMENT PLANS 
 MVT
Employees shall be deemed to have terminated employment on the Distribution Date for purposes of the MI Deferred Compensation Plans and shall be entitled to the distribution of their account balances under the MI Deferred Compensation Plans in
accordance with the terms thereof. To the extent of any underfunding in the MI Deferred Compensation Trust II as of the Distribution Date, the MVT Group shall, upon reasonable notice by the MI Group, contribute its proportional part of the
underfunding to the MI Deferred Compensation Trust II. The MVT Group’s proportional share of such underfunding, if any, shall be equal to the excess of (i) the account balances of the MVT Employees in the MI Deferred Compensation Plans
that are subject to the MI Deferred Compensation Trust II as of the Distribution Date (disregarding any restricted stock units forfeited as of the Distribution Date) over (ii) the fair market value of the assets of the MI Deferred Compensation
Trust II as of the Distribution Date attributable to the contributions (and earnings thereon) of the MVT Group. The MVT Group shall reimburse the MI Group for the amounts by which the amounts credited after the Distribution Date to the accounts of
MVT Employees invested in the Moody’s Single A Corporate Bond Rate exceed the actual earnings 

  

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of the related assets attributable to such employees held under the MI Deferred Compensation Trust II during the same time period, which shall, after the
Distribution Date, be invested consistent with past practices. The MVT Group shall make a profit sharing contribution to the MI Deferred Compensation Plans for the plan year ending December 31, 2007 in amounts determined pursuant to the terms
of the MI Deferred Compensation Plans based on compensation paid to MVT Employees from January 1, 2007 through, but not after, the Distribution Date. Such contribution shall be made with respect to MVT Employees who remain in the MVT
Group’s employ on December 31, 2007 (or retire, die or become disabled during calendar year 2007) and who are eligible for an allocation under the terms of the MI Deferred Compensation Plans taking into account employment with the MVT
Group after the Distribution Date. Such contribution shall be made to the MI Deferred Compensation Trust II at a time to be determined by the MI Group which is on or before September 15, 2008. MVT Employees who forfeit restricted MI Corp. stock
units credited to their accounts under the MI Deferred Compensation Plans as a result of being deemed to have terminated employment on the Distribution Date, will be granted restricted stock awards by MVT Holding with the same remaining restriction
period as the forfeited restricted MI Corp. stock units. The number of shares of restricted stock so awarded shall equal the number of units so forfeited, multiplied by a fraction, the numerator of which is the MI Corp. Pre-Distribution Stock Price
and the denominator of which is the MVT Holding Post-Distribution Stock Price. 
 ARTICLE V 
 HEALTH AND WELFARE PLANS 
 5.1.
Establishment of Health and Welfare Plans. Except as provided otherwise in this Article V, effective as of the Distribution Date, the MVT Group shall establish the MVT Health and Welfare Plans. 
 5.2. Transfer of VEBA Assets. The MI Group maintains VEBAs, one for the MI Health Plans for retirees (the “Retiree VEBA”), one for the
Incurred But Not Reported (IBNR) claims under the MI Health Plans (the “IBNR VEBA”) and one for the MI Long-Term Disability Income Plan (the “LTD VEBA”). The MI Long-Term Disability Income Plan is self-insured and a portion of
the MI Health Plans are self-insured. 
 (a) The LTD VEBA shall transfer the proportional part of the assets of the LTD VEBA as of the
Distribution Date attributable to the MVT Group (based on the contributions made by the MVT Group and the benefit payments to MVT Employees) to a corresponding voluntary employees’ beneficiary association under Code Section 501(c)(9)
established by the MVT Group (or, at the election of the MVT Group, the MI Group shall transfer an amount equal to the fair market value of such proportional part of the assets to the MVT Group) as soon as commercially practicable after the amount
thereof is determined. 
 (b) Any assets held in the Retiree VEBA as of the Distribution Date attributable to the contributions of the MVT
Group and the earnings thereon shall be retained in the Retiree VEBA. For the avoidance of doubt, on and after the Distribution Date, there shall be no transfer of assets from the Retiree VEBA to a corresponding voluntary employees’ beneficiary
association under Code Section 501(c)(9) established by the MVT Group (or from the MI Group to the MVT Group) and the MVT Group shall not be required to make any contribution to the Retiree VEBA. 
 (c) To the extent of any underfunding in the IBNR VEBA as of the Distribution Date, the MVT Group shall, as soon as practicable after the receipt of
reasonable notice by the MI Group, contribute its proportional part of the underfunding to the IBNR VEBA. If there is overfunding in the IBNR VEBA as of the Distribution Date, the IBNR VEBA shall transfer to a corresponding voluntary employees’
beneficiary association under Code Section 501(c)(9) established by the MVT Group its proportional part of such overfunding (or, at the election of the MVT Group, the MI Group shall transfer an amount equal to such excess (or such other amount
as may be determined by the parties to be appropriate so as to effect such transfer on a tax neutral basis) to the MVT Group) as soon as commercially practicable after the amount thereof is determined. Whether there is over-or underfunding in the
IBNR VEBA, as of the Distribution Date, shall be determined by multiplying the claims and 

  

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administrative expenses paid for the self-insured portion of the MI Health Plans during that portion of the calendar year which precedes the Distribution
Date, annualizing that amount, and multiplying by .20 to estimate the IBNR claim and expense amounts. The IBNR claim and expense amounts will be compared to the assets held in the IBNR VEBA as of the Distribution Date to determine if there is
over-or underfunding. The MVT Group’s share of any over-or underfunding will be computed by multiplying the amount of any over-or underfunding by a fraction, the numerator of which is premiums paid with respect to MVT Employees under the
self-insured portion of the MI Health Plans for the last full month prior to the Distribution Date and the denominator of which is the total premiums paid for the same period under the total self-insured portion of the MI Health Plans. 

5.3. Assumption of Health and Welfare Plan Liabilities. 
 (a) General. Except as specified otherwise in this Agreement, liabilities for or relating to claims incurred in respect of MVT
Employees under the MI Health and Welfare Plans prior to the Distribution Date shall remain liabilities of the MI Health and Welfare Plans; provided, however, that the MVT Group shall reimburse the MI Group or the MI Health and Welfare Plans for
third party administrative costs incurred in connection with the processing of run-out claims attributable to MVT Employees, but only if the MI Group has taken reasonable best efforts to secure a waiver of (or otherwise minimize the imposition of)
such costs. Except as specified otherwise in this Agreement, in no event will the MI Health and Welfare Plans have any liability for claims incurred in respect of MVT Employees after the Distribution Date. For purposes of the foregoing, a claim
shall be considered incurred when the applicable services are rendered, the supplies are provided or medication is prescribed. 
 (b) Hospitalizations. If a MVT Employee is in a hospital or other inpatient setting on the Distribution Date, the costs associated with such inpatient treatment shall be allocated between the MI Health Plans and the MVT Health Plans
on a pro rata basis so that the MI Health Plans bear the costs associated with such treatment for the number of days ending with the day prior to the Distribution Date and the MVT Health Plans bear the cost associated with such treatment for the
number of days beginning with the Distribution Date. The MI Health Plans shall pay for such treatment and the MVT Group or the MVT Health Plans shall reimburse the MI Health Plans or the associated MI VEBAs for that portion of the treatment which is
its liability under this paragraph (b). 
 5.4. Elections, Deductibles, Co-Payments and Maximum Benefits. In designing the MVT Health
Plans, the MVT Group will use its reasonable efforts to recognize and give credit for (A) all amounts applied to deductibles, out-of-pocket maximums, co-payments and other applicable benefit coverage limits with respect to expenses incurred by
MVT Employees under the MI Health Plans for that portion of the calendar year prior to the Distribution Date, and (B) all benefits paid to MVT Employees under the MI Health Plans for purposes of determining when such persons have reached their
lifetime maximum benefits under, the MVT Health Plans. The parties recognize that, for certain fully insured alternatives, such recognition and crediting may not be feasible. 
 5.5. HCFA Administration. As of the Distribution Date, the MVT Group shall assume all liabilities relating to, arising out of or resulting from
claims verified by the MI Group or the MVT Group under the HCFA data match reports that relate to MVT Employees. 
 5.6. COBRA. The MI
Group shall be responsible prior to the Distribution Date for compliance with the health care continuation coverage requirements of COBRA and the MI Health Plans with respect to MVT Employees and qualified beneficiaries (as such term is defined
under COBRA) who have a qualifying COBRA event while participating in the MI Health Plans before the Distribution Date. Effective as of the Distribution Date, the MVT Group shall be solely responsible for compliance with the health care continuation
coverage requirements of COBRA and the MVT Health Plans for MVT Employees and their qualified beneficiaries (as such term is defined under COBRA) who have a qualifying COBRA event while participating in the MI Health Plans before, or the MVT Health
Plans on or after, the Distribution Date. In no event will the MI Group or the MI Health and Welfare Plans have any liability for providing COBRA health care continuation coverage to MVT Employees and their qualified beneficiaries (as such term is
defined under COBRA) after the Distribution Date. 
  

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 5.7. Flexible Spending Accounts. Effective as of the Distribution Date, the MVT Group shall adopt
for the benefit of MVT Employees a Code Section 125 Plan containing flexible spending accounts, shall credit all MVT Employees with a balance (positive or negative) under such flexible spending accounts equal to the balance credited to the MVT
Employee under the corresponding flexible spending account under the MI Health and Welfare Plans as of the Distribution Date, and shall reimburse each MVT Employee for eligible expenses incurred during the plan year of the applicable flexible
spending account under the MI Health and Welfare Plans which includes the Distribution Date that had not previously been reimbursed under the applicable flexible spending account under the MI Health and Welfare Plans. As soon as reasonably
practicable after the Distribution Date, the MI Group shall pay to the MVT Group Code Section 125 Plan the amount of the aggregate balances of the MVT Employees in the flexible spending accounts under the MI Health and Welfare Plans as of the
Distribution Date, if such amount is positive, and the MVT Group shall pay the MI Group the amount of such aggregate balances, if such amount is negative. 
 5.8. Long-Term Disability. From and after the Distribution Date, the MVT Group shall be responsible for providing all benefits described in the summary plan description of the MI Long-Term Disability Plan to
MVT Employees, including MVT Employees who are receiving benefits under a long-term disability income plan as of the Distribution Date. The long-term disability benefits of MVT Employees who are receiving benefits under a long-term disability income
plan as of the Distribution Date shall be continued at the same level and subject to the same terms and conditions as in effect as of the Distribution Date under the applicable long-term disability income plan, it being understood that nothing in
this Section 5.8 shall limit the ability of the MVT Group to modify such long-term disability plan in any manner in which the MI Group is currently permitted to modify the MI Long-Term Disability Plan.  
 5.9. Workers’ Compensation. From and after the Distribution Date, the MVT Group shall cease to be a sponsor of the insurance policy covering
workers’ compensation claims and the related stop loss policy and shall make its own arrangements for payment of workers’ compensation claims. The MVT Group agrees to be responsible for any and all past, present and future workers’
compensation claims of MVT Employees which have not yet been paid at the Separation Date, whether arising before or after the Separation Date. Its responsibility shall extend to any and all direct costs specifically relating to the claims of MVT
Employees including, but not limited to loss costs, claims administration fees and legal expenses. 
 5.10. Directors and Officers
Insurance. The MVT Group intends to obtain D&O Insurance for its officers and directors effective as of the Distribution Date and the parties agree that they will coordinate coverage such that there is no period of time where current or
former MVT Group directors and officers are not covered by D&O Insurance for actions taken while serving in those positions. If requested by the MVT Group, the MI Group shall make best efforts to purchase a “tail” D&O Insurance
policy, with coverage for a period of not less than five (5) years, to cover MVT Group directors and officers for actions occurring before the Distribution Date in their capacities as MVT Group directors and officers, but for which claims are
not made until after the Distribution Date (the terms of which tail shall be subject to the consent of the MVT Group), and if the MI Group is able to purchase such a “tail” policy with terms acceptable to the MVT Group, the MVT Group shall
pay the full cost of any such “tail” insurance relating solely to service as an MVT Group officer or director. In addition, the MVT Group will reimburse the MI Group upon demand for (i) any liability or costs incurred by the MI Group
with respect to the MVT Group’s officers and directors (related solely to service as an MVT Group officer or director) subject to the deductible under D&O Insurance, (ii) any claims with respect to the MVT Group’s officers and
directors (related solely to service as an MVT Group officer or director) in excess of the policy limits under D&O Insurance or (iii) any claims with respect to the MVT Group’s officers and directors (related solely to service as an
MVT Group officer or director) determined to be outside of the coverage provided under D&O Insurance, provided that in the cases of (i) and (ii), the determination of to what degree a reimbursable claim pursuant to this sentence is subject
to the deductible or is in excess of the policy limit shall be made by taking into account the total claims (including MI Group liabilities) subject to such deductible or such policy limit and calculating the ratable share of such total claims that
represents claims that are reimbursable pursuant to this sentence. The MVT Group will also reimburse the MI Group for all direct administrative and other costs of 

  

 10 

 
administering, investigating and defending against such reimbursable claims, including reasonable attorneys’ fees, to the extent not otherwise
reimbursed to the MI Group by D&O Insurance. The MI Group will consult with the MVT Group in connection with all material decisions regarding (i) administering, investigating and defending against any claims with respect to the MVT
Group’s officers and directors (related solely to service as an MVT Group officer or director) and (ii) the MI Group’s D&O Insurance with respect to claims against MVT Group officers or directors (related solely to service as an
MVT Group officer or director), and in each case shall not take any material action with respect to such claims or such D&O Insurance (including, without limitation, settling or compromising any such claims) without the prior consent of the MVT
Group. 
 5.11. Retiree Health Insurance. From and after the Distribution Date,
the MI Group will retain or assume, as applicable, the obligation to provide retiree medical coverage under the terms of the MI Group Retiree Medical Program to all MVT Group retirees eligible for medical coverage as of the Distribution Date
(“Current Retirees”). In addition, MVT Employees who meet the eligibility requirements of the MI Group Retiree Medical Program at the time of the Distribution Date, but have not yet retired (“Current Eligibles,” and together with
the Current Retirees, the “MI Retiree Medical Individuals”), will continue to be eligible for retiree coverage under the MI Group Retiree Medical Program at the time they retire from the MVT Group. For any Current Eligible who retires from
the MVT Group before attaining age 62 as a result of any individual or group early retirement program instituted by the MVT Group, the MVT Group will transfer to the MI Group or the Retiree VEBA the present value of the employer subsidy for the
period between the date on which such MVT Employee retires and the employee’s 62nd birthday. For purposes of
the preceding sentence, the termination of employment of a Current Eligible by the MVT Group for cause, gross misconduct or as a result of documented material performance issues shall not be deemed to be as a result of any individual or group early
retirement program instituted by the MVT Group. MVT Employees who satisfy the MI Group Retiree Medical Program eligibility requirements, as in effect on the Distribution Date, within twenty-four (24) months following the Distribution Date,
determined based on service and participation under both the MI Health Plans and MVT Health Plans, will be provided retiree medical coverage by the MVT Group at the time of retirement through the date such MVT Employees become eligible for Medicare
coverage, which shall be equal to the coverage provided under the MVT Health Plans to MVT Employees generally, except that the MVT Group may increase or decrease the contribution levels for retirees, regardless of whether corresponding actions are
taken with respect to active employees. The MI Group will be solely responsible for, and, except to the extent provided above with respect to certain Current Eligibles who retire from the MVT Group before attaining age 62, will hold the MVT Group
harmless with respect to, any retiree medical benefits associated with MI Retiree Medical Individuals. The MVT Group will be solely responsible for, and will hold the MI Group harmless with respect to, any retiree medical benefits associated with
MVT Employees who are not MI Retiree Medical Individuals. For the avoidance of doubt, nothing in this Section 5.11 shall be construed as an amendment of the MI Group Retiree Medical Program or any other employee benefit plan. 
 5.12 MVT Employees on Severance as of the Distribution Date. From and after the Distribution Date, the MVT Group shall continue to pay severance
to eligible MVT Employees whose employment terminated prior to the Distribution Date. If those employees elected COBRA continuation coverage under the MI Health Plan prior to the Distribution Date, from and after the Distribution Date, the MVT Group
shall be responsible for providing such COBRA continuation coverage on the same terms as would have been applicable under the MI Health Plans. 
 ARTICLE VI 
 EQUITY AND OTHER COMPENSATION 
 6.1. MI Corp. Employee Stock Purchase Plan. The cash balances of all MVT Employees under the MI Corp. Amended and Restated 2000 Employee Stock
Purchase Plan as of the Distribution Date shall be refunded to such individuals as soon as practicable following the Distribution Date. 
  

 11 

 6.2. MI Option Plans. 
 (a) Options Held by MVT Employees. Each MI Option held by a MVT Employee that is outstanding as of the Distribution shall be
converted into a MVT Option, effective immediately after the Distribution. 
 (i) The number of shares of MVT Holding Common
Stock subject to a MVT Option and the exercise price per share of MVT Holding Common Stock subject to a MVT Option shall be determined, as of the Distribution, in accordance with the following conversion formula (to be interpreted and applied in
such a way as to minimize any adverse consequences of Section 409A of the Code with respect to such conversions): 
 (A)
The number of shares of MVT Holding Common Stock to be subject to each MVT Option shall be equal to (x) the product of (i) the number of shares of MI Corp. common stock subject to the applicable MI Option immediately prior to the
Distribution and (ii) the MI Corp. Pre-Distribution Stock Price, divided by (y) the MVT Holding Post-Distribution Stock Price; provided that any fractional share resulting from such calculation shall be rounded down to the nearest whole
number. 
 (B) The exercise price per share of MVT Holding Common Stock under each MVT Option shall be equal to (x) the
exercise price per share of MI Corp. common stock at which the applicable MI Option was exercisable immediately prior to the Distribution divided by (y) the quotient obtained by dividing the MI Corp. Pre-Distribution Stock Price by the MVT
Holding Post-Distribution Stock Price; provided that such exercise price shall be rounded up to the nearest whole cent. 
 (ii) Each MVT Option shall have the same terms and conditions (including vesting) as the corresponding MI Option to which it relates (except as adjusted as provided herein) and shall continue to be subject to the terms of the applicable MI
Option Plan; provided, however, that for purposes of the MVT Options, unless the context otherwise requires, all references to “MI Corp.” therein shall, after the Distribution, be deemed to be to “MVT Holding” and
all references to MI Corp. Common Stock shall be deemed to be to MVT Holding Common Stock. The MI Group and the MVT Group shall each take such actions as may be necessary to effectuate the provisions of this Section. 
 (b) Options Held by MI Group Employees and Directors. Subject to Section 6.2(c), each MI Option held by a MI Group
employee or a director of MI Corp. that is outstanding as of the Distribution shall be converted into a New MI Corp. Option, effective immediately after the Distribution. 
 (i) The number of shares of New MI Corp. Common Stock subject to a New MI Corp. Option and the exercise price per share of New MI Corp.
Common Stock subject to a New MI Corp. Option shall be determined, as of the Distribution, in accordance with the following conversion formula (to be interpreted and applied in such a way as to minimize any adverse consequences of Section 409A
of the Code with respect to such conversions): 
 (A) The number of shares of New MI Corp. Common Stock to be subject to each
New MI Corp. Option shall be equal to (x) the product of (i) the number of shares of MI Corp. common stock subject to the applicable MI Option immediately prior to the Distribution and (ii) the MI Corp. Pre-Distribution Stock Price,
divided by (y) the New MI Corp. Post-Distribution Stock Price; provided that any fractional share resulting from such calculation shall be rounded down to the nearest whole number. 
 (B) The exercise price per share of New MI Corp. Common Stock under each New MI Corp. Option shall be equal to (x) the exercise
price per share of MI Corp. common stock at which the applicable MI Option was exercisable immediately prior to the Distribution divided by (y) the quotient obtained by dividing the MI Corp. Pre-Distribution Stock Price by the New MI Corp.
Post-Distribution Stock Price; provided that such exercise price shall be rounded up to the nearest whole cent. 
  

 12 

 (ii) Each New MI Corp. Option shall have the same terms and conditions (including
vesting) as the corresponding MI Option to which it relates (except as adjusted as provided herein) and shall continue to be subject to the terms of the applicable MI Option Plan; provided, however, that for purposes of the New MI
Corp. Options, unless the context otherwise requires, all references to “MI Corp.” therein shall, after the Distribution, be deemed to be to “New MI Corp.” and all references to MI Corp. Common Stock shall be deemed to be to New
MI Corp. Common Stock. 
 (c) Options Held by Certain MI Group Employees and Directors. Notwithstanding anything in
this Section 6.2 to the contrary, each MI Option that is outstanding as of the Distribution and that is held by an individual who, immediately following the Distribution, is a director of MVT Holding and either a MI Group employee or a director
of New MI Corp. shall be converted, effective immediately after the Distribution, into both a New MI Corp. Option and a MVT Option using the methodology described above such that (i) the aggregate Intrinsic Value of all outstanding MI Options
held by such an individual that are outstanding as of the Distribution shall be maintained under the corresponding New MI Corp. Options and MVT Options in accordance with the methodology set forth above and (ii) the ratio of the per share
option exercise price of the New MI Corp. Option to the New MI Corp. Post-Distribution Stock Price and the ratio of the per share option exercise price of the MVT Option to the MVT Holding Post-Distribution Stock Price is maintained relative to the
ratio of the per share exercise price of the related MI Option to the MI Corp. Pre-Distribution Stock Price in accordance with the methodology set forth above. 75% of the MI Options held by such individuals shall be converted into New MI Corp
Options and 25% of such MI Options shall be converted into MVT Options. 
 (d) Restricted Stock and Stock Held in MI
Deferred Compensation Trusts. All shares of MI Corp. restricted stock and all shares of MI Corp. stock held in the MI Deferred Compensation Trust II or the MI Corp. Amended and Restated Deferred Compensation Trust III (other than the shares
associated with the MI Corp. restricted stock units which will be forfeited by MVT Employees as a result of such MVT Employees being deemed to have terminated employment on the Distribution Date, as described in Article IV hereof) shall be treated
the same as all other outstanding shares of MI Corp. Common Stock in the transactions contemplated by the Investment Agreement and the Separation Agreement; provided, however, that each share of MVT Holding Common Stock and New MI Corp. Common Stock
received in such transactions with respect to shares of MI Corp. restricted stock shall be subject to the same restrictions as the corresponding share of MI Corp. restricted stock to which it relates and shall continue to be subject to the terms of
the applicable MI Option Plan. 
 6.3. MVT Corp. Long Term Incentive Plan. The amounts of incentives earned by participants under the
MVT Corp. Long Term Incentive Plan with respect to performance periods that include the Distribution Date that are based on the performance of MI Corp. will be determined jointly by the MI Group, the MVT Group, and Investor as of the Distribution
Date. Payment of the amounts based on the performance of MI Corp. and payment of the amounts based on the performance of MVT Corp. will be made by the MVT Group following the end of the performance period to participants who are employed by the MVT
Group at the end of the applicable performance period, or whose employment terminates during such performance period due to circumstances under which the terms of the MVT Corp. Long Term Incentive Plan provide for payment. 
 6.4 New MVT Equity Incentive Plans. MI Corp. will take, or will cause its appropriate Subsidiary to take, reasonable best efforts to cause MVT
Holding to adopt prior to the Distribution Date an MVT Holding equity compensation plan (the “New MVT Option Plan”) and, if requested by Investor and agreed to by MI Corp., which agreement will not be unreasonably withheld, an MVT Holding
annual bonus plan (the “New MVT Bonus Plan”), in each case, in a form satisfactory to the Investor. No fewer than the number of shares equal to 9% of the equity of MVT Holding on a fully diluted basis will be reserved for issuance under
the New MVT Option Plan. If requested by the Investor, MI Corp. will submit the New MVT Option Plan and/or the New MVT Bonus Plan to its shareholders for approval in a manner that satisfies the requirements under Section 1.162-27(f)(4)(ii) of
the Department of Treasury Regulations. MI Corp. further agrees that, if requested by Investor, it will, subject to fiduciary requirements, take reasonable best efforts to approve, on such terms as are requested by Investor, initial 

  

 13 

 
equity compensation grants to employees of the MVT Group, to be made effective as of the Distribution Date (including, if so requested, taking reasonable
best efforts to ensure that awards to designated employees are approved by MI Corp. “outside directors” in a manner that satisfies the requirements of Section 1.162-27(f)(4) of the Department of Treasury Regulations). The MVT Group
shall reimburse the MI Group for all reasonable out-of-pocket costs incurred by the MI Group in taking the actions required of it under this Section 6.4. 
 ARTICLE VII 
 ADMINISTRATIVE MATTERS 
 7.1. Reporting and Disclosure Communications to Participants. While any member of the MVT Group is a participating employer in the MI Plans, the
MVT Group shall take, or cause to be taken, all actions necessary to facilitate the distribution of all MI Plan-related communications and materials to MVT Employees, including (without limitation) summary plan descriptions and related summaries of
material modification(s), summary annual reports, investment information, prospectuses, notices and enrollment material for the MI Plans and MVT Plans. The MVT Group shall assist the MI Group in complying with all reporting and disclosure
requirements of ERISA and the Code, including the preparation of Form Series 5500 annual reports for the MI Plans, where applicable. 
 7.2.
Audits Regarding Vendor Contracts. For the period beginning as of the Distribution Date and ending on such date as the MI Group and the MVT Group may mutually agree, the MI Group and the MVT Group and their duly authorized representatives
shall have the right to conduct joint audits with respect to any vendor contracts that relate to both the MI Health and Welfare Plans and the MVT Health and Welfare Plans. The scope of such audits shall encompass the review of all correspondence,
account records, claim forms, canceled drafts (unless retained by the bank), provider bills, medical records submitted with claims, billing corrections, vendors’ internal corrections of previous errors and any other documents or instruments
relating to the services performed by the vendor under the applicable vendor contracts. The MI Group and the MVT Group shall agree on the performance standards, audit methodology, auditing policy and quality measures, reporting requirements, and the
manner in which costs incurred in connection with such audits will be shared. 
 7.3. Employee Identification Numbers. Until the
Distribution Date, the MI Group and the MVT Group shall not change any employee identification numbers assigned by MI Corp. The MI Group and the MVT Group mutually agree to establish a policy pursuant to which employee identification numbers
assigned to either employees of the MI Group or the MVT Group shall not be duplicated between the MI Group and the MVT Group. 
 7.4.
Cooperation. The MI Group and the MVT Group agree to cooperate and use reasonable efforts to promptly (i) comply with all requirements of this Agreement, ERISA, the Code and other laws and regulations which may be applicable to the
matters addressed herein, and (ii) subject to applicable law, provide each other with such information reasonably required by the other party to assist the other party in administering its employee benefit plans covered by this Agreement and
complying with applicable law and regulations and the terms of this Agreement. 
 7.5. Fiduciary Matters. The MI Group and the MVT
Group each acknowledge that actions contemplated to be taken pursuant to this Agreement may be subject to fiduciary duties or standards of conduct under ERISA or other applicable law, and no party shall be deemed to be in violation of this Agreement
if such party fails to comply with any provisions hereof based upon such party’s reasonable good faith determination that to do so would violate such a fiduciary duty or standard. 
 7.6. Consent of Third Parties. If any provision of this Agreement is dependent on the consent of any third party (such as a vendor) and such
consent is withheld, the MI Group and the MVT Group shall use their 

  

 14 

 
commercially reasonable efforts to implement the applicable provisions of this Agreement. If any provision of this Agreement cannot be implemented due to the
failure of such third party to consent, the MI Group and the MVT Group shall negotiate in good faith to implement the provision in a mutually satisfactory manner. 
 ARTICLE VIII 
 EMPLOYMENT-RELATED MATTERS 
 8.1. Terms of MVT Group Employment. Subject to Section 5.11 of this Agreement, the MVT Group shall have sole responsibility for determining
all basic terms and conditions of employment for MVT Employees including, without limitation, their pay and benefits in the aggregate. Nothing in this Agreement or any other agreement between the parties should be construed to change the at-will
status of any of the employees of the MI Group or the MVT Group. 
 8.2. Confidentiality and Proprietary Information. No provision of
this Agreement or any other agreement between the parties shall be deemed to release any individual for any violation of a MI Group or MVT Group agreement or policy pertaining to confidential or proprietary information of any member of the MI Group
or the MVT Group, as the case may be, or otherwise relieve any individual of his or her obligations under such agreement or policy. 
 8.3.
No Termination of Employment; No Third-Party Beneficiaries. No provision of this Agreement or any other agreement between the parties shall be construed to create any right, or accelerate entitlement, to any compensation or benefit whatsoever
on the part of any MVT Employee, employee of MI Corp. or other future, present or former employee of the MVT Group or the MI Group under any MVT Plan, MI Plan or otherwise. No Person other than the parties hereto or their respective successors will
acquire or have any benefit, right, remedy or claim under or by reason of this Agreement, except that Sections 6.3, 6.4 and the proviso in Section 9.7, as well as this sentence, shall inure to the benefit of Investor. Without limiting the
generality of the foregoing, except as provided in this Agreement, neither the Distribution nor the termination of the participating employer status of MVT Corp. or any member of the MVT Group shall cause any employee to be deemed to have incurred a
termination of employment. 
 ARTICLE IX 
 GENERAL PROVISIONS 
 9.1. Effect if Distribution Does Not Occur. If the Distribution does not
occur, then all actions and events that are, under this Agreement, to be taken or occur effective as of the Distribution Date, or otherwise in connection with the Distribution, shall not be taken or occur except to the extent specifically agreed by
the MVT Group and the MI Group. 
 9.2. Relationship of Parties. Nothing in this Agreement shall be deemed or construed by the parties
or any third party as creating the relationship of principal and agent, partnership or joint venture between the parties, the understanding and agreement being that no provision contained herein, and no act of the parties, shall be deemed to create
any relationship between the parties other than the relationship set forth herein. 
 9.3. Affiliates. Each of New MI Corp. and MVT
Holding shall cause to be performed, and hereby guarantee the performance of, any and all actions of the MI Group or the MVT Group, respectively. 
 9.4. Governing Law. To the extent not preempted by applicable federal law, this Agreement shall be governed by, construed and interpreted in accordance with the laws of the State of Wisconsin, without giving effect to its conflicts
of laws provisions. 
  

 15 

 9.5. Notices. Any notice, request, instruction or other document to be given or delivered under
this Agreement by any party to another party shall be in writing and shall be deemed to have been duly given or delivered when (1) delivered in person or sent by telecopy to the facsimile number indicated below with a required confirmation copy
sent in accordance with clause (2) below, (2) deposited in the United States mail, postage prepaid and sent certified mail, return receipt requested or (3) delivered to Federal Express or similar service for overnight delivery to the
address of the party set forth below: 
 If to New MI Corp. or any member of the MI Group to: 
 Marshall & Ilsley Corporation 
 770 N. Water Street 
 Milwaukee, Wisconsin 53202 
 Fax: (414) 765-7899 
 Attention: Dennis J. Kuester 
          Chairman and
Chief Executive Officer 
          Randall J. Erickson 
          Senior Vice President, General Counsel 
          and Corporate Secretary 
 with a copy to: 
 Sidley Austin LLP

 One S. Dearborn Street 
 Chicago, Illinois 60603 
 Fax: (312) 853-7036 
 Attention: Imad I. Qasim, Esq. 
          Pran Jha, Esq. 
 If to MVT Holding or any member of the MVT
Group to: 
 Metavante Holding Company 
 4900 West Brown Deer Rd. 
 Milwaukee, Wisconsin 53223 
 Fax: (414) 362-1705 
 Attention: Frank Martire 
          Chief Executive Officer 
          Norrie J. Daroga 
     
    Executive Vice President 
 with a copy to: 
 Quarles & Brady LLP 
 411 East Wisconsin Avenue 
 Milwaukee, Wisconsin 53202-4497 
 Fax: (414) 978-8786 
 Attention: Patrick M. Ryan, Esq. 
 Either party may, by written notice to the other parties, change the address or the party
to which any notice, request, instruction or other document is to be delivered. 
 9.6. Severability. If any term or other provision
of this Agreement is determined to be invalid, illegal or incapable of being enforced by any rule of law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect so long as the
economic or legal substance of the transactions contemplated hereby is not affected in any manner materially adverse to either party. Upon such 

  

 16 

 
determination that any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto and Investor shall negotiate in good
faith to modify this Agreement so as to effect the original intent of the parties as closely as possible and in an acceptable manner to the end that transactions contemplated hereby are fulfilled to the fullest possible extent. 
 9.7. Amendment. The MVT Parties and the MI Parties may mutually agree to amend the provisions of this Agreement at any time or times, either
prospectively or retroactively, to such extent and in such manner as they mutually deem advisable (subject to procedures required to amend Plans) provided, that, unless the Investment Agreement shall have been terminated, any such amendment shall be
subject to the prior written consent of Investor, which consent shall not be unreasonably withheld or delayed with respect to amendments made after the Distribution Date. Such amendment will only be effective if made in writing. 
 9.8 Successors. This Agreement shall be binding on and inure to the benefit and detriment of any successor, by merger, acquisition of assets or
otherwise, to any of the parties hereto, to the same extent as if such successor had been an original party. 
 9.9. Conflict. In the
event of any conflict between the provisions of this Agreement and any other agreements between the parties or any other Plans, the provisions of this Agreement shall control except to the extent prohibited by law. 
 9.10. Counterparts. This Agreement may be executed in two or more counterparts each of which shall be deemed to be an original, but all of which
together shall constitute but one and the same Agreement. 
 9.11 Authorization, Etc. Each of the parties hereto hereby represents and
warrants that it has the power and authority to execute, deliver and perform this Agreement, that this Agreement has been duly authorized by all necessary corporate action on the part of such party, that this Agreement constitutes a legal, valid and
binding obligation of each such party and that the execution, delivery and performance of this Agreement by such party does not contravene or conflict with any provision of law or of its charter or bylaws or any agreement, instrument or order
binding on such party. 
 9.12 Entire Agreement. This Agreement contains the entire agreement among the parties hereto with respect to
the subject matter hereof and supersedes any prior oral understandings among the parties as to the subject matter hereof. 
 9.13.
Waivers, Etc. No failure or delay on the part of the parties in exercising any power or right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right or power, or any abandonment or
discontinuance of steps to enforce such right or power, preclude any other or further exercise thereof or the exercise of any other right or power. No modification or waiver of any provision of this Agreement nor consent to any departure by the
parties therefrom shall in any event be effective unless the same shall be in writing, and then such waiver or consent shall be effective only in the specific instance and for the purpose for which given. 
 9.14 Further Assurances. The MI Parties and the MVT Parties each agree to execute, acknowledge, deliver, file, record and publish such further
certificates, amendments to certificates, instruments and documents, and do all such other acts and things as may be required by law, or as may be required to carry out the intent and purposes of this Agreement and the transactions contemplated
hereby. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK.] 
  

 17 

 IN WITNESS WHEREOF, each of the parties have caused this Employee Matters Agreement to be executed on its
behalf by its officers thereunto duly authorized on the day and year first above written. 
  

			
	MARSHALL & ILSLEY CORPORATION
		
	By:	 	 /s/    MARK F.
FURLONG        

	Name:	 	Mark F. Furlong
	Title:	 	 President

	
	NEW M&I CORPORATION
		
	By:	 	 /s/    GREGORY A.
SMITH        

	Name:	 	Gregory A. Smith
	Title:	 	 President

	
	METAVANTE HOLDING COMPANY
		
	By:	 	 /s/    GREGORY A.
SMITH        

	Name:	 	Gregory A. Smith
	Title:	 	 President

	
	METAVANTE CORPORATION
		
	By:	 	 /s/    DONALD LAYDEN
JR.        

	Name:	 	 Donald Layden Jr. 

	Title:	 	 Senior Executive Vice President

  

 18

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