Document:

THE WARRANTS REPRESENTED BY THIS CERTIFICATE
AND THE UNDERLYING SHARES WHICH MAY BE ACQUIRED UPON EXERCISE HEREOF HAVE BEEN ACQUIRED FOR INVESTMENT ONLY AND NOT WITH A VIEW
TO DISTRIBUTION THEREOF. THE SECURITIES EVIDENCED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED OR QUALIFIED UNDER THE SECURITIES
LAWS OF ANY JURISDICTION. THE WARRANTS REPRESENTED BY THIS CERTIFICATE AND THE UNDERLYING SHARES WHICH MAY BE ACQUIRED UPON EXERCISE
MAY NOT BE SOLD OR OFFERED FOR SALE UNLESS AN APPROPRIATE REGISTRATION STATEMENT UNDER APPLICABLE SECURITIES LAWS IS THEN IN EFFECT
WITH RESPECT THERETO, OR UNLESS AN OPINION OF COUNSEL IN FORM AND SUBSTANCE SATISFACTORY TO THE ISSUER IS PROVIDED THAT REGISTRATION
IS NOT REQUIRED UNDER SUCH LAWS.

 

	 	Warrant to Purchase
	 	 
	Date:  December 7, 2012	    375,000
	 	 
	 	Shares of Common Stock,
	 	as herein described

 

No. 324

 

OurPet’s

Company

 

___________________________

 

Common Stock Purchase Warrant

___________________________

 

Article 1.General Provisions.

 

This certifies that
Steven and Evangelina Tsengas are entitled to purchase, at any time on or after December 7, 2012 (the “Effective Date”)
and on or before December 7, 2017 (the “Expiration Date”), that number of fully paid and non-assessable
shares of Common Stock, without par value, of OurPet’s Company, a corporation
incorporated under the laws of the State of Colorado (the “Company”), as set forth above, at the exercise
price of $0.42 U.S. per share, all subject to adjustment as hereinafter provided.

 

    	 

    	 

    

Article 2.Duration and Exercise
of Warrants.

 

Section 2.01Duration of Warrants.
This Warrant may be exercised at any time on or after the Effective Date and prior to the close of business on the Expiration
Date.

 

Section 2.02Terms of Exercise.
This Warrant shall entitle the holder hereof to purchase the number of shares of Common Stock set forth in Article 1,
subject to adjustment as herein provided (the “Warrant Shares”), upon payment of the amount per share
set forth in Section 1.01, subject to adjustment as herein provided (the “Exercise Price”).

 

Section 2.03Exercise of Warrant.

 

(a)This
warrant may be exercised in whole or in part by surrendering it, together with a subscription in the form attached hereto duly
executed, accompanied by a certified or official bank check (or such other form of payment as the Company may accept) in payment
of the Exercise Price. Warrants may be surrendered at the Company’s corporate offices indicated in Section 7.02 hereof,
or as such corporate office may be relocated from time to time.

 

(b)Notwithstanding
the foregoing, the Holder may, without the payment of cash or other consideration (other than the surrender of the right to purchase
certain Warrant Shares implicit in the following formula), exercise this Warrant for “Net Warrant Shares”. The Holder
shall provide written notice to the Company specifying the gross number of Warrant Shares as to which this Warrant is then exercised.
The number of Net Warrant Shares deliverable upon such exercise will be determined by the following formula: Net Warrant Shares
= [WS x (CP - EP)]/CP, where “WS” is the gross number of Warrant Shares as to which this Warrant is to be exercised;
“CP” is the average market price of the Common Stock on the ten (10) trading days preceding the date of the request
to exercise this Warrant; and “EP” shall mean the then applicable Exercise Price.

 

(c)This
Warrant shall be exercisable during the period provided in Section 2.01 at any time or in whole or from time to time in
part. As soon as practicable after the Warrant has been so exercised, the Company shall issue and deliver or cause to be delivered
to, or upon the order of, the holder of the Warrant, in such name or names as may be directed by such holder, a certificate or
certificates for the number of full Warrant Shares to which such holder is entitled and, if this Warrant shall not have been exercised
in full, a new Warrant for the number of shares of Common Stock as to which this Warrant shall not have been exercised, subject
to the surrender of the right to purchase certain Warrant Shares implicit in the exercise of this Warrant under Section 2.03(b).
This Warrant, when so surrendered, shall be cancelled by or on behalf of the Company.

 

Section 2.04Common Stock Issued
Upon Exercise of Warrant.

 

(a)All Warrant
Shares shall be duly authorized, validly issued, fully paid and nonassessable. The Company shall pay all documentary stamp taxes
attributable to the initial issuance of Warrant Shares. The Company shall not be required, however, to pay any tax imposed in connection
with any transfer involved in the issue of the Warrant Shares in a name other than that of that holder of this Warrant upon exercise.
In such case, the Company shall not be required to issue any certificate for Warrant Shares until the person or persons requesting
the same shall have paid to the Company the amount of any such tax or shall have established to the Company’s satisfaction
that the tax has been paid or that no tax is due.

 

    	 

    	 

    

(b)Irrespective
of the date of issue of certificates for any Warrant Shares acquired upon exercise of this Warrant, each person in whose name any
certificate is issued shall be deemed to have become the holder of record of the Warrant Shares represented thereby on the date
on which this Warrant was exercised and payment of the Exercise Price was tendered as provided in Section 2.03 with respect
to such Warrant Shares.

 

Article 3.Anti-Dilution Provisions.

 

Section 3.01Adjustment of Exercise
Price and Number of Warrant Shares. The Exercise Price shall be subject to adjustment from time to time as provided in
this Article 3. Upon each adjustment of the Exercise Price, the holder of this Warrant shall be entitled to purchase, at
the Exercise Price resulting from such adjustment, the number of Warrant Shares, calculated to the nearest full share, obtained
by multiplying the Exercise Price in effect immediately prior to such adjustment by the number of Warrant Shares purchasable pursuant
to the provisions of this Warrant immediately prior to such adjustment and dividing the product thereof by the Exercise Price resulting
from such adjustment.

 

Section 3.02Stock Dividends.
If the Company shall declare a dividend or any other distribution upon any capital stock which is payable in shares of Common Stock,
the Exercise Price shall be reduced to the quotient obtained by dividing (i) the number of shares of Common Stock outstanding immediately
prior to such declaration multiplied by the then effective Exercise Price by (ii) the total Common Stock and all convertible securities
issuable in payment of any dividend or other distribution upon the capital stock of the Company shall be deemed to have been issued
or sold without consideration.

 

Section 3.03Stock Splits and
Reverse Stock Splits. If the Company shall subdivide its outstanding shares of Common Stock into a greater number of shares,
the Exercise Price shall be proportionately reduced and the number of Warrant Shares issuable upon exercise of this Warrant shall
be proportionately increased. If the Company shall combine the outstanding shares of Common Stock into a smaller number of shares,
the Exercise Price shall be proportionately increased and the number of Warrant Shares issuable upon exercise of this Warrant shall
be proportionately decreased.

 

Section 3.04Reorganizations.
If any capital reorganization or reclassification of the Company, or any consolidation or merger of the Company with another corporation,
shall be affected in such a way that the holders of the Common Stock shall be entitled to receive securities or assets with respect
to or in exchange for shares of Common Stock, adequate provision shall be made, prior to and as a condition of such reorganization,
reclassification, consolidation or merger whereby the holder of this Warrant shall have the right to receive, upon the terms and
conditions specified herein and in lieu of the Warrant Shares otherwise receivable upon the exercise of this Warrant, such securities
or assets as may be issued or payable with respect to or in exchange for the number of outstanding shares of Common Stock equal
to the number of Warrant Shares otherwise receivable had such reorganization, reclassification, consolidation or merger not taken
place. In any such case appropriate provision shall be made with respect to the rights and interests of such holder so that the
provisions of this Warrant shall be applicable with respect to any securities or assets thereafter deliverable upon exercise of
this Warrant. The Company shall not affect any such consolidation or merger unless prior to or simultaneously with the consummation
thereof the survivor or successor corporation resulting from such consolidation or merger shall assume by written instrument delivered
to the holder of this Warrant the obligation to deliver to such holder such securities or assets as such holder may be entitled
to receive.

 

    	 

    	 

    

Section 3.05Form of Warrant.
This Warrant need not be changed because of any adjustment to the Exercise Price or any change in the amount or nature of securities
issuable or deliverable pursuant to this Article 3. The Company may, however, in its discretion, at any time change the
form of Warrants to reflect any such change in the amount or nature of securities issuable or deliverable upon exercise, provided
such change in form does not otherwise affect the substance thereof.

 

Article 4.Other Provisions for
Protection of Warrantholders.

 

Section 4.01Reservation of Shares.
The Company shall at all times reserve and keep available such number of shares of its authorized but unissued Common Stock as
shall from time to time be sufficient to permit the exercise of all outstanding Warrants. If at any time the number of authorized
but unissued shares of Common Stock shall not be sufficient for such purpose, the Company will take such action as, in the opinion
of its counsel, may be necessary to increase its authorized but unissued Common Stock to such number of shares as shall be sufficient
for such purpose.

 

Section 4.02Lost and Misplaced
Warrant Certificates. If any Warrant becomes lost, stolen, mutilated or destroyed, the Company will, on such terms as to
indemnify or otherwise as it may in its discretion impose, issue a new Warrant of like denomination, tenor and dates as the Warrant
so lost, stolen, mutilated or destroyed. Any such new Warrant shall constitute an original contractual obligation of the Company,
whether or not the allegedly lost, stolen, mutilated or destroyed Warrant shall at any time be enforceable by anyone.

 

Section 4.03Enforcement of Warrant
Rights. All rights of action are vested in the respective holders of the Warrants. Any holder of any Warrant may, in his
own behalf and for his own benefit, enforce, and may institute and maintain any suit, action or proceeding against the Company
suitable to enforce, or otherwise in respect of, his right to exercise his Warrant for the purchase of the number of Warrant Shares
issuable or deliverable in exchange therefor.

 

Article 5.Transfer and Ownership
of Warrants.

 

Section 5.01Negotiability and
Ownership. The Warrants have been, and, if the Warrants are exercised, the Warrant Shares will be, acquired for the account
of the holder for investment and not with a view to resale or further distribution thereof. This Warrant shall be transferable
by the holder hereof only in compliance with applicable securities laws. Any attempted transfer in contravention of this Section
shall be null and void. Any such transferee may be required to execute an investment letter containing representations and warranties
as to his or her investment intent, financial sophistication and ability to bear the risk of any investment in the Warrants or
the Warrant Shares and to satisfy the Company of the bona fide nature of such representations.

 

    	 

    	 

    

Section 5.02Exchange of Warrants.
At any time after the issuance and prior to expiration, this Warrant may be surrendered at the corporate offices of the Company
for exchange and, upon cancellation hereof, one or more new Warrants shall be issued as requested by the holder for the same aggregate
number of shares.

 

Article 6.Miscellaneous Provisions.

 

Section 6.01Closing of Books.
The Company will at no time close its transfer books against the transfer of any warrant or of any shares of Common Stock issued
or issuable upon the exercise of any warrant in any manner which interferes with the timely exercise of this Warrant.

 

Section 6.02Modification and
Waiver. This Warrant and any provision hereof may be changed, waived, discharged or terminated only by an instrument in
writing signed by the party against which enforcement of the same is sought.

 

Section 6.03Descriptive Headings
and Governing Law. The description headings of the several articles, sections and paragraphs of this Warrant are inserted
for convenience only and do not constitute a part of this Warrant. This Warrant shall be construed and enforced in accordance with,
and the rights of the parties shall be governed by, the laws of the State of Ohio, without regard to conflict of laws principles.

 

Section 6.04Notices to Warrant
Holders. Any notice or other document required or permitted to be given or delivered to the Holder shall be delivered at,
or sent by certified or registered mail to, such holder at its, his or her address appearing on the Company’s Warrant register.
Any notice or other document required or permitted to be given or delivered to the Company shall be delivered at, or sent by certified
or registered mail to, the Company at 1300 East Street, Fairport Harbor, Ohio, 44077. Any notice so addressed and mailed by registered
or certified mail shall be deemed to be given when so mailed. Any notice so addressed and otherwise delivered shall be deemed to
be given when actually received by the addressee.

 

IN WITNESS WHEREOF,
this Warrant has been executed on behalf of the Company on November 16, 2012.

 

OURPET’S COMPANY

 

 

 

By: _________________________________

       Scott R. Mendes, Chief Financial Officer

 

    	 

    	 

    

ASSIGNMENT

 

To be executed by the registered holder
to effect a transfer of the within Warrant, subject to the restrictions imposed by Section 5.01 of the Warrant.

 

FOR VALUE RECEIVED, the undersigned
registered holder hereby sells, assigns and transfers unto

 

__________________________________________________________

 

__________________________________________________________

(Address)

 

__________________________________________________________

  

 

 

the right to purchase the Common Stock
evidenced by the within Warrant, and does irrevocably constitute and appoint ________________________ to transfer the said right
on the books of the Company, with full power of substitution.

 

Dated:_______________

 

 

 

SIGNATURE________________________________________

 

 

 

NOTICE:
The signature to this Assignment must correspond with the name as written upon the face of the within Warrant, in every particular,
without alteration or change whatsoever, and must be guaranteed by a bank or trust company, or be a firm having membership on a
registered national securities exchange.

 

    	 

    	 

    

EXERCISE OF WARRANT

 

The undersigned, registered
holder or assignee of such registered holder of the within Warrant, hereby (1) subscribes for ________________ shares of Common
Stock which the undersigned is entitled to purchase under the terms of the within Warrant, (2) makes the full cash payment therefore
called for by the within Warrant, and (3) directs that the Common Stock issuable upon exercise of said Warrant be issued as described
hereunder.

 

_____________________________________

 

_____________________________________

(Address)                                                                   

 

_____________________________________

(Signature)                                                                 

 

Dated:_______________________

 

NOTICE:
The signature to this Assignment must correspond with the name as written upon the face of the within Warrant, in every particular,
without alteration or change whatsoever, and must be guaranteed by a bank or trust company, or be a firm having membership on a
registered national securities exchange.

 

 

 

[This form shall be modified by the
Holder and the Company as appropriate in the event Holder exercises the Warrant, in whole or in part, in accordance with Section
2.03(b) of the Warrant.]CLIFFS NATURAL RESOURCES INC.

3.95% Notes due 2018

Sixth Supplemental Indenture

Dated as of December 13, 2012

U.S. BANK NATIONAL ASSOCIATION,

as Trustee

 

 

    	 

    	 

    
 

 

TABLE OF CONTENTS

 

 

 

	 	PAGE
	 	 
	ARTICLE 1	 
	SCOPE OF SUPPLEMENTAL INDENTURE; GENERAL	 
	 	 
	Section 1.01. Scope of Supplemental Indenture; General.	2
	Section 1.02. Terms of Notes.	2
	Section 1.03. Payment Of Additional Interest Based On Rating Events	3
	 	 
	ARTICLE 2	 
	CERTAIN DEFINITIONS	 
	 	 
	Section 2.01. Certain Definitions.	6
	Section 2.02. Rules of Construction.	11
	 	 
	ARTICLE 3	 
	COVENANTS	 
	 	 
	Section 3.01. Change of Control Triggering Event.	11
	Section 3.02. Restrictions on Liens.	12
	Section 3.03. Restrictions on Sale and Leaseback Transactions.	14
	Section 3.04. Applicability of Covenants Contained in the Base Indenture.	15
	 	 
	ARTICLE 4	 
	THE NOTES	 
	 	 
	Section 4.01. Form of Notes.	15
	Section 4.02. Depositary.	15
	 	 
	ARTICLE 5	 
	REDEMPTION	 
	 	 
	Section 5.01. Optional Redemption.	15
	Section 5.02. Applicability of Sections of the Base Indenture.	16
	 	 
	ARTICLE 6	 
	DEFEASANCE	 
	 	 
	Section 6.01. Defeasance.	16

 

    	i

    	 

    
 

	 	 
	ARTICLE 7	 
	MISCELLANEOUS	 
	 	 
	Section 7.01. GOVERNING LAW.	16
	Section 7.02. Recitals.	16

 

EXHIBIT:

A.Form of 2018 Note

 

    	ii

    	 

    
 

SIXTH SUPPLEMENTAL INDENTURE dated as of
December 13, 2012 (“Sixth Supplemental Indenture”) to the Indenture dated as of March 17, 2010 (the “Base
Indenture” and as supplemented by this Sixth Supplemental Indenture, the “Indenture”), is by and among
CLIFFS NATURAL RESOURCES INC., an Ohio corporation (the “Company”), and U.S.
BANK NATIONAL ASSOCIATION, as trustee (as defined in the Indenture, the “Trustee”).

 

RECITALS:

 

Each party agrees as follows for the benefit
of the other parties and for the equal and ratable benefit of the Holders of 2018 Notes (as defined herein):

 

WHEREAS, the Company has duly authorized
the execution and delivery of the Base Indenture to provide for the issuance from time to time of the Company’s debentures,
notes, or other debt instruments (as defined in the Indenture, the “Securities”), to be issued in one or more
series, as in the Indenture provided;

 

WHEREAS, the Company desires and has requested
the Trustee to join it in the execution and delivery of this Sixth Supplemental Indenture in order to establish and provide for
the issuance by the Company of a series of Securities designated as its 3.95% Notes due 2018 (the “2018 Notes”),
on the terms set forth herein;

 

WHEREAS, the Company now wishes to issue
the 2018 Notes in an initial aggregate principal amount of $500,000,000;

 

WHEREAS, Section 9.1 of the Base Indenture
permits the Company and the Trustee to amend or supplement the Base Indenture to establish the form and terms of any series of
Securities without the consent of any Security holder;

 

WHEREAS, the conditions set forth in the
Indenture for the execution and delivery of this Sixth Supplemental Indenture have been complied with; and

 

WHEREAS, all things necessary to make this
Sixth Supplemental Indenture a valid agreement of the Company and the Trustee, in accordance with its terms, and a valid amendment
of, and supplement to, the Base Indenture have been done;

 

NOW, THEREFORE, THIS SIXTH SUPPLEMENTAL
INDENTURE WITNESSETH:

 

In consideration of the premises and the
purchase and acceptance of the 2018 Notes by the Holders thereof, the Company mutually covenants and agrees with the Trustee, for
the equal and ratable benefit of the Holders of the 2018 Notes, that the Base Indenture is supplemented and amended, to the extent
expressed herein, as follows:

 

    	 

    	 

    
 

Article
1

Scope of Supplemental Indenture; General

 

Section 1.01. Scope of
Supplemental Indenture; General. This Sixth Supplemental Indenture supplements and, to the extent inconsistent therewith,
replaces the provisions of the Base Indenture, to which provisions reference is hereby made.

 

The changes, modifications and supplements
to the Base Indenture effected by this Sixth Supplemental Indenture shall be applicable only with respect to, and govern the terms
of, the 2018 Notes (which shall be initially in the aggregate principal amount of $500,000,000) and shall not apply to any other
Securities that have been or may be issued under the Indenture unless a supplemental indenture with respect to such other Securities
specifically incorporates such changes, modifications and supplements. Pursuant to this Sixth Supplemental Indenture, there is
hereby created and designated a series of Securities under the Indenture entitled “3.95% Notes due 2018.” The 2018
Notes shall be in the form of Exhibit A hereto, the terms of which are incorporated herein by reference. To the extent any provision
of the 2018 Notes conflicts with the express provisions of this Sixth Supplemental Indenture, the provisions of this Sixth Supplemental
Indenture shall govern and be controlling.

 

All 2018 Notes issued under this Sixth Supplemental
Indenture shall vote and consent together on all matters as one class, including without limitation on waivers and amendments,
and no Holder of 2018 Notes will have the right to vote or consent as a separate class from other Holders on any matter except
matters which affect such Holder only.

 

Section 1.02. Terms of Notes. The
information applicable to the 2018 Notes required pursuant to Section 2.2 of the Base Indenture is as follows:

 

(1)the title of the 2018 Notes is “3.95%
Senior Notes due 2018”;

 

(2)the 2018 Notes will be issued to
the underwriters at a price of 98.532% of the principal amount, resulting in total net proceeds to the Company of $492,660,000;
the price to the public will be 99.132% of the principal amount; and 100% of the principal amount will be payable upon declaration
of acceleration or maturity;

 

(3)the initial aggregate principal amount
of the 2018 Notes is $500,000,000;

 

(4)principal will be payable as set
forth in the form of 2018 Note;

 

    	2

    	 

    
 

(5)the rate of interest and interest
payment and record dates are as set forth in the form of 2018 Note and additional interest payments based on rating events are
as set forth in Section 1.03;

 

(6)as set forth in the form of 2018
Note;

 

(7)the 2018 Notes will be subject to
optional redemption as set forth in Article 5 below;

 

(8)not applicable;

 

(9)not applicable;

 

(10)the 2018 Notes will be issuable
in minimum denominations of $2,000 and integral multiples of $1,000;

 

(11)the 2018 Notes shall be issuable
as Global Securities and the provisions of Section 2.15 of the Indenture shall apply to the 2018 Notes;

 

(12)not applicable;

 

(13)the 2018 Notes shall be issuable
in Dollars;

 

(14)payment of the principal and interest
on the 2018 Notes shall be made in Dollars;

 

(15)not applicable;

 

(16)not applicable;

 

(17)not applicable;

 

(18)not applicable;

 

(19)the provisions of Article 3
herein setting forth Covenants shall be applicable to the 2018 Notes;

 

(20)as set forth elsewhere herein;

 

(21)not applicable;

 

(22)not applicable;

 

(23)the 2018 Notes shall be senior debt
securities; and

 

    	3

    	 

    
 

(24)U.S. Bank National Association initially
shall serve as the Trustee and Registrar and Paying Agent with respect to the 2018 Notes.

 

Section 1.03. Payment Of Additional Interest
Based On Rating Events. The interest rate payable on the 2018 Notes will be subject to adjustments from time to time if either
Moody’s or S&P or, in either case, any Substitute Rating Agency thereof downgrades (or subsequently upgrades) the debt
rating assigned to the 2018 Notes, in the manner described below. It shall be the obligation of the Company to promptly notify
the Trustee of any change in interest rate payable on the 2018 Notes pursuant to this Section 1.03. Such notice shall be given
by delivery to the Trustee of an Officers’ Certificate, on which the Trustee shall conclusively rely. The Officers’
Certificate shall state that the interest rate borne by the 2018 Notes has been adjusted in accordance with this Section 1.03 and
shall set forth (a) the amount of the related increase or decrease of interest rate, (b) the new interest rate borne by the 2018
Notes, and (c) the amount of interest that shall be due and payable on the next succeeding payment date. The Trustee shall have
no obligation (i) to monitor the debt rating assigned to the 2018 Notes, (ii) to determine whether any change to the interest rate
payable on the 2018 Notes is required by this Section 1.03, or (iii) to determine the interest rates applicable to the 2018 Notes.

 

If the rating from Moody’s (or any
Substitute Rating Agency thereof) of the 2018 Notes is decreased to a rating set forth in the immediately following table, the
interest rate on the 2018 Notes will increase such that it will equal the interest rate payable on the 2018 Notes on the Issue
Date of the 2018 Notes plus the percentage set forth opposite the ratings from the table below:

 

	Moody’s Rating*	Percentage
	Ba1	0.25%
	Ba2	0.50%
	Ba3	0.75%
	B1 or below	1.00%

*Including the equivalent ratings of any Substitute Rating Agency.

 

If the rating from S&P (or any Substitute
Rating Agency thereof) of the 2018 Notes is decreased to a rating set forth in the immediately following table, the interest rate
on the 2018 Notes will increase such that it will equal the interest rate payable on the 2018 Notes on the Issue Date of the 2018
Notes plus the percentage set forth opposite the ratings from the table below:

 

	S&P’s Rating*	Percentage
	BB+	0.25%
	BB	0.50%
	BB-	0.75%
	B+ or below	1.00%

*Including the equivalent ratings of any Substitute Rating Agency.

 

    	4

    	 

    
 

If at any time the interest rate on the
2018 Notes has been adjusted upward and either Moody’s or S&P (or, in either case, a Substitute Rating Agency thereof),
as the case may be, subsequently increases its rating of the 2018 Notes to any of the threshold ratings set forth above, the interest
rate on the 2018 Notes will be decreased such that the interest rate for the 2018 Notes equals the interest rate payable on the
2018 Notes on the Issue Date of the 2018 Notes plus the percentages set forth opposite the ratings from the tables above in effect
immediately following the increase. If Moody’s (or any Substitute Rating Agency thereof) subsequently increases its rating
of the 2018 Notes to Baa3 (or its equivalent, in the case of a Substitute Rating Agency) or higher, and S&P (or any Substitute
Rating Agency thereof) increases its rating to BBB- (or its equivalent, in the case of a Substitute Rating Agency) or higher, the
interest rate on the 2018 Notes will be decreased to the interest rate payable on the 2018 Notes on the Issue Date of the 2018
Notes. In addition, the interest rates on the 2018 Notes will permanently cease to be subject to any adjustment described above
(notwithstanding any subsequent decrease in the ratings by either or both Rating Agencies) if the 2018 Notes become rated A3 and
A- (or the equivalent of either such rating, in the case of a Substitute Rating Agency) or higher by Moody’s and S&P
(or, in either case, a Substitute Rating Agency thereof), respectively (or one of these ratings if the 2018 Notes are only rated
by one Rating Agency).

 

Each adjustment required by any decrease
or increase in a rating set forth above, whether occasioned by the action of Moody’s or S&P (or, in either case, a Substitute
Rating Agency thereof), shall be made independent of any and all other adjustments. In no event shall (1) the interest rate for
the 2018 Notes be reduced to below the interest rate payable on the 2018 Notes on the Issue Date of the 2018 Notes or (2) the total
increase in the interest rate on the 2018 Notes exceed 2.00% above the interest rate payable on the 2018 Notes on the Issue Date
of the 2018 Notes.

 

No adjustments in the interest rate of the
2018 Notes shall be made solely as a result of a Rating Agency ceasing to provide a rating of such 2018 Notes. If at any time fewer
than two Rating Agencies provide a rating of the 2018 Notes for a reason beyond the Company’s control, the Company will use
its commercially reasonable efforts to obtain a rating of such 2018 Notes from a Substitute Rating Agency, to the extent one exists,
and if a Substitute Rating Agency exists, for purposes of determining any increase or decrease in the interest rate on the 2018
Notes pursuant to the tables above (a) such Substitute Rating Agency will be substituted for the last Rating Agency to provide
a rating of such 2018 Notes but which has since ceased to provide such rating, (b) the relative rating scale used by such Substitute
Rating Agency to assign ratings to senior unsecured debt will be determined in good faith by an Independent Investment Banker appointed
by the Company and, for purposes of determining the applicable ratings included in the applicable table above with respect to such
Substitute Rating Agency, such ratings will be deemed to be the equivalent ratings used by Moody’s or S&P, as applicable,
in such table and (c) the interest rate on the 2018 Notes will increase or decrease, as the case may be, such that the interest
rate equals the interest rate payable on the 2018 Notes on the Issue Date of the 2018 Notes plus the appropriate percentage, if
any, set forth opposite the rating from such Substitute Rating Agency in the applicable table above (taking into account the provisions
of clause (b) above) (plus any applicable percentage resulting from a decreased rating by the other Rating Agency). For so long
as only one Rating Agency provides a rating of the 2018 Notes, any subsequent increase or decrease in the interest rate of such
2018 Notes necessitated by a reduction or increase in the rating by the Rating Agency providing the rating shall be twice the percentage
set forth in the applicable table above. For so long as none of Moody’s, S&P or a Substitute Rating Agency provides a
rating of the 2018 Notes, the interest rate on the 2018 Notes will increase to, or remain at, as the case may be, 2.00% above the
interest rate payable on the 2018 Notes on the Issue Date of the 2018 Notes.

 

    	5

    	 

    
 

Any interest rate increase or decrease described
above will take effect from the first day of the interest period during which a rating change requires an adjustment in the interest
rate. If Moody’s or S&P (or, in either case, a Substitute Rating Agency thereof) changes its rating of the 2018 Notes
more than once during any particular interest period, the last change by such Rating Agency will control for purposes of any interest
rate increase or decrease with respect to the 2018 Notes described above relating to such Rating Agency’s action.

 

If the interest rate payable on the 2018
Notes is increased as described above the term “interest,” as used with respect to the 2018 Notes, will be deemed to
include any such additional interest unless the context otherwise requires.

 

Article 2

Certain Definitions

 

Section 2.01. Certain Definitions. The
following definitions shall apply to the 2018 Notes. Capitalized terms used but not defined herein have the meanings ascribed
to such terms in the Base Indenture.

 

“Attributable Debt” means
the present value (discounted at the rate of interest implicit in the terms of the lease) of the obligation of a lessee for net
rental payments during the remaining term of any lease (including any period for which such lease has been extended or may, at
the option of the lessor, be extended).

 

“Change of Control” means
the occurrence of any of the following after the date of issuance of the 2018 Notes:

 

    	6

    	 

    
 

                      
(a)           
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the assets of the Company and the Company’s Subsidiaries
taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act) other than to the Company or one of the Company’s Subsidiaries;

 

                     
(b)           
the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being
agreed that an employee of the Company or any of the Company’s Subsidiaries for whom shares are held under an employee stock
ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions
of such employee shall not be a member of a “group” (as that term is used in Section 13(d)(3) of the Exchange Act)
solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Voting Stock representing more than 50% of
the voting power of the Company’s outstanding Voting Stock or of the Voting Stock of any of the Company’s direct or
indirect parent companies;

 

                      
(c)           
the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merge with or into,
the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting
Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged
for, Voting Stock representing at least a majority of the voting power of the Voting Stock of the surviving Person immediately
after giving effect to such transaction;

 

                     
(d)           
the first day on which the majority of the members of the Company’s Board of Directors or the board of directors of
any of the Company’s direct or indirect parent companies are not Continuing Directors; or

 

                      
(e)           
the adoption of a plan relating to the liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control solely because the Company becomes a direct or indirect wholly-owned subsidiary
of a holding company if the direct or indirect Holders of the Voting Stock of such holding company immediately following that transaction
are substantially the same as the Holders of the Company’s Voting Stock immediately prior to that transaction.

 

“Change of Control Offer”
has the meaning ascribed to such term in Section 3.01 of this Sixth Supplemental Indenture.

 

    	7

    	 

    
 

“Change of Control Payment”
has the meaning ascribed to such term in Section 3.01 of this Sixth Supplemental Indenture.

 

“Change of Control Payment Date”
has the meaning ascribed to such term in Section 3.01 of this Sixth Supplemental Indenture.

 

“Change of Control Triggering Event”
means with respect to the 2018 Notes, (i) the rating of such 2018 Notes is lowered by each of the Rating Agencies on any date during
the period (the “Trigger Period”) commencing on the earlier of (a) the occurrence of a Change of Control and
(b) the first public announcement by the Company of any Change of Control (or pending Change of Control), and ending 60 days following
consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for
so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) such 2018
Notes are rated below Investment Grade by each of the Rating Agencies on any day during the Trigger Period; provided that
a Change of Control Trigger Event will not be deemed to have occurred in respect of a particular Change of Control if each Rating
Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee at the Company’s request
that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or
in respect of, the Change of Control.

 

Notwithstanding the foregoing, no Change
of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until
such Change of Control has actually been consummated.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the 2018 Notes.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all Quotations obtained.

 

“Consolidated Net Tangible Assets”
means the aggregate amount of assets (less applicable reserves and other properly deductible items) after deducting therefrom (a)
all current liabilities (excluding any indebtedness for money borrowed having a maturity of less than 12 months from the date of
the most recent consolidated balance sheet of the Company but which by its terms is renewable or extendable beyond 12 months from
such date at the option of the borrower) and (b) all goodwill, trade names, patents, unamortized debt discount and expense and
any other like intangibles, all as set forth on the most recent consolidated balance sheet of the Company and computed in accordance
with U.S. generally accepted accounting principles.

 

    	8

    	 

    
 

“Continuing Director”
means, as of any date of determination, any member of the applicable board of directors who: (1) was a member of such board of
directors on the date of issuance of the 2018 Notes or (2) was nominated for election, elected or appointed to such board of directors
with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination,
election or appointment (either by a specific vote or by approval of a proxy statement in which such member was named as a nominee
for election as a director).

 

“Debt” means indebtedness
for money borrowed that in accordance with applicable generally accepted accounting principles would be reflected on the balance
sheet of the obligor as a liability as of the date on which Debt is to be determined.

 

“Domestic Subsidiary”
means a Subsidiary that owns or leases any Principal Property except a Subsidiary (a) that transacts any substantial portion of
its business and regularly maintains any substantial portion of its fixed assets outside of the United States or (b) that is engaged
primarily in financing the operation of the Company or the Company’s Subsidiaries, or both, outside the United States.

 

“DTC” has the meaning
ascribed to such term in Section 4.02 of this Sixth Supplemental Indenture.

 

“Event of Default” means
any event specified as such in Section 6.1 of the Base Indenture.

 

“Exchange Act” means
the Securities Exchange Act of 1934, as amended.

 

“Global Note” has the
meaning ascribed to such term in Section 4.01 of this Sixth Supplemental Indenture.

 

“Global Note Holder”
has the meaning ascribed to such term in Section 4.02 of this Sixth Supplemental Indenture.

 

“Independent Investment Banker”
means one of the Reference Treasury Dealers appointed by the Company.

 

“Investment Grade” means
a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating
of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment
grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting
the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the
definition of “Rating Agency.”

 

    	9

    	 

    
 

“Issue Date” means December
13, 2012.

 

“Liens” means any mortgage,
pledge, lien or other encumbrance.

 

“Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Person” means any individual,
corporation, partnership, limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated
or unincorporated organization or government or any agency or political subdivision thereof.

 

“Primary Treasury Dealer”
means a primary U.S. government securities dealer in the United States.

 

“Principal Property”
means a single manufacturing or processing plant, warehouse distribution facility or office owned or leased by the Company or a
Domestic Subsidiary which has a net book value in excess of 5% of Consolidated Net Tangible Assets other than a plant, warehouse,
office, or portion thereof which, in the opinion of the Company’s Board of Directors, is not of material importance to the
business conducted by the Company and its Subsidiaries as an entirety.

 

“Rating Agency’’
means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to provide rating services
to issuers or investors, the Company may appoint a Substitute Rating Agency.

 

“Reference Treasury Dealer”
means each of J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc.,
their respective successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified
from time to time by the Company, except that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company shall
designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third business day preceding
such redemption date.

 

“S&P” means Standard
& Poor’s Ratings Services, a division of Standard & Poor’s Financial Services, LLC, a subsidiary of The McGraw-Hill
Companies, Inc., and its successors.

 

    	10

    	 

    
 

“Subsidiary” means any
corporation, partnership or other legal entity (a) the accounts of which are consolidated with the Company in accordance with U.S.
generally accepted accounting principles and (b) of which, in the case of a corporation, more than 50% of the outstanding voting
stock is owned, directly or indirectly, by the Company or by one or more other Subsidiaries, or by the Company and one or more
other Subsidiaries or, in the case of any partnership or other legal entity, more than 50% of the ordinary equity capital interests
is, at the time, directly or indirectly owned or controlled by the Company or by one or more of the Subsidiaries or by the Company
and one or more of the Subsidiaries.

 

“Substitute Rating Agency”
means a “nationally recognized statistical rating organization” within the meaning of Section 3(a)(62) of the Exchange
Act, as amended, selected by the Company (as certified by a certificate of officers confirming the decision of the Board of Directors
of the Company) as a replacement agency for Moody’s or S&P, or both of them, as the case may be.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the
third business day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

“Voting Stock” of any
specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election
of the board of directors of such Person.

 

“2018 Notes” has the
meaning ascribed to it in the preamble of this Sixth Supplemental Indenture.

 

Section 2.02. Rules of Construction.
Unless the context otherwise requires or except as otherwise expressly provided, the term “interest” in this Indenture
shall be construed to include additional interest, if any.

 

Article
3

Covenants

 

The following covenants shall apply in addition
to the covenants set forth in the Indenture:

 

Section 3.01. Change of Control Triggering
Event. 

 

                       (a)            Upon
the occurrence of a Change of Control Triggering Event, unless the Company has exercised its right to redeem the 2018 Notes
pursuant to Section 5.01, by giving irrevocable notice to the Trustee in accordance with the Indenture, each Holder of
the 2018 Notes shall have the right to require the Company to purchase all or a portion of such Holder’s 2018 Notes
pursuant to the offer described in this Section 3.01 (the “Change of Control Offer”), at a purchase price
equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to the date of purchase (the
“Change of Control Payment”), subject to the rights of Holders of 2018 Notes on the relevant record date
to receive interest due on the relevant interest payment date.

 

    	11

    	 

    
 

                     
(b)           
Unless the Company has exercised its right to redeem the 2018 Notes, within 30 days following the date upon which the Change
of Control Triggering Event occurred with respect to the 2018 Notes or, at the Company’s option, prior to any Change of Control
but after the public announcement of the pending Change of Control, the Company shall be required to send, by first class mail,
a notice to each Holder of 2018 Notes, with a copy to the Trustee, which notice shall govern the terms of the Change of Control
Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60
days from the date such notice is mailed, other than as may be required by law (the “Change of Control Payment Date”).
The notice, if mailed prior to the date of consummation of the Change of Control, shall state that the Change of Control Offer
is conditioned on the Change of Control being consummated on or prior to the Change of Control Payment Date.

 

                      
(c)           
On the Change of Control Payment Date, the Company shall, to the extent lawful:

 

(i)           
accept or cause a third party to accept for payment all 2018 Notes or portions of 2018 Notes properly tendered pursuant
to the Change of Control Offer;

 

(ii)           
deposit or cause a third party to deposit with the paying agent an amount equal to the Change of Control Payment in respect
of all 2018 Notes or portions of 2018 Notes properly tendered; and

 

(iii)           
deliver or cause to be delivered to the Trustee the 2018 Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of 2018 Notes or portions of 2018 Notes being repurchased and that all conditions precedent
to the Change of Control Offer and to the repurchase by the Company of 2018 Notes pursuant to the Change of Control Offer have
been complied with.

 

                     
(d)           
The Company shall not be required to make a Change of Control Offer if a third party makes such an offer in the manner,
at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases
all 2018 Notes properly tendered and not withdrawn under its offer.

 

Section 3.02. Restrictions on Liens.

 

    	12

    	 

    
 

                      
(a)           
The Company will not, nor will it permit any Domestic Subsidiary to, incur, issue, assume or guarantee any Debt secured
by a Lien upon any Principal Property or on any shares of stock or indebtedness of any Domestic Subsidiary (whether such Principal
Property, shares of stock or indebtedness is now owned or hereafter acquired) without in any such case effectively providing that
the 2018 Notes (together with, if the Company shall so determine, any other indebtedness of or guaranteed by the Company or such
Domestic Subsidiary ranking equally with the 2018 Notes then existing or thereafter created) shall be secured equally and ratably
with such Debt.

 

                     
(b)           
The restrictions set forth in paragraph (a) in this Section 3.02 shall not apply to:

 

(i)           
Liens on property, shares of stock or indebtedness of or guaranteed by any Person existing at the time such Person becomes
a Domestic Subsidiary;

 

(ii)           
Liens on property existing at the time of acquisition thereof, or to secure the payment of all or part of the purchase
or construction price of property, or to secure Debt incurred or guaranteed for the purpose of financing all or part of the purchase
or construction price of property or the cost of improvements on property, which Debt is incurred or guaranteed prior to, at the
time of, or within 180 days after the later of such acquisition or completion of such improvements or construction or commencement
of commercial operation of the property;

 

(iii)           
Liens in favor of the Company or any Subsidiary;

 

(iv)           
Liens on property of a Person existing at the time such Person is merged into or consolidated with the Company or a Domestic
Subsidiary or at the time of a purchase, lease or other acquisition of the property of a Person as an entirety or substantially
as an entirety by the Company or a Domestic Subsidiary;

 

(v)           
Liens on the property of the Company or that of a Domestic Subsidiary in favor of the United States of America or any State
thereof, or any political subdivision thereof, or in favor of any other country, or any political subdivision thereof, to secure
certain payments pursuant to any contract or statute or to secure any indebtedness incurred or guaranteed for the purpose of financing
all or any part of the purchase price or the cost of construction of the property subject to such Liens (including, but not limited
to, Liens incurred in connection with pollution control industrial revenue bond or similar financing);

 

(vi)           
Liens imposed by law, for example mechanics’, workmen’s, repairmen’s or other similar Liens arising in
the ordinary course of business;

 

    	13

    	 

    
 

(vii)           
pledges or deposits under workmen’s compensation or similar legislation or in certain other circumstances;

 

(viii)           
Liens in connection with legal proceedings;

 

(ix)           
Liens for taxes or assessments or governmental charges or levies not yet due or delinquent, of which can thereafter be
paid without penalty, or which are being contested in good faith by appropriate proceedings;

 

(x)           
Liens consisting of restrictions on the use of real property that do not interfere materially with the property’s
use;

 

(xi)           
Liens existing on the date of the Indenture; and

 

(xii)           
any refinancing, extension, renewal or replacement (or successive refinancings, extensions, renewals or replacements),
in whole or in part, of any Lien referred to in any of the foregoing clauses.

 

                      
(c)           
Notwithstanding the above, the Company and any one or more of its Subsidiaries may, without securing the 2018 Notes, incur,
issue, assume or guarantee secured Debt which would otherwise be subject to the foregoing restrictions, provided that after giving
effect thereto the aggregate amount of Debt which would otherwise be subject to the foregoing restrictions then outstanding (not
including secured Debt permitted under the foregoing exceptions) plus Attributable Debt relating to sale and leaseback transactions
(as described below) does not exceed 15% of the Company’s Consolidated Net Tangible Assets.

 

Section 3.03. Restrictions on Sale and
Leaseback Transactions. 

 

                      
(a)           
The Company shall not, nor shall it permit any Domestic Subsidiary to enter into a sale and leaseback transaction of any
Principal Property (whether now owned or hereafter acquired), unless

 

(i)           
the Company or such Domestic Subsidiary would be entitled under the Indenture, to issue, assume or guarantee Debt secured
by a Lien upon such Principal Property at least equal in amount to the Attributable Debt in respect of such transaction without
equally and ratably securing the 2018 Notes, provided that, such Attributable Debt shall thereupon be deemed to
be Debt subject to the provisions of Section 3.02; or

 

(ii)           
within 180 days, an amount in cash equal to such Attributable Debt is applied to the retirement of Funded Debt (debt that
matures at or is extendible or renewable at the option of the obligor to a date more than twelve months after the date of the
creation of such Debt) ranking pari passu with the 2018 Notes, an amount not less than the greater of (i) the net proceeds
of the sale of the Principal Property leased pursuant to the arrangement or (ii) the fair market value of the Principal Property
so leased.

 

    	14

    	 

    
 

                     
(b)           
The restrictions set forth in paragraph (a) in this Section 3.03 shall not apply to:

 

(i)           
a sale and leaseback transaction between the Company and a Domestic Subsidiary or between Domestic Subsidiaries, or that
involves the taking back of a lease for a period of less than three years, or

 

(ii)            if,
at the time of the sale and leaseback transaction, after giving effect to the transaction, the total discounted net amount of
rent required to be paid during the remaining term of any lease relating to sale and leaseback transactions (other
than transactions permitted by the previous bullet points) plus all outstanding secured Debt pursuant to Section 3.02 above,
does not exceed 15% of the Company’s Consolidated Net Tangible Assets.

 

Section 3.04. Applicability of Covenants
Contained in the Base Indenture. Each of the agreements and covenants of the Company contained in Article IV of the Base Indenture
shall apply to the 2018 Notes.

 

Article
4

The Notes

 

Section 4.01. Form of Notes. The
2018 Notes will initially be issued in the form of one or more Global Securities substantially in the form of Annex A attached
hereto (the “Global Note”).

 

Section 4.02. Depositary. The Depositary
for the Global Notes will initially be The Depository Trust Company (“DTC”) and the Global Notes will be deposited
with, or on behalf of, the Trustee as custodian for DTC and registered in the name of DTC or a nominee of DTC (such nominee being
referred to herein as the “Global Note Holder”).

 

Article
5

Redemption

 

Section 5.01. Optional Redemption. The
2018 Notes will be redeemable, at the option of the Company, at any time and from time to time, in whole or in part, on not less
than 30 nor more than 60 days’ prior notice mailed to the Holders of the 2018 Notes, with a copy provided to the Trustee.
The 2018 Notes will be redeemable at a redemption price, to be calculated by the Company, plus accrued and unpaid interest to
the date of redemption, equal to the greater of:

 

    	15

    	 

    
 

(i)           
100% of the principal amount of the 2018 Notes being redeemed; and

 

(ii)           
the sum of the present values of the remaining scheduled payments of principal and interest on the 2018 Notes to be redeemed
(not including interest accrued to the date of redemption), discounted to the redemption date on a semi-annual basis (assuming
a 360-day year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points.

 

Section 5.02. Applicability of Sections
of the Base Indenture. The provisions of Article III of the Base Indenture in respect of the 2018 Notes shall apply to any
optional redemption of the 2018 Notes except when such provisions conflict with the foregoing.

 

Article
6

Defeasance

 

Section 6.01. Defeasance. If the
Company shall effect a defeasance of the 2018 Notes pursuant to Article VIII of the Base Indenture, the Company shall cease to
have any obligation to comply with the covenants set forth in Article 3 hereof.

 

Article
7

Miscellaneous

 

Section 7.01. GOVERNING LAW. THIS
SIXTH SUPPLEMENTAL INDENTURE AND THE 2018 NOTES WILL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE
STATE OF NEW YORK, WITHOUT GIVING EFFECT TO ITS PRINCIPLES OF CONFLICTS OF LAW.

 

Section 7.02. Recitals. The recitals
contained herein shall be taken as the statements of the Company, and the Trustee assumes no responsibility for their correctness.

 

    	16

    	 

    
 

SIGNATURES

 

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

 

	CLIFFS NATURAL RESOURCES INC.
	By:	 
	 	Name: 
	 	Title:

 

 

 

	U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee
	By:	 
	 	Name:
	 	Title: 

 

 

    	 

    	 

    
 

EXHIBIT A

 

[FORM OF 2018 NOTE]

    	 

    	 

    
 

 

FACE
OF 2018 NOTE

 

this
certificate is a global SECURITY within the meaning of the indenture hereinafter referred to and is registered in the name of THE
DEPOSITORY or a nominee thereof. EXCEPT AS OTHERWISE PROVIDED IN THE INDENTURE, THIS CERTIFICATE MAY BE TRANSFERRED, IN
WHOLE BUT NOT IN PART, ONLY TO ANOTHER NOMINEE OF THE DEPOSITORY OR TO A SUCCESSOR DEPOSITORY OR TO A NOMINEE OF SUCH SUCCESSOR
DEPOSITORY.

 

Unless
this certificate is presented by an authorized representative of The Depository Trust Company, a New York Corporation (“DTC”
or the “Depository”), to the Company or its agent for registration of transfer, exchange or payment, and any certificate
issued is registered in the name of Cede & Co. or in such other name as is requested by an authorized representative of DTC
(and any payment is made to Cede & Co. or to such other entity as is requested by an authorized representative of DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL insomuch as the registered owner hereof,
Cede & Co., has an interest herein. 

 

CLIFFS NATURAL RESOURCES
INC.

 

$500,000,000

 

3.95%
Senior Note due 2018

 

	No.: 1	CUSIP No.: 18683KAF8

 

CLIFFS NATURAL RESOURCES INC., a corporation
duly organized and existing under the laws of the State of Ohio (herein called the “Company”, which term includes
any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to CEDE &
CO., or registered assigns, the principal sum of $500,000,000 on January 15, 2018, unless earlier redeemed as herein provided,
and to pay interest thereon from December 13, 2012 or from the most recent interest payment date to which interest has been paid
or duly provided for, semi-annually on January 15 and July 15 in each year, commencing July 15, 2013, at the rate of 3.95% per
annum, until the principal hereof is paid or made available for payment.

 

The interest so payable, and punctually
paid or duly provided for, on any interest payment date will, as provided in the Indenture, be paid to the Person in whose name
this 2018 Note is registered at the close of business on the January 1 or July 1 preceding the relevant interest payment date,
except that interest payable at maturity shall be paid to the same Persons to whom principal of this 2018 Note is payable. Interest
will be computed on this 2018 Note on the basis of a 360-day year of twelve 30-day months.

 

    	 

    	 

    
 

Payment of the principal of (and premium,
if any) and interest on this 2018 Note shall be made at the office or agency of the Trustee maintained for that purpose in St.
Paul, Minnesota, in such currency of the United States of America as at the time of payment is legal tender for payment of public
and private debts; provided, however, for so long as the 2018 Notes are represented in global form by one or more Global Securities,
all payments of principal (and premium, if any) and interest shall be made by wire transfer of immediately available funds to the
Depository or its nominee, as the case may be, as the registered owner of the Global Security representing such 2018 Notes.

 

Reference is hereby made to the further
provisions of this 2018 Note set forth on the reverse hereof, which further provisions shall for all purposes have the same effect
as if set forth at this place.

 

Unless the certificate of authentication
hereon has been executed by the Trustee referred to on the reverse hereof by manual signature, this 2018 Note shall not be entitled
to any benefit under the Indenture or be valid or obligatory for any purpose.

 

    	 

    	 

    

 

In
Witness Whereof, the Company has caused this instrument to be duly executed.

 

	CLIFFS NATURAL RESOURCES INC.
	By:	 
	 	Name: 
	 	Title:

 

Dated: December 13, 2012

 

    	 

    	 

    

 

CERTIFICATE OF AUTHENTICATION

 

This is one of the Securities of the Series
designated therein issued under the within-mentioned Indenture.

 

	U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee
	By:	 
	 	Name:
	 	Title: 

    	 

    	 

    

 

  

[Form of Reverse of
2018 Note]

 

This 2018 Note is one of the duly authorized
securities of the Company (herein called the “2018 Notes”) issued and to be issued in one or more series under
an Indenture dated as of March 17, 2010 (the “Base Indenture”), as amended by a Sixth Supplemental Indenture
dated as of December 13, 2012 (the “Sixth Supplemental Indenture,” together with the Base Indenture, the “Indenture”),
between the Company and U.S. Bank National Association (herein called the “Trustee,” which term includes any
successor trustee under the Indenture with respect to the series of 2018 Notes represented hereby), to which Indenture and all
indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitations of rights, duties
and immunities thereunder of the Company, the Trustee and the Holders of the 2018 Notes and of the terms upon which the 2018 Notes
are, and are to be, authenticated and delivered. This 2018 Note is a Global Note representing the Company’s 3.95% Senior
Notes due 2018 in the aggregate principal amount of $500,000,000.

 

The amount of interest payable on any interest
payment date shall be computed on the basis of a 360-day year consisting of twelve 30-day months. In the event that any date on
which interest is payable on this 2018 Note is not a Business Day, then payment of interest payable on such date will be made on
the next succeeding day that is a Business Day (and without any interest or other payment in respect of any such delay) with the
same force and effect as if made on such interest payment date. The amount of interest payable will also be subject to adjustment
in accordance with Section 1.03 of the Sixth Supplemental Indenture referred to above.

 

“Change of Control” means
the occurrence of any of the following after the date of issuance of the 2018 Notes:

 

                      
(a)           
the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the assets of the Company and the Company’s Subsidiaries
taken as a whole to any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange
Act) other than to the Company or one of the Company’s Subsidiaries;

 

                     
(b)           
the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is
that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act, it being
agreed that an employee of the Company or any of the Company’s Subsidiaries for whom shares are held under an employee stock
ownership, employee retirement, employee savings or similar plan and whose shares are voted in accordance with the instructions
of such employee shall not be a member of a “group” (as that term is used in Section 13(d)(3) of the Exchange Act)
solely because such employee’s shares are held by a trustee under said plan) becomes the “beneficial owner” (as
defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of Voting Stock representing more than 50% of
the voting power of the Company’s outstanding Voting Stock or of the Voting Stock of any of the Company’s direct or
indirect parent companies;

 

    	R-1

    	 

    
 

                      
(c)           
the Company consolidates with, or merges with or into, any Person, or any Person consolidates with, or merge with or into,
the Company, in any such event pursuant to a transaction in which any of the Company’s outstanding Voting Stock or Voting
Stock of such other Person is converted into or exchanged for cash, securities or other property, other than any such transaction
where the Company’s Voting Stock outstanding immediately prior to such transaction constitutes, or is converted into or exchanged
for, Voting Stock representing at least a majority of the voting power of the Voting Stock of the surviving Person immediately
after giving effect to such transaction;

 

                     
(d)           
the first day on which the majority of the members of the Company’s Board of Directors or the board of directors of
any of the Company’s direct or indirect parent companies are not Continuing Directors; or

 

                      
(e)           
the adoption of a plan relating to the liquidation or dissolution of the Company.

 

Notwithstanding the foregoing, a transaction
will not be deemed to involve a Change of Control solely because the Company becomes a direct or indirect wholly-owned subsidiary
of a holding company if the direct or indirect Holders of the Voting Stock of such holding company immediately following that transaction
are substantially the same as the Holders of the Company’s Voting Stock immediately prior to that transaction.

 

“Change of Control Triggering Event”
means with respect to the 2018 Notes, (i) the rating of such 2018 Notes is lowered by each of the Rating Agencies on any date during
the period (the “Trigger Period”) commencing on the earlier of (a) the occurrence of a Change of Control and
(b) the first public announcement by the Company of any Change of Control (or pending Change of Control), and ending 60 days following
consummation of such Change of Control (which Trigger Period will be extended following consummation of a Change of Control for
so long as any of the Rating Agencies has publicly announced that it is considering a possible ratings change), and (ii) such 2018
Notes are rated below Investment Grade by each of the Rating Agencies on any day during the Trigger Period; provided that
a Change of Control Trigger Event will not be deemed to have occurred in respect of a particular Change of Control if each Rating
Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee at the Company’s request
that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or
in respect of, the Change of Control.

 

    	R-2

    	 

    
 

Notwithstanding the foregoing, no Change
of Control Triggering Event will be deemed to have occurred in connection with any particular Change of Control unless and until
such Change of Control has actually been consummated.

 

“Comparable Treasury Issue”
means the United States Treasury security selected by an Independent Investment Banker that would be utilized, at the time of selection
and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity
to the remaining term of the 2018 Notes.

 

“Comparable Treasury Price”
means, with respect to any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date,
after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than five
such Reference Treasury Dealer Quotations, the average of all Quotations obtained.

 

“Continuing Director”
means, as of any date of determination, any member of the applicable board of directors who: (1) was a member of such board of
directors on the date of issuance of the 2018 Notes or (2) was nominated for election, elected or appointed to such board of directors
with the approval of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination,
election or appointment (either by a specific vote or by approval of a proxy statement in which such member was named as a nominee
for election as a director).

 

“Investment Grade” means
a rating of Baa3 or better by Moody’s (or its equivalent under any successor rating category of Moody’s) and a rating
of BBB- or better by S&P (or its equivalent under any successor rating category of S&P), and the equivalent investment
grade credit rating from any replacement rating agency or rating agencies selected by the Company under the circumstances permitting
the Company to select a replacement agency and in the manner for selecting a replacement agency, in each case as set forth in the
definition of “Rating Agency.”

 

“Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors.

 

“Person” means any individual,
corporation, partnership, limited liability company, business trust, association, joint-stock company, joint venture, trust, incorporated
or unincorporated organization or government or any agency or political subdivision thereof.

 

“Primary Treasury Dealer”
means a primary U.S. government securities dealer in the United States.

 

    	R-3

    	 

    
 

“Rating Agency’’
means each of Moody’s and S&P; provided, that if any of Moody’s or S&P ceases to provide rating services
to issuers or investors, the Company may appoint a Substitute Rating Agency.

 

“Reference Treasury Dealer”
means each of J.P. Morgan Securities LLC, Merrill Lynch, Pierce, Fenner & Smith Incorporated and Citigroup Global Markets Inc.,
their respective successors and two other nationally recognized investment banking firms that are Primary Treasury Dealers specified
from time to time by the Company, except that if any of the foregoing ceases to be a Primary Treasury Dealer, the Company shall
designate as a substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer.

 

“Reference Treasury Dealer Quotations”
means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Company, of the
bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted
in writing to the Company by such Reference Treasury Dealer as of 3:30 p.m., New York City time, on the third Business Day preceding
such redemption date.

 

“S&P” means Standard
& Poor’s Ratings Services, a division of Standard & Poor’s Financial Services, LLC, a subsidiary of The McGraw-Hill
Companies, Inc., and its successors.

 

“Treasury Rate” means,
with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity (computed as of the
third Business Day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable
Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date.

 

“Voting Stock” of any
specified Person as of any date means the capital stock of such Person that is at the time entitled to vote generally in the election
of the board of directors of such Person.

 

The indebtedness evidenced by this 2018
Note is, to the extent provided in the Indenture, senior and unsecured and will rank equal in right of payment to all other existing
and future unsecured and unsubordinated obligations of the Company.

 

The 2018 Notes are initially limited to
$500,000,000 aggregate principal amount. The Company may, from time to time, without notice or the consent of the Holders hereof,
create and issue additional securities ranking equally and ratably with the 2018 Notes of this series in all respects (other than
the issue price, the date of the issuance, the payment of interest accruing prior to the issue date of such additional 2018 Notes
and the first payment of interest following the issue date of such additional 2018 Notes), provided that such additional
2018 Notes shall be part of the same issue as the 2018 Notes issued on the date hereof for U.S. federal income tax purposes. Any
such additional 2018 Notes shall be consolidated and form a single series with the 2018 Notes issued on the date hereof, including
for purposes of voting and redemptions.

 

    	R-4

    	 

    
 

The 2018 Notes are not entitled to the benefit
of any sinking fund.

 

The Company may, at its option, at any time
and from time to time, redeem the 2018 Notes, in whole or in part, upon not less than 30 nor more than 60 days’ prior notice
mailed to each Holder of 2018 Notes to be redeemed at his address as it appears in the register. The 2018 Notes will be redeemable
at a redemption price, to be calculated by the Company, plus accrued and unpaid interest to the date of redemption, equal to the
greater of: (i) 100% of the principal amount of the 2018 Notes being redeemed; and (ii) the sum of the present values of the remaining
scheduled payments of principal and interest on the 2018 Notes to be redeemed (not including interest accrued to the date of redemption),
discounted to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Rate plus 50 basis points.

 

On and after any redemption date, interest
will cease to accrue on the 2018 Notes called for redemption. Prior to any redemption date, the Company shall deposit with the
Paying Agent money sufficient to pay the redemption price of and accrued interest on the 2018 Notes to be redeemed on such date.
If the Company is redeeming less than all of the 2018 Notes, the Trustee shall select the 2018 Notes to be redeemed by such method
as the Trustee deems fair and appropriate in accordance with methods generally used at the time of selection by fiduciaries in
similar circumstances.

 

In the event of redemption of this 2018
Note in part only, a new 2018 Note or 2018 Notes of this series and of like tenor for the unredeemed portion hereof will be issued
in the name of the Holder hereof upon the cancellation hereof.

 

Upon the occurrence of a Change of Control
Triggering Event, unless the Company has exercised its right to redeem the 2018 Notes as described above by giving irrevocable
notice to the Trustee in accordance with the Indenture, each Holder of the 2018 Notes shall have the right to require the Company
to purchase all or a portion of such Holder’s 2018 Notes pursuant to the offer described below (the “Change of Control
Offer”), at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any,
to the date of purchase (the “Change of Control Payment”), subject to the rights of Holders of 2018 Notes on
the relevant record date to receive interest due on the relevant interest payment date.

 

Unless the Company has exercised its right
to redeem the 2018 Notes, within 30 days following the date upon which the Change of Control Triggering Event occurred with respect
to the 2018 Notes or, at the Company’s option, prior to any Change of Control but after the public announcement of the pending
Change of Control, the Company shall be required to send, by first class mail, a notice to each Holder of 2018 Notes, with a copy
to the Trustee, which notice shall govern the terms of the Change of Control Offer. Such notice shall state, among other things,
the purchase date, which must be no earlier than 30 days nor later than 60 days from the date such notice is mailed, other than
as may be required by law (the “Change of Control Payment Date”). The notice, if mailed prior to the date of
consummation of the Change of Control, shall state that the Change of Control Offer is conditioned on the Change of Control being
consummated on or prior to the Change of Control Payment Date.

 

    	R-5

    	 

    
 

On the Change of Control Payment Date, the
Company shall, to the extent lawful: (i) accept or cause a third party to accept for payment all 2018 Notes or portions of 2018
Notes properly tendered pursuant to the Change of Control Offer; (ii) deposit or cause a third party to deposit with the paying
agent an amount equal to the Change of Control Payment in respect of all 2018 Notes or portions of 2018 Notes properly tendered;
and (iii) deliver or cause to be delivered to the Trustee the 2018 Notes properly accepted together with an Officers’ Certificate
stating the aggregate principal amount of 2018 Notes or portions of 2018 Notes being repurchased and that all conditions precedent
to the Change of Control Offer and to the repurchase by the Company of 2018 Notes pursuant to the Change of Control Offer have
been complied with.

 

The Company shall not be required to make
a Change of Control Offer if a third party makes such an offer in the manner, at the times and otherwise in compliance with the
requirements for such an offer made by the Company and such third party purchases all 2018 Notes properly tendered and not withdrawn
under its offer.

 

The Company will comply in all material
respects with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”),
and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection
with the purchase of the 2018 Notes as a result of a Change of Control Triggering Event. To the extent that the provisions of any
such securities laws or regulations conflict with the Change of Control Offer provisions of the 2018 Notes, the Company will comply
with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the Change of
Control Offer provisions of the 2018 Notes by virtue of such conflict.

 

The Indenture imposes certain limitations
on the ability of the Company to, among other things, merge or consolidate with any other Person, and requires that the Company
comply with certain further covenants, such as Restriction on Liens and Restriction on Sale and Leaseback Transactions, as further
described in the Indenture, all of which are applicable to this 2018 Note. All such covenants and limitations are subject to a
number of important qualifications and exceptions. The Company must report periodically to the Trustee on compliance with the covenants
in the Indenture.

 

    	R-6

    	 

    
 

The Indenture contains provisions for the
defeasance at any time of (a) the entire indebtedness of the Company on this 2018 Note and (b) certain restrictive covenants and
the related Defaults and Events of Default, upon compliance by the Company with certain conditions set forth therein, which provisions
apply to this 2018 Note.

 

If an Event of Default with respect to 2018
Notes of this series shall occur and be continuing, the principal of the 2018 Notes of this series may (subject to the conditions
set forth in the Indenture) be declared due and payable in the manner and with the effect provided in the Indenture.

 

The Indenture contains provisions permitting,
with certain exceptions therein provided, the Company and the Trustee, with the consent of the Holders of a majority in aggregate
principal amount of the outstanding 2018 Notes to modify and amend the Indenture for the purpose of, among other things, cure any
ambiguity, defect or inconsistency.

 

The Indenture also contains provisions permitting
the Holders of a majority in aggregate principal amount of the outstanding 2018 Notes, on behalf of all of the Holders of all 2018
Notes, to waive a Default or Event of Default with respect to the 2018 Notes and its consequences, except a Default or Event of
Default in the payment of the principal of or premium, if any, or interest on any of the 2018 Notes or in respect of a covenant
or other provision which, under the terms of the Indenture, cannot be modified or amended without the consent of the Holder of
each outstanding 2018 Note. Any such consent or waiver by the registered Holder of this 2018 Note shall be conclusive and binding
upon such Holder and upon all future Holders of this 2018 Note and of any 2018 Note issued in exchange for or in place hereof (whether
by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this
2018 Note.

 

No reference herein to the Indenture and
no provision of this 2018 Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional,
to pay the principal of and any premium and interest on this 2018 Note at the times, place and rate, and in the currency, herein
prescribed.

 

As provided in the Indenture and subject
to certain limitations therein set forth, the transfer of this 2018 Note is registrable in the Registrar’s books, upon surrender
of this 2018 Note for registration of transfer at the office or agency of the Company in any place where the principal of and any
premium and interest on this 2018 Note are payable, duly endorsed by, or accompanied by a written instrument of transfer in form
satisfactory to the Company and the Registrar duly executed by, the Holder hereof or the Holder’s attorney duly authorized
in writing, and thereupon one or more new of this series and of like tenor, of authorized denominations and for the same aggregate
principal amount, will be issued to the designated transferee or transferees.

 

    	R-7

    	 

    
 

The 2018 Notes of this series are issuable
only in registered form in denominations of $2,000 and any integral multiple of $1,000 thereof. As provided in the Indenture and
subject to certain limitations therein set forth, 2018 Notes of this Series are exchangeable for a like aggregate principal amount
of 2018 Notes of this series and of like tenor of a different authorized denomination, as requested by the Holder surrendering
the same.

 

No service charge shall be made to a Holder
for any such registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any tax or
other governmental charge payable in connection therewith.

 

Prior to due presentment of this 2018 Note
for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose
name this 2018 Note is registered as the owner hereof for all purposes, whether or not this 2018 Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary.

 

This 2018 Note shall be governed by and
construed in accordance with the law of the State of New York.

 

All terms used in this 2018 Note which are
defined in the Indenture shall have the meanings assigned to them in the Indenture.

 

To the extent any provision of this 2018
Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling.

 

    	R-8

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