Document:

EX-4.2

 Exhibit 4.2 

This FIRST SUPPLEMENTAL INDENTURE (this “First Supplemental Indenture”), dated as of May 17, 2021, between ATLAS CORP., a corporation
duly organized and existing under the laws of the Republic of The Marshall Islands (the “Company”), and THE BANK OF NEW YORK MELLON, as trustee (the “Trustee”). 

RECITALS 
 WHEREAS, the Company
and the Trustee have heretofore executed and delivered an indenture, dated as of March 19, 2021 (the “Indenture”), providing for the issuance by the Company from time to time of its Securities to be issued in one or more
series; 
 WHEREAS, Sections 2.1, 3.1 and 9.1 of the Indenture provide, among other things, that the Company and the Trustee may, without
the consent of Holders, enter into indentures supplemental to the Indenture to provide for specific terms applicable to any series of Securities; 

WHEREAS, the Company intends by this First Supplemental Indenture to create and provide for the issuance of a new series of Securities to be
designated as the “7.125% Notes due 2027” (the “Notes”); 
 WHEREAS, pursuant to Section 9.1(4) of the
Indenture, the Trustee and the Company are authorized to execute and deliver this First Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder of Securities; and 

WHEREAS, all things necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee, issued upon the
terms and subject to the conditions set forth hereinafter and in the Indenture and delivered as provided in the Indenture against payment therefor, valid, binding and legal obligations of the Company according to their terms, and all actions
required to be taken by the Company under the Indenture to make this First Supplemental Indenture a valid, binding and legal agreement of the Company, have been done. 

NOW, THEREFORE, in consideration of the premises and for other good and valuable consideration, the sufficiency and adequacy of which are
hereby acknowledged, the parties hereto hereby agree as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01. Definitions. 

(a) All capitalized terms used herein and not otherwise defined below shall have the meanings ascribed thereto in the Indenture. 

 (b) The following are definitions used in this First Supplemental Indenture, and to the
extent that a term is defined both herein and in the Indenture, the definition in this First Supplemental Indenture shall govern with respect to the Notes. 

“Cash and Cash Equivalents” means, as of a given date, the Company’s cash and cash equivalents as determined in accordance with
U.S. GAAP. 
 “Continuing Director” means a director who either was a member of our Board of Directors on the issue date of the
ATCO Notes or who becomes a member of our Board of Directors subsequent to that date and whose election, appointment or nomination for election by our stockholders is duly approved by a majority of the continuing directors on our Board of Directors
at the time of such approval, either by a specific vote or by approval of the proxy statement issued by us on behalf of our entire Board of Directors in which such individual is named as nominee for director. 

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

“Immaterial Subsidiary” means any Subsidiary of the Company that is not a Significant Subsidiary. 

“Intangible Assets” means, in respect of the Company as of a given date, the intangible assets of the Company of the types, if any,
presented in the Company’s consolidated balance sheet. 
 “Net Worth” means, as of a given date, the result of, without
duplication: 
 (a) Total Assets, less 

(b) Intangible Assets, less 

(c) Total Borrowings (without giving effect to any fair value adjustments pursuant to FASB’s Accounting Standards Codification 820). 

“Non-Recourse Liabilities” means, in respect of the Company or any Subsidiary thereof as of
a given date, the non-recourse liabilities as described in subparts (a)-(h) of the definition of Total Borrowings that neither the Company nor any other Subsidiary thereof provides any credit support of any
kind to or is directly or indirectly liable as a guarantor or otherwise, other than a pledge of the equity interests in the Non- Recourse Subsidiary. 

“Non-Recourse Subsidiary” means any Subsidiary of the Company that has only Non-Recourse Liabilities. 
 “Permitted Holders” means (a) any of Kyle Washington, Kevin
Washington, Dennis Washington or any of their respective estates, spouses and/or descendants; (b) any trust for the benefit of the Persons listed in (a); (c) Fairfax Financial Holdings Limited; (d) an Affiliate of any of the Persons listed in
(a), (b) or (c); or (e) a combination of the foregoing. 

  
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 “Restricted Payment” means any dividend or other distribution (whether in cash,
securities or other property) with respect to any shares of any class of capital stock of or other ownership interests in the Company or any Subsidiary of the Company, or any payment (whether in cash, securities or other property), including any
sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any such shares of capital stock of or other ownership interests in the Company or any Subsidiary of the Company or any
option, warrant or other right to acquire any such shares of capital stock of or other ownership interests in the Company or any Subsidiary of the Company. 

“Significant Subsidiaries” or “Significant Subsidiary” means the “significant subsidiaries” or any
“significant subsidiary” of the Company, as defined in Rule 1-02(w) of Regulation S-X under the Securities Act of 1933, as amended. 

“Total Assets” means, in respect of the Company on a consolidated basis, as of a given date the aggregate of the following, without
duplication: 
 (a) all of the assets of the Company of the types presented on its consolidated balance sheet; less 

(b) Cash and Cash Equivalents; less 

(c) Non-Recourse Liabilities; and less 

(d) assets under any vessel construction or ship purchase agreement (including novation and assignment and assumption agreements) that the
Company is required to record on its books under U.S. GAAP even though the Company is no longer the legal owner of the vessel or legally obligated to take delivery of the vessel. 

“Total Borrowings” means, in respect of the Company on a consolidated basis, as of a given date the aggregate of the following,
without duplication: 
 (a) the outstanding principal amount of any moneys borrowed; plus 

(b) the outstanding principal amount of any acceptance under any acceptance credit; plus 

(c) the outstanding principal amount of any bond, note, debenture or other similar instrument; plus 

(d) the book values of indebtedness under a lease, charter, hire purchase agreement or other similar arrangement which would, in accordance
with U.S. GAAP, be treated as a finance or capital lease; plus 

  
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 (e) the outstanding principal amount of all moneys owing in connection with the sale or
discounting of receivables (otherwise than on a non-recourse basis or which otherwise meet any requirements for de-recognition under U.S. GAAP); plus 

(f) the outstanding principal amount of any indebtedness arising from any deferred payment agreements arranged primarily as a method of
raising finance or financing the acquisition of an asset (except trade payables); plus 
 (g) any fixed or minimum premium payable on the
repayment or redemption of any instrument referred to in clause (c) above; plus 
 (h) the outstanding principal amount of any
indebtedness of any person of a type referred to in the above clauses of this definition which is the subject of a guarantee given by the Company to the extent that such guaranteed indebtedness is determined and given a value in respect of the
Company on a consolidated basis in accordance with US GAAP; less 
 (i) Cash and Cash Equivalents; less 

(j) Non-Recourse Liabilities. 

Notwithstanding the foregoing, “Total Borrowings” shall not include any of the following: 

(a) indebtedness or obligations arising from derivative transactions, such as protecting against interest rate or currency fluctuations; and

 (b) indebtedness under any vessel construction or ship purchase agreement (including novation and assignment and assumption agreements)
that the Company is required to record on its books under U.S. GAAP even though the Company is no longer the legal owner of the vessel or legally obligated to take delivery of the vessel. 

“U.S. GAAP” means generally accepted accounting principles in the United States of America. 

“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. 
 For purposes of the foregoing definitions and the covenants set forth
in Article V of this First Supplemental Indenture, any accounting term, phrase, calculation, determination or treatment used, required or referred to is to be construed in accordance with U.S. GAAP in effect as of December 31, 2016. 

  
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 Section 1.02. Other Definitions. 

 

			
	 Term
	  	 Defined in Section

	“Additional Amounts”	  	7.01(a)
		
	“Change of Control”	  	4.01(a)
		
	“Change of Control Purchase Date”	  	4.01(a)
		
	“Change of Control Purchase Price”	  	4.01(a)
		
	“Interest Payment Date”	  	2.04(c)
		
	“Maturity Date”	  	2.04(b)
		
	“Regular Record Date”	  	2.04(c)
		
	“Specified Tax Jurisdiction”	  	7.01(a)
		
	“Taxes”	  	7.01(a)

 Section 1.03. Incorporation by Reference of Trust Indenture Act. 

This First Supplemental Indenture is subject to the mandatory provisions of the Trust Indenture Act, which are incorporated by reference in
and made a part of this First Supplemental Indenture. The following Trust Indenture Act terms have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Notes. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this First Supplemental Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any other obligor on the indenture securities. 

All other Trust Indenture Act terms used in this First Supplemental Indenture that are defined by the Trust Indenture Act, defined by Trust
Indenture Act reference to another statute or defined by Commission rules promulgated under the Trust Indenture Act have the meanings assigned to them by such definitions. 

  
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 ARTICLE II 

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION, FORMS, TERMS AND CONDITIONS OF NOTES 

Section 2.01. Application of this First Supplemental Indenture. Notwithstanding any other provision of this First Supplemental
Indenture, the provisions of this First Supplemental Indenture, including the covenants set forth herein, are expressly and solely for the benefit of the Holders of the Notes. The Notes constitute a separate series of Securities as provided in
Section 3.1 of the Indenture. 
 Section 2.02. Creation of the Notes. In accordance with Section 3.1 of the Indenture,
the Company hereby creates the Notes as a separate series of its Securities issued pursuant to the Indenture. The Notes shall be issued initially in an aggregate principal amount of up to $80,000,000. 

Section 2.03. Global Notes. The Notes shall each be issued in the form of a global Security, duly executed by the Company and
authenticated by the Trustee, which shall be deposited with the Trustee as custodian for the Depository and registered in the name of “Cede & Co.,” as the nominee of the Depository. The Depository Trust Company initially shall
serve as Depository for the Notes. So long as the Depository, or its nominee, is the registered owner of a global Security, the Depository or its nominee, as the case may be, shall be considered the sole owner or Holder of the Notes represented by
such global Security for all purposes under the Indenture and under such Notes. Ownership of beneficial interests in such global Security shall be shown on, and transfers thereof will be effective only through, records maintained by the Depository
or its nominee (with respect to beneficial interests of participants) or by participants or Persons that hold interests through participants (with respect to beneficial interests of beneficial owners). 

Section 2.04. Terms and Conditions of the Notes. 

The Notes shall be governed by all the terms and conditions of the Indenture, as supplemented by this First Supplemental Indenture. In
particular, the following provisions shall be terms of the Notes: 
 (a) Title and Conditions of the Notes. The title
of the Notes shall be as specified in the Recitals; and the aggregate principal amount of the Notes shall be unlimited. 

(b) Stated Maturity. The Notes shall mature, and the principal of the Notes shall be due and payable in Dollars to the
Holders thereof, together with all accrued and unpaid interest thereon, on October 30, 2027 (the “Maturity Date”). 

(c) Payment of Principal and Interest; Additional Amounts. The Notes shall bear interest at 7.125% per annum, from and
including April 30, 2021, or from the most recent Interest Payment Date (as defined hereafter) on which interest has been paid or provided for until the principal thereof becomes due and payable, and on any overdue principal. Interest shall be
calculated on the basis of a 360-day year comprised of twelve 30-day months. Interest on the Notes shall be 

  
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payable quarterly in arrears in Dollars on January 30, April 30, July 30 and October 30 of each year, commencing on July 30, 2021 (each such date, an “Interest
Payment Date” for the purposes of the Notes issued under this First Supplemental Indenture). Payments of interest shall be made to the Person in whose name a Note (or predecessor Note) is registered at the close of business on
January 15, April 15, July 15 or October 15 (whether or not that date is a Business Day), as the case may be, immediately preceding such Interest Payment Date (each such date, a “Regular Record Date” for the
purposes of the Notes issued under this First Supplemental Indenture). All payments in respect of the Notes shall include Additional Amounts as and to the extent set forth in Article VII of this First Supplemental Indenture. 

(d) Registration and Form; Denomination. The Notes shall be issuable as registered securities as provided in
Section 2.03 of this Article II. The form of the Notes shall be as set forth in Exhibit A attached hereto, which is incorporated herein by reference. The Notes shall be issued and may be transferred only in
minimum denomination of $25.00 and integral multiples of $25.00 in excess thereof. 
 (e) Legal Defeasance and Covenant
Defeasance. The provisions for legal defeasance in Section 4.2(2) of the Indenture, and the provisions for covenant defeasance in Section 4.2(3) of the Indenture, shall be applicable to the Notes. If the Company shall effect a covenant
defeasance of the Notes pursuant to Section 4.2(3) of the Indenture, (1) the Company shall cease to have any obligation to comply with the covenants and agreements set forth in Articles IV and V of this First Supplemental Indenture
and Section 7.4 of the Indenture and (2) the Events of Default set forth in Sections 6.01(a) and 6.01(b) of this First Supplemental Indenture (but only with respect to Significant Subsidiaries), the Event of Default set forth in
Section 6.02(c) of this First Supplemental Indenture and the Event of Default set forth in Section 5.1(8) of the Indenture and Section 6.02(b) of this First Supplemental Indenture, shall no longer constitute Events of Default for
purposes of the Notes. 
 (f) Further Issuance. Notwithstanding anything to the contrary contained herein or in the
Indenture, the Company may, from time to time, without the consent of or notice to the Holders, create and issue further securities having the same interest rate, maturity and other terms (except for the issue date, the issue price and the first
Interest Payment Date) as, ranking equally and ratably with, the Notes. Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously outstanding Notes and shall be fungible with the Notes for
United States federal income tax purposes. No such additional securities may be issued if an Event of Default has occurred and is continuing with respect to the Notes. 

(g) Redemption. The Notes will be redeemable by the Company at its option prior to maturity as set forth in
Sections 3.01 and 3.02 of this First Supplemental Indenture. 

  
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 (h) Sinking Fund. The Notes are not entitled to any sinking fund.

 (i) Other Terms and Conditions. The Notes shall have such other terms and conditions as provided in the form
thereof attached as Exhibit A hereto. 
 ARTICLE III 

REDEMPTION 

Section 3.01. Optional Redemption for Changes in Withholding Taxes. The Company may redeem the Notes, at its option, at any time
in whole but not in part, upon not less than 30 nor more than 60 days’ notice (which notice will be irrevocable), at a Redemption Price equal to 100% of the outstanding principal amount of Notes, plus accrued and unpaid interest (if any) to,
but not including, the applicable Redemption Date and all Additional Amounts (if any) then due and which will become due on the applicable Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest due
on the relevant Interest Payment Date and Additional Amounts (if any) in respect thereof), in the event that the Company determines in good faith that the Company has become or would become obligated to pay, on the next date on which any amount
would be payable with respect to the Notes, Additional Amounts and such obligation cannot be avoided by taking reasonable measures available to the Company (including making payment through a paying agent located in another jurisdiction), as a
result of: 
 (1) a change in or an amendment to the laws (including any regulations or rulings promulgated thereunder) of
any Specified Tax Jurisdiction affecting taxation, which change or amendment is announced or becomes effective on or after the date of the Indenture; or 

(2) any change in or amendment to any official position of a taxing authority in any Specified Tax Jurisdiction regarding the
application, administration or interpretation of such laws, regulations or rulings (including a holding, judgment or order by a court of competent jurisdiction), which change or amendment is announced or becomes effective on or after the date of the
Indenture. 
 Notwithstanding the foregoing, no such notice of redemption may be given earlier than 60 days prior to the earliest date on
which the Company would be obligated to pay Additional Amounts if a payment in respect of the Notes were then due. Before the Company publishes, mails or delivers notice of redemption of the Notes as described above, the Company will deliver to the
Trustee and Paying Agent (a) an Officer’s Certificate stating that the Company is entitled to effect such redemption and setting forth a statement of facts showing that the conditions precedent to the right of the Company to so redeem have
occurred and (b) an opinion of a nationally recognized independent legal counsel that the Company has or will become obligated to pay Additional Amounts as a result of the circumstances referred to in clause (1) or (2) of the preceding
paragraph. 

  
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 The Trustee and Paying Agent will accept and will be entitled to conclusively rely upon the
Officer’s Certificate and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, in which case they will be conclusive and binding on the Holders. 

Except to the extent inconsistent with the foregoing, all provisions of Article 11 of the Indenture shall apply to any redemption
pursuant to this Section 3.01. 
 Section 3.02. Optional Redemption. The Company may redeem the Notes at its option, in
whole or in part, at any time on or after May 15, 2023, upon not less than 30 nor more than 60 days’ prior notice, at a Redemption Price equal to 100% of their principal amount, plus accrued and unpaid interest to, but not including, the
Redemption Date. Article 11 of the Indenture shall apply to any such redemption of the Notes. 
 Section 3.03. Open Market
Repurchases. Notwithstanding any provision hereunder or in the Indenture to the contrary, the Company and its Affiliates may purchase Notes from investors who are willing to sell from time to time, either in the open market at prevailing prices
or in private transactions at negotiated prices. Notes that the Company or any of its Affiliates purchase may, at the Company’s discretion, be held, resold or canceled. 

ARTICLE IV 
 CHANGE OF
CONTROL 
 Section 4.01. Change of Control. 

(a) If a Change of Control occurs at any time, Holders will have the right, at their option, to require the Company to purchase
for cash any or all of the Notes, or any portion of the principal amount thereof, that is equal to $25 or an integral multiple of $25. The price the Company is required to pay (the “Change of Control Purchase Price”) is equal to
101% of the principal amount of the Notes to be purchased plus accrued and unpaid interest to but excluding the Change of Control Purchase Date (unless the Change of Control Purchase Date is after a record date and on or prior to the interest
payment date to which such record date relates, in which case the Company will instead pay the full amount of accrued and unpaid interest to the Holder on such record date and the Change of Control Purchase Price will be equal to 101% of the
principal amount of the Notes to be purchased). The “Change of Control Purchase Date” will be a date specified by the Company that is not less than 20 or more than 35 calendar days following the date of the Change of Control notice
as described below. Any Notes purchased by the Company will be paid for in cash. A “Change of Control” will be deemed to have occurred at the time after the Notes are originally issued if 

  
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 (1) any “Person” (as such term is used in Sections 13(d) and
14(d) of the Exchange Act), other than one or more Permitted Holders, is or becomes the “Beneficial Owner” (as defined in Rules 13d-3 and 13d-5 under the
Exchange Act, except that for purposes of this clause (1) such Person shall be deemed to have “Beneficial Ownership” of all shares that any such Person has the right to acquire, whether such right is exercisable immediately or only
after the passage of time), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the Company; 

(2) the merger or consolidation of the Company with or into another Person or the merger of another Person with or into the
Company, or the sale of all or substantially all the assets of the Company (determined on a consolidated basis) to another Person other than (i) a transaction in which the survivor or transferee is a Person that is controlled by the Permitted
Holders or (ii) a transaction following which, in the case of a merger or consolidation transaction, holders of securities that represented 100% of the Voting Stock of the Company immediately prior to such transaction (or other securities into
which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at least a majority of the voting power of the Voting Stock of the surviving Person in such merger or consolidation transaction
immediately after such transaction and in substantially the same proportion as before the transaction; or 
 (3)
“Continuing Directors” cease to constitute at least a majority of the Board of Directors. 
 (b) On or before the
20th day after the occurrence of a Change of Control, the Company will provide to all Holders, the Trustee and Paying Agent a notice of the occurrence of the Change of Control and of the resulting purchase right. Such notice shall state, among other
things: (i) the events causing a Change of Control; (ii) the date of the Change of Control; (iii) the last date on which a Holder may exercise the repurchase right; (iv) the Change of Control Purchase Price; (v) the Change
of Control Purchase Date; (vi) the name and address of the Paying Agent; and (vii) the procedures that Holders must follow to require the Company to purchase their Notes. 

(c) Simultaneously with providing such notice, the Company will publish a notice containing this information in a newspaper of
general circulation in The City of New York or publish the information on the Company’s website or through such other public medium as the Company may use at that time. 

(d) To exercise the Change of Control purchase right, Holders must deliver, on or before the Business Day immediately preceding
the Change of Control Purchase Date, the Notes to be purchased, duly endorsed for transfer, together with a written purchase notice and the form entitled “Option of Holder to Elect Purchase” on the reverse side of the Notes duly completed,
to the Paying Agent. The purchase notice must state: (i) if certificated, the certificate numbers 

  
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of the Notes to be delivered for purchase or if not certificated, the notice must comply with appropriate Depository procedures; (ii) the portion of the principal amount of Notes to be
purchased, which must be $25 or a multiple thereof; and (iii) that the Notes are to be purchased by the Company pursuant to the applicable provisions of the Notes and the Indenture. 

(e) Holders may withdraw any purchase notice (in whole or in part) by a written notice of withdrawal delivered to the Paying
Agent prior to the close of business on the Business Day immediately preceding the Change of Control Purchase Date. The notice of withdrawal shall state: (i) the principal amount of the withdrawn Notes; (ii) if certificated Notes have been
issued, the certificate numbers of the withdrawn Notes, or if not certificated, the notice must comply with appropriate Depository procedures; and (iii) the principal amount, if any, which remains subject to the purchase notice. 

(f) On each Change of Control Purchase Date, the Company will, to the extent lawful, (i) accept for payment all Notes or
portions of Notes properly tendered pursuant to the applicable Change of Control offer made by the Company, (ii) deposit with the Paying Agent at least one Business Day prior to the Change of Control Purchase Date an amount equal to the Change
of Control Purchase Price in respect of all Notes or portions of Notes properly tendered pursuant to the applicable Change of Control offer made by the Company and (iii) deliver or cause to be delivered to the Trustee the Notes properly
accepted together with an Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being repurchased. If the Paying Agent holds money or securities sufficient to pay the Change of Control Purchase Price of the
Notes on the Change of Control Purchase Date, then: (i) the Notes will cease to be outstanding and interest will cease to accrue (whether or not book-entry transfer of the Notes is made or whether or not the Notes are delivered to the Paying
Agent); and (ii) all other rights of the Holder will terminate (other than the right to receive the Change of Control Purchase Price). 

(g) In connection with any purchase offer pursuant to a Change of Control purchase notice, the Company will, if required,
comply with the provisions of the tender offer rules under the Exchange Act that may then be applicable and file a Schedule TO or any other required schedule under the Exchange Act. To the extent that the provisions of any such securities laws
or regulations conflict with the Change of Control provisions of the 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 provisions of
the Notes by virtue of such conflicts. 
 (h) No Notes may be purchased at the option of Holders upon a Change of Control if
the principal amount of the Notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date. 

  
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 ARTICLE V 

COVENANTS 
 The covenants
set forth in this Article V shall be applicable to the Company in addition to the covenants in Article X of the Indenture, which shall in all respects be applicable in respect of the Notes. 

Section 5.01. Limitation on Borrowings. 

The Company shall not permit Total Borrowings to equal or exceed 75% of Total Assets. 

Section 5.02. Limitation on Minimum Net Worth. 

The Company shall ensure that its Net Worth always exceeds four hundred and fifty million dollars ($450,000,000). 

Section 5.03. [Reserved] 

Section 5.04. Restricted Payments. 

The Company will not, nor will the Company permit any of its Subsidiaries to, declare or make, or agree to pay or make, directly or
indirectly, any Restricted Payment, except (a) the Company may make Restricted Payments payable solely in equity interests issued by the Company and not in cash, (b) a Subsidiary of the Company may make Restricted Payments in cash to the
Company or another Subsidiary of the Company and in each case to other owners of the equity of such Subsidiary on a pro rata basis and (c) the Company may make any other Restricted Payments in cash in accordance with applicable law so long as
after giving effect thereto no Default has occurred and is continuing and no Default will result therefrom. 
 Section 5.05.
Fundamental Changes. 
 The Company will not, nor will the Company permit any of its Subsidiaries (other than an Immaterial
Subsidiary) to, merge into or consolidate with any other Person, or permit any other Person to merge into or consolidate with the Company or its Subsidiaries, or sell, transfer, lease (other than leases and charters in the ordinary course of
business) or otherwise dispose of (in one transaction or in a series of transactions) all or any substantial part of the assets of the Company, or all or any substantial part of the stock of any of its Subsidiaries (in each case, whether now owned
or hereafter acquired), or liquidate or dissolve, except that, if at the time thereof and immediately after giving effect thereto no Default shall have occurred and be continuing: 

 

	 	(1)	 any Subsidiary may merge into the Company in a transaction in which the Company is the surviving corporation;

  
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	 	(2)	 any Subsidiary may merge into any other Subsidiary in a transaction in which the consolidated ownership
interest percentage in the surviving Subsidiary is no less than the consolidated ownership interest percentage in either predecessor entity; 

  

	 	(3)	 any Subsidiary may sell, transfer, lease or otherwise dispose of its assets to the Company or to another
Subsidiary; 

  

	 	(4)	 any Subsidiary may liquidate or dissolve if the Board of Directors determines in good faith that such
liquidation or dissolution is in the Company’s best interests and is not materially disadvantageous to the Holders; 

  

	 	(5)	 the Company and any Subsidiary may sell, transfer or otherwise dispose of any of the Company or its
Subsidiaries’ assets (in the ordinary course of business or otherwise) in any transaction or series of transactions so long as (A) the aggregate market value of all assets so sold, transferred, leased or otherwise disposed of under this
clause (5) during any fiscal year does not exceed 25% of the aggregate market value of all of the Company and its Subsidiaries’ assets, on a consolidated basis (excluding intercompany transactions), on the last day of the immediately
preceding fiscal year and (B) the Company receives, or the relevant Subsidiary receives, consideration at the time of such sale, transfer, lease or other disposition at least equal to the fair market value (including as to the value of all non-cash consideration), as determined in good faith by the Board of Directors, of the assets subject to such sale, transfer, lease or other disposition; 

 

	 	(6)	 the Company and any of its Subsidiaries may enter into any sale, transfer or disposition that is followed by
the leasing back of the asset sold, transferred or disposed of; and 

  

	 	(7)	 so long as no Change of Control would result therefrom, the Company and any of its Subsidiaries may acquire the
assets or interests of any Person, by way of merger or consolidation. 

 Section 5.06. Compliance Measurement.

 Compliance with the covenants in this Article V shall be measured on the last day of each of the Company’s fiscal quarters,
commencing June 30, 2021. Within 60 days after the end of the first three fiscal quarters each fiscal year and within 120 days after the end of each fiscal year, the Company shall deliver to the Trustee an Officer’s Certificate confirming
compliance with each of the covenants in this Article V. Each such Officer’s Certificate will be made available to the Holders of the Notes upon request to the Trustee. The Company shall mail, within 10 Business Days of the discovery
thereof, to all Holders of the Notes and Trustee, notice of any Default in compliance with the covenants in this Article V. 

  
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 ARTICLE VI 

EVENTS OF DEFAULT 

Section 6.01. Modifications of Certain Events of Default. The Events of Default in Article V of the Indenture shall be
applicable to the Notes, except that the following Events of Default in this Section 6.01 supersede in their entirety the Events Default set forth in Sections 5.1(5), 5.1(6) and 5.1(7), respectively, of the Indenture: 

(a) the entry by a court having competent jurisdiction of: 

(i) a decree or order for relief in respect of the Company or any Significant Subsidiary in an involuntary proceeding under any
applicable bankruptcy, insolvency, reorganization or other similar law and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(ii) a decree or order adjudging the Company or any Significant Subsidiary to be insolvent, or approving a petition seeking
reorganization, arrangement, adjustment or composition of the Company or any Significant Subsidiary and such decree or order shall remain unstayed and in effect for a period of 60 consecutive days; or 

(iii) a final and non-appealable order appointing a custodian, receiver, liquidator,
assignee, trustee or other similar official of the Company or any Significant Subsidiary of any substantial part of the property of the Company or any Significant Subsidiary or ordering the winding up or liquidation of the affairs of the Company or
any Significant Subsidiary; 
 (b) the commencement by the Company or any Significant Subsidiary of a voluntary proceeding
under any applicable bankruptcy, insolvency, reorganization or other similar law or of a voluntary proceeding seeking to be adjudicated insolvent or the consent by the Company or any Significant Subsidiary to the entry of a decree or order for
relief in an involuntary proceeding under any applicable bankruptcy, insolvency, reorganization or other similar law or to the commencement of any insolvency proceedings against it, or the filing by the Company or any Significant Subsidiary of a
petition or answer or consent seeking reorganization, arrangement, adjustment or composition of the Company or any Significant Subsidiary or relief under any applicable law, or the consent by the Company or any Significant Subsidiary to the filing
of such petition or to the appointment of or taking possession by a custodian, receiver, liquidator, assignee, trustee or similar official of the Company or any Significant Subsidiary or any substantial part of the property of the Company or any
Significant Subsidiary or the making by the Company or any Significant Subsidiary of an assignment for the benefit of creditors, or the taking of corporate action by the Company or any Significant Subsidiary in furtherance of any such action; and

  
 14 

 (c) any Indebtedness of the Company (other than the Securities) with an
aggregate principal amount outstanding, individually or in the aggregate, of at least $25,000,000 on an unconsolidated basis shall not have been paid upon the demand of its holders and within any applicable grace period or shall have been
accelerated by its holders because of a Default. 
 Section 6.02. Additional Events of Default. In addition to the Events of
Default in Article V of the Indenture, as amended by Section 6.01 of this First Supplemental Indenture, the following shall be Events of Default with respect to the Notes: 

(a) failure by the Company to perform or comply with the provisions of Article VIII of the Indenture relating to mergers and
similar events; and 
 (b) failure by the Company to provide notice of a Change of Control or to repurchase Notes tendered
for repurchase following the occurrence of a Change of Control in conformity with the covenant set forth in Article IV of this First Supplemental Indenture. 

ARTICLE VII 
 ADDITIONAL
AMOUNTS 
 Section 7.01. Additional Amounts. 

(a) All payments made by or on behalf of the Company under or with respect to the Notes will be made free and clear of and
without withholding or deduction for, or on account of, any present or future tax, duty, levy, impost, assessment or other governmental charge (including penalties, interest and other liabilities related thereto) (hereinafter
“Taxes”) unless the withholding or deduction of such Taxes is then required by law. If any deduction or withholding for, or on account of, any Taxes imposed or levied by or on behalf of the government of the Republic of Marshall
Islands or any political subdivision or any authority or agency therein or thereof having power to tax, or any other jurisdiction in which the Company (including any successor entity) is organized or is otherwise resident for tax purposes, or any
jurisdiction from or through which payment is made (including, without limitation, the jurisdiction of each paying agent) (each a “Specified Tax Jurisdiction”), will at any time be required to be made from any payments made under or
with respect to the Notes. The Company will pay such additional amounts (the “Additional Amounts”) as may be necessary so that the net amount received in respect of such payments by a Holder (including Additional Amounts) after such
withholding or deduction will not be less than the amount such Holder would have received if such Taxes had not been withheld or deducted; provided, however, that the foregoing obligation to pay Additional Amounts does not apply to:

 (1) any Taxes that would not have been so imposed but for the Holder or beneficial owner of the Notes having any present
or former connection with the Specified Tax Jurisdiction (other than the mere acquisition, ownership, holding, enforcement or receipt of payment in respect of the Notes); 

  
 15 

 (2) any estate, inheritance, gift, sales, excise, transfer, personal
property tax or similar tax, assessment or governmental charge; 
 (3) any Taxes payable other than by deduction or
withholding from payments under, or with respect to, the Notes; 
 (4) any Taxes imposed as a result of the failure of the
Holder or beneficial owner of the Notes to complete, execute and deliver to the Company any form or document to the extent applicable to such Holder or beneficial owner that may be required by law or by reason of administration of such law and which
is reasonably requested in writing to be delivered to the Company in order to enable the Company to make payments on the Notes without deduction or withholding for Taxes, or with deduction or withholding of a lesser amount, which form or document
will be delivered within 60 days of a written request therefor by the Company; 
 (5) any Taxes that would not have been so
imposed but for the beneficiary of the payment having presented a Note for payment (in cases in which presentation is required) more than 30 days after the date on which such payment or such Note became due and payable or the date on which payment
thereof is duly provided for, whichever is later (except to the extent that the Holder would have been entitled to Additional Amounts had the Note been presented on the last day of such 30-day period); 

(6) any Taxes imposed on or with respect to any payment by the Company to the Holder if such Holder is a fiduciary or
partnership or Person other than the sole beneficial owner of such payment, to the extent that a beneficiary or settlor with respect to such fiduciary, a member of such partnership or the beneficial owner of such payment would not have been entitled
to Additional Amounts had such beneficiary, settlor, member or beneficial owner been the actual Holder of such Note; 
 (7)
any Taxes that are required to be deducted or withheld on a payment pursuant to European Council Directive 2003/48/EC or any law implementing, or introduced in order to conform to, such directive; or 

(8) any combination of items (1) through (7) above. 

(b) If the Company becomes aware that it will be obligated to pay Additional Amounts with respect to any payment under or with
respect to the Notes, the Company will deliver to the Trustee and Paying Agent at least 30 days prior to the date of that payment (unless the obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case
the Company will notify the Trustee and Paying Agent promptly thereafter but in no event later 

  
 16 

 
than two Business Days prior to the date of payment) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount so payable. The Officer’s
Certificate shall also set forth any other information necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date. The Trustee and Paying Agent will be entitled to rely solely on such Officer’s
Certificate as conclusive proof that such payments are necessary. The Company will provide the Trustee and Paying Agent with documentation evidencing the payment of Additional Amounts. 

(c) The Company will make all withholdings and deductions required by law and will remit the full amount deducted or withheld
to the relevant governmental authority on a timely basis in accordance with applicable law. As soon as practicable, the Company will provide the Trustee and Paying Agent with an official receipt or, if official receipts are not obtainable, other
documentation evidencing the payment of the Taxes so withheld or deducted. Upon request, copies of those receipts or other documentation, as the case may be, will be made available by the Trustee and Paying Agent to the Holders of the Notes. 

(d) Whenever in the Indenture or this First Supplemental Indenture there is referenced, in any context, the payment of amounts
based upon the principal amount of the Notes or of principal, interest or any other amount payable under, or with respect to, the Notes, such reference will be deemed to include payment of Additional Amounts as described under this heading to the
extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 
 (e) The Company will
indemnify a Holder, within 10 Business Days after written demand therefor, for the full amount of any Taxes paid by such Holder to a governmental authority of a Specified Tax Jurisdiction, on or with respect to any payment by on or account of any
obligation of the Company to withhold or deduct an amount on account of Taxes for which the Company would have been obliged to pay Additional Amounts hereunder and any penalties, interest and reasonable expenses arising therefrom or with respect
thereto, whether or not such Taxes were correctly or legally imposed or asserted by the relevant governmental authority. A certificate as to the amount of such payment or liability delivered to the Company by a Holder will be conclusive absent
manifest error. 
 (f) The Company will pay any present or future stamp, court or documentary taxes or any other excise or
property taxes, charges or similar levies that arise in any Specified Tax Jurisdiction from the execution, delivery, enforcement or registration of the Notes, the Indenture or any other document or instrument in relation thereof, or the receipt of
any payments with respect to the Notes, and the Company will indemnify the Holders for any such taxes paid by such Holders. 

  
 17 

 Section 7.02. Obligations to Survive. The obligations described in
Section 7.01 of this First Supplemental Indenture will survive any termination, defeasance or discharge of the Indenture and will apply mutatis mutandis to any jurisdiction in which any successor person to the Company is organized or any
political subdivision or authority or agency thereof or therein. 
 ARTICLE VIII 

MISCELLANEOUS 

Section 8.01. Ratification of Indenture. 

This First Supplemental Indenture is executed and shall be constructed as an indenture supplement to the Indenture, and as supplemented and
modified hereby, the Indenture is in all respects ratified and confirmed, and the Indenture and this First Supplemental Indenture shall be read, taken and constructed as one and the same instrument. 

Section 8.02. Trust Indenture Act Controls. 

If any provision of this First Supplemental Indenture limits, qualifies or conflicts with another provision that is required or deemed to be
included in this First Supplemental Indenture by the Trust Indenture Act, the required or deemed provision shall control. 

Section 8.03. Notices. 

All notices and other communications shall be given as provided in the Indenture. 

Section 8.04. Governing Law. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK
APPLICABLE TO AGREEMENTS MADE OR INSTRUMENTS ENTERED INTO AND, IN EACH CASE, PERFORMED IN THE STATE OF NEW YORK. 
 Section 8.05.
Successors. 
 All covenants and agreements in this First Supplemental Indenture and the Notes by the Company shall bind its
successors and assigns, whether so expressed or not. 
 Section 8.06. Counterparts. 

This First Supplemental Indenture may be executed in several counterparts, each of which shall be an original and all of which shall
constitute but one and the same instrument. 

  
 18 

 Section 8.07. Headings. 

The Article and Section headings of this First Supplemental Indenture are for convenience only and shall not affect the construction hereof.

 Section 8.08. Trustee Not Responsible for Recitals 

The recitals contained herein and in the Notes, except the Trustee’s certificate of authentication shall be taken as the statements of
the Company and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to the validity or sufficiency of this First Supplemental Indenture or of the Notes, except
that the Trustee represents that it is duly authorized to execute and deliver this First Supplemental Indenture, authenticate the Notes and perform its obligations hereunder and that the statements made by it in a Statement of Eligibility on Form T-1 supplied to the Company are true and accurate, subject to the qualifications set forth therein. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or application by the Company of
the Notes or the proceeds thereof. 

  
 19 

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

			
	 COMPANY:

	
	 ATLAS CORP.

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Signature page to First Supplemental Indenture 

 
			
	 TRUSTEE:

	
	 THE BANK OF NEW YORK MELLON, as Trustee

		
	 By:
	 	 
		 	 Name:

		 	 Title:

 Signature page to First Supplemental Indenture 

 EXHIBIT A 

FORM OF NOTE 
 THIS NOTE IS A
GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE
DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS
DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF,
CEDE & CO., HAS AN INTEREST HEREIN. 
 CUSIP NO. 04926V 203 

ISIN NO. US04926V2034 
 ATLAS CORP. 

7.125% SENIOR NOTE DUE 2027 
  

			
	 $
	  	No.:

 ATLAS CORP., a Marshall Islands corporation (hereinafter called the “Company”, which term includes
any successor corporation under the Indenture referred to below), for value received, hereby promises to pay to [•] / [insert if Global Security: Cede & Co.], or registered assigns, the principal sum [of $• (• DOLLARS)]
[insert if Global Security: set forth on Schedule I annexed hereto] on October 30, 2027, and to pay interest thereon from April 30, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for,
quarterly on January 30, April 30, July 30 and October 30 in each year, commencing July 30, 2021, at the rate of 7.125% per annum, until the principal hereof is paid or made available for payment. Interest on this Note shall
be computed on the basis of a 360-day year of twelve 30-day months. If any Interest Payment Date or the Maturity Date falls on a day that is not a Business Day, the

  
 Exhibit A - Page 1 

 
required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after
such Interest Payment Date or the Maturity Date, as the case may be, to such next Business Day. 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 Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be January 15, April 15, July 15 or October 15 (whether or not a Business
Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but not punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be payable to the registered Holder hereof on
the relevant Regular Record Date by virtue or having been such Holder, and may be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a subsequent special record date (which shall
be at least 10 days before the payment date) for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes of this series not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in
the Indenture. 
 Payment of the principal of and interest on this Note (including, without limitation, any purchase price relating to a
Change of Control) will be made at the office or agency of the Company maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender
for payment of public and private debts; provided, however, that, at the option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register;
provided, further, that payment to DTC or any successor depository may be made by wire transfer to the account designated by DTC or such successor depository in writing. 

This Note is one of a duly authorized issue of securities of the Company designated as its 7.125% Notes due 2027 (herein called the
“Notes”), issued and to be issued in one or more series under an Indenture, dated as of March 19, 2021 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented by the First Supplemental Indenture, dated May 17, 2021, between the Company and the Trustee (the “First Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), 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 Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof. 

If an Event of Default with respect to the Notes shall occur and be continuing, the principal of the Notes may be declared due and payable in
the manner and with the effect provided in the Indenture. 

  
 Exhibit A - Page 2 

 The Notes are redeemable by the Company at its option prior to maturity as set forth in
Sections 3.01 and 3.02 of the First Supplemental Indenture. 
 The Notes are not subject to any sinking fund. 

Upon the occurrence of a Change of Control, each Holder of Notes will have the right to require the Company to purchase all or a portion of
such Holder’s Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of purchase. 

The Indenture contains provisions permitting, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Company and the rights of the Holders of the Notes of each series issued under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of not less than a majority in aggregate
principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of any series at the time
Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this 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 interest on this Note, at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note may be
registered on the Security Register upon surrender of this Note for registration of transfer at the office or agency of the Company maintained for that purpose in any place where the principal of and interest on this Note are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes are issuable only in registered form in the denominations of $25 or any integral multiple thereof. As provided in the Indenture and
subject to certain limitations set forth in the Indenture, and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this series in different authorized denominations, as requested by the Holders surrendering the
same. 
 No service charge shall be made 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, other than in certain cases provided in the Indenture. 

  
 Exhibit A - Page 3 

 Prior to due presentment of this 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 Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary. 
 The Indenture contains provisions whereby (i) the Company may be discharged from its obligations
with respect to the Notes (subject to certain exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee
money or Government Obligations, or a combination thereof, in an amount sufficient, without consideration of any reinvestment, to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as
more fully provided in the Indenture. 
 This Note shall be governed by and construed in accordance with the laws of the State of New York
applicable to agreements made or instruments entered into and, in each case, performed in said State. 
 All terms used in this Note without
definition that are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
 [Remainder of Page
Intentionally Left Blank] 

  
 Exhibit A - Page 4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the date set forth below.

 Date: 
  

			
	ATLAS CORP.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

  
 Exhibit A - Page 5 

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

Dated: 
  

			
	THE BANK OF NEW YORK MELLON, as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 Exhibit A - Page 6 

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR 
 OTHER IDENTIFYING NUMBER OF
ASSIGNEE 
  

	
	 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL
ZIP CODE OF ASSIGNEE

  

			
	    	  	
	    	  	
	    	  	

 the within Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said
Security on the books of the Company, with full power of substitution in the premises. 
  

	
	
Dated:                  
                                         
                                         
             

	
	
Signature:                 
                                         
                                         
        

  

			
	NOTICE:	  	THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER.

 Signature Guarantee: 

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exhibit A - Page 7 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.01 of the First Supplemental Indenture,
check the box: 
  
 ☐ 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.01 of the First Supplemental
Indenture, state the amount in principal amount: $_______________ 
  

			
	Dated:                                     
                                         
          	  	Your
Signature:                                       
                                         
    
		  	  
 (Sign exactly as your name appears

on the other side of this Note.)

  

	
	 Signature
Guarantee:                                       
                                         
                                         
                                         
                                

	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

  
 Exhibit A - Page 8 

 SCHEDULE I 

SCHEDULE OF TRANSFERS AND EXCHANGES 

The initial principal amount of this Global Security is $[•] [(• DOLLARS)]. The following increases or decreases in principal amount
of this Global Security have been made: 
  

																	
	 Date of

Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Security	 	  	Amount of
Increase in
Principal Amount
of this Global
Security	 	  	Principal Amount
of this Global
Security following
such Decrease or
Increase	 	  	Signature of
Authorized
Signatory of
trustee or
Custodian	 
		  				  				  				  			
		  				  				  				  			
		  				  				  				  			

  
 Exhibit A - Schedule IEX-4.3

 Exhibit 4.3 

FACE OF GLOBAL NOTE 
 ATLAS
CORP. 
 GLOBAL NOTE 
 7.125%
SENIOR NOTES DUE 2027 
  

			
	$52,198,825	  	No.: R-1

 CUSIP NO. 04926V 203 
 ISIN NO.
US04926V2034 
 THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITORY (AS
DEFINED IN THE INDENTURE) OR A NOMINEE THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITORY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS
EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY, OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY, OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. 
 UNLESS THIS NOTE IS PRESENTED
BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS REGISTERED IN THE
NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER,
PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

ATLAS CORP., a Marshall Islands corporation (hereinafter called the “Company”, which term includes any successor corporation under
the Indenture referred to below), for value received, hereby promises to pay to Cede & Co., or registered assigns, the principal sum set forth on Schedule I annexed hereto on October 30, 2027, and to pay interest thereon from
April 30, 2021 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, quarterly on January 30, April 30, July 30 and October 30 in each year, commencing July 30, 2021, at the
rate of 7.125% per annum, until the principal hereof is paid or made available for payment. 

 
Interest on this Note shall be computed on the basis of a 360-day year of twelve 30-day months. If any Interest
Payment Date or the Maturity Date falls on a day that is not a Business Day, the required payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for
the period from and after such Interest Payment Date or the Maturity Date, as the case may be, to such next Business Day. 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 Note (or one or more predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be January 15, April 15, July 15 or
October 15 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest which is payable but not punctually paid or duly provided for on any Interest Payment Date shall forthwith cease to be
payable to the registered Holder hereof on the relevant Regular Record Date by virtue or having been such Holder, and may be paid to the Person in whose name this Note (or one or more predecessor Notes) is registered at the close of business on a
subsequent special record date (which shall be at least 10 days before the payment date) for the payment of such defaulted interest to be fixed by the Company, notice whereof shall be given to the Holders of Notes of this series not less than
10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such
exchange, all as more fully provided in the Indenture. 
 Payment of the principal of and interest on this Note (including, without
limitation, any purchase price relating to a Change of Control) will be made at the office or agency of the Company maintained for that purpose in The Borough of Manhattan, The City of New York, in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Company, interest may be paid by check mailed to the address of the Person entitled thereto as
such address shall appear in the Security Register; provided, further, that payment to DTC or any successor depository may be made by wire transfer to the account designated by DTC or such successor depository in writing. 

This Note is one of a duly authorized issue of securities of the Company designated as its 7.125% Notes due 2027 (herein called the
“Notes”), issued and to be issued in one or more series under an Indenture, dated as of March 19, 2021 (the “Base Indenture”), between the Company and The Bank of New York Mellon, as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), as supplemented by the First Supplemental Indenture, dated May 17, 2021, between the Company and the Trustee (the “First Supplemental
Indenture” and, together with the Base Indenture, the “Indenture”), 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 Notes, and of the terms upon which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof. 

  
 2 

 If an Event of Default with respect to the Notes shall occur and be continuing, the
principal of the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
 The Notes are
redeemable by the Company at its option prior to maturity as set forth in Sections 3.01 and 3.02 of the First Supplemental Indenture. 
 The
Notes are not subject to any sinking fund. 
 Upon the occurrence of a Change of Control, each Holder of Notes will have the right to
require the Company to purchase all or a portion of such Holder’s Notes at a purchase price equal to 101% of the principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of purchase. 

The Indenture contains provisions permitting, with certain exceptions as therein provided, the amendment thereof and the modification of the
rights and obligations of the Company and the rights of the Holders of the Notes of each series issued under the Indenture at any time by the Company and the Trustee with the written consent of the Holders of not less than a majority in aggregate
principal amount of the Notes at the time Outstanding of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes of any series at the time
Outstanding, on behalf of the Holders of all Notes of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the
Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Notes issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether or not notation of such
consent or waiver is made upon this Note. 
 No reference herein to the Indenture and no provision of this 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 interest on this Note, at the times, place and rate, and in the coin or currency, herein and in the Indenture prescribed. 

As provided in the Indenture and subject to certain limitations set forth therein and in this Note, the transfer of this Note may be
registered on the Security Register upon surrender of this Note for registration of transfer at the office or agency of the Company maintained for that purpose in any place where the principal of and interest on this Note are payable, duly endorsed
by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by his attorney duly authorized in writing, and thereupon one or more new Notes 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. 

The Notes are issuable only in registered form in the denominations of $25 or any integral multiple thereof. As provided in the Indenture and
subject to certain limitations set forth in the Indenture, and in this Note, the Notes are exchangeable for a like aggregate principal amount of Notes of this series in different authorized denominations, as requested by the Holders surrendering the
same. 

  
 3 

 No service charge shall be made 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, other than in certain cases provided in the Indenture. 

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

The Indenture contains provisions whereby (i) the Company may be discharged from its obligations with respect to the Notes (subject to
certain exceptions) or (ii) the Company may be released from its obligations under specified covenants and agreements in the Indenture, in each case if the Company irrevocably deposits with the Trustee money or Government Obligations, or a
combination thereof, in an amount sufficient, without consideration of any reinvestment, to pay and discharge the entire indebtedness on all Notes of this series, and satisfies certain other conditions, all as more fully provided in the Indenture.

 This Note shall be governed by and construed in accordance with the laws of the State of New York applicable to agreements made or
instruments entered into and, in each case, performed in said State. 
 All terms used in this Note without definition that are defined in
the Indenture shall have the meanings assigned to them in the Indenture. 
 [Remainder of Page Intentionally Left Blank] 

  
 4 

 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed as of the date set forth below.

 Date: May 17, 2021 
  

			
	ATLAS CORP.
		
	By:	 	 
		 	Name:
		 	Title:
		
	By:	 	 
		 	Name:
		 	Title:

 Signature to ATCO Global Note 

 Trustee’s Certificate of Authentication 

This is one of the Securities of the series designated therein referred to in the within-mentioned Indenture. 

 

					
	 Dated: May 17, 2021
	  	

  

			
	 THE BANK OF NEW YORK MELLON, as Trustee

		
	 By:
	 	 
		 	 Authorized Signatory

 ASSIGNMENT FORM 

FOR VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s) unto 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE 
  

                          
                                         
                                         
                                         
                                

	
	 PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS INCLUDING POSTAL ZIP CODE OF ASSIGNEE

  

                          
                                   

                          
                                   

                          
                                   

the within Security and all rights thereunder, hereby irrevocably constituting and appointing attorney to transfer said Security on the books of the Company,
with full power of substitution in the premises. 
  

	
	 Dated:
                                         
        

	
	 Signature:
                                         
  

  

	NOTICE:	 THE SIGNATURE TO THIS ASSIGNMENT MUST CORRESPOND WITH THE NAME AS WRITTEN UPON THE FACE OF THE WITHIN
INSTRUMENT IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATEVER. 

 Signature Guarantee: 

SIGNATURE GUARANTEE 
 Signatures
must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar, which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other
“signature guarantee program” as may be determined by the Registrar in addition to, or in substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.01 of the First Supplemental Indenture,
check the box: 
  
 ☐ 

If you want to elect to have only part of this Note purchased by the Company pursuant to Section 4.01 of the First Supplemental
Indenture, state the amount in principal amount: $_______________ 
  

			
	Dated:                                    
    	  	Your
Signature:                                       
                                     
		  	        (Sign exactly as your name appears on the other
side of this Note.)

  

	
	 Signature Guarantee:
                                         
                                         
                                         
                                         
                

	(Signature must be guaranteed)

 Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements of the Registrar,
which requirements include membership or participation in the Security Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as may be determined by the Registrar in addition to, or in
substitution for, STAMP, all in accordance with the Securities Exchange Act of 1934, as amended. 

 SCHEDULE OF TRANSFERS AND EXCHANGES 

The initial principal amount of this Global Security is $52,198,825. The following increases or decreases in principal amount of this Global
Security have been made: 
  

																	
	 Date

of Exchange
	  	Amount of
Decrease in
Principal
Amount of this
Global Security	 	  	Amount of
Increase in
Principal Amount
of this Global
Security	 	  	Principal Amount
of this Global
Security following
such Decrease or
Increase	 	  	Signature of
Authorized
Signatory of
trustee or
Custodian

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