Document:

Exhibit 10.9

 

THE SECURITIES DESCRIBED HEREIN HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 OR THE SECURITIES LAWS OF ANY STATE OR ANY OTHER JURISDICTION. THERE ARE FURTHER RESTRICTIONS
ON THE TRANSFERABILITY OF THE SECURITIES DESCRIBED HEREIN.

 

THE PURCHASE OF THE SECURITIES INVOLVES A HIGH
DEGREE OF RISK AND SHOULD BE CONSIDERED ONLY BY PERSONS WHO CAN BEAR THE RISK OF THE LOSS OF THEIR ENTIRE INVESTMENT.

 

SUBSCRIPTION AGREEMENT

 

This Subscription Agreement (this “Agreement”)
is entered into as of May_, 2021, by and among Macondray Capital Acquisition Corp. I, a Cayman Islands exempted company (the “Company”),
Macondray, LLC, a Delaware limited liability company (the “Sponsor”), and [BlackRock Entity] (the “Purchaser”).

 

RECITALS

 

WHEREAS, the Company was incorporated for the purpose
of effecting a merger, amalgamation, share exchanges, share purchases, asset acquisition, reorganization or similar business combination
with one or more businesses (a “Business Combination”);

 

WHEREAS, the Company has filed with the U.S. Securities
and Exchange Commission (the “SEC”) a registration statement on Form S-1 (the “Registration Statement”)
for its initial public offering (“IPO”) of units (the “Public Units”), at a price of $10.00 per
Public Unit, each Public Unit comprised of one Class A ordinary share, par value $0.0001 per share, of the Company (“Class A
Ordinary Shares”, and the Class A Ordinary Shares included in the Public Units, the “Public Shares”),
and one-third of one redeemable warrant, where each whole warrant is initially exercisable to purchase one Class A Ordinary Share
at an exercise price of $11.50 per share, subject to adjustment (the “Warrants”, and the Warrants included in the Public
Units, the “Public Warrants”);

 

WHEREAS, proceeds from the IPO and the sale of
the Private Placement Warrants (as defined below) in an aggregate amount equal to the aggregate gross proceeds from the IPO will be deposited
into a trust account for the benefit of the holders of the Public Shares (the “Trust Account”), as described in the
Registration Statement;

 

WHEREAS, following the closing of the IPO (the
 “IPO Closing”), the Company will seek to identify and consummate a Business Combination;

 

WHEREAS, in connection with the IPO, the Sponsor
and the Purchaser will purchase, in a private placement that will close simultaneously with the IPO Closing, warrants which are identical
to the Warrants except that they will be non-redeemable (except under certain limited circumstances) and exercisable on a cashless basis
so long as they are held by the Sponsor, the Purchaser or their respective permitted transferees (the “Private Placement Warrants”),
for a purchase price of $1.50 per Private Placement Warrant;

 

WHEREAS, the parties wish to enter into this Agreement,
pursuant to which the Purchaser shall subscribe for and purchase (i) from the Sponsor, Class B ordinary shares, par value $0.0001
per share, of the Company (“Class B Ordinary Shares” and collectively with the Class A Ordinary Shares, the
 “Ordinary Shares”) at the Business Combination Closing (as defined below) (“Founder Shares”) and
(ii) from the Company, Private Placement Warrants to be issued at the IPO Closing (together with the Founder Shares, the “Subscribed
Securities”);

 

WHEREAS, the Company and the Sponsor have entered
into or intend to concurrently with this Agreement enter into agreements (collectively, the “Subscription Agreements”)
in the form of this Agreement with certain affiliates of the Purchaser (together with the Purchaser, the “Subscribing Parties”)
for the purchase of Founder Shares and Private Placement Warrants set forth therein; and

 

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WHEREAS, the Company, the Sponsor and the Subscribing
Parties intend for the purchase of Founder Shares and Private Placement Warrants as set forth herein to be made pursuant to Section 4(a)(1) and
Section 4(a)(2) of the Securities Act of 1933, as amended (the “Securities Act”), respectively.

 

NOW, THEREFORE, in consideration of the premises,
representations, warranties and the mutual covenants contained in this Agreement, and for other good and valuable consideration, the receipt,
sufficiency and adequacy of which are hereby acknowledged, the parties hereto agree as follows:

 

AGREEMENT

 

1.            Sale
and Purchase.

 

(a)           Securities.

 

(i)               Subject
to the terms and conditions hereof, the Purchaser hereby irrevocably subscribes for and agrees to purchase from the Company, and the Company
agrees to issue and sell to the Purchaser, the number of Private Placement Warrants set forth on Schedule A hereto for the
aggregate purchase price set forth on Schedule A hereto (the “Initial Warrant Purchase Price”).

 

(ii)             On
the date of the Business Combination Closing, the Purchaser shall purchase from the Sponsor, and the Sponsor shall transfer and sell to
the Purchaser, the number of Founder Shares set forth on Schedule A hereto for the aggregate purchase price set forth on Schedule
A hereto, by wire transfer of immediately available funds or other means approved by the Sponsor. If the Business Combination
Closing has not occurred by the date that is 24 months from the IPO Closing (or 27 months from the IPO Closing if the Company has entered
into a letter of intent, agreement in principle or a definitive agreement with a potential target to consummate a Business Combination),
then no purchase of Founder Shares shall occur pursuant to this Section 1(a)(ii).

 

(iii)            The
Purchaser acknowledges that the Subscribed Securities, and any securities of the Company that may be distributed to the Purchaser on account
of the Subscribed Securities (collectively, the “Securities”), will be subject to restrictions on transfer as set forth
in this Agreement.

 

(iv)            The
Company shall notify the Purchaser in writing of the anticipated date of the effectiveness of the Registration Statement (the “Effective
Date”) at least three (3) Business Days (as defined below) prior to the Effective Date, and the Purchaser shall remit the
Initial Warrant Purchase Price to the Company’s transfer agent (to be held in escrow pending the IPO Closing), by wire transfer
of immediately available funds or other means approved by the Company, on the date that is one (1) Business Day prior to the Effective
Date, or such other date as the Company and the Purchaser may agree upon in writing; provided, however, that if the actual number
of Public Units offered and sold in the IPO is less than 25,000,000 or greater than 35,000,000, then the Purchaser shall not be obligated
to remit the Initial Warrant Purchase Price as set forth in Section 1(a)(i) and any of the Purchaser, the Company or
the Sponsor may in its sole discretion terminate this Agreement which shall be of no further force or effect. As used herein, “Business
Day” means any day, other than a Saturday or a Sunday, that is neither a legal holiday nor a day on which banking institutions
are generally authorized or required by law or regulation to close in the City of New York, New York. If the IPO Closing has not occurred
by the date that is seven (7) Business Days after the date on which the Purchaser remitted the Initial Warrant Purchase Price to
the Company’s transfer agent, then, unless the Purchaser otherwise agrees in writing, the Company will promptly cause its transfer
agent to return such amounts to the Purchaser. If the IPO Closing has not occurred by August 1, 2021, this Agreement shall terminate
and be of no further force or effect.

 

(v)            The
Company shall notify the Purchaser in writing of the anticipated date of each closing of the exercise of the Over-allotment Option, if
any (each, an “Over-allotment Closing”) at least two (2) Business Days prior to such Over-allotment Closing,
and the Purchaser shall pay the purchase price for the Private Placement Warrants to be purchased in connection with such Over-allotment
Closing by wire transfer of immediately available funds or other means approved by the Company on that date that is one (1) Business
Day prior to such Over-allotment Closing (to be held in escrow pending such Over-allotment Closing), or such other date as the Company
and the Purchaser may agree upon in writing. If the Over-allotment Closing has not occurred by the date that is seven (7) Business
Days after the date on which the Purchaser remitted the purchase price for the Private Placement Warrants to be purchased in connection
with such Over-allotment Closing, then, unless the Purchaser otherwise agrees in writing, the Company will promptly cause its transfer
agent to return such amounts to the Purchaser. The additional Founder Shares shall be purchased on the date of the Business Combination
Closing.

 

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(vi)            On
the date of the IPO Closing, the Company shall issue to the Purchaser the number of Private Placement Warrants set forth on Schedule
A hereto. On the date of each Over-allotment Closing, if any, the Company shall issue to Purchaser the number of Private Placement
Warrants as set forth on Schedule A.

 

(b)            Closing
Conditions. The Purchaser’s obligation to purchase the Subscribed Securities and the Company’s and the Sponsor’s
obligation to sell the Private Placement Warrants and the Founders Shares, respectively, to the Purchaser is conditioned upon satisfaction
of the following conditions precedent (any or all of which may be waived by the Company, the Sponsor and the Purchaser in its sole discretion
with respect to the other parties’ conditions):

 

(i)              On
the IPO Closing, an Over-allotment Closing or the Business Combination Closing, as applicable, no legal, administrative or regulatory
action, suit or proceeding shall be pending which seeks to restrain or prohibit the transactions contemplated by this Agreement;

 

(ii)              The
representations and warranties of the Company, the Sponsor and the Purchaser, contained in this Agreement shall have been true and correct
on the date of this Agreement and shall be true and correct on the IPO Closing, an Over-allotment Closing or the Business Combination
Closing, as applicable, as if made on the date of such closing; and

 

(iii)             In
the case of the Company and the Sponsor, each Subscribing Party other than the Purchaser shall have on the IPO Closing, an Over-allotment
Closing or the Business Combination Closing, as applicable, concurrently consummated its subscription under its Subscription Agreement.

 

(c)           Delivery
of Securities.

 

(i)               The
Company shall register the Purchaser as the owner of the Subscribed Securities with the Company’s transfer agent by book entry upon
the purchase thereof (provided that prior to the Company’s appointment of a transfer agent it shall register the Purchaser as the
owner of such securities in the Company’s share ledger upon the purchase thereof).

 

(ii)              Each
register and book entry for the Securities shall contain a notation and each certificate (if any) evidencing the Securities shall be stamped
or otherwise imprinted with a legend, in substantially the following form:

 

“THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED, OR THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION, AND MAY NOT
BE TRANSFERRED IN VIOLATION OF SUCH ACT AND LAWS.

 

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THE SALE, PLEDGE, HYPOTHECATION, OR TRANSFER OF THE SECURITIES
REPRESENTED HEREBY ARE SUBJECT TO THE TERMS AND CONDITIONS OF A CERTAIN SUBSCRIPTION AGREEMENT BY AND AMONG THE HOLDER AND THE OTHER PARTIES
THERETO. COPIES OF SUCH AGREEMENT MAY BE OBTAINED UPON WRITTEN REQUEST TO THE SECRETARY OF THE COMPANY.”

 

(d)            Legend
Removal. Following the expiration of the transfer restrictions set forth in Section 6(a), if the Securities are eligible
to be sold without restriction under, and without the Company being in compliance with the current public information requirements of
Rule 144 under the Securities Act, or if they are registered for resale under the Securities Act pursuant to a shelf registration
statement, then at the Purchaser’s written request, the Company will use commercially reasonable efforts to cause the Company’s
transfer agent to remove the legend set forth in Section 1(c)(ii), subject to compliance by the Purchaser with the reasonable
and customary procedures for such removal required by the Company or its transfer agent. In connection therewith, if required by the Company’s
transfer agent, the Company will promptly cause an opinion of counsel to be delivered to and maintained with its transfer agent, together
with any other authorizations, certificates and directions required by the transfer agent that authorize and direct the transfer agent
to issue such Securities without any such legend.

 

(e)            Registration
Rights. On the Effective Date, the Company shall enter into a Registration Rights Agreement (the “Registration Rights Agreement”)
with the Sponsor, the Subscribing Parties and certain other parties thereto, in substantially the form provided to the Purchaser prior
to the date hereof. The Registration Rights Agreement shall provide the Purchaser with registration rights with respect to the Subscribed
Securities that are no less favorable to the Purchaser than the registration rights of the Sponsor set forth therein.

 

2.             Potential
Forfeiture.

 

(a)            The
Purchaser agrees that if, in order to facilitate a Business Combination, the Sponsor decides (i) to forfeit, transfer to a third
person, exchange, subject to transfer, vesting or conditional forfeiture provisions or amend the terms of all or any portion of the Founder
Shares or (ii) to enter into any other arrangements with respect to the Founder Shares (including, without limitation, a transfer
of the Sponsor’s membership interests representing an interest in any of the foregoing), including voting in favor of any amendment
to the terms of the Founder Shares (each, a “Change in Investment”), such Change in Investment shall apply pro rata
to the Purchaser and the Sponsor based on the relative number of Founder Shares to be purchased or held by each on the Business Combination
Closing; provided, however that in no event shall such Change in Investment result in a reduction of more than 20% of the Founder Shares
to be purchased by the Purchaser. The Purchaser agrees to take all steps and execute all such agreements as may be necessary or reasonably
requested by the Sponsor to effectuate such Change in Investment on the same terms as applicable to the Sponsor.

 

(b)            If,
in connection with the expiration or termination of the Over-allotment Option, the Sponsor forfeits any Founder Shares to the Company
for cancellation, then the number of Founder Shares the Purchaser is obligated to purchase pursuant to this Agreement shall be reduced
on that same basis (such that if no portion of the Over-allotment Option is exercised, the number of Founder Shares the Purchaser is obligated
to purchase pursuant to this Agreement shall be reduced by an amount equal to [_____] Founder Shares, and if the Over-allotment Option
is exercised in part, the number of Founder Shares the Purchaser is obligated to purchase pursuant to the Agreement shall be reduced on
a pro rata basis thereof, based on the portion of the Over-allotment Option that is not exercised as a percentage of the total number
of Public Units issuable upon exercise of the Over-allotment Option).

 

3.             Representations
and Warranties of the Purchaser.  The Purchaser represents and warrants to the Company as follows, as of the date hereof:

 

(a)            Organization
and Power.  The Purchaser is duly organized, validly existing, and in good standing under the laws of the jurisdiction of its
formation and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

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(b)            Authorization. 
The Purchaser has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Purchaser,
will constitute the valid and legally binding obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms,
except (i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws
of general application affecting enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability
of specific performance, injunctive relief or other equitable remedies.

 

(c)            Governmental
Consents and Filings.  No consent, approval, order or authorization of, or registration, qualification, designation, declaration
or filing with, any federal, state or local governmental authority is required on the part of the Purchaser in connection with the
consummation of the transactions contemplated by this Agreement, except for filings pursuant to applicable securities laws, rules or
regulations.

 

(d)            Compliance
with Other Instruments.  The execution, delivery and performance by the Purchaser of this Agreement and the consummation by the
Purchaser of the transactions contemplated by this Agreement will not result in any violation or default (i) under any provisions
of its organizational documents, (ii) under any instrument, judgment, order, writ or decree to which it is a party or by which it
is bound, (iii) under any note, indenture or mortgage to which it is a party or by which it is bound, (iv) under any lease,
agreement, contract or purchase order to which it is a party or by which it is bound or (v) under any provision of federal or state
statute, rule or regulation applicable to the Purchaser, in each case (other than clause (i)), which would have a material adverse
effect on the Purchaser’s ability to consummate the transactions contemplated by this Agreement.

 

(e)            Purchase
Entirely for Own Account.  This Agreement is made with the Purchaser in reliance upon the Purchaser’s representation to
the Company, which by the Purchaser’s execution of this Agreement, the Purchaser hereby confirms, that the Securities to be acquired
by the Purchaser will be acquired for investment for the Purchaser’s own account, not as a nominee or agent, and not with a view
to the resale or distribution of any part thereof in violation of any state or federal securities laws, and that the Purchaser has no
present intention of selling, granting any participation in, or otherwise distributing the same in violation of law. By executing this
Agreement, the Purchaser further represents that the Purchaser does not presently have any contract, undertaking, agreement or arrangement
with any Person (other than the Company) to sell, transfer or grant participations to such Person or to any third Person, with respect
to any of the Securities. For purposes of this Agreement, “Person” means an individual, a limited liability company,
a partnership, a joint venture, a corporation, a trust, an unincorporated organization, any other entity or any government or any department
or agency thereof.

 

(f)            Disclosure
of Information.  The Purchaser has had an opportunity to discuss the Company’s business, management, financial affairs
and the terms and conditions of the offering of the Securities, as well as the terms of the Company’s proposed IPO, with the Company’s
management.

 

(g)            Restricted
Securities.  The Purchaser understands that the offer and sale of the Securities to the Purchaser has not been and will not be
registered under the Securities Act, by reason of a specific exemption from the registration provisions of the Securities Act which depends
upon, among other things, the bona fide nature of the investment intent and the accuracy of the Purchaser’s representations as expressed
herein. The Purchaser understands that the Securities are “restricted securities” under applicable U.S. federal and state
securities laws and that, pursuant to these laws, the Purchaser must hold the Securities indefinitely unless they are registered with
the SEC and qualified by state authorities, or an exemption from such registration and qualification requirements is available. The Purchaser
acknowledges that the Company has no obligation to register or qualify the Securities except pursuant to the Registration Rights Agreement. 
The Purchaser further acknowledges that if an exemption from registration or qualification is available, it may be conditioned on various
requirements including, but not limited to, the time and manner of sale, the holding period for the Securities, and on requirements
relating to the Company which are outside of the Purchaser’s control, and which the Company is under no obligation and may not be
able to satisfy. The Purchaser acknowledges that the Company has filed the Registration Statement for its proposed IPO. The Purchaser
understands that the offering of Securities and transactions contemplated hereunder are not and are not intended to be part of the IPO,
and that the Purchaser will not be able to rely on the protection of Section 11 of the Securities Act with respect to its purchase
of Securities hereunder.

 

(h)           No
Public Market.  The Purchaser understands that no public market now exists for the Securities, and that the Company has not made
any assurances that a public market will ever exist for the Securities.

 

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(i)            High
Degree of Risk.  The Purchaser understands that the purchase of the Subscribed Securities involves a high degree of risk which
could cause the Purchaser to lose all or part of its investment.

 

(j)             Accredited
Investor.  The Purchaser is an accredited investor as defined in Rule 501(a) of Regulation D promulgated under the
Securities Act.

 

(k)           No
General Solicitation.  Neither the Purchaser, nor any of its officers, directors, employees, agents, shareholders or partners
has either directly or indirectly, including, through a broker or finder (i) to its knowledge, engaged in any general solicitation,
or (ii) published any advertisement in connection with the offer and sale of the Securities.

 

(l)            Place
of Investment Decision.  The Purchaser’s investment decision was made in the office or offices located at the address of
the Purchaser set forth on the signature page hereof.

 

(m)           Adequacy
of Financing. The Purchaser will, when such funds are due hereunder, have sufficient funds to satisfy its obligations under this
Agreement.

 

(o)           No
Other Representations and Warranties; Non-Reliance.  Except for the specific representations and warranties contained in this Section 3 and
in any certificate or agreement delivered pursuant hereto, none of the Purchaser nor any person acting on behalf of the Purchaser nor
any of the Purchaser’s affiliates (the “Purchaser Parties”) has made, makes or shall be deemed to make any other
express or implied representation or warranty with respect to the Purchaser and this offering, and the Purchaser Parties disclaim any
such representation or warranty. Except for the specific representations and warranties expressly made by the Company and the Sponsor
in Section 4 and Section 5 of this Agreement, respectively, and in any certificate or agreement delivered
pursuant hereto, the Purchaser Parties specifically disclaim that they are relying upon any other representations or warranties that may
have been made by the Company, any person on behalf of the Company or any of the Company’s affiliates (collectively, the “Company
Parties”) or by the Sponsor, any person on behalf of the Sponsor or any of the Sponsor’s affiliates (collectively, the
 “Sponsor Parties”) with respect to the transactions contemplated hereby.

 

4.            Representations,
Warranties and Covenants of the Company. The Company represents, warrants and covenants to the Purchaser as follows:

 

(a)            Organization
and Corporate Power.  The Company is incorporated and validly existing and in good standing as a corporation under the laws of
the Cayman Islands and has all requisite corporate power and authority to carry on its business as presently conducted and as proposed
to be conducted.

 

(b)           Capitalization.
The authorized share capital of the Company consists, as of the date hereof:

 

(i)              300,000,000
Class A Ordinary Shares, none of which is issued and outstanding;

 

(ii)             30,000,000
Class B Ordinary Shares, 7,906,250 of which are issued and outstanding and 7,716,250 of which are held by the Sponsor. All of the
outstanding Class B Ordinary Shares have been duly authorized, are fully paid and nonassessable and were issued in compliance with
all applicable federal and state securities laws.

 

(iii)            1,000,000
shares of preferred shares, none of which is issued and outstanding.

 

(c)            Authorization. 
All corporate action required to be taken by the Company’s Board of Directors and shareholders in order to authorize the Company
to enter into this Agreement, and to issue the Subscribed Securities, has been taken on or prior to the date hereof. All action on the
part of the shareholders, directors and officers of the Company necessary for the execution and delivery of this Agreement, the performance
of all obligations of the Company under this Agreement, and the issuance and delivery of the Subscribed Securities has been taken on or
prior to the date hereof. This Agreement, when executed and delivered by the Company, shall constitute the valid and legally binding obligation
of the Company, enforceable against the Company in accordance with its terms except (i) as limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance, or other laws of general application relating to or affecting the enforcement of creditors’
rights generally or (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable
remedies.

 

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(d)           Valid
Issuance of Securities.

 

(i)              The
Subscribed Securities, when issued, sold and delivered in accordance with the terms and for the consideration set forth in this Agreement,
will be validly issued and fully paid, as applicable, and free of all preemptive or similar rights, taxes, liens, encumbrances and charges
with respect to the issue thereof and restrictions on transfer other than restrictions on transfer specified under this Agreement, applicable
state and federal securities laws and liens or encumbrances created by or imposed by the Purchaser. Assuming the accuracy of the representations
of the Purchaser in this Agreement and subject to the filings described in Section 4(f) below, the Subscribed
Securities will be issued in compliance with all applicable federal and state securities laws, rules and regulations.

 

(ii)              No
 “bad actor” disqualifying event described in Rule 506(d)(1)(i)-(viii) of the Securities Act (a “Disqualification
Event”) is applicable to the Company or, to the Company’s knowledge, any Company Covered Person (as defined below), except
for a Disqualification Event as to which Rule 506(d)(2)(ii–iv) or (d)(3), is applicable. “Company Covered Person”
means, with respect to the Company as an “issuer” for purposes of Rule 506 promulgated under the Securities Act, any
Person listed in the first paragraph of Rule 506(d)(1).

 

(e)            IPO.
The offers and sales of securities in the IPO will be made pursuant to an effective Registration Statement and otherwise in compliance
with the Securities Act and the rules and regulations promulgated thereunder and applicable state securities laws, rules and
regulations.

 

(f)             Governmental
Consents and Filings.  Assuming the accuracy of the representations made by the Purchaser in this Agreement, no consent, approval,
order or authorization of, or registration, qualification, designation, declaration or filing with, any federal, state or local governmental
authority is required on the part of the Company in connection with the consummation of the transactions contemplated by this Agreement,
except for filings pursuant to Regulation D of the Securities Act and applicable state securities laws, if any.

 

(g)           Compliance
with Other Instruments.  The execution, delivery and performance of this Agreement and the consummation of the transactions contemplated
by this Agreement will not result in any violation or default (i) under any provisions of the memorandum and articles of association
or other governing documents of the Company, (ii) under any instrument, judgment, order, writ or decree to which the Company is a
party or by which it is bound, (iii) under any note, indenture or mortgage to which the Company is a party or by which it is bound,
(iv) under any lease, agreement, contract or purchase order to which the Company is a party or by which it is bound or (v) under
any provision of federal or state statute, rule or regulation applicable to the Company, in each case (other than clause (i)) which
would have a material adverse effect on the Company or its ability to consummate the transactions contemplated by this Agreement.

 

(h)            Operations.
As of the date hereof, the Company has not conducted, and prior to the IPO Closing the Company will not conduct, any operations other
than organizational activities and activities in connection with offerings of the Securities.

 

(i)            Foreign
Corrupt Practices. Neither the Company, nor any director, officer, agent, employee or other Person acting on behalf of the Company
has, in the course of its actions for, or on behalf of, the Company (i) used any corporate funds for any unlawful contribution, gift,
entertainment or other unlawful expenses relating to political activity; (ii) made any direct or indirect unlawful payment to any
foreign or domestic government official or employee from corporate funds; (iii) violated or is in violation of any provision of the
U.S. Foreign Corrupt Practices Act of 1977, as amended; or (iv) made any unlawful bribe, rebate, payoff, influence payment, kickback
or other unlawful payment to any foreign or domestic government official or employee.

 

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(j)             Compliance
with Anti-Money Laundering Laws. The operations of the Company are and have been conducted at all times in compliance with applicable
financial recordkeeping and reporting requirements and all other applicable U.S. and non-U.S. anti-money laundering laws and regulations,
including, but not limited to, those of the Currency and Foreign Transactions Reporting Act of 1970, as amended, the USA Patriot Act of
2001 and the applicable money laundering statutes of all applicable jurisdictions, the rules and regulations thereunder and any related
or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money
Laundering Laws”), and no action, suit or proceeding by or before any court or governmental agency, authority or body or any
arbitrator involving the Company with respect to the Anti-Money Laundering Laws is pending or, to the knowledge of the Company, threatened.

 

(k)            Absence
of Litigation. There is no action, suit, proceeding, inquiry or investigation before or by any court, public board, government agency,
self-regulatory organization or body pending or, to the knowledge of the Company, threatened against or affecting the Company or any of
the Company’s officers or directors, whether of a civil or criminal nature or otherwise, in their capacities as such.

 

(l)             No
General Solicitation.  Neither the Company nor any of its officers, directors, employees, agents, shareholders or partners has
either directly or indirectly, including, through a broker or finder (i) engaged in any general solicitation or (ii) published
any advertisement in connection with the offer and sale of the Subscribed Securities.

 

(m)           Non-Public
Information. The Company represents and warrants that none of the information conveyed to the Purchaser in connection with the transactions
contemplated by this Agreement will constitute material non-public information of the Company upon the effectiveness of the Registration
Statement.

 

(n)            No
Other Representations and Warranties; Non-Reliance.  Except for the specific representations and warranties contained in this Section 4 and
in any certificate or agreement delivered pursuant hereto, none of the Company Parties has made, makes or shall be deemed to make any
other express or implied representation or warranty with respect to the Company or the offering of Securities hereunder, and the Company
Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by the Purchaser
in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Company Parties
specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Purchaser Parties.

 

5.            Representations,
Warranties and Covenants of the Sponsor. The Sponsor represents, warrants and covenants as follows:

 

(a)            Organization
and Power. The Sponsor is duly organized, validly existing, and in good standing under the laws of its jurisdiction of its formation
and has all requisite power and authority to carry on its business as presently conducted and as proposed to be conducted.

 

(b)            Authorization.
The Sponsor has full power and authority to enter into this Agreement. This Agreement, when executed and delivered by the Sponsor, will
constitute the valid and legally binding obligation of the Sponsor, enforceable against the Sponsor in accordance with its terms, except
(i) as limited by applicable bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and any other laws of general
application affecting enforcement of creditors’ rights generally or (ii) as limited by laws relating to the availability of
specific performance, injunctive relief or other equitable remedies.

 

(c)            Encumbrances.
The Founder Shares to be sold to the Purchaser (i) are owned by the Sponsor free and clear of any security interests, liens, claims
or other encumbrances, subject only to restrictions upon transfer under the Securities Act and any applicable state securities laws and
as described in the Registration Statement, (ii) are subject to certain transfer restrictions as set forth in the Registration Statement,
and (iii) will not subject the Purchaser to personal liability upon its acquisition of such Founder Shares by reason of being a holder
of such Founder Shares.

 

(d)            No
Other Representations and Warranties; Non-Reliance.  Except for the specific representations and warranties contained in this Section 5 and
in any certificate or agreement delivered pursuant hereto, none of the Sponsor Parties has made, makes or shall be deemed to make any
other express or implied representation or warranty with respect to the Sponsor or the offering of Securities hereunder, and the Sponsor
Parties disclaim any such representation or warranty. Except for the specific representations and warranties expressly made by the Purchaser
in Section 3 of this Agreement and in any certificate or agreement delivered pursuant hereto, the Sponsor Parties
specifically disclaim that they are relying upon any other representations or warranties that may have been made by the Purchaser Parties.

 

    8

     

    

 

(e)            Most Favored
Nation.  None of the Sponsor, the Company or any of their affiliates will enter into any arrangement,
agreement or understanding containing terms relating to the subscription of the Founder Shares and/or the Private Placement Warrants that
are more favorable to the counterparty or offeree than the terms set forth in the Agreement.

 

(f)            Sponsor
Minimum Investment. Through the Sponsor, R. Grady Burnett and/or W. Lance Conn shall purchase an aggregate of at least fifty percent
(50%) of the Private Placement Warrants offered by the Company in connection with the IPO which are not purchased by the Subscribing Parties.

 

6.            Additional
Agreements and Acknowledgements of the Purchaser.

 

(a)            Transfer
Restrictions.  The Purchaser agrees that, except for Transfers (as defined below) to third parties required pursuant to Section 2
above, it shall not Transfer (i) any Founder Shares until the earlier of (A) one year after the closing of the Business Combination
(the “Business Combination Closing”) and (B) the date following the Business Combination Closing on which the
Company completes a liquidation, merger, amalgamation, share exchange, reorganization or other similar transaction that results in all
of the Company’s shareholders having the right to exchange their Ordinary Shares for cash, securities or other property (such period,
the “Lock-up Period”) or (ii) any Private Placement Warrants (or any shares of Ordinary Shares issuable upon exercise
of the Private Placement Warrants) until 30 days after the Business Combination Closing. Notwithstanding the foregoing, if subsequent
to the Business Combination Closing, the last reported sale price of the Class A Ordinary Shares equals or exceeds $12.00 per share
(as adjusted for share splits, share dividends, reorganizations, recapitalizations and the like) for any twenty (20) trading days within
any thirty (30) trading day period commencing at least one hundred and fifty (150) days after the Business Combination Closing, the Founder
Shares shall be released from the lockup referenced in this Section 6(a). Notwithstanding the first sentence hereinabove,
Transfers of the Securities are permitted (i) to the Company’s officers or directors, any affiliates or family members of any
of the Company’s officers or directors, any members of the Sponsor, or any affiliates of the Sponsor; (ii) in the case of an
individual, by gift to a member of one of the individual’s immediate family or affiliate of such person, or to a charitable organization;
(iii) in the case of an individual, by virtue of laws of descent and distribution upon death of the individual; (iv) in the
case of an individual, pursuant to a qualified domestic relations order; (v) by private sales or transfers made in connection with
the completion of a Business Combination at prices no greater than the price at which the securities were originally purchased; (vi) in
the event of the Company’s liquidation prior to the completion of the Business Combination; (vii) by virtue of the laws of
the State of Delaware or of the Sponsor’s organizational documents upon liquidation or dissolution of the Sponsor; and (viii) to
the Purchaser’s affiliates, to any investment fund or other entity controlled or managed by the Purchaser, or to any investment
manager or investment advisor of the Purchaser or an affiliate of any such investment manager or investment advisor or to any investment
fund or other entity controlled or managed by such persons; (each of the foregoing, a “Permitted Transferee”); provided,
however, that in the case of clauses (i) through (v), (vii) and (viii) these Permitted Transferees must enter into a written
agreement agreeing to be bound by the terms of this Agreement, including these transfer restrictions. As used in this Agreement, “Transfer”
shall mean the (x) sale of, offer to sell, contract or agreement to sell, hypothecation, pledge, grant of any option to purchase
or otherwise dispose of or agreement to dispose of, directly or indirectly, or establishment or increase of a put equivalent position
or liquidation with respect to or decrease of a call equivalent position (within the meaning of Section 16 of the Securities Exchange
Act of 1934, as amended (the “Exchange Act”), and the rules and regulations of the SEC promulgated thereunder)
with respect to, any of the Securities; (y) entry into any swap or other arrangement that transfers to another, in whole or in part,
any of the economic consequences of ownership of any of the Securities, whether any such transaction is to be settled by delivery of such
Securities, in cash or otherwise, or (z) public announcement of any intention to effect any transaction specified in clause (x) or
(y); provided further, that this Section 6(a) shall not prohibit the Purchaser from effecting a Short Sale (as defined
below) with securities that do not constitute “Securities” under this Agreement.

 

    9

     

    

 

(b)           Trust
Account.

 

(i)               The
Purchaser hereby acknowledges that it is aware that the Company will establish the Trust Account for the benefit of its public shareholders
upon the IPO Closing. The Purchaser hereby agrees that it has no right, title, interest or claim of any kind in or to any monies held
in the Trust Account, or any other asset of the Company as a result of any liquidation of the Company, except for redemption and liquidation
rights, if any, the Purchaser may have in respect of any Public Shares held by it.

 

(ii)              The
Purchaser hereby agrees that it shall have no right of set-off or any right, title, interest or claim of any kind (“Claim”)
to, or to any monies in, the Trust Account, and hereby irrevocably waives any Claim to, or to any monies in, the Trust Account that it
may have now or in the future, except for redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares
held by it. In the event the Purchaser has any Claim against the Company under this Agreement, the Purchaser shall pursue such Claim solely
against the Company and its assets outside the Trust Account and not against the property or any monies in the Trust Account, except for
redemption and liquidation rights, if any, the Purchaser may have in respect of any Public Shares held by it.

 

(c)            No Short Sales. The Purchaser hereby
agrees that neither it, nor any person or entity acting on its behalf, will engage in any Short Sales with respect to securities of the
Company prior to the closing of the Business Combination. For purposes of this Section 6(c), “Short Sales” shall
include, without limitation, all “short sales” as defined in Rule 200 promulgated under Regulation SHO under the Exchange
Act, and all types of direct and indirect share pledges (other than pledges in the ordinary course of business as part of prime brokerage
arrangements), forward sale contracts, options, puts, calls, swaps and similar arrangements (including on a total return basis). Notwithstanding
anything to the contrary set forth herein, (i) nothing herein shall prohibit any entities under common management or that share an
investment advisor with the Purchaser that have no knowledge of this Agreement or of the Purchaser’s participation in the transactions
contemplated in this Agreement (including the Purchaser’s controlled affiliates and/or other affiliates) from entering into any
Short Sales and (ii) in the case of a Purchaser that is a multi-managed investment vehicle whereby separate portfolio managers manage
separate portions of such Purchaser’s assets and the portfolio managers have no knowledge of the investment decisions made by the
portfolio managers managing other portions of such Purchaser’s assets, this Section 6(c) shall only apply with respect
to the portion of assets managed by the portfolio manager that made the investment decision to purchase the amount of Subscribed Securities
pursuant to this Agreement. The Company acknowledges and agrees that, notwithstanding anything herein to the contrary, the Subscribed
Securities may be pledged by the Purchaser in connection with a bona fide margin agreement, provided that such pledge shall be (i) pursuant
to an available exemption from the registration requirements of the Securities Act or (ii) pursuant to, and in accordance with, a
registration statement that is effective under the Securities Act at the time of such pledge, and the Purchaser effecting a pledge of
Subscribed Securities shall not be required to provide the Company with any notice thereof; provided, however, that neither the Company
nor its counsel shall be required to take any action (or refrain from taking any action) in connection with any such pledge, other than
providing any such lender of such margin agreement with an acknowledgment that the Subscribed Securities may be subject to contractual
lock ups or prohibition on pledging (including specifically, but not by limitation, an acknowledgment that the Founder Shares are subject
to such lock-up periods as are described in the Registration Statement), the form of such acknowledgment to be subject to review and comment
by the Company in all respects. Notwithstanding the foregoing, Subscriber shall not pledge the Subscribed Securities unless the terms
of such pledge permit or require that voting control over any such pledged Subscribed Securities remains within the sole control of Subscriber.

 

(d)           
Use of Purchaser’s Name. Neither the Company nor the Sponsor will, without the written consent of the Purchaser in
each instance, use in advertising, publicity or otherwise the name of the Purchaser or any of its affiliates, or any director, officer
or employee of the Purchaser, nor any trade name, trademark, trade device, service mark, symbol or any abbreviation, contraction or simulation
thereof owned by the Purchaser or its affiliates or any information relating to the business or operations of the Purchaser or its affiliates
(including, for the avoidance of doubt, any investment vehicles, funds or accounts managed thereby). Notwithstanding the foregoing, the
Company may disclose (i) the Purchaser’s name and information concerning the Purchaser (A) to the extent required by law,
regulation or regulatory request, including in the Registration Statement or (B) to the Company’s lawyers, independent accountants
and to other advisors and service providers who reasonably require the Purchaser’s information in connection with the provision
of services to the Company, are advised of the confidential nature of such information and are obligated to keep such information confidential,
and (ii) the Purchaser’s name and the terms of this Agreement to the other Subscription Parties. The Company and the Sponsor
agree to provide to the Purchaser for the Purchaser’s review any disclosure in any registration statement, proxy statement or other
document in advance of the submission, filing or disclosure of such document in connection with the transactions contemplated by this
Agreement with respect to the Purchaser or any of its affiliates, and will not make any such submission, filing or disclosure without
including any revisions reasonably requested in writing by the Purchaser or to the extent the Purchaser has a good faith objection to
such submission, filing or disclosure.

 

    10

     

    

 

(e)            Stock
Exchange Listing. The Company will use commercially reasonable efforts to effect and maintain the listing of the Class A Ordinary
Shares and Warrants on The Nasdaq Capital Market (or another national securities exchange) until the third anniversary of the Business
Combination Closing.

 

7.            General
Provisions.

 

(a)            Notices. 
All notices and other communications given or made pursuant to this Agreement shall be in writing and shall be deemed effectively given
upon the earlier of actual receipt, or (i) personal delivery to the party to be notified, (ii) when sent, if sent by electronic
mail or facsimile (if any) during normal business hours of the recipient, and if not sent during normal business hours, then on the recipient’s
next Business Day, (iii) five (5) Business Days after having been sent by registered or certified mail, return receipt requested,
postage prepaid, or (iv) one (1) Business Day after deposit with a nationally recognized overnight courier, freight prepaid,
specifying next Business Day delivery, with written verification of receipt. All communications sent to the Company shall be sent to:
Macondray Capital Acquisition Corp. I, 707 Menlo Ave, Suite 110, Menlo Park, California 94025, Attention: R. Grady Burnett, Email:
gradyburnett@gmail.com, with a copy to Gibson, Dunn & Crutcher LLP, 811 Main Street, Suite 3000, Houston, Texas 77002, Attention:
Gerald M. Spedale, Email: GSpedale@gibsondunn.com.

 

All communications to the Purchaser shall be sent
to the Purchaser’s address as set forth on the signature page hereto, or to such email address, facsimile number (if any) or
address as subsequently modified by written notice given in accordance with this Section 7(a).

 

(b)            No
Finder’s Fees.  Each party represents that it neither is nor will be obligated for any finder’s fee or commission
in connection with this transaction. The Purchaser agrees to indemnify and to hold harmless the Company from any liability for any commission
or compensation in the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of
defending against such liability or asserted liability) for which the Purchaser or any of its officers, employees or representatives are
responsible. The Company agrees to indemnify and hold harmless the Purchaser from any liability for any commission or compensation in
the nature of a finder’s or broker’s fee arising out of this transaction (and the costs and expenses of defending against
such liability or asserted liability) for which the Company or any of its officers, employees or representatives is responsible.

 

(c)            Survival. 
All of the representations and warranties contained herein shall survive the consummation of the transactions contemplated by this Agreement.

 

(d)           Entire
Agreement.  This Agreement, together with any other documents, instruments and writings that are delivered pursuant hereto or
referenced herein, constitutes the entire agreement and understanding of the parties hereto in respect of its subject matter and supersedes
all prior understandings, agreements, or representations by or among the parties hereto, written or oral, to the extent they relate in
any way to the subject matter hereof or the transactions contemplated hereby.

 

(e)            Successors. 
All of the terms, agreements, covenants, representations, warranties, and conditions of this Agreement are binding upon, and inure to
the benefit of and are enforceable by, the parties hereto and their respective successors. Nothing in this Agreement, express or implied,
is intended to confer upon any party other than the parties hereto or their respective successors and assigns any rights, remedies, obligations
or liabilities under or by reason of this Agreement, except as expressly provided in this Agreement.

 

    11

     

    

 

(f)            Assignments. 
Except as otherwise specifically provided herein, no party hereto may assign either this Agreement or any of its rights, interests, or
obligations hereunder without the prior written approval of the other party.

 

(g)            Counterparts. 
This Agreement may be executed in two or more counterparts, each of which will be deemed an original but all of which together will constitute
one and the same instrument.

 

(h)            Headings. 
The section headings contained in this Agreement are inserted for convenience only and will not affect in any way the meaning or interpretation
of this Agreement.

 

(i)              Governing
Law.  This Agreement, the entire relationship of the parties hereto, and any litigation between the parties (whether grounded
in contract, tort, statute, law or equity) shall be governed by, construed in accordance with, and interpreted pursuant to the laws of
the State of New York, without giving effect to its choice of laws principles.

 

(j)             Jurisdiction. 
The parties hereby irrevocably and unconditionally (i) submit to the jurisdiction of the state courts of New York and the United
States District Court for the Southern District of New York for the purpose of any suit, action or other proceeding arising out of or
based upon this Agreement, (ii) agree not to commence any suit, action or other proceeding arising out of or based upon this Agreement
except in state courts of New York or the United States District Court for the Southern District of New York, and (iii) waive, and
agree not to assert, by way of motion, as a defense, or otherwise, in any such suit, action or proceeding, any claim that it is not subject
personally to the jurisdiction of the above-named courts, that its property is exempt or immune from attachment or execution, that the
suit, action or proceeding is brought in an inconvenient forum, that the venue of the suit, action or proceeding is improper or that this
Agreement or the subject matter hereof may not be enforced in or by such court.

 

(k)            WAIVER
OF JURY TRIAL.  THE PARTIES HERETO HEREBY WAIVE ANY RIGHT TO A JURY TRIAL IN CONNECTION WITH ANY LITIGATION PURSUANT TO THIS
AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

(l)             Amendments. 
This Agreement may not be amended, modified or waived as to any particular provision, except with the prior written consent of the Company
and the Purchaser.

 

(m)           Severability. 
The provisions of this Agreement will be deemed severable and the invalidity or unenforceability of any provision will not affect the
validity or enforceability of the other provisions hereof; provided that if any provision of this Agreement, as applied to any party hereto
or to any circumstance, is adjudged by a governmental authority, arbitrator, or mediator not to be enforceable in accordance with its
terms, the parties hereto agree that the governmental authority, arbitrator, or mediator making such determination will have the power
to modify the provision in a manner consistent with its objectives such that it is enforceable, and/or to delete specific words or phrases,
and in its reduced form, such provision will then be enforceable and will be enforced.

 

(n)           Expenses. 
Each of the Company, the Sponsor and the Purchaser will bear its own costs and expenses incurred in connection with the preparation, execution
and performance of this Agreement and the consummation of the transactions contemplated hereby, including all fees and expenses of agents,
representatives, financial advisors, legal counsel and accountants, except that the Sponsor will be responsible for the Purchaser’s
and the other Subscribing Parties’ legal fees in an amount up to $50,000. The Company shall be responsible for the fees of its transfer
agent, stamp taxes and all of The Depository Trust Company’s fees associated with the issuance of the Securities and the securities
issuable upon conversion or exercise of the Securities.

 

(o)            Construction. 
The parties hereto have participated jointly in the negotiation and drafting of this Agreement. If an ambiguity or question of intent
or interpretation arises, this Agreement will be construed as if drafted jointly by the parties hereto and no presumption or burden of
proof will arise favoring or disfavoring any party hereto because of the authorship of any provision of this Agreement. Any reference
to any federal, state, local, or foreign law will be deemed also to refer to law as amended and all rules and regulations promulgated
thereunder, unless the context requires otherwise. The words “include,” “includes,” and “including”
will be deemed to be followed by “without limitation.” Pronouns in masculine, feminine, and neuter genders will be construed
to include any other gender, and words in the singular form will be construed to include the plural and vice versa, unless the context
otherwise requires. The words “this Agreement,” “herein,” “hereof,” “hereby,” “hereunder,”
and words of similar import refer to this Agreement as a whole and not to any particular subdivision unless expressly so limited. The
parties hereto intend that each representation, warranty, and covenant contained herein will have independent significance. If any party
hereto has breached any representation, warranty, or covenant contained herein in any respect, the fact that there exists another representation,
warranty or covenant relating to the same subject matter (regardless of the relative levels of specificity) which such party hereto has
not breached will not detract from or mitigate the fact that such party hereto is in breach of the first representation, warranty, or
covenant.

 

    12

     

    

 

(p)           Waiver. 
No waiver by any party hereto of any default, misrepresentation, or breach of warranty or covenant hereunder, whether intentional or not,
may be deemed to extend to any prior or subsequent default, misrepresentation, or breach of warranty or covenant hereunder or affect in
any way any rights arising because of any prior or subsequent occurrence.

 

(q)            Specific
Performance.  Each party hereto agrees that irreparable damage may occur in the event any provision of this Agreement was not
performed by the other party hereto in accordance with the terms hereof and that the such party shall be entitled to specific performance
of the terms hereof, in addition to any other remedy at law or equity.

 

(r)            No
Third-Party Beneficiaries. This Agreement is for the sole benefit of the parties hereto (and their respective successors and permitted
assigns) and nothing herein, express or implied, is intended to or shall confer upon any other person any legal or equitable right, benefit
or remedy of any nature whatsoever under or by reason of this Agreement.

 

(s)            Confidentiality. 
Except as may be required by law, regulation or applicable stock exchange listing requirements (but subject in any case to the provisions
of Section 6(d) hereof), unless and until the transactions contemplated hereby and the terms hereof are publicly announced
or otherwise publicly disclosed by the Company, the parties hereto shall keep confidential and shall not publicly disclose the existence
or terms of this Agreement.  Notwithstanding the foregoing, the Purchaser shall be permitted to disclose any information to its affiliates
and its and their respective directors, officers, employees, advisors, director or indirect owners, agents and representatives, in each
case so long as such person or entity has been advised of the confidentiality obligations hereunder; provided that the Purchaser shall
be liable for any breach of such confidentiality obligations by any such person or entity.

 

[Signature page follows]

 

    13

     

    

 

IN
WITNESS WHEREOF, the undersigned have executed this Agreement to be effective as of the date first set forth above.

 

	 	COMPANY:
	 	 
	 	MACONDRAY CAPITAL ACQUISITION CORP. I 
	 	 
	 	 
	 	By:
	 	Name:
	 	Title:
	 	 
	 	SPONSOR:
	 	 
	 	MACONDRAY, LLC 
	 	 
	 	 	 
	 	By:	 
	 	Name:  
	 	Title:    

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

	 	
    

    PURCHASER:

	 	 
	 	
    [BLACKROCK ENTITY]

    By: BlackRock Financial Management Inc., in its capacity as investment
    advisor

	 	 
	 	 
	 	Name:  
	 	Title:  

 

	 	
    

    Purchaser’s
    Address for Notices:

	 	 
	 	
    c/o BlackRock Financial Management, Inc.

    55 East 52nd Street

    New York, NY 10055

    Attn:

     

    with copies to:

     

    c/o BlackRock, Inc.

    Office of the General Counsel

    40 East 52nd Street, New York, NY 10022

    Attn: David Maryles and Reid Fitzgerald

    Email: legaltransactions@blackrock.com

     

    And

     

    Kramer Levin Naftalis & Frankel LLP

    1177 Avenue of the Americas

    New York, NY 10036

    Attn: Christopher S. Auguste

    Email: cauguste@kramerlevin.com

 

[Signature Page to Subscription Agreement]

 

     

     

    

 

Schedule A

 

	 	 	Number of
 Subscribed Securities	 	 	Initial Purchase Price	 
	Founder Shares	 	[_]	 	$	[_]	 
	Private Placement Warrants*	 	[_]	 	$	[_]	 

 

*In the event that the Over-allotment Option is exercised, the Purchaser
agrees to purchase up to an additional $[________] of Private Placement Warrants at a price of $1.50 per warrant (or up to [______] Private
Placement Warrants), in the same proportion as the amount of the over-allotment option that is exercised.EX-4.1

  

 
 Exhibit 4.1 

ARTHUR J. GALLAGHER & CO., 

Issuer 
 and 

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., 

Trustee 
  

 
 Indenture

 Dated as of 

May 20, 2021 
  

 
 Debt
Securities 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE ONE	 
	
	DEFINITIONS AND OTHER PROVISIONS OF	 
	GENERAL APPLICATION	 
			
	 SECTION 1.01.
	 	 Definitions
	  	 	1	 
	 SECTION 1.02.
	 	 Compliance Certificates and Opinions
	  	 	6	 
	 SECTION 1.03.
	 	 Form of Documents Delivered to Trustee
	  	 	7	 
	 SECTION 1.04.
	 	 Acts of Holders
	  	 	7	 
	 SECTION 1.05.
	 	 Notices, etc. to Trustee and Issuer
	  	 	8	 
	 SECTION 1.06.
	 	 Notice to Holders; Waiver
	  	 	8	 
	 SECTION 1.07.
	 	 Conflict with Trust Indenture Act
	  	 	9	 
	 SECTION 1.08.
	 	 Effect of Headings and Table of Contents
	  	 	9	 
	 SECTION 1.09.
	 	 Successors and Assigns
	  	 	9	 
	 SECTION 1.10.
	 	 Separability Clause
	  	 	9	 
	 SECTION 1.11.
	 	 Benefits of Indenture
	  	 	9	 
	 SECTION 1.12.
	 	 Governing Law; Waiver of Trial by Jury
	  	 	9	 
	 SECTION 1.13.
	 	 Legal Holidays
	  	 	9	 
	 SECTION 1.14.
	 	 Submission to Jurisdiction
	  	 	10	 
	 SECTION 1.15.
	 	 Indemnification of Judgment Currency
	  	 	10	 
	 SECTION 1.16.
	 	 U.S.A. Patriot Act
	  	 	10	 
	
	ARTICLE TWO	 
	
	SECURITY FORMS	 
			
	 SECTION 2.01.
	 	 Forms Generally
	  	 	10	 
	 SECTION 2.02.
	 	 Form of Trustee’s Certificate of Authentication
	  	 	11	 
	 SECTION 2.03.
	 	 Securities in Global Form
	  	 	11	 
	
	ARTICLE THREE	 
	
	THE SECURITIES	 
			
	 SECTION 3.01.
	 	 Amount Unlimited; Issuable in Series
	  	 	11	 
	 SECTION 3.02.
	 	 Denominations
	  	 	13	 
	 SECTION 3.03.
	 	 Execution, Authentication, Delivery and Dating
	  	 	13	 
	 SECTION 3.04.
	 	 Temporary Securities
	  	 	14	 
	 SECTION 3.05.
	 	 Registration, Registration of Transfer and Exchange of Global Securities Representing
the Securities
	  	 	14	 
	 SECTION 3.06.
	 	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	16	 
	 SECTION 3.07.
	 	 Payment of Interest; Interest Rights Preserved
	  	 	17	 
	 SECTION 3.08.
	 	 Persons Deemed Owners
	  	 	18	 
	 SECTION 3.09.
	 	 Cancellation
	  	 	18	 
	 SECTION 3.10.
	 	 Computation of Interest
	  	 	18	 
	 SECTION 3.11.
	 	 CUSIP Numbers
	  	 	18	 

  
 i 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE FOUR	  

	
	SATISFACTION AND DISCHARGE; DEFEASANCE	  

			
	 SECTION 4.01.
	 	 Satisfaction and Discharge of Securities of any Series
	  	 	18	 
	 SECTION 4.02.
	 	 Option to Effect Legal Defeasance or Covenant Defeasance
	  	 	19	 
	 SECTION 4.03.
	 	 Legal Defeasance and Discharge
	  	 	19	 
	 SECTION 4.04.
	 	 Covenant Defeasance
	  	 	20	 
	 SECTION 4.05.
	 	 Conditions to Legal or Covenant Defeasance
	  	 	20	 
	 SECTION 4.06.
	 	 Survival of Certain Obligations
	  	 	21	 
	 SECTION 4.07.
	 	 Application of Trust Money
	  	 	21	 
	 SECTION 4.08.
	 	 Repayment of Moneys Held by Paying Agent
	  	 	21	 
	 SECTION 4.09.
	 	 Reinstatement
	  	 	21	 
	
	ARTICLE FIVE	 
	
	REMEDIES OF THE TRUSTEE AND	 
	HOLDERS ON EVENT OF DEFAULT	 
			
	 SECTION 5.01.
	 	 Events of Default
	  	 	22	 
	 SECTION 5.02.
	 	 Acceleration of Maturity; Rescission and Annulment
	  	 	23	 
	 SECTION 5.03.
	 	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	23	 
	 SECTION 5.04.
	 	 Trustee May File Proofs of Claim
	  	 	24	 
	 SECTION 5.05.
	 	 Trustee May Enforce Claims without Possession of Securities
	  	 	25	 
	 SECTION 5.06.
	 	 Application of Money Collected
	  	 	25	 
	 SECTION 5.07.
	 	 Limitation on Suits
	  	 	25	 
	 SECTION 5.08.
	 	 Unconditional Right of Holders to Receive Principal, Premium and Interest
	  	 	26	 
	 SECTION 5.09.
	 	 Restoration of Rights and Remedies
	  	 	26	 
	 SECTION 5.10.
	 	 Rights and Remedies Cumulative
	  	 	26	 
	 SECTION 5.11.
	 	 Delay or Omission Not Waiver
	  	 	26	 
	 SECTION 5.12.
	 	 Control by Holders
	  	 	26	 
	 SECTION 5.13.
	 	 Waiver of Past Defaults
	  	 	26	 
	 SECTION 5.14.
	 	 Undertaking for Costs
	  	 	27	 
	
	ARTICLE SIX	 
	
	THE TRUSTEE	 
			
	 SECTION 6.01.
	 	 Certain Duties and Responsibilities
	  	 	27	 
	 SECTION 6.02.
	 	 Notice of Defaults
	  	 	28	 
	 SECTION 6.03.
	 	 Certain Rights of Trustee
	  	 	28	 
	 SECTION 6.04.
	 	 Not Responsible for Recitals or Issuance of Securities
	  	 	29	 
	 SECTION 6.05.
	 	 May Hold Securities
	  	 	29	 
	 SECTION 6.06.
	 	 Money Held in Trust
	  	 	30	 
	 SECTION 6.07.
	 	 Compensation and Reimbursement
	  	 	30	 
	 SECTION 6.08.
	 	 Disqualification; Conflicting Interests
	  	 	30	 
	 SECTION 6.09.
	 	 Corporate Trustee Required; Eligibility
	  	 	31	 
	 SECTION 6.10.
	 	 Resignation and Removal; Appointment of Successor
	  	 	31	 
	 SECTION 6.11.
	 	 Acceptance of Appointment by Successor
	  	 	32	 
	 SECTION 6.12.
	 	 Merger, Conversion, Consolidation or Succession to Business
	  	 	32	 
	 SECTION 6.13.
	 	 Preferential Collection of Claims Against Issuer
	  	 	33	 
	
	ARTICLE SEVEN	 
	
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER	 
			
	 SECTION 7.01.
	 	 Issuer to Furnish Trustee Names and Addresses of Holders
	  	 	33	 
	 SECTION 7.02.
	 	 Preservation of Information; Communications to Holders
	  	 	33	 
	 SECTION 7.03.
	 	 Reports by Trustee to Holders
	  	 	33	 

  
 ii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE EIGHT	 
	
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	 
			
	 SECTION 8.01.
	 	 Merger, Consolidation, etc. Only on Certain Terms
	  	 	34	 
	 SECTION 8.02.
	 	 Successor Corporation Substituted
	  	 	34	 
	
	ARTICLE NINE	 
	
	SUPPLEMENTAL INDENTURES	 
			
	 SECTION 9.01.
	 	 Supplemental Indentures without Consent of Holders
	  	 	34	 
	 SECTION 9.02.
	 	 Supplemental Indentures with Consent of Holders
	  	 	35	 
	 SECTION 9.03.
	 	 Execution of Supplemental Indentures
	  	 	36	 
	 SECTION 9.04.
	 	 Effect of Supplemental Indentures
	  	 	36	 
	 SECTION 9.05.
	 	 Conformity with Trust Indenture Act
	  	 	36	 
	 SECTION 9.06.
	 	 Reference in Securities to Supplemental Indentures
	  	 	36	 
	 SECTION 9.07.
	 	 Notice of Supplemental Indenture
	  	 	36	 
	
	ARTICLE TEN	 
	
	COVENANTS	 
			
	 SECTION 10.01.
	 	 Payment of Principal, Premium and Interest
	  	 	36	 
	 SECTION 10.02.
	 	 Maintenance of Office or Agency
	  	 	37	 
	 SECTION 10.03.
	 	 Money for Securities Payments to Be Held in Trust
	  	 	37	 
	 SECTION 10.04.
	 	 Corporate Existence
	  	 	38	 
	 SECTION 10.05.
	 	 Payment of Taxes and Other Claims
	  	 	38	 
	 SECTION 10.06.
	 	 Maintenance of Properties
	  	 	38	 
	 SECTION 10.07.
	 	 Waiver of Certain Covenants
	  	 	38	 
	 SECTION 10.08.
	 	 Statement by Officers as to Default
	  	 	39	 
	 SECTION 10.09.
	 	 Reports
	  	 	39	 
	 SECTION 10.10.
	 	 Further Assurances
	  	 	40	 
	
	ARTICLE ELEVEN	 
	
	REDEMPTION OF SECURITIES	 
			
	 SECTION 11.01.
	 	 Applicability of Article
	  	 	40	 
	 SECTION 11.02.
	 	 Election to Redeem; Notice to Trustee
	  	 	40	 
	 SECTION 11.03.
	 	 Selection by Trustee of Securities to Be Redeemed
	  	 	40	 
	 SECTION 11.04.
	 	 Notice of Redemption
	  	 	41	 
	 SECTION 11.05.
	 	 Deposit of Redemption Price
	  	 	41	 
	 SECTION 11.06.
	 	 Securities Payable on Redemption Date
	  	 	41	 
	 SECTION 11.07.
	 	 Securities Redeemed in Part
	  	 	42	 
	 SECTION 11.08.
	 	 Securities No Longer Outstanding After Notice to Trustee and Deposit of Cash
	  	 	42	 

  
 iii 

 TABLE OF CONTENTS 

(continued) 
  

							
	 	 	 	  	Page	 
	ARTICLE TWELVE	  

	
	SINKING FUNDS	  

			
	 SECTION 12.01.
	 	 Applicability of Article
	  	 	42	 
	 SECTION 12.02.
	 	 Satisfaction of Sinking Fund Payments with Securities
	  	 	42	 
	 SECTION 12.03.
	 	 Redemption of Securities for Sinking Fund
	  	 	43	 
	
	ARTICLE THIRTEEN	  

	
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, SHAREHOLDERS,	 
	OFFICERS AND DIRECTORS	 
			
	 SECTION 13.01.
	 	 Exemption from Individual Liability
	  	 	43	 
	
	ARTICLE FOURTEEN	 
	
	MISCELLANEOUS	 
	 SECTION 14.01.
	 	 Counterparts
	  	 	43	 
	 SECTION 14.02.
	 	 Signatures
	  	 	43	 

  
 iv 

 Reconciliation and Tie of this Indenture, 

relating to Sections 310 through 318, inclusive, of the 

Trust Indenture Act of 1939, as amended 
  

			
	 Trust Indenture Act Section
	  	Indenture
Section
	310(a)(1)	  	6.09
	(a)(2)	  	6.09
	(a)(3)	  	Not applicable
	(a)(4)	  	Not applicable
	(a)(5)	  	6.09
	(b)	  	6.08, 6.10
	311(a)	  	6.13
	(b)	  	6.13
	312(a)	  	7.01, 7.02(a)
	(b)	  	7.02(b)
	(c)	  	7.02(c)
	313(a)	  	7.03
	(b)(2)	  	7.03
	(c)	  	7.03
	(d)	  	7.03
	314(a)	  	10.09
	(a)(4)	  	10.08
	(b)	  	Not applicable
	(c)(1)	  	1.02
	(c)(2)	  	1.02
	(c)(3)	  	Not applicable
	(d)	  	Not applicable
	(e)	  	1.02
	315(a)	  	6.01(a)
	(b)	  	6.02
	(c)	  	6.01(b)
	(d)	  	6.01(c)
	(e)	  	5.14
	316(a)	  	1.01
	316(a)(1)(A)	  	5.12
	(a)(1)(B)	  	5.13
	(a)(2)	  	Not applicable
	(b)	  	5.08
	(c)	  	1.04(e)
	317(a)(1)	  	5.03
	(a)(2)	  	5.04
	(b)	  	10.03
	318(a)	  	1.07

  
  

NOTE: This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture. 

 

  
 v 

 INDENTURE, dated as of May 20, 2021, among ARTHUR J. GALLAGHER & CO., a
Delaware corporation, as issuer (the “Issuer”) and The Bank of New York Mellon Trust Company, N.A., as trustee (the “Trustee”). 

RECITALS OF THE ISSUER 

The Issuer has duly authorized the execution and delivery of this Indenture to provide for the issuance from time to time of its unsecured
debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as in this Indenture provided. 

All things necessary to make this Indenture a valid agreement of the Issuer, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

For and in consideration of the premises and the purchase of the Securities by the Holders thereof, it is mutually covenanted and agreed, for
the benefit of each other and the equal and proportionate benefit of all Holders of the Securities or of series thereof, as follows: 

ARTICLE ONE 

DEFINITIONS AND OTHER PROVISIONS OF 

GENERAL APPLICATION 
 SECTION 1.01.
    Definitions. 
 For all purposes of this Indenture, except as otherwise expressly provided or unless the
context otherwise requires: 
 (a)    the terms defined in this Article have the meanings assigned to them in this
Article and include the plural as well as the singular; 
 (b)    all other terms used herein which are defined in the
Trust Indenture Act or by Commission rule under the Trust Indenture Act, either directly or by reference therein, have the meanings assigned to them therein; 

(c)    all accounting terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; and

 (d)    the words “herein,” “hereof” and “hereunder” and other words of similar import
refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
 Certain terms, used principally in
Article Seven, are defined in that Article. 
 “Act” when used with respect to any Holder, has the meaning specified in
Section 1.04. 
 “Affiliate” means, with respect to any specified Person, any other Person directly or indirectly controlling
or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership
of voting securities, by agreement or otherwise. 
 “Agent” means any Registrar, Paying Agent, or Depositary Custodian. 

“Applicable Law” has the meaning specified in Section 10.11. 

“Applicable Procedures” means, with respect to any matter at any time relating to a Global Security, the rules, policies and
procedures of the Depositary applicable to such matter. 

 “Authenticating Agent” means any Person authorized by the Trustee pursuant to
Section 3.03 to act on behalf of the Trustee to authenticate Securities of one or more series. 
 “Authorized Newspaper”
shall mean a newspaper of general circulation in the Borough of Manhattan, The City of New York, and customarily published on each Business Day, currently expected to be The Wall Street Journal (National Edition). Where successive
publications are required to be made in an Authorized Newspaper, the successive publications may be made in the same or different newspapers meeting the foregoing requirements and in each case on any Business Day. 

“Authorized Officers” has the meaning specified in Section 1.05. 

“Bankruptcy Law” means Title 11, United States Bankruptcy Code of 1978 as amended, or any similar United States federal or state law
relating to relief of debtors or any amendment to, succession to or change in any such law. 
 ”Board of Directors” means either
the board of directors of the Issuer or any committee of that board duly appointed by such board of directors and authorized to act hereunder. 

“Board Resolution” means a copy of a resolution or resolutions certified by the Secretary or an Assistant Secretary of the Issuer to
have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification and delivered to the Trustee. 

“Business Day” when used with respect to any Place of Payment, means each Monday, Tuesday, Wednesday, Thursday and Friday which is
not a day on which banking institutions in that Place of Payment are authorized or obligated by law or executive order to close. 

“Capital Stock” means, with respect to any Person, any shares or other equivalents (however designated) of any class of corporate
stock or partnership interests or any other participations, rights, warrants, options or other interests in the nature of an equity interest in such Person, including, without limitation, preferred stock and any debt security convertible or
exchangeable into such equity interest. 
 “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Securities Exchange Act of 1934, or, if at any time after the execution of this instrument such Commission is not existing and performing the duties now assigned to it under the Trust Indenture Act, then the body
performing such duties at such time. 
 “Corporate Trust Office” means the corporate trust office of the Trustee at which at any
particular time its corporate trust business in respect of this Indenture shall be administered, which office at the date hereof is located at 2 North LaSalle Street, Suite 700, Chicago, Illinois 60602. 

“Corporation” includes corporations, associations, companies and business trusts. 

“Covenant Defeasance” has the meaning specified in Section 4.04. 

“Custodian” means any receiver, trustee, assignee, liquidator, sequestrator or similar official under any Bankruptcy Law. 

“Defaulted Interest” has the meaning specified in Section 3.07. 

“Depositary” has the meaning specified in Section 3.01. 

“Depositary Custodian” means the Trustee as custodian with respect to any of the Global Securities or any successor entity thereto.

 “Dollar” or “$” means a dollar or other equivalent unit in such coin or currency of the United States as at the time
of payment is legal tender for the payment of public and private debts. 
 “Electronic Means” means the following communications
methods: e-mail, facsimile transmission, secure electronic transmission containing applicable authorization codes, passwords and/or authentication keys issued by the Trustee, or another method or system
specified by the Trustee as available for use in connection with its services hereunder. 

  
 2 

 “Event of Default” has the meaning specified in Section 5.01. 

”Exchange Act” has the meaning specified in Section 3.05. 

“GAAP” shall mean generally accepted accounting principles in the United States of America set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as may be
approved by a significant segment of the accounting profession as in effect from time to time. 
 “Global Security” has the
meaning specified in Section 2.03. 
 “Hedging Obligation” means, with respect to any Person, the obligations of such Person
under (i) currency exchange, interest rate or commodity swap agreements, currency exchange, interest rate or commodity cap agreements and currency exchange, interest rate or commodity collar agreements and (ii) other agreements or
arrangements designed to protect such Person against fluctuations in currency exchange, interest rates or commodity prices. 

“Holder” means a Person in whose name a Security is registered in the Security Register. 

“Indebtedness” means, with respect to any Person, (a) the principal of and premium (if any) in respect of any obligation of
such Person for money borrowed, and any obligation evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable; (b) all obligations of such Person as lessee under leases
required to be capitalized on the balance sheet of the lessee under GAAP and leases of property or assets made as part of any sale and leaseback transaction entered into by such Person; (c) all obligations of such Person issued or assumed as
the deferred purchase price of property, all conditional sale obligations of such Person and all obligations of such Person under any title retention agreement (but excluding trade accounts payable arising in the ordinary course of business); (d)
all obligations of such Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction; (e) all obligations of the type referred to in clauses (a) through (d) of other Persons
and all dividends of other Persons for the payment of which, in either case, such Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by means of any guarantee; (f) all obligations of the type
referred to in clauses (a) through (d) of other Persons secured by any Lien on any property of such Person (whether or not such obligation is assumed by such Person); and (g) to the extent not otherwise included in this definition, Hedging
Obligations of such Person. 
 “Indenture” means this instrument as originally executed or as it may from time to time be
supplemented or amended by one or more indentures supplemental hereto entered into pursuant to the applicable provisions hereof and shall include the form and terms of particular series of Securities established as contemplated by Section 3.01.

 “Instructions” has the meaning specified in Section 1.05. 

“Interest” when used with respect to an Original Issue Discount Security which by its terms bears interest only after Maturity,
means interest payable after Maturity. 
 “Interest Payment Date” when used with respect to any Security, means the Stated
Maturity of an installment of interest on such Security. 
 “Issuer” means Arthur J. Gallagher & Co., a Delaware
corporation, until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Issuer” shall mean such successor Person. 

“Issuer Request” or “Issuer Order” means a written request or order signed in the name of the Issuer by any one of its
Chairman of the Board, Chief Executive Officer, President, a Vice President, Chief Financial Officer, General Counsel, Secretary, an Assistant Secretary, Treasurer or an Assistant Treasurer, and delivered to the Trustee. 

  
 3 

 “Legal Defeasance” has the meaning specified in Section 4.03. 

“Lien” means, with respect to any property of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit
arrangement, security interest, lien, charge, encumbrance, preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to such property (including any capital lease obligation,
conditional sale or other title retention agreement having substantially the same economic effect as any of the foregoing or any sale and leaseback transaction). 

“Maturity” when used with respect to any Security, means the date on which the principal of such Security or an installment of
principal becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Obligation” means any principal, premium, interest (including interest accruing subsequent to a bankruptcy or other similar
proceeding whether or not such interest is an allowed claim enforceable against the Issuer in a bankruptcy case under Federal Bankruptcy Law), penalties, fees, indemnifications, reimbursements, damages and other liabilities payable pursuant to the
terms of the documentation governing any Indebtedness. 
 ”Officers’ Certificate” means a certificate signed by (i) the
Chairman of the Board, the Chief Executive Officer, the President, a Vice President, the Chief Financial Officer, or the General Counsel of the Issuer, and (ii) the Secretary, an Assistant Secretary, the Treasurer or an Assistant Treasurer of
the Issuer and delivered to the Trustee. 
 “Opinion of Counsel” means a written opinion, acceptable to the Trustee, of legal
counsel for the Issuer who may be an employee of the Issuer. 
 “Original Issue Discount Security” means any Security which
provides for an amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02. 

“Outstanding” when used with respect to Securities, means, as of the date of determination, all Securities theretofore authenticated
and delivered under this Indenture, except: 
 (i)    Securities theretofore cancelled by the Trustee or delivered to
the Trustee for cancellation; 
 (ii)    Securities or portions thereof for whose payment or redemption money or, as
provided in Section 4.05 hereof, U.S. Government Obligations, in the necessary amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer) in trust or, except for purposes of Section 4.01, set aside
and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Securities; provided that, if such Securities are to be redeemed, notice of such redemption has been duly given pursuant to this
Indenture or provision therefor satisfactory to the Trustee has been made; and 
 (iii)    Securities which have been
paid pursuant to Section 3.06 or in exchange for or in lieu of which other Securities have been authenticated and delivered pursuant to this Indenture, other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a protected purchaser in whose hands such Securities are valid Obligations of the Issuer; 

provided, however, that in determining whether the Holders of the requisite principal amount of the Outstanding Securities have given any
request, demand, authorization, direction, notice, consent or waiver hereunder or whether a quorum is present at a meeting of Holders of Securities, (i) the principal amount of an Original Issue Discount Security that shall be deemed to be
Outstanding shall be the amount of the principal thereof that would be due and payable as of the date of such determination upon acceleration of the maturity thereof pursuant to Section 5.02, (ii) the principal amount of a Security denominated
in one or more foreign currencies which shall be deemed to be Outstanding shall be the U.S. Dollar equivalent, determined as of such date in the manner provided as contemplated by Section 3.01, of the principal amount of such Security (or,
in the case of a Security described in Clause (i) above, of the amount determined as provided in such Clause), and (iii) Securities owned by the Issuer or any other obligor upon the Securities or any Affiliate of the Issuer or of such
other obligor shall be disregarded and deemed not to be Outstanding, except that, in determining whether the Trustee shall be protected in relying upon any such request, demand, authorization, direction, notice, consent or waiver, or upon such
determination as to the presence of a 

  
 4 

 
quorum, only Securities which a Responsible Officer of the Trustee knows to be so owned shall be so disregarded. Securities so owned which have been pledged in good faith may be regarded as
Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that the pledgee is not the Issuer or any other obligor upon the Securities or any Affiliate of the
Issuer or of such other obligor. 
 “Paying Agent” means any Person authorized by the Issuer to pay the principal of (and premium,
if any) or interest on any Securities on behalf of the Issuer. 
 “Person” means any individual, corporation, partnership, joint
venture, joint-stock company, limited liability company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Place of Payment” when used with respect to the Securities of any series, means the place or places where the principal of (and
premium, if any) and interest on the Securities of that series are payable as specified as contemplated by Section 3.01. 

“Predecessor Security” of any particular Security means every previous Security evidencing all or a portion of the same debt as that
evidenced by such particular Security; and, for the purposes of this definition, any Security authenticated and delivered under Section 3.06 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security. 
 “Principal” of a debt security, including any
Security, on any day and for any purpose means the amount (including, without limitation, in the case of an Original Issue Discount Security, any accrued original issue discount, but excluding interest) that is payable with respect to such debt
security as of such date and for such purpose (including, without limitation, in connection with any sinking fund, upon any redemption at the option of the Issuer, upon any purchase or exchange at the option of the Issuer or the holder of such debt
security and upon any acceleration of the maturity of such debt security). 
 “Principal Amount” of a debt security, including any
Security, means the principal amount as set forth on the face of such debt security. 
 “Redemption Date” when used with respect
to any Security to be redeemed, means the date fixed for such redemption by or pursuant to this Indenture. 
 “Redemption Price”
when used with respect to any Security to be redeemed, means the price (exclusive of accrued interest, if any) at which it is to be redeemed pursuant to this Indenture. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Securities of any series means the date specified
for that purpose as contemplated by Section 3.01 (whether or not a Business Day). 
 “Responsible Officer” when used with
respect to the Trustee, means any officer within the corporate trust department of the Trustee, including any vice president, assistant vice president, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs
functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such person’s knowledge of and familiarity with the particular subject and
who shall have direct responsibility for the administration of this Indenture. 
 “Securities” has the meaning stated in the first
recital of this Indenture and more particularly means any Securities authenticated and delivered under this Indenture. 
 “Security
Register” and “Security Registrar” have the respective meanings specified in Section 3.05. 
 “Significant
Subsidiary” means any Subsidiary of the Issuer that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated
pursuant to the Securities Act of 1933, as amended, as such regulation is in effect on the date hereof. 
 “Special Record Date”
for the payment of any Defaulted Interest means a date fixed by the Trustee pursuant to Section 3.07. 

  
 5 

 “Stated Maturity” when used with respect to any Security or any installment of
principal thereof or interest thereon, means the date specified in such Security as the fixed date on which the principal of such Security or such installment of principal or interest is due and payable. 

“Subsidiary” means, with respect to any Person, (i) any corporation, association, or other business entity (other than a
partnership, joint venture, limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors,
managers or trustees thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof and (ii) any partnership, joint venture,
limited liability company or similar entity of which (x) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited partnership interests, as applicable, are owned or controlled, directly
or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or otherwise and (y) such Person or any wholly owned
Subsidiary of such Person is a controlling general partner or otherwise controls such entity. 
 “Trust Indenture Act” means the
Trust Indenture Act of 1939, as amended, and as in force at the date as of which this instrument was executed, except as provided in Section 9.05; provided, however, that in the event the Trust Indenture Act is amended after such date,
“Trust Indenture Act” means, with respect to the Securities of any series issued after such date, the Trust Indenture Act as so amended. 

”Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee
shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder, and if at any time there is more than one such Person,
“Trustee” as used with respect to the Securities of any series shall mean the Trustee with respect to Securities of that series. 

“U.S. Government Obligations” has the meaning specified in Section 4.05. 

“Vice President” when used with respect to the Issuer or the Trustee, means any vice president, whether or not designated by a
number or a word or words added before or after the title “vice president.” 
 SECTION 1.02.     Compliance Certificates
and Opinions. 
 Upon any application or request by the Issuer to the Trustee to take any action under any provision of this Indenture,
the Issuer shall furnish to the Trustee an Officers’ Certificate stating that all conditions precedent (including any covenant compliance with which constitutes a condition precedent), if any, provided for in this Indenture relating to the
proposed action have been complied with and an Opinion of Counsel stating that in the opinion of such counsel such action is authorized or permitted by this Indenture and all such conditions precedent (including any covenants compliance with which
constitutes a condition precedent), if any, have been complied with, except that in the case of any such application or request as to which the furnishing of such documents is specifically required by any provision of this Indenture relating to such
particular application or request, no additional certificate or opinion need be furnished. 
 Every certificate or opinion with respect to
compliance with a condition or covenant provided for in this Indenture (other than annual certificates provided pursuant to Section 10.08) shall include: 

(1)    a statement that each individual signing such certificate or opinion has read such covenant or condition and the
definitions herein relating thereto; 
 (2)    a brief statement as to the nature and scope of the examination or
investigation upon which the statements or opinions contained in such certificate or opinion are based; 
 (3)    a
statement that, in the opinion of each such individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

  
 6 

 (4)    a statement as to whether, in the opinion of each such
individual, such condition or covenant has been complied with. 
 SECTION 1.03.     Form of Documents Delivered to Trustee. 

In any case where several matters are required to be certified by, or covered by an opinion of, any specified Person, it is not necessary that
all such matters be certified by, or covered by the opinion of, only one such Person, or that they be so certified or covered by only one document, but one such Person may certify or give an opinion with respect to some matters and one or more other
such Persons as to other matters, and any such Person may certify or give an opinion as to such matters in one or several documents. 
 Any
certificate or opinion of an officer of the Issuer may be based, insofar as it relates to legal matters, upon a certificate or Opinion of Counsel, or representations by counsel, unless such officer knows, or in the exercise of reasonable care should
know, that the certificate or opinion or representations with respect to the matters upon which his certificate or opinion is based are erroneous. Any such certificate or Opinion of Counsel or representation by counsel may be based, insofar as it
relates to factual matters, upon a certificate or opinion of, or representations by, an officer or officers of the Issuer stating that the information with respect to such factual matters is in the possession of the Issuer, unless such counsel
knows, or in the exercise of reasonable care should know, that the certificate or opinion or representations with respect to such matters are erroneous. 

Where any Person is required to make, give or execute two or more applications, requests, consents, certificates, statements, opinions or
other instruments under this Indenture, they may, but need not, be consolidated and form one instrument. 
 SECTION 1.04.     Acts of
Holders. 
 (a)    Any request, demand, authorization, direction, notice, consent, waiver or other action provided by
this Indenture to be given or taken by Holders may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by an agent duly appointed in writing or by the record of the Holders
voting in favor thereof at any meeting of such Holders duly called and held; and, except as herein otherwise expressly provided, such action shall become effective when such instrument or instruments or any such record is delivered to the Trustee
and, where it is hereby expressly required, to the Issuer. Such instrument or instruments or such record (and the action embodied therein and evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such
instrument or instruments or voting at such meeting. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee, the Issuer if made
in the manner provided in this Section. 
 (b)    The fact and date of the execution by any Person of any such
instrument or writing may be proved by the affidavit of a witness of such execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or
writing acknowledged to him the execution thereof, or may be proved in such other manner as shall be deemed sufficient by the Trustee. 

Where such execution is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also
constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 

(c)    The ownership of Securities shall be proved by the Security Register. 

(d)    Any request, demand, authorization, direction, notice, consent, waiver or other Act of the Holder of any Security
shall bind every future Holder of the same Security and the Holder of every Security issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the
Trustee or the Issuer in reliance thereon, whether or not notation of such action is made upon such Security. 

  
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 (e)    The Issuer or the Trustee, as applicable, may set a date for the
purpose of determining the Holders of Securities entitled to consent, vote or take any other action referred to in this Section 1.04, which date shall be not less than 10 days nor more than 60 days prior to the taking of the consent, vote or
other action. 
 SECTION 1.05.     Notices, etc. to Trustee and Issuer. 

Any request, demand, authorization, direction, notice, consent, waiver or Act of the Holders or other document provided or permitted by this
Indenture to be made upon, given or furnished to, or filed with, 
 (1)    the Trustee by any Holder or by the Issuer
shall be sufficient for every purpose hereunder if made, given, furnished or filed in writing to or with the Trustee at its Corporate Trust Office, attention: Corporate Trust Department, and, unless otherwise herein expressly provided, any such
document shall be deemed to be sufficiently made, given, furnished or filed upon its receipt by a Responsible Officer of the Trustee, or 

(2)    the Issuer by the Trustee or by any Holder shall be sufficient for every purpose hereunder (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid, or overnight air courier guaranteeing next day delivery, to the Issuer addressed to it at: 

c/o Arthur J. Gallagher & Co. 

2850 Golf Road 
 Rolling Meadows,
Illinois 60008-4050 
 Attention: General Counsel 

or at any other address or addresses previously furnished in writing to the Trustee by the Issuer. 

The Issuer agrees that the Trustee shall have the right to accept and act upon instructions, including funds transfer instructions
(“Instructions”) given pursuant to this Indenture and delivered using Electronic Means; provided, however, that the Issuer shall provide to the Trustee an incumbency certificate listing officers with the authority and designated to provide
such Instructions (“Authorized Officers”) and containing specimen signatures of such Authorized Officers, which incumbency certificate shall be amended by the Issuer whenever a person is to be added or deleted from the listing. If the
Issuer elects to give the Trustee Instructions using Electronic Means and the Trustee in its reasonable discretion elects to act upon such Instructions, the Trustee’s understanding of such Instructions shall be deemed controlling. The Issuer
understands and agrees that the Trustee cannot determine the identity of the actual sender of such Instructions and that the Trustee shall conclusively presume that directions that purport to have been sent by an Authorized Officer listed on the
incumbency certificate provided to the Trustee have been sent by such Authorized Officer. The Issuer shall be responsible for ensuring that only Authorized Officers transmit such Instructions to the Trustee and that the Issuer and all Authorized
Officers are solely responsible to safeguard the use and confidentiality of applicable user and authorization codes, passwords and/or authentication keys upon receipt by the Issuer. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from its reliance upon and compliance with such Instructions notwithstanding such directions conflict or are inconsistent with a subsequent written instruction. The Issuer agrees: (i) to assume all risks arising
out of the use of Electronic Means to submit Instructions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized Instructions, and the risk of interception and misuse by third parties; (ii) that it is fully
informed of the protections and risks associated with the various methods of transmitting Instructions to the Trustee and that there may be more secure methods of transmitting Instructions than the method(s) selected by the Issuer; (iii) that
the security procedures (if any) to be followed in connection with its transmission of Instructions provide to it a commercially reasonable degree of protection in light of its particular needs and circumstances; and (iv) to notify the Trustee
immediately upon learning of any compromise or unauthorized use of the security procedures. 
 SECTION 1.06.     Notice to Holders;
Waiver. 
 Where this Indenture provides for notice to Holders of any event, such notice shall be sufficiently given (unless otherwise
herein expressly provided) if in writing and mailed, first-class postage prepaid, to each Holder affected by such event, at his address as it appears in the Security Register, not later than the latest date, and not earlier than the earliest date,
prescribed for the giving of such notice. In any case where notice to Holders is given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to any particular Holder shall affect the sufficiency of such notice
with respect to other Holders. Where this Indenture provides for notice in any manner, 

  
 8 

 
such notice may be waived in writing by the Person entitled to receive such notice, either before or after the event, and such waiver shall be the equivalent of such notice. Waivers of notice by
Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver. 

Notwithstanding any other provision of this Indenture or any Global Security, where this Indenture or any Global Security provides for notice
of any event (including any notice of redemption or repurchase) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given if given to the Depositary (or its designee) pursuant to the standing
instructions from the Depositary or its designee, including by electronic mail in accordance with Applicable Procedures. 
 In case by
reason of the suspension of regular mail service or by reason of any other cause it shall be impracticable to give such notice by mail, then such notification as shall be made with the approval of the Trustee shall constitute a sufficient
notification for every purpose hereunder. 
 SECTION 1.07.     Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with the duties imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture
Act through operation of Section 318(c), such imposed duties shall control. 
 SECTION 1.08.     Effect of Headings and Table of
Contents. 
 The Article and Section headings herein, the Trust Indenture Act Reconciliation and Tie, and the Table of Contents are for
convenience only and shall not affect the construction hereof. 
 SECTION 1.09.     Successors and Assigns. 

All covenants and agreements in this Indenture by the Issuer shall bind their successors and assigns, whether so expressed or not. 

SECTION 1.10.     Separability Clause. 

In case any provision in this Indenture or in the Securities shall be invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 SECTION 1.11.     Benefits of
Indenture. 
 Nothing in this Indenture or in the Securities, express or implied, shall give to any Person, other than the parties hereto
and their successors hereunder and the Holders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 SECTION 1.12.
    Governing Law; Waiver of Trial by Jury. 
 This Indenture and the Securities shall be governed by and
construed in accordance with the laws of the State of New York. The Issuer, the Trustee and each Holder irrevocably waives, to the fullest extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of
or relating to this Indenture or the transactions contemplated hereby. 
 SECTION 1.13.     Legal Holidays. 

Unless otherwise provided with respect to the Securities of a series, in any case where any Interest Payment Date, Redemption Date or Stated
Maturity of any Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of the Securities) payment of Principal of (and premium, if any) or interest, if any, on such Security need
not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date or Redemption Date, or at the Stated Maturity,
provided that no additional interest shall accrue with respect to the payment due on such date for the period from and after such Interest Payment Date, Redemption Date or Stated Maturity, as the case may be. 

  
 9 

 SECTION 1.14.     Submission to Jurisdiction. 

For the benefit of the Holders, the Issuer hereby (i) irrevocably submits to the non-exclusive
jurisdiction of any New York State court or United States federal court sitting in the Borough of Manhattan in the City of New York solely for purposes of any legal action or proceeding arising out of or relating to the Securities or this Indenture
and (ii) irrevocably waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of venue of any legal action or proceeding in any New York State court or United States federal court sitting in
the Borough of Manhattan in the City of New York, and any claim that any such action or proceedings brought in any such court has been brought in an inconvenient forum. The Issuer agrees that a final judgment in any such legal action or proceeding
shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by law. 
 To the
extent that the Issuer may in any jurisdiction claim for itself or its assets immunity (to the extent that any immunity may now or hereafter exist) from suit, execution, attachment (whether in aid of execution, before judgment or otherwise) or other
legal process (whether through service or notice or otherwise), and to the extent that in any such jurisdiction there may be attributed to itself or its assets such immunity (whether or not claimed), the Issuer irrevocably agrees not to claim, and
irrevocably waives, such immunity to the full extent permitted by the laws of such jurisdiction. 
 SECTION 1.15.     Indemnification
of Judgment Currency. 
 To the fullest extent permitted by applicable law, the Issuer shall indemnify each Holder against any loss
incurred by such Holder as a result of any judgment or order being given or made for any amount due under any Security and such judgment or order being expressed and paid in a currency (the “Judgment Currency”), which is other than U.S.
dollars and as a result of any variation as between (i) the rate of exchange at which the U.S. dollar is converted into the Judgment Currency for the purposes of such judgment or order and (ii) the spot rate of exchange in The City of New
York at which the Holder on the date of payment of such judgment is able to purchase U.S. dollars with the amount of the Judgment Currency actually received by such Holder. This indemnification will constitute a separate and independent obligation
of the Issuer and will continue in full force and effect notwithstanding any such judgment or order as aforesaid. The term “spot rate of exchange” includes any premiums and costs of exchange payable in connection with the purchase of, or
conversion into, U.S. dollars. 
 SECTION 1.16.     U.S.A. Patriot Act. 

The Issuer acknowledges that in accordance with Section 326 of the U.S.A. PATRIOT Act, the Trustee, like all financial institutions and in
order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to
this Indenture agree that they will provide the Trustee with such information as it may request in order for the Trustee to satisfy the requirements of the U.S.A. PATRIOT Act. 

ARTICLE TWO 
 SECURITY
FORMS 
 SECTION 2.01.     Forms Generally. 

The Securities of each series shall be in substantially the form established from time to time by or pursuant to an Officers’ Certificate,
a Board Resolution or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or
other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules of any securities exchange or as may, consistently herewith, be determined by the officers executing such Securities, as
evidenced by their execution of such Securities. Any portion of the text of any Security may be set forth on the reverse thereof, with an appropriate reference thereto on the face of the Security. Any such Officers’ Certificate, Board
Resolution or supplemental indenture shall have attached thereto a true and correct copy of the form of Security referred to in such Officers’ Certificate, Board Resolution or supplemental indenture. 

  
 10 

 The Trustee’s certificate of authentication shall be in substantially the form set
forth in this Article. 
 The definitive Securities shall be produced in any manner, as determined by the officers executing such
Securities, as evidenced by their execution of such Securities. 
 SECTION 2.02.     Form of Trustee’s Certificate
of Authentication. 
 The Trustee’s certificate of authentication on all Securities shall be in substantially the following form:

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

Dated:                      

 

			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE
		
	 By:
	 	
              
      

	 Authorized Signatory

 SECTION 2.03.     Securities in Global Form 

If any Security of a series is issuable in global form (a “Global Security”), such Global Security may provide that it shall
represent the aggregate amount of Outstanding Securities from time to time endorsed thereon and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect exchanges. Any
endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount, of Outstanding Securities represented thereby shall be made by the Trustee and in such manner as shall be specified in such Global Security. Any
instructions by the Issuer with respect to a Global Security, after its initial issuance, shall be in writing but need not comply with Section 1.02. The Trustee and each Agent are hereby authorized to act in accordance with Applicable
Procedures with respect to any Global Security and shall have no responsibility for any actions taken or not taken by any Depositary. 

Global Securities may be issued in either temporary or permanent form. Permanent Global Securities will be issued in definitive form. 

ARTICLE THREE 
 THE
SECURITIES 
 SECTION 3.01.     Amount Unlimited; Issuable in Series. 

The aggregate Principal Amount of Securities which may be authenticated and delivered under this Indenture is unlimited. 

The Securities may be issued in one or more series. There shall be established in or pursuant to an Officers’ Certificate, a Board
Resolution or one or more indentures supplemental hereto, prior to the issuance of Securities of any series, 

(1)    the title of the Securities of the series (which shall distinguish the Securities of the series from all other
Securities); 
 (2)    the aggregate Principal Amount of the Securities of such series and any limit upon the aggregate
Principal Amount of the Securities of the series which may be authenticated and delivered under this Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other securities
of the series pursuant to Section 3.04, 3.05, 3.06, 9.06 or 11.07); 
 (3)    the date or dates on which the
principal (and premium, if any) of the Securities of the series is payable or the method of determination thereof; 

  
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 (4)    the rate or rates (which may be fixed or variable), or the
method of determination thereof, at which the Securities of the series shall bear interest, if any, including the rate of interest applicable on overdue payments of Principal or interest, if different from the rate of interest stated in the title of
the Security, the date or dates from which such interest shall accrue or the method of determination thereof, the Interest Payment Dates on which such interest shall be payable and the Regular Record Date for the interest payable on any Interest
Payment Date; 
 (5)    the Paying Agent or Paying Agents, Security Registrar and Depositary Custodian for the
Securities of the series if other than the Trustee; 
 (6)    the Place of Payment of the Securities of the series;

 (7)    if other than U.S. Dollars, the foreign currency or currencies in which Securities of the series shall be
denominated or in which payment of the Principal of (and premium, if any) or interest on Securities of the series may be made, and the particular provisions applicable thereto and the manner of determining the equivalent thereof in the currency of
the United States of America for any purpose, including for purposes of the definition of “Outstanding” in Section 1.01; 

(8)    the right, if any, of the Issuer to redeem the Securities of such series and the period or periods within which,
the price or prices at which and the terms and conditions upon which Securities of the series may be redeemed, in whole or in part, at the option of the Issuer; 

(9)    the obligation, if any, of the Issuer to redeem or purchase Securities of the series pursuant to any sinking fund
or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the series shall be redeemed or purchased, in whole or in part,
pursuant to such obligation; 
 (10)    if other than denominations of $2,000 and any integral multiple of $1,000 in
excess thereof, the denominations in which Securities of the series shall be issuable; 
 (11)    whether the
Securities of the series shall be issued in whole or in part in the form of one or more Global Securities and, in such case, the depositary (the “Depositary”) for such Global Security or Securities; and the manner in which and the
circumstances under which Global Securities representing Securities of the series may be exchanged for Securities in definitive form, if other than, or in addition to, the manner and circumstances specified in Section 3.05(b); 

(12)    if other than the Principal Amount thereof, the portion of the Principal Amount of Securities of the series which
shall be payable upon declaration of acceleration of the Maturity thereof pursuant to Section 5.02; 
 (13)    if
the provisions of Section 4.03 or 4.04 of this Indenture are to apply to the Securities of the series, a statement indicating the same; 

(14)    any deletions from or modifications of or additions to the Events of Default set forth in Section 5.01
pertaining to the Securities of the series; 
 (15)    the form of the Securities of the series; 

(16)    any security for or guarantees of the Securities of the series or the addition of an additional obligor of the
Securities of the series; and 
 (17)    any other terms of a particular series and any other provisions expressing or
referring to the terms and conditions upon which the Securities of that series are to be issued, (which terms and conditions are not in conflict with the provisions of this Indenture or do not adversely affect the rights of Holders of any other
series of Securities then Outstanding); provided, however, that the addition to or subtraction from or variation of Articles Four, Five, Eight, Ten and Twelve (and Section 1.01 insofar as it relates to the definition of certain
terms as used in such Articles) with regard to the Securities of a particular series shall not be deemed to constitute a conflict with the provisions of those Articles. 

  
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 All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to such Officers’ Certificate, Board Resolution or indenture supplemental hereto. All Securities of any one series need not be issued at the same time, and unless otherwise provided, a
series may be reopened for issuance of additional Securities of such series without the consent of the Holders thereof. 
 The Securities of
all series shall rank on a parity in right of payment. 
 SECTION 3.02.     Denominations. 

The Securities of each series shall be issuable in registered form without coupons in such denominations as shall be specified as contemplated
by Section 3.01. In the absence of any such provisions with respect to the Securities of any series, the Securities of such series shall be issuable in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

SECTION 3.03.     Execution, Authentication, Delivery and Dating. 

The Securities shall be executed on behalf of the Issuer by (i) the Chairman of the Board, the Chief Executive Officer, the President, a
Vice President, the Chief Financial Officer, or the General Counsel of the Issuer, and (ii) the Secretary, an Assistant Secretary, the Treasurer or an Assistant Treasurer of the Issuer. The signature of any of these officers on the Securities
may be manual, or facsimile or by other electronic means. 
 Securities bearing the manual, facsimile or other electronic signatures of
individuals who were at any time the proper officers of the Issuer shall bind such Person notwithstanding that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Securities or did not
hold such offices at the date of issuance of such Securities. 
 At any time and from time to time after the execution and delivery of this
Indenture, the Issuer may deliver Securities of any series executed by the Issuer to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of such Securities, and the Trustee in accordance with the Issuer
Order shall authenticate and deliver such Securities. If any Security shall be represented by a permanent Global Security, then, for purposes of this Section and Section 3.04, the notation of a beneficial owner’s interest therein upon
original issuance of such Security or upon exchange of a portion of a temporary Global Security shall be deemed to be delivery in connection with the original issuance of such beneficial owner’s interest in such permanent Global Security. 

In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the
Trustee shall be entitled to receive and (subject to Section 6.01) shall be fully protected in relying upon the documents specified in Section 314 of the Trust Indenture Act, and, in addition: 

(1)    the executed Officers’ Certificate, Board Resolution, or supplemental indenture, as applicable; and 

(2)    an Opinion of Counsel which shall state: 

(A)    the form or forms and terms of such Securities, if any, have been established in conformity with the provisions of
this Indenture; and 
 (B)    all conditions precedent set forth in this Indenture to the authentication and delivery
of such Securities have been complied with and that such Securities, when completed by appropriate insertions (if applicable), executed by duly authorized officers of the Issuer, delivered by duly authorized officers of the Issuer to the Trustee for
authentication pursuant to this Indenture, and authenticated and delivered by the Trustee and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute the legal, valid and binding
Obligations of the Issuer, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and
subject, as to enforceability, to general principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity). 

If such form or terms have been so established, the Trustee shall not be required to authenticate such Securities if the issue of such
Securities pursuant to this Indenture will affect the Trustee’s own rights, duties or immunities under the Securities and this Indenture or otherwise in a manner which is not reasonably acceptable to the Trustee. 

  
 13 

 Notwithstanding the provisions of Section 3.01 and of this Section 3.03, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to deliver the Officers’ Certificate, Board Resolution, or supplemental indenture, as applicable, otherwise required pursuant to Section 3.01 or
the Officers’ Certificate, Board Resolution, or supplemental indenture, as applicable, and Opinion of Counsel otherwise required pursuant to this Section 3.03 at or prior to the time of authentication of each Security of such series if
such documents are delivered at or prior to the authentication upon original issuance of the first Security of such series to be issued. 

Each Security shall be dated the date of its authentication. 

No Security shall be entitled to any benefit under this Indenture or be valid or obligatory for any purpose unless there appears on such
Security a certificate of authentication substantially in the form provided for herein executed by the Trustee by manual, electronic or facsimile signature of an authorized signatory, and such certificate upon any Security shall be conclusive
evidence, and the only evidence, that such Security has been duly authenticated and delivered hereunder. 
 The Trustee may appoint an
Authenticating Agent acceptable to the Issuer to authenticate Securities. An Authenticating Agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. 
 SECTION 3.04.     Temporary Securities. 

Pending the preparation of definitive Securities of any series, the Issuer may execute, and upon Issuer Order, the Trustee shall authenticate
and deliver, temporary Securities which are printed, lithographed, typewritten, reproduced or otherwise produced, in any authorized denomination, substantially of the tenor of the definitive Securities in lieu of which they are issued and with such
appropriate insertions, omissions, substitutions and other variations as the officers executing such Securities may determine, as evidenced by their execution of such Securities. 

If temporary Securities of any series are issued, the Issuer will cause definitive Securities of that series to be prepared without
unreasonable delay. After the preparation of definitive Securities of such series, the temporary Securities of such series shall be exchangeable for definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Issuer in a Place of Payment for that series, without charge to the Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the Issuer shall execute and the Trustee shall
authenticate and deliver in exchange therefor a like Principal Amount of definitive Securities of the same series of authorized denominations. Until so exchanged the temporary Securities of any series shall in all respects be entitled to the same
benefits under this Indenture as definitive Securities of such series. 
 SECTION 3.05.     Registration, Registration of Transfer
and Exchange of Global Securities Representing the Securities. 
 (a)    The Issuer shall cause to be kept at the
Corporate Trust Office of the Trustee a register (the register maintained in such office or in any other office or agency of the Issuer in a Place of Payment being herein sometimes referred to as the “Security Register”) in which, subject
to such reasonable regulations as it may prescribe, the Issuer shall provide for the registration of Securities and of transfers of Securities. The Trustee is hereby appointed “Security Registrar” for the purpose of registering Securities
and transfers of Securities as herein provided. 
 The Security Registrar shall maintain on behalf of the Issuer a full and complete list of
names and addresses of all Holders of Securities issued by the Issuer pursuant to this Indenture and any indenture supplemental hereto, and the Principal Amount of Securities held by such Holder. 

Upon surrender for registration of transfer of any Security of any series at the office or agency in a Place of Payment for that series, the
Issuer shall execute, and the Trustee shall authenticate and deliver, in the name of the designated transferee or transferees, one or more new Securities of the same series, of any authorized denominations and of a like aggregate Principal Amount
and Stated Maturity. 

  
 14 

 Except as otherwise provided in this Article Three, at the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized denominations and of an equal aggregate Principal Amount, upon surrender of the Securities to be exchanged at such office or agency. Whenever any Securities
are so surrendered for exchange, the Issuer shall execute, and the Trustee shall authenticate and deliver, the Securities which the Holder making the exchange is entitled to receive. 

All Securities issued upon any registration of transfer or exchange of Securities shall be the valid Obligations of the Issuer evidencing the
same debt and entitled to the same benefits under this Indenture as the Securities surrendered upon such registration of transfer or exchange. 

Every Security presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuer or the Trustee) be
duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Security Registrar duly executed, by the Holder thereof or his attorney duly authorized in writing with such signature guaranteed by a
commercial bank reasonably acceptable to the Trustee or by a member of a national securities exchange. 
 No service charge shall be made
for any registration of transfer or exchange of Securities, but the Issuer or the Trustee may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection with any registration of transfer or
exchange of Securities, other than exchanges pursuant to Section 3.04, 9.06 or 11.07 not involving any transfer. The transferor shall also provide or cause to be provided to the Trustee all information necessary to allow the Trustee to comply
with any applicable tax reporting obligations, including without limitation, any cost basis reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The Trustee may rely on any such information provided to it
and shall have no responsibility to verify or ensure the accuracy of such information. 
 The Issuer shall not be required (i) to
issue, register the transfer of or exchange Securities of any series during a period beginning at the opening of business 15 days before the day of the mailing or sending of a notice of redemption of Securities of that series selected for redemption
under Section 11.03 and ending at the close of business on the day of such mailing or sending, or (ii) to register the transfer of or exchange of any Security so selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part. 
 (b)    If the Issuer shall establish pursuant to Section 3.01 that the
Securities of a series are to be issued in whole or in part in the form of one or more Global Securities, then the Issuer shall execute and the Trustee shall, in accordance with Section 3.03 and the Issuer Order with respect to such series,
authenticate and deliver one or more Global Securities in temporary or permanent form that (i) shall represent and shall be denominated in an amount equal to the aggregate Principal Amount of the Outstanding Securities of such series to be
represented by one or more Global Securities, (ii) shall be registered in the name of the Depositary for such Global Security or Securities or the nominee of such Depositary, (iii) shall be delivered by the Trustee or delivered or held
pursuant to such Depositary’s instruction, and (iv) unless otherwise provided for with respect to the Securities of such series pursuant to Section 3.01, shall bear a legend substantially to the following effect: “This Security
may not be transferred except as a whole by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or
a nominee of such successor Depositary, unless and until this Security is exchanged in whole or in part for Securities in definitive form.” 

Each Depositary designated pursuant to Section 3.01 must, at the time of its designation and at all times while it serves as Depositary,
be a clearing agency registered under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and any other applicable statute or regulation. 

If at any time the Depositary for the Securities of a series notifies the Issuer that it is unwilling or unable to continue as Depositary for
the Securities of such series or if at any time the Depositary for Securities of a series shall no longer be a clearing agency registered and in good standing under the Exchange Act or other applicable statute or regulation (as required by this
Section 3.05), the Issuer shall appoint a successor Depositary eligible under this Section 3.05 with respect to the Securities of such series. If a successor Depositary for the Securities of such series is not appointed by the Issuer
within 90 days after the Issuer receives such notice or becomes aware of such condition, the Issuer shall execute, and the Trustee, upon receipt of an Issuer Order for the authentication and delivery of definitive Securities of such series, will
authenticate and deliver, Securities of such series in definitive form in an aggregate Principal Amount equal to the Principal Amount of the Global Security or Securities representing such series in exchange for such Global Security or Securities.

  
 15 

 The Issuer may at any time and in its sole discretion and subject to the procedures of the
Depositary determine that the Securities of any series issued in the form of one or more Global Securities shall no longer be represented by such Global Security or Securities. In such event, the Issuer shall execute, and the Trustee, upon receipt
of an Issuer Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive form and in an aggregate Principal Amount equal to the Principal Amount of the
Global Security or Securities representing such series in exchange for such Global Security or Securities. 
 If the Securities of any
series shall have been issued in the form of one or more Global Securities and if an Event of Default with respect to the Securities of such series shall have occurred and be continuing, the Issuer may, and upon the request of the Trustee shall,
promptly execute, and the Trustee, upon receipt of an Issuer Order for the authentication and delivery of definitive Securities of such series, will authenticate and deliver, Securities of such series in definitive form and in an aggregate Principal
Amount equal to the Principal Amount of the Global Security or Securities representing such series in exchange for such Global Security or Securities. 

The Depositary for such series of Securities may surrender a Global Security for such series of Securities in exchange in whole or in part for
Securities of such series in definitive form on such terms as are acceptable to the Issuer and such Depositary. Thereupon, the Issuer shall execute and the Trustee shall authenticate and deliver, without charge: 

(i)    to each Person specified by the Depositary a new Security or Securities of the same series, of any authorized
denomination as requested by such Person in an aggregate Principal Amount equal to and in exchange for such Person’s beneficial interest in the Global Security; and 

(ii)    to the Depositary a new Global Security in a denomination equal to the difference, if any, between the Principal
Amount of the surrendered Global Security and the aggregate Principal Amount of Securities delivered to holders thereof. 
 Upon the
exchange of a Global Security for Securities in definitive form, such Global Security shall be cancelled by the Trustee. Securities issued in exchange for a Global Security pursuant to this subsection (b) shall be registered in such names and
in such authorized denominations as the Depositary for such Global Security, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Securities to the Persons in
whose names such Securities are so registered. In connection with any proposed exchange of Global Securities for Securities in definitive registered form, the Issuer or DTC shall be required to provide or cause to be provided to the Trustee all
information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Section 6045 of the Internal Revenue Code of 1986, as amended. The
Trustee may rely on any such information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

None of the Issuer, the Trustee nor any agent of the Issuer or the Trustee will have any responsibility or liability for the Depositary,
including any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

SECTION 3.06.    Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Security of the same series and of like tenor and Principal Amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Issuer and the Trustee (i) evidence to their satisfaction of the destruction, loss or theft of any
Security and (ii) such security or indemnity required by them to save each of them and any agent of either of them harmless, then, in the absence of notice to the Issuer or the Trustee that such Security has been acquired by a protected
purchaser, the Issuer shall execute and upon its request the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and Principal Amount and bearing a
number not contemporaneously outstanding. 

  
 16 

 If any such mutilated, destroyed, lost or stolen Security has become or is about to become
due and payable, the Issuer in its discretion may, instead of issuing a new Security, pay such Security. 
 Upon the issuance of any new
Security under this Section, the Issuer may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the fees and expenses of the Trustee)
connected therewith. 
 Every new Security of any series issued pursuant to this Section in lieu of any destroyed, lost or stolen Security
shall constitute an original additional contractual obligation of the Issuer, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the benefits of this Indenture equally and
proportionately with any and all other Securities of that series duly issued hereunder. 
 The provisions of this Section are exclusive and
shall preclude (to the extent lawful) all other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

SECTION 3.07.     Payment of Interest; Interest Rights Preserved. 

Interest on any Security which is payable, and is punctually paid or duly provided for, on any Interest Payment Date shall be paid to the
Person in whose name that Security (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. 

At the option of the Issuer, interest on the Securities of any series that bear interest may be paid by mailing a check to the address of the
Person entitled thereto as such address shall appear in the Security Register. 
 Any interest on any Security of any series which is
payable, but is not punctually paid or duly provided for, on any Interest Payment Date (“Defaulted Interest”) shall forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having been such Holder, and
such Defaulted Interest may be paid by the Issuer, at its election in each case, as provided in clause (1) or (2) below: 

(1)    The Issuer may elect to make payment of any Defaulted Interest to the Persons in whose names the Securities of
such series (or their respective Predecessor Securities) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall notify the Trustee
in writing of the amount of Defaulted Interest proposed to be paid on each Security of such series and the date of the proposed payment, and at the same time the Issuer shall deposit with the Trustee an amount of money equal to the aggregate amount
proposed to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the date of the proposed payment, such money when deposited to be held in trust for the benefit of the Persons
entitled to such Defaulted Interest as in this clause provided. Thereupon the Issuer shall fix a Special Record Date for the payment of such Defaulted Interest which shall be not more than 15 days and not less than 10 days prior to the date of the
proposed payment and not less than 10 days after the receipt by the Trustee of the notice of the proposed payment. The Issuer shall promptly notify the Trustee of such Special Record Date and, in the name and at the expense of the Issuer, the
Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be mailed, first-class postage prepaid, or sent pursuant to Applicable Procedures, to each Holder of Securities of such series at
his address as it appears in the Security Register, not less than 10 days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor having been so mailed or sent, such Defaulted
Interest shall be paid to the Persons in whose names the Securities of such series (or their respective Predecessor Securities) are registered at the close of business on such Special Record Date and shall no longer be payable pursuant to the
following clause (2). 
 (2)    The Issuer may make payment of any Defaulted Interest on the Securities of any series
in any other lawful manner not inconsistent with the requirements of any securities exchange on which such Securities may be listed, and upon such notice as may be required by such exchange, if, after notice given by the Issuer to the Trustee of the
proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

  
 17 

 Subject to the foregoing provisions of this Section, each Security delivered under this
Indenture upon registration of transfer of or in exchange for or in lieu of any other Security shall carry the rights to interest accrued and unpaid, and to accrue, which were carried by such other Security. 

SECTION 3.08.     Persons Deemed Owners. 

Prior to due presentment of a Security for registration of transfer, the Issuer, the Trustee and any agent of the Issuer or the Trustee may
treat the Person in whose name such Security is registered as the owner of such Security for the purpose of receiving payment of Principal of (and premium, if any) and (subject to Section 3.07) interest on such Security and for all other
purposes whatsoever, whether or not such Security be overdue, and none of the Issuer, the Trustee or any agent of the Issuer or the Trustee shall be affected by notice to the contrary. 

SECTION 3.09.     Cancellation. 

All Securities surrendered for payment, redemption, conversion, registration of transfer or exchange or for credit against any sinking fund
payment or analogous obligation shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and promptly shall be cancelled by it and, if surrendered to the Trustee, shall be promptly cancelled by it. The Issuer may at
any time deliver to the Trustee for cancellation any Securities previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and all Securities so delivered promptly shall be cancelled by the Trustee.
No Securities shall be authenticated in lieu of or in exchange for any Securities cancelled as provided in this Section, except as expressly permitted by this Indenture. All cancelled Securities held by the Trustee shall be disposed of in accordance
with the Trustee’s customary procedures. The acquisition of any Securities by the Issuer shall not operate as a redemption or satisfaction of the Indebtedness represented thereby unless and until such Securities are surrendered to the Trustee
for cancellation. Permanent Global Securities shall not be destroyed until exchanged in full for definitive Securities or until payment thereon is made in full. 

SECTION 3.10.     Computation of Interest. 

Except as otherwise specified as contemplated by Section 3.01 for Securities of any series, interest on the Securities of each series
shall be computed on the basis of a 360-day year comprised of twelve 30-day months. 

SECTION 3.11.     CUSIP Numbers. 

The Issuer in issuing the Securities may use “CUSIP” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” numbers in notices as a convenience to Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in any notice
and that reliance may be placed only on the other identification numbers printed on the Securities, and any such notice shall not be affected by any defect in or omission of such numbers. The Issuer will promptly notify the Trustee in writing of any
change in the “CUSIP” numbers. 
 ARTICLE FOUR 

SATISFACTION AND DISCHARGE; DEFEASANCE 

SECTION 4.01.     Satisfaction and Discharge of Securities of any Series. 

The Issuer shall be deemed to have satisfied and discharged the entire Indebtedness on all the Securities of any particular series (except as
to any surviving rights of registration of transfer or exchange of Securities herein expressly provided for), and the Trustee, upon Issuer Request and at the expense of the Issuer, shall execute such instruments as may be requested by the Issuer
acknowledging satisfaction and discharge of such Indebtedness, when 
 (a)    either 

(1)    all Securities theretofore authenticated and delivered (other than (i) Securities which have been destroyed,
lost or stolen and which have been replaced or paid as provided in Section 3.06 and (ii) Securities for whose payment money has theretofore been deposited in trust or segregated and held in trust by the Issuer and thereafter repaid to the
Issuer or discharged from such trust, as provided in Section 10.03) have been delivered to the Trustee for cancellation; or 

  
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 (2)    all such Securities not theretofore delivered to the Trustee for
cancellation 
 (A)    have become due and payable, or 

(B)    will become due and payable at their Stated Maturity within one year, or 

(C)    are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of
notice of redemption by the Trustee in the name, and at the expense, of the Issuer, and the Issuer, in the case of (A), (B) or (C) above, has deposited or caused to be deposited with the Trustee as trust funds in trust for the purpose an amount
sufficient to pay and discharge the entire Indebtedness on such Securities not theretofore delivered to the Trustee for cancellation (other than Securities which have been destroyed, lost or stolen and which have been replaced or paid as provided in
Section 3.06), for Principal (and premium, if any) and interest to the date of such deposit (in the case of Securities which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 

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

(c)    the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
all conditions precedent herein provided for relating to the satisfaction and discharge of the entire Indebtedness on all Securities of such series have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the Obligations of the Issuer to the Trustee under Section 6.07 or to
any Authenticating Agent under Section 3.03 and, if money shall have been deposited with the Trustee pursuant to subclause (B) of clause (2) of this Section, the Obligations of the Trustee under Section 4.07 and the last
paragraph of Section 10.03 shall survive. 
 SECTION 4.02.     Option to Effect Legal Defeasance or Covenant Defeasance.

 The Issuer may, at the option of its Board of Directors evidenced by an Officers’ Certificate, Board Resolution, or supplemental
indenture, with respect to the Securities of any series, unless otherwise specified pursuant to Section 3.01 with respect to a particular series of Securities, elect to have either Section 4.03 or 4.04 be applied to all of the Outstanding
Securities of that series upon compliance with the conditions set forth below in this Article Four. 
 SECTION 4.03.     Legal
Defeasance and Discharge. 
 Upon the Issuer’s exercise under Section 4.02 of the option applicable to this Section 4.03,
the Issuer shall be deemed to have been discharged from its Obligations with respect to all Outstanding Securities of the particular series and any coupons appertaining thereto on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, such Legal Defeasance means that the Issuer shall be deemed to have paid and discharged all the Obligations relating to the Outstanding Securities of that series, including any coupons appertaining
thereto, and the Securities of that series, including any coupons appertaining thereto, shall thereafter be deemed to be “outstanding” only for the purposes of Section 4.06 and the other Sections of this Indenture referred to below in
this Section 4.03, and to have satisfied all of its other Obligations under such Securities and any coupons appertaining thereto and this Indenture and cured all then existing Events of Default (and the Trustee, on demand of and at the expense
of the Issuer, shall execute proper instruments acknowledging the same), except for the following which shall survive until otherwise terminated or discharged hereunder: (i) the Issuer’s Obligations with respect to Securities of such
series under Sections 3.05, 3.06, 10.02 and 10.03, (ii) rights of Holders to receive payments of the Principal of (and premium, if any) and interest, if any, on the Securities of such series as they shall become due from time to time and other
rights, duties and Obligations of Holders as beneficiaries hereof with respect to the amounts so deposited with the Trustee, (iii) the rights, obligations and immunities of the Trustee hereunder (for which purposes the Securities of such series
shall be deemed Outstanding), (iv) this Article Four and the obligations set forth in Section 4.06 hereof and (v) the obligations of the Issuer under Section 6.07 hereof. 

  
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 Subject to compliance with this Article Four, the Issuer may exercise its option under
Section 5.03 notwithstanding the prior exercise of its option under Section 4.04 with respect to the Securities of a particular series and any coupons appertaining thereto. 

SECTION 4.04.     Covenant Defeasance. 

Upon the Issuer’s exercise under Section 4.02 of the option applicable to this Section 4.04, the Issuer shall be released from
any obligations under the covenants contained in Sections 10.04, 10.05 and 10.06 or established pursuant to Section 3.01 or 9.01 hereof with respect to the Outstanding Securities of the particular series on and after the date the conditions set
forth below are satisfied (hereinafter, “Covenant Defeasance”), and the Securities of that series and any coupons appertaining thereto shall thereafter be deemed not “Outstanding” for the purposes of any direction, waiver,
consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “Outstanding” for all other purposes hereunder (it being understood that such Securities
shall not be deemed outstanding for accounting purposes). For this purpose, such Covenant Defeasance means that, with respect to the Outstanding Securities of that series and any coupons appertaining thereto, the Issuer may omit to comply with and
shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such
covenant to any other provision herein or in any other document and such omission to comply shall not constitute a default or Event of Default under Section 5.01(4) or any Event of Default specified pursuant to Section 3.01 or 9.01 but,
except as specified above, the remainder of this Indenture and the Securities of that series shall be unaffected thereby. 
 SECTION 4.05.
    Conditions to Legal or Covenant Defeasance. 
 The following shall be the conditions to the application of
either Section 4.03 or Section 4.04 to the Outstanding Securities of a particular series: 
 (a)    the Issuer
must irrevocably deposit, or cause to be irrevocably deposited, with the Trustee for the Securities of that series, in trust, for the benefit of the Holders of the Securities of that series, cash in the currency or currency unit in which the
Securities of that series are payable (except as otherwise specified pursuant to Section 3.01 for the Securities of that series) sufficient or U.S. Government Obligations the Principal of and interest on which will be sufficient or a
combination thereof sufficient, in the written opinion of a nationally recognized firm of independent public accountants delivered to the Trustee, to pay the Principal of, premium, if any, and interest, if any, due on the Outstanding Securities of
that series and any related coupons to and including the date of Stated Maturity, or the applicable Redemption Date, as the case may be, with respect to the Outstanding Securities of that series and any related coupons; 

(b)    in the case of Legal Defeasance only, the Issuer shall have delivered to the Trustee for the Securities of that
series (1) an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, since the date on which Securities of such series were originally issued, there has been a change in the applicable U.S. Federal income tax law,
to the effect that, and based thereon such Opinion of Counsel shall confirm that, subject to customary assumptions and exclusions, the Holders of the Outstanding Securities of that series will not recognize income, gain or loss for U.S. Federal
income tax purposes as a result of such Legal Defeasance and will be subject to U.S. Federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred or (2) a
copy of a ruling or other formal statement or action to that effect received from or published by the U.S. Internal Revenue Service; 

(c)    in the case of Covenant Defeasance only, the Issuer shall have delivered to the Trustee for the Securities of that
series an Opinion of Counsel confirming that, subject to customary assumptions and exclusions, the Holders of the Outstanding Securities of that series will not recognize income, gain or loss for U.S. Federal income tax purposes as a result of such
Covenant Defeasance and will be subject to such tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(d)    no Event of Default or event which with the giving of notice or the lapse of time, or both, would become an Event
of Default with respect to the Securities of that series (other than any event resulting from the borrowing of funds to be applied to make such deposit) shall have occurred and be continuing on the date of such deposit; 

  
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 (e)    such Legal Defeasance or Covenant Defeasance shall not result in
a breach or violation of, or constitute a default under any material agreement (other than this Indenture) or instrument to which the Issuer is a party or by which the Issuer is bound; and 

(f)    the Issuer shall have delivered to the Trustee for the Securities of that series an Officers’ Certificate and
an Opinion of Counsel (which opinion of counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have
been complied with. 
 As used in this Article Four, “U.S. Government Obligations” means securities that are (i) direct
Obligations of the United States of America for payment of which its full faith and credit is pledged or (ii) Obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the
full and timely payment of which is unconditionally guaranteed as a full faith and credit obligation of the United States of America, which, in either case under clause (i) or (ii), are not callable or redeemable at the option of the issuer
thereof, and will also include a depository receipt issued by a bank or trust company as Custodian with respect to any such U.S. Government Obligation or a specified payment of interest on or principal of any such U.S. Government Obligation held by
such Custodian for the account of the holder of a depository receipt, provided that (except as required by law) such Custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount
received by the Custodian in respect of the U.S. Government Obligation or the specific payment of interest on or Principal of the U.S. Government Obligation evidenced by such depository receipt. 

SECTION 4.06.     Survival of Certain Obligations. 

Notwithstanding the satisfaction and discharge of the Securities of a particular series referred to in Sections 4.01, 4.02, 4.04, or 4.05, the
respective obligations of the Issuer and the Trustee for the Securities of a particular series under Sections 3.03, 3.04, 3.05, 3.06, 3.09, 4.07, 4.08, 4.09 and 5.08, Article Six, and Sections 7.01, 7.02, 10.02, 10.03 and 10.04, shall survive with
respect to Securities of that series until the Securities of that series are cancelled, and thereafter the obligations of the Issuer and the Trustee for the Securities of a particular series with respect to that series under Sections 4.08 and 6.07
shall survive. Nothing contained in this Article Four shall abrogate any of the obligations or duties of the Trustee of any series of Securities under this Indenture. 

SECTION 4.07.     Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 10.03, all money and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee pursuant to Sections 4.01 and 4.05 shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the payment, either directly or through any Paying Agent
(including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the Principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee. 

SECTION 4.08.     Repayment of Moneys Held by Paying Agent. 

Any money deposited with the Trustee or any other Paying Agent remaining unclaimed by the Holders of any Securities for two years after the
date upon which the Principal of or interest on such Securities shall have become due and payable, subject to applicable abandoned property law, shall be repaid to the Issuer by the Trustee or any such other Paying Agent and such Holders shall
thereafter be entitled to look to the Issuer only as general creditors for payment thereof (unless otherwise provided by law). 
 SECTION 4.09.
    Reinstatement. 
 If the Trustee is unable to apply any money or U.S. Government Obligations in accordance
with Section 4.07 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Issuer’s obligations under this
Indenture and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to Section 4.01 or 4.05, as the case may be, until such time as the Trustee is permitted to apply all such money or U.S. Government
Obligations in accordance with Section 4.07; provided that, if the Issuer has made payment of Principal of, or interest on any Securities because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of
the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee. 

  
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 ARTICLE FIVE 

REMEDIES OF THE TRUSTEE AND 

HOLDERS ON EVENT OF DEFAULT 
 SECTION 5.01.
    Events of Default. 
 “Event of Default,” wherever used herein with respect to Securities of any
series, means any one of the following events (whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order,
rule or regulation of any administrative or governmental body): 
 (1)    default in the payment of interest upon any
Security of that series when it becomes due and payable, and continuance of such default for a period of 30 days; or 

(2)    default in the payment of the Principal of (or premium, if any, on) any Security of that series when due (whether
at Maturity, upon acceleration, redemption or otherwise); or 
 (3)    default in the deposit of any sinking fund
payment, when and as due by the terms of any Security of that series; or 
 (4)    default in the performance, or
breach, of any covenant of the Issuer in this Indenture or any Security of that series (other than a covenant a default in whose performance or whose breach is elsewhere in this Section specifically dealt with or which has expressly been included in
this Indenture solely for the benefit of series of Securities other than that series), and continuance of such default or breach for a period of 90 days after there has been given, by registered or certified mail or overnight air courier
guaranteeing next day delivery, to the Issuer by the Trustee or to the Issuer and the Trustee by the Holders of at least 25% in Principal Amount of the Outstanding Securities of that series a written notice specifying such default or breach and
requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 
 (5)    the
entry by a court having jurisdiction in the premises of (A) a decree or order for relief in respect of the Issuer or any Significant Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or
order adjudging the Issuer or any Significant Subsidiary bankrupt or insolvent, or approving as properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Issuer or any Significant Subsidiary
under any applicable Bankruptcy Law, or appointing a Custodian of the Issuer or any Significant Subsidiary or of any substantial part of their property, or ordering the winding up or liquidation of its affairs, and the continuance of any such decree
or order for relief or any such other decree or order unstayed and in effect for a period of 90 consecutive days; or 

(6)    the commencement by the Issuer or any Significant Subsidiary of a voluntary case or proceeding under any
applicable Bankruptcy Law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent by it to the entry of a decree or order for relief in respect of the Issuer or any Significant Subsidiary in an involuntary case
or proceeding under any applicable Bankruptcy Law or to the commencement of any bankruptcy or insolvency case or proceeding against it, or the filing by it of a petition or answer or consent seeking reorganization or relief under any applicable
Bankruptcy Law, or the consent by it to the filing of such petition or to the appointment of or taking possession by a Custodian of the Issuer or any Significant Subsidiary of any substantial part of its property, or the making by it of an
assignment for the benefit of creditors, or the admission by it in writing of its inability to pay its debts generally as they become due, or the taking of corporate action by the Issuer or any Significant Subsidiary in furtherance of any such
action, or the taking of any comparable action under any foreign laws relating to insolvency; or 
 (7)    default
under any Indebtedness by the Issuer or any of its Subsidiaries that results in acceleration of the maturity of such Indebtedness, or the failure to pay any such Indebtedness at maturity, in an aggregate amount greater than $175 million or its
foreign currency equivalent at the time, provided that the cure of such default shall remedy such Event of Default under this clause; or 

  
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 (8)    any other Event of Default provided with respect to Securities
of that series. 
 SECTION 5.02.     Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any series at the time Outstanding (other than of a type specified in Section 5.01(5)
or (6)) occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in Principal Amount of the Outstanding Securities of that series may declare the Principal Amount (or, if the Securities of that series are
Original Issue Discount Securities, such portion of the Principal Amount as may be specified in the terms of that series) of all of the Securities of that series to be due and payable immediately, by a notice in writing to the Issuer (and to the
Trustee if given by Holders), and upon any such declaration such Principal Amount (or specified amount) shall become immediately due and payable, anything in this Indenture or in any of the Securities of such series to the contrary notwithstanding.

 At any time after such a declaration of acceleration with respect to Securities of any series has been made and before a judgment or
decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in Principal Amount of the Outstanding Securities of that series, by written notice to the Issuer and the
Trustee, may rescind and annul such declaration and its consequences if 
 (1)    the Issuer has paid or deposited with
the Trustee a sum sufficient to pay 
 (A)    all overdue interest on all Securities of that series, 

(B)    the Principal of (and premium, if any, on) any Securities of that series which have become due otherwise than by
such declaration of acceleration and interest thereon at the rate or rates prescribed therefor in such Securities, 

(C)    to the extent that payment of such interest is lawful, interest upon overdue interest at the rate or rates
prescribed therefor in such Securities, and 
 (D)    all sums paid or advanced by the Trustee hereunder and the
reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due to the Trustee under Section 6.07 hereof; 

and 
 (2)    all Events of
Default with respect to Securities of that series, other than the nonpayment of the principal of Securities of that series which have become due solely by such declaration of acceleration, have been cured or waived as provided in Section 5.13.

 No such rescission shall affect any subsequent default or impair any right consequent thereon. 

Notwithstanding the foregoing, in the case of an Event of Default arising under Section 5.01(5) or (6), all outstanding Securities shall
IPSO FACTO become due and payable without further action or notice. 
 SECTION 5.03.     Collection of Indebtedness and Suits for
Enforcement by Trustee. 
 The Issuer covenants that if 

(1)    default is made in the payment of interest on any Security when such interest becomes due and payable and such
default continues for a period of 30 days, 
 (2)    default is made in the payment of the Principal of (or, premium,
if any, on) any Security at the Maturity thereof, or 

  
 23 

 (3)    default is made in the making or satisfaction of any sinking
fund payment or analogous Obligation when the same becomes due pursuant to the terms of any Security, 
 the Issuer, upon demand of the Trustee, will pay to
it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for Principal, including any sinking fund payment or analogous Obligations (and premium, if any) and interest, if any, and, to the extent
that payment of such interest shall be legally enforceable, interest on any overdue Principal (and premium, if any) and on any overdue interest, at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further
amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel and any other amounts due to the Trustee under
Section 6.07 hereof. 
 If the Issuer fails to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee
of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may enforce the same against the Issuer or any other obligor upon such
Securities and collect the moneys adjudged or decreed to be payable in the manner provided by law out of the property of the Issuer or any other obligor upon such Securities, wherever situated. 

If an Event of Default with respect to Securities of any series occurs and is continuing, the Trustee may in its discretion proceed to protect
and enforce its rights and the rights of the Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any
covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 
 SECTION 5.04.
    Trustee May File Proofs of Claim. 
 In case of the pendency of any receivership, insolvency, liquidation,
bankruptcy, reorganization, arrangement, adjustment, composition or other judicial proceeding relative to the Issuer or any other obligor upon the Securities or the property of the Issuer or of such other obligor or their creditors, the Trustee
(irrespective of whether the Principal of the Securities shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand on the Issuer for the payment of overdue
Principal or interest) shall be entitled and empowered, by intervention in such proceeding or otherwise, 
 (i)    to
file and prove a claim for the whole amount of Principal (and premium, if any) and interest, if any, owing and unpaid in respect of the Securities and to file such other papers or documents and take such other actions, including participating as a
member, voting or otherwise, of any official committee of creditors appointed in such matter, as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements
and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(ii)    to collect and receive any moneys or other property payable or deliverable on any such claim and to distribute the
same; and any Custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the
Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07. To the extent that the payment of any such
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 6.07 hereof out of the estate in any such proceeding, shall be unpaid for any reason, payment of the
same shall be secured by a lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of
reorganization or arrangement or otherwise. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to
or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in
any such proceeding except as aforesaid, to vote for the election of a trustee in bankruptcy or similar person or to participate as a member, voting or otherwise, on any committee of creditors. 

  
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 SECTION 5.05.     Trustee May Enforce Claims without Possession of Securities.

 All rights of action and claims under this Indenture or the Securities may be prosecuted and enforced by the Trustee without the
possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name as trustee of an express trust, and any recovery of judgment shall,
after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Securities in respect of which such judgment has been
recovered. 
 SECTION 5.06.     Application of Money Collected. 

Any money or property collected by the Trustee pursuant to this Article, and after an Event of Default, any money or other property
distributable in respect of the Issuer’s obligations under this Indenture shall be applied in the following order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on account of Principal (or premium, if
any) or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender thereof if fully paid: 

FIRST: To the payment of all amounts due the Trustee or any predecessor Trustee, including their agents and attorneys, under
Section 6.07; 
 SECOND: To the payment of the amounts then due and unpaid for Principal of (and premium, if any) and interest on the
Securities in respect of which or for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for Principal (and premium, if any) and
interest, respectively; and 
 THIRD: To the payment of the remainder, if any, to the Issuer, its successors or assigns, or to whomever may
be so lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 
 SECTION 5.07.     Limitation on
Suits. 
 No Holder of any Security of any series shall have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless 

(1)    such Holder has previously given written notice to the Trustee of a continuing Event of Default with respect to
the Securities of that series; 
 (2)    the Holders of not less than a majority in Principal Amount of the Outstanding
Securities of that series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(3)    such Holder or Holders have offered to the Trustee security or indemnity satisfactory to it against the costs,
expenses and liabilities to be incurred in compliance with such request; 
 (4)    the Trustee for 60 days after its
receipt of such notice, request and offer of security or indemnity has failed to institute any such proceeding; and 

(5)    no direction inconsistent with such written request has been given to the Trustee during such 60-day period by the Holders of a majority in Principal Amount of the Outstanding Securities of that series; 
 it being
understood and intended that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to
obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders. 

  
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 SECTION 5.08.     Unconditional Right of Holders to Receive Principal, Premium and
Interest. 
 Notwithstanding any other provision in this Indenture, the Holder of any Security shall have the right, which is absolute
and unconditional, to receive payment of the Principal of (and premium, if any) and (subject to Section 3.07) interest on such Security on the Stated Maturity or Maturities expressed in such Security (or, in the case of redemption, on the
Redemption Date) and the right to institute suit for the enforcement of any such payment and such rights shall not be impaired without the consent of such Holder. 

SECTION 5.09.     Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been
discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Issuer, the Trustee and the Holders shall be restored
severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been instituted. 

SECTION 5.10.     Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in the last
paragraph of Section 3.06, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not prevent the concurrent
assertion or employment of any other appropriate right or remedy. 
 SECTION 5.11.     Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing upon any Event of Default shall impair any such
right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to time, and as often as may be deemed
expedient, by the Trustee or by the Holders, as the case may be. 
 SECTION 5.12.     Control by Holders. 

The Holders of a majority in Principal Amount of the Outstanding Securities of any series shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series, provided that 

(1)    such direction shall not be in conflict with any rule of law or with this Indenture, 

(2)    the Trustee shall not determine that the action so directed would be unjustly prejudicial to the Holders of the
Securities of such series not taking part in such direction (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such directions are unduly prejudicial to such Holders), or to the Holders of the
Securities of any other series or would involve the Trustee in personal liability, and 
 (3)    the Trustee may take
any other action deemed proper by the Trustee which is not inconsistent with such direction. 
 SECTION 5.13.     Waiver of Past
Defaults. 
 Subject to Section 5.02, the Holders of not less than a majority in Principal Amount of the Outstanding Securities of
any series may on behalf of the Holders of all the Securities of such series waive any past default hereunder with respect to such series and its consequences, except a default 

(1)    in the payment of the Principal of (or premium, if any) or interest on any Security of such series, or 

  
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 (2)    in respect of a covenant or provision hereof which under Article
Nine cannot be modified or amended without the consent of the Holder of each Outstanding Security of such series affected. 
 Upon any such
waiver, such default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other default or impair any right
consequent thereon. 
 SECTION 5.14.     Undertaking for Costs. 

All parties to this Indenture agree, and each Holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court
may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in such suit
of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of
the claims or defenses made by such party litigant; but the provisions of this Section shall not apply to any suit instituted by the Trustee, to any suit instituted by any Holder, or group of Holders, holding in the aggregate more than 10% in
Principal Amount of the Outstanding Securities of any series, or to any suit instituted by any Holder for the enforcement of the payment of the Principal of (or premium, if any) or interest on any Security on or after the Stated Maturity or
Maturities expressed in such Security (or, in the case of redemption, on or after the Redemption Date). 
 ARTICLE SIX 

THE TRUSTEE 
 SECTION 6.01.
    Certain Duties and Responsibilities. 
 (a)    Except during the continuance of an Event
of Default, 
 (1)    the Trustee undertakes to perform such duties and only such duties as are specifically set forth
in this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2)    in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and
the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any provision hereof are
specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture but need not verify the accuracy of any mathematical
calculations or the contents thereof or whether procedures specified by or pursuant to the provisions of this Indenture have been followed in the preparation thereof. 

(b)    In case an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent man would exercise or use under the circumstances in the conduct of his own affairs. 

(c)    No provision of this Indenture shall be construed to relieve the Trustee from liability for its own negligent
action, its own negligent failure to act, or its own willful misconduct, except that 
 (1)    this subsection shall
not be construed to limit the effect of Subsection (a) of this Section; 
 (2)    the Trustee shall not be liable
for any error of judgment made in good faith by a Responsible Officer, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; and 

(3)    the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with the direction of the Holders of a majority in Principal Amount of the Outstanding Securities of any series, as provided in Section 5.12, relating to the time, method and place of conducting any proceeding for any remedy
available to the Trustee, or exercising any trust or power conferred upon the Trustee, under this Indenture with respect to the Securities of such series. 

  
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 (d)    No provision of this Indenture shall require the Trustee to
expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it, and the Trustee shall not be required to give any bond or surety in respect of the performance of its powers or duties hereunder. 

(e)    Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the provisions of this Section. 
 SECTION 6.02.
    Notice of Defaults. 
 Within 90 days after receipt of written notice of any default hereunder with respect to
the Securities of any series, the Trustee shall transmit to all Holders of Securities of such series notice of such default hereunder known to a Responsible Officer of the Trustee, unless such default shall have been cured or waived;
provided, however, that, except in the case of a default in the payment of the Principal of (or premium, if any) or interest on any Security of such series or in the payment of any sinking fund or analogous Obligation installment with
respect to Securities of such series, the Trustee shall be protected in withholding such notice if and so long as the Trustee in good faith determines that the withholding of such notice is in the interest of the Holders of Securities of such
series; and provided, further, that in the case of any default of the character specified in Section 5.01(4) with respect to Securities of such series, no such notice to Holders shall be given until at least 30 days after the
occurrence thereof. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of such series. 

SECTION 6.03.     Certain Rights of Trustee. 

Subject to the provisions of Section 6.01: 

(a)    the Trustee may rely and shall be protected in acting or refraining from acting upon any resolution, certificate,
statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of Indebtedness or other paper or document (whether in its original, facsimile or other electronic form) believed by it to be
genuine and to have been signed or presented by the proper party or parties; 
 (b)    any request or direction of the
Issuer mentioned herein shall be sufficiently evidenced by an Issuer Request or Issuer Order or Officers’ Certificate or similar document and any resolution of the Board of Directors may be sufficiently evidenced by a Board Resolution; 

(c)    whenever in the administration of this Indenture the Trustee shall deem it desirable that a matter be proved or
established prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, conclusively rely upon an Officers’ Certificate or an
Opinion of Counsel, or both and shall not be liable for any action it takes or omits to take in good faith in reliance thereon; 

(d)    the Trustee may consult with counsel of its selection and the advice of such counsel or any Opinion of Counsel
shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon; 

(e)    the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at
the request or direction of any of the Holders pursuant to this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in
compliance with such request or direction; 
 (f)    the Trustee shall not be bound to make any investigation into the
facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of Indebtedness or other paper or document, or inquire as to the
performance by the Issuer of any of its covenants in this Indenture, but the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such
further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Issuer, personally or by agent or attorney; 

  
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 (g)    the Trustee may execute any of the trusts or powers hereunder or
perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder; 

(h)    the Trustee shall not be deemed to have notice or knowledge of any matter unless written notice thereof is received
by the Trustee at the Corporate Trust Office and such notice references the Securities generally, the Issuer or this Indenture; 

(i)    the permissive right of the Trustee to take or refrain from taking any actions enumerated in this Indenture shall
not be construed as a duty; 
 (j)    in no event shall the Trustee be liable for special, indirect, punitive or
consequential loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action; 

(k)    in no event shall the Trustee be responsible or liable for any failure or delay in the performance of its
obligations under this Indenture arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including without limitation strikes, work stoppages, accidents, acts of war or terrorism, pandemics or epidemics, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services, or other unavailability of the Federal Reserve Bank wire or
facsimile or other wire or communication facility; 
 (l)    the rights, privileges, protections, immunities and
benefits given to the Trustee, including, without limitation, its right to be compensated, reimbursed and indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, Custodian and other
Person employed to act hereunder; 
 (m)    the Trustee shall not be liable for any action it takes or omits to take in
good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture; and 

(n)    the Trustee may request that the Issuer deliver an Officers’ Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person
specified as so authorized in any such certificate previously delivered and not superseded. 
 SECTION 6.04.     Not Responsible for
Recitals or Issuance of Securities. 
 The recitals contained herein and in the Securities, except the Trustee’s certificate of
authentication, shall be taken as the statements of the Issuer, and neither the Trustee nor any Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no representations as to and shall not be responsible for the
validity or sufficiency of this Indenture or of the Securities. The Trustee shall not be responsible for any document in connection with the sale of any Securities. Neither the Trustee nor any Authenticating Agent shall be accountable for the use or
application by the Issuer of Securities or the proceeds thereof or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, and it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee. The Trustee shall not be bound to ascertain or inquire as to the performance, observance, or breach of any covenants, conditions, representations, warranties or agreements on the part of the
Issuer but the Trustee may require full information and advice as to the performance of the aforementioned covenants. Under no circumstances shall the Trustee be liable in its individual capacity for the obligations evidenced by the Securities. 

SECTION 6.05.     May Hold Securities. 

The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other agent of the Issuer, in its individual or any
other capacity, may become the owner or pledgee of Securities and, subject to Sections 6.08 and 6.13, may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent,
Security Registrar or such other agent. 

  
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 SECTION 6.06.     Money Held in Trust. 

Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder. 
 SECTION 6.07.     Compensation and Reimbursement. 

The Issuer agrees, 

(1)    to pay to the Trustee from time to time such compensation as agreed to in writing with the Issuer for all services
rendered by it hereunder (which compensation shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 

(2)    to reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made
by the Trustee in accordance with any provision of this Indenture (including the reasonable compensation and the expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its
negligence or willful misconduct, as finally adjudicated by a court of competent jurisdiction; and 
 (3)    to
indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense, including taxes (other than based upon, measured by, or determined by the income of the Trustee) incurred without negligence or willful misconduct on its
part as finally adjudicated by a court of competent jurisdiction, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses, including reasonable attorneys’ fees, of
defending itself against any claim or liability in connection with the exercise or performance of any of its rights, powers or duties hereunder. 

All indemnifications and releases from liability granted hereunder to the Trustee shall extend to its officers, directors, employees, agents,
attorneys, custodians, successors and assigns. As security for the performance of the obligations of the Issuer under this Section, the Trustee shall have a Lien prior to the Securities upon all property and funds held or collected by the Trustee,
except funds held in trust for the benefit of the Holders of particular Securities. 
 Without prejudice to any other rights available to
the Trustee under applicable law, if the Trustee incurs expenses or renders services after the occurrence of an Event of Default specified in clause (5) or (6) of Section 5.01, the expenses and the compensation for the services will be
intended to constitute expenses of administration under Bankruptcy Law. 
 The provisions of this Section 6.07 shall survive the
resignation or removal of the Trustee and the satisfaction, discharge or termination of this Indenture. 
 “Trustee” for the
purposes of this Section 6.07 shall include any predecessor Trustee and the Trustee in each of its capacities hereunder and each agent, custodian and other person employed to act hereunder; provided, however, that the negligence or willful
misconduct of any Trustee hereunder shall not affect the rights of any other Trustee hereunder. 
 SECTION 6.08.
    Disqualification; Conflicting Interests. 
 The Trustee for the Securities of any series issued hereunder
shall be subject to the provisions of Section 310(b) of the Trust Indenture Act during the period of time provided for therein. In determining whether the Trustee has a conflicting interest as defined in Section 310(b) of the Trust
Indenture Act with respect to the Securities of any series, there shall be excluded this Indenture with respect to Securities of any particular series of Securities other than that series of Securities, and any other indenture of the Issuer if the
requirements of Section 310(b) are met. Nothing herein shall prevent the Trustee from filing with the Commission the application referred to in the second to last paragraph of Section 310(b) of the Trust Indenture Act. 

  
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 SECTION 6.09.     Corporate Trustee Required; Eligibility. 

There shall at all times be a corporate Trustee hereunder which complies with the requirements of Section 310(a) of the Trust Indenture
Act, having a combined capital and surplus of at least $50,000,000, subject to supervision or examination by federal or state authority and having a Corporate Trust Office in the continental United States. If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section the combined capital and surplus of such corporation shall be deemed to be its combined capital and
surplus as set forth in its most recent report of condition so published. If at any time the Trustee shall cease to be eligible in accordance with the provisions of this Section, it shall resign immediately in the manner and with the effect
hereinafter specified in this Article. 
 SECTION 6.10.     Resignation and Removal; Appointment of Successor. 

(a)    No resignation or removal of the Trustee and no appointment of a successor Trustee pursuant to this Article shall
become effective until the acceptance of appointment by the successor Trustee in accordance with the applicable requirements of Section 6.11. 

(b)    The Trustee may resign at any time with respect to the Securities of one or more series by giving 30 days’
written notice thereof to the Issuer. If the instrument of acceptance by a successor Trustee required by Section 6.11 shall not have been delivered to the Trustee within 10 days after the giving of such notice of resignation, the resigning
Trustee may petition any court of competent jurisdiction at the Issuer’s expense for the appointment of a successor Trustee with respect to the Securities of such series. 

(c)    The Trustee may be removed at any time with respect to the Securities of any series upon 30 days’ notice by
Act of the Holders of a majority in Principal Amount of the Outstanding Securities of such series, delivered to the Trustee and to the Issuer. 

(d)    If at any time: 

(1)    the Trustee shall fail to comply with Section 6.08 after written request therefor by the Issuer or by any
Holder who has been a bona fide Holder of a Security for at least six months, or 
 (2)    the Trustee shall cease to
be eligible under Section 6.09 and shall fail to resign after written request therefor by the Issuer or by any such Holder, or 

(3)    the Trustee shall become incapable of acting or shall be adjudged a bankrupt or insolvent or a receiver of the
Trustee or of its property shall be appointed or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation, then, in any such case, (i) the Issuer
by an Officers’ Certificate, Board Resolution, or supplemental indenture may remove the Trustee with respect to all Securities, or (ii) subject to Section 5.14, any Holder who has been a bona fide Holder of a Security for at least six
months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the removal of the Trustee with respect to all Securities and the appointment of a successor Trustee or Trustees. 

(e)    If the Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of
Trustee for any cause with respect to the Securities of one or more series, the Issuer, shall promptly appoint a successor Trustee or Trustees with respect to the Securities of that or those series (it being understood that any such successor
Trustee may be appointed with respect to the Securities of one or more or all of such series and that at any time there shall be only one Trustee with respect to the Securities of any particular series) and shall comply with the applicable
requirements of Section 6.11. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor Trustee with respect to the Securities of any series shall be appointed by Act of the Holders of a
majority in Principal Amount of the Outstanding Securities of such series delivered to the Issuer and the retiring Trustee, the successor Trustee so appointed shall, forthwith upon its acceptance of such appointment in accordance with the applicable
requirements of Section 6.11, become the successor Trustee with respect to the Securities of such series and to that extent supersede the successor Trustee appointed by the Issuer. If no successor Trustee with respect to the Securities of any
series shall have been so appointed by the Issuer or the 

  
 31 

 
Holders and accepted appointment in the manner required by Section 6.11, any Holder who has been a bona fide Holder of a Security of such series for at least six months may, on behalf of
himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Securities of such series. 

(f)    The Issuer shall give notice of each resignation and each removal of the Trustee with respect to the Securities of
any series and each appointment of a successor Trustee with respect to the Securities of any series by mailing written notice of such event to all Holders of Securities of such series as their names and addresses appear in the Security Register.
Each notice shall include the name of the successor Trustee with respect to the Securities of such series and the address of its Corporate Trust Office. 

SECTION 6.11.     Acceptance of Appointment by Successor. 

(a)    In case of the appointment hereunder of a successor Trustee with respect to all Securities, every such successor
Trustee so appointed shall execute, acknowledge and deliver to the Issuer and to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or removal of the retiring Trustee shall become effective and such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee; but, on the request of the Issuer or the successor Trustee, such retiring Trustee shall, upon
payment of amounts owed to it under Section 6.07, execute and deliver an instrument transferring to such successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign, transfer and deliver to such successor
Trustee all property and money held by such retiring Trustee hereunder. 
 (b)    In case of the appointment hereunder
of a successor Trustee with respect to the Securities of one or more (but not all) series, the Issuer, the retiring Trustee and each successor Trustee with respect to the Securities of one or more series shall execute and deliver an indenture
supplemental hereto wherein each successor Trustee shall accept such appointment and which (1) shall contain such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each successor Trustee all the rights,
powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series to which the appointment of such successor Trustee relates, (2) if the retiring Trustee is not retiring with respect to all Securities,
shall contain such provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series as to which the retiring Trustee is not
retiring shall continue to be vested in the retiring Trustee, and (3) shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one
Trustee, it being understood that nothing herein or in such supplemental indenture shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or trusts
hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee; and upon execution and delivery of such supplemental indenture the resignation or removal of the retiring Trustee shall become effective to the
extent provided therein and each such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or those series
to which the appointment of such successor Trustee relates; but, on request of the Issuer or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to such successor Trustee all property and money held by such retiring
Trustee hereunder with respect to the Securities of that or those series to which the appointment of such successor Trustee relates. 

(c)    Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and
certainly vesting in and confirming to such successor Trustee all rights, powers and trusts referred to in paragraph (a) or (b) of this Section, as the case may be. 

(d)    No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee
shall be qualified and eligible under this Article. 
 SECTION 6.12.     Merger, Conversion, Consolidation or Succession to
Business. 
 Any corporation or association into which the Trustee may be merged or converted or with which it may be consolidated, or
any corporation or association resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or association to which all or substantially all of the corporate trust

  
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business of the Trustee may be sold or otherwise transferred, shall be the successor trustee hereunder without any further act. In case any Securities shall have been authenticated, but not
delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Securities so authenticated with the same effect as if such successor Trustee
had itself authenticated such Securities. 
 SECTION 6.13.     Preferential Collection of Claims Against Issuer. 

The Trustee is subject to Section 311(a) of the Trust Indenture Act, excluding any creditor relationship listed in Section 311(b) of
the Trust Indenture Act. A Trustee who has resigned or been removed shall be subject to Section 311(a) of the Trust Indenture Act to the extent indicated therein. 

ARTICLE SEVEN 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER 

SECTION 7.01.     Issuer to Furnish Trustee Names and Addresses of Holders. 

The Issuer will furnish or cause to be furnished to the Trustee 

(a)    semi-annually, either (i) not later than June 1 and December 1 in each year in the case of Original
Issue Discount Securities of any series which by their terms do not bear interest prior to Maturity, or (ii) not more than 15 days after each Regular Record Date in the case of Securities of any other series, a list, each in such form as the
Trustee may reasonably require, of the names and addresses of the Holders of Securities of such series as of the preceding June 1 or December 1 or as of such Regular Record Date, as the case may be; and 

(b)    at such other times as the Trustee may request in writing, within 30 days after the receipt by the Issuer of any
such request, a list of similar form and content as of a date not more than 15 days prior to the time such list is furnished; 
 provided,
however, that so long as the Trustee is the Security Registrar with respect to Securities of any series, no such lists need be furnished. 
 SECTION
7.02.     Preservation of Information; Communications to Holders. 
 (a)    The Trustee shall
preserve, in as current a form as is reasonably practicable, the names and addresses of Holders contained in the most recent list furnished to the Trustee as provided in Section 7.01 and the names and addresses of Holders received by the
Trustee in its capacity as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.01 upon receipt of a new list so furnished. 

(b)    The rights of Holders to communicate with other Holders with respect to their rights under this Indenture or under
the Securities and the corresponding rights and duties of the Trustee shall be provided by the Trust Indenture Act. 

(c)    Every Holder of Securities, by receiving and holding the same, agrees with the Issuer and the Trustee that neither
the Issuer nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure or information as to the names and addresses of Holders made pursuant to the Trust Indenture Act. 

SECTION 7.03.     Reports by Trustee to Holders. 

Within 60 days after each May 1 beginning with May 1, 2022, and for so long as Securities remain Outstanding, the Trustee shall (at
the expense of the Issuer) send to the Holders of the Securities a brief report dated as of such May 1 that complies with Section 313(a) of the Trust Indenture Act (but if no event described in Section 313(a) of the Trust Indenture
Act has occurred within the twelve months preceding such May 1, no report need be transmitted). The Trustee also shall comply with Section 313(b)(2) of the Trust Indenture Act. The Trustee shall also send all reports as required by
Section 313(c) of the Trust Indenture Act. 

  
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 A copy of each report at the time of its mailing to the Holders of Securities shall be sent
to the Issuer and filed with the Commission and each stock exchange on which the Securities are listed, if any, in accordance with Section 313(d) of the Trust Indenture Act. The Issuer shall promptly notify the Trustee in writing when the
Securities are listed on any stock exchange or delisting thereof. 
 ARTICLE EIGHT 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

SECTION 8.01.     Merger, Consolidation, etc. Only on Certain Terms. 

The Issuer shall not consolidate with or merge into any other Person or convey, transfer or lease its properties and assets substantially as an
entirety to any Person, unless: 
 (1)    if the Issuer shall consolidate with or merge into another Person or convey,
transfer or lease its properties and assets substantially as an entirety to any Person, either (x) the Issuer is the continuing corporation or (y) the Person formed by such consolidation or into which the Issuer is merged or the Person
which acquires by conveyance or transfer, or which leases, the properties and assets of the Issuer, as the case may be, substantially as an entirety shall be a Person organized and existing under the laws of any United States jurisdiction and any
state thereof or the District of Columbia, and shall expressly assume, by an indenture supplemental hereto, executed and delivered to the Trustee, in form satisfactory to the Trustee, all the obligations of the Issuer under this Indenture and the
Securities and immediately after such transaction no Event of Default shall have happened and be continuing; and 

(2)    the Issuer has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that
such consolidation, merger, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture comply with this Article and that all conditions precedent herein provided for
relating to such transaction have been complied with. 
 SECTION 8.02.     Successor Corporation Substituted. 

Upon any consolidation by the Issuer with or merger by the Issuer into any other Person or any conveyance, transfer or lease of the properties
and assets of the Issuer substantially as an entirety in accordance with Section 8.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Issuer under this Indenture with the same effect as if such successor Person had been named as the Issuer herein, and thereafter, except in the case of a lease, the predecessor
Person shall be relieved of all obligations and covenants under this Indenture and the Securities. 
 ARTICLE NINE 

SUPPLEMENTAL INDENTURES 
 SECTION 9.01.
    Supplemental Indentures without Consent of Holders. 
 Without the consent of any Holders, the Issuer and the
Trustee, at any time and from time to time, may enter into one or more indentures supplemental hereto, in form satisfactory to the Trustee, for any of the following purposes: 

(1)    to evidence the succession of another Person to the Issuer and the assumption by any such successor of the
covenants of the Issuer herein and in the Securities (pursuant to Article Eight, if applicable); or 
 (2)    to add to
the covenants of the Issuer for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being included solely for
the benefit of such series) or to surrender any right or power herein conferred upon the Issuer; or 

  
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 (3)    to add any additional Events of Default (and if such Events of
Default are to be applicable to less than all series of Securities, stating that such Events of Default are expressly being included solely to be applicable to such series); or 

(4)    to add to or change any of the provisions of this Indenture to such extent as shall be necessary to permit or
facilitate the issuance of Securities in bearer form, registrable or not registrable as to Principal, and with or without interest coupons, or to provide for uncertificated Securities (so long as any “registration-required obligation”
within the meaning of section 163(f)(2) of the Internal Revenue Code of 1986, as amended, is in registered form for purposes of such section); or 

(5)    to change or eliminate any of the provisions of this Indenture, provided that any such change or elimination shall
become effective only when there is no Security Outstanding of any series created prior to the execution of such supplemental indenture which is entitled to the benefit of such provision; or 

(6)    to secure the Securities; or 

(7)    to establish the form or terms of Securities of any series as permitted by Sections 2.01 and 3.01; or 

(8)    to evidence and provide for the acceptance of appointment hereunder by a successor Trustee with respect to the
Securities of one or more series and to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, pursuant to the requirements of
Section 6.11(b); or 
 (9)    to cure any ambiguity or defect, to correct or supplement any provision herein which
may be inconsistent with any other provision herein, to eliminate any conflict between the terms hereof and the Trust Indenture Act or to make any other provision with respect to matters or questions arising under this Indenture, provided
that an Officers’ Certificate shall be delivered to the Trustee stating such action shall not adversely affect the interests of the Holders of Securities of any series in any material respect. 

SECTION 9.02.     Supplemental Indentures with Consent of Holders. 

With the consent of the Holders of not less than a majority in Principal Amount of the Outstanding Securities of each series affected by such
supplemental indenture, by Act of said Holders delivered to the Issuer and the Trustee, the Issuer and the Trustee may enter into an indenture or indentures supplemental hereto for the purpose of adding any provision to or changing in any manner or
eliminating any of the provisions of this Indenture or of modifying in any manner the rights of the Holders of Securities of such series under this Indenture; provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Security affected thereby, 
 (1)    change the Stated Maturity of the
Principal of, or any installment of principal of or interest on, any Security, or reduce the Principal amount thereof or the rate of interest thereon or any premium payable thereon, or reduce the amount of the Principal of the Security that would be
due and payable upon a declaration of acceleration of the Maturity thereof pursuant to Section 5.02, or adversely affect any right of repayment at the option of the Holder of any Security, or reduce the amount of, or postpone the date fixed
for, the payment of any sinking fund or analogous obligation, or impair the right to commence suit for the enforcement of any such payment on or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date), in
each case other than the amendment or waiver in accordance with the terms of this Indenture of any covenant or related definition included pursuant to Section 3.01 that provides for an offer to repurchase any Securities of a series upon a sale
of assets or change of control transaction, or 
 (2)    reduce the percentage in Principal Amount of the Outstanding
Securities of any series, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture or certain defaults hereunder
and their consequences) provided for in this Indenture, or 
 (3)    modify any of the provisions of this Section,
Section 5.13 or Section 10.07, except to increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each Outstanding Security affected
thereby. 

  
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 A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series of Securities, or which modifies the rights of the Holders of Securities of such series with respect to such covenant or other provision, shall be
deemed not to affect the rights under this Indenture of the Holders of Securities of any other series. 
 It shall not be necessary for any
Act of the Holders under this Section to approve the particular form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve the substance thereof. 

SECTION 9.03.     Execution of Supplemental Indentures. 

In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby
of the trusts created by this Indenture, the Trustee shall receive, and shall be fully protected in relying upon, in addition to the documents required by Section 1.02 hereof, an Officers’ Certificate and an Opinion of Counsel stating that
the execution of such supplemental indenture is authorized or permitted by this Indenture and an Opinion of Counsel stating that the supplemental indenture is the legal, valid and binding obligation of the Issuer. The Trustee in its sole discretion
may, but shall not be obligated to, enter into any such supplemental indenture which adversely affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

SECTION 9.04.     Effect of Supplemental Indentures. 

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

SECTION 9.05.     Conformity with Trust Indenture Act. 

Every supplemental indenture executed pursuant to this Article shall conform to the requirements of the Trust Indenture Act as then in effect.

 SECTION 9.06.     Reference in Securities to Supplemental Indentures. 

Securities of any series authenticated and delivered after the execution of any supplemental indenture pursuant to this Article may, and shall
if required by the Issuer, bear a notation as to any matter provided for in such supplemental indenture. If the Issuer shall so determine, new Securities of any series so modified as to conform, in the opinion of the Issuer, to any such supplemental
indenture may be prepared and executed by the Issuer and authenticated and delivered by the Trustee in exchange for Outstanding Securities of such series. 

SECTION 9.07.     Notice of Supplemental Indenture. 

Promptly after the execution by the Issuer and the Trustee of any supplemental indenture pursuant to Section 9.02, the Issuer shall
transmit, in the manner and to the extent provided in Section 1.06, to all Holders of any series of the Securities affected thereby, a notice setting forth in general terms the substance of such supplemental indenture. The failure to give such
notice to all Holders of Securities of such series, or any defect therein, shall not impair or affect the validity of such supplemental indenture. 

ARTICLE TEN 
 COVENANTS

 SECTION 10.01. Payment of Principal, Premium and Interest. 

The Issuer covenants and agrees for the benefit of the Holders of Securities of each series that it will duly and punctually pay the Principal
of (and premium, if any) and interest, if any, on the Securities of that series in accordance with the terms of the Securities of that series and this Indenture. Principal, premium, if any, and interest shall be considered paid on the date due if
the Paying Agent, if other than the Issuer or one of its Subsidiaries, holds as of 10:00 a.m. New York City time on the due date money deposited by the Issuer in immediately available funds and designated for and sufficient to pay all principal,
premium, if any, and interest then due. The Issuer shall be 

  
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responsible for making calculations called for under this Indenture and the Securities, including but not limited to determination of redemption price, premium, if any or other amounts payable on
the Securities. The Issuer will make the calculations in good faith and, absent manifest error, its calculations will be final and binding on the Holders. The Issuer will provide a schedule of its calculations to the Trustee when requested by the
Trustee, and the Trustee is entitled to rely conclusively on the accuracy of the Issuer’s calculations without independent verification. 
 SECTION
10.02. Maintenance of Office or Agency. 
 The Issuer will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be surrendered for registration of transfer and exchange, where notices and demands to or upon the Issuer in respect of the Securities of that series and this Indenture may be served and where the
Securities may be presented for payment. 
 The Issuer will give prompt written notice to the Trustee of the location, and any change in the
location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or
served at the Corporate Trust Office of the Trustee, and the Issuer hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands. 

The Issuer may also from time to time designate one or more other offices or agencies where the Securities of one or more series may be
presented or surrendered for any or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain
an office or agency in each Place of Payment for Securities of any series for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office
or agency. 
 SECTION 10.03. Money for Securities Payments to Be Held in Trust. 

If the Issuer shall at any time act as Paying Agent with respect to any series of Securities, it will, on or before each due date of the
Principal of (and premium, if any) or interest, if any, on the Securities of that series, set aside, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the Principal (and premium, if any) or interest
so becoming due until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will promptly notify the Trustee in writing of its action or failure so to act or of any failure by the Issuer (or by any other obligor on
the Securities of that series) to make any payment of the Principal of (and premium, if any) or interest, if any, on the Securities of such series when the same shall be due and payable. 

Whenever the Issuer shall have one or more Paying Agents for any series of Securities, it will, at or prior to the opening of business on each
due date of the Principal of (and premium, if any) or interest on any Securities of that series, deposit with a Paying Agent a sum sufficient to pay the Principal (and premium, if any) or interest, if any, so becoming due, such sum to be held in
trust for the benefit of the Persons entitled to such Principal (and premium, if any) or interest, and (unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee in writing of its action or failure so to act. 

If the Issuer shall appoint a Paying Agent other than the Trustee for any series of Securities, it will cause such Paying Agent to execute and
deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will: 

(1)    hold all sums held by it for the payment of the Principal of (and premium, if any) or interest, if any, on the
Securities of that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as herein provided; 

(2)    give the Trustee written notice of any default by the Issuer (or any other obligor upon the Securities of that
series) in the making of any payment of Principal (and premium, if any) or interest, if any, on the Securities of that series; and 

(3)    at any time during the continuance of any such default, upon the written request of the Trustee, forthwith pay to
the Trustee all sums so held in trust by such Paying Agent. 

  
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 The Issuer may at any time, for the purpose of obtaining the satisfaction and discharge with
respect to one or more or all series of Securities hereunder or for any other reason, pay or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust for any such series by the Issuer or such Paying Agent, such sums to
be held by the Trustee upon the same trusts as those upon which such sums were held by the Issuer or such Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be released from all further liability with
respect to such money. 
 Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer in trust for the payment of
the Principal of (and premium, if any) or interest on any Security of any series and remaining unclaimed for two years after such Principal (and premium, if any) or interest has become due and payable shall be paid to the Issuer on Issuer Request
subject to applicable abandoned property and escheat law, or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Security shall thereafter, as an unsecured general creditor, look only to the Issuer for payment
thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent,
before being required to make any such repayment, may at the expense of the Issuer cause to be published once a week for two consecutive weeks (in each case on any day of the week) in an Authorized Newspaper notice that such money remains unclaimed
and that, after a date specified therein, which shall not be less than 30 days from the date of such publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

SECTION 10.04. Corporate Existence. 

Subject to Article Eight, the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its
corporate existence. 
 SECTION 10.05. Payment of Taxes and Other Claims. 

The Issuer will, and will cause each Significant Subsidiary to, pay or discharge or cause to be paid or discharged, before the same shall
become delinquent, (1) all taxes, assessments and governmental charges levied or imposed upon the Issuer or any such Significant Subsidiary or upon the income, profits or property of the Issuer or any such Significant Subsidiary, and
(2) all lawful claims for labor, materials and supplies which, if unpaid, might by law become a lien upon the property of the Issuer or any such Significant Subsidiary; provided, however, that neither the Issuer nor any Significant Subsidiary
shall be required to pay or discharge or cause to be paid or discharged any such tax, assessment, charge or claim whose amount, applicability or validity is being contested in good faith by appropriate proceedings. 

SECTION 10.06. Maintenance of Properties. 

The Issuer will cause all its properties used or useful in the conduct of its business to be maintained and kept in reasonably good condition,
repair and working order and supplied with all necessary equipment and will cause to be made all necessary repairs, renewals, replacements, betterments and improvements thereof, all as in the judgment of the Issuer may be necessary so that the
business carried on in connection therewith may be properly conducted at all times; provided, however, that nothing in this Section shall prevent the Issuer from discontinuing the operation or maintenance of any of its properties if such
discontinuance is, in the judgment of the Issuer desirable in the conduct of its business and not disadvantageous in any material respect to the Holders of the Securities of any series. 

SECTION 10.07. Waiver of Certain Covenants. 

The Issuer may omit in any particular instance to comply with any term, provision or condition set forth in Sections 10.04, 10.05 and 10.06 or
established pursuant to Section 3.01 or 9.01, with respect to the Securities of any series, if before the time for such compliance the Holders of at least a majority in Principal Amount of the Outstanding Securities of such series shall, by Act
of such Holders, either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect such term, provision or condition except to the extent so expressly
waived, and, until such waiver shall become effective, the Obligations of the Issuer and the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 

  
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 SECTION 10.08. Statement by Officers as to Default. 

The Issuer will, within 120 days after the close of each fiscal year, commencing with the first fiscal year ending after the issuance of
Securities of any series under this Indenture, file with the Trustee a certificate of the principal executive officer, the principal financial officer or the principal accounting officer of the Issuer, covering the period from the date of issuance
of such Securities to the end of the fiscal year in which such Securities were issued, in the case of the first such certificate, and covering the preceding fiscal year in the case of each subsequent certificate, and stating whether or not, to the
knowledge of the signer, the Issuer has complied with all conditions and covenants on its part contained in this Indenture, and, if the signer has obtained knowledge of any default by the Issuer in the performance, observance or fulfillment of any
such condition or covenant, specifying each such default and the nature thereof. 
 The Issuer shall, so long as any Securities are
Outstanding, deliver to the Trustee, within 30 days after becoming aware of the occurrence of any default or Event of Default, an Officers’ Certificate setting forth the details of such default or Event of Default and the action which the
Issuer proposes to take with respect thereto. For the purpose of this Section, the term “default” means any event which is, or after notice or lapse of time or both would become, an Event of Default with respect to Securities of a series
then Outstanding. 
 For the purpose of this Section 10.08, compliance shall be determined without regard to any grace period or
requirement of notice provided pursuant to the terms of this Indenture. 
 SECTION 10.09. Reports. 

The Issuer shall: 

(1)    file with the Trustee, within 15 days after the Issuer is required to file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may from time to time by rules and regulations prescribe) which the Issuer may be required to file with the
Commission pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934; or, if the Issuer is not required to file information, documents or reports pursuant to either of said Sections, then it shall file with the Trustee
and the Commission, in accordance with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required pursuant to Section 13 of the
Securities Exchange Act of 1934 in respect of a security listed and registered on a national securities exchange as may be prescribed from time to time in such rules and regulations; 

(2)    file with the Trustee and the Commission, in accordance with rules and regulations prescribed from time to time by
the Commission, such additional information, documents and reports with respect to compliance by the Issuer with the conditions and covenants of this Indenture as may be required from time to time by such rules and regulations; and 

(3)    transmit by mail to all Holders, as their names and addresses appear in the Security Register, within 30 days
after the filing thereof with the Trustee, such summaries of any information, documents and reports required to be filed by the Issuer pursuant to paragraphs (1) and (2) of this Section as may be required by rules and regulations prescribed
from time to time by the Commission. 
 The Issuer shall be deemed to have complied with this section to the extent that such information,
documents and reports are filed with the Commission via EDGAR (or any successor electronic delivery procedure). Delivery of such reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt of
such shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the
Trustee is entitled to rely exclusively on Officers’ Certificates). 

  
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 SECTION 10.10. Further Assurances. 

From time to time whenever reasonably demanded by the Trustee, the Issuer will make, execute and deliver or cause to be made, executed and
delivered any and all such further and other instruments and assurances as may be reasonably necessary or proper to carry out the intention or facilitate the performance of the terms of this Indenture. 

SECTION 10.11 Foreign Account Tax Compliance Act (FATCA). 

In order to comply with applicable tax laws, rules and regulations (inclusive of directives, guidelines and interpretations promulgated by
competent authorities) in effect from time to time (“Applicable Law”), the Issuer agrees (i) to provide to the Trustee sufficient information about holders or other applicable parties and/or transactions (including any modification to
the terms of such transactions) so the Trustee can determine whether it has tax related obligations under Applicable Law, and (ii) that the Trustee shall be entitled to make any withholding or deduction from payments under the Indenture to the
extent necessary to comply with Applicable Law. 
 ARTICLE ELEVEN 

REDEMPTION OF SECURITIES 
 SECTION 11.01.
Applicability of Article. 
 Securities of any series which are redeemable before their Stated Maturity shall be redeemable in
accordance with their terms and (except as otherwise specified as contemplated by Section 3.01 for Securities of any series) in accordance with this Article. 

SECTION 11.02. Election to Redeem; Notice to Trustee. 

The election of the Issuer to redeem any Securities shall be evidenced by an Officers’ Certificate. In case of any redemption at the
election of the Issuer of all or less than all the Securities of any series, the Issuer shall, at least five days prior to the date on which notice of such redemption is to be given to the Holders of such Securities (unless a shorter notice shall be
satisfactory to the Trustee), notify the Trustee of the Redemption Date fixed by the Issuer and of the Principal Amount of Securities of such series to be redeemed. In the case of any redemption of Securities prior to the expiration of any
restriction on such redemption provided in the terms of such Securities or elsewhere in this Indenture, the Issuer shall furnish the Trustee with an Officers’ Certificate evidencing compliance with such restriction. 

SECTION 11.03. Selection by Trustee of Securities to Be Redeemed. 

If less than all the Securities of any series are to be redeemed, the particular Securities to be redeemed shall be selected not more than 45
days prior to the Redemption Date, from the Outstanding Securities of such series not previously called for redemption, in the case of definitive Securities by lot, and in the case of Global Securities in accordance Applicable Procedures and which
may provide for the selection for redemption of portions (equal to the minimum authorized denomination for Securities of that series or any integral multiple thereof) of the Principal Amount of Securities of such series of a denomination larger than
the minimum authorized denomination for Securities of that series; provided, however, that Securities of such series registered in the name of the Issuer shall be excluded from any such selection for redemption until all Securities of
such series not so registered shall have been previously selected for redemption. 
 The Trustee shall promptly notify the Issuer in writing
of the Securities selected for redemption and, in the case of any Securities selected for partial redemption, the Principal Amount thereof to be redeemed. 

For all purposes of this Indenture, unless the context otherwise requires, all provisions relating to the redemption of Securities shall
relate, in the case of any Securities redeemed or to be redeemed only in part, to the portion of the Principal Amount of such Securities which has been or is to be redeemed. 

  
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 SECTION 11.04. Notice of Redemption. 

Notice of redemption shall be given not less than 15 nor more than 60 days prior to the Redemption Date, to each Holder of Securities to be
redeemed. 
 All notices of redemption shall identify the Securities to be redeemed (including CUSIP numbers), the paragraph of the
Securities and/or Section of this Indenture pursuant to which the Securities called for redemption are being redeemed and shall state: 

(1)    the Redemption Date, 

(2)    the Redemption Price, or if not then ascertainable, the manner of calculation thereof, 

(3)    if less than all the Outstanding Securities of any series are to be redeemed, the identification (and, in the case
of partial redemption, the principal amounts) of the particular Securities to be redeemed, 
 (4)    that on the
Redemption Date the Redemption Price will become due and payable upon each such Security to be redeemed and, unless the Issuer defaults that interest thereon will cease to accrue on and after said date, 

(5)    that interest, if any, accrued to the date fixed for redemption will be paid as specified in said notice, 

(6)    the place or places where such Securities are to be surrendered for payment of the Redemption Price, 

(7)    that no representation is made as to the correctness or accuracy of the CUSIP number, if any, listed in such
notice or printed on the Securities; and 
 (8)    that the redemption is for a sinking fund, if such is the case. 

Notice of redemption of Securities to be redeemed at the election of the Issuer shall be given by the Issuer or, at the Issuer’s request,
by the Trustee in the name and at the expense of the Issuer; provided, however, that if notice is to be given by the Trustee, the Issuer shall have delivered such request to the Trustee at least 5 days prior to the date on which notice is to be
given to the Holders of such Securities (unless a shorter period shall be satisfactory to the Trustee) together with the notice to be given setting forth the information to be stated therein as provided in the preceding paragraph.. 

SECTION 11.05. Deposit of Redemption Price. 

On or prior to 10 a.m. New York City time, on any Redemption Date, the Issuer shall deposit with the Trustee or with a Paying Agent (or, if the
Issuer is acting as Paying Agent, segregate and hold in trust as provided in Section 10.03) an amount of money sufficient to pay the Redemption Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest to
but excluding the Redemption Date, all the Securities which are to be redeemed on that date. 
 SECTION 11.06. Securities Payable on Redemption Date.

 Notice of redemption having been given as aforesaid, the Securities so to be redeemed shall, on the Redemption Date, become due and
payable at the Redemption Price therein specified, and from and after such date (unless the Issuer shall default in the payment of the Redemption Price and accrued interest) such Securities shall cease to bear interest. Upon surrender of any such
Security for redemption in accordance with said notice, such Security shall be paid by the Issuer at the Redemption Price, together with accrued interest to but excluding the Redemption Date; provided, however, that installments of
interest whose Stated Maturity is on or prior to the Redemption Date shall be payable to the Holders of such Securities, or one or more Predecessor Securities, registered as such at the close of business on the relevant Record Dates according to
their terms and the provisions of Section 3.07. 

  
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 If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the Principal (and premium, if any) shall, until paid, bear interest from the Redemption Date at the rate prescribed therefor in the Security. 

SECTION 11.07. Securities Redeemed in Part. 

Any Security which is to be redeemed only in part shall be surrendered at a Place of Payment therefor (with, if the Issuer or the Trustee so
requires, due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), and the Issuer shall execute, and the Trustee
shall authenticate and deliver to the Holder of such Security without service charge, a new Security or Securities of the same series, of any authorized denomination as requested by such Holder, in aggregate Principal Amount equal to and in exchange
for the unredeemed portion of the Principal of the security so surrendered. Securities in denominations larger than the minimum authorized denomination therefor may be redeemed in part, but only in whole multiples of $1,000. 

SECTION 11.08. Securities No Longer Outstanding After Notice to Trustee and Deposit of Cash. 

If the Issuer, having given notice to the Trustee as provided in Section 11.02, shall have deposited with the Trustee or a Paying Agent,
for the benefit of the Holders of any Securities of any series or portions thereof called for redemption in whole or in part cash or other form of payment if permitted by the terms of such Securities, in the amount necessary so to redeem all such
Securities or portions thereof on the Redemption Date and provision satisfactory to the Trustee shall have been made for the giving of notice of such redemption, such Securities or portions thereof, shall thereupon, for all purposes of this
Indenture, be deemed to be no longer Outstanding, and the Holders thereof shall be entitled to no rights thereunder or hereunder, except the right to receive payment of the Redemption Price, together with interest accrued to but excluding the
Redemption Date, on or after the Redemption Date of such Securities or portions thereof. 
 ARTICLE TWELVE 

SINKING FUNDS 
 SECTION 12.01.
Applicability of Article. 
 The provisions of this Article shall be applicable to any sinking fund for the retirement of Securities
of a series except as otherwise specified as contemplated by Section 3.01 for Securities of such series. 
 The minimum amount of any
sinking fund payment provided for by the terms of Securities of any series is herein referred to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series
is herein referred to as an “optional sinking fund payment.” If provided for by the terms of Securities of any series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 12.02. Each sinking
fund payment shall be applied to the redemption of Securities of any series as provided for by the terms of Securities of such series. 
 SECTION 12.02.
Satisfaction of Sinking Fund Payments with Securities. 
 The Issuer (1) may deliver Outstanding Securities of a series (other
than any previously called for redemption) and (2) may apply as a credit Securities of a series which have been redeemed either at the election of the Issuer pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities, in each case in satisfaction of all or any part of any sinking fund payment with respect to the Securities of such series required to be made pursuant to the terms of such
Securities as provided for by the terms of such series; provided that such Securities have not been previously so credited pursuant to the terms of such Securities. Such Securities shall be received and credited for such purpose by the
Trustee at the Redemption Price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking fund payment shall be reduced accordingly. 

  
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 SECTION 12.03. Redemption of Securities for Sinking Fund. 

Not less than 30 days prior to each sinking fund payment date for any series of Securities, the Issuer will deliver to the Trustee an
Officers’ Certificate specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of that series, the portion thereof, if any, which is to be satisfied by payment of cash and the portion thereof, if any,
which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 12.02 and the basis for such credit and will also deliver to the Trustee any Securities to be so delivered. Not less than 15 days before each
such sinking fund payment date the Trustee shall select the Securities to be redeemed upon such sinking fund payment date in the manner specified in Section 11.03 and cause notice of the redemption thereof to be given in the name of and at the
expense of the Issuer in the manner provided in Section 12.04. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Sections 11.06 and 11.07. 

ARTICLE THIRTEEN 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, SHAREHOLDERS, 

OFFICERS AND DIRECTORS 
 SECTION 13.01.
Exemption from Individual Liability. 
 No recourse under or upon any obligation, covenant or agreement of this Indenture, or of any
Security, or for any claim based thereon or otherwise in respect thereof, shall be had against any incorporator, stockholder, shareholder, officer or director, as such, past, present or future, of the Issuer or of any successor Person, either
directly or through the Issuer, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that this Indenture and the obligations issued hereunder
are solely corporate obligations of the Issuer, and that no such personal liability whatever shall attach to, or is or shall be incurred by, the incorporators, stockholders, shareholders, officers or directors, as such, of the Issuer or of any
successor Person, or any of them, because of the creation of the Indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom; and that
any and all such personal liability, either at common law or in equity or by constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, shareholder, officer or director, as such, because of the
creation of the Indebtedness hereby authorized, or under or by reason of the obligations, covenants or agreements contained in this Indenture or in any of the Securities or implied therefrom, are hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issuance of the Securities. 
 ARTICLE FOURTEEN 

MISCELLANEOUS 
 SECTION 14.01.
Counterparts. 
 This instrument may be executed in any number of counterparts, each of which so executed shall be deemed to be an
original, but all such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this
Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

SECTION 14.02. Signatures 
 The words
“execution,” “signed,” “signature,” “delivery,” and words of like import in or relating to this Indenture or any document to be signed in connection with this Indenture, including by the Trustee, shall be
deemed to include electronic signatures, deliveries or the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature, physical delivery thereof or the use of a
paper-based recordkeeping system, as the case may be, and the parties hereto consent to conduct the transactions contemplated hereunder by electronic means. 

  
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 SIGNATURES 

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

 

			
	ARTHUR J. GALLAGHER & CO.
		
	By:	 	 /s/ Douglas K. Howell

	Name:	 	Douglas K. Howell
	Title:	 	Vice President and Chief Financial Officer

  
 [Signature Page to
Indenture] 

 
			
	THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A., AS TRUSTEE
		
	By:	 	 /s/ Shannon Matthews

	Name:	 	Shannon Matthews
	Title:	 	Vice President

  
 [Signature Page to
Indenture]

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