Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

WEATHERFORD INTERNATIONAL LTD., 

a Bermuda exempted company, 

as Issuer, 
 WEATHERFORD
INTERNATIONAL PLC, 
 an Irish public limited company, 

as Parent Guarantor, 

WEATHERFORD INTERNATIONAL, INC., 

a Delaware corporation, 

as Subsidiary Guarantor, 

and 
 DEUTSCHE BANK
TRUST COMPANY AMERICAS, 
 as Trustee 

TENTH SUPPLEMENTAL INDENTURE 

dated as of June 17, 2016 

to Indenture 
 dated as
of October 1, 2003 
  
  

$1,500,000,000 Aggregate Principal Amount of Securities Consisting of: 

7.75% Senior Notes due 2021 and 8.25% Senior Notes due 2023 
  

 
  

 CROSS-REFERENCE TABLE 

 

					
	 TIA
Section
	 	 	  	 Indenture
Section

			
	310	 	(a)(1)	  	709
		 	(a)(2)	  	709
		 	(a)(3)	  	N.A.
		 	(a)(4)	  	N.A.
		 	(b)	  	708
		 	(b)	  	710
	311	 	(a)	  	713
		 	(b)	  	713
	312	 	(a)	  	801
		 	(a)	  	802
		 	(b)	  	802
		 	(c)	  	802
	313	 	(a)	  	803
		 	(b)	  	803
		 	(c)	  	803
		 	(d)	  	803
	314	 	(a)	  	804
		 	(a)(4)	  	201
		 	(a)(4)	  	1104
		 	(b)	  	N.A.
		 	(c)(1)	  	202
		 	(c)(2)	  	202
		 	(c)(3)	  	N.A.
		 	(d)	  	N.A.
		 	(e)	  	202
	315	 	(a)	  	701; 703
		 	(b)	  	702
		 	(c)	  	701
		 	(d)	  	701
		 	(e)	  	614
	316	 	(a)	  	201
	316	 	(a)(1)(A)	  	602
		 	(a)(1)(A)	  	612
		 	(a)(1)(B)	  	613
		 	(a)(2)	  	N.A.
		 	(b)	  	608
		 	(c)	  	204
	317	 	(a)(1)	  	603
		 	(a)(2)	  	604
		 	(b)	  	1103
	318	 	(a)	  	207

 N.A. means Not Applicable 
  

	NOTE:	This Cross Reference Table shall not, for any purpose, be deemed to be a part of the Supplemental Indenture. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	
	ARTICLE ONE	  
	APPLICATION OF SUPPLEMENTAL INDENTURE	  
	AND CREATION OF THE INITIAL NOTES	  
			
	Section 101.	 	Application of This Supplemental Indenture	  	 	2	  
	Section 102.	 	Effect of Supplemental Indenture	  	 	2	  
	
	ARTICLE TWO	  
	DEFINITIONS AND OTHER PROVISIONS	  
	OF GENERAL APPLICATION	  
			
	Section 201.	 	Definitions	  	 	3	  
	Section 202.	 	Compliance Certificates and Opinions	  	 	28	  
	Section 203.	 	Form of Documents Delivered to Trustee	  	 	29	  
	Section 204.	 	Acts of Holders; Record Dates	  	 	29	  
	Section 205.	 	Notices, Etc., to Trustee, Issuer and Guarantors	  	 	31	  
	Section 206.	 	Notice to Holders; Waiver	  	 	31	  
	Section 207.	 	Conflict with Trust Indenture Act	  	 	32	  
	Section 208.	 	Effect of Headings and Table of Contents	  	 	32	  
	Section 209.	 	Successors and Assigns	  	 	32	  
	Section 210.	 	Separability Clause	  	 	32	  
	Section 211.	 	Benefits of Indenture	  	 	32	  
	Section 212.	 	Governing Law; Submission to Jurisdiction	  	 	32	  
	Section 213.	 	Legal Holidays	  	 	33	  
	Section 214.	 	No Personal Liability of Directors, Officers, Employees and Shareholders	  	 	33	  
	Section 215.	 	No Adverse Interpretation of Other Agreements	  	 	33	  
	Section 216.	 	U.S.A. PATRIOT Act	  	 	33	  
	Section 217.	 	Payment in Required Currency; Judgment Currency	  	 	34	  
	Section 218.	 	Language of Notices, Etc.	  	 	34	  
	Section 219.	 	Counterpart Originals	  	 	34	  
	
	ARTICLE THREE	  
	NOTE FORMS	  
			
	Section 301.	 	Forms Generally	  	 	34	  
	Section 302.	 	Form of Legend for Global Notes	  	 	35	  
	
	ARTICLE FOUR	  
	THE NOTES	  
			
	Section 401.	 	Title and Terms	  	 	35	  
	Section 402.	 	Denominations	  	 	36	  
	Section 403.	 	Execution, Authentication, Delivery and Dating	  	 	36	  
	Section 404.	 	Temporary Securities	  	 	37	  
	Section 405.	 	Registration, Registration of Transfer and Exchange	  	 	37	  
	Section 406.	 	Mutilated, Destroyed, Lost and Stolen Notes	  	 	38	  

  
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	 	 	 	  	Page	 
			
	 Section 407.
	 	Payment of Interest; Interest Rights Preserved	  	 	39	  
	 Section 408.
	 	Persons Deemed Owners	  	 	40	  
	 Section 409.
	 	Cancellation	  	 	40	  
	 Section 410.
	 	Computation of Interest	  	 	40	  
	
	ARTICLE FIVE	  
	SATISFACTION AND DISCHARGE	  
			
	Section 501.	 	Satisfaction and Discharge of Indenture	  	 	40	  
	 Section 502.
	 	Application of Trust Money	  	 	41	  
	
	ARTICLE SIX	  
	REMEDIES	  
			
	Section 601.	 	Events of Default	  	 	42	  
	 Section 602.
	 	Acceleration of Maturity; Rescission and Annulment	  	 	44	  
	 Section 603.
	 	Collection of Indebtedness and Suits for Enforcement by Trustee	  	 	44	  
	 Section 604.
	 	Trustee May File Proofs of Claim	  	 	45	  
	 Section 605.
	 	Trustee May Enforce Claims Without Possession of Notes	  	 	45	  
	 Section 606.
	 	Application of Money Collected	  	 	45	  
	 Section 607.
	 	Limitation on Suits	  	 	46	  
	 Section 608.
	 	Unconditional Right of Holders to Receive Principal, Premium and Interest	  	 	46	  
	 Section 609.
	 	Restoration of Rights and Remedies	  	 	46	  
	 Section 610.
	 	Rights and Remedies Cumulative	  	 	47	  
	 Section 611.
	 	Delay or Omission Not Waiver	  	 	47	  
	 Section 612.
	 	Control by Holders	  	 	47	  
	 Section 613.
	 	Waiver of Existing Defaults	  	 	47	  
	 Section 614.
	 	Undertaking for Costs	  	 	48	  
	 Section 615.
	 	Waiver of Usury, Stay or Extension Laws	  	 	48	  
	
	ARTICLE SEVEN	  
	THE TRUSTEE	  
			
	Section 701.	 	Certain Duties and Responsibilities	  	 	48	  
	 Section 702.
	 	Notice of Defaults	  	 	48	  
	 Section 703.
	 	Certain Rights of Trustee	  	 	48	  
	 Section 704.
	 	Not Responsible for Recitals or Issuance of Notes	  	 	50	  
	 Section 705.
	 	May Hold Notes	  	 	50	  
	 Section 706.
	 	Money Held in Trust	  	 	50	  
	 Section 707.
	 	Compensation and Reimbursement	  	 	50	  
	 Section 708.
	 	Conflicting Interests	  	 	51	  
	 Section 709.
	 	Corporate Trustee Required; Eligibility	  	 	51	  
	 Section 710.
	 	Resignation and Removal; Appointment of Successor	  	 	51	  
	 Section 711.
	 	Acceptance of Appointment by Successor	  	 	52	  
	 Section 712.
	 	Merger, Conversion, Consolidation or Succession to Business	  	 	53	  
	 Section 713.
	 	Preferential Collection of Claims Against Issuer	  	 	53	  
	 Section 714.
	 	Appointment of Authenticating Agent	  	 	53	  

  
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	 	 	 	  	Page	 
	
	ARTICLE EIGHT	  
	HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER	  
			
	Section 801.	 	Issuer to Furnish Trustee Names and Addresses of Holders	  	 	54	  
	 Section 802.
	 	Preservation of Information; Communications to Holders	  	 	55	  
	 Section 803.
	 	Reports by Trustee	  	 	55	  
	 Section 804.
	 	Reports by Issuer	  	 	55	  
	
	ARTICLE NINE	  
	CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE	  
			
	Section 901.	 	Issuer and Guarantors May Consolidate, Etc., Only on Certain Terms	  	 	56	  
	 Section 902.
	 	Successor Substituted	  	 	56	  
	
	ARTICLE TEN	  
	SUPPLEMENTAL INDENTURES	  
			
	Section 1001.	 	Supplemental Indentures Without Consent of Holders	  	 	57	  
	 Section 1002.
	 	Supplemental Indentures With Consent of Holders	  	 	58	  
	 Section 1003.
	 	Execution of Supplemental Indentures	  	 	59	  
	 Section 1004.
	 	Effect of Supplemental Indentures	  	 	59	  
	 Section 1005.
	 	Conformity with Trust Indenture Act	  	 	59	  
	 Section 1006.
	 	Reference in Notes to Supplemental Indentures	  	 	59	  
	
	ARTICLE ELEVEN	  
	COVENANTS	  
			
	Section 1101.	 	Payment of Principal, Premium, Interest and Additional Amounts	  	 	59	  
	 Section 1102.
	 	Maintenance of Office or Agency	  	 	62	  
	 Section 1103.
	 	Money for Notes Payments to Be Held in Trust	  	 	62	  
	 Section 1104.
	 	Annual Compliance Certificate; Statement by Officers as to Default	  	 	63	  
	 Section 1105.
	 	Existence	  	 	64	  
	 Section 1106.
	 	Limitation on Designation of Unrestricted Subsidiaries	  	 	64	  
	 Section 1107.
	 	Purchase of Notes Upon a Change of Control	  	 	65	  
	 Section 1108.
	 	Limitation on Additional Indebtedness	  	 	67	  
	 Section 1109.
	 	Limitation on Restricted Payments	  	 	70	  
	 Section 1110.
	 	Limitation on Liens	  	 	73	  
	 Section 1111.
	 	Limitation on Dividends and Other Restrictions Affecting Restricted Subsidiaries	  	 	74	  
	 Section 1112.
	 	Limitation on Sale-Leaseback Transactions	  	 	76	  
	 Section 1113.
	 	Limitation on Affiliate Transactions	  	 	77	  
	 Section 1114.
	 	Additional Guarantees	  	 	79	  
	 Section 1115.
	 	Covenant Termination	  	 	79	  
	
	ARTICLE TWELVE	  
	REDEMPTION OF NOTES	  
			
	Section 1201.	 	Applicability of Article	  	 	79	  
	 Section 1202.
	 	Election to Redeem; Notice to Trustee	  	 	79	  
	 Section 1203.
	 	Optional Redemption	  	 	79	  

  
 iii 

							
	 	 	 	  	Page	 
			
	 Section 1204.
	 	Selection by Trustee of Notes to Be Redeemed	  	 	81	  
	 Section 1205.
	 	Notice of Redemption	  	 	82	  
	 Section 1206.
	 	Deposit of Redemption Price	  	 	82	  
	 Section 1207.
	 	Notes Payable on Redemption Date	  	 	83	  
	 Section 1208.
	 	Notes Redeemed in Part	  	 	83	  
	
	ARTICLE THIRTEEN	  
	SINKING FUND; OTHER ACQUISITIONS OF NOTES	  
			
	 Section 1301.
	 	Mandatory Redemption, Etc.	  	 	83	  
	
	ARTICLE FOURTEEN	  
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	 Section 1401.
	 	Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance	  	 	83	  
	 Section 1402.
	 	Defeasance and Discharge	  	 	83	  
	 Section 1403.
	 	Covenant Defeasance	  	 	84	  
	 Section 1404.
	 	Conditions to Legal Defeasance or Covenant Defeasance	  	 	84	  
	 Section 1405.
	 	Deposited Money and U.S. Government Obligations to Be Held in Trust; Miscellaneous Provisions	  	 	85	  
	 Section 1406.
	 	Reinstatement	  	 	86	  
	
	ARTICLE FIFTEEN	  
	GUARANTEES	  
	 Section 1501.
	 	Unconditional Guarantee	  	 	86	  
	 Section 1502.
	 	Execution and Delivery of Notation of Guarantee	  	 	88	  
	 Section 1503.
	 	Limitation on Guarantors’ Liability	  	 	88	  
	 Section 1504.
	 	Release of Guarantors from Guarantees	  	 	89	  
	 Section 1505.
	 	Guarantor Contribution	  	 	90	  
	
	ANNEX A	  
		
	FORM OF 2021 NOTE	  	 	A-1	  
	
	ANNEX B	  
		
	FORM OF 2023 NOTE	  	 	B-1	  
	
	ANNEX C	  
		
	NOTATION OF GUARANTEE	  	 	C-1	  
	
	ANNEX D	  
		
	FORM OF SUPPLEMENTAL INDENTURE	  	 	D-1	  

  
 iv 

 THIS TENTH SUPPLEMENTAL INDENTURE (herein called this “Supplemental Indenture”),
dated as of June 17, 2016, is among Weatherford International Ltd., a Bermuda exempted company (herein called the “Issuer”), Weatherford International plc, an Irish public limited company (herein called the “Parent
Guarantor”), Weatherford International, LLC, a Delaware limited liability company (herein called a “Subsidiary Guarantor”), and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee”). 

RECITALS OF THE ISSUER AND THE GUARANTORS 

The Issuer and the Guarantors are parties to the Indenture, dated as of October 1, 2003 (herein called the “Original
Indenture”), as amended and supplemented by (i) the Third Supplemental Indenture dated as of February 26, 2009, (ii) the Seventh Supplemental Indenture, dated as of March 31, 2013 and (iii) the Eighth Supplemental
Indenture dated as of June 17, 2014 (the Original Indenture, as so amended and supplemented, being herein called the “Base Indenture”), which Base Indenture provides for the issuance from time to time of the Issuer’s unsecured
senior debentures, notes or other evidences of indebtedness (herein called the “Securities”), to be issued in one or more series, and the guarantee by each of the Guarantors of the Securities. 

Section 9.1(8) of the Base Indenture provides, among other things, that the Issuer, Guarantors and the Trustee may enter into indentures
supplemental to the Base Indenture, without the consent of any Holders of Securities, to establish the form or terms of any Security as permitted by Sections 2.1 and 3.1 of the Base Indenture. 

Pursuant to Sections 2.1 and 3.1 of the Base Indenture, the Issuer desires to execute this Supplemental Indenture to establish the form and
terms, and to provide for the issuance, of two series of Securities designated as the 7.75% Senior Notes due 2021 (herein the “2021 Notes”) and the 8.25% Senior Notes due 2023 (herein called the “2023 Notes” and, together with
the 2021 Notes, herein called the “Initial Notes”), in an aggregate principal amount of $1,500,000,000. 
 From time to time
subsequent to the Issue Date, the Issuer may, if permitted to do so pursuant to the terms of the Indenture, the Initial Notes and the terms of its other indebtedness existing on such future date, issue additional Securities of the Initial Notes of
either series in accordance with this Supplemental Indenture (herein called the “Additional Notes” and, together with the Initial Notes, herein called the “Notes”), pursuant to this Supplemental Indenture. No issuance of
Additional Notes shall be made unless specifically authorized and approved by Board Resolution of the Issuer and the Parent Guarantor. 

All things necessary have been done to make the Notes, when executed by the Issuer and authenticated and delivered hereunder and duly issued
by the Issuer, the valid obligations of the Issuer, and all things necessary have been done to make the guarantees thereof, when the Notes have been executed by the Issuer and authenticated and delivered hereunder and duly issued by the Issuer, the
valid obligations of the Guarantors. All things necessary to make this Supplemental Indenture a valid agreement of each of the Issuer and the Guarantors, in accordance with its terms, have been done. 

NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH: 

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

  
 1 

 ARTICLE ONE 

APPLICATION OF SUPPLEMENTAL INDENTURE 

AND CREATION OF THE INITIAL NOTES 

Section 101. Application of this Supplemental Indenture. 

Notwithstanding any other provision of this Supplemental Indenture, the provisions of this Supplemental Indenture, including as provided in
Section 102 below, are expressly and solely for the benefit of the Holders of the Notes and the Guarantees and shall not apply to any other series of Securities that may be currently outstanding or may be issued hereafter under the Base
Indenture. The Notes constitute a series of Securities as provided in Section 3.1 of the Base Indenture. Unless otherwise expressly specified, references in this Supplemental Indenture to specific Article numbers or Section numbers refer to
Articles and Sections contained in this Supplemental Indenture, and not the Base Indenture or any other document. 
 Section 102. Effect of
Supplemental Indenture. 
 With respect to the Notes (and any Notation of Guarantee endorsed thereon) only, the Base Indenture shall be
supplemented and amended pursuant to Section 9.1(8) thereof to establish the form and terms of the Notes (and any Notation of Guarantee endorsed thereon) as set forth in this Supplemental Indenture, including as follows: 

 

	 	(a)	Definitions. The definitions and other provisions of general application set forth in Section 1.1 of the Base Indenture are deleted and replaced in their entirety by the provisions of Section 201 of
this Supplemental Indenture; 

  

	 	(b)	Provisions of General Application and Security Forms. Sections 1.2 through 1.18 and Article Two of the Base Indenture are deleted and replaced in their entirety by the provisions of Articles Two and Three,
respectively (other than Section 201 of this Supplemental Indenture) of this Supplemental Indenture; 

  

	 	(c)	The Securities. The provisions of Article Three of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Four of this Supplemental Indenture; 

 

	 	(d)	Satisfaction and Discharge. The provisions of Article Four of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Five of this Supplemental Indenture;

  

	 	(e)	Remedies. The provisions of Article Five of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Six of this Supplemental Indenture; 

 

	 	(f)	The Trustee. The provisions of Article Six of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Seven of this Supplemental Indenture; 

 

	 	(g)	Holders’ Lists and Reports by Trustee and Issuer. The provisions of Article Seven of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Eight of this Supplemental
Indenture; 

  

	 	(h)	Consolidation, Amalgamation, Merger and Sale. The provisions of Article Eight of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Nine of this Supplemental Indenture;

  
 2 

	 	(i)	Supplemental Indentures. The provisions of Article Nine of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Ten of this Supplemental Indenture;

  

	 	(j)	Covenants. The provisions of Article Ten of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Eleven of this Supplemental Indenture; 

 

	 	(k)	Redemption of Securities. The provisions of Article Eleven of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Twelve of this Supplemental Indenture;

  

	 	(l)	Sinking Funds. The provisions of Article Twelve of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Thirteen of this Supplemental Indenture. 

 

	 	(m)	Defeasance and Covenant Defeasance. The provisions of Article Thirteen of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Fourteen of this Supplemental Indenture; and

  

	 	(n)	Guarantee of Securities. The provisions of Article Fourteen of the Base Indenture are deleted and replaced in their entirety by the provisions of Article Fifteen of this Supplemental Indenture. 

To the extent that the provisions of this Supplemental Indenture (including those referred to in clauses (a) through (n) above)
conflict with any provision of the Base Indenture, the provisions of this Supplemental Indenture shall govern and be controlling, but solely with respect to the Notes (and any Notation of Guarantee endorsed thereon). 

ARTICLE TWO 
 DEFINITIONS
AND OTHER PROVISIONS 
 OF GENERAL APPLICATION 

Section 201. Definitions. 
 For all
purposes of this Supplemental Indenture, except as otherwise expressly provided or unless the context otherwise requires: 

(1) the terms defined in this Article have the meanings assigned to them in this Article and include the plural as well as the
singular; 
 (2) all other terms used herein which are defined in the Trust Indenture Act, in the Exchange Act or in the
Securities Act, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) all accounting
terms not otherwise defined herein have the meanings assigned to them in accordance with GAAP; 
 (4) unless the context
otherwise requires, any reference to an “Article” or a “Section” refers to an Article or a Section, as the case may be, of this Supplemental Indenture; 

(5) unless the context otherwise requires, the word “will” shall be interpreted to express a command; 

  
 3 

 (6) references to sections of or rules under the Securities Act, Trust Indenture
Act or Exchange Act will be deemed to include substitute, replacement of successor sections or rules that come into force from time to time; and 

(7) the words “herein,” “hereof” and “hereunder” and other words of similar import refer to this
Supplemental Indenture as a whole and not to any particular Article, Section or other subdivision. 
 “2021 Notes”
has the meaning set forth in the recitals of this Supplemental Indenture. 
 “2021 Notes Par Call Date” has
the meaning specified in Section 1203. 
 “2023 Notes” has the meaning set forth in the recitals of this
Supplemental Indenture. 
 “2023 Notes Par Call Date” has the meaning specified in Section 1203. 

“acceleration declaration” has the meaning specified in Section 602. 

“Acquired Indebtedness” means (1) with respect to any Person that becomes a Restricted Subsidiary after the Issue
Date, Indebtedness of such Person and its Subsidiaries (including, for the avoidance of doubt, Indebtedness incurred in the ordinary course of such Person’s business to acquire assets used or useful in its business) existing at the time such
Person becomes a Restricted Subsidiary and (2) with respect to the Parent Guarantor or any Restricted Subsidiary, any Indebtedness of a Person (including, for the avoidance of doubt, Indebtedness incurred in the ordinary course of such
Person’s business to acquire assets used or useful in its business), other than the Parent Guarantor or a Restricted Subsidiary, existing at the time such Person is merged with or into the Parent Guarantor or a Restricted Subsidiary, or
Indebtedness expressly assumed by the Parent Guarantor or any Restricted Subsidiary in connection with the acquisition of an asset or assets from another Person. 

“Act,” when used with respect to any Holder, has the meaning specified in Section 204. 

“Additional Amounts” has the meaning specified in Section 1101. 

“Additional Notes” has the meaning indicated in the recitals to this Supplemental Indenture. Any Additional Notes of
either series will be part of the same issue as the Initial Notes of the same series and will be treated as one series with such Initial Notes, including for purposes of voting, redemptions and offers to purchase. 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by, or
under direct or indirect common control with, such specified Person. For purposes of this definition, “control” when used with respect to any specified Person means the power to direct the management and policies of such Person,
directly or indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. 

“Affiliate Transaction” has the meaning specified in Section 1113. 

“amend” means to amend, supplement, restate, amend and restate or otherwise modify, including successively, and
“amendment” shall have a correlative meaning. 
 “Applicable Banking Laws” has the meaning
specified in Section 216. 

  
 4 

 “Applicable Taxes” has the meaning specified in Section 1101. 

“Asset Acquisition” means: 

(1) an Investment by the Parent Guarantor or any Restricted Subsidiary in any other Person if, as a result of such Investment,
such Person shall become a Restricted Subsidiary of the Parent Guarantor, or shall be merged with or into the Parent Guarantor or any of its Restricted Subsidiaries, or 

(2) the acquisition by the Parent Guarantor or any of its Restricted Subsidiaries of all or substantially all of the properties
and assets of any other Person (other than a Restricted Subsidiary of the Parent Guarantor) or any division or line of business of any such other Person (other than in the ordinary course of business). 

“Attributable Indebtedness” means, with respect to any Sale-Leaseback Transaction as of any particular time, the
present value (discounted at the rate of interest implicit in the terms of the lease) of the obligations of the lessee under such lease for net rental payments during the remaining term of the lease (including any period for which such lease has
been extended). For purposes of this definition, “net rental payments” under any lease for any period means the sum of the rental payments required to be paid in such period by the lessee thereunder, not including, however, any
amounts required to be paid by such lessee (whether or not designated as rental or additional rental) on account of maintenance and repairs, insurance, taxes, assessments or similar charges required to be paid by such lessee thereunder contingent
upon the amount of sales or deliveries, maintenance and repairs, insurance, taxes, assessments or similar charges. 

“Authenticating Agent” means any Person authorized by the Trustee pursuant to Section 714 to act on behalf of the
Trustee to authenticate Notes. 
 “Bankruptcy Law” means Title 11, United States Code, or any similar U.S.
federal or state of non-U.S. law for relief of creditors. 
 “Base Indenture” has the meaning stated in the
first recital of this Supplemental Indenture. 
 “Board of Directors” means, with respect to any Person,
(i) in the case of any corporation, the board of directors of such Person and (ii) in any other case, the functional equivalent of the foregoing or, in each case, other than for purposes of the definition of “Change of Control,”
any duly authorized committee of such body. 
 “Board Resolution” means a copy of a resolution certified by
the Secretary or an Assistant Secretary of the Issuer or a Guarantor, the principal financial officer of the Issuer or such Guarantor, any other authorized officer of the Issuer or such Guarantor, or a person duly authorized by any of them, in each
case as applicable, to have been duly adopted by the Board of Directors of the Issuer or such Guarantor, as applicable, and to be in full force and effect on the date of such certification, and delivered to the Trustee. Where any provision of the
Indenture refers to action to be taken pursuant to a Board Resolution, such action may be taken by any committee, officer or employee of the Issuer or the Guarantor, as applicable, authorized to take such action by its Board of Directors as
evidenced by a Board Resolution. 
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday
which is not a day on which banking institutions in the City and State of New York are authorized or obligated by law, executive order or regulation to close. 

  
 5 

 “Capitalized Lease” means a lease required to be capitalized for
financial reporting purposes in accordance with GAAP. Notwithstanding the foregoing, any lease that would have been classified as an operating lease pursuant to GAAP as in effect on the Issue Date shall be deemed not to be a Capitalized Lease.

 “Capitalized Lease Obligations” of any Person means the obligations of such Person to pay rent or other
amounts under a Capitalized Lease, and the amount of such obligation shall be the capitalized amount thereof determined in accordance with GAAP, excluding liabilities resulting from a change in GAAP subsequent to the date of the Indenture, and the
Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“Cash Equivalents” means: 

(1) direct obligations of, or obligations the principal of and interest on which are unconditionally guaranteed by, the United
States (or any agency thereof to the extent such obligations are backed by the full faith and credit of the United States), in each case maturing within one year from the date of acquisition thereof; 

(2) investments in commercial paper maturing within 270 days from the date of acquisition thereof and having, at such date of
acquisition, the highest credit rating obtained from S&P or from Moody’s; 
 (3) investments in certificates of
deposit, bankers’ acceptances and time deposits maturing within 180 days from the date of acquisition thereof issued or guaranteed by or placed with, and money market deposit accounts issued or offered by, any domestic office of any commercial
bank organized under the laws of the United States or any State thereof which has a combined capital and surplus and undivided profits of not less than $500.0 million; 

(4) fully collateralized repurchase agreements with a term of not more than 30 days for securities described in clause
(1) above and entered into with a financial institution satisfying the criteria described in clause (3) above; 

(5) money market funds that (i) comply with the criteria set forth in SEC Rule 2a-7 under the Investment Company Act,
(ii) are rated AAA by S&P and Aaa by Moody’s and (iii) have portfolio assets of at least $5.0 billion; and 

(6) in the case of any Foreign Restricted Subsidiary, other investments that are analogous to the items specified in clauses
(1) through (5) above, are of comparable credit quality and are customarily used by companies in the jurisdiction of such Foreign Restricted Subsidiary for cash management purposes. 

“Change of Control” means the occurrence of any of the following: (a) the direct or indirect sale, transfer,
conveyance or other disposition (other than by way of merger, amalgamation, consolidation, plan or scheme of arrangement, exchange offer, business combination or similar transaction of the Weatherford Parent Company), in one or a series of related
transactions, of all or substantially all of the properties or assets of the Weatherford Parent Company and its Restricted Subsidiaries taken as a whole to any person (as such term is used in Section 13(d) of the Exchange Act) other than the
Weatherford Parent Company or one of its Subsidiaries or a Person controlled by the Weatherford Parent Company or one of its Restricted Subsidiaries; (b) the consummation of any transaction (including, without limitation, any merger,
amalgamation, consolidation, plan or scheme of arrangement, exchange offer, business  

  
 6 

 
combination or similar transaction) the result of which is that any person (as such term is used in Section 13(d) of the Exchange Act) becomes the beneficial owner, directly or
indirectly, of more than 50% of the then outstanding Voting Stock of the Weatherford Parent Company (excluding a Redomestication of the Weatherford Parent Company); and (c) the first day on which a majority of the members of the Weatherford
Parent Company’s Board of Directors are not Continuing Directors. 
 “Change of Control Offer” has the
meaning specified in Section 1107. 
 “Change of Control Payment” has the meaning specified in Section
1107. 
 “Change of Control Payment Date” has the meaning specified in Section 1107. 

“Change of Control Triggering Event” means, with respect to either series of Notes, the occurrence of both a Change of
Control and a Rating Event with respect to the Notes of that series. 
 “Code” has the meaning specified in
Section 1101. 
 “Common Stock” means with respect to any Person, any and all shares, interest or other
participations in, and other equivalents (however designated and whether voting or nonvoting) of such Person’s common stock or common shares whether or not outstanding on the Issue Date, and includes, without limitation, all series and classes
of such common stock. 
 “Comparable Treasury Issue” has the meaning specified in Section 1203. 

“Comparable Treasury Price” has the meaning specified in Section 1203. 

“Consolidated Amortization Expense” for any period means the amortization expense of the relevant Person and the
Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated
Cash Flow” for any period means, with respect to any specified Person and its Restricted Subsidiaries, without duplication, the sum of the amounts for such period of: 

(1) Consolidated Net Income, plus 

(2) in each case only to the extent deducted in determining Consolidated Net Income, 

(a) Consolidated Income Tax Expense, 

(b) Consolidated Amortization Expense, 

(c) Consolidated Depreciation Expense, 

(d) Consolidated Interest Expense, and 

(e) all other non-cash items reducing the Consolidated Net Income (excluding any non-cash charge that results in an accrual of
a reserve for cash charges in any future period) for such period, minus 

  
 7 

 (3) the aggregate amount of all non-cash items, determined on a consolidated
basis, to the extent such items increased Consolidated Net Income for such period (excluding any non-cash items to the extent they represent the reversal of an accrual of a reserve for a potential cash item that reduced Consolidated Cash Flow in any
prior period); and 
 (4) to the extent included in Consolidated Net Income, any nonrecurring or unusual gain or income (or
nonrecurring or unusual loss or expense), together with any related provision for taxes on any such nonrecurring or unusual gain or income (or the tax effect of any such nonrecurring or unusual loss or expense), realized by such Person or any of its
Restricted Subsidiaries during such period, shall be excluded. 
 “Consolidated Depreciation Expense” for any period
means the depreciation expense of the relevant Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 

“Consolidated Income Tax Expense” for any period means the provision for taxes of the relevant Person and its
Restricted Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated Interest
Coverage Ratio” means, on any date of determination, with respect to any Person, the ratio of (x) Consolidated Cash Flow of such Person during the most recent four consecutive full fiscal quarters for which financial statements
prepared on a consolidated basis in accordance with GAAP are available (the “Four-Quarter Period”) ending on or prior to the date of the transaction giving rise to the need to calculate the Consolidated Interest Coverage Ratio (the
“Transaction Date”) to (y) Consolidated Interest Expense of such Person for the Four-Quarter Period. For purposes of this definition, Consolidated Cash Flow and Consolidated Interest Expense shall be calculated after giving
effect on a pro forma basis for the period of such calculation to: 
 (1) the incurrence of any Indebtedness or the
issuance of any Disqualified Equity Interests of such Person or Preferred Stock of any Restricted Subsidiary of such Person (and the application of the proceeds thereof) and any repayment, repurchase or redemption of other Indebtedness or other
Disqualified Equity Interests or Preferred Stock (and the application of the proceeds therefrom) (other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital purposes pursuant to any revolving credit
arrangement) occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such incurrence, repayment, repurchase, issuance or redemption, as the case may
be (and the application of the proceeds thereof), occurred on the first day of the Four-Quarter Period; and 
 (2) any asset
sale outside the ordinary course of business or Asset Acquisition (including, without limitation, any Asset Acquisition giving rise to the need to make such calculation as a result of the Parent Guarantor or any Restricted Subsidiary (including any
Person who becomes a Restricted Subsidiary as a result of such Asset Acquisition) incurring Acquired Indebtedness and also including any Consolidated Cash Flow (including any pro forma expense and cost reductions that have occurred or are reasonably
expected to occur within the next 12 months)) in each case occurring during the Four-Quarter Period or at any time subsequent to the last day of the Four-Quarter Period and on or prior to the Transaction Date, as if such asset sale or Asset
Acquisition (including the incurrence of, or assumption or liability for, any such Indebtedness or Acquired Indebtedness) occurred on the first day of the Four-Quarter Period; provided, that such pro forma calculations shall be determined in good
faith by a responsible financial or accounting officer of the Parent Guarantor whether or not such pro forma adjustments would be permitted under SEC rules or guidelines. 

  
 8 

 In calculating Consolidated Interest Expense for purposes of determining the denominator (but not
the numerator) of this Consolidated Interest Coverage Ratio: 
 (1) interest on outstanding Indebtedness determined on a
fluctuating basis as of the Transaction Date and which will continue to be so determined thereafter shall be deemed to have accrued at a fixed rate per annum equal to the rate of interest on such Indebtedness in effect on the Transaction Date; 

(2) if interest on any Indebtedness actually incurred on the Transaction Date may optionally be determined at an interest rate
based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rates, then the interest rate in effect on the Transaction Date will be deemed to have been in effect during the Four-Quarter Period; and 

(3) notwithstanding clause (1) or (2) above, interest on Indebtedness determined on a fluctuating basis, to the
extent such interest is covered by agreements relating to Hedging Obligations, shall be deemed to accrue at the rate per annum resulting after giving effect to the operation of such agreements. 

“Consolidated Interest Expense” for any period means the sum, without duplication, of the total interest expense of
the relevant Person and its Restricted Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, including, without duplication: 

(1) imputed interest on Capitalized Lease Obligations and Attributable Indebtedness; 

(2) the net costs associated with Hedging Obligations related to interest rates; 

(3) amortization of debt issuance costs, debt discount or premium and other financing fees and expenses; 

(4) the interest portion of any deferred payment obligations; 

(5) all other non-cash interest expense; 

(6) capitalized interest; 

(7) all dividend payments on any series of Disqualified Equity Interests of the Parent Guarantor or any Preferred Stock of any
Restricted Subsidiary (other than dividends on Equity Interests payable solely in Qualified Equity Interests of the Parent Guarantor or to the Parent Guarantor or a Restricted Subsidiary); 

(8) all interest payable with respect to discontinued operations; and 

(9) all interest on any Indebtedness described in clause (6) or (7) of the definition of Indebtedness. 

“Consolidated Net Income” for any period means the net income (or loss) of a specified Person and its Restricted
Subsidiaries, in each case for such period determined on a consolidated basis in accordance with GAAP; provided that there shall be excluded in calculating such net income (or loss), to the extent otherwise included therein, without
duplication: 

  
 9 

 (1) the net income (or loss) of any Person (other than a Restricted Subsidiary)
in which the specified Person or its Restricted Subsidiaries has an ownership interest, except to the extent that cash in an amount equal to any such income has actually been received by the specified Person or any of its Restricted Subsidiaries
during such period; 
 (2) except to the extent includible in the net income (or loss) of the specified Person pursuant to
the foregoing clause (1), the net income (or loss) of any other Person that accrued prior to the date that (a) such other Person becomes a Restricted Subsidiary of the specified Person or is merged into or consolidated with the specified Person
or any of its Restricted Subsidiaries or (b) the assets of such other Person are acquired by the specified Person or any of its Restricted Subsidiaries; 

(3) the net income of any Restricted Subsidiary of the specified Person (other than the Issuer or a Subsidiary Guarantor)
during such period to the extent that the declaration or payment of dividends or similar distributions by such Restricted Subsidiary of that income is not permitted by operation of the terms of its charter or any agreement, instrument, judgment,
decree, order, statute, rule or governmental regulation applicable to that Subsidiary during such period, unless such restriction with respect to the payment of dividends has been legally waived; 

(4) gains or losses attributable to discontinued operations; 

(5) any gain (or loss), together with any related provisions for taxes on any such gain (or the tax effect of any such loss),
realized during such period by the Parent Guarantor or any Restricted Subsidiary upon the acquisition of any securities, or the extinguishment of any Indebtedness, of the specified Person or any Restricted Subsidiary; 

(6) gains and losses due solely to fluctuations in currency values and the related tax effects according to GAAP; 

(7) unrealized gains and losses with respect to Hedging Obligations; 

(8) the cumulative effect of any change in accounting principles or policies; 

(9) extraordinary gains and losses and the related tax effect; 

(10) non-cash charges or expenses with respect to the grant of stock options, restricted stock or other equity compensation
awards; and 
 (11) goodwill write-downs or other non-cash impairments of assets. 

“Consolidated Net Worth” means, at any date of determination, the amount of total shareholders’ equity shown in
the most recent consolidated statement of financial position of the Parent Guarantor. 
 “Consolidated Tangible
Assets” means, with respect to any Person as of any date, the amount which, in accordance with GAAP, would be set forth under the caption “Total Assets” (or any like caption) on a consolidated balance sheet of such Person and its
Restricted Subsidiaries determined in accordance with GAAP, less, to the extent included in a determination of “Total Assets,” and without duplication, all goodwill, patents, tradenames, trademarks, copyrights, franchises, experimental
expenses, organization expenses and any other amounts classified as intangible assets in accordance with GAAP. 

  
 10 

 “Continuing Directors” means, as of any date of determination, any member
of the Board of Directors of the Weatherford Parent Company who (a) was a member of such Board of Directors on the date of the issuance of the Notes or (b) was nominated for election or appointed or elected to such Board of Directors with
the approval of a majority of the Continuing Directors who were members of such Board of Directors at the time of such nomination, appointment or election (either by a specific vote or by approval of the Weatherford Parent Company’s proxy
statement in which such member was named as a nominee for election as a director, without objection to such nomination). 

“Corporate Trust Office” means the office of the Trustee at which at any particular time its corporate trust business
in relation to the Notes shall be administered, which office on the date hereof is located at 60 Wall Street, MS NYC60-1630, New York, New York 10005, Attention: Corporates Team – Weatherford International, or such other address as the Trustee
may designate from time to time by notice to the Holders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Holders and
the Issuer). 
 “corporation” includes corporations, companies, associations, partnerships, limited
partnerships, limited liability companies, joint-stock companies and trusts. 
 “Covenant Defeasance” has the
meaning specified in Section 1403. 
 “Coverage Ratio Exception” has the meaning set forth in the proviso in
the first paragraph of Section 1108. 
 “Credit Agreement” means the Amended and Restated Credit Agreement
dated as of May 4, 2016, among the Issuer, the Parent Guarantor, the other Subsidiaries of the Parent Guarantor from time to time party thereto, JPMorgan Chase Bank, N.A., as administrative agent and swingline lender, and the several lenders
and other agents party thereto, including any notes, guarantees, collateral and security documents, instruments and agreements executed in connection therewith (including Hedging Obligations related to the Indebtedness incurred thereunder), and in
each case as such agreement or facility may be amended (including any amendment or restatement thereof), supplemented or otherwise modified from time to time, including any agreement made in the commercial bank market exchanging, extending the
maturity of, refinancing, renewing, replacing, substituting or otherwise restructuring (including increasing the amount of available borrowings thereunder or adding or removing Subsidiaries as borrowers or guarantors thereunder) all or any portion
of the Indebtedness under such agreement or facility or any successor or replacement agreement or facility. 
 “Credit
Facilities” means one or more debt facilities or indentures (which may be outstanding at the same time and including, without limitation, the Credit Agreement and the Term Loan Agreement) providing for revolving credit loans, swingline
loans, term loans, overdraft loans, debt securities, term loans, receivables financing or letters of credit and, in each case, as such agreements may be amended, refinanced, restated, refunded or otherwise restructured, in whole or in part from time
to time (including increasing the amount of available borrowings thereunder or adding Subsidiaries of the Parent Guarantor as additional borrowers or guarantors thereunder) with respect to all or any portion of the Indebtedness under such agreement
or agreements or any successor or replacement agreement or agreements and whether by the same or any other agent, lender, group of lenders or institutional lenders or investors. 

  
 11 

 “Customary Recourse Exceptions” means, with respect to any Non-Recourse
Debt of an Unrestricted Subsidiary, exclusions from the exculpation provisions with respect to such Non-Recourse Debt for the voluntary bankruptcy of such Unrestricted Subsidiary, fraud, misapplication of cash, environmental claims, waste, willful
destruction and other circumstances customarily excluded by lenders from exculpation provisions or included in separate indemnification agreements in non-recourse financings. 

“Debt” means any obligation created or assumed by any Person for the repayment of money borrowed and any Purchase
Money Indebtedness created or assumed by such Person and any guarantee of the foregoing. 
 “Default” means
any event, act or condition that, after notice or the passage of time or both, would be an Event of Default. 

“Defaulted Interest” has the meaning specified in Section 407. 

“Depositary” means, with respect to Notes issued in whole or in part in the form of one or more Global Notes, The
Depository Trust Company or any other clearing agency registered under the Exchange Act that is designated to act as successor Depositary for such Notes. 

“Designation” has the meaning given to this term in Section 1106. 

“Designation Amount” has the meaning given to this term in Section 1106. 

“Disqualified Equity Interests” of any Person means any class of Equity Interests of such Person that, by its terms,
or by the terms of any related agreement or of any security into which it is convertible, puttable or exchangeable (in each case, at the option of the holder thereof), is, or upon the happening of any event or the passage of time would be, required
to be redeemed by such Person, at the option of the holder thereof, or matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, in whole or in part, on or prior to the date which is 91 days after the Stated Maturity
of the Notes; provided, however, that any class of Equity Interests of such Person that, by its terms, authorizes such Person to satisfy in full its obligations with respect to the payment of dividends or upon maturity, redemption
(pursuant to a sinking fund or otherwise) or repurchase thereof or otherwise by the delivery of Equity Interests that are not Disqualified Equity Interests, and that is not convertible, puttable or exchangeable for Disqualified Equity Interests or
Indebtedness, will not be deemed to be Disqualified Equity Interests so long as such Person satisfies its obligations with respect thereto solely by the delivery of Equity Interests that are not Disqualified Equity Interests; provided,
further, however, that any Equity Interests that would not constitute Disqualified Equity Interests but for provisions thereof giving holders thereof (or the holders of any security into or for which such Equity Interests are
convertible, exchangeable or exercisable) the right to require such Person to repurchase or redeem such Equity Interests upon the occurrence of a change of control occurring prior to the 91st day after the Stated Maturity of the Notes shall not
constitute Disqualified Equity Interests if the change of control provisions applicable to such Equity Interests are no more favorable to such holders than the provisions of Section 1107, and such Equity Interests specifically provide that the
Issuer will not repurchase or redeem any such Equity Interests pursuant to such provisions prior to the Issuer’s purchase of the Notes as required pursuant to the provisions of Section 1107. 

“Dollars,” “U.S. dollars” or “$” shall mean the coin or currency of the United
States of America, which at the time of payment is legal tender for the payment of public and private debts. 

  
 12 

 “Equity Interests” of any Person means (1) any and all shares or
other equity interests (including Common Stock, Preferred Stock, limited liability company interests, trust units and partnership interests) in such Person and (2) all rights to purchase, warrants or options (whether or not currently
exercisable), participations or other equivalents of or interests in (however designated) such shares or other interests in such Person, but excluding from all of the foregoing any debt securities convertible into Equity Interests, regardless of
whether such debt securities include any right of participation with Equity Interests. 
 “Event of Default”
has the meaning specified in Section 601. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934,
as amended. 
 “Expiration Date” has the meaning specified in Section 204. 

“Fair Market Value” means, with respect to any asset, the price (after taking into account any liabilities relating to
such asset) that would be negotiated in an arm’s-length transaction for cash between a willing seller and a willing and able buyer, neither of which is under any compulsion to complete the transaction as such price is determined in good faith
by management of the Parent Guarantor. 
 “Foreign Restricted Subsidiary” means any Restricted Subsidiary not
organized or existing under the laws of the United States, any State thereof or the District of Columbia, other than a Guarantor. 

“Funding Guarantor” has the meaning specified in Section 1505. 

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

“Global Note” means a Note of either series that evidences all or part of the Notes of that series and bears the
legend set forth in Section 302. 
 “guarantee” means a direct or indirect guarantee by any Person of any
Indebtedness or other obligation of any other Person and includes any obligation, direct or indirect, contingent or otherwise, of such Person entered into for purposes of assuring in any other manner the obligee of such Indebtedness of the payment
thereof or to protect such obligee against loss in respect thereof (in whole or in part); “guarantee,” when used as a verb, and “guaranteed” have correlative meanings. 

“Guarantee” means, individually, any guarantee of payment of the Notes by a Guarantor pursuant to the terms of the
Indenture and any supplemental indenture thereto, and, collectively, all such guarantees. 
 “Guarantors”
means the Parent Guarantor and each Subsidiary Guarantor, until such Person is released from its Guarantee in accordance with the terms of the Indenture. 

“Hedging Obligations” of any Person means the obligations of such Person under option, swap, cap, collar, forward
purchase or similar agreements or arrangements intended to manage exposure to interest rates or currency exchange rates or commodity prices (including, without limitation, for purposes of this definition, rates for electrical power used in the
ordinary course of business), either generally or under specific contingencies. 

  
 13 

 “Holder” means any registered holder, from time to time, of the Notes.

 “incur” means, with respect to any Indebtedness or Obligation, incur, create, issue, assume, guarantee or
otherwise become directly or indirectly liable, contingently or otherwise, with respect to such Indebtedness or Obligation; provided that (1) the Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary
of the Parent Guarantor shall be deemed to have been incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and (2) neither the accrual of interest nor the accretion of original issue discount or the accretion or
accumulation of dividends on any Equity Interests shall be deemed to be an incurrence of Indebtedness. 

“Indebtedness” of any Person at any date means, without duplication: 

(1) all liabilities, contingent or otherwise, of such Person for borrowed money (whether or not the recourse of the lender is
to the whole of the assets of such Person or only to a portion thereof); 
 (2) all obligations of such Person evidenced by
bonds, debentures, bankers’ acceptances, notes or other similar instruments; 
 (3) all non-contingent reimbursement
obligations of such Person in respect of letters of credit, letters of guaranty and similar credit transactions; 
 (4) all
obligations of such Person to pay the deferred and unpaid purchase price of property or services, except deferred compensation, trade payables and other obligations and accrued expenses incurred by such Person in the ordinary course of business in
connection with obtaining goods, materials or services and not overdue by more than 180 days unless subject to a bona fide dispute; 

(5) the maximum fixed redemption or repurchase price of all Disqualified Equity Interests of such Person or, with respect to
any Subsidiary of such Person, any Preferred Stock; 
 (6) all Capitalized Lease Obligations of such Person to the extent
such obligations would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP; 

(7) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by
such Person; 
 (8) all Indebtedness of others guaranteed by such Person to the extent of such guarantee; provided
that Indebtedness of such Person or its Subsidiaries that is guaranteed by such Person or its Subsidiaries shall only be counted once in the calculation of the amount of Indebtedness of such Person and its Subsidiaries on a consolidated basis; and

 (9) to the extent not otherwise included in this definition, net Hedging Obligations of such Person to the extent such
obligations would appear as a liability on a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP. 

The amount of any Indebtedness which is incurred at a discount to the principal amount at maturity thereof as of any date shall be deemed to
have been incurred at the accreted value thereof as of such date. The amount of Indebtedness of any Person at any date shall be the outstanding balance at such date of all unconditional obligations as described above, the maximum liability of such
Person for any 

  
 14 

 
such contingent obligations at such date and, in the case of clause (7), the lesser of (a) the Fair Market Value of any asset subject to a Lien securing the Indebtedness of others on the
date that the Lien attaches and (b) the amount of the Indebtedness secured. For purposes of clause (5), the “maximum fixed redemption or repurchase price” of any Disqualified Equity Interests or Preferred Stock that do not have a
fixed redemption or repurchase price shall be calculated in accordance with the terms of such Disqualified Equity Interests or Preferred Stock, as applicable, as if such Disqualified Equity Interests or Preferred Stock were redeemed or repurchased
on any date on which an amount of Indebtedness outstanding shall be required to be determined pursuant to the Indenture. 
 The term
“Indebtedness” excludes any repayment or reimbursement obligation of such Person or any of its Subsidiaries with respect to Customary Recourse Exceptions, unless and until an event or circumstance occurs that triggers the Person’s or
such Subsidiary’s direct repayment or reimbursement obligation (as opposed to contingent or performance obligations) to the lender or other Person to whom such obligation is actually owed, in which case the amount of such direct payment or
reimbursement obligation shall constitute Indebtedness. 
 “Indenture” means the Base Indenture as amended and
supplemented by this Supplemental Indenture and by any supplemental indenture thereto in respect of the Notes that may be executed and delivered by the parties thereto from time to time after the Issue Date. 

“Indenture Obligations” has the meaning specified in Section 1501. 

“Independent Director” means a director of the Parent Guarantor who is independent with respect to the transaction at
issue. 
 “Independent Investment Banker” has the meaning specified in Section 1203. 

“Initial Notes” has the meaning indicated in the recitals to this Supplemental Indenture. 

“Insolvency or Liquidation Proceeding” has the meaning specified in Section 707. 

“Interest Payment Date,” when used with respect to any Note, means the Stated Maturity of an installment of interest
on such Note. 
 “Investment Company Act” means the Investment Company Act of 1940 and any statute successor
thereto, in each case as amended from time to time. 
 “Investment Grade Rating” means, with respect to
either series of Notes, a rating equal to or higher than Baa3 (or the equivalent under any successor ratings categories of Moody’s) by Moody’s and BBB- (or the equivalent under any successor ratings categories by S&P) by S&P.

 “Investments” of any Person means: 

(1) all direct or indirect investments by such Person in any other Person (including Affiliates) in the form of loans, advances
or capital contributions or other credit extensions constituting Indebtedness of such other Person, and any guarantee of Indebtedness of any other Person; 

(2) all purchases (or other acquisitions for consideration) by such Person of Indebtedness, Equity Interests or other
securities of any other Person (other than any such purchase that constitutes a Restricted Payment of the type described in clause (2) of the definition thereof); 

  
 15 

 (3) all other items that would be classified as investments in another Person on
a balance sheet of such Person prepared in accordance with GAAP; and 
 (4) the Designation of any Subsidiary as an
Unrestricted Subsidiary. 
 Except as otherwise expressly specified in this definition, the amount of any Investment (other than an
Investment made in cash) shall be the Fair Market Value thereof on the date such Investment is made. The amount of an Investment pursuant to clause (4) shall be the Designation Amount determined in accordance with Section 1106. If the
Parent Guarantor or any Restricted Subsidiary sells or otherwise disposes of any Equity Interests of any Restricted Subsidiary, or any Restricted Subsidiary issues any Equity Interests, in either case, such that, after giving effect to any such sale
or disposition, such Person is no longer a Subsidiary, the Parent Guarantor shall be deemed to have made an Investment on the date of any such sale or other disposition equal to the Fair Market Value of the Equity Interests of and all other
Investments in such Restricted Subsidiary retained. Notwithstanding the foregoing, purchases or redemptions of Equity Interests of the Parent Guarantor shall be deemed not to be Investments. 

“Issue Date” means the first date on which the Notes are issued under the Indenture. 

“Issuer” means the Person named as the “Issuer” in the first paragraph of this Supplemental Indenture 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 an Officer and delivered to the Trustee. 
 “Judgment Currency” has the meaning specified in Section
217. 
 “Legal Defeasance” has the meaning specified in Section 1402. 

“Lien” means any mortgage, pledge, security interest, charge, lien or other encumbrance of any kind, whether or not
filed, recorded or perfected under applicable law; provided that “Lien” shall not include or cover setoff rights and other standard arrangements for netting payment obligations in the settlement of obligations arising under
(i) ISDA standard documents or agreements otherwise customary in swap or hedging transactions, (ii) deposit, securities and commodity accounts and (iii) banking services (credit cards for commercial customers (including commercial
credit cards and purchasing cards), stored value cards, merchant processing services and treasury management services (including controlled disbursement, automated clearinghouse transactions, return items, any direct debit scheme or arrangement,
overdrafts and interstate depository network services)). 
 “Make-Whole Price” has the meaning specified in
Section 1203. 
 “Moody’s” means Moody’s Investors Service, Inc., and its successors.

 “Non-Recourse Debt” means Indebtedness of an Unrestricted Subsidiary: 

(1) as to which neither the Parent Guarantor nor any Restricted Subsidiary (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Indebtedness), except for Customary Recourse Exceptions, (b) is directly or indirectly liable as a guarantor or otherwise, or (c) constitutes the lender; and 

  
 16 

 (2) no default with respect to which (including any rights that the holders
thereof may have to take enforcement action against an Unrestricted Subsidiary) would permit upon notice, lapse of time or both any holder of any other Indebtedness of the Parent Guarantor or any Restricted Subsidiary to declare a default on the
other Indebtedness or cause the payment thereof to be accelerated or payable prior to its Stated Maturity. 
 “Notation of
Guarantee” has the meaning specified in Section 1502. 
 “Notes” has the meaning indicated in the
recitals to this Supplemental Indenture and includes both the Initial Notes of each series and any Additional Notes of each series.  

“Obligation” means any principal, interest, penalties, fees, indemnification, reimbursements, costs, expenses, damages
and other liabilities payable under the documentation governing any Indebtedness. 
 “Officer” means any of
the following of the Issuer or any Guarantor: the Chairman of the Board, the Chief Executive Officer, the President, any Vice President, or any other duly authorized officer of the Issuer or such Guarantor, as the case may be, or (save in the case
of the Parent Guarantor) any other person duly authorized by any such person. 
 “Officer’s Certificate”
means a certificate signed by an Officer of the Issuer or a Guarantor, as appropriate, and delivered to the Trustee. 

“Opinion of Counsel” means a written opinion from counsel, who may be an employee of or counsel for the Issuer, a
Guarantor or a Restricted Subsidiary, as the case may be, and who shall be reasonably acceptable to the Trustee. 

“Original Indenture” has the meaning stated in the first recital of this Supplemental Indenture. 

“Outstanding,” when used with respect to the Notes, means, as of the date of determination, all Notes theretofore
authenticated and delivered under the Indenture, except: 
 (1) Notes theretofore cancelled by the Trustee or
delivered to the Trustee for cancellation; 
 (2) Notes for whose payment or redemption money in the necessary amount has
been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer or an Affiliate of the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer or an Affiliate of the Issuer shall act as its own
Paying Agent) for the Holders of such Notes; provided that, if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to the Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Notes as to which Legal Defeasance has been effected pursuant to Section 1402; and 

(4) Notes which have been paid pursuant to Section 406 or in exchange for or in lieu of which other Notes have been
authenticated and delivered pursuant to the Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that such Notes are held by a protected purchaser in whose hands such Notes
are valid obligations of the Issuer; 

  
 17 

 provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Notes have given, made or taken any request, demand, authorization, direction, notice, consent, waiver or other Act hereunder as of any date, Notes owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or
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, waiver or other action,
only Notes which the Trustee knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee certifies to the Trustee that the pledgee has the right so to act with
respect to such Notes and that the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

“Par Call Date” refers to each of the 2021 Notes Par Call Date and the 2023 Notes Par Call Date. 

“Parent Guarantor” means the Person named as the “Parent Guarantor” in the first paragraph of this
Supplemental Indenture until a successor Person shall have become such pursuant to the applicable provisions of the Indenture, and thereafter “Parent Guarantor” shall mean such successor Person. 

“Pari Passu Indebtedness” means any Indebtedness of the Parent Guarantor that is not Subordinated Indebtedness.

 “Paying Agent” means any Person authorized by the Issuer to pay the principal of or any premium or interest
on any Notes on behalf of the Issuer. 
 “Permitted Business” means the businesses engaged in by the Parent
Guarantor and its Subsidiaries on the Issue Date and businesses that are reasonably related, incidental or ancillary thereto or reasonable extensions thereof as determined by the Board of Directors of Parent Guarantor. 

“Permitted Business Investment” means Investments made in the course of conducting a Permitted Business, whether
through agreements, transactions, joint ventures, expenditures or other arrangements that permit one to share risks or costs of such activities or comply with regulatory requirements regarding local ownership, including, without limitation, direct
or indirect ownership interests in all types of drilling, transportation and oilfield services assets, property and equipment. 

“Permitted Factoring Transactions” means receivables purchase facilities and factoring transactions in existence on
the Issue Date or entered into by Parent Guarantor or any Restricted Subsidiary with respect to Receivables originated by Parent Guarantor or such Restricted Subsidiary in the ordinary course of business, which may contain Standard Securitization
Undertakings. 
 “Permitted Indebtedness” has the meaning set forth in the second paragraph of Section
1108. 
 “Permitted Investment” means: 

(1) Investments by the Parent Guarantor or any Restricted Subsidiary in (a) any Restricted Subsidiary or (b) any
Person that will become immediately after such Investment a Restricted Subsidiary or that will merge or consolidate into the Parent Guarantor or any Restricted Subsidiary and any Investment held by any such Person at such time that was not incurred
in contemplation of such acquisition, merger or consolidation; 

  
 18 

 (2) Investments in the Parent Guarantor by any Restricted Subsidiary; 

(3) loans and advances to directors, employees and officers of the Parent Guarantor and its Restricted Subsidiaries in the
ordinary course of business; 
 (4) Hedging Obligations entered into in the ordinary course of business for bona fide hedging
purposes of the Parent Guarantor or any Restricted Subsidiary not for the purpose of speculation; 
 (5) Investments in cash
and Cash Equivalents; 
 (6) receivables owing to the Parent Guarantor or any Restricted Subsidiary if created or acquired in
the ordinary course of business; provided, however, that such trade terms may include such concessionary trade terms as the Parent Guarantor or any such Restricted Subsidiary deems reasonable under the circumstances; 

(7) Investments in securities of trade creditors or customers received pursuant to any plan of reorganization or similar
arrangement upon the bankruptcy or insolvency of such trade creditors or customers or received in compromise or resolution of litigation, arbitration or other disputes with such parties; 

(8) Investments evidencing the right to receive a deferred purchase price or other consideration for the disposition of
Receivables and Receivables Related Security in connection with any Permitted Factoring Transaction; 
 (9) guarantees of
performance or similar obligations (other than Indebtedness) arising in the ordinary course of business; 
 (10) lease,
utility and other similar deposits in the ordinary course of business; 
 (11) stock, obligations or securities received in
settlement of debts created in the ordinary course of business and owing to the Parent Guarantor or any Restricted Subsidiary or in satisfaction of judgments; 

(12) Permitted Business Investments; 

(13) guarantees of Indebtedness of the Parent Guarantor or any of its Restricted Subsidiaries permitted in accordance with
Section 1108; 
 (14) repurchases of, or other Investments in, the Notes and Pari Passu Indebtedness; 

(15) advances or extensions of credit in the nature of accounts receivable arising from the sale or lease of goods or services,
the leasing of equipment or the licensing of property in the ordinary course of business and payable or dischargeable in accordance with customary trade terms; provided that such trade terms may include such concessionary trade terms as the
Parent Guarantor or the applicable Restricted Subsidiary deems reasonable under the circumstances; 
 (16) Investments made
pursuant to commitments in effect on the Issue Date; 
 (17) Investments the payment for which consists of Equity Interests
(exclusive of Disqualified Equity Interests) of the Parent Guarantor; provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under the Restricted Payments Basket; 

  
 19 

 (18) Investments consisting of the licensing or contribution of intellectual
property pursuant to joint marketing arrangements with other Persons; 
 (19) other Investments in any Person having an
aggregate Fair Market Value (measured on the date each such Investment was made and without giving effect to subsequent changes in value) that, when taken together with all other Investments made pursuant to this clause (19) since the Issue
Date and then outstanding, do not exceed the greater of (i) $125.0 million or (ii) 1.0% of the Parent Guarantor’s Consolidated Tangible Assets; 

(20) Investments in or payments to SpinCo or its Subsidiaries in connection with a Qualified Spin Transaction and the
transactions relating thereto, including the payment of all fees and expenses related thereto; 
 (21) performance guarantees
of any trade or non-financial operating contract (other than such contract that itself constitutes Indebtedness) in the ordinary course of business. 

In determining whether any Investment is a Permitted Investment, the Parent Guarantor may allocate or reallocate all or any portion of an
Investment among the clauses of this definition and any of the provisions of Section 1109. 
 “Permitted Liens”
means the following types of Liens: (i) any governmental Lien, mechanics’, materialmen’s, carriers’ or similar Lien incurred in the ordinary course of business which is not overdue for more than 60 days or which is being
contested in good faith by appropriate proceedings and any undetermined Lien which is incidental to construction; (ii) the right reserved to, or vested in, any municipality or public authority by the terms of any right, power, franchise, grant,
license, permit or by any provision of law, to purchase or recapture or to designate a purchaser of, any property, (iii) Liens of taxes and assessments which are (A) for the then current year, (B) not at the time delinquent, or
(C) delinquent but the validity of which is being contested at the time by the Parent Guarantor or any Subsidiary in good faith; (iv) Liens of, or to secure performance of, leases; (v) any Lien upon, or deposits of, any assets in
favor of any surety company or clerk of court for the purpose of obtaining indemnity or stay of judicial proceedings; (vi) any Lien upon property or assets acquired or sold by the Parent Guarantor or any Subsidiary resulting from the exercise
of any rights arising out of defaults or receivables; (vii) any Lien incurred in the ordinary course of business in connection with workmen’s compensation, unemployment insurance, temporary disability, social security, retiree health or
similar laws or regulations or to secure obligations imposed by statute or governmental regulations; (viii) any Lien incurred to secure the performance of tenders, bids, leases, statutory obligations, surety and appeal bonds, government
contracts, performance and return-of-money bonds and other obligations of a like nature incurred in the ordinary course of business (exclusive of obligations for the payment of borrowed money but inclusive of Liens solely on cash and Cash
Equivalents not to exceed the greater of (a) $100.0 million or (b) 1.0% of the Parent Guarantor’s Consolidated Tangible Assets at any one time securing letters of credit or letter of credit facilities supporting such obligations);
(ix) any Lien upon any property or assets in accordance with customary banking practice to secure any Debt incurred by the Parent Guarantor or any Subsidiary in connection with the exporting of goods to, or between, or the marketing of goods
in, or the importing of goods from, foreign countries; (x) any Lien upon property or assets in accordance with non-contingent reimbursement obligations of the Parent Guarantor or any Subsidiary in respect of letters of credit, letters of
guaranty and similar credit transactions; (xi) precautionary Liens on Receivables and Receivables Related Security arising in connection with Permitted Factoring  

  
 20 

 
Transactions; or (xii) any Lien in favor of the United States or any State thereof, or any other country, or any political subdivision of any of the foregoing, to secure partial, progress,
advance, or other payments pursuant to any contract or statute, or any Lien securing industrial development, pollution control, or similar revenue bonds. 

“Person” means any individual, corporation, company, limited liability company, partnership, limited partnership,
joint venture, association, joint-stock company, trust, other legal entity of any kind, unincorporated organization or government or agency or political subdivision thereof. 

“Place of Payment,” when used with respect to the Notes of either series, means the place or places where the
principal of and any premium and interest on such Notes are payable as specified in Section 1102. 
 “Predecessor
Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under
Section 406 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence the same debt as the mutilated, destroyed, lost or stolen Note. 

“Preferred Stock” means, with respect to any Person, any and all preferred or preference stock or shares or other
Equity Interests (however designated) of such Person whether now outstanding or issued after the Issue Date that is preferred as to the payment of dividends upon liquidation, dissolution or winding up. 

“Process Agent” has the meaning specified in Section 212. 

“Prospectus Supplement” means the Issuer’s final prospectus supplement dated June 10, 2016 respecting the
offering of the Initial Notes. 
 “Purchase Money Indebtedness” means Indebtedness, including Capitalized
Lease Obligations and Attributable Indebtedness, of the Parent Guarantor or any Restricted Subsidiary incurred for the purpose of financing all or any part of the purchase price of property, plant or equipment used in the business of the Parent
Guarantor or any Restricted Subsidiary or the cost of design, installation, construction or improvement thereof; provided, however, that the amount of such Indebtedness shall not exceed such purchase price or cost. 

“Qualified Equity Interests” of any Person means Equity Interests of such Person other than Disqualified Equity
Interests; provided that such Equity Interests shall not be deemed Qualified Equity Interests to the extent sold or owed to a Subsidiary of such Person or financed, directly or indirectly, using funds (1) borrowed from such Person or any
Subsidiary of such Person until and to the extent such borrowing is repaid or (2) contributed, extended, guaranteed or advanced by such Person or any Subsidiary of such Person (including, without limitation, in respect of any employee stock
ownership or benefit plan). Unless otherwise specified, Qualified Equity Interests refer to Qualified Equity Interests of the Parent Guarantor. 

“Qualified Spin Transaction” means the distribution, through one or more dividends by the Weatherford Parent Company,
of all or a portion of the Voting Stock of a Subsidiary (“SpinCo”) which, directly or indirectly through one or more Subsidiaries, holds all or substantially all of the Parent Guarantor’s and its Restricted Subsidiaries’
land drilling rig business, properties and related assets. 

  
 21 

 “Rating Agencies” means, with respect to each series of Notes,
(1) each of Moody’s and S&P and (2) if either of Moody’s or S&P ceases to rate such Notes or fails to make a rating of such Notes publicly available for reasons outside of the Weatherford Parent Company’s control, a
“nationally recognized statistical rating organization” within the meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act, selected by the Weatherford Parent Company (as certified by a resolution of the Weatherford Parent
Company’s Board of Directors) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

“Rating Event” means, with respect to either series of Notes, the rating of such Notes is lowered by each of the
Rating Agencies on any date from the date of the public notice of an arrangement that could result in a Change of Control until the end of the 60-day period following public notice of the occurrence of the Change of Control (which 60-day period
shall be extended so long as the rating of such Notes is under publicly announced consideration for possible downgrade by either of the Rating Agencies). 

“Receivables” means any right to payment of Parent Guarantor or any Restricted Subsidiary created by or arising from
sales of goods, leases of goods or the rendition of services rendered no matter how evidenced and whether or not earned by performance (and whether constituting accounts, general intangibles, chattel paper or otherwise). 

“Receivables Related Security” means all contracts, contract rights, guarantees and other obligations related to
Receivables, all proceeds and collections of Receivables and all other assets and security of a type that are customarily sold or transferred in connection with receivables purchase facilities and factoring transactions of a type that could
constitute Permitted Factoring Transactions. 
 “Receivables Repurchase Obligation” means any obligation of a
seller of Receivables to repurchase Receivables arising as a result of a breach of a representation, warranty or covenant or otherwise, including as a result of a Receivable or portion thereof becoming subject to any asserted defense, dispute,
off-set or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

“Redemption Date,” when used with respect to any Note to be redeemed, means the date fixed for such redemption by or
pursuant to the Indenture. 
 “Redemption Price,” when used with respect to any Note to be redeemed, means
the price at which it is to be redeemed pursuant to the Indenture. 
 “Redesignation” has the meaning given
to such term in Section 1106. 
 “Redomestication” means: 

(a) any amalgamation, merger, plan or scheme of arrangement, exchange offer, business combination, reincorporation,
reorganization, consolidation or similar action of the Weatherford Parent Company with or into any other person (as such term is used in Section 13(d) of the Exchange Act), or of any other person (as such term is used in Section 13(d) of
the Exchange Act) with or into the Weatherford Parent Company, or the sale, distribution or other disposition (other than by lease) of all or substantially all of the properties or assets of the Weatherford Parent Company and its Subsidiaries taken
as a whole to any other person (as such term is used in Section 13(d) of the Exchange Act), 

  
 22 

 (b) any continuation, discontinuation, domestication, redomestication,
amalgamation, merger, plan or scheme of arrangement, exchange offer, business combination, reincorporation, reorganization, conversion, consolidation or similar action with respect to the Weatherford Parent Company pursuant to the law of the
jurisdiction of its organization and of any other jurisdiction, or 
 (c) the formation of a Person that becomes, as part of
the transaction or series of related transactions, the direct or indirect owner of substantially all of the voting shares of the Weatherford Parent Company (the “New Parent”), 

if as a result thereof 

(x) in the case of any action specified in clause (a), the entity that is the surviving, resulting or continuing Person in such
amalgamation, merger, plan or scheme of arrangement, exchange offer, business combination, reincorporation, reorganization, consolidation or similar action, or the transferee in such sale, distribution or other disposition, 

(y) in the case of any action specified in clause (b), the entity that constituted the Weatherford Parent Company immediately
prior thereto (but disregarding for this purpose any change in its jurisdiction of organization), or 
 (z) in the case of
any action specified in clause (c), the New Parent 
 (in any such case, the “Surviving Person”) is a corporation or other
entity, validly incorporated or formed and existing in good standing (to the extent the concept of good standing is applicable) under the laws of any jurisdiction, whose voting shares of each class of capital stock issued and outstanding immediately
following such action, and giving effect thereto, shall be beneficially owned by substantially the same Persons, in substantially the same percentages, as was such capital stock or shares of the entity constituting the Weatherford Parent Company
immediately prior thereto and, if the Surviving Person is the New Parent, the Surviving Person continues to be owned, directly or indirectly, by substantially all of the Persons who were shareholders of the Weatherford Parent Company immediately
prior to such transaction. 
 “Reference Treasury Dealer” has the meaning specified in Section 1203.

 “Reference Treasury Dealer Quotation” has the meaning specified in Section 1203. 

“refinance” means to refinance, repay, prepay, replace, renew or refund. 

“Refinancing Indebtedness” means Indebtedness of the Parent Guarantor or a Restricted Subsidiary incurred in exchange
for, or the proceeds of which are used to refinance, in whole or in part, any Indebtedness of the Parent Guarantor or any Restricted Subsidiary (the “Refinancing Indebtedness”); provided that: 

(1) the principal amount (or accreted value, in the case of Indebtedness issued at a discount) of the Refinancing Indebtedness
(including undrawn or available committed amounts) does not exceed the principal amount of the Refinanced Indebtedness (including undrawn or available committed amounts) plus the amount of accrued and unpaid interest on the Refinanced Indebtedness,
any premium paid to the holders of the Refinanced Indebtedness and reasonable expenses incurred in connection with the incurrence of the Refinancing Indebtedness; 

  
 23 

 (2) the obligor of the Refinancing Indebtedness does not include any Person
(other than the Issuer or any Guarantor) that is not an obligor of the Refinanced Indebtedness, unless the inclusion of such obligor on the Refinancing Indebtedness would not require it to guarantee the Notes under Section 1114; 

(3) if the Refinanced Indebtedness was subordinated in right of payment to the Notes or the Guarantees, as the case may be,
then such Refinancing Indebtedness, by its terms, is subordinate in right of payment to the Notes or the Guarantees, as the case may be, at least to the same extent as the Refinanced Indebtedness; 

(4) the Refinancing Indebtedness has a Stated Maturity either (a) no earlier than the Refinanced Indebtedness being repaid
or amended or (b) no earlier than 91 days after the maturity date of the Notes; and 
 (5) the portion, if any, of the
Refinancing Indebtedness that is scheduled to mature on or prior to the maturity date of the Notes has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred that is equal to or greater than the Weighted Average
Life to Maturity of the portion of the Refinanced Indebtedness being repaid that is scheduled to mature on or prior to the maturity date of the Notes. 

“Regular Record Date” for the interest payable on any Interest Payment Date on the Notes of either series means the
date specified for that purpose as contemplated by Section 401. 
 “Related Taxes” means, without
duplication: 
 (1) any taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property,
consumption, franchise, license, capital, registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar taxes (other than (x) taxes measured by income and (y) withholding imposed on payments made by
any Successor Parent), required to be paid (provided such taxes are in fact paid) by any Successor Parent by virtue of its: 

(a) being organized or having Equity Interests outstanding (but not by virtue of owning stock or other Equity Interests of any
corporation or other entity other than, directly or indirectly, the Parent Guarantor or any of the Parent Guarantor’s Subsidiaries); 

(b) being a holding company parent, directly or indirectly, of the Parent Guarantor or any of the Parent Guarantor’s
Subsidiaries; 
 (c) receiving dividends from or other distributions in respect of the Equity Interests of, directly or
indirectly, the Parent Guarantor or any of the Parent Guarantor’s Subsidiaries; or 
 (d) having made any payment in
respect to any of the items for which the Parent Guarantor or any of the Parent Guarantor’s Subsidiaries is permitted to make payments to any Successor Parent pursuant to Section 1109; and 

(2) if and for so long as the Parent Guarantor or any of the Parent Guarantor’s Subsidiaries is a member of a group filing
a consolidated, unitary or combined tax return with any Successor Parent, any taxes measured by income for which such Successor Parent is liable up to an amount not to exceed with respect to such taxes the amount of any such taxes that Parent
Guarantor and its Subsidiaries would have been required to pay on a separate company basis or 

  
 24 

 
on a consolidated basis if Parent Guarantor and its Subsidiaries had paid tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group consisting only of
Parent Guarantor and its Subsidiaries. 
 “Relevant Taxing Jurisdiction” has the meaning specified in Section
1101. 
 “Remaining Life” has the meaning specified in Section 1203. 

“Required Currency” has the meaning specified in Section 217. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the corporate trust department
of the Trustee, including any director, managing director, vice president, assistant vice president, assistant secretary, assistant treasurer, associate, 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 the Indenture. 
 “Restricted Payment” means any of the
following: 
 (1) the declaration or payment of any dividend or any other distribution (whether made in cash,
securities or other property) on or in respect of Equity Interests of the Parent Guarantor or any Restricted Subsidiary or any payment made to the direct or indirect holders (in their capacities as such) of Equity Interests of the Parent Guarantor
or any Restricted Subsidiary, including, without limitation, any payment in connection with any merger, amalgamation or consolidation involving the Parent Guarantor or any of its Restricted Subsidiaries but excluding (a) dividends or
distributions payable solely in Qualified Equity Interests or through accretion or accumulation of such dividends on such Equity Interests and (b) in the case of Restricted Subsidiaries, dividends or distributions payable to the Parent
Guarantor or to a Restricted Subsidiary (and if such Restricted Subsidiary is not a Wholly-Owned Subsidiary, to its other holders of its Equity Interests on a pro rata basis); 

(2) the purchase, redemption, defeasance or other acquisition or retirement for value of any Equity Interests of the Parent
Guarantor or any other direct or indirect parent of the Issuer held by Persons other than the Parent Guarantor or a Restricted Subsidiary (including, without limitation, any payment in connection with any merger, amalgamation or consolidation
involving the Parent Guarantor); 
 (3) any Investment other than a Permitted Investment; or 

(4) any principal payment on, purchase, redemption, defeasance, prepayment, decrease or other acquisition or retirement for
value prior to any scheduled maturity or prior to any scheduled repayment of principal or sinking fund payment, as the case may be, in respect of Subordinated Indebtedness (other than any such payment made within one year of any such scheduled
maturity or scheduled repayment or sinking fund payment and other than any Subordinated Indebtedness owed to and held by the Parent Guarantor or any Restricted Subsidiary permitted under clause (6) of the definition of “Permitted
Indebtedness”). 
 “Restricted Payments Basket” has the meaning given to such term in the first paragraph of
Section 1109. 

  
 25 

 “Restricted Subsidiary” means any Subsidiary of the Parent Guarantor
other than an Unrestricted Subsidiary. 
 “S&P” means S&P Global Ratings, a division of The
McGraw-Hill Companies, Inc., and its successors. 
 “Sale-Leaseback Transaction” means any arrangement with
any Person providing for the leasing by the Parent Guarantor or any Subsidiary, for a period of more than three years, of any real or personal property, which property has been or is to be sold or transferred by the Parent Guarantor or such
Subsidiary to such Person in contemplation of such leasing. 
 “SEC” means the U.S. Securities and Exchange
Commission. 
 “Securities” has the meaning stated in the first recital of this Supplemental Indenture and
more particularly means any Securities authenticated and delivered under the Base Indenture. 
 “Securities
Act” means the U.S. Securities Act of 1933, as amended. 
 “Security Register” and
“Registrar” have the respective meanings specified in Section 405. 
 “Significant
Subsidiary” means the Issuer and any Restricted Subsidiary that would be a “significant subsidiary” as defined in Rule 1-02 of Regulation S-X promulgated pursuant to the Securities Act as such Regulation was in effect on the Issue
Date. 
 “Special Record Date” for the payment of any Defaulted Interest means a date fixed by the Trustee
pursuant to Section 407. 
 “Specified Cash Management Agreements” means any agreement providing for
treasury, depositary, purchasing card or cash management services, including in connection with any automated clearing house transfers of funds or any similar transactions between the Parent Guarantor or any Restricted Subsidiary and any lender.

 “Standard Securitization Undertakings” means representations, warranties, covenants, indemnities and
guarantees of performance entered into by Parent Guarantor or any Restricted Subsidiary thereof which Parent Guarantor has determined in good faith to be customary in a receivables financing, it being understood that any Receivables Repurchase
Obligation shall be deemed to be a Standard Securitization Undertaking. 
 “Stated Maturity” means, with
respect to any Indebtedness, the date specified in the agreement governing or certificate relating to such Indebtedness as the fixed date on which the final payment of principal of such Indebtedness is due and payable, including pursuant to any
mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally scheduled for the payment thereof. 

“Subordinated Indebtedness” means Indebtedness of the Issuer or any Guarantor that is expressly subordinated in right
of payment to the Notes or any Guarantee, respectively. 

  
 26 

 “Subsidiary” means, with respect to any Person: 

(1) any corporation of which more than 50.0% of the total voting power of the Voting Stock thereof is at the time owned,
directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person; and 
 (2) any partnership or
similar business organization more than 50.0% of the ownership interests having ordinary voting power of which shall at the time be so owned. 
 Unless
otherwise specified, “Subsidiary” refers to a Subsidiary of the Parent Guarantor. Notwithstanding the foregoing, none of Weatherford\Al-Rushaid Limited, Weatherford Saudi Arabia Limited or Al-Shaheen Weatherford shall be considered a
“Subsidiary” for purposes of this Supplemental Indenture. 
 “Subsidiary Guarantor” means the Person named
as a “Subsidiary Guarantor” in the first paragraph of this Supplemental Indenture and any other Restricted Subsidiary that after the Issue Date becomes a party to the Indenture for purposes of providing a Guarantee with respect to the
Notes, in each case, until such Person is released from its Guarantee in accordance with the terms of the Indenture. 

“Successor Parent” means any Person which legally and beneficially owns more than 50% of the Voting Stock and/or
Equity Interests of the Parent Guarantor or any Restricted Subsidiary, either directly or through one or more Subsidiaries. 

“Successor Person” has the meaning set forth in Section 901. 

“Supplemental Indenture” has the meaning stated in the first recital of this Supplemental Indenture. 

“Swiss Financial Institution” has the meaning specified in Section 1101. 

“Term Loan Agreement” means the Term Loan Agreement dated as of May 4, 2016, among the Issuer, JPMorgan Chase
Bank, N.A., as administrative agent, and the several lenders from time to time party thereto, including any notes, guarantees, collateral and security documents, instruments and agreements executed in connection therewith (including Hedging
Obligations related to the Indebtedness incurred thereunder), and in each case as such agreement or facility may be amended (including any amendment or restatement thereof), supplemented or otherwise modified from time to time, including any
agreement made in the commercial bank market exchanging, extending the maturity of, refinancing, renewing, replacing, substituting or otherwise restructuring (including increasing the amount of available borrowings thereunder or adding or removing
Subsidiaries as borrowers or guarantors thereunder) all or any portion of the Indebtedness under such agreement or facility or any successor or replacement agreement or facility. 

“Transfer Taxes” has the meaning specified in Section 1101. 

“Treasury Yield” has the meaning specified in Section 1203. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as of which this Supplemental
Indenture was executed; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means, to the extent required by any such amendment, the Trust Indenture Act of
1939 as so amended. 

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

“United States” or “U.S.” means the United States of America. 

“Unrestricted Subsidiary” means (1) any Subsidiary that at the time of determination shall be designated an
Unrestricted Subsidiary by the Board of Directors of the Parent Guarantor in accordance with Section 1106 and (2) any Subsidiary of an Unrestricted Subsidiary. Notwithstanding the preceding, if at any time, any Unrestricted Subsidiary
would fail to meet the requirements as an Unrestricted Subsidiary in Section 1106, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture. 

“U.S. Government Obligations” means securities which are (i) direct obligations of the United States for the
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, the payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States, each of which are not callable or redeemable at the option of the issuer thereof. 

“Voting Stock” with respect to any Person, means securities of any class of Equity Interests of such Person entitling
the holders thereof (whether at all times or only so long as no senior class of stock or other relevant Equity Interest has voting power by reason of any contingency) to vote in the election of members of the Board of Directors of such Person.

 “Weatherford Parent Company” means initially the Parent Guarantor or, if a Redomestication has occurred
subsequent to the Issue Date and prior to the event in question or the date of determination, the Surviving Person resulting from such prior Redomestication. 

“Weighted Average Life to Maturity” when applied to any Indebtedness at any date, means the number of years obtained
by dividing (1) the sum of the products obtained by multiplying (a) the amount of each then remaining installment, sinking fund, serial maturity or other required payment of principal, including payment at Stated Maturity, in respect
thereof by (b) the number of years (calculated to the nearest one-twelfth) that will elapse between such date and the making of such payment by (2) the then outstanding principal amount of such Indebtedness. 

“Wholly-Owned Subsidiary” means a Restricted Subsidiary, all of the Equity Interests of which (other than
directors’ qualifying shares) are owned by the Parent Guarantor or another Wholly-Owned Subsidiary. 
 Section 202. Compliance
Certificates and Opinions. 
 Upon any application or request by the Issuer or any Guarantor to the Trustee to take or refrain from
taking any action under any provision of the Indenture, the Issuer or such Guarantor, as the case may be, shall furnish to the Trustee such certificates and opinions as may be required under the Trust Indenture Act. Each such certificate or opinion
shall be given in the form of an Officer’s Certificate, if to be given by the Issuer or a Guarantor, or an Opinion of Counsel, if to be given by counsel, and shall comply with the requirements of the Trust Indenture Act and any other
requirements set forth in the Indenture. 

  
 28 

 Every certificate or opinion with respect to compliance with a condition or covenant provided for
in the Indenture 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 

(4) a statement as to whether or not, in the opinion of each such individual, such condition or covenant has been complied
with. 
 Section 203. 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 or a Guarantor may be based, insofar as it relates to legal matters, upon a certificate or opinion of, 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 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 the Indenture, they may, but need not, be consolidated and form one instrument. 
 Section 204. Acts of Holders; Record
Dates. 
 Any request, demand, authorization, direction, notice, consent, waiver or other action provided or permitted by the
Indenture to be given, made or taken by Holders of the Notes may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an electronic transmission,
provided that such electronic transmission is transmitted through the facilities of a Depositary) by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided, such action shall become
effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer or the Guarantors. Such instrument or instruments (and the action embodied therein and evidenced thereby) are herein
sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose of the Indenture and
conclusive in favor of the Trustee and the Issuer and, if applicable, the Subsidiary Guarantors, if made in the manner provided in this Section. 

  
 29 

 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. 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 ownership, principal amount and serial numbers of Notes held by any Person, and the date of commencement of such Person’s holding of
same, shall be proved by the Security Register. 
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of
the Holder of any Note shall bind every future Holder of Notes and the Holder of every Note 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 or, if applicable, the Subsidiary Guarantors in reliance thereon, whether or not notation of such action is made upon such Note. 

The Issuer may set any day as a record date for the purpose of determining the Holders of Outstanding Notes entitled to give, make or
take any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted by the Indenture to be given, made or taken by Holders of Notes, provided that the Issuer may not set a record date for, and the
provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of Outstanding
Notes on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or
prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such record date. Nothing in this paragraph shall be construed to prevent the Issuer from setting a new record date for any action for which
a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to
render ineffective any action taken by Holders of the requisite principal amount of Outstanding Notes on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Issuer, at its own expense, shall cause
notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Trustee in writing and to each Holder of Notes in the manner set forth in Section 206. 

The Trustee may set any day as a record date for the purpose of determining the Holders of Notes entitled to join in the giving or
making of (i) any notice of Default, (ii) any declaration of acceleration referred to in Section 602, (iii) any request to institute proceedings referred to in Section 607(2) or (iv) any direction referred to in
Section 612. If any record date is set pursuant to this paragraph, the Holders of Outstanding Notes on such record date, and no other Holders, shall be entitled to join in such notice, declaration, request or direction, whether or not such
Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the requisite principal amount of Outstanding Notes on such
record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the  

  
 30 

 
requisite principal amount of Outstanding Notes on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Issuer’s expense,
shall cause notice of such record date, the proposed action by Holders and the applicable Expiration Date to be given to the Issuer in writing and to each Holder of Notes in the manner set forth in Section 206. 

With respect to any record date set pursuant to this Section, the party hereto which sets such record date may designate any day as the
“Expiration Date” and from time to time may change the Expiration Date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new Expiration Date is given to each other party
hereto in writing, and to each Holder of Notes in the manner set forth in Section 206, on or prior to the existing Expiration Date. If an Expiration Date is not designated with respect to any record date set pursuant to this Section, the party
hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the Expiration Date with respect thereto, subject to its right to change the Expiration Date as provided in this paragraph.
Notwithstanding the foregoing, no Expiration Date shall be later than the 180th day after the applicable record date. 
 Without
limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to the Notes may do so with regard to all or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so
pursuant to such appointment with regard to all or any part of such principal amount. 
 Section 205. Notices, Etc., to Trustee, Issuer and
Guarantors. 
 Any request, demand, authorization, direction, notice, consent, waiver or other Act of Holders or other document provided
or permitted by the Indenture to be made upon, given or furnished to, or filed with, 
 (1) the Trustee by any Holder or by
the Issuer or by any Guarantor 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, or 

(2) the Issuer or a Guarantor 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, addressed to the Issuer or the Guarantor, as the case may be, in c/o Weatherford International, LLC, at 2000 St. James Place, Houston, Texas 77056, Attention:
Corporate Secretary, or at any other address previously furnished in writing to the Trustee by the Issuer or the Guarantors. 
 Section 206. Notice
to Holders; Waiver. 
 Where the 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 (or sent electronically in accordance with the procedures of the Depositary in cases where the Holder is the Depositary or its nominee) to each Holder
affected by such event, at its address as it appears in the Security Register, not later than the latest date (if any), and not earlier than the earliest date (if any), 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. If notice is mailed to Holders in the manner provided
in this Section 206, it is duly given, whether or not the addressee receives it. Where the Indenture provides for notice in any manner, such notice may be waived in writing by the Person entitled to receive such notice, either before or after
the event, and such waiver shall be the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but such filing shall not be a condition precedent to the validity of any action taken in reliance upon such waiver.

  
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 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 207. Conflict with Trust Indenture Act. 

If any provision hereof limits, qualifies or conflicts with a provision of the Trust Indenture Act which is required under the Trust Indenture
Act to be a part of and govern the Indenture, the latter provision shall control. If any provision of the Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be
deemed to apply to the Indenture as so modified or to be excluded, as the case may be. 
 Section 208. Effect of Headings and Table of Contents.

 The Article and Section headings herein and the Table of Contents are for convenience only and shall not affect the construction hereof.

 Section 209. Successors and Assigns. 

All covenants and agreements in the Indenture by the Issuer, the Guarantors or the Trustee shall bind their respective successors and assigns,
whether so expressed or not. 
 Section 210. Separability Clause. 

In case any provision in this Supplemental Indenture or the Notes shall be invalid, illegal or unenforceable, the validity, legality and
enforce ability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 211. Benefits of Indenture. 

Nothing in the Indenture or the Notes, 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 the Indenture. Notwithstanding the foregoing sentence, the Trustee, in each of its representative capacities hereunder, including as Registrar and Paying
Agent, shall have all the rights, benefits, protections and immunities afforded by the Indenture to the Trustee in its capacity as such. 

Section 212. Governing Law; Submission to Jurisdiction. 

The Indenture, the Notes and the Guarantees shall be governed by and construed in accordance with the laws of the State of New York. 

To the fullest extent permitted by applicable law, each of the Issuer and the Guarantors hereby irrevocably submits to the
non-exclusive jurisdiction of any Federal or state court located in the Borough of Manhattan in New York, New York in any suit, action or proceeding based on or arising out of or relating to the Indenture or the Notes and irrevocably agrees that all
claims in respect of such suit or proceeding may be determined in any such court. Each of the Issuer and the Guarantors irrevocably waives, to the fullest extent permitted by law, any objection which it may have to the laying of the venue of any
such suit, action or proceeding brought in an inconvenient forum. Each of the Issuer and the 

  
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Guarantors agrees that final judgment in any such suit, action or proceeding brought in such a court shall be conclusive and binding and may be enforced in the courts of Bermuda (or any other
courts of any other jurisdiction to which either of them is subject) by a suit upon such judgment, provided that service of process is effected upon the Issuer. Each of the Issuer and the Guarantors hereby irrevocably designates and appoints
CT Corporation Systems, New York, New York (the “Process Agent”) as its authorized agent for purposes of this Section 212, it being understood that the designation and appointment of the Process Agent as such authorized agent shall
become effective immediately without any further action on the part of the Issuer or such Guarantor, as the case may be. Each of the Issuer and the Guarantors further agrees that, unless otherwise required by law, service of process upon the Process
Agent and written notice of said service to the Issuer or a Guarantor, as the case may be, mailed by prepaid registered first class mail or delivered to the Process Agent at its principal office, shall be deemed in every respect effective service of
process upon the Issuer or such Guarantor, as the case may be, in any such suit or proceeding. Each of the Issuer and the Guarantors further agrees to take any and all action, including the execution and filing of any and all such documents and
instruments as may be necessary, to continue such designation and appointment of the Process Agent in full force and effect so long as the Issuer or such Guarantor, as the case may be, has any outstanding obligations under this Indenture. To the
extent the Issuer or a Guarantor, as the case may be, has or hereafter may acquire any immunity from jurisdiction of any court or from any legal process (whether through service of notice, attachment prior to judgment, attachment in aid of
execution, executor or otherwise) with respect to itself or its property, each of the Issuer and such Guarantor hereby irrevocably waives such immunity in respect of its obligations under this Indenture to the extent permitted by law. 

Section 213. Legal Holidays. 
 In
any case where any Interest Payment Date, Redemption Date, purchase date or Stated Maturity of any Note shall not be a Business Day, then (notwithstanding any other provision of the Indenture or of the Notes), payment of interest or principal (and
premium, if any) may be made on the next succeeding Business Day with the same force and effect as if made on the Interest Payment Date, Redemption Date or purchase date, or at the Stated Maturity, and no additional interest will accrue solely as a
result of such delayed payment. 
 Section 214. No Personal Liability of Directors, Officers, Employees and Shareholders. 

No director, officer, employee, incorporator or shareholder of the Issuer or any Guarantor, as such, shall have any liability for any
Indebtedness, obligations or liabilities of the Issuer under the Notes or the Indenture or of any Guarantor under its Guarantee or for any claim based on, in respect of, or by reason of, such Indebtedness, obligations or liabilities or their
creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees. 

Section 215. No Adverse Interpretation of Other Agreements. 

The Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret the Indenture. 
 Section 216. U.S.A. PATRIOT Act. 

In order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including, without limitation, those relating to the funding of terrorist activities and money laundering, including Section 326 of the U.S.A. PATRIOT Act 

  
 33 

 
(“Applicable Banking Laws”), the Trustee is required to obtain, verify, record and update certain information relating to individuals and entities which maintain a business relationship
with the Trustee. Accordingly, each of the parties agrees to provide to the Trustee, upon its request from time to time, such identifying information and documentation as may be available for such parties in order to enable the Trustee to comply
with Applicable Banking Laws. 
 Section 217. Payment in Required Currency; Judgment Currency. 

Each of the Issuer and the Guarantors agrees, to the fullest extent that it may effectively do so under applicable law, that (a) if for
the purpose of obtaining judgment in any court it is necessary to convert the sum due in Dollars in respect of the principal of, or premium, if any, or interest on, the Notes (the “Required Currency”) into another currency in which a
judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in New York, New York the Required Currency with the Judgment
Currency on the day on which final non-appealable judgment is entered, unless such day is not a Business Day, then, to the extent permitted by applicable law, the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in New York, New York the Required Currency with the Judgment Currency on the Business Day next preceding the day on which final non-appealable judgment is entered and (b) its obligations under this
Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, or any recovery pursuant to any judgment (whether or not entered in accordance with subclause (a)), in any currency other than the
Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as
an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable and
(iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. 
 Section 218. Language of Notices,
Etc. 
 Any request, demand, authorization, direction, notice, consent, waiver or Act required or permitted under the Indenture shall be
in the English language, except that any published notice may be in an official language of the country of publication. 
 Section 219. Counterpart
Originals. 
 The parties may sign any number of copies of this Supplemental Indenture, and each party hereto may sign any number of
separate copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF
transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto and may be used in lieu of the original Supplemental 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. 
 ARTICLE THREE 

NOTE FORMS 
 Section 301. Forms
Generally. 
 The 2021 Notes and the Trustee’s certificate of authentication shall be in substantially the respective forms set
forth in Annex A hereto, the 2023 Notes and the Trustee’s certificate of 

  
 34 

 
authentication shall be in substantially the respective forms set forth in Annex B hereto, and the notations of Guarantee shall be in substantially the form set forth in Annex C hereto. The Notes
may have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by the 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 Depositary therefor or as may, consistently herewith, be determined by the officers executing such Notes as evidenced by their execution thereof. 

The definitive Notes shall be printed, lithographed or engraved on steel engraved borders or may be produced in any other manner, all as
determined by the officers executing such Notes, as evidenced by their execution of such Notes. 
 The Initial Notes of each series shall be
issued initially in the form of one or more Global Notes, which shall be deposited with the Trustee, as custodian for the Depositary. The aggregate principal amount of any Global Note may from time to time be increased or decreased by adjustments
made on the schedule attached to such Global Note or on other records of the Trustee, acting as custodian for the Depositary. 
 Section 302. Form
of Legend for Global Notes. 
 Every Global Note authenticated and delivered under the Indenture shall bear a legend in substantially
the following form: 
 THIS NOTE IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A
DEPOSITARY OR A NOMINEE THEREOF. THIS NOTE MAY NOT BE EXCHANGED IN WHOLE OR IN PART FOR A NOTE REGISTERED, AND NO TRANSFER OF THIS NOTE IN WHOLE OR IN PART MAY BE REGISTERED, IN THE NAME OF ANY PERSON OTHER THAN SUCH DEPOSITARY OR A NOMINEE THEREOF,
EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN
SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR
VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

ARTICLE FOUR 
 THE NOTES

 Section 401. Title and Terms. 

The 2021 Notes shall be entitled the “7.75% Senior Notes due 2021,” and the 2023 Notes shall be entitled the “8.25% Senior
Notes due 2023.” The Trustee shall authenticate the Notes to be authenticated and delivered under this Supplemental Indenture on the Issue Date in an aggregate amount equal to 

  
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$1,500,000,000, consisting of $750,000,000 in aggregate principal amount of 2021 Notes and $750,000,000 in aggregate principal amount of 2023 Notes, upon delivery of an Issuer Order. The Trustee
shall authenticate Additional Notes of either series thereafter from time to time in unlimited amount for original issue upon receipt of an Issuer Order (subject to compliance with Section 1108). Any such Issuer Order shall also specify the
date on which the original issue of Notes is to be authenticated and, in relation to any Additional Notes, it shall also specify the series and the principal amount thereof to be issued and shall certify that such issuance is not prohibited by
Section 1108. 
 The 2021 Notes will mature on June 15, 2021, and the 2023 Notes will mature on June 15, 2023. Interest on
the 2021 Notes will accrue at the rate of 7.75% per annum, and interest on the 2023 Notes will accrue at the rate of 8.25% per annum, and will be payable semiannually in cash on each June 15 and December 15, commencing on
December 15, 2016 in the case of the Initial Notes, to the Persons who are registered Holders of Notes at the close of business on the June 1 and December 1 immediately preceding the applicable Interest Payment Date. Interest on the
Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from and including the date of issuance to but excluding the actual Interest Payment Date. 

The Notes shall be redeemable as provided in Article Twelve and subject to Legal Defeasance and Covenant Defeasance as provided in Article
Fourteen. The 2021 Notes shall have such other terms as are indicated in Annex A, and the 2023 Notes shall have such other terms as are indicated in Annex B. 

Section 402. Denominations. 
 The
Notes shall be issuable only in fully registered form without coupons and only in denominations of $2,000 and any integral multiple of $1,000 in excess thereof. 

Section 403. Execution, Authentication, Delivery and Dating. 

The Notes shall be executed on behalf of the Issuer by one of its Officers. If its corporate seal is reproduced thereon, it shall be attested
by the Secretary or an Assistant Secretary of the Issuer. The signature of any of these officers on the Notes may be manual or facsimile. 

If the Issuer elects to reproduce its corporate seal on the Notes, then such seal may be in the form of a facsimile thereof and may be
impressed, affixed, imprinted or otherwise reproduced on the Notes. 
 Notes bearing the manual or facsimile signatures of individuals who
were at any time the proper Officers of the Issuer shall bind the Issuer, notwithstanding the fact that such individuals or any of them have ceased to hold such offices prior to the authentication and delivery of such Notes or did not hold such
offices at the date of such Notes. 
 At any time and from time to time after the execution and delivery of this Supplemental Indenture and
as provided in Section 401, the Issuer may deliver Notes executed by the Issuer to the Trustee for authentication, together with an Issuer Order for the authentication and delivery of such Notes, and the Trustee in accordance with the Issuer
Order shall authenticate and deliver such Notes. 
 Each Note shall be dated the date of its authentication. 

No Note shall be entitled to any benefit under the Indenture or be valid or obligatory for any purpose unless there appears on such Note a
certificate of authentication substantially in the form provided for in Annex A or B, as appropriate, signed manually in the name of the Trustee by an authorized signatory, and such certificate upon any Note shall be conclusive evidence, and the
only 

  
 36 

 
evidence, that such Note has been duly authenticated and delivered hereunder. Notwithstanding the foregoing, if any Note shall have been authenticated and delivered hereunder but never issued and
sold by the Issuer, and the Issuer shall deliver such Note to the Trustee for cancellation as provided in Section 409, for all purposes of the Indenture such Note shall be deemed never to have been authenticated and delivered hereunder and
shall never be entitled to the benefits of the Indenture. 
 Section 404. Temporary Securities. 

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

If temporary Notes of either series are issued, the Issuer will cause definitive Note of the same series to be prepared without unreasonable
delay. After the preparation of definitive Notes, the temporary Notes shall be exchangeable for definitive Notes upon surrender of the temporary Notes 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 Notes, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange therefor one or more definitive Notes of the same series, of any authorized denominations
and of like tenor and aggregate principal amount. Until so exchanged, the temporary Notes shall in all respects be entitled to the same benefits under the Indenture as definitive Notes of the same series. 

Section 405. Registration, Registration of Transfer and Exchange. 

The Issuer shall cause to be kept at the Corporate Trust Office of the Trustee a register (the register maintained in such office and in any
other office or agency of the Issuer being herein sometimes collectively 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 Notes
and of transfers of Notes. The Trustee is hereby appointed “Registrar” for the purpose of registering Notes and transfers of Notes as herein provided. 

Upon surrender for registration of transfer of any Note at the office of the Registrar, the Issuer shall execute and the Trustee shall
authenticate and deliver, in the name of the designated transferee or transferees, one or more new Notes, of any authorized denominations and of like series, tenor and aggregate principal amount. 

All Notes issued upon any registration of transfer or exchange of Notes shall be the valid obligations of the Issuer evidencing the same debt,
and entitled to the same benefits under the Indenture, as the Notes surrendered upon such registration of transfer or exchange. 
 Every
Note presented or surrendered for registration of transfer or for exchange shall (if so required by the Issuer or the Registrar) be duly endorsed, or be accompanied by a written instrument of transfer in form satisfactory to the Issuer and the
Registrar duly executed, by the Holder thereof or its attorney duly authorized in writing. 
 No service charge shall be made for any
registration of transfer or exchange of Notes, but the Issuer may require payment of a sum sufficient to cover any Transfer Tax or other governmental taxes and fees that may be imposed by law or the Indenture in connection with any registration of
transfer or exchange of Notes, other than exchanges pursuant to Section 404, 1006, 1107, 1112 or 1208 not involving any transfer. 

  
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 Without the prior consent of the Issuer, the Registrar shall not be required (1) to register
the transfer of or exchange any Notes of either series during a period of 15 days before a selection of Notes of that series for redemption under Section 1204, (2) to register the transfer of or exchange any Note so selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part or (3) to register the transfer or exchange of any Note between a record date and the next succeeding Interest Payment Date. 

The provisions of clauses (1), (2), (3) and (4) below shall apply only to Global Notes: 

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

(2) Notwithstanding any other provision in the Indenture, no Global Note may be exchanged in whole or in part for Notes
registered, and no transfer of a Global Note in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Note or a nominee thereof, unless (A) such Depositary (i) has notified the Issuer that
it is unwilling or unable to continue as Depositary for such Global Note or (ii) has ceased to be registered as a clearing agency under the Exchange Act, and in either case the Issuer has not appointed a successor depositary within 90 days or
(B) an Event of Default has occurred and is continuing and the Depositary has requested of the Issuer that the Notes be issued in physical, certificated form. 

(3) Subject to clause (2) above, any exchange of a Global Note for other Notes may be made in whole or in part, and all
Notes issued in exchange for a Global Note or any portion thereof shall be registered in such names as the Depositary for such Global Note shall direct. 

(4) Every Note authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Note or
any portion thereof, whether pursuant to this Section, Section 404, 406, 1006, 1107, 1112 or 1207 or otherwise, shall be authenticated and delivered in the form of, and shall be, a Global Note, unless such Note is registered in the name of a
Person other than the Depositary for such Global Note or a nominee thereof. 
 Section 406. Mutilated, Destroyed, Lost and Stolen Notes. 

If any mutilated Note is surrendered to the Trustee, the Issuer shall execute and the Trustee shall authenticate and deliver in exchange
therefor a new Note of like series, 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 Note and (ii) such security or indemnity as may be 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 Note has been acquired by a protected purchaser, the Issuer shall execute and the Trustee shall authenticate and deliver, in lieu of any such destroyed, lost or stolen
Note, a new Note of like series, tenor and principal amount and bearing a number not contemporaneously outstanding. 

  
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 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due
and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note 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 Note issued pursuant to this Section in lieu of any destroyed, lost or stolen Note shall constitute an original additional
contractual obligation of the Issuer whether or not the destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all the benefits of the Indenture equally and proportionately with any and all other Notes
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 Notes. 
 Section 407. Payment of Interest; Interest
Rights Preserved. 
 Interest on any Note 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 Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest. 

Any interest on any Note which is payable, but is not punctually paid or duly provided for, on any Interest Payment Date (herein called
“Defaulted Interest”) shall forthwith cease to be payable to the 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 Notes (or their respective Predecessor Notes) are registered at the close of business on a Special Record Date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Issuer shall
notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note 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 Trustee 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 Trustee shall promptly notify the Issuer of such Special Record Date and, in the name and at the expense of the Issuer, shall
cause notice of the proposed payment of such Defaulted Interest and the Special Record Date therefor to be given to each Holder of Notes in the manner set forth in Section 206, 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, such Defaulted Interest shall be paid to the Persons in whose names the Notes (or their respective Predecessor Notes) 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 Notes in any other lawful manner not inconsistent with the requirements of any securities exchange on which 

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

Section 408. Persons Deemed Owners. 

Prior to due presentment of a Note for registration of transfer, the Issuer, the Guarantors, the Trustee and any agent of the Issuer, the
Guarantors or the Trustee may treat the Person in whose name such Note is registered as the owner of such Note for the purpose of receiving payment of principal of and any premium and (subject to Section 407) any interest on such Note and for
all other purposes whatsoever (except as required by applicable tax laws), whether or not such Note be overdue, and none of the Issuer, the Guarantors, the Trustee nor any of their respective agents shall be affected by notice to the contrary. 

None of the Issuer, the Guarantors, the Trustee, nor any of their respective agents will have any responsibility or liability for any aspect
of the records relating to, or payments made on account of, beneficial ownership interests of a Note or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests. 

Section 409. Cancellation. 
 All
Notes surrendered for payment, redemption, purchase, registration of transfer or exchange shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall be promptly cancelled by it. The Issuer may at any time
deliver to the Trustee for cancellation any Notes previously authenticated and delivered hereunder which the Issuer may have acquired in any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the Trustee) for
cancellation any Notes previously authenticated hereunder which the Issuer has not issued and sold, and all Notes so delivered shall be promptly cancelled by the Trustee. No Notes shall be authenticated in lieu of or in exchange for any Notes
cancelled as provided in this Section, except as expressly permitted by the Indenture. All cancelled Notes held by the Trustee shall be disposed of in accordance with the Trustee’s standard provisions or as directed by an Issuer Order. 

Section 410. Computation of Interest. 

Interest on the Notes shall be computed on the basis of a 360-day year of twelve 30-day months. 

ARTICLE FIVE 

SATISFACTION AND DISCHARGE 

Section 501. Satisfaction and Discharge of Indenture. 

The Indenture shall be discharged and shall cease to be of further effect with respect to either series of Notes issued thereunder, and the
Trustee, upon Issuer Request and at the expense of the Issuer, shall execute proper instruments acknowledging satisfaction and discharge of the Indenture with respect to such series, when 

(1) either 

  
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 (a) all Notes of such series theretofore authenticated and delivered (other than Notes which
have been destroyed, lost or stolen and which have been replaced or paid as provided in Section 406 and Notes 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 1103) have been delivered to the Trustee for cancellation; or 
 (b)
all such Notes not theretofore delivered to the Trustee for cancellation 
 (i) have become due and payable, or 

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

(iii) have been called for redemption pursuant to the provisions of Article Twelve, 

and the Issuer or any Guarantor in the case of (i), (ii) or (iii) of subclause (b), has irrevocably deposited or caused to be
irrevocably deposited or caused to be deposited with the Trustee as trust funds, in trust solely for the benefit of the Holders, cash in Dollars, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient, without
consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and any premium and accrued interest to the date of such deposit (in
the case of Notes which have become due and payable) or to the Stated Maturity or Redemption Date, as the case may be; 
 (2)
the Issuer has paid or caused to be paid all other sums payable under the Indenture by the Issuer with respect to such series of Notes; 

(3) the Issuer has delivered irrevocable instructions to the Trustee to apply the deposited funds towards the payment of such
Notes at Stated Maturity or on the Redemption Date, as the case may be; and 
 (4) the Issuer has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent in the Indenture to the satisfaction and discharge of the Indenture with respect to such Notes have been complied with. 

Notwithstanding the satisfaction and discharge of the Indenture in respect of such Notes, the obligations of the Issuer to the Holders under
Sections 405 and 406, the obligations of the Issuer to the Trustee under Section 707, the obligations of the Trustee to any Authenticating Agent under Section 714 and, if cash or U.S. Government Obligations shall have been deposited with
the Trustee pursuant to subclause (b) of clause (1) of this Section, the obligations of the Trustee under Section 502 and the last paragraph of Section 1103 shall survive so long as any such Notes are Outstanding. 

Section 502. Application of Trust Money. 

Subject to the provisions of the last paragraph of Section 1103, all cash and U.S. Government Obligations (including the proceeds
thereof) deposited with the Trustee pursuant to Section 501 shall be held in trust and applied by it, in accordance with the provisions of the Notes and the Indenture, to the payment, either directly or through any Paying Agent (including the
Issuer or a Subsidiary acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such cash and U.S. Government Obligations (including the proceeds
thereof) have been deposited with the Trustee. 

  
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 ARTICLE SIX 

REMEDIES 
 Section 601. Events of
Default. 
 An “Event of Default,” wherever used herein, means any one of the following events in relation to the Notes of
either series (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) failure to pay interest on any of the Notes of that series when the same becomes
due and payable and the continuance of any such failure for 30 days; 
 (2) failure to pay principal of or premium, if any,
on any of the Notes of that series when it becomes due and payable, whether at Stated Maturity, upon redemption, required purchase, acceleration or otherwise; 

(3) failure by the Issuer or any Guarantors to comply with any of their respective agreements or covenants under Article Nine
or failure by the Issuer to comply in respect of its obligations to make a Change of Control Offer for such series of Notes under Section 1107; 

(4) (a) except with respect to the covenant contained in Section 804 or as described in clause (3) above, failure by
the Parent Guarantor or any Restricted Subsidiary to comply with any other covenant or agreement contained in the Indenture and continuance of this failure for 60 days after notice of the failure has been given to the Issuer by the Trustee or to the
Issuer and the Trustee by the Holders of at least 25.0% of the aggregate principal amount of the Notes of that series then Outstanding, or (b) failure by the Parent Guarantor for 180 days after notice of the failure has been given to the Issuer
by the Trustee or by the Holders of at least 25.0% of the aggregate principal amount of the Notes of that series then Outstanding to comply with the covenant contained in Section 804; 

(5) default by the Parent Guarantor or any Restricted Subsidiary under any mortgage, indenture or other instrument or agreement
under which there is issued or by which there is secured or evidenced Indebtedness for borrowed money by the Parent Guarantor or any Restricted Subsidiary, whether such Indebtedness now exists or is incurred after the Issue Date, which default: 

(a) is caused by a failure to pay at its Stated Maturity principal on such Indebtedness within the applicable express grace
period and any extensions thereof, or 
 (b) results in the acceleration of such Indebtedness prior to its Stated Maturity
(which acceleration is not rescinded, annulled or otherwise cured within 30 days of receipt by the Parent Guarantor or such Restricted Subsidiary of notice of any such acceleration), 

and, in each case, the principal amount of such Indebtedness, together with the principal amount of any other Indebtedness with respect to
which an event described in clause (a) or (b) has occurred and is continuing, aggregates $100.0 million or more; 

  
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 (6) one or more judgments (to the extent not covered by insurance) for the
payment of money in an aggregate amount in excess of $100.0 million shall be rendered against the Parent Guarantor, any of its Significant Subsidiaries or any combination thereof and the same shall remain undischarged for a period of 60 consecutive
days during which execution shall not be effectively stayed; 
 (7) the entry by a court having jurisdiction in the premises
of (A) a decree or order for relief in respect of the Parent Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Parent Guarantor and
its Restricted Subsidiaries), would constitute a Significant Subsidiary in an involuntary case or proceeding under any applicable Bankruptcy Law or (B) a decree or order adjudging the Parent Guarantor a bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of or in respect of the Parent Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited
consolidated financial statements for the Parent Guarantor and its Restricted Subsidiaries) would constitute a Significant Subsidiary, under any applicable Bankruptcy Law, or appointing a custodian, receiver, liquidator, assignee, trustee,
sequestrator or other similar official of the Parent Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Parent Guarantor and its
Restricted Subsidiaries) would constitute a Significant Subsidiary, or of any substantial part of its or their property, or ordering the winding up or liquidation of its or their 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 60 consecutive days; 
 (8) (i) the commencement by the
Parent Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Parent Guarantor and its Restricted Subsidiaries) would constitute a
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 (ii) the consent by it or them to the entry of a decree or order for
relief in respect of the Parent Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the latest audited consolidated financial statements for the Parent Guarantor and its Restricted Subsidiaries)
would constitute a 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 them, or (iii) the filing by it or them
of a petition or answer or consent seeking reorganization or relief under any applicable Bankruptcy Law, or (iv) the consent by it or them to the filing of such petition or to the appointment of or taking possession by a custodian, receiver,
liquidator, assignee, trustee, sequestrator or other similar official of the Parent Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that, taken together (as of the last audited consolidated financial statements for the
Parent Guarantor and its Restricted Subsidiaries) would constitute a Significant Subsidiary or of any substantial part of its or their property, or (v) the making by it or them of an assignment for the benefit of creditors, or the admission by
it or them in writing of its or their inability to pay its or their debts generally as they become due, or (vi) the taking of corporate action by the Parent Guarantor or a Significant Subsidiary or group of Restricted Subsidiaries that, taken
together (as of the latest audited consolidated financial statements for the Parent Guarantor and its Restricted Subsidiaries) would constitute a Significant Subsidiary in furtherance of any such action; or 

(9) any Guarantee of the Notes of that series ceases to be in full force and effect (other than in accordance with the terms of
such Guarantee and the Indenture) or is declared null 

  
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and void and unenforceable or found to be invalid or any Guarantor denies its liability under the Guarantee of such Guarantor (other than by reason of release of such Guarantor from its Guarantee
in accordance with the terms of the Indenture and the Guarantee). 
 Section 602. Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default (other than an Event of Default specified in Section 601(7) or 601(8) with respect to the Parent Guarantor) shall
have occurred and be continuing with respect to a series of Notes, the Trustee, by written notice to the Issuer, or the Holders of at least 25% in aggregate principal amount of that series of Notes then Outstanding, by written notice to the Issuer
and the Trustee, may declare (an “acceleration declaration”) all amounts owing under the Notes of that series to be due and payable, and upon any such declaration the aggregate principal of and accrued and unpaid interest on all of the
Outstanding Notes shall become due and payable immediately. If an Event of Default specified in Section 601(7) or 601(8) occurs with respect to the Parent Guarantor, the principal of, premium, if any, and accrued and unpaid interest, if any, on
all of the Outstanding Notes of both series shall become immediately due and payable, without any further action or notice to the extent permitted by law. 

At any time after such an acceleration declaration with respect to a series of Notes occurs, but before a judgment or decree based on
acceleration, the Holders of a majority in aggregate principal amount of such Notes, by written notice to the Issuer and the Trustee, may rescind and annul such acceleration declaration and its consequences if 

(a) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction; 

(b) the Issuer has paid or deposited with the Trustee a sum sufficient to pay 

(A) all overdue interest on all such Notes, 

(B) the principal of (and premium, if any, on) any such Notes which have become due otherwise than by such acceleration
declaration and any interest thereon at the rate or rates prescribed therefor in such Notes, 
 (C) to the extent that
payment of such interest is lawful, interest upon overdue interest at the rate prescribed therefor in such Notes, 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 

(c) all Events of Default with respect to such Notes, other than the non-payment of the principal of, and interest on, the
Notes that have become due solely by such acceleration declaration, have been cured or waived as provided in Section 613. 
 No such
rescission shall affect any subsequent default or impair any right consequent thereon. 
 Section 603. Collection of Indebtedness and Suits for
Enforcement by Trustee. 
 If an Event of Default occurs and is continuing with respect to either series of Notes, the Trustee, in its
own name and as trustee of an express trust, shall be entitled and empowered to institute any action or proceedings at law or in equity for the collection of the sums so due and unpaid or enforce the

  
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performance of any provision of the Notes or the Indenture, and may prosecute any such action or proceedings to judgment or final decree, and may enforce any such judgment or final decree against
the Issuer or any other obligor upon the Notes (and collect in the manner provided by law out of the property of the Issuer or any other obligor upon the Notes wherever situated the moneys adjudged or decreed to be payable). 

Section 604. Trustee May File Proofs of Claim. 

In case of any judicial proceeding relative to the Issuer, the Guarantors or any other obligor upon the Notes, or the property or creditors of
the Issuer or the Guarantors, the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to take any and all actions authorized under the Trust Indenture Act in order to have claims of the Holders and the Trustee
allowed in any such proceeding. In particular, the Trustee shall be authorized to collect and receive any moneys or other property payable or deliverable on any such claims and to distribute the same; and any custodian, receiver, assignee, trustee,
liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to
the Holders, to pay to the Trustee any amount due it for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 707. 

No provision of the Indenture shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any
Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder thereof or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding; provided,
however, that the Trustee may, on behalf of the Holders, vote for the election of a trustee in bankruptcy or similar official and be a member of a creditors’ or other similar committee. 

Section 605. Trustee May Enforce Claims Without Possession of Notes. 

All rights of action and claims under the Indenture or the Notes may be prosecuted and enforced by the Trustee without the possession of any
of the Notes 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 compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the Holders of the Notes in respect of which such judgment has been recovered. 

Section 606. Application of Money Collected. 

Any money collected by the Trustee pursuant to this Article with respect to a series of Notes 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 any premium or interest, upon presentation of the Notes and the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee under Section 707; 

SECOND: To the payment of the amounts then due and unpaid for principal of and any premium and interest on the Notes of that
series, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal and any premium and interest, respectively; and 

  
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 THIRD: The remainder, if any, shall be paid to the Guarantors or the Issuer, as
applicable, or to whomsoever may be lawfully entitled to receive the same, or as a court of competent jurisdiction may direct. 
 Section 607.
Limitation on Suits. 
 A Holder of Notes of either series may not institute any proceeding, judicial or otherwise, with respect to
the Indenture or the Notes of that series, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(1) the Holder gives to the Trustee written notice of a continuing Event of Default with respect to that series; 

(2) the Holder or Holders of at least 25.0% in aggregate principal amount of Outstanding Notes of that series make a written
request to the Trustee to pursue the remedy; 
 (3) such Holder or Holders offer the Trustee indemnity satisfactory to the
Trustee against any costs, liability or expense; 
 (4) the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of indemnity; and 
 (5) during such 60-day period, the Holders of a majority in
aggregate principal amount of the Outstanding Notes of that series do not give the Trustee a direction that is inconsistent with the request. 

A Holder may not use the Indenture to prejudice the rights of another Holder or to obtain a preference or priority over another Holder (it
being understood that the Trustee does not have an affirmative duty to ascertain whether or not any such use by a Holder prejudices the rights of any other Holders or obtains a preference or priority over such other Holders). 

Section 608. Unconditional Right of Holders to Receive Principal, Premium and Interest. 

Notwithstanding any other provision in the Indenture, the Holder of any Notes shall have the right, which is absolute and unconditional, to
receive payment of the principal of and any premium and (subject to Section 407) interest on such Notes on the Stated Maturity expressed in such Notes (or, in the case of redemption or offer by the Issuer to purchase the Notes pursuant to the
terms of the Indenture, on the Redemption Date or purchase date, as applicable), and to bring suit for the enforcement of any such payment, which right shall not be impaired without the consent of such Holder. 

Section 609. Restoration of Rights and Remedies. 

If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under the 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 Subsidiary Guarantors, 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. 

  
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 Section 610. Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes in the last paragraph of
Section 406, 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 611. 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 612. Control by Holders. 

Subject to Section 703(5), the Holders of a majority in aggregate principal amount of the then Outstanding Notes of either series
shall have the right to direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee with respect to that series, or exercising any trust or power conferred on the Trustee, with respect to that
series, provided that 
 (1) the Trustee may refuse to follow any direction that conflicts with any rule of law
or with the Indenture, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of Notes not joining in the giving of such direction, and 

(2) the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with any such direction
received from such Holders of Notes. 
 Section 613. Waiver of Existing Defaults. 

The Holders of a majority in aggregate principal amount of the Outstanding Notes of either series may, on behalf of the Holders of all the
Notes of that series, waive any existing Default or Event of Default with respect to that series and its consequences under the Indenture, except a continuing Default or Event of Default 

(1) in the payment of the principal of or any premium or interest on such Notes (including any Note which is required to have
been purchased by the Issuer pursuant to an offer to purchase by the Issuer made pursuant to the terms of the Indenture), or 

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

  
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 Section 614. Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under the Indenture, or in any suit against the Trustee for any action taken,
suffered or omitted by it as Trustee, a court may require any party litigant in such suit to file an undertaking to pay the costs of such suit, and may assess costs against any such party litigant, in the manner and to the extent provided in the
Trust Indenture Act; provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any court to require such an undertaking or to make such an assessment in any suit instituted by the Issuer. 

Section 615. Waiver of Usury, Stay or Extension Laws. 

Each of the Issuer and the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, or plead,
or in any manner whatsoever claim or take the benefit or advantage of, any usury, stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of the Indenture; and each of the
Issuer and the Guarantors (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will not hinder, delay or impede the execution of any power herein granted to the Trustee,
but will suffer and permit the execution of every such power as though no such law had been enacted. 
 ARTICLE SEVEN 

THE TRUSTEE 
 Section 701. Certain
Duties and Responsibilities. 
 The duties and responsibilities of the Trustee shall be as provided by the Trust Indenture Act.
Notwithstanding the foregoing, no implied covenants shall be read into the Indenture against the Trustee, and no provision of the 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. Whether or not therein expressly so provided, every provision of the 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 702. Notice of Defaults. 

If a default occurs hereunder with respect to either series of Notes which is known to the Trustee, the Trustee shall give the Holders
of the Notes of that series notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, that in the case of any default of the character specified in Section 601(4) or 601(5), 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 of Default and any event which is, or after notice or lapse of time or both would become, an
Event of Default. 
 The Trustee shall not be deemed to have notice of any default unless a Responsible Officer of the Trustee has
actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee from the Issuer or a Holder at the Corporate Trust Office of the Trustee, and such notice references such Notes and the
Indenture. 
 Section 703. Certain Rights of Trustee. 

Subject to the provisions of Section 701: 

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

(3) whenever in the administration of the Indenture the Trustee shall deem it desirable that a matter be proved or established
prior to taking, suffering or omitting any action hereunder, the Trustee (unless other evidence be herein specifically prescribed) may, in the absence of bad faith on its part, rely upon an Officer’s Certificate; 

(4) the Trustee may consult with counsel and the written 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; 

(5) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by the Indenture at the
request or direction of any of the Holders pursuant to the Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction; 
 (6) the Trustee shall not be bound to make any investigation into the facts
or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of Indebtedness or other paper or document, but the Trustee, in its
discretion, may make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and
premises of the Issuer, personally or by agent or attorney; 
 (7) the Trustee may execute any of the trusts or powers
hereunder or perform any duties hereunder either directly or by or through agents or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent or attorney appointed with due care by it hereunder;

 (8) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes authorized or
within its rights; 
 (9) The Trustee shall not incur any liability for not performing any act or fulfilling any duty,
obligation or responsibility hereunder by reason of any occurrence beyond the control of the Trustee (including but not limited to any act or provision of any present or future law or regulation or governmental authority, any act of God or war,
civil unrest, local or national disturbance or disaster, any act of terrorism, or the unavailability of the Federal Reserve Bank wire or facsimile or other wire or communication facility); 

(10) The Trustee shall be entitled to conclusively rely upon any order, judgment, certification, demand, notice, instrument or
other writing delivered to it hereunder without being required to determine the authenticity or the correctness of any fact stated therein or the propriety or validity or the service thereof. The Trustee may act in conclusive reliance upon any
instrument 

  
 49 

 
or signature believed by it to be genuine and may assume that any person purporting to give receipt or advice to make any statement or execute any document in connection with the provisions
hereof has been duly authorized to do so; and 
 (11) In no event shall the Trustee be responsible or liable for special,
indirect, punitive or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether such Trustee has been advised of the likelihood of such loss or damage and regardless of the form of
action. 
 Section 704. Not Responsible for Recitals or Issuance of Notes. 

The recitals contained herein and in the Notes, except the Trustee’s certificates 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 the validity or sufficiency of the Indenture or of the Notes. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the Issuer of Notes or the proceeds thereof. 
 Section 705. May Hold
Notes. 
 The Trustee, any Authenticating Agent, any Paying Agent, any Registrar or any other agent of the Issuer, in its individual or
any other capacity, may become the owner or pledgee of Notes and, subject to Sections 708 and 713, may otherwise deal with the Issuer with the same rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Registrar or such
other agent. 
 Section 706. Money Held in Trust. 

Money and U.S. Government Obligations held by the Trustee in trust hereunder need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money received by it hereunder except as otherwise agreed with the Issuer. 

Section 707. Compensation and Reimbursement. 

The Issuer agrees: 

(1) to pay to the Trustee from time to time compensation for all services rendered by it hereunder (which compensation shall
not be limited by any provision of law in regard to the compensation of a trustee of an express trust); 
 (2) except as
otherwise expressly provided herein, to reimburse the Trustee upon its request for all expenses, disbursements and advances incurred or made by the Trustee in accordance with any provision of the Indenture (including the compensation and the
expenses and disbursements of its agents and counsel), except any such expense, disbursement or advance as may be attributable to its gross negligence or willful misconduct; and 

(3) to indemnify the Trustee for, and to hold it harmless against, any loss, liability or expense incurred without gross
negligence or willful misconduct on its part, arising out of or in connection with the acceptance or administration of the trust or trusts hereunder, including the costs and expenses of defending itself against any claim or liability in connection
with the exercise or performance of any of its powers or duties hereunder. When the Trustee incurs expenses or renders services after the occurrence of an Event of Default specified in paragraph (7) or (8) of Section 601 of the
Indenture, such expenses and the compensation for such services 

  
 50 

 
are intended to constitute expenses of administration under any Insolvency or Liquidation Proceeding. For the purposes of this paragraph, “Insolvency or Liquidation Proceeding” means,
with respect to any Person, (a) an insolvency or bankruptcy case or proceeding, or any receivership, liquidation, reorganization or similar case or proceeding in connection therewith, relative to such Person or its creditors, as such, or its
assets, or (b) any liquidation, dissolution or other winding-up proceeding of such Person, whether voluntary or involuntary and whether or not involving insolvency or bankruptcy or (c) any assignment for the benefit of creditors or any
other marshaling of assets and liabilities of such Person. 
 The obligations of the Issuer under this Section 707 shall survive the
satisfaction and discharge of this Indenture. 
 To secure the Issuer’s payment obligations in this Section 707, the Trustee shall
have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 

Section 708. Conflicting Interests. 

If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate
such interest or, except as otherwise provided in Section 310(b) of the Trust Indenture Act, resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and the Indenture. To the extent
permitted by the Trust Indenture Act, the Trustee shall not be deemed to have a conflicting interest by virtue of being a trustee under the Base Indenture with respect to Securities of more than one series. 

Section 709. Corporate Trustee Required; Eligibility. 

There shall at all times be one (and only one) Trustee hereunder with respect to the Notes. Each Trustee shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such, and has a combined capital and surplus of at least $50.0 million. If any such Person publishes reports of condition at least annually, pursuant to law or to the requirements of its supervising or
examining authority, then for the purposes of this Section and to the extent permitted by the Trust Indenture Act, the combined capital and surplus of such Person 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 with respect to the Notes 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 710. Resignation and Removal; Appointment of Successor. 

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 711. 
 The Trustee may
resign at any time with respect to the Notes by giving written notice thereof to the Issuer. If the instrument of acceptance by a successor Trustee required by Section 711 shall not have been delivered to the Trustee within 30 days after the
giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 

  
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 The Trustee may be removed at any time by Act of the Holders of a majority in aggregate principal
amount of the Outstanding Notes (voting as a single class), delivered to the Trustee and to the Issuer. 
 If at any time: 

(1) the Trustee shall fail to comply with Section 708 after written request therefor by the Issuer or by any Holder who
has been a bona fide Holder of a Note for at least six months; 
 (2) the Trustee shall cease to be eligible under
Section 709 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, (A) the Issuer by a resolution duly passed by its Board of
Directors may remove the Trustee, or (B) subject to Section 614, any Holder who has been a bona fide Holder of a Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee with respect to all Notes and the appointment of a successor Trustee or Trustees. 
 If the
Trustee shall resign, be removed or become incapable of acting, or if a vacancy shall occur in the office of Trustee for any cause, with respect to the Notes, the Issuer, by a resolution duly passed by its Board of Directors, shall promptly appoint
a successor Trustee or Trustees with respect to the Notes and shall comply with the applicable requirements of Section 711. If, within one year after such resignation, removal or incapability, or the occurrence of such vacancy, a successor
Trustee with respect to the Notes shall be appointed by Act of the Holders of a majority in aggregate principal amount of the Outstanding Notes (voting as a single class) 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 711, become the successor Trustee with respect to the Notes and to that extent supersede the successor Trustee
appointed by the Issuer. If no successor Trustee with respect to the Notes shall have been so appointed by the Issuer or the Holders and accepted appointment in the manner required by Section 711, any Holder who has been a bona fide Holder of a
Note for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the appointment of a successor Trustee with respect to the Notes. 

The Issuer shall give notice of each resignation and each removal of the Trustee and each appointment of a successor Trustee to all Holders of
Notes in the manner provided in Section 206. Each notice shall include the name of the successor Trustee and the address of its Corporate Trust Office. 

Section 711. Acceptance of Appointment by Successor. 

In case of the appointment hereunder of a successor Trustee, 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 its charges, 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. 

  
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 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 such rights, powers and trusts referred to in the first or second preceding paragraph, as the case may be. 

No successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible
under this Article. 
 Section 712. Merger, Conversion, Consolidation or Succession to Business. 

Any corporation into which the Trustee may be merged or converted or with which it may be consolidated, or any corporation resulting
from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all the corporate trust business of the Trustee, shall be the successor of the Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further act on the part of any of the parties hereto. In case any Notes shall have been authenticated,
but not delivered, by the Trustee then in office, any successor by merger, conversion or consolidation to such authenticating Trustee may adopt such authentication and deliver the Notes so authenticated with the same effect as if such successor
Trustee had itself authenticated such Notes. 
 Section 713. Preferential Collection of Claims Against Issuer. 

If and when the Trustee shall be or become a creditor of the Issuer or any other obligor upon the Notes, the Trustee shall be subject to the
provisions of the Trust Indenture Act regarding the collection of claims against the Issuer or any such other obligor. 
 Section 714. Appointment
of Authenticating Agent. 
 The Trustee may appoint an Authenticating Agent or Agents which shall be authorized to act on behalf of the
Trustee to authenticate Notes issued upon original issue and upon exchange, registration of transfer or partial redemption thereof or pursuant to Section 406, and Notes so authenticated shall be entitled to the benefits of the Indenture and
shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Supplemental Indenture to the authentication and delivery of Notes by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the Trustee by an Authenticating Agent. Each
Authenticating Agent shall be acceptable to the Issuer and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District of Columbia, authorized under such laws to
act as Authenticating Agent, having a combined capital and surplus of not less than $50.0 million and subject to supervision or examination by Federal or State authority. If such Authenticating Agent publishes reports of condition at least annually,
pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section, the combined capital and surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set
forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, such Authenticating Agent shall resign immediately in the manner and with
the effect specified in this Section. 

  
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 Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an
Authenticating Agent, shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible under this Section, without the execution or filing of any paper or any further act on the part of the Trustee or the
Authenticating Agent. 
 An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Issuer.
The Trustee may at any time terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Issuer. Upon receiving such a notice of resignation or upon such a termination, or in case at any
time such Authenticating Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Issuer and shall give notice of such appointment
in the manner provided in Section 206 to all Holders of Notes with respect to which such Authenticating Agent will serve. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights,
powers and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section. 

The Trustee agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section, and the
Trustee shall be entitled to be reimbursed for such payments, subject to the provisions of Section 707. 
 If an appointment with
respect to one or more series is made pursuant to this Section, the Notes may have endorsed thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 

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

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
		 	    As Trustee
		
	By:	 	  

		 	    As Authenticating Agent
		
	By:	 	  

		 	    Authorized Officer

 ARTICLE EIGHT 

HOLDERS’ LISTS AND REPORTS BY TRUSTEE AND ISSUER 

Section 801. Issuer to Furnish Trustee Names and Addresses of Holders. 

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

(1) semi-annually, not later than each Interest Payment Date for the Notes of each series in each year, a list, in such form as
the Trustee may reasonably require, of the names and addresses of the Holders of Notes as of the preceding Regular Record Date, and 

  
 54 

 (2) 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; 

excluding from any such list names and addresses received by the Trustee in its capacity as Registrar. 

Section 802. Preservation of Information; Communications to Holders. 

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 801 and the names and addresses of Holders received by the Trustee in its capacity as Registrar. The Trustee may destroy any list furnished to it as provided in Section 801 upon receipt
of a new list so furnished. 
 The rights of Holders to communicate with other Holders with respect to their rights under the Indenture or
under the Notes, and the corresponding rights and privileges of the Trustee, shall be as provided by the Trust Indenture Act. 
 Every
Holder of Notes, by receiving and holding the same, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of any of them shall be held accountable by reason of any disclosure of information as to names and
addresses of Holders made pursuant to the Trust Indenture Act. 
 Section 803. Reports by Trustee. 

The Trustee shall transmit to Holders such reports concerning the Trustee and its actions under the Indenture as may be required pursuant to
the Trust Indenture Act at the times and in the manner provided pursuant thereto. 
 A copy of each such report shall, at the time of such
transmission to Holders, be filed by the Trustee with each stock exchange upon which the Notes are listed, with the SEC and with the Issuer. The Issuer will notify the Trustee when any Notes are listed on any stock exchange 

Section 804. Reports by Issuer. 

(a) Whether or not required by the SEC, so long as any Notes are Outstanding, the Parent Guarantor will furnish to the Trustee and the Holders
of Notes, or, to the extent permitted by the SEC, file electronically with the SEC through the SEC’s Electronic Data Gathering, Analysis and Retrieval System (or any successor system) within the time periods specified in the SEC’s rules
and regulations: 
 (1) all quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and
10-K if the Parent Guarantor were required to file such reports; and 
 (2) all current reports that would be required to be
filed with the SEC on Form 8-K if the Parent Guarantor were required to file such reports. 
 (b) If the Parent Guarantor has designated any
of its Subsidiaries as Unrestricted Subsidiaries, and such Unrestricted Subsidiaries, individually or taken together, would constitute a Significant Subsidiary, then the quarterly and annual financial information required by the preceding paragraph
will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial
condition and results of operations of the Parent Guarantor and its Restricted Subsidiaries excluding the Unrestricted Subsidiaries. 

  
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 (c) Delivery of reports, information and documents to the Trustee under this Section 804 is
for informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from information contained therein. 

ARTICLE NINE 

CONSOLIDATION, MERGER, CONVEYANCE, TRANSFER OR LEASE 

Section 901. Issuer and Guarantors May Consolidate, Etc., Only on Certain Terms. 

Neither the Issuer nor any Guarantor shall consolidate or amalgamate with, or merge into, any other Person, or convey, transfer or lease its
properties and assets as, or substantially as, an entirety to any Person unless: 
 (1) the Person formed by such
consolidation or amalgamation or into which the Issuer or such Guarantor, as the case may be, is merged or the Person which acquires by conveyance or transfer, or which leases the properties and assets of the Issuer or such Guarantor, as the case
may be, as, or substantially as, an entirety shall be a corporation (the “Successor Person”) and shall expressly assume, by a supplemental indenture, executed and delivered to the Trustee, (a) in the case of a Successor Person to the
Issuer, the due and punctual payment of the principal of and any premium and interest on all the Notes and the performance or observance of every covenant of the Indenture on the part of the Issuer to be performed or observed or (b) in the case
of a Successor Person to such Guarantor, all of the obligations of such Guarantor under the Guarantee of such Guarantor and the performance or observance of every covenant of the Indenture on the part of such Guarantor to be performed or observed;

 (2) immediately after giving effect to such transaction, no Event of Default and no Default shall have occurred and be
continuing; and 
 (3) the Issuer or such Guarantor, as the case may be, shall have delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, amalgamation, merger, conveyance, sale, transfer or lease and such supplemental indenture, if any, comply with this covenant and that all conditions
precedent provided for in the Indenture relating to such transaction have been complied with. 
 However, clause (1) of this Section 901 shall not
apply in circumstances under which Section 1504 provides for the release of the Guarantee of such Guarantor. 
 Section 902. Successor
Substituted. 
 Upon any consolidation or amalgamation of the Issuer or a Guarantor, as the case may be, with or merger of the Issuer or
a Guarantor, as the case may be, into, any other Person or any conveyance, transfer or lease of the properties and assets of the Issuer or a Guarantor, as the case may be, as, or substantially as, an entirety in accordance with Section 901, the
Successor Person will succeed to, and be substituted for, and may exercise every right and power of, the Issuer or such Guarantor under the Indenture with the same effect as if such Successor Person had been named therein as the Issuer or such
Guarantor, as the case may be, and thereafter, except in the case of a lease, the Issuer or such Guarantor, as the case may be, will be released from all obligations and covenants under the Indenture, the Notes and the Guarantees, as the case may
be, and may liquidated and dissolve. 

  
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 ARTICLE TEN 

SUPPLEMENTAL INDENTURES 

Section 1001. Supplemental Indentures Without Consent of Holders. 

Without the consent of any Holders, the Issuer, the Guarantors and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto in order to amend or supplement the Indenture, the Guarantees or the Notes for any of the following purposes: 

(1) to cure any ambiguity, defect or inconsistency; 

(2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Issuer’s or a Guarantor’s obligations to the Holders in the case of a
consolidation, amalgamation, merger or other transaction in compliance with Article Nine; 
 (4) to add any Guarantor or to
acknowledge the release of any Guarantor from any of its obligations under its Guarantee and the other provisions of the Indenture (to the extent in accordance with the Indenture); 

(5) to make any change that would provide any additional rights or benefits to the Holders or that does not materially
adversely affect the rights of any Holder; 
 (6) to effect or maintain the qualification of the Indenture under the Trust
Indenture Act; 
 (7) to secure the Notes or any Guarantees or any other obligation under the Indenture; 

(8) to evidence and provide for the acceptance of appointment by a successor trustee; 

(9) to conform the text of the Indenture or the Notes to any provision of the “Description of Notes” contained in the
Prospectus Supplement, to the extent that such provision in such “Description of Notes” was intended to be a substantially verbatim recitation of a provision of the Indenture, the Guarantees or the Notes; or 

(10) to provide for the issuance of Additional Notes in accordance with the Indenture. 

The Trustee is hereby authorized to join with the Issuer and the Guarantors in the execution of any such supplemental indenture, to make any
further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer, assignment, mortgage or pledge of any property thereunder. 

Any supplemental indenture authorized by the provisions of this Section 1001 may be executed by the Issuer, the Guarantors and the
Trustee without the consent of the Holders, notwithstanding any of the provisions of Section 1002. 

  
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 Section 1002. Supplemental Indentures With Consent of Holders. 

With the consent of the Holders of a majority in aggregate principal amount of the Outstanding Notes of each series affected thereby (voting
as a separate class), including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes, the Issuer, the Guarantors and the Trustee may amend or supplement the Indenture, the Notes or
any Guarantees or, subject to Section 613, waive any existing Default or Event of Default or compliance with any provision of the Indenture (which may include consents obtained in connection with a purchase of, or tender offer or exchange offer
for, the Notes). However, without the consent of each Holder affected thereby, no such amendment, supplement or waiver may (with respect to any Note held by a non-consenting Holder): 

(1) reduce, or change the maturity of, the principal of any Note; 

(2) reduce the rate of or extend the time for payment of interest on any Note; 

(3) reduce any premium payable upon redemption of the Notes or change the date on which any Notes are subject to redemption
(other than the notice provisions) or waive any payment with respect to the redemption of the Notes; provided, however, that solely for the avoidance of doubt, and without any other implication, any purchase or repurchase of Notes
(including pursuant to Section 1107) shall not be deemed a redemption of the Notes; 
 (4) make any Note payable in
money or currency other than that stated in the Notes; 
 (5) modify or change any provision of the Indenture or the related
definitions to affect the ranking of the Notes or any Guarantee in a manner that adversely affects the Holders; 
 (6) reduce
the percentage of Holders necessary to consent to an amendment, supplement or waiver to the Indenture, the Guarantees or the Notes; 

(7) waive a default in the payment of principal of, or premium, if any, or interest on, any Notes (except a rescission of
acceleration of the Notes by the Holders thereof as provided in the Indenture and a waiver of the payment default that resulted from such acceleration); 

(8) impair the rights of Holders to receive payments of principal of or interest or premium, if any, on the Notes on or after
the due date therefor or to institute suit for the enforcement of any payment on the Notes; 
 (9) release any Guarantor from
any of its obligations under its Guarantee or the Indenture, except as permitted by the Indenture; or 
 (10) make any change
in these amendment, supplement and waiver provisions. 
 It shall not be necessary for any Act of Holders under this Section to approve the
particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such Act shall approve the substance thereof. 

After an amendment or supplement under this Section 1002 becomes effective, the Issuer shall send to the Holders of each consenting
series a notice briefly describing such amendment or supplement. However, the failure to give such notice to all such Holders, or any defect in the notice, will not impair or affect the validity of the amendment or supplement. 

  
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 Section 1003. 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 the Indenture, the Trustee shall be entitled to receive, and shall be fully protected in relying upon, an Officer’s Certificate and Opinion of Counsel stating that the execution of such supplemental indenture is
authorized or permitted by the Indenture. The Trustee may, but shall not be obligated to, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

Section 1004. Effect of Supplemental Indentures. 

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

Section 1005. Conformity with Trust Indenture Act. 

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

Section 1006. Reference in Notes to Supplemental Indentures. 

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

ARTICLE ELEVEN 

COVENANTS 
 Section 1101. Payment
of Principal, Premium, Interest and Additional Amounts. 
 The Issuer covenants and agrees for the benefit of the Notes that it will
duly and punctually pay the principal of and any premium and interest on the Notes of each series, including any Additional Amounts, in accordance with the terms of such Notes and the Indenture. Principal, premium, if any, and interest will be
considered paid on the date due if a Paying Agent, if other than the Issuer or a Subsidiary thereof, holds as of 11:00 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 will pay interest (including post-petition interest
in any proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or similar law) on overdue principal and premium, if any, at the interest rate specified in the Notes of each series to the extent lawful; and it will pay
interest (including post-petition interest in any proceeding under any applicable Federal or State bankruptcy, insolvency, reorganization or similar law) on overdue installments of interest (without regard to any applicable grace period) at the same
rate to the extent lawful. 

  
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 All payments and deliveries made by or on behalf of the Issuer or a Guarantor, or any
successor to any of them, under or with respect to the Notes of each series, including, but not limited to payments of principal and interest and any payments under the Guarantees, will be made without withholding or deduction for, or on account of,
any present or future taxes, duties, imposts, assessments or governmental charges of whatever nature imposed or levied (including any penalties and interest related thereto) (“Applicable Taxes”) by or within (1) Ireland (meaning
Ireland exclusive of Northern Ireland) or Bermuda (or any political subdivision or taxing authority thereof or therein), (2) any jurisdiction in which the Issuer, a Guarantor or any of their respective successors is, for tax purposes,
incorporated, organized or resident, or, as a result of activities carried on by the Issuer, a Guarantor or any successor has otherwise created a taxable presence (or any political subdivision or taxing authority thereof or therein) or (3) any
jurisdiction (or any political subdivision or taxing authority thereof or therein) from or through which payment on the Notes or under the Guarantees is made by or on behalf of the Issuer or a Guarantor (including the jurisdiction of any Paying
Agent) (each jurisdiction described in (1), (2) or (3), as applicable, a “Relevant Taxing Jurisdiction”), unless such withholding or deduction is required by law or by the interpretation or administration thereof. In the event that
any such withholding or deduction is so required, the Issuer or the Guarantor, as appropriate, will pay such additional amounts (the “Additional Amounts”) as may be necessary to ensure that the net amount received by the beneficial owners
of the Notes after such withholding or deduction (and after deducting any Applicable Taxes on the Additional Amounts) will equal the amounts that would have been received by such holder had no such withholding or deduction been required;
provided that no Additional Amounts will be payable: 
 (1) for or on account of: 

(a) any Applicable Taxes that would not have been imposed but for: 

(i) the existence of any present or former connection between the relevant Holder (or a fiduciary, settlor, beneficiary,
member, partner or shareholder of, or possessor of power over, the relevant Holder, if the relevant Holder is an estate, nominee, trust, partnership, limited liability company or corporation) or beneficial owner of such Note and the Relevant Taxing
Jurisdiction (other than merely acquiring or holding such Note or the receipt of payments or the exercise or enforcement of rights under the Notes or the Guarantees) including, without limitation, such Holder or beneficial owner being or having been
a national, domiciliary or resident of, or incorporated in, such Relevant Taxing Jurisdiction or treated as a resident thereof or being or having been physically present or engaged in a trade or business therein or having or having had a permanent
establishment therein; 
 (ii) the presentation of such Note (in cases in which presentation is required) more than 30 days
after the later of the date on which the payment on such Note became due and payable pursuant to the terms thereof or was made or duly provided for (except to the extent that the Holder or beneficial owner would have been entitled to
Additional Amounts had the Note been presented on the last day of such 30-day period); or 
 (iii) the failure of the Holder
or beneficial owner to provide a declaration of non-residence or other similar claim or certification concerning nationality, residency or identity or other similar form for exemption or to present any applicable form or certificate that is required
or imposed by statute, treaty, regulation or administrative practice, in each case, within a reasonable period of time following a reasonable written request from us; provided that the Holder or beneficial owner is legally entitled to provide
such declaration, claim form or certificate and that upon the making of such declaration or claim or presentation of such form or certificate, the Holder or beneficial owner would have been able to avoid such deduction or withholding; 

  
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 (b) any estate, inheritance, gift, sale, transfer, personal property or similar
Applicable Taxes; 
 (c) any Applicable Taxes that are payable otherwise than by withholding or deduction from payments under
or with respect to the Notes or the Guarantees; 
 (d) any taxes payable by or on behalf of a Holder who would have been able
to avoid such withholding or deduction by presenting the Notes or request for payment under the Guarantees to another Paying Agent designated by the Issuer pursuant to the Indenture; and 

(e) any combination of Applicable Taxes referred to in the preceding clauses (a), (b), (c) and (d); 

(2) if the Holder is a fiduciary, partnership or person other than the sole beneficial owner of that payment, to the extent that the relevant
payment would be required under the laws of the Relevant Taxing Jurisdiction to be included for tax purposes in the income of a beneficiary or settlor with respect to the fiduciary, a member of that partnership or a beneficial owner who would not
have been entitled to such Additional Amounts had that beneficiary, settlor, partner or beneficial owner been the Holder thereof; 
 (3) any
final withholding tax withheld by a Swiss bank or similar Swiss financial institution (a “Swiss Financial Institution”) that is imposed with respect to a Holder of a Note through an account with a Swiss Financial Institution, to the extent
that such withholding tax would not have been imposed, if such holder had not voluntarily opted for imposition of such withholding tax in lieu of disclosure that would otherwise be required under a bilateral tax cooperation agreement between
Switzerland and the country in which the holder is tax resident; and 
 (4) any taxes imposed pursuant to Sections 1471 through 1474 of the
U.S. Internal Revenue Code of 1986 (the “Code”) and any amended or successor version that is substantively comparable and not materially more onerous to comply with, any current or future regulations or official interpretations thereof,
any agreements entered into pursuant to Section 1471(b)(1) of the Code, or any law or regulation implementing an intergovernmental agreement between a non-U.S. jurisdiction and the United States with respect to the foregoing. 

In addition to the foregoing, the Issuer will also pay and indemnify the Holder for any present or future stamp, issue, registration, value
added, court or documentary taxes, or any other excise or property taxes, charges or similar levies or taxes (including penalties, interest and any other reasonable expenses related thereto) which are levied by any Relevant Taxing Jurisdiction
(“Transfer Taxes”) on the execution, delivery, registration or enforcement of any of the Notes, the Indenture or any other document or instrument referred to therein or the receipt of payments with respect thereto (subject to the
exclusions described above, other than the exclusion described in clause 1(c) of this Section 1101). For the avoidance of doubt, the indemnification provided in this paragraph shall not include any Transfer Taxes or stamp duty arising from the
transfer of Notes between Holders or in the ordinary course after the Issue Date. 
 If, after the date of the Prospectus Supplement, the
Issuer or a Guarantor becomes obligated to pay Additional Amounts with respect to any payment under or with respect to the Notes, the Issuer will deliver to the Trustee on a date that is at least 30 days prior to the date of that payment (unless the
obligation to pay Additional Amounts arises after the 30th day prior to that payment date, in which case 

  
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the Issuer will notify the Trustee promptly thereafter) an Officer’s Certificate stating the fact that Additional Amounts will be payable and the amount estimated to be so payable. The
Officer’s Certificate must also set forth any other information reasonably necessary to enable the Paying Agent to pay Additional Amounts to Holders on the relevant payment date. The Trustee shall be entitled to rely solely on such
Officer’s Certificate as conclusive proof that such payments are necessary. The Issuer will provide the Trustee with satisfactory documentation evidencing the payment of Additional Amounts. 

The Issuer or the Guarantors, as appropriate, will make all withholdings and deductions required by law and will remit the full amount
deducted or withheld to the relevant tax authority in accordance with applicable law. Upon request, the Issuer will provide to the Trustee an official receipt or, if official receipts are not obtainable, other satisfactory documentation evidencing
the payment of any Applicable Taxes so deducted or withheld. Upon written request, copies of those receipts or other documentation, as the case may be, will be made available by the Trustee to the Holders of the Notes. 

Whenever there is mentioned in the Indenture or the Notes in any context the payment of interest on any Note or any other amount payable with
respect to such Note, such mention shall be deemed to include payment of Additional Amounts provided for in this Section 1101 to the extent that, in such context, Additional Amounts are, were or would be payable in respect thereof. 

Section 1102. Maintenance of Office or Agency. 

The Issuer will maintain, in the City and State of New York and in any other Place of Payment, an office or agency where Notes may be
presented or surrendered for payment, and it will maintain an office or agency in the continental United States where Notes may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Issuer in respect of
the Notes and the Indenture may be served. 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 hereby irrevocably designates as a Place of Payment for the Notes the City and State of New York, and initially appoints Deutsche Bank Trust Company Americas at its
Corporate Trust Office as the Issuer’s office or agency in such city where the Notes may be presented or surrendered for payment. 

The Issuer or any Subsidiary may act as Registrar or Paying Agent. The Issuer may also from time to time designate one or more other
offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations, in each case without notice to the Holders; provided, however, that the Issuer will
maintain a Paying Agent and Registrar in the City and State of New York so long as any Notes are Outstanding. 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 1103. Money for Notes Payments to Be Held in Trust. 

If the Issuer or any Subsidiary shall at any time act as its own Paying Agent, it will, before 11:00 a.m., New York City time, on each
due date of the principal of or any premium or interest on any of the Notes, segregate and hold in trust for the benefit of the Persons entitled thereto a sum sufficient to pay the principal and any premium and 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 of its action or failure so to act. 

  
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 Whenever the Issuer shall have one or more Paying Agents for the Notes, it will, prior to
11:00 a.m., New York City time, on each due date of the principal of or any premium or interest on the Notes, deposit with a Paying Agent a sum sufficient to pay such amount, such sum to be held as provided by the Trust Indenture Act, and
(unless such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee of its action or failure so to act. 
 The Issuer will
cause each Paying Agent other than the Trustee to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the Trustee, subject to the provisions of this Section, that such Paying Agent will (1) comply with
the provisions of the Trust Indenture Act applicable to it as a Paying Agent and (2) during the continuance of any default by the Issuer or any other obligor upon the Notes in the making of any payment in respect of the Notes, upon the written
request of the Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes. 
 The
Issuer may at any time, for the purpose of obtaining the satisfaction and discharge of the Indenture or for any other purpose, pay, or by Issuer Order direct any Paying Agent to pay, to the Trustee all sums held in trust 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
or a Subsidiary, in trust for the payment of the principal of or any premium or interest on the Notes and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on Issuer
Request, or (if then held by the Issuer) shall be discharged from such trust; and the Holder of such Notes 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, if there are then Outstanding any Notes not in global form, 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, in a newspaper published in the English language, customarily published on each Business Day and of general circulation in the City
and State of New York 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 1104. Annual Compliance Certificate; Statement by Officers as to Default. 

(a) The Issuer shall deliver to the Trustee within 120 days after the end of each fiscal year of the Issuer ending after the Issue Date an
Officer’s Certificate signed by the principal executive officer, the principal accounting officer or the principal financial officer of the Issuer, stating that a review of the activities of the Parent Guarantor and its Restricted Subsidiaries
during the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether each of the Issuer and the Guarantors has performed its obligations under the Indenture, and further stating whether or
not the signers know of any Default or Event of Default that occurred during such period. If they do, the certificate shall describe such Default or Event of Default, its status and what action the Issuer is taking or proposes to take with respect
thereto. 
 (b) The Issuer shall, so long as any Note is Outstanding, deliver to the Trustee within 30 days after the occurrence of a
Default, written notice (which need not be an Officer’s Certificate) specifying such Default, and what action the Issuer is taking or proposes to take with respect thereto. 

  
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 Section 1105. Existence. 

Subject to Article Nine, the Issuer and each Guarantor will do or cause to be done all things necessary to preserve and keep in full
force and effect its existence, rights (charter and statutory) and franchises; provided, however, that the Issuer and, if applicable, the Guarantors shall not be required to preserve any such right or franchise if the Board of
Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuer or such Guarantor, as the case may be. 

Section 1106. Limitation on Designation of Unrestricted Subsidiaries. 

The Board of Directors of the Parent Guarantor may designate any Subsidiary (including any newly formed or newly acquired Subsidiary or a
Person becoming a Subsidiary through merger or consolidation or Investment therein) of the Parent Guarantor as an “Unrestricted Subsidiary” under the Indenture (a “Designation”) only if: 

(1) no Default shall have occurred and be continuing at the time of or after giving effect to such Designation; and 

(2) the Parent Guarantor would be permitted to make, at the time of such Designation, (a) a Permitted Investment or
(b) an Investment pursuant to Section 1109, in either case, in an amount (the “Designation Amount”) equal to the Fair Market Value of the Parent Guarantor’s proportionate interest in such Subsidiary on such date. 

No Subsidiary shall be Designated as an “Unrestricted Subsidiary” unless: 

(1) all of the Indebtedness of such Subsidiary and its Subsidiaries shall, at the date of Designation, consist of Non-Recourse
Debt, except for any guarantee given solely to support the pledge by the Parent Guarantor or any Restricted Subsidiary of the Equity Interests of such Unrestricted Subsidiary, which guarantee is not recourse to the Parent Guarantor or any Restricted
Subsidiary, and except for any guarantee of Indebtedness of such Subsidiary by the Parent Guarantor or a Restricted Subsidiary that is permitted as both an incurrence of Indebtedness and an Investment (in each case in an amount equal to the amount
of such Indebtedness so guaranteed) permitted by Section 1108; 
 (2) on the date such Subsidiary is Designated an
Unrestricted Subsidiary, such Subsidiary is not party to any agreement, contract, arrangement or understanding (other than a guarantee permitted under clause (1) above) with the Parent Guarantor or any Restricted Subsidiary unless the terms of
the agreement, contract, arrangement or understanding are not materially less favorable to the Parent Guarantor or the Restricted Subsidiary than those that could reasonably be expected to have been obtained at the time from Persons who are not
Affiliates of the Parent Guarantor; and 
 (3) such Subsidiary is a Person with respect to which neither the Parent Guarantor
nor any of its Restricted Subsidiaries has any direct or indirect obligation (a) to subscribe for additional Equity Interests of such Person or (b) to maintain or preserve the Person’s financial condition or to cause the Person to
achieve any specified levels of operating results (in each case other than a guarantee permitted under clause (1) above) (it being understood that any contractual arrangements between the Parent Guarantor or any of its Restricted Subsidiaries
and such Subsidiary pursuant to which such Subsidiary sells products or provides services to the Parent Guarantor or such Restricted Subsidiary in the ordinary course of business are not included in this clause (3)). 

  
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 Any such Designation by the Board of Directors of the Parent Guarantor shall be evidenced to the
Trustee by filing with the Trustee a Board Resolution of the Parent Guarantor giving effect to such Designation and an Officer’s Certificate certifying that such Designation complies with the foregoing conditions. If, at any time, any
Unrestricted Subsidiary fails to meet the preceding requirements as an Unrestricted Subsidiary, it shall thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Indebtedness of the Subsidiary and any Liens on assets
of such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary at such time and, if the Indebtedness is not permitted to be incurred under Section 1108 or the Lien is not permitted under Section 1110, the Parent Guarantor
shall be in default of the applicable covenant. 
 The Board of Directors of the Parent Guarantor may redesignate an Unrestricted Subsidiary
as a Restricted Subsidiary (a “Redesignation”) only if: 
 (1) no Default shall have occurred and be continuing at
the time of and after giving effect to such Redesignation; and 
 (2) all Liens, Indebtedness and Investments of such
Unrestricted Subsidiary outstanding immediately following such Redesignation would, if incurred or made at such time, have been permitted to be incurred or made for all purposes of the Indenture. 

Any such Redesignation shall be evidenced to the Trustee by filing with the Trustee a Board Resolution of the Parent Guarantor giving effect
to such designation and an Officer’s Certificate certifying that such Redesignation complies with the foregoing conditions. 
 Section 1107.
Purchase of Notes Upon a Change of Control. 
 Upon the occurrence of a Change of Control Triggering Event with respect to either
series of Notes, unless the Issuer has previously or concurrently exercised its right to redeem all of the Notes of that series under Section 1203, each Holder of Notes of such series will have the right, except as provided below, to require
that the Issuer purchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of that Holder’s Notes for a cash price equal to 101.0% of the aggregate principal amount of the Notes to be purchased, plus accrued
and unpaid interest, if any, thereon to the date of purchase (the “Change of Control Payment”). 
 Not later than 30 days
following any Change of Control Triggering Event, the Issuer will deliver, or cause to be delivered, to the Holders, with a copy to the Trustee, a notice: 

(1) describing the transaction or transactions that constitute the Change of Control Triggering Event; 

(2) offering to purchase, pursuant to the procedures required by the Indenture and described in the notice (a “Change of
Control Offer”), on a date specified in the notice, which shall be a Business Day not earlier than 30 days, nor later than 60 days, from the date the notice is delivered (the “Change of Control Payment Date”), and for the Change of
Control Payment, all Notes of such series that are properly tendered by such Holder pursuant to such Change of Control Offer prior to 5:00 p.m., New York City time, on the second Business Day preceding the Change of Control Payment Date; and 

(3) describing the procedures, as determined by the Issuer, consistent with the Indenture, that Holders must follow to accept
the Change of Control Offer. 

  
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 On or before the Change of Control Payment Date, the Issuer will, to the extent lawful, deposit
with the Paying Agent an amount equal to the Change of Control Payment in respect of the Notes or portions of Notes properly tendered. 
 On
the Change of Control Payment Date, the Issuer will, to the extent lawful: 
 (1) accept for payment all Notes or portions of
Notes (of $2,000 or integral multiples of $1,000 in excess thereof) properly tendered pursuant to the Change of Control Offer; and 

(2) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officer’s Certificate stating
the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 
 The Paying Agent will promptly deliver
to each Holder who has so tendered Notes the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any
unpurchased portion of the Notes so tendered, if any; provided that each such new Note will be in a principal amount of $2,000 or integral multiples of $1,000 in excess thereof. 

If the Change of Control Payment Date is on or after an interest record date and on or before the related Interest Payment Date, any accrued
and unpaid interest, if any, will be paid on the relevant Interest Payment Date to the Person in whose name a Note is registered at the close of business on such record date. 

A Change of Control Offer will be required to remain open for at least 20 Business Days or for such longer period as is required by law. The
Issuer will publicly announce the results of the Change of Control Offer on or as soon as practicable after the date of purchase. 
 The
Issuer will not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (i) a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set
forth in the Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes properly tendered and not withdrawn under such Change of Control Offer or (ii) the Issuer has given notice of the redemption of all of the
Notes then Outstanding under Section 1203, unless and until there is a default in the payment of the applicable Redemption Price. 
 If
Holders of not less than 95.0% in aggregate principal amount of the Outstanding Notes of a series validly tender and do not withdraw such Notes in a Change of Control Offer and the Issuer, or any third party making a Change of Control Offer in lieu
of the Issuer as described above, purchases all of the Notes of that series validly tendered and not withdrawn by such Holders, the Issuer will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30
days following such purchase pursuant to the Change of Control Offer to redeem all Notes of that series that remain Outstanding following such purchase at a Redemption Price in cash equal to the applicable Change of Control Payment, plus, to the
extent not included in the Change of Control Payment price, accrued and unpaid interest, if any, to the date of redemption. 
 The Issuer
will comply with all applicable securities legislation in the United States, including, without limitation, the requirements of Rule 14e-1 under the Exchange Act and any other applicable laws and regulations in connection with the purchase of Notes
pursuant to a Change of Control Offer. To the extent that the provisions of any applicable securities laws or regulations conflict with this Section 1107, the Issuer shall comply with the applicable securities laws and regulations and will not
be deemed to have breached its obligations under this Section 1107 by virtue of such compliance. 

  
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 Notwithstanding anything to the contrary contained herein, a Change of Control Offer may be made
in advance of a Change of Control Triggering Event, conditional upon such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 

Section 1108. Limitation on Additional Indebtedness. 

The Parent Guarantor will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness
(including Acquired Indebtedness); provided that the Parent Guarantor or any Restricted Subsidiary may incur additional Indebtedness (including Acquired Indebtedness), in each case, if, after giving effect thereto on a pro forma basis
(including giving pro forma effect to the application of the proceeds thereof), the Parent Guarantor’s Consolidated Interest Coverage Ratio would be at least 2.00 to 1.00 (the “Coverage Ratio Exception”). 

Notwithstanding the above, each of the following incurrences of Indebtedness shall be permitted (the “Permitted Indebtedness”): 

(1) Indebtedness of the Parent Guarantor or any Restricted Subsidiary under one or more Credit Facilities in an aggregate
principal amount at any time outstanding, including the issuance and creation of letters of credit and bankers’ acceptances thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the
face amount thereof) not to exceed the greater of (i) $2,000.0 million or (ii)17.5% of the Parent Guarantor’s Consolidated Tangible Assets determined at the time of incurrence; 

(2) Indebtedness under (a) the Notes issued on the Issue Date and (b) the Guarantees of the Notes; 

(3) Indebtedness of the Parent Guarantor and its Restricted Subsidiaries to the extent outstanding on the Issue Date (other
than Indebtedness referred to in clauses (1), (2) and (6) of this paragraph); 
 (4) (a) guarantees by the Issuer
or any Guarantor of Indebtedness permitted to be incurred in accordance with the provisions of the Indenture; provided that in the event such Indebtedness that is being guaranteed is Subordinated Indebtedness, then the related guarantee shall
be subordinated in right of payment to the Notes or the Guarantees, as the case may be, and (b) guarantees of Indebtedness incurred by Restricted Subsidiaries that are not Guarantors; 

(5) Indebtedness under Hedging Obligations entered into for bona fide hedging purposes of the Parent Guarantor or any
Restricted Subsidiary and not for the purpose of speculation; 
 (6) Indebtedness of the Parent Guarantor owed to and held
by a Restricted Subsidiary and Indebtedness of any Restricted Subsidiary owed to and held by the Parent Guarantor or any other Restricted Subsidiary; provided, however, that (i) any subsequent issuance or transfer of Equity
Interests or any other event which results in any such Indebtedness being held by a Person other than the Parent Guarantor or any other Restricted Subsidiary and (ii) any sale or other transfer of any such Indebtedness to a Person other than
the Parent Guarantor or any other Restricted Subsidiary shall be deemed, in each case of this proviso, to constitute an incurrence of such Indebtedness not permitted by this clause (6); 

  
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 (7) Indebtedness of the Parent Guarantor or any Restricted Subsidiary in respect
of workers’ compensation claims, bank guarantees, warehouse receipt or similar facilities, property, casualty or liability insurance, take-or-pay obligations in supply arrangements, self-insurance obligations or completion, performance, bid
performance, appeal, customs, advance payment or surety bonds or similar instruments in the ordinary course of business, including guarantees or obligations with respect to letters of credit supporting such workers’ compensation claims, bank
guarantees, warehouse receipt or similar facilities, property, casualty or liability insurance, and letters of credit supporting performance or other obligations of the Parent Guarantor or any Restricted Subsidiary, take-or-pay obligations in supply
arrangements, self-insurance obligations or completion, performance, bid performance, appeal, customs, advance payment or surety bonds or similar instruments; 

(8) Purchase Money Indebtedness incurred by the Parent Guarantor or any Restricted Subsidiary after the Issue Date in an
aggregate principal amount, taken together with Refinancing Indebtedness in respect thereof, not to exceed at any time outstanding the greater of (a) $500.0 million or (b) 5.0% of the Parent Guarantor’s Consolidated Tangible Assets
determined at the time of incurrence; 
 (9) Indebtedness of the Parent Guarantor or any Restricted Subsidiary arising from
the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; 

(10) Indebtedness of the Parent Guarantor or any Restricted Subsidiary arising in connection with endorsement of instruments
for deposit in the ordinary course of business; 
 (11) Refinancing Indebtedness with respect to Indebtedness incurred
pursuant to the Coverage Ratio Exception or with respect to Indebtedness incurred pursuant to clause (2), (3) or (8) above, this clause (11), or clause (13) or (15) below; 

(12) indemnification, adjustment of purchase price, earn-out or similar obligations, in each case, incurred or assumed in
connection with the acquisition or disposition of any business or assets of the Parent Guarantor or any Restricted Subsidiary or Equity Interests of a Restricted Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all
or any portion of such business, assets or Equity Interests for the purpose of financing or in contemplation of any such acquisition; 

(13) additional Indebtedness of the Parent Guarantor or any Restricted Subsidiary in an aggregate principal amount which, when
taken together with the principal amount of all other Indebtedness incurred pursuant to this clause (13) and any Refinancing Indebtedness thereof and then outstanding, will not exceed the greater of (a) $600.0 million or (b) 6.0% of
the Parent Guarantor’s Consolidated Tangible Assets determined at the time of incurrence; 
 (14) Indebtedness in
respect of Specified Cash Management Agreements entered into in the ordinary course of business; 
 (15) Indebtedness
incurred in connection with a Permitted Factoring Transaction that is not recourse to the Parent Guarantor or any Restricted Subsidiary (except for Standard Securitization Undertakings); and 

  
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 (16) Indebtedness of Persons incurred and outstanding on the date on which such
Person was acquired by the Parent Guarantor or any Restricted Subsidiary, or merged or consolidated with or into the Parent Guarantor or any Restricted Subsidiary (other than Indebtedness incurred in connection with, or in contemplation of, such
acquisition, merger or consolidation); provided, however, that at the time such Person or its assets are acquired by the Parent Guarantor or a Restricted Subsidiary, or merged or consolidated with the Parent Guarantor or any Restricted
Subsidiary and after giving pro forma effect to the incurrence of such Indebtedness pursuant to this clause (16) and any other related Indebtedness, either (i) the Parent Guarantor would have been able to incur $1.00 of additional
Indebtedness pursuant to the Coverage Ratio Exception; or (ii) the Consolidated Interest Coverage Ratio of the Parent Guarantor and its Restricted Subsidiaries would be greater than or equal to such Consolidated Interest Coverage Ratio
immediately prior to such acquisition, merger or consolidation. 
 For purposes of determining compliance with this
Section 1108, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Permitted Indebtedness described in clauses (1) through (16) above or is entitled to be incurred pursuant to the Coverage
Ratio Exception, the Parent Guarantor shall, in its sole discretion, classify such item of Indebtedness and may divide and classify such Indebtedness in more than one of the types of Indebtedness described (except that Indebtedness incurred under
the Credit Agreement on the Issue Date, after giving effect to the application of the proceeds of this offering, shall be deemed to have been incurred under clause (1) above and may not be reclassified) and may later reclassify any item of
Indebtedness described in clauses (2) through (16) above (provided that at the time of reclassification it meets the criteria in such category or categories). In addition, for purposes of determining any particular amount of
Indebtedness under this covenant, (i) guarantees, Liens or letter of credit obligations supporting Indebtedness otherwise included in the determination of such particular amount shall not be included so long as incurred by a Person that could
have incurred such Indebtedness and (ii) the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of the liability in respect thereof determined in accordance with GAAP. 

The accrual of interest, the accretion or amortization of original issue discount and the payment of interest on any Indebtedness in
the form of additional Indebtedness with the same terms will not be deemed to be an incurrence of Indebtedness of this Section 1108; provided, in each such case, that the amount thereof is included in Consolidated Interest Expense of the
Parent Guarantor as accrued. 
 For the purposes of determining compliance with any U.S. dollar-denominated restriction on the
incurrence of Indebtedness denominated in a foreign currency, the U.S. dollar-equivalent principal amount of such Indebtedness incurred pursuant thereto shall be calculated based on the relevant currency exchange rate in effect on the earlier of the
date that such Indebtedness was incurred, in the case of term Indebtedness, or first committed, in the case of revolving credit Indebtedness; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign
currency, and such refinancing would cause the applicable U.S. dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. The principal amount of any Indebtedness incurred to refinance
other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that is in
effect on the date of such refinancing. 

  
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 If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of
such Subsidiary shall be deemed to be incurred by a Restricted Subsidiary as of such date (and, if such Indebtedness is not permitted to be incurred as of such date under this Section 1108, the Issuer shall be in Default of this covenant). 

Section 1109. Limitation on Restricted Payments. 

The Parent Guarantor will not, and will not permit any Restricted Subsidiary to, directly or indirectly, make any Restricted Payment if at the
time of such Restricted Payment: 
 (1) a Default shall have occurred and be continuing or shall occur as a consequence
thereof; 
 (2) the Parent Guarantor is not able to incur at least $1.00 of additional Indebtedness pursuant to the Coverage
Ratio Exception; or 
 (3) the amount of such Restricted Payment, when added to the aggregate amount of all other Restricted
Payments made after the Issue Date (other than Restricted Payments made pursuant to clauses (2) through (11) of the next paragraph), exceeds the sum (the “Restricted Payments Basket”) of (without duplication): 

(a) 50.0% of Consolidated Net Income of the Parent Guarantor and the Restricted Subsidiaries for the period (taken as one
accounting period) commencing on January 1, 2017 to and including the last day of the fiscal quarter ended immediately prior to the date of such calculation for which consolidated financial statements are available (or, if such Consolidated Net
Income shall be a deficit, minus 100.0% of such deficit), plus 
 (b) 100.0% of (A) (i) the aggregate net cash
proceeds and (ii) the Fair Market Value of (x) marketable securities (other than marketable securities of the Parent Guarantor), (y) Equity Interests of a Person (other than the Parent Guarantor or a Subsidiary of the Parent
Guarantor) engaged in a Permitted Business and (z) other assets used in any Permitted Business, received by the Parent Guarantor or its Restricted Subsidiaries after the Issue Date, in each case as a contribution to the Parent Guarantor’s
or its Restricted Subsidiaries’ common equity capital or from the issue or sale of Qualified Equity Interests of the Parent Guarantor or from the issue or sale of convertible or exchangeable Disqualified Equity Interests of the Parent Guarantor
or convertible or exchangeable debt securities of the Parent Guarantor that have been converted into or exchanged for such Qualified Equity Interests (other than Equity Interests or debt securities sold to a Subsidiary of the Parent Guarantor), and
(B) the aggregate net cash proceeds, if any, received by the Parent Guarantor or any of its Restricted Subsidiaries upon any conversion or exchange described in clause (A) above, plus 

(c) in the case of the disposition or repayment of or return on any Investment that was treated as a Restricted Payment after
the Issue Date, an amount (to the extent not included in the computation of Consolidated Net Income) equal to 100.0% of the aggregate amount received by the Parent Guarantor or any Restricted Subsidiary in cash or other property (valued at the Fair
Market Value thereof) as the return of capital with respect to such Investment, plus 

  
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 (d) upon a Redesignation of an Unrestricted Subsidiary as a Restricted
Subsidiary, an amount (to the extent not included in the computation of Consolidated Net Income) equal to the lesser of (i) the Fair Market Value of the Parent Guarantor’s proportionate interest in such Subsidiary immediately following
such Redesignation, and (ii) the aggregate amount of the Parent Guarantor’s Investments in such Subsidiary to the extent such Investments reduced the Restricted Payments Basket and were not previously repaid or otherwise reduced. 

Notwithstanding the foregoing, the provisions set forth in the immediately preceding paragraph will not prohibit: 

(1) the payment of any dividend or redemption payment or the making of any distribution within 60 days after the date of
declaration thereof if, on the date of declaration, the dividend, redemption or distribution payment, as the case may be, would have complied with the provisions of the Indenture; 

(2) any Restricted Payment made in exchange for, or out of the proceeds of, the substantially concurrent issuance and sale of
Qualified Equity Interests; 
 (3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for
value of Subordinated Indebtedness of the Parent Guarantor or any Restricted Subsidiary in exchange for, or out of the proceeds of, the substantially concurrent incurrence of, Refinancing Indebtedness permitted to be incurred under Section 1108
and the other terms of the Indenture; 
 (4) the purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of Subordinated Indebtedness of the Parent Guarantor or any Restricted Subsidiary at a purchase price not greater than 101.0% of the principal amount of such Subordinated Indebtedness in the event of a Change of Control in
accordance with provisions similar to Section 1107; provided that, prior to or simultaneously with such purchase, repurchase, redemption, defeasance or other acquisition or retirement, the Issuer has made the Change of Control Offer as
provided in such covenant with respect to the Notes and has completed the repurchase or redemption of all Notes validly tendered for payment in connection with such Change of Control Offer; 

(5) so long as no Default or Event of Default has occurred and is continuing or would result therefrom, the redemption,
repurchase or other acquisition or retirement for value of Equity Interests of the Parent Guarantor held by officers, directors or employees or former officers, directors or employees (or their transferees, estates or beneficiaries under their
estates), either (x) upon any such individual’s death, disability, retirement, severance or termination of employment or service or (y) pursuant to any equity subscription agreement, stock option agreement, restricted stock agreement,
restricted stock unit agreement, stockholders’ agreement or similar agreement; provided, in any case, that the aggregate cash consideration paid for all such redemptions, repurchases or other acquisitions or retirements shall not exceed
(A) $50.0 million during any calendar year (with unused amounts in any calendar year being carried forward to the next succeeding calendar year) plus (B) the amount of any net cash proceeds received by or contributed to the Parent
Guarantor from the issuance and sale after the Issue Date of Qualified Equity Interests to its officers, directors or employees that have not been applied to the payment of Restricted Payments pursuant to this clause (5), plus (C) the net cash
proceeds of any “key-man” life insurance policies that have not been applied to the payment of Restricted 

  
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Payments pursuant to this clause (5); and provided further that cancellation of Indebtedness owing to the Parent Guarantor from members of management of the Parent Guarantor or any
Restricted Subsidiary in connection with a repurchase of Equity Interests of the Parent Guarantor will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of the Indenture; 

(6) (a) repurchases, redemptions or other acquisitions or retirements for value of Equity Interests of the Parent Guarantor or
its Restricted Subsidiaries deemed to occur upon the exercise of stock options, warrants, rights to acquire Equity Interests of the Parent Guarantor or its Restricted Subsidiaries or other convertible securities to the extent such Equity Interests
of the Parent Guarantor or its Restricted Subsidiaries represent a portion of the exercise or exchange price thereof and (b) any repurchase, redemptions or other acquisitions or retirements for value of Equity Interests of the Parent Guarantor
or its Restricted Subsidiaries made in lieu of withholding taxes in connection with any exercise or exchange of stock options, warrants or similar rights; 

(7) dividends or distributions on Disqualified Equity Interests of the Parent Guarantor or on any Preferred Stock of any
Restricted Subsidiary, in each case issued in compliance with Section 1108 to the extent such dividends or distributions are included in the definition of Consolidated Interest Expense; 

(8) the payment of cash in lieu of fractional Equity Interests; 

(9) payments or distributions to dissenting stockholders pursuant to applicable law in connection with a merger, consolidation
or amalgamation that complies with the provisions of Section 901; 
 (10) purchases of receivables pursuant to a
Receivables Repurchase Obligation in connection with a Permitted Factoring Transaction and the payment or distribution of fees related thereto; 

(11) cash distributions by the Parent Guarantor to the holders of Equity Interests of the Parent Guarantor in accordance with a
distribution reinvestment plan or dividend reinvestment plan to the extent such payments are applied to the purchase of Equity Interests directly from the Parent Guarantor; 

(12) so long as no Default or Event of Default has occurred and is continuing, a Qualified Spin Transaction; 

(13) payment of other Restricted Payments from time to time in an aggregate amount since the Issue Date not to exceed the
greater of (i) $100.0 million or (ii) 2.0% of the Parent Guarantor’s Consolidated Tangible Assets determined at the time made; or 

(14) dividends, loans, advances or distributions to any Successor Parent or other payments by the Parent Guarantor or any of
the Parent Guarantor’s Subsidiaries in amounts required for any Successor Parent to pay any Related Taxes; 
 provided that no issuance and sale
of Qualified Equity Interests used to make a payment pursuant to clauses (2) or (5)(B) above shall increase the Restricted Payments Basket to the extent of such payment. 

For the purposes of determining compliance with any U.S. dollar-denominated restriction on Restricted Payments denominated in a foreign
currency, the U.S. dollar-equivalent amount of such 

  
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Restricted Payment shall be calculated based on the relevant currency exchange rate in effect on the date that such Restricted Payment was made. The amount of any Restricted Payment (other than
cash) will be the Fair Market Value on the date of the Restricted Payment (or, in the case of a dividend, on the date of declaration) of the assets or securities proposed to be transferred or issued by the Parent Guarantor or a Restricted
Subsidiary, as the case may be, pursuant to the Restricted Payment. 
 Section 1110. Limitation on Liens. 

The Parent Guarantor will not, nor will it permit any Restricted Subsidiary to, create, assume, incur or suffer to exist any Lien upon any
property, whether owned or leased on the Issue Date or thereafter acquired, to secure any Debt of the Parent Guarantor or any other Person (other than the Notes or Debt that is non-recourse to the Parent Guarantor and any of its Restricted
Subsidiaries), without in any such case making effective provision whereby all of the Notes then Outstanding shall be secured equally and ratably with, or prior to, such Debt so long as such Debt shall be so secured. This restriction shall not apply
to: 
 (1) Liens (i) existing on the Issue Date, (ii) provided for under the terms of agreements existing on such
date securing Debt existing on such date or (iii) under the terms of a Credit Facility securing Indebtedness incurred pursuant to clause (1) of the definition of Permitted Indebtedness; 

(2) Liens on current assets to secure current liabilities; 

(3) Liens on property acquired, constructed, altered or improved by the Parent Guarantor or any Restricted Subsidiary after the
date of the Indenture which are created or assumed contemporaneously with, or within one year after, such acquisition (or in the case of property constructed, altered or improved, after the completion and commencement of commercial operation of such
property, whichever is later) to secure or provide for the payment of any part of the purchase price of such property or the cost of such construction, alteration or improvement, it being understood that if a commitment for such a financing is
obtained prior to or within such one year period, the applicable Lien shall be deemed to be included in this clause (3) whether or not such Lien is created within such one year period; provided that in the case of any such construction,
alteration or improvement the Lien shall not apply to any property theretofore owned by the Parent Guarantor or any Restricted Subsidiary, other than (i) the property so altered or improved and (ii) any theretofore unimproved real property
on which the property so constructed or altered, or the improvement, is located; 
 (4) Liens on any property existing at the
time of acquisition thereof (including Liens on any property acquired from or held by a Person which is consolidated or amalgamated with or merged with or into the Parent Guarantor or a Restricted Subsidiary) and Liens outstanding at the time any
Person becomes a Restricted Subsidiary of the Parent Guarantor that are not incurred in connection with such entity becoming a Restricted Subsidiary of the Parent Guarantor; 

(5) Liens in favor of the Parent Guarantor or any Restricted Subsidiary; 

(6) Liens on any property (i) in favor of the United States, any State thereof, any foreign country or any department,
agency, instrumentality or political subdivision of any such jurisdiction, to secure partial, progress, advance or other payments pursuant to any contract or statute, (ii) securing any indebtedness incurred for the purpose of financing all or
any part of the purchase price or the cost of constructing, installing or improving the property subject to such Liens, including, without limitation, Liens to secure Debt of the pollution control or industrial

  
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revenue bond type, or (iii) securing indebtedness issued or guaranteed by the United States, any State thereof, any foreign country, or any department, agency, instrumentality or political
subdivision of any such jurisdiction; 
 (7) Permitted Liens; and 

(8) any extension, renewal, or replacement (or successive extensions, renewals or replacements), in whole or in part, of any
Lien referred to in any of the foregoing clauses (1), (2), (3), (4), (5), (6) and (7) to the extent such extension, renewal or replacement (or successive extensions, renewals or replacements) involves a Lien described in the foregoing
clauses; provided, however, that the principal amount of Debt secured thereby shall not exceed the principal amount of Debt so secured at the time of such extension, renewal or replacement, together with the reasonable costs related to such
extension, renewal or replacement, and that such extension, renewal or replacement shall be limited to all or a part of the property which secured the Lien so extended, renewed or replaced (plus improvements on such property). 

Notwithstanding the foregoing provisions of this Section 1110, the Parent Guarantor and any Restricted Subsidiary may issue, assume or
guarantee secured Debt, which would otherwise be subject to the foregoing restrictions, in an aggregate amount which, together with all other such secured Debt and together with the aggregate amount of Attributable Indebtedness of the Parent
Guarantor and its Restricted Subsidiaries deemed to be outstanding in respect of all Sale-Leaseback Transactions (excluding any such Sale-Leaseback Transactions the proceeds of which have been applied in accordance with clauses (a), (b) or
(c) in the first paragraph of Section 1112) does not exceed 15% of Consolidated Net Worth, as shown on a consolidated balance sheet, as of a date not more than 150 days prior to the proposed transaction, prepared by the Parent Guarantor in
accordance with GAAP. 
 Section 1111. Limitation on Dividends and Other Restrictions Affecting Restricted Subsidiaries. 

The Parent Guarantor will not, and will not permit any Restricted Subsidiary (other than the Issuer or a Subsidiary Guarantor) to, directly or
indirectly, create or otherwise cause or permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of such Restricted Subsidiary to: 

(a) pay dividends or make any other distributions on or in respect of its Equity Interests to the Parent Guarantor or any of
its other Restricted Subsidiaries, or with respect to any other interest or participation in, or measured by, its profits (it being understood that the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to
dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make distributions on Equity Interests); 

(b) make loans or advances, or pay any Indebtedness or other obligation owed, to the Parent Guarantor or any other Restricted
Subsidiary (it being understood that the subordination of loans or advances made to the Parent Guarantor or any Restricted Subsidiary to other Indebtedness or obligations incurred by the Parent Guarantor or any Restricted Subsidiary shall not be
deemed a restriction on the ability to make loans or advances); or 
 (c) transfer any of its property or assets to the
Parent Guarantor or any other Restricted Subsidiary (it being understood that such transfers shall not include any type of transfer described in clause (a) or (b) above); 

except for, in each case: 

  
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 (1) encumbrances or restrictions existing under agreements existing on the Issue
Date (including, without limitation, the Credit Agreement and the Term Loan Agreement) as in effect on that date; 
 (2)
encumbrances or restrictions existing under the Indenture, the Notes and the Guarantees; 
 (3) any instrument governing
Acquired Indebtedness or Equity Interests of a Person acquired by the Parent Guarantor or any of its Restricted Subsidiaries, which encumbrance or restriction is not applicable to any Person, or the properties or assets of any Person, other than the
Person or the properties or assets of the Person so acquired; 
 (4) any agreement or other instrument of a Person acquired
by the Parent Guarantor or any of its Restricted Subsidiaries in existence at the time of such acquisition (but not created in contemplation thereof), which encumbrance or restriction is not applicable to any Person, or the properties or assets of
any Person, other than the Person and its Subsidiaries, or the property or assets of the Person and its Subsidiaries, so acquired (including after acquired property); 

(5) any amendment, restatement, modification, renewal, increases, supplement, refunding, replacement or refinancing of an
agreement referred to in clauses (1), (2), (3), (4), (5), or (10); provided, however, that such amendments, restatements, modifications, renewals, increases, supplements, refunding, replacements or refinancing are, in the good faith
judgment of the Parent Guarantor, not materially more restrictive, taken as a whole, than the encumbrances and restrictions contained in the agreements referred to in such clauses on the Issue Date or the date such Restricted Subsidiary became a
Restricted Subsidiary or was merged into a Restricted Subsidiary, whichever is applicable; 
 (6) encumbrances or
restrictions existing under or by reason of applicable law, regulation or order; 
 (7) customary restrictions or limitations
in leases, licenses or other agreements restricting the assignment thereof or the assignment of the property that is the subject of such agreement; 

(8) in the case of clause (c) above, Liens permitted to be incurred under Section 1110 that limit the right of the
debtor to dispose of the assets securing such Indebtedness; 
 (9) restrictions imposed under any agreement to sell Equity
Interests or assets to any Person pending the closing of such sale; 
 (10) any other agreement governing Indebtedness or
other obligations entered into after the Issue Date that either (A) contains encumbrances and restrictions that in the good faith judgment of the Parent Guarantor are not materially more restrictive, taken as a whole, with respect to any
Restricted Subsidiary than those in effect on the Issue Date with respect to that Restricted Subsidiary pursuant to agreements in effect on the Issue Date or those contained in the Indenture, the Notes and the Guarantees or (B) any such
encumbrance or restriction contained in agreements or instruments governing such Indebtedness that is customary and does not prohibit (except upon a default or an event of default thereunder) the payment of dividends in an amount sufficient, as
determined by the Issuer in good faith, to make scheduled payments of cash interest and principal on the Notes when due; 

  
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 (11) provisions in partnership agreements, limited liability company
organizational governance documents, joint venture agreements, shareholder agreements and other similar agreements that restrict the disposition or distribution of ownership interests in or assets of such partnership, limited liability company,
joint venture, corporation or similar Person; 
 (12) Purchase Money Indebtedness and any Refinancing Indebtedness in respect
thereof incurred in compliance with Section 1108 that imposes restrictions of the nature described in clause (c) above on the assets acquired; 

(13) restrictions on cash or other deposits or net worth imposed by customers, suppliers or landlords under contracts entered
into in the ordinary course of business; 
 (14) any encumbrance or restriction with respect to an Unrestricted Subsidiary
pursuant to or by reason of an agreement that the Unrestricted Subsidiary is a party to entered into before the date on which such Unrestricted Subsidiary became a Restricted Subsidiary; provided that such agreement was not entered into in
anticipation of the Unrestricted Subsidiary becoming a Restricted Subsidiary and any such encumbrance or restriction shall not extend to any assets or property of the Parent Guarantor or any other Restricted Subsidiary other than the assets and
property so acquired; 
 (15) with respect to any Foreign Restricted Subsidiary, any encumbrance or restriction contained in
the terms of any Indebtedness or any agreement pursuant to which such Indebtedness was incurred if either (A) the encumbrance or restriction applies only in the event of a payment default or a default with respect to a financial covenant in
such Indebtedness or agreement or (B) the Parent Guarantor determines that any such encumbrance or restriction will not materially affect the Issuer’s ability to make principal or interest payments on the Notes, as determined in good faith
by the Board of Directors of the Issuer, whose determination shall be conclusive; 
 (16) provisions limiting the
distribution or dividend of assets or any portion of the Equity Interests of SpinCo in connection with a Qualified Spin Transaction; 

(17) any Permitted Investment or Restricted Payments which are made in accordance with Section 1109; 

(18) restrictions contained in Standard Securitization Undertakings; and 

(19) supermajority voting requirements existing under corporate charters, by-laws, stockholders agreements and similar
documents and agreements. 
 Section 1112. Limitation on Sale-Leaseback Transactions. 

The Parent Guarantor shall not, and shall not permit any Restricted Subsidiary to, enter into any Sale-Leaseback Transaction with any Person
(other than the Parent Guarantor or a Restricted Subsidiary) unless: 
 (a) at the time of entering into such Sale-Leaseback
Transaction, the Parent Guarantor or such Restricted Subsidiary would be entitled to incur Debt, in a principal amount equal to the Attributable Indebtedness with respect to such Sale-Leaseback Transaction, secured by a Lien on the property subject
to such Sale-Leaseback Transaction, pursuant to Section 1110 without equally and ratably securing the Notes pursuant to such covenant; 

  
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 (b) after the Issue Date and within a period commencing six months prior to the
consummation of such Sale-Leaseback Transaction and ending six months after the consummation thereof, the Parent Guarantor or such Restricted Subsidiary shall have expended for property used or to be used in the ordinary course of business of the
Parent Guarantor or such Restricted Subsidiary (including amounts expended for additions, expansions, alterations, repairs and improvements thereto) an amount equal to all or a portion of the net proceeds of such Sale-Leaseback Transaction, and the
Parent Guarantor shall have elected to designate such amount as a credit against such Sale-Leaseback Transaction (with any such amount not being so designated to be applied as set forth in clause (c) below); or 

(c) during the 12-month period after the effective date of such Sale-Leaseback Transaction, the Parent Guarantor shall have
applied to the voluntary defeasance or retirement of Notes or any Pari Passu Indebtedness of the Parent Guarantor an amount equal to the net proceeds of the sale or transfer of the real or personal property leased in such Sale-Leaseback Transaction,
which amount shall not be less than the fair value of such property at the time of entering into such Sale-Leaseback Transaction (adjusted to reflect the remaining term of the lease and any amount expended by the Parent Guarantor as set forth in
clause (b) above), less an amount equal to the principal amount of Notes and Pari Passu Indebtedness voluntarily defeased or retired by the Parent Guarantor within such 12-month period and not designated as a credit against any other
Sale-Leaseback Transaction entered into by the Parent Guarantor or any Restricted Subsidiary during such period. 
 Section 1113. Limitation on
Affiliate Transactions. 
 The Parent Guarantor will not, and will not permit any of its Restricted Subsidiaries to, directly or
indirectly, in one transaction or a series of related transactions, sell, lease, transfer or otherwise dispose of any of its assets to, or purchase any assets from, or enter into any contract, agreement, understanding, loan, advance or guarantee
with, or for the benefit of, any Affiliate involving aggregate value in excess of $50.0 million (an “Affiliate Transaction”), unless: 

(1) the terms of such Affiliate Transaction are not materially less favorable to the Parent Guarantor or such Restricted Subsidiary, as the
case may be, than those that could reasonably be expected to have been obtained in a comparable transaction at the time of such transaction in arm’s-length dealings with a Person who is not such an Affiliate, or if in the good faith judgment of
the Parent Guarantor’s Board of Directors no comparable transaction is available with which to compare such Affiliate Transaction, or are otherwise fair to the Parent Guarantor or such Restricted Subsidiary from a financial point of view; and

 (2) the Parent Guarantor delivers to the Trustee, with respect to any Affiliate Transaction involving aggregate value in excess of $100.0
million, an Officer’s Certificate certifying that such Affiliate Transaction complies with clause (1) above and which sets forth and authenticates a resolution that has been adopted by the Independent Directors approving such Affiliate
Transaction. 
 The foregoing restrictions shall not apply to: 

(1) transactions to the extent between or among (a) the Parent Guarantor and one or more Restricted Subsidiaries or
(b) Restricted Subsidiaries; 
 (2) director, trustee, officer and employee compensation (including bonuses) and other
benefits (including pursuant to any employment agreement or any retirement, health, stock option or other benefit plan), payments or loans (or cancellation of loans) to employees of the Parent Guarantor or its Restricted Subsidiaries and
indemnification arrangements, in each case, as determined in good faith by the Parent Guarantor’s Board of Directors or senior management; 

  
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 (3) Permitted Investments (other than those made under clause (1) of such
definition) or Restricted Payments which are made in accordance with Section 1109; 
 (4) any agreement in effect on the
Issue Date or as thereafter amended or replaced in any manner that, taken as a whole, is not materially less advantageous to the Parent Guarantor or any of its Restricted Subsidiaries, as applicable, than such agreement as it was in effect on the
Issue Date; 
 (5) any transaction with a Person (other than an Unrestricted Subsidiary of the Parent Guarantor) which would
constitute an Affiliate of the Parent Guarantor solely because the Parent Guarantor or a Restricted Subsidiary owns an Equity Interest in or otherwise controls such Person; 

(6) transactions with customers, clients, suppliers, or purchasers or sellers of goods or services, in each case in the
ordinary course of business and otherwise in compliance with the terms of the Indenture; provided that in the reasonable determination of the senior management of the Parent Guarantor, such transactions are on terms not materially less
favorable to the Parent Guarantor or the relevant Restricted Subsidiary than those that could reasonably be expected to be obtained in a comparable transaction at such time on an arm’s-length basis from a Person that is not an Affiliate of the
Parent Guarantor; 
 (7) the issuance or sale of any Qualified Equity Interests of the Parent Guarantor and the granting of
registration and other customary rights in connection therewith to, or the receipt of capital contributions from, Affiliates of the Parent Guarantor; 

(8) pledging of Equity Interests of Unrestricted Subsidiaries; 

(9) any transaction effected as part of a Permitted Factoring Transaction; 

(10) any transaction where the only consideration paid by the Parent Guarantor or the relevant Restricted Subsidiary is
Qualified Equity Interests of the Parent Guarantor; 
 (11) agreements and transactions entered into or effected in
connection with a Qualified Spin Transaction; 
 (12) non-exclusive licenses of patents, copyrights, trademarks, trade
secrets and other intellectual property; 
 (13) transactions between the Parent Guarantor or any Restricted Subsidiary and
any Person, a director of which is also a director of the Parent Guarantor, and such director is the sole cause for such Person to be deemed an Affiliate of the Parent Guarantor or any Restricted Subsidiary; provided, however, that
such director shall abstain from voting as a director of the Parent Guarantor on any matter involving such other Person; and 

(14) agreements and transactions entered into or effected in connection with the payment of Related Taxes. 

  
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 Section 1114. Additional Guarantees. 

If, after the Issue Date, any Restricted Subsidiary of the Parent Guarantor, other than the Issuer or a Guarantor, shall guarantee or
otherwise incur any Debt (excluding any Debt under a Credit Facility incurred pursuant to clause (1) of the definition of Permitted Indebtedness) in an aggregate principal amount in excess of 15.0% of the Consolidated Tangible Assets of the
Parent Guarantor, then the Parent Guarantor shall, within thirty (30) days thereof, cause such Restricted Subsidiary to execute and deliver to the Trustee a supplemental indenture substantially in the form of Annex D pursuant to which such
Restricted Subsidiary shall become a Guarantor with respect to the Notes, upon the terms and subject to the release provisions and other limitations in Article Fifteen. 

Section 1115. Covenant Termination. 

Following the first date that the Notes of either series have an Investment Grade Rating and no Default or Event of Default has occurred and
is then continuing, then upon delivery by the Issuer to the Trustee of an Officer’s Certificate to the foregoing effect, the Parent Guarantor and its Restricted Subsidiaries will no longer be subject to the provisions of Sections 1106, 1108,
1109, 1111 and 1113. 
 After the foregoing covenants have been terminated, the Issuer may not designate any of its Subsidiaries as
Unrestricted Subsidiaries pursuant to the second sentence of the definition of “Unrestricted Subsidiary.” 
 ARTICLE TWELVE

 REDEMPTION OF NOTES 

Section 1201. Applicability of Article. 

The Notes shall be redeemable at the election of the Issuer in accordance with their terms and in accordance with this Article. 

Section 1202. Election to Redeem; Notice to Trustee. 

In case of any redemption of less than all Notes of either series, the Issuer shall, at least 5 Business Days prior to the last date a notice
of redemption may be provided to Holders under Section 1205 (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such Redemption Date and of the principal amount of Notes to be redeemed. In the case of any
redemption of Notes prior to the expiration of any restriction on such redemption provided in the terms of such Notes or elsewhere in the Indenture, the Issuer shall furnish the Trustee, prior to giving notice of such redemption, with an
Officer’s Certificate evidencing compliance with such restriction. 
 Section 1203. Optional Redemption. 

(a) At any time on or after, in the case of the 2021 Notes, May 15, 2021 (the “2021 Notes Par Call Date”) or, in the case of
the 2023 Notes, March 15, 2023 (the “2023 Notes Par Call Date”), the Notes of such series will be redeemable, at the Issuer’s option, at any time in whole, or from time to time in part, at a price equal to 100% of the principal
amount of the Notes to be redeemed, plus, in either case, accrued and unpaid interest to the Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). 

(b) At any time prior to, in the case of the 2021 Notes, the 2021 Notes Par Call Date or, in the case of the 2023 Notes, the 2023 Notes Par
Call Date, each such series of Notes will be redeemable, at 

  
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our option, at any time in whole, or from time to time in part, at a Redemption Price equal to the greater of: (1) 100% of the principal amount of the Notes to be redeemed; or (2) the
sum of the present values of the remaining scheduled payments of principal and interest (at the rate in effect on the date of calculation of the Redemption Price) on the Notes to be redeemed (exclusive of interest accrued to the Redemption Date)
that would have been due if the Notes had matured on the 2021 Notes Par Call Date in the case of the 2021 Notes, and the 2023 Notes Par Call Date in the case of the 2023 Notes, discounted to the Redemption Date on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the applicable Treasury Yield plus 50 basis points for the 2021 Notes and 50 basis points for the 2023 Notes (the “Make-Whole Price”); plus, in either case, accrued and unpaid interest to
the Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant interest payment date). The actual Redemption Price payable pursuant to this Section 1203(b) will be calculated and
certified to the Trustee and the Issuer by the Independent Investment Banker. For purposes of determining such optional Redemption Price, the following definitions are applicable: 

“Treasury Yield” means, with respect to any Redemption Date applicable to the Notes of either series, the rate per annum equal to
the semi-annual equivalent yield to maturity (computed as of the third Business Day immediately preceding such Redemption Date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the applicable Comparable Treasury Price for such Redemption Date. 
 “Comparable Treasury
Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed, calculated as if the maturity date of the 2021 Notes were the 2021
Notes Par Call Date and as if the maturity date of the 2023 Notes were the 2023 Notes Par Call Date, as the case may be (the “Remaining Life”), that would be utilized, at the time of selection and in accordance with customary financial
practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of the Notes to be redeemed; provided, however, that if no maturity is within three months before or after the applicable Par Call Date
for such Notes, yields for the two published maturities most closely corresponding to such United States Treasury security will be determined and the treasury rate will be interpolated or extrapolated from those yields on a straight line basis
rounding to the nearest month. 
 “Independent Investment Banker” means any of Deutsche Bank Securities Inc. and Wells
Fargo Securities, LLC and their respective successors or, if neither such firm is willing and able to select the applicable Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Issuer. 

“Comparable Treasury Price” means, with respect to any Redemption Date, (a) the average of the Reference Treasury Dealer
Quotations for the Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (b) if the Independent Investment Banker obtains fewer than four Reference Treasury Dealer Quotations, the average of all such
quotations. 
 “Reference Treasury Dealer” means each of Deutsche Bank Securities Inc. and Wells Fargo Securities, LLC so
long as it is a primary U.S. Government securities dealer in the United States (a “Primary Treasury Dealer”) at the relevant time and, if it is not then a Primary Treasury Dealer, then a Primary Treasury Dealer selected by it, and in each
case their respective successors, plus at least two other Primary Treasury Dealers selected by us; provided, however, that if any of the foregoing shall not be a Primary Treasury Dealer at such time and shall fail to select a Primary Treasury
Dealer, then the Issuer will substitute therefor another Primary Treasury Dealer. 

  
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 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any Redemption Date for the Notes, an average, as determined by an Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue for the Notes (expressed in each case as a percentage of its principal amount)
quoted in writing to an Independent Investment Banker by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such Redemption Date. 

(c) The Notes may be redeemed, as a whole, following certain Change of Control Offers pursuant to Section 1107, at the Redemption Price
and subject to the conditions set forth in such Section. 
 (d) Prior to the Stated Maturity of the Notes of either series, if the Issuer or
a Guarantor has, or on the next Interest Payment Date would, become obligated to pay to the Holder or beneficial owner of any Note of that series Additional Amounts as a result of any change or amendment on or after the date of the Prospectus
Supplement in the laws or any rules or regulations of a Relevant Taxing Jurisdiction or any change on or after the date of the Prospectus Supplement in an interpretation, administration or application of such laws, rules or regulations by any
legislative body, court, governmental agency, taxing authority or regulatory or administrative authority of such Relevant Taxing Jurisdiction (including the enactment of any legislation and the formal announcement or publication of any judicial
decision or regulatory or administrative interpretation or determination), then the Issuer may, at its option, redeem all, but not less than all, of the Note of that series, for cash at a Redemption Price equal to 100% of the principal amount
thereof, together with accrued and unpaid interest, if any, to the Redemption Date. The Redemption Date will be a Business Day of the Issuer’s choosing that is no more than 60, nor less than 30, calendar days after the date the related
redemption notice is sent pursuant to Section 1205. 
 (e) If a Redemption Date is after a record date and on or before the next
Interest Payment Date, then (i) the Holder of a Note at the close of business on such record date will be entitled, notwithstanding such redemption, to receive, on such Redemption Date, the unpaid interest that would have accrued on such Note
to such Redemption Date and (ii) the Redemption Price will not include accrued and unpaid interest on such Note to such Redemption Date. 

(f) Notes called for redemption must be delivered to the Paying Agent (in the case of certificated Notes) or the Depositary’s procedures
must be complied with (in the case of Global Notes) for the Holder of those Notes to be entitled to receive the Redemption Price. 
 (g)
Notwithstanding anything to the contrary in this Section 1203, the Issuer may not redeem any Notes if the principal amount of the Notes has been accelerated and such acceleration has not been rescinded on or before the Redemption Date
(including as a result of the payment of the related Redemption Price and any related interest on the Redemption Date). 
 Section 1204. Selection
by Trustee of Notes to Be Redeemed. 
 In the event that less than all of the Notes of either series are to be redeemed at any time
pursuant to an optional redemption, the Trustee will select the Notes of that series for redemption in compliance with the requirements of the principal national securities exchange, if any, on which such Notes are listed or, if such Notes are not
then listed on a national security exchange, on a pro rata basis, by lot or by such method as the Trustee in its sole discretion shall deem fair and appropriate (except that any Notes represented by a Global Note will be redeemed by such method as
the Depositary may require); provided, however, that no Notes of a principal amount of $2,000 in original principal amount or less shall be redeemed in part. 

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

Section 1205. Notice of Redemption. 

Notice of redemption shall be given by first-class mail, postage prepaid, mailed (or, in the case of any notice to the Holder of a Global
Note, sent electronically in accordance with the Depositary’s procedures) not less than 30 nor more than 60 days prior to the Redemption Date, to each Holder of Notes to be redeemed, at its address appearing in the Security Register, except
that redemption notices may be sent more than 60 days prior to a Redemption Date if the notice is issued in connection with a Legal Defeasance or Covenant Defeasance of the Notes or a satisfaction and discharge of the Indenture pursuant to Article
Five. 
 All notices of redemption shall state: 

(1) the Redemption Date, 

(2) the Redemption Price, if then determined and otherwise the manner of calculation thereof, 

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

(5) the place or places where each such Note is to be surrendered for payment of the Redemption Price, 

(6) the CUSIP/ISIN numbers of the Notes; and 

(7) any conditions precedent for the redemption or notice of redemption. 

Notice of redemption of Notes 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 and shall be irrevocable. Any redemption or notice of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent 

Section 1206. Deposit of Redemption Price. 

Prior to 11:00 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 or a Subsidiary is acting as its own Paying Agent, segregate and hold in trust as provided in Section 1103) 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 on, all the Notes which are to be redeemed on that date. 

  
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 Section 1207. Notes Payable on Redemption Date. 

Notice of redemption having been given as aforesaid, the Notes 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 Notes shall cease to bear interest. Upon surrender of any such Notes for redemption
in accordance with said notice, such Notes shall be paid by the Issuer at the Redemption Price, together with accrued interest to the Redemption Date, except as provided in Section 1203(e). 

If any Note called for redemption shall not be so paid upon surrender thereof for redemption, the principal and any premium shall, until paid,
bear interest from the Redemption Date at the rate prescribed therefor in the Note. 
 Section 1208. Notes Redeemed in Part. 

Any Note 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 its attorney duly authorized in writing), and the Issuer shall execute and the Trustee shall
authenticate and deliver to the Holder of such Note without service charge, a new Note or Notes of like series and tenor, and 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 Note so surrendered. 
 ARTICLE THIRTEEN 

SINKING FUND; OTHER ACQUISITIONS OF NOTES 

Section 1301. Mandatory Redemption, Etc. 

The Issuer will not be required to make mandatory redemption or sinking fund payments with respect to the Notes. The Issuer may purchase Notes
in the market from time to time in its discretion. 
 The Issuer may acquire Notes by means other than a redemption, whether pursuant to a
tender offer, open market purchase, negotiated transaction or otherwise, in accordance with applicable securities laws. 
 ARTICLE
FOURTEEN 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 1401. Issuer’s Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may elect, at its option at any time, to have Section 1402 or Section 1403 applied to the Notes of either series, upon
compliance with the conditions set forth below in this Article. Any such election shall be evidenced in or pursuant to a Board Resolution delivered to the Trustee. 

Section 1402. Defeasance and Discharge. 

Upon the Issuer’s exercise of its option to have this Section applied to the Notes of either series, the Issuer and the Guarantors shall
be deemed to have been discharged from their respective obligations hereunder with respect to such series of Notes as provided in this Section on and after the date the 

  
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conditions set forth in Section 1404 are satisfied (hereinafter called “Legal Defeasance”). For this purpose, such Legal Defeasance means that the Issuer and the Guarantors shall
be deemed to have paid and discharged the entire indebtedness represented by such Notes and the related Guarantees and to have satisfied all their other respective obligations under the Indenture with respect to such Notes (and the Trustee, upon
Issuer Request and at the expense of the Issuer, shall execute proper instruments acknowledging the same), and the Indenture shall cease to be of further effect as to all Outstanding Notes of that series and all related Guarantees, except as to the
following, which shall survive until otherwise terminated or discharged hereunder: (1) the rights of Holders of the Notes of that series to receive, solely from the trust fund described in Section 1404 and as more fully set forth in such
Section, payments in respect of the principal of, and interest and premium, if any, on, the Notes when payments are due, (2) the Issuer’s obligations with respect to such Notes under Sections 404, 405, 406, 1102, 1103 and 1104(a) and its
obligations under Section 314(a) of the Trust Indenture Act, (3) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the obligations of the Issuer and the Guarantors in connection therewith and (4) this
Article. If the Issuer exercises its defeasance option pursuant to this Section 1402, the payment of the defeased Notes may not be accelerated pursuant to Section 602 because of an Event of Default. Subject to compliance with this Article,
the Issuer may exercise its option (if any) to have this Section applied to any Notes of a series notwithstanding the prior exercise of its option (if any) to have Section 1403 applied to the Notes of that series. 

Section 1403. Covenant Defeasance. 

Upon the Issuer’s exercise of its option to have this Section applied to the Notes of either series, (1) the Issuer shall be
released from its obligations under Section 901(3), Section 1106, Sections 1107 through 1115, inclusive, with respect to such series; (2) the occurrence of any event specified in Sections 601(3) (with respect only to the obligation
under Section 901(3)), 601(4), 601(5), 601(6), 601(7) (with respect only to Significant Subsidiaries) or 601(8) (with respect only to Significant Subsidiaries), 601(9) and 601(10) shall be deemed not to be or to result in a Default or an Event
of Default with respect to such Notes, and (3) the related Guarantees shall be automatically released, in each case as provided in this Section on and after the date the conditions set forth in Section 1404 are satisfied (hereinafter
called “Covenant Defeasance”). For this purpose, such Covenant Defeasance means that, with respect to such series of Notes, 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 specified Section, whether directly or indirectly by reason of any reference elsewhere herein to any such Section or Article or by reason of any reference in any such Section or Article to any other provision herein or in any other
document, and any such omission will not constitute a Default or an Event of Default with respect to such Notes. 
 Section 1404. Conditions to
Legal Defeasance or Covenant Defeasance. 
 The following shall be the conditions to the application of Section 1402 or 1403 to
either series of Notes: 
 (1) the Issuer must irrevocably deposit with the Trustee, as trust funds, in trust solely for the
benefit of the Holders, Dollars, U.S. Government Obligations or a combination thereof, in such amounts as will be sufficient (without consideration of any reinvestment of interest) in the opinion of a nationally recognized investment bank, appraisal
firm or firm of independent public accountants selected by the Issuer and delivered to the Trustee, to pay the principal of and interest and premium, if any, on the Outstanding Notes of such series on the stated date for payment thereof or on the
applicable Redemption Date, as the case may be, 

  
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 (2) in the case of Legal Defeasance, the Issuer shall have delivered to the
Trustee an Opinion of Counsel in the United States confirming that: 
 (a) the Issuer has received from, or there has been
published by the Internal Revenue Service, a ruling, or 
 (b) since the date of the Indenture, there has been a change in
the applicable U.S. federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm
that, the Holders of the Outstanding Note of such series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of the 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, 
 (3) in the case of
Covenant Defeasance, the Issuer shall have delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the Outstanding Notes of such series will not recognize income, gain
or loss for U.S. federal income tax purposes as a result of the Covenant 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 the Covenant Defeasance
had not occurred, 
 (4) no Default with respect to such Notes shall have occurred and be continuing on the date of such
deposit (other than a Default resulting from the borrowing of funds to be applied to such deposit and the grant of any Lien securing such borrowings), 

(5) the Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under any
other material agreement or instrument (other than the Indenture and the agreements governing any other Indebtedness being defeased, discharge or replaced) to which the Parent Guarantor or any of its Subsidiaries is a party or by which the Parent
Guarantor or any of its Subsidiaries is bound, 
 (6) the Issuer shall have delivered to the Trustee an Officer’s
Certificate stating that the deposit was not made by it with the intent of preferring the Holders over any other of its creditors or with the intent of defeating, hindering, delaying or defrauding any other of its creditors or others, and 

(7) the Issuer shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel to the effect that
the conditions precedent provided for in clauses (1) through (6) have been complied with. 
 Section 1405. Deposited Money and U.S.
Government Obligations to Be Held in Trust; Miscellaneous Provisions. 
 Subject to the provisions of the last paragraph of
Section 1103, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to Section 1404 in respect of any Notes shall be held in trust and applied by the Trustee, in accordance with the
provisions of such Notes and the Indenture, to the payment, either directly or through any such Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Holders of such Notes, of all sums due and to
become due thereon in respect of principal and any premium and interest, but money so held in trust need not be segregated from other funds except to the extent required by law. 

  
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 The Issuer shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or
assessed against the U.S. Government Obligations deposited pursuant to Section 1404 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders of
Outstanding Notes. 
 Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuer from time to
time upon Issuer Request any money or U.S. Government Obligations held by it as provided in Section 1404 with respect to any Notes which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the Legal Defeasance or Covenant Defeasance, as the case may be, with respect to such Notes. 

Section 1406. Reinstatement. 

If the Trustee or any Paying Agent is unable to apply any money in accordance with this Article with respect to any Notes by reason of
any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the obligations under the Indenture and such Notes from which the Issuer has been discharged or released pursuant to
Section 1402 or 1403 shall be revived and reinstated as though no deposit had occurred pursuant to this Article with respect to such Notes, until such time as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to
Section 1405 with respect to such Notes in accordance with this Article; provided, however, that if the Issuer makes any payment of principal of or any premium or interest on any such Note following such reinstatement of its
obligations, the Issuer shall be subrogated to the rights (if any) of the Holders of such Notes to receive such payment from the money so held in trust. 

ARTICLE FIFTEEN 

GUARANTEES 
 Section 1501.
Unconditional Guarantee. 
 (a) For value received, each of the Guarantors hereby fully, irrevocably, unconditionally and absolutely
guarantees to the Holders and to the Trustee the due and punctual payment of the principal of, and premium, if any, and interest on the Notes of each series and all other amounts due and payable under the Indenture and the Notes by the Issuer
(collectively, the “Indenture Obligations”), when and as such principal, premium, if any, and interest shall become due and payable, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise,
according to the terms of the Notes and the Indenture, subject to the limitations set forth in Section 1503. Without limiting the generality of the foregoing, the Guarantors’ liability shall extend to all amounts that constitute part of
the Indenture Obligations and would be owed by the Issuer to the Trustee or the Holders under the Indenture and the Notes but for the fact that they are unenforceable, reduced, limited, impaired, suspended or not allowable due to the existence of a
bankruptcy, reorganization or similar proceeding involving the Issuer. 
 (b) Failing payment when due of any amount guaranteed pursuant to
its Guarantee, for whatever reason, each of the Guarantors will be jointly and severally obligated (to the fullest extent permitted by law) to pay the same immediately to the Trustee, without set-off or counterclaim or other reduction whatsoever
(whether for taxes, withholding or otherwise). Each Guarantee hereunder is intended to be a general, unsecured, senior obligation of the applicable Guarantor and will rank pari passu in right of payment with all debt of such Guarantor that is not,
by its terms, expressly subordinated in right of payment to such Guarantee. Each of the Guarantors hereby agrees that (to the fullest extent permitted by law) its obligations hereunder shall be full, irrevocable, unconditional and absolute,
irrespective of the validity, regularity or enforceability of the Notes, the Guarantee of any other Guarantor 

  
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or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment
against the Issuer or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of such Guarantor. Each of the Guarantors hereby agrees that in the
event of a default in payment of the principal of, or premium, if any, or interest on the Notes, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, legal proceedings may be instituted by the Trustee
on behalf of the Holders or, subject to Section 607, by the Holders, on the terms and conditions set forth in the Indenture, directly against such Guarantor to enforce its Guarantee without first proceeding against the Issuer or any other
Guarantor. 
 (c) To the fullest extent permitted by applicable law, the obligations of each of the Guarantors under this Article shall be
as aforesaid full, irrevocable, unconditional and absolute and shall not be impaired, modified, released or limited by any occurrence or condition whatsoever, including, without limitation, (A) any compromise, settlement, release, waiver,
renewal, extension, indulgence or modification of, or any change in, any of the obligations and liabilities of the Issuer or any of the other Guarantors contained in the Notes or the Indenture, (B) any impairment, modification, release or
limitation of the liability of the Issuer, any of the other Guarantors or any of their estates in bankruptcy, or any remedy for the enforcement thereof, resulting from the operation of any present or future provision of any applicable Bankruptcy
Law, or other statute or from the decision of any court, (C) the assertion or exercise by the Trustee or any Holder of any rights or remedies under the Notes or the Indenture or their delay in or failure to assert or exercise any such rights or
remedies, (D) the assignment or the purported assignment of any property as security for the Notes, including all or any part of the rights of the Issuer or any of the Guarantors under the Indenture, (E) the extension of the time for
payment by the Issuer or any of the Guarantors of any payments or other sums or any part thereof owing or payable under any of the terms and provisions of the Notes or the Indenture or of the time for performance by the Issuer or any of the
Guarantors of any other obligations under or arising out of any such terms and provisions or the extension or the renewal of any thereof, (F) the modification or amendment (whether material or otherwise) of any duty, agreement or obligation of
the Issuer or any of the Guarantors set forth in the Indenture, (G) the voluntary or involuntary liquidation, dissolution, sale or other disposition of all or substantially all of the assets, marshaling of assets and liabilities, receivership,
insolvency, bankruptcy, assignment for the benefit of creditors, reorganization, arrangement, composition or readjustment of, or other similar proceeding affecting, the Issuer or any of the Guarantors or any of their respective assets, or the
disaffirmance of any of the Notes, the Guarantees or the Indenture in any such proceeding, (H) the release or discharge of the Issuer or any of the Guarantors from the performance or observance of any agreement, covenant, term or condition
contained in any of such instruments by operation of law, (I) the unenforceability of the Notes, the Guarantees or the Indenture or (J) any other circumstances (other than payment in full or discharge of all amounts guaranteed pursuant to
the Guarantees) which might otherwise constitute a legal or equitable discharge of a surety or guarantor. 
 (d) To the fullest extent
permitted by applicable law, each of the Guarantors hereby (A) waives diligence, presentment, demand of payment, notice of acceptance, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Issuer or any of the
Guarantors, and all demands and notices whatsoever, (B) acknowledges that any agreement, instrument or document evidencing its Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any
agreement, instrument or document evidencing the Guarantee without notice to it and (C) covenants that its Guarantee will not be discharged except by complete performance of the Guarantee. To the fullest extent permitted by applicable law, each of
the Guarantors further agrees that if at any time all or any part of any payment theretofore applied by any Person to its Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency,
bankruptcy or reorganization of the Issuer or any of the Guarantors, such Guarantee shall, to the extent that such 

  
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payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue to be effective or be reinstated, as the
case may be, as though such application had not been made. 
 (e) Each of the Guarantors shall be subrogated to all rights of the
Holders and the Trustee against the Issuer in respect of any amounts paid by such Guarantor pursuant to the provisions of the Indenture, provided, however, that such Guarantor, shall not be entitled to enforce or to receive any
payments arising out of, or based upon, such right of subrogation until all of the Notes and the Guarantees shall have been paid in full or discharged. 

(f) To the fullest extent permitted by applicable law, no failure to exercise and no delay in exercising, on the part of the Trustee or the
Holders, any right, power, privilege or remedy under this Article Fifteen and the Guarantees shall operate as a waiver thereof, nor shall any single or partial exercise of any rights, power, privilege or remedy preclude any other or further exercise
thereof, or the exercise of any other rights, powers, privileges or remedies. The rights and remedies herein provided for are cumulative and not exclusive of any rights or remedies provided in law or equity. Nothing contained in this Article Fifteen
shall limit the right of the Trustee or the Holders to take any action to accelerate the maturity of the Notes pursuant to Article Six or to pursue any other rights or remedies hereunder or under applicable law. 

Section 1502. Execution and Delivery of Notation of Guarantee. 

To further evidence its Guarantee set forth in Section 1501, each of the Guarantors hereby agrees that a notation relating to such
Guarantee, substantially in the form attached hereto as Annex C (a “Notation of Guarantee”), may be endorsed on each Note entitled to the benefits of its Guarantee that is authenticated and delivered by the Trustee. The Notation of
Guarantee may be executed by either manual or facsimile signature of an Officer of such Guarantor, or in the case of a Guarantor that is a partnership, an Officer of the general partner of such Guarantor. Each of the Guarantors hereby agrees that
its Guarantee shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation relating to its Guarantee. If any Officer of the Guarantor, or in the case of a Guarantor that is a partnership, any Officer of the
general partner of such Guarantor, whose signature is on the Indenture or a Notation of Guarantee no longer holds that office at the time the Trustee authenticates such Note or at any time thereafter, the Guarantee of such Note shall be valid
nevertheless. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantees set forth in the Indenture on behalf of the Guarantors. 

Section 1503. Limitation on Guarantors’ Liability. 

Each Guarantor and by its acceptance hereof each Holder of a Note entitled to the benefits of the Guarantees hereby confirm that it is the
intention of all such parties that the guarantee by such Guarantor pursuant to its Guarantee not constitute a fraudulent conveyance, fraudulent preference or fraudulent transfer or otherwise reviewable transaction under applicable law. To effectuate
the foregoing intention, each of the Holders of a Note entitled to the benefits of the Guarantees and the Guarantors hereby irrevocably agree that the obligations of each Guarantor under its Guarantee shall be limited to the maximum amount as will,
after giving effect to all other contingent and fixed liabilities of such Guarantor (including, without limitation, any guarantees under the Credit Agreement and the Term Loan Agreement) and after giving effect to any collections from or payments
made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under its Guarantee, result in the obligations of such Guarantor under its Guarantee not constituting a fraudulent conveyance, fraudulent preference or
fraudulent transfer or otherwise reviewable transaction under applicable law. 

  
 88 

 Section 1504. Release of Guarantors from Guarantees. 

(a) Notwithstanding any other provisions of the Indenture, the Guarantee of any Guarantor shall be released upon the terms and subject to the
conditions set forth in this Section 1504. A Guarantor shall be released automatically from its obligations under its Guarantee and its other obligations under the Indenture upon: 

(1) 

(a) in the case of a Subsidiary Guarantor, any disposition of such Subsidiary Guarantor’s properties and assets as, or
substantially as, an entirety (whether by consolidation, amalgamation, merger, conveyance, transfer or otherwise) to a Person that is not (either before or after giving effect to such transaction) the Parent Guarantor or a Restricted Subsidiary;

 (b) in the case of a Subsidiary Guarantor, any disposition (whether by consolidation, amalgamation, merger, conveyance,
transfer or otherwise) of the Equity Interests of such Subsidiary Guarantor after which the Subsidiary Guarantor is no longer a Restricted Subsidiary, including, without limitation, a disposition in connection with a Qualified Spin Transaction; 

(c) in the case of a Subsidiary Guarantor, the proper designation of such Subsidiary Guarantor as an Unrestricted Subsidiary;

 (d) in the case of a Subsidiary Guarantor, provided that no Event of Default has occurred and is continuing, all
Debt which required such Subsidiary Guarantor to guarantee the Notes pursuant to Section 1114 is no longer outstanding; 

(e) Legal Defeasance or Covenant Defeasance or satisfaction and discharge of the Indenture as provided in Article Five; or 

(f) liquidation and dissolution of such Guarantor, provided no Default or Event of Default has occurred that is
continuing; and 
 (2) the Issuer delivering to the Trustee an Officer’s Certificate and an Opinion of Counsel to the
effect that all conditions precedent provided for in this Section 1504 relating to the release of such Guarantor’s Guarantee and its other obligations under the Indenture have been complied with. 

(b) The Trustee shall deliver an appropriate instrument evidencing any release of a Guarantor from its Guarantee upon receipt of an Issuer
Request accompanied by an Officer’s Certificate and an Opinion of Counsel the Subsidiary Guarantor is entitled to such release in accordance with the provisions of the Indenture. 

(c) Any Guarantor not released in accordance with the provisions of the Indenture will remain liable for the full amount of principal of (and
premium, if any, on) and interest on the Notes as provided in this Article Fifteen, subject to the limitations of Section 1503. 

  
 89 

 Section 1505. Guarantor Contribution. 

In order to provide for just and equitable contribution among the Guarantors, the Guarantors hereby agree, inter se, that in the event any
payment or distribution is made by any Guarantor (a “Funding Guarantor”) under its Guarantee, such Funding Guarantor shall be entitled to a contribution from each other Guarantor (if any) in a pro rata amount based on the respective net
assets (as determined at such time in accordance with GAAP) of all of the Guarantors (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Indenture Obligations or any other
Guarantor’s obligations with respect to its Guarantee. 
 The Trustee hereby accepts the trusts in the Indenture upon the terms and
conditions herein set forth. 
 [Signature Page Follows] 

  
 90 

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

			
	WEATHERFORD INTERNATIONAL, LLC,
	a Delaware limited liability company
		
	By:	 	 /s/ Mark M. Rothleitner

		 	Name: Mark M. Rothleitner
		 	Title: Vice President & Treasurer
	
	 WEATHERFORD INTERNATIONAL LTD.,

a Bermuda exempted company

		
	By:	 	 /s/ Mark M. Rothleitner

		 	Name: Mark M. Rothleitner
		 	Title: Vice President & Treasurer
	
	 WEATHERFORD INTERNATIONAL PLC,

an Irish public limited company

		
	By:	 	 /s/ Mark M. Rothleitner

		 	Name: Mark M. Rothleitner
		 	Title: Vice President & Treasurer
	
	 DEUTSCHE BANK TRUST COMPANY AMERICAS,

as Trustee

		
	By:	 	DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	 /s/ Irina Golovashchuk

		 	Name: Irina Golovashchuk
		 	Title: Vice President
		
	By:	 	 /s/ Jeffrey Schoenfeld

		 	Name: Jeffrey Schoenfeld
		 	Title: Vice President

  
 91 

 ANNEX A 

CUSIP 947075 AJ6 
 ISIN
US947075AJ68 
 [Form of Face of Note] 

[If a Global Note, insert the Global Note Legend.] 

WEATHERFORD INTERNATIONAL LTD. 

7.75% Senior Note due 2021 
  

			
	No.	  	$            

 Weatherford International Ltd., a Bermuda exempted company (herein called the “Issuer,” which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
            U.S. dollars on June 15, 2021, [if this Note is a Global Note, insert – or such greater or lesser amount as may be indicated on the Schedule of Exchanges
of Interests in the Global Note attached hereto,] and to pay interest thereon from June 17, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and
December 15 in each year, commencing December 15, 2016, at the rate of 7.75% per annum, until the principal hereof is paid or made available for payment, and to pay interest on any overdue principal hereof or installment of interest
hereon at the same rate, to the extent lawful, from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on
any Interest Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the
June 1 or December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such
Regular Record Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 

If the Holder of this Note has given wire transfer instructions to the Trustee at least ten Business Days prior to the applicable
payment date, the Issuer will make all payments on this Note by wire transfer of immediately available funds to the account in the City and State of New York specified in those instructions. Otherwise, payment of the principal of (and premium, if
any) and any such interest on this Note will be made at the office or agency of the Issuer maintained for that purpose in the City and State of New York in such coin or currency of the United States of America as at the time of payment is legal
tender for payment of public and private debts; provided, however, that, at the option of the Issuer, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the
Security Register. 

  
 A-1 

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been manually signed in the name of the Trustee referred to on the reverse hereof by an authorized signatory, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 A-2 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed by its undersigned
officer. 
  

			
	WEATHERFORD INTERNATIONAL LTD.,
	a Bermuda exempted company
		
	By:	 	  

 Trustee’s Certificate of Authentication 

This is one of the 7.75% Senior Notes due 2021 referred to in the within-mentioned Indenture. 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, As Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 A-3 

 [Form of Reverse of Note] 

This Note is one of a duly authorized series of Securities of the Issuer (herein called the “Notes”), issued under an Indenture,
dated as of October 1, 2003 (the “Original Indenture”), as amended and supplemented by (i) the Third Supplemental Indenture dated as of February 26, 2009, (ii) the Seventh Supplemental Indenture, dated as of
March 31, 2013, (iii) the Eighth Supplemental Indenture dated as of June 17, 2014 and (iv) the Tenth Supplemental Indenture (herein so called) dated as of June 17, 2016 (the Base Indenture, as so amended and supplemented,
being herein called the “Indenture”), among the Issuer, the Guarantors named therein and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $750.0 million but subject to re-opening as provided in the
Supplemental Indenture. 
 At any time or from time to time on or after May 15, 2021 (the “2021 Notes Par Call Date”), the
Issuer, at its option, may redeem the Notes, in whole or in part, upon prior notice as provided in the Indenture, at a Redemption Price equal to 100.0% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest
thereon, if any, to the Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date), as provided in Section 1203(a) of the Indenture in relation to the Notes. 

The Notes may also be redeemed, in whole or in part, at any time or from time to time prior to the 2021 Notes Par Call Date at the option of
the Issuer, upon prior notice as provided in the Indenture, at a Redemption Price equal to the greater of 100.0% of the principal amount of the Notes redeemed or the Make-Whole Price (as determined in accordance with Section 1203(b) of the
Indenture), plus accrued and unpaid interest, if any, to, the applicable Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date). 

The Notes may also be redeemed, as a whole, at the Issuer’s option, following certain changes in tax law or Change of Control Offers, at
the respective Redemption Prices and subject to the conditions set forth in Sections 1203(d) and 1107 of the Indenture, respectively. 
 Any
notice of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent specified in such notice of redemption. 

In the event of redemption of this Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note as well as certain restrictive covenants and Events of Default, as well as provisions for the satisfaction and discharge of the Indenture, in each case upon compliance with certain conditions set forth in the Indenture.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Issuer, the Guarantors and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the then
Outstanding Notes of this series and the 2023 Notes affected thereby (voting as a separate series). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes,

  
 A-4 

 
on behalf of the Holders of all Notes, to waive compliance with certain covenants or provisions of the Indenture and certain existing defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note. 
 If an Event of Default with respect to the Notes shall occur and be
continuing, the Notes may be declared (or shall automatically become) due and payable in the manner and with the effect provided in the Indenture. 

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding
with respect to the Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder gives the Trustee written notice of a continuing Event of Default, the Holders of at least 25% in
aggregate principal amount of the Outstanding Notes make a written request to the Trustee to pursue the remedy and offer the Trustee security or indemnity satisfactory to the Trustee, the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of security or indemnity, and during such 60-day period the Holders of a majority in aggregate principal amount of the Outstanding Notes do not give the Trustee a direction that is inconsistent with such request.
The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office of the Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar duly executed by, the Holder
hereof or its attorney duly authorized in writing, and thereupon one or more new Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any transfer tax or other governmental taxes and fees required by law or permitted by the Indenture. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Guarantors, the Trustee and any agent of the Issuer, the
Guarantors or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes (except as required by applicable tax laws), whether or not this Note be overdue, and neither the Issuer, the Guarantors, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 No director, officer, employee, incorporator or shareholder of
the Issuer or any Guarantor, as such, shall have any liability for any indebtedness, obligations or liabilities of the Issuer under the Notes 

  
 A-5 

 
or the Indenture or of any Guarantor under its Guarantee or for any claim based on, in respect of, or by reason of, such indebtedness, obligations or liabilities or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees. 

All terms used in this Note which are defined in the Indenture but not defined herein shall have the meanings assigned to them in the
Indenture. 
 The Notes, the Guarantees and the Indenture shall be governed by and construed in accordance with the laws of the State of New
York. 

  
 A-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Security to:
	  	  

		  	(Insert assignee’s legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

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

			
	and irrevocably appoint to	 	  

	transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

  

							
	Date:
                                        
	 		 		 	
				
		 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name appears on the face

of this Note)

  

							
	Signature Guarantee:*	 	  
	  		  	

  

	* 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-7 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 1107 or Section 1112 of the Indenture, check the
appropriate box below: 

 ̈  Section 1107           
          ̈  Section 1112 
 If
you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 1107 or Section 1112 of the Indenture, state the amount you elect to have purchased: 

$                      

Date:
                                        

  

			
	Your Signature:	 	  

 

			
	(Sign exactly as your name appears on the face of this Note)

  

			
	Tax Identification No.:	 	  

  

							
	Signature Guarantee:*	 	  
	  		  	

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-8 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE* 
 The following exchanges of a
part of this Global Note for other Notes have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of
this Global Note
following such
decrease (or increase)	  	Signature of
authorized signatory
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-9 

 ANNEX B 

CUSIP 947075 AK3 
 ISIN
US947075AK32 
 [Form of Face of Note] 

[If a Global Note, insert the Global Note Legend.] 

WEATHERFORD INTERNATIONAL LTD. 

8.25% Senior Note due 2023 
  

			
	No.	  	$            

 Weatherford International Ltd., a Bermuda exempted company (herein called the “Issuer,” which
term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to             , or registered assigns, the principal sum of
            U.S. dollars on June 15, 2023, [if this Note is a Global Note, insert – or such greater or lesser amount as may be indicated on the Schedule of Exchanges of
Interests in the Global Note attached hereto,] and to pay interest thereon from June 17, 2016 or from the most recent Interest Payment Date to which interest has been paid or duly provided for, semi-annually on June 15 and December 15
in each year, commencing December 15, 2016, at the rate of 8.25% per annum, until the principal hereof is paid or made available for payment, and to pay interest on any overdue principal hereof or installment of interest hereon at the same
rate, to the extent lawful, from the dates such amounts are due until they are paid or made available for payment, and such interest shall be payable on demand. The interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in such Indenture, be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the Regular Record Date for such interest, which shall be the June 1 or
December 1 (whether or not a Business Day), as the case may be, next preceding such Interest Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on such Regular Record
Date and may either be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice
whereof shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed,
and upon such notice as may be required by such exchange, all as more fully provided in said Indenture. 
 If the Holder of
this Note has given wire transfer instructions to the Trustee at least ten Business Days prior to the applicable payment date, the Issuer will make all payments on this Note by wire transfer of immediately available funds to the account in the City
and State of New York specified in those instructions. Otherwise, payment of the principal of (and premium, if any) and any such interest on this Note will be made at the office or agency of the Issuer maintained for that purpose in the City and
State of New York in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that, at the option of the Issuer, payment of interest may
be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 

  
 B-1 

 Reference is hereby made to the further provisions of this Note set forth on the reverse hereof,
which further provisions shall for all purposes have the same effect as if set forth at this place. 
 Unless the certificate of
authentication hereon has been manually signed in the name of the Trustee referred to on the reverse hereof by an authorized signatory, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

  
 B-2 

 IN WITNESS WHEREOF, the Issuer has caused this Note to be duly executed by its undersigned
officer. 
  

			
	WEATHERFORD INTERNATIONAL LTD.,
	a Bermuda exempted company
		
	By:	 	  

 Trustee’s Certificate of Authentication 

This is one of the 8.25% Senior Notes due 2023 referred to in the within-mentioned Indenture. 

 

			
	DEUTSCHE BANK TRUST COMPANY AMERICAS, As Trustee
		
	By:	 	Deutsche Bank National Trust Company
		
	By:	 	  

		 	Authorized Signatory

 Dated: 

  
 B-3 

 [Form of Reverse of Note] 

This Note is one of a duly authorized series of Securities of the Issuer (herein called the “Notes”), issued under an Indenture,
dated as of October 1, 2003 (the “Original Indenture”), as amended and supplemented by (i) the Third Supplemental Indenture dated as of February 26, 2009, (ii) the Seventh Supplemental Indenture, dated as of
March 31, 2013, (iii) the Eighth Supplemental Indenture dated as of June 17, 2014 and (iv) the Tenth Supplemental Indenture (herein so called) dated as of June 17, 2016 (the Base Indenture, as so amended and supplemented,
being herein called the “Indenture”), among the Issuer, the Guarantors named therein and Deutsche Bank Trust Company Americas, as Trustee (herein called the “Trustee,” which term includes any successor trustee under the
Indenture), and reference is hereby made to the Indenture for a statement of the respective rights, limitations of rights, duties and immunities thereunder of the Issuer, the Guarantors, the Trustee and the Holders of the Notes and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is one of the series designated on the face hereof, initially limited in aggregate principal amount to $750.0 million but subject to re-opening as provided in the
Supplemental Indenture. 
 At any time or from time to time on or after March 15, 2023 (the “2023 Notes Par Call Date”), the
Issuer, at its option, may redeem the Notes, in whole or in part, upon prior notice as provided in the Indenture, at a Redemption Price equal to 100.0% of the principal amount of the Notes to be redeemed, together with accrued and unpaid interest
thereon, if any, to the Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date), as provided in Section 1203(a) of the Indenture in relation to the Notes. 

The Notes may also be redeemed, in whole or in part, at any time or from time to time prior to the 2023 Notes Par Call Date at the option of
the Issuer, upon prior notice as provided in the Indenture, at a Redemption Price equal to the greater of 100.0% of the principal amount of the Notes redeemed or the Make-Whole Price (as determined in accordance with Section 1203(b) of the
Indenture), plus accrued and unpaid interest, if any, to, the applicable Redemption Date (subject to the right of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date). 

The Notes may also be redeemed, as a whole, at the Issuer’s option, following certain changes in tax law or Change of Control Offers, at
the respective Redemption Prices and subject to the conditions set forth in Sections 1203(d) and 1107 of the Indenture, respectively. 
 Any
notice of redemption may, at the Issuer’s discretion, be subject to one or more conditions precedent specified in such notice of redemption. 

In the event of redemption of this Note in part only, a new Note or Notes of like tenor for the unredeemed portion hereof will be issued in
the name of the Holder hereof upon the cancellation hereof. 
 The Indenture contains provisions for defeasance at any time of the entire
indebtedness of this Note as well as certain restrictive covenants and Events of Default, as well as provisions for the satisfaction and discharge of the Indenture, in each case upon compliance with certain conditions set forth in the Indenture.

 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and
obligations of the Issuer and the rights of the Holders of the Notes to be affected under the Indenture at any time by the Issuer, the Guarantors and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the then
Outstanding Notes of this series and the 2021 Notes affected thereby (voting as a separate series). The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Outstanding Notes,

  
 B-4 

 
on behalf of the Holders of all Notes, to waive compliance with certain covenants or provisions of the Indenture and certain existing defaults under the Indenture and their consequences. Any such
consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note. 
 If an Event of Default with respect to the Notes shall occur and be
continuing, the Notes may be declared (or shall automatically become) due and payable in the manner and with the effect provided in the Indenture. 

As provided in and subject to the provisions of the Indenture, the Holder of this Note shall not have the right to institute any proceeding
with respect to the Indenture or the Notes, or for the appointment of a receiver or trustee, or for any other remedy thereunder, unless such Holder gives the Trustee written notice of a continuing Event of Default, the Holders of at least 25% in
aggregate principal amount of the Outstanding Notes make a written request to the Trustee to pursue the remedy and offer the Trustee security or indemnity satisfactory to the Trustee, the Trustee does not comply with the request within 60 days after
receipt of the request and the offer of security or indemnity, and during such 60-day period the Holders of a majority in aggregate principal amount of the Outstanding Notes do not give the Trustee a direction that is inconsistent with such request.
The foregoing shall not apply to any suit instituted by the Holder of this Note for the enforcement of any payment of principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

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

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note is registrable in the Security
Register, upon surrender of this Note for registration of transfer at the office of the Registrar, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Issuer and the Registrar duly executed by, the Holder
hereof or its attorney duly authorized in writing, and thereupon one or more new Notes of like tenor, of authorized denominations and for the same aggregate principal amount, will be issued to the designated transferee or transferees. 

The Notes are issuable only in registered form without coupons in denominations of $2,000 and any integral multiple of $1,000 in excess
thereof. As provided in the Indenture and subject to certain limitations therein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of like tenor of a different authorized denomination, as requested by the Holder
surrendering the same. 
 No service charge shall be made for any such registration of transfer or exchange, but the Issuer may require
payment of a sum sufficient to cover any transfer tax or other governmental taxes and fees required by law or permitted by the Indenture. 

Prior to due presentment of this Note for registration of transfer, the Issuer, the Guarantors, the Trustee and any agent of the Issuer, the
Guarantors or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes (except as required by applicable tax laws), whether or not this Note be overdue, and neither the Issuer, the Guarantors, the
Trustee nor any such agent shall be affected by notice to the contrary. 
 No director, officer, employee, incorporator or shareholder of
the Issuer or any Guarantor, as such, shall have any liability for any indebtedness, obligations or liabilities of the Issuer under the Notes 

  
 B-5 

 
or the Indenture or of any Guarantor under its Guarantee or for any claim based on, in respect of, or by reason of, such indebtedness, obligations or liabilities or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes and the Guarantees. 

All terms used in this Note which are defined in the Indenture but not defined herein shall have the meanings assigned to them in the
Indenture. 
 The Notes, the Guarantees and the Indenture shall be governed by and construed in accordance with the laws of the State of New
York. 

  
 B-6 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Security to:
	  	  

		  	(Insert assignee’s legal name)

  
  

(Insert assignee’s soc. sec. or tax I.D. no.) 
  

 
  

 
  

 
  

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

			
	and irrevocably appoint to	 	  

	transfer this Note on the books of the Issuer. The agent may substitute another to act for him.

  

							
	Date:
                                        
	 		 		 	
				
		 		 	Your Signature:	 	  

		 		 		 	 (Sign exactly as your name appears on the face

of this Note)

  

							
	Signature Guarantee:*	 	  
	  		  	

  

	* 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 B-7 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 1107 or Section 1112 of the Indenture, check the
appropriate box below: 

 ̈  Section 1107           
          ̈  Section 1112 
 If
you want to elect to have only part of the Note purchased by the Issuer pursuant to Section 1107 or Section 1112 of the Indenture, state the amount you elect to have purchased: 

$                      

Date:
                                        

  

			
	Your Signature:	 	  

 
			
	(Sign exactly as your name appears on the face of this Note)

  

			
	Tax Identification No.:	 	  

  

							
	Signature Guarantee:*	 	  
	  		  	

  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 B-8 

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE* 
 The following exchanges of a
part of this Global Note for other Notes have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of
this Global Note
following such
decrease (or increase)	  	Signature of
authorized signatory
of Trustee or
Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 B-9 

 ANNEX C 

NOTATION OF GUARANTEE 

Each of the undersigned Guarantors (which term includes any successor Person under the Indenture (as defined below)), has fully and
unconditionally guaranteed, to the extent set forth in Article Fifteen of the Tenth Supplemental Indenture (herein so called) dated as of June 17, 2016, among Weatherford International Ltd., as issuer, the Guarantors named therein and Deutsche
Bank Trust Company Americas, as Trustee, to the Indenture, dated as of October 1, 2003, as previously amended and supplemented by (i) the Third Supplemental Indenture dated as of February 26, 2009, (ii) the Seventh Supplemental
Indenture, dated as of March 31, 2013, and (iii) the Eighth Supplemental Indenture dated as of June 17, 2014, the due and punctual payment of the principal of, and premium, if any, and interest on, the Issuer’s [7.75% Senior
Notes due 2021/8.25% Senior Notes due 2023 – delete the reference to one series as appropriate] and all other amounts due and payable by the Issuer under the Tenth Supplemental Indenture. 

The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Guarantees and the Indenture are expressly set
forth in Article Fifteen of the Tenth Supplemental Indenture, and reference is hereby made to the Tenth Supplemental Indenture for the precise terms of the Guarantees and the conditions upon which they may be released. 

IN WITNESS WHEREOF, each of the Guarantors has caused this notation to be duly executed. 

 

			
	WEATHERFORD INTERNATIONAL PLC,
	an Irish public limited company
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WEATHERFORD INTERNATIONAL, LLC,

a Delaware limited liability company

		
	By:	 	  

		 	Name:
		 	Title:
	
	[Name of Other Subsidiary Guarantor(s)]
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-1 

 ANNEX D 

FORM OF SUPPLEMENTAL INDENTURE 

TO BE DELIVERED BY FUTURE SUBSIDIARY GUARANTORS 

This Supplemental Indenture (this “Supplemental Indenture”), dated as of
                    , 20    , is among [Name of Future Subsidiary Guarantor(s)] (the “New Subsidiary
Guarantor”), a subsidiary of Weatherford International plc, an Irish public limited company [or its permitted successor] (the “Parent Guarantor”), Weatherford International, LLC, a Delaware limited liability company
(“Weatherford Delaware”), each other existing Subsidiary Guarantor (as defined in the Indenture referred to herein), Weatherford International Ltd., a Bermuda exempted company (the “Issuer”), the Parent Guarantor
and Deutsche Bank Trust Company Americas, as trustee under the Indenture referred to herein (the “Trustee”). The New Subsidiary Guarantor and the existing Subsidiary Guarantors are sometimes referred to collectively herein as the
“Subsidiary Guarantors,” or individually as a “Subsidiary Guarantor.” 
 W I T N E S S E T H: 

WHEREAS, the Issuer, the Parent Guarantor, Weatherford Delaware and the Trustee are parties to an Indenture, dated as of
October 1, 2003, as amended and supplemented by (i) the Third Supplemental Indenture dated as of February 26, 2009, (ii) the Seventh Supplemental Indenture, dated as of March 31, 2013, (iii) the Eighth Supplemental
Indenture dated as of June 17, 2014 and (iv) the Tenth Supplemental Indenture (herein so called) dated as of June 17, 2016 relating to the 7.75% Senior Notes due 2021 and the 8.25% Senior Notes due 2023 (collectively, the
“Notes”) of the Issuer; 
 WHEREAS, Section 1114 of the Tenth Supplemental Indenture obligates the Issuer to
cause certain Restricted Subsidiaries to become Subsidiary Guarantors by executing a supplemental indenture as provided in such Section; and 

WHEREAS, pursuant to Section 1001 of the Tenth Supplemental Indenture, the Issuer, the Parent Guarantor, the Subsidiary Guarantors and
the Trustee are authorized to execute and deliver this Supplemental Indenture to amend or supplement the Indenture without the consent of any Holder; 

NOW, THEREFORE, to comply with the provisions of the Tenth Supplemental Indenture and in consideration of the foregoing and for other good and
valuable consideration, the receipt of which is hereby acknowledged, the New Subsidiary Guarantor, the other Subsidiary Guarantors, the Issuer, the Parent Guarantor and the Trustee mutually covenant and agree for the equal and ratable benefit of the
Holders of the Securities as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without
definition shall have the meanings assigned to them in the Tenth Supplemental Indenture. 
 2. AGREEMENT TO
GUARANTEE. The New Subsidiary Guarantor hereby agrees, jointly and severally, with the Parent Guarantor and all other Subsidiary Guarantors, to fully and unconditionally guarantee to each Holder and to the Trustee the Indenture
Obligations, to the extent set forth in Article Fifteen of the Tenth Supplemental Indenture and subject to the provisions thereof. The obligations of the Subsidiary Guarantors to the Holders of Notes and to the Trustee pursuant to the Subsidiary
Guarantees are expressly set forth in Article Fifteen of the Tenth Supplemental Indenture, and reference is hereby made to such Article for the precise terms of the Subsidiary Guarantees. 

  
 D-1 

 3. NEW YORK LAW TO GOVERN. THE LAWS OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE
AND ENFORCE THIS SUPPLEMENTAL INDENTURE. 
 4. COUNTERPARTS. The parties may sign any number of copies of this Supplemental
Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. This Supplemental Indenture may be executed in multiple counterparts which, when taken together, shall constitute one instrument. 

5. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not affect
the construction hereof. 
 6. THE TRUSTEE. Except as otherwise expressly provided herein, no duties,
responsibilities or liabilities are assumed, or shall be construed to be assumed, by the Trustee by reason of this Supplemental Indenture. This Supplemental Indenture is executed and accepted by the Trustee subject to all the terms and conditions
set forth in the Indenture with the same force and effect as if those terms and conditions were repeated at length herein and made applicable to the Trustee with respect hereto. 

[Remainder of Page Intentionally Left Blank. 

Signature Page Follows.] 

  
 D-2 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:
                    , 20     
  

			
	[NEW SUBSIDIARY GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WEATHERFORD INTERNATIONAL, LLC,

a Delaware limited liability company

		
	By:	 	  

		 	Name:
		 	Title:
	
	[OTHER SUBSIDIARY GUARANTORS]
		
	By:	 	  

		 	Name:
		 	Title:
	
	 WEATHERFORD INTERNATIONAL LTD.,

a Bermuda exempted company

		
	By:	 	  

		 	Name:
		 	Title:
	
	 WEATHERFORD INTERNATIONAL PLC,

an Irish public limited company

		
	By:	 	  

		 	Name:
		 	Title:
	
	DEUTSCHE BANK TRUST COMPANY AMERICAS,
as Trustee
		
	By:	 	DEUTSCHE BANK NATIONAL TRUST COMPANY
		
	By:	 	  

		 	Name:
		 	Title:
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3Exhibit 10.23

                   

Draft of November 24, 2015

 

          December [  ], 2015         

 

(1) POWIN CORPORATION

and

(2) SF SUNTCH INC.

and

(3) POWIN ENERGY CORPORATION

and

(4) MR. JOSEPH LU

and

 

______________________

	
SHAREHOLDERS' AGREEMENT

 

TABLE OF CONTENTS

 

	
Clause

	
Headings

	
Page

	
1.

	
DEFINITIONS AND INTERPRETATION

	
2

	
2.

	
BUSINESS OF THE COMPANY

	
5

	
3.

	
GENERAL UNDERTAKINGS

	
6

	
4.

	
THE BOARD OF DIRECTORS

	
9

	
5.

	
LISTING

	
10

	
6.

	
PROTECTION OF THE BUSINESS

	
11

	
7.

	
DEFAULT

	
13

	
8.

	
TERMINATION

	
15

	
9.

	
CONFIDENTIALITY AND ANNOUNCEMENTS

	
16

	
10.

	
MISCELLANEOUS PROVISIONS

	
17

	
11.

	
GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS

	
20

	
SCHEDULE 1 CORPORATE STRUCTURE OF THE GROUP

	
22

	
SCHEDULE 2 FORM OF DEED OF ADHERENCE (TRANSFERS)

	
23

	
SCHEDULE 3 FORM OF DEED OF ADHERENCE (SUBSCRIPTIONS)

	
26

	
SCHEDULE 4 PART A RESERVED MATTERS FOR BOTH KEY

 SHAREHOLDERS

	
29

	
SCHEDULE 4 PART B RESERVED MATTERS THE BOARD OF DIRECTORS

	
29

	
SCHEDULE 5 TRANSFER OF SECURITIES

	
32

	
SCHEDULE 6 CONTACT DETAILS

	
34

	
SCHEDULE 7 REGISTRATION RIGHTS

	
35

	
EXHIBIT A

	
51

 

THIS AMENDED AGREEMENT is made on    November, 2015 and supersedes in its entirety that certain Shareholder AGREEMENT made on March 31, 2015 and any amendments to date, between the parties hereto.

BETWEEN:

	1.	POWIN CORPORATION, a corporation incorporated in the State of Nevada, US, whose principal place of business is at 20550 SW 115th Ave., Tualatin, OR97062, in the State of Nevada, US ( “Powin Corporation”);

	2.	SF SUNTCH INC., a corporation incorporated under the laws of the State of Delaware, whose correspondence address is at Portion B, 30/F Bank of Tower, 1 Garden Road, Central, Hong Kong  ("Investor");

3.           ______________________________________, a corporation incorporated under the laws of ________________, whose principal address is___________________(“New Investor”)

	3.	POWIN ENERGY CORPORATION, a corporation incorporated under the laws of the State of Oregon, US, whose principal place of business is at 20550 SW 115th Avenue, Tualatin, OR 97062, in the State of Oregon, US ("Company");

	4.	MR. JOSEPH LU, holder of United States Identity Card Number #441990154 and whose address is at 333 NW 9th Avenue #1212, Portland, in the State of Oregon, 97209 USA ("Mr. Lu" or “Founder”).

 

WHEREAS:

	(A)	The Company was incorporated in the State of Oregon, US on 8-9-2010.

	(B)	The corporate structure of the Group as at the date of this Agreement is set out in Schedule 1.

	(C)	The Investor has  entered into a subscription agreement dated August 7, 2014, as amended from time to time, with the Company, Powin Corporation and the Founder, pursuant to which the Investor agreed to, among other things, subscribe for 2,143 Shares (together with the supplemental agreements, the "Subscription Agreement").

	(D)	Powin Corporation and the Company propose to enter into an upstream merger (the “Merger”) of the Company into Powin Corporation whereby Powin Corporation will be the survivor, all the outstanding shares of the Company will be converted into shares of common stock of Powin Corporation as set forth in the draft Merger Agreement, a copy of which is attached hereto, as Exhibit A, and the name of the survivor will be changed to Powin Energy Corporation;

	(E)	New Investor desires pursuant to a subscription agreement substantially similar to the Subscription Agreement to purchase __ shares of common stock of Powin Corporation in consideration of $_____ representing ___% of the currently outstanding shares of common stock of Powin Corporation and ____% after giving effect to the Merger.

	(F)	The Major Shareholders and the Company have agreed to make provision for the management and administration of the Company's and Powin Corporation’s affairs on the terms and conditions set out in this Agreement.

1

 

IT IS AGREED as follows:

	1.	DEFINITIONS AND INTERPRETATION

	1.1	Definitions

In this Agreement, each of the following words and expressions shall, unless the context requires otherwise, have the following meanings:

"Arbitrator" has the meaning given to it in clause 11.2;

"Articles" means the articles of incorporation of the Company as filed with the Secretary of State of Oregon on ____, _____,   and as further amended from time to time;

"Auditors" means Deloitte Touche Tohmatsu or such other auditor approved by the Board;

"Board" means the board of Directors from time to time of the Company, or of Powin Corporation after the Merger is effective;

"Business" means the design, production and operation of power storage management systems, electric motor vehicles charging stations / systems and other power storage related business;

"Business Day" means any day (other than a Saturday and Sunday) when banks in the US and Hong Kong are open for the transaction of normal business;

"Claim" has the meaning given to it in clause 11.2;

“Confidential Information” shall mean all trade secrets, business plans and financial information, customer buying habits, identity of customer purchasing personnel, information concerning suppliers, all proprietary technical information concerning the products or the Business, all pricing and costing information of the Company’s products, and after the Merger is effective, all such Confidential Information of Powin Corporation’s and Business.

"Deadlock Event" has the meaning given to it in clause 3.1.4;

"Deed of Adherence" means, in the case of a transfer of Shares, a deed substantially in the form set out in Schedule 2 and in the case of an allotment and issue of Shares, a deed substantially in the form set out in Schedule 3;

"Defaulting Shareholder" has the meaning given to it in clause 7.2.1;

"Directors" means directors of the Company from time to time or of Powin Corporation after the Merger is effective;

"Encumbrance" means any mortgage, pledge, lien, charge, assignment, hypothecation, or other agreement or arrangement which has the same or a similar effect to the granting of security;

"Event of Default" has the meaning given to it in clause 7.1;

"Financial Year" means each calendar year ending on 31 December;

"Group" means the Company and every subsidiary of the Company from time to time, or any of them as the context requires, and "member of the Group" and "Group Company" shall have a corresponding meaning or after the Merger, Powin Corporation but not including Q Pacific Corporation;

"Holding Company" means a company which (a) controls the composition of the board of directors of that other company; (b) controls more than half of the voting rights in that other company; or (c) holds more than half of that other company's issued share capital.

2

 

"Hong Kong" means the Hong Kong Special Administrative Region of the People's Republic of China;

"JAMS" has the meaning given to it in clause 11.2;

"Key Employees" has the meaning given to it in the Subscription Agreement;

"Key Shareholders" means both the Founder and the Major Shareholders;

"Listing" means the listing of all or part of the share capital of the Company (or a substantial part of the business of the Group) on an internationally recognised stock exchange, including but not limited to NASDAQ Stock Market;

"Major Shareholder" means the holders of Shares from time to time who with the advance written consent of the Board of Directors of Powin Corporation have acquired and continue to own at least 10% of the outstanding shares of Powin Energy Corporation or Powin Corporation (excluding for purposes of calculating outstanding shares these shares owned by employees pursuant to a stock option plan) but not including Joseph Lu (i) are parties to this Agreement and/or (ii) have entered into a Deed of Adherence in respect of such Shares;

"Major Shareholders’ Director" means any Director appointed by the  Major Shareholders pursuant to this Agreement;

"Permitted Transferee" has the meaning given to it at clause 5.2.1;

"Related Parties" means in relation to a corporate entity, (i) its shareholder, (ii) a director or officer of that corporate entity, (iii) its subsidiaries, holding companies and all subsidiaries of any such holding companies; and in relation to a natural person, (i) a Relative, and (ii) any person controlled by such person or by his or her Relative;

"Related Company" means in relation to a company, a wholly owned subsidiary, its Holding Company or any wholly owned subsidiary of such Holding Company;

"Relative" means any spouse of such person or any parent, any child, grandparent, grandchild, sibling, uncle, nephew, niece of such person of his or her spouse;

"Revised Option" has the meaning given to it in the Subscription Agreement;

"Shares" means shares of common stock of the Company or shares of any class or classes resulting from any subdivision, consolidation or re-classification of those shares, which as between themselves have no preference in respect of dividends or of amounts payable in the event of any voluntary or involuntary liquidation or dissolution of the Company or shares issued in the Merger in exchange for the Shares;

"Shareholder Rights" mean, in relation to a Share, the voting and other rights attaching to such Share together with the other rights of the holder of such Share pursuant to this Agreement;

"Subscription Agreement" has the meaning given to it in Recital (C);

 

"Subsidiary" (but excluding Q Pacific Corporation) includes, in relation to any person: (i) any company or business entity of which that person owns or controls (either directly or through one or more other subsidiaries) more than 50 per cent. of the issued share capital or other ownership interest having ordinary voting power to elect directors, managers or trustees of such company or business entity; (ii) any company or business entity of which that person owns or controls (either directly or through one or more other subsidiaries) not more than 50 per cent. of the issued share capital or other ownership interest having ordinary voting power to elect directors, managers or trustees of such company or business entity but effectively controls (either directly or through one or more other Subsidiaries) the management or the direction of business operations of such company or business entity; and (iii) any company or business entity which at any time has its accounts consolidated with those of that person or which, under relevant laws or such other applicable generally accepted accounting principles from time to time, should have its accounts consolidated with those of that person;

  

3

 

"Taxation" or "Tax" means all forms of tax, duty, rate, levy, charge or other imposition or withholding whenever and by whatever authority imposed and whether of the US, Hong Kong or elsewhere and any interest, penalty or fine in connection with any taxation, and any liability to make a payment by way of reimbursement, recharge, indemnity, damages or management charge connected in any way with any taxation and regardless of whether any such taxes, duties, rates, levies, charges, imposts, withholdings, interest, penalties or fines are chargeable directly or primarily against or attributable directly or primarily to the Company, any of its subsidiaries or any other person and of whether any amount in respect of any of them is recoverable from any other person; and

"United States" or "US" means the United States of America; and

"US$" or "US dollar" means the United States dollar, the lawful currency of the United States.

	1.2	Construction

In this Agreement, except where the context otherwise requires:

		1.2.1	any reference to this Agreement includes the Schedules to it each of which forms part of this Agreement for all purposes;

		1.2.2	a reference to an enactment or statutory provision shall include a reference to any subordinate legislation made under the relevant enactment or statutory provision and is a reference to that enactment, statutory provision or subordinate legislation as from time to time amended, consolidated, modified, re‐enacted or replaced;

		1.2.3	words in the singular shall include the plural and vice versa;

		1.2.4	references to one gender include other genders;

		1.2.5	a reference to a person shall include a reference to a firm, a body corporate, an unincorporated association, a partnership or to an individual's executors or administrators;

		1.2.6	a reference to a clause, paragraph or Schedule shall be a reference to a clause, paragraph or Schedule (as the case may be) of or to this Agreement;

		1.2.7	references to "other" and "otherwise" shall not be construed ejusdem generis where a wider construction is possible;

		1.2.8	if a period of time is specified as from a given day, or from the day of an act or event, it shall be calculated exclusive of that day;

		1.2.9	references to writing shall include any modes of reproducing words in any legible form and shall include email except where expressly stated otherwise;

		1.2.10	a reference to a balance sheet or profit and loss account shall include a reference to any note forming part of it;

		1.2.11	a reference to "includes" or "including" shall mean "includes without limitation" or "including without limitation";

		1.2.12	the contents page and headings in this Agreement are for convenience only and shall not affect its interpretation;

 

4

 

		1.2.13	references to this Agreement include this Agreement as amended or supplemented in accordance with its terms; and

		1.2.14	any reference to a time or date in this Agreement shall, unless otherwise stated, be a reference to Hong Kong time or a day under Hong Kong time zone.

	2.	BUSINESS OF THE COMPANY

	2.1	Nature of Business

		2.1.1	It is the intention of the parties that at all times during the continuance of this Agreement the business of the Group shall comprise the Business.

		2.1.2	Each Key Shareholder undertakes to each other to use all reasonable endeavours to promote the interest of the Group in connection with the Business.

	2.2	Undertakings with regard to the conduct of the Business

		2.2.1	Each of the Shareholders undertakes to each other:

		(A)	to exercise its respective rights and powers under this Agreement and as a holder of Shares to ensure, so far as it lawfully can, that the provisions of this Agreement are complied with; and

		(B)	to procure so far as it is able to do so, that any Director appointed by it shall so act and vote in relation to the affairs of the Company (subject always to the fiduciary duties of such Directors to the Company) to ensure that the Business and all the affairs of the Company are carried on in a proper manner and bona fide in the best interests of the Company.

		2.2.2	The Company shall comply with the requirements and standards relating to the conduct of the Business and its affairs as referred to in clause 2.2.1(B).

	2.3	Shareholders' rights of examination and supply

Each of the Major Shareholders (and its representatives) shall be entitled subject to the provisions of Regulation FD of the US Securities and Exchange Commission (“SEC”) applicable after the Merger becomes effective, to examine (at its own cost) the books, records, accounts and other documents and information of, or belonging to, each Member of the Group as such Shareholder may reasonably require from time to time, and shall on reasonable request from time to time be supplied with all information, including copies of all published accounts, Directors' reports, notices of meetings of each Member of the Group and all other circulars and notices issued or given to shareholders of, or those dealing with, any Member of the Group, relating to the Business or otherwise to the assets, affairs and financial or other position of the Group, provided that such examination and/or the provision of such information would not materially adversely affect the day-to-day operations of the Business and are in compliance with Clause 9.

	2.4	Rights of Directors to disclose information to Shareholders

The Directors may disclose any information received from the Company or relating to the Business or otherwise to the assets, affairs and financial or other position of the Group to the Major Shareholders, provided the party receiving Confidential Information adheres to the obligation of confidentiality in this Agreement at Clause 9.

	2.5	Waiver of right of objection

So far as it lawfully can, neither the Company nor (as the Company shall procure) any other Member of the Group, nor any Key Shareholder shall raise any objection to the disclosure of any information pursuant to clause 2.4 or clause 9.4, nor allege any breach of any duty of confidence to the Company or any Member of the Group as a result of any such action provided the party receiving Confidential Information adheres to the obligation of confidentiality in this Agreement at Clause 9.

 

5

	2.6	Material developments

The Company shall as soon as reasonably practicable procure that all material actual and materially important developments as foreseen by the Company regarding the Group's affairs are communicated to the Directors at meetings of the Board (or through Board papers) or in writing to the Directors consistent with good corporate practice and the provisions of this Agreement.

	2.7	Notice of breaches

The Company shall as soon as reasonably practicable procure that notice is given to the Directors at meetings of the Board (or through Board papers) and in writing to the Major Shareholders of any event known to the Company which constitutes a material breach of any of:

		2.7.1	the obligations of the Company or the Founder under this Agreement; or

		2.7.2	the Articles.

	2.8	Audits and review

Any Major Shareholder may from time to time require that (at its own cost) one additional audit of the Business and any other affairs of the Company and/or any Member of the Group is carried out (in addition to the annual audit by the Auditors for that financial year), and shall in such case be entitled to designate a person to carry out such audit on its behalf. Such person (which may, but need not, be the Major Shareholder itself, the Auditors or an adviser, consultant or contractor of a Major Shareholder, save that such advisers, consultants or contractors will be required to enter into a confidentiality agreement with the Company before commencing the audit) shall (at the relevant Major Shareholder's own cost) be entitled:

		2.8.1	to within reasonable hours, visit and inspect any premises of the Group and to discuss the affairs, finances and accounts of the Group with its officers and employees; and

		2.8.2	to inspect and request and retain copies of any books, records, accounts and other documents and information relating to the Business or any other affairs of the Group,

and each Member of the Group shall be required to afford such access and co‐operation as may be reasonable in the circumstances to facilitate the carrying out of such audit or other affairs provided always that such visits, inspections and/or requests would not materially adversely affect the day-to-day operations of the Business and are in accord with Regulation FD, if applicable.

	3.	GENERAL UNDERTAKINGS

	3.1	Company undertakings

		3.1.1	Compliance with Agreement

To the extent permitted by applicable law, the Company and Powin Corporation after the Merger is effective shall duly and punctually perform, enforce and comply with all its rights and obligations pursuant to this Agreement.

 

6

 

		3.1.2	Conduct of the Business

The Company and Powin Corporation after the Merger is effective undertakes, so far as it lawfully can, to carry on the Business in accordance with the provisions of this Agreement and of the Articles, and to procure, so far as it lawfully can, that each Member of the Group shall comply in all respects with the provisions of this Agreement.

		3.1.3	Compliance with law

The Company and Powin Corporation after the Merger is effective undertakes so far as it lawfully can, without prejudice to clause 3.1.4, to procure that the Business of the Group shall be properly managed and shall comply with all applicable laws and that the Group shall maintain all licences, consents and authorisations whatsoever which are required or necessary to carry on the Business from time to time.

		3.1.4	Reserved matters

The Company and Powin Corporation after the Merger is effective undertakes to procure that none of the activities specified in Part A of Schedule 4 shall be carried out by the Company or by any member of the Group without the prior approval of a majority in interest of the Major Shareholders.  The Company further undertakes that none of the activities specified in Part B of Schedule 4 shall be carried out by the Company and Powin Corporation after the Merger is effective or by any member of the Group without the prior approval of the directors appointed by a majority in interest of the Major Shareholders  in accordance with clause 4.1.1(A)  If no Major Shareholder holds a majority in interest of the Shares held by the Major Shareholders, and as a result a deadlock exists (“Deadlock Event”) among the Major Shareholders as to the activities in Part A of Schedule 4, the Founder may break the deadlock and in the event the directors appointed by the Major Shareholders cannot agree as to the activities in Part B of Schedule 4, and a deadlock exists among such directors, the directors appointed by the Founder may break such deadlock.

		3.1.5	Pre-emptive rights and future issues

		(A)	Other than Shares to be issued (i) pursuant to the exercise of employee stock options as permitted by Schedule 4, Part A, Paragraph F  or (ii) as part of a share offering conducted in connection with a public stock offering registered with the SEC or a Listing, if the Company intends to issue or grant any new securities, such securities shall first be offered to all Major Shareholders on a pro rata basis, provided that if any Major Shareholder does not take up all of its share, the other Major Shareholders shall be entitled to subscribe for the remaining securities on a pro rata basis as between such other Shareholders, unless this pre-emptive right is waived by the Key Shareholders (for themselves and on behalf of other Major Shareholders (if any)).

		(B)	Subject to (A) above, any securities not subscribed for by the Major Shareholders within 10 days of having received notice of such offering may be offered by the Board to any third party on the same terms and subject to the fulfilment of the same conditions as offered to the Major Shareholders pursuant to clause 3.1.5(A), provided that such third party shall, as a condition of being registered as the holder of such securities, enter into a Deed of Adherence.

 

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		(C)	The Company shall not allot and issue Shares or register any allotment and issue of such Shares to such third party unless it has entered into the Deed of Adherence.

	3.2	Shareholders' undertakings

		3.2.1	Restriction on disposal of Shares

Each of the Major Shareholders undertakes to each other and to the Company that, unless otherwise agreed by each Major Shareholder, it shall not at any time transfer or otherwise dispose of any Shares or of any interest in or option over any Shares in any case otherwise than (i) in accordance with Schedule 5 and the Articles or (ii) as part of a share offering conducted in connection with the Listing.   Each of the Shareholders further undertakes to each other that it shall not create any Encumbrance over Shares held by it without the prior consent of the other Shareholders.

		3.2.2	Proxies and corporate representatives

Each of the Major Shareholders undertakes to each other and to the Company that it shall not at any time appoint more than one proxy or corporate representative to represent it at any meeting of the Shareholders.

		3.2.3	Exercise of rights

Each of the Major Shareholders undertakes to each other and to the Company that where it holds Shares on behalf of more than one person then if it exercises the rights attached to the Shares, it will exercise them in respect of all of the Shares that it holds and will exercise all of those rights in the same way.

		3.2.4	Reserved matters

Each of the Major Shareholders undertakes to each other to exercise its Shareholder Rights to procure, so far as it lawfully can, members of the Group can only carry out the activities specified in Part A of Schedule 4 upon obtaining the prior approval the Key Shareholders and activities specified in Part B of Schedule 4 upon obtaining the prior approval of the director appointed by a majority interest of the Major Shareholders and the Founder in accordance with clause 4.1.1(A) and subject to the deadlock resolutions provisions in Clause 3.1.4 above.  Each Major Shareholder agrees to and approves the adoption of an employee stock option plan for up to 20% of the outstanding shares.

 

 

		3.2.5	Cooperation with the Company

To the extent that any matters require, whether pursuant to laws or the Articles, the approval of the Major Shareholders, unless such matter is a reserved matter specified in Schedule 4, each of the Major Shareholders undertakes to each other to exercise its Shareholder Rights to approve such matters that have been duly approved, authorised or recommended by the Board.

		3.2.6	Merger

Each of the Major Shareholders and the Founder approve the Merger and hereby consent thereto according to the terms in the Merger Agreement.

 

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	3.3	All party undertakings

		3.3.1	Compliance with the Agreement

Each Major Shareholder agrees that at all times for the duration of this Agreement it shall fully and punctually perform and comply with all obligations on its part under this Agreement  .

		3.3.2	Effect of undertaking

It is agreed that it is the intention of the parties that the effect of the undertaking contained in clause 3.3.1 is that each provision of the Agreement  shall be enforceable by the parties inter se and in whatever capacity.

	3.4	Miscellaneous

		3.4.1	Undertakings separate

Each of the undertakings and parts of undertakings contained in this clause 3 and Schedule 4 is separate and severable and in the event of any such undertaking being determined as unenforceable in whole or in part for any reason, such unenforceability shall not affect the enforceability of the remaining undertakings or (in the case of undertakings unenforceable in part) the remainder of that undertaking.

	4.	THE BOARD OF DIRECTORS

	4.1	Directors

		4.1.1	Subject to the provisions of clause (E), each Major Shareholder agrees to exercise its Shareholder Rights to procure, so far as it lawfully can:

		(A)	Each of the Major Shareholders who has invested at least $12,500,000 for 15% of outstanding Common Stock of the Company  (or its equivalent of Powin Corporation after the Merger is effective) shall be entitled (but not obligated) to appoint two out of nine  of the directors of the Company and each Group Company;

		(B)	the Founder (together with their respective Related Persons) shall be entitled (but not obligated) to appoint five  out of nine of the directors of the Company and each Group Company;

		(C)	a Major Shareholder’s Director appointed pursuant to this Agreement may at any time be removed from office by the Major Shareholder who appointed him and the Major Shareholder may appoint another person approved as aforesaid in his place; and

		(D)	a Founder's Director appointed pursuant to this Agreement may at any time be removed from office by the Founder and the Founder may appoint another person approved as aforesaid in his place.

		(E)	Intentionally Deleted.  .

  

  

		4.1.2	Each Major Shareholder agrees to exercise its Shareholder Rights to procure and the Company agrees to procure, so far as it lawfully can, that the Board and each board of the Group Company shall consist of nine members.

	4.2	Board meetings

Unless the Major Shareholders agree otherwise:

 

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		4.2.1	the Directors shall meet at least once every quarter (or otherwise as determined by the Board);

		4.2.2	the Company shall provide each of the Directors with not less than five (5) clear Business Days' notice of each Board meeting if meeting is by phone and seven (7) days if meeting in person;

		4.2.3	the Company shall send to each of the Directors an agenda, to arrive at least three (3)  clear Business Days before a Board meeting (including a copy of the latest available monthly management accounts, the management discussion and analysis of the relevant quarter, and all background papers reasonably relevant to the meeting);

		4.2.4	the Company shall send a copy of the minutes of the meeting to each of the Directors as soon as practicable after such a meeting;

		4.2.5	subject to clauses 3.1.4, 3.2.4 and 3.4, all business shall be conducted at such meeting in accordance with the provisions of the Articles and clause 4.2.6;

		4.2.6	a quorum for any meeting of the Board shall exist if at least 50% of the Directors from time to time  are present including at least one director representing each of the Major Shareholders, provided however to prevent paralysis of decision making by the Board, if proper notice is given of a directors’ meeting and the Major Shareholders’ director refuses to attend, his presence shall not be required for a quorum .  If a quorum is not present at a meeting of the Board at the time when any business is considered any Director may require that the meeting be reconvened; and

		4.2.7	subject to all matters requiring approval under clauses 3.1.4 and 3.2.4, all decisions at meetings of the Board shall be put to the vote and shall require a simple majority vote of all Directors present.  Resolutions of the Board shall be deemed to be validly passed if passed by a written resolution signed by all the Directors.

	5.	LISTING

	5.1	Listing

		5.1.1	The parties record their intention to work towards a Listing on NASDAQ on or before the fourth anniversary of the date of this Agreement, subject always to the financial and commercial requirements of the Group and the benefits likely to accrue to the Company at the time in question.

		5.1.2	The Company shall use all reasonable endeavours to implement a Listing in accordance with clause 5.1.1 above.

	5.2	Co-operation

Subject to clauses 3.1.4, 3.2.4  and 3.4, if the Board resolves that it wish to seek a Listing, each Shareholder shall (at the cost of the Company):

		5.2.1	co‐operate fully with, and procure, so far as it lawfully can, that any person to whom it has transferred Shares in accordance with paragraph 8 of Schedule 5 (a "Permitted Transferee") shall co‐operate fully with, the Company and its financial and other advisers in order to achieve the Listing;

 

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		5.2.2	agree with the other parties and procure, so far as it lawfully can, that any such Permitted Transferee agrees with the other parties, such amendments to the Articles and/or this Agreement (including if relevant the replacement of the Articles) as are determined by the Board (in accordance with the Articles and clauses 3.1.4 and 3.4) to be reasonably necessary in order to achieve such Listing or as are required by the relevant stock exchange or any other relevant regulatory body as a condition of such Listing (provided, however, that no Shareholder shall thereby be required to agree to any such amendment which shall have the effect of imposing upon it an obligation to contribute a greater amount of capital or other funds (whether in cash or kind) to the Company than it is already obliged to contribute) or a variation of the rights to the shares or stock of the Company that they hold; and

		5.2.3	do all such acts and things and execute all such documents and deeds as it may reasonably be requested to do so by the Company in connection with or for the purposes of Listing including without limitation, exercising the voting rights attaching to any Shares owned by it at that time in favour of any resolutions reasonably proposed by the Company and agreeing to any customary lock up and/or restriction on dealings in securities of the Company following Listing provided further that if at any time before or after the Listing, any provisions of this Agreement are in conflict with applicable laws of the state of incorporation of the Company, or Powin Corporation after the Merger, or in conflict with SEC requirements or in conflict with NASDAQ corporate governance rules or similar exchange rules, then such provisions which are in conflict shall be deemed nullified and of no force or effect..

	5.3	Demand and Piggyback Registration Rights

The parties agree that the Major Shareholders shall have the rights to register its Shares from time to time in accordance with the terms, and subject to the conditions set forth in Schedule 7:

	6.	PROTECTION OF THE BUSINESS

	6.1	In this clause:

		6.1.1	"Competing Business" means any business carried on within the United States and the People's Republic of China which wholly or partly competes or proposes to compete with the Business or with any business which at the Termination Date the Company proposes to carry on in the immediate or foreseeable future;

		6.1.2	"Restricted Goods or Services" means goods or services of the same type as or similar to or competitive with any goods or services supplied by the Company in carrying on the Business;

		6.1.3	"Restricted Parties" means Key Shareholders and Powin Corporation prior to the effectiveness of the Merger;

		6.1.4	"Termination Date" means the earlier of the date of termination of this Agreement or the date the Restricted Party ceases to hold any Shares; and

		6.1.5	references to acting directly or indirectly include (without prejudice to the generality of that expression) acting alone or on behalf of any other person or jointly with or through or by means of any other person.

 

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	6.2	Each of the Restricted Parties covenants with each of the other parties that, during the continuance of this Agreement and until the expiration of 18 months from the Termination Date, it shall not (and shall procure that none of its Related Parties shall) directly or indirectly carry on or be engaged or interested in a Competing Business, save that it may hold for investment up to 5% of any class of securities of any Competing Business quoted or dealt in on a recognised stock exchange.

	6.3	Each of the Restricted Parties covenants with each of the other parties that, during the continuance of this Agreement and until the expiration of 18 months from the Termination Date, it shall not (and shall procure that none of its Related Parties shall) directly or indirectly accept orders for or supply or cause orders to be accepted for or cause to be supplied Restricted Goods or Services to any person:

		6.3.1	who, to its knowledge, was provided with goods or services by the Group in the course of the carrying on of the Business at any time within the preceding 18 months, where the Agreement has not terminated, or, where the Agreement has terminated, at any time during the 18 months up to and including the Termination Date; or

		6.3.2	who, to its knowledge, was negotiating with any member of the Group in relation to orders for or the supply of goods or services in the course of the carrying on of the Business at any time within the preceding 18 months, where the Agreement has not terminated, or, where the Agreement has terminated, at any time during the 18 months up to and including the Termination Date.

	6.4	Each of the Restricted Parties covenants with each of the other parties that, during the continuance of this Agreement and until the expiration of 18 months from the Termination Date, it shall not (and shall procure that none of its Related Parties shall) directly or indirectly solicit, canvass or approach or endeavour to solicit, canvass or approach or cause to be solicited, canvassed or approached any person:

		6.4.1	who, to its knowledge, was provided with goods or services by the Group in the course of the carrying on of the Business at any time within the preceding 18 months, where the Agreement has not terminated, or, where the Agreement has terminated, at any time during the 18 months up to and including the Termination Date; or

		6.4.2	who, to its knowledge, was negotiating with any member of the Group in relation to orders for or the supply of goods or services in the course of the carrying on of the Business at any time within the preceding 18 months, where the Agreement has not terminated, or, where the Agreement has terminated, at any time during the 18 months up to and including the Termination Date;

for the purpose of offering to that person Restricted Goods or Services.

	6.5	Each of the Restricted Parties covenants with each of the other parties that, during the continuance of this Agreement and until the expiration of 18 months from the Termination Date, it shall not (and shall procure that none of its Related Parties shall) directly or indirectly solicit, canvass or approach or endeavour to solicit, canvass or approach or cause to be solicited, canvassed or approached for the purpose of obtaining the supply of goods or services of the same type as or similar to any goods or services supplied to any member of the Group in the course of the carrying on of the Business any person who, to its knowledge, supplied the Company with any such goods or services at any time:

		6.5.1	during the preceding 18 months, where the Agreement has not terminated; or

		6.5.2	where the Agreement has terminated, during the 18 months up to and including the Termination Date,

 

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where it is reasonably likely that such soliciting, canvassing or approaching would, if successful, materially prejudice the Group's ability to procure or the terms on which it is able to procure the supply of such goods or services.

	6.6	Each of the Restricted Parties covenants with each of the other parties that, during the continuance of this Agreement and until the expiration of 18 months from the Termination Date, it shall not (and shall procure that none of its Related Parties shall) directly or indirectly:

		6.6.1	solicit or entice away or endeavour to solicit or entice away or cause to be solicited or enticed away from any member of the Group any person who is, and, where the Agreement has terminated, was at the Termination Date, employed or directly or indirectly engaged by any member of the Group in an executive, sales, marketing, research or technical capacity  or any of the Key Employees, with a view to inducing that person to leave such employment or engagement (whether or not such person would commit a breach of his contract of employment or engagement by reason of leaving);

		6.6.2	solicit or endeavour to solicit or cause to be solicited any person who was at any time during the preceding 18 months, where the Agreement has not terminated, or, where the Agreement has terminated, during the18 months up to and including the Termination Date, employed or directly or indirectly engaged by any member of the Group who, by reason of their employment or engagement, possesses any trade secrets or a material amount of confidential information concerning the Business or is likely to be able to solicit away from the Group the custom of any person to whom the Group supplies goods or services, with a view to inducing that person to act in the same or a materially similar capacity in relation to the same or a materially similar field of work for another person carrying on business in competition with the Group (whether or not such person would commit a breach of his contract of employment or engagement by reason of so acting).

	6.7	Each of the restrictions set out in sub‐clauses 6.2 to 6.6 is separate and severable and, in the event of any such restriction (including the defined expressions in sub‐clause 6.1 being determined as unenforceable in whole or in part for any reason, such unenforceability shall not affect the enforceability of the remaining restrictions or, in the case of part of a restriction being unenforceable, the remainder of that restriction.  The restrictions in sub‐clause 6.2 shall be deemed to be separate and severable in relation to each of the countries set out in sub‐clause 6.1.1.

	7.	DEFAULT

	7.1	General Events of Default

A Major Shareholder (or someone who subscribes to Shares which if paid for would entitle such party to become a Major Shareholder) commits an event of default (an "Event of Default") if:

		7.1.1	it does not pay any amount due and payable by it under its Subscription Agreement and such amount remains unpaid after the expiry of thirty (30) days following the giving by the Company or Powin Corporation to such party of a notice requiring such payment to be made; or

		7.1.2	an order is made by a court of competent jurisdiction, or a resolution is passed, for the bankruptcy, liquidation or administration of Major Shareholder or a notice of appointment of an administrator of such Major Shareholder is filed with a court of competent jurisdiction (otherwise than in the course of a reorganisation or restructuring previously approved in writing by the other Shareholders);

 

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		7.1.3	any step is taken (otherwise than in the course of a reorganisation or restructuring previously approved in writing by the other Major Shareholders) to appoint a manager, receiver, administrative receiver, administrator, trustee or other similar officer of such Major Shareholder or in respect of such Major Shareholder or any of its assets which include either (i) the Shares held by that Major Shareholder or (ii) shares or other securities in that Major Shareholder;

		7.1.4	it convenes a meeting of its creditors or makes or proposes any arrangement or composition with, or any assignment for the benefit of, its creditors;

		7.1.5	it commits a material breach of this Agreement and (if capable of remedy) fails to remedy the same (or establish plans to remedy the same in a manner reasonably satisfactory to the other Major Shareholders) within twenty (20) Business Days of notice to do so being given by the Company or Powin Corporation  (and in respect of which such other Major Shareholders expresses its intention to exercise its rights under this clause); or

		7.1.6	it is unable to pay its debts as they fall due.

	7.2	Consequences of an Event of Default

		7.2.1	On the occurrence of an Event of Default committed by such party (a "Defaulting Shareholder") then, without prejudice to the Defaulting Shareholder's obligations under this Agreement and to any other rights or remedies available to any of the other parties with respect to the Defaulting Shareholder, any of the other Major Shareholders shall be entitled by notice in writing to the Defaulting Shareholder (copied to the Company or Powin Corporation) at any time whilst such Event of Default subsists to require:

		(A)	that the Defaulting Shareholder shall not exercise its right to attend and vote at general meetings of the Company or execute written resolutions; and

		(B)	that any Director appointed by the Defaulting Shareholder shall be suspended.

		(C)	such Defaulting Shareholder shall not have the right to assert any of the provisions of this Agreement for the benefit of Major Shareholders.

		7.2.2	Pursuant to the right granted to them under this Agreement , the Major Shareholders agree, and give notice of such agreement to the Company, that whenever any notice is given pursuant to clause 7.2.1(B), no Director who is the subject of such notice shall be required in order to constitute a quorum for the transaction of business at a meeting of the Board and the quorum requirements for meetings of the Board as set out in this Agreement and the Articles shall, in those circumstances, be construed accordingly.

	7.3	General Indemnity

A Defaulting Shareholder shall on demand from any other party, indemnify such other party against any loss, cost, claim, damage or expense (including but not limited to legal fees) suffered or incurred:

		7.3.1	as a result of any default by the Defaulting Shareholder in the performance of any of the obligations expressed to be performed by it under this Agreement or as the result of an occurrence of an Event of Default which has occurred in relation to such Defaulting Shareholder; or

 

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		7.3.2	in connection with the enforcement, preservation or protection of any rights against the Defaulting Shareholder under this Agreement.

	7.4	Default Interest

If any party fails to pay any amount due and payable by it under this Agreement or under any judgment in connection with this Agreement, such party shall pay to the party or parties to whom the same was due, interest on such overdue amount including overdue interest under this clause from the due date until the date of actual payment, as well after as before judgment, at a rate of 5% per annum above the base rate from time to time of The Hongkong and Shanghai Banking Corporation Limited.

	8.	TERMINATION

	8.1	Full termination

This Agreement shall remain in full force and effect as between all the parties until the earlier of:

		8.1.1	the dissolution of the Company; or

		8.1.2	a Listing; or

		8.1.3	the agreement of all the parties that it be terminated.

8.1.4

	8.2	Partial termination

Without prejudice to clause 8.1, this Agreement shall terminate, as between a Major Shareholder and the other parties when such Major Shareholder no longer owns 15% of the outstanding common stock of the Company, or its equivalent upon the effectiveness of the Merger.

	8.3	Consequences of termination

		8.3.1	Termination of this Agreement shall be without prejudice to any accrued rights or obligations of the parties up to the date of termination; and the provisions of clauses 1 and 9 to 11, shall remain in full force and effect notwithstanding termination.

		8.3.2	On ceasing to be a Major Shareholder, the former Major Shareholder shall return to the Company or destroy any information of the kind referred to in clause 9.1.2 and 9.1.3, except to the extent that clauses 9.2.1 and/or 9.2.2 apply to such information.

		8.3.3	Notwithstanding clause 8.3.2, the former Major Shareholder may retain any information of the kind referred to in clause 9.1.2 and 9.1.3:

		(A)	which is referred to in its board minutes or in documents referred to therein; and/or

		(B)	which it is impracticable to expunge from a computer, word processor or other device,

in each case without prejudice to any duties of confidentiality in respect of that information so retained.

 

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	9.	CONFIDENTIALITY AND ANNOUNCEMENTS

	9.1	General restrictions

Subject to the exceptions provided in clauses 9.2 and 9.3, none of the parties shall, at any time, whether before or after the expiry or sooner termination of this Agreement, without the written consent of the other parties, divulge or permit its officers, employees, agents, advisers or contractors to divulge to any person (other than to any respective officers or employees of a party or a person to whom, in each case, disclosure of information is permitted by this Agreement and who require the same to enable them properly to carry out their duties):

		9.1.1	Intentionally Deleted.

		9.1.2	any Confidential Information which it may have or acquire (whether before or after the date of this Agreement) relating to the Business; and/or

		9.1.3	any information which, as a consequence of the negotiations relating to this Agreement or of a party being involved in the Business or any member of the Group in any manner whatsoever (including as a Major Shareholder and as an appointor of a Director) or performing or exercising its rights and obligations under this Agreement, any party may have acquired (whether before or after the date of this Agreement) with respect to the customers, business, assets or affairs of any other party.

	9.2	Exceptions

The confidentiality obligations imposed by clause 9.1 shall not apply to the disclosure of any information by a party (the "disclosing party"):

		9.2.1	which now or hereafter comes into the public domain otherwise than as a result of a breach by the disclosing party of its undertaking of confidentiality under this Agreement;

		9.2.2	which was lawfully in the disclosing party’s possession prior to disclosure by the disclosing party, or now or hereafter becomes available to the recipient from a source where such source is not bound by any obligation of confidentiality in relation to such information;

		9.2.3	which is required by law or any applicable regulatory authority to be disclosed to any person or any person who is authorised by law to receive the same;

		9.2.4	which is required to be disclosed by the regulations of the SEC or of any recognised exchange upon which the share capital of the disclosing party or its Holding Company is or is proposed to be from time to time listed or dealt in;

		9.2.5	which is required to enable the disclosing party to enforce its rights under this Agreement or any document entered into pursuant to it;

		9.2.6	to a court, arbitrator or administrative tribunal in the course of proceedings before it to which the disclosing party is a party in a case where such disclosure is required by such proceedings;

		9.2.7	to any professional advisers to, and consultants, employees or agents of, the disclosing party who are bound to the disclosing party by a duty of confidence which applies to any information disclosed;

		9.2.8	to the other parties to this Agreement; or

 

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		9.2.9	in the case of the disclosing party being a Major Shareholder, pursuant to or as expressly permitted by the terms of this Agreement including but not limited to clause 9.4.

	9.3	Announcements

Subject to the remaining provisions of this clause, no party shall release any announcement or except as provided in this Agreement despatch any announcement or circular, relating to this Agreement unless the form and content of such announcement or circular have been submitted to, and agreed by, the other parties. Nothing in this clause 9.3 shall prohibit any party from making any announcement or despatching any circular as required by law or the rules of any other regulatory body in which case, the party required to make the announcement must, so far as is practicable, take into account the reasonable requirements of the other parties as to the content of such announcement or circular.

	9.4	Rights of Shareholders to disclose information to others

Each Shareholder may disclose any information received from the Company or relating to the Business or otherwise to the assets, affairs and financial or other position of the Group to:

		9.4.1	any Holding Company or subsidiary of that Major Shareholder and to any subsidiary of any such Holding Company, provided that it shall use all reasonable endeavours to procure that such recipients are aware of the confidential nature of such information and such information may not be used other than for the purpose of reviewing any investment in the Company;

		9.4.2	any adviser to, trustee or manager of or a Major Shareholder Investor or prospective Major Shareholder and any person on whose behalf the Shares are held, provided that it shall use all reasonable endeavours to procure that such recipients are aware of the confidential nature of such information and such information may not be used other than for the purpose of reviewing any investment in the Company and that they enter into confidentiality agreements with the Company;

		9.4.3	its legal and investment advisers and any of its other professional advisers who are bound to such Major Shareholder by a duty of confidence in respect of the information disclosed; and

		9.4.4	any underwriter or broker for the purpose of facilitating the Listing or in connection with a financing transaction

	10.	MISCELLANEOUS PROVISIONS

	10.1	No Partnership

Nothing in this Agreement or in any document referred to in it or any arrangement contemplated by it shall constitute any of the parties a partner of any other, nor shall the execution, completion and implementation of this Agreement confer on any party any power to bind or impose any obligations to any third parties on any other party or to pledge the credit of any other party.

	10.2	Assignment and further share issues

		10.2.1	None of the parties may assign any of their respective rights or obligations under this Agreement nor any of the documents referred to in this Agreement in whole or in part (otherwise than pursuant to a transfer of Shares in accordance in all respects with the provisions and requirements of this Agreement and of the Articles).

 

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		10.2.2	If a party ceases to hold Shares it shall cease to be a party to this Agreement and shall cease to have any liability under this Agreement (save to the extent that such liability has already arisen and save for its continuing obligations under clauses 6 and 9) with effect from the date on which all Deeds of Adherence required by this Agreement have been executed.

	10.3	Waiver

The rights and remedies of the parties shall not be affected by any failure to exercise or delay in exercising any right or remedy or by the giving of any indulgence by any other party or by anything whatsoever except a specific waiver or release in writing and any such waiver or release shall not prejudice or affect any other rights or remedies of the parties. No single or partial exercise of any right or remedy shall prevent any further or other exercise thereof, or the exercise of any other right or remedy.

	10.4	Entire agreement and severance

		10.4.1	Each of the parties to this Agreement confirms that this Agreement together with the Subscription Agreement, represents the entire understanding, and constitutes the whole agreement, in relation to its subject matter and supersedes any previous agreement between the parties with respect thereto and, without prejudice to the generality of the foregoing, excludes any warranty, condition or other undertaking implied at law or by custom, usage or course of dealing.

		10.4.2	Each party confirms that in entering into this Agreement it has not relied on any representation, warranty, assurance, covenant, indemnity, undertaking or commitment which is not expressly set out or referred to in this Agreement.

		10.4.3	If any provision of this Agreement shall be void or unenforceable by reason of any applicable law, it shall be deemed to be deleted and the remaining provisions of this Agreement shall continue in full force and effect.

	10.5	Further assurance

Each party shall after the date of this Agreement execute all such deeds and documents and do all such things as the other parties may require for perfecting the transactions intended to be effected under or pursuant to this Agreement and for giving the other parties the full benefit of the provisions of this Agreement, including the amendment of the Articles to reflect the provisions of this Agreement (to the extent required) and making the necessary regulatory filing of the same as soon as practicable following the date of this Agreement (in any event by no later than ten (10) Business Days following the execution of this Agreement).

	10.6	Notices

		10.6.1	A notice (including any approval, consent or other communication) in connection with this Agreement and the documents referred to in it:

		(A)	must be in writing;

		(B)	must be left at the address of the addressee or sent by pre‐paid post to the address of the addressee or sent by facsimile to the facsimile number of the addressee and marked for the attention of the person so specified, or to such other address or facsimile number and/or marked for the attention of such other person, as the relevant party may from time to time specify by notice given in accordance with this clause. The relevant details of each party for the service of notices as at the date of this Agreement are set out in Schedule 6; and

 

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		(C)	for the avoidance of doubt, must not be sent by electronic mail unless agreed to by the parties.

		10.6.2	In the absence of evidence of earlier receipt, any notice shall take effect from the time that it is deemed to be received in accordance with clause 10.6.3 below.

		10.6.3	Subject to clause 10.6.4 below, a notice is deemed to be received:

		(A)	in the case of a notice left at the address of the addressee, upon delivery at that address;

		(B)	in the case of a posted letter, on the third (3rd) day after posting; and

		(C)	in the case of a facsimile, on production of a transmission report from the machine from which the facsimile was sent which indicates that the facsimile was sent in its entirety to the facsimile number of the recipient.

		10.6.4	A notice received or deemed to be received in accordance with clause 10.6.3 above on a day which is not a Business Day or after 5p.m. on any Business Day, according to local time in the place of receipt, shall be deemed to be received on the next following Business Day.

		10.6.5	Each party undertakes to notify all of the other parties by notice served in accordance with this clause if the address specified herein is no longer an appropriate address for the service of notices.

	10.7	Taxation of payments

Any payment made by or due under, or pursuant to the terms of this Agreement from a party to this Agreement to another party under this Agreement shall be free and clear of all Taxation whatsoever save only for any deductions or withholdings required by law.

	10.8	Payments net of Tax

If any deductions or withholdings are required by law, or any payments made by or due from a party under this Agreement to another party under this Agreement are liable for Taxation, or would have been liable for Taxation but for the utilisation of any Tax relief in respect of such liability, the paying party shall be liable to pay to the recipient such further sums as shall be required to ensure that the net amount received by the recipient will equal the full amount which would have been received under the relevant provisions of this Agreement in the absence of any such deductions, withholdings or Taxation liabilities.

	10.9	Counterparts

This Agreement may be executed in any number of counterparts and by the different parties on separate counterparts, each of which when executed and delivered shall constitute an original, but all the counterparts shall together constitute one instrument.

	10.10	Variations

No variation of this Agreement (or any of the documents referred to in it) shall be valid unless made in writing (which for this purpose does not include e-mail) and signed by or on behalf of the parties. The expression "variation" includes any variation, supplement, deletion or replacement however effected.

	10.11	Damages

Each party acknowledges that damages may not be an adequate remedy for any breach of the undertakings by that party contained in this Agreement and that any other party may be entitled (in addition to damages) to the remedies of injunction, specific performance and other equitable relief for any threatened or actual breach of any such undertakings.

 

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	10.12	Relationship of Agreement and Articles

If, during the continuance of this Agreement, there shall be any conflict between the provisions of this Agreement and of the Articles then as between the Shareholders who are a party to this Agreement or who have executed a Deed of Adherence, during such period, the provisions of this Agreement shall prevail.

	10.13	No amendment to Articles

Nothing contained in this Agreement shall be deemed to constitute an amendment of the Articles or of any previous articles of association of the Company.

	11.	GOVERNING LAW, JURISDICTION AND SERVICE OF PROCESS

	11.1	Hong Kong law shall govern this Agreement and all documents delivered pursuant hereto without regard to principles of conflicts of law. The Parties each submit to the non-exclusive jurisdiction of the State and Federal courts in Portland, Oregon, except that nothing in this Agreement shall be deemed to operate to preclude a Party from bringing suit or taking other legal action in any other jurisdiction to enforce its rights or to enforce a judgment or other court order in favour of a Party. Each Party expressly submits and consents in advance to such jurisdiction in any action or suit commenced in any such court, and each Party hereby waives any objection that it may have based upon lack of personal jurisdiction, improper venue, or forum non conveniens and hereby consents to the granting of such legal or equitable relief as is deemed appropriate by such court. Each Party hereby waives personal service of the summons, complaints, and other process issued in such action or suit and agrees that service of such summons, complaints, and other process may be made by registered or certified mail addressed to such Party at the address for notices set forth above and that service so made shall be deemed completed upon the earlier to occur of such Party’s actual receipt thereof or, in the case of the Issuer, three (3) days after deposit in the US mails, proper postage prepaid.

	11.2	Except for disputes relating to the enforcement of this Agreement, any claim, dispute or controversy of whatever nature arising out of or relating to this Agreement, including, any action or claim based on tort, contract, or statute, or concerning the interpretation, effect, termination, validity, performance and/or breach of this Agreement (the "Claim"), shall be resolved by final and binding arbitration. The arbitration shall be conducted by and submitted to a single arbitrator (the "Arbitrator") selected from and administered by the Portland, Multnomah County, Oregon of JAMS ("JAMS"), in accordance with its then existing Comprehensive Arbitration Rules & Procedures; however, upon the written demand of any Party to the arbitration, the arbitration shall be conducted by and submitted to three Arbitrators selected from and administered by the JAMS Comprehensive Arbitration Rules & Procedures. The arbitration hearing shall be held in Portland, Multnomah County, Oregon.

The Arbitrator(s) shall NOT be authorized to reform, modify or materially change this Agreement or other agreements entered into between the Parties. Each Party shall bear its own attorneys’ fees, costs and disbursements arising out of the arbitration, and shall pay an equal share of the fees and costs of the Arbitrator(s) and JAMS; however, the Arbitrator(s) shall be authorized to determine whether a Party is the prevailing Party and, if so, to award to that prevailing Party reimbursement for its reasonable attorneys’ fees, costs and disbursements (including, for example, expert witness fees and expenses, photocopy charges, travel expenses, etc.), and/or the fees and costs of the Arbitrator(s) and JAMS.  The Arbitrator(s), and not a court, shall also be authorized to determine whether this clause 11 applies to a Claim sought to be resolved hereunder. The Arbitrator(s) shall, within fifteen (15) calendar days after the conclusion of the arbitration hearing, issue a written award and a written statement of decision describing the material factual findings and conclusions on which the award is based, including the calculation of any damages awarded.

 

20

By agreeing to this binding arbitration provision, the Parties understand that they are waiving certain rights and protections which may otherwise be available if a Claim were determined by litigation in court, including, without limitation, the right to seek or obtain certain types of damages precluded by this arbitration provision, the right to a jury trial, certain rights of appeal, and a right to invoke formal rules of procedure and evidence.

 

21

 

SCHEDULE 1

 CORPORATE STRUCTURE OF THE GROUP

  

	
The Company

	 
	 	 
	
Registered Company Name:

	
Powin Energy Corporation

	 	 
	 	 
	
Date of Incorporation:

	
8-9-2010

	 	 
	 	 
	
Place of Incorporation:

	
The State of Oregon, United States

	 	 
	 	 
	
Issued Share Capital:

	
US$_________divided into ________ Shares

	 	 
	
Financial Year End:

	
31 December

 

22

 

SCHEDULE 2

FORM OF DEED OF ADHERENCE (TRANSFERS)1

 

THIS DEED is made on [                                   ] 20[  ] BETWEEN:

	1.	[                                    ] ‐ all existing parties other than transferor and transferee] (the "Shareholders");

	[2.]	POWIN ENERGY CORPORATION, company incorporated in [the State of Oregon, US and whose registered office is at [·], the United States of America ("Company");

	3.	[                               ], a company incorporated under the laws of [                       ] having its [registered] office at [                                     ] OR [                           ] of [address] (the "Transferor")];

	4.	[                                ], a company incorporated under the laws of [       ] having its [registered] office at [                                     ] OR [                     ] of [address] ("New Shareholder")

WHEREAS:

	(A)	The Transferor [is a party] [has acceded by means of an agreement dated] [date of previous Deed of Adherence] to an agreement entitled "Shareholder's Agreement" dated [—] and made between the Company and the parties named therein (the "Shareholder's Agreement") by which the Shareholders and the other parties thereto agreed provisions relating to the ownership of the Company and the conduct of its Business.

	(B)	The Transferor wishes to transfer to the Transferee the Shares described in the Schedule to this Deed (the "Transferred Interest") and the New Shareholder has agreed to purchase the Transferred Interest [subject to and in accordance with the terms and conditions of an agreement to be dated [date of Transfer Agreement] and made between the Transferor and the New Shareholder (the "Transfer Agreement").]

NOW THIS DEED WITNESSETH AND IT IS HEREBY AGREED:

	1.	DEFINITIONS AND INTERPRETATIONS

	1.1	Definitions

In this Deed (including the Recitals and Schedule hereto), unless the subject or context otherwise requires, words defined in the Shareholder's Agreement shall have the same meanings when used herein and:

"Completion" means the completion of the sale and transfer of the Transferred Interest to take place at the offices of [—] on [date] in accordance with the provisions of the Articles; and

"Transfer Date" has the meaning given thereto in clause 3.1.

	1.2	Interpretation and Construction

The provisions of clauses 1.1 and 1.2 of the Shareholder's Agreement shall apply to this Deed mutatis mutandis.

 

1 For use on transfer of Shares.

 

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	1.3	Headings

Headings shall be ignored in the construction of this Deed.

	2.	REPRESENTATIONS AND WARRANTIES

	2.1	The New Shareholder represents and warrants to each of the other parties as follows:

		2.1.1	Status

It is a company duly established and existing under the laws of the jurisdiction stated on page 1 of this Deed and has the power and authority to own its assets and to conduct the business which it conducts.

		2.1.2	Powers

It has the power (a) to enter into, exercise its rights and perform and comply with its obligations under this Deed and the Shareholder's Agreement and (b) to act as a Shareholder of the Company.

		2.1.3	Authorisation and consents

All actions, conditions and things required to be taken, fulfilled and done (including the obtaining of necessary consents) in order (a) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under this Deed and the Shareholder's Agreement, legally binding and enforceable and (b) to make this Deed and the Shareholder's Agreement admissible in evidence in the courts of the jurisdiction in which it is incorporated have been taken, fulfilled and done.

		2.1.4	Non‐violation of laws etc.

Its entry into, exercise of its respective rights and/or performance of or compliance with its respective obligations under this Deed and the Shareholder's Agreement and the purchase of Shares do not and will not violate or exceed any restriction imposed by (a) any law to which it is subject or (b) its memorandum or articles of association or, as the case may be, certificate of incorporation or bye‐laws/statutes.

		2.1.5	Obligations binding

Its obligations under this Deed and the Shareholder's Agreement are valid, binding and enforceable.

		2.1.6	Non‐violation of other agreements

Its entry into, exercise of its rights and/or performance of or compliance with its respective obligations under this Deed and the Shareholder's Agreement and the purchase of Shares do not and will not violate any agreement to which it is a party which is binding on its assets.

	3.	UNDERTAKINGS OF THE NEW SHAREHOLDER

	3.1	Assumption of obligations

In consideration of the agreement of the Transferor to transfer the Transferred Interest to the New Shareholder, the New Shareholder undertakes, to each other party to this Deed, that it will, with effect from the date of transfer by the Transferor to the New Shareholder of the Transferred Interest (the "Transfer Date") and without prejudice to any liability of the Transferor in respect of any breach by it of obligations under the Shareholder's Agreement prior to the Transfer Date, assume, perform and comply with each of the obligations of the Transferor under the Shareholder's Agreement as if it had been a party to the Shareholder's Agreement at the date of execution thereof and the parties agree that where there is a reference to a "Shareholder" there it shall be deemed to include a reference to the Transferee.

 

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	3.2	Release

In consideration of the undertakings given by the New Shareholder under this clause, the parties hereby acknowledge and agree that the obligations of the Transferor under the Shareholder's Agreement (except those under clauses confidentiality, warranties miscellaneous) shall, in the case only of a transfer of all the Transferor's Shares, cease with effect from the Transfer Date, without prejudice to any liability of the Transferor in respect of any breach by it of obligations under the Shareholder's Agreement prior to the Transfer Date.

	4.	RIGHTS OF THE TRANSFEREE

The parties hereto (other than the New Shareholder) agree that there shall be accorded to the New Shareholder with effect from the Transfer Date all the rights of the Transferor with respect to the Transferred Interest (in each case without prejudice to the rights of the Transferor under the Shareholder's Agreement in respect of any breach by any other party thereto of its obligations thereunder at any time prior to the Transfer Date) as if the New Shareholder had been a party to the Shareholder's Agreement at the date of execution thereof and, with effect from the Transfer Date, the Transferor shall cease to be entitled to those rights.

	5.	NOTICES

The address and facsimile number designated by the New Shareholder for the purposes of clause 10.6 (Notices) of the Shareholder's Agreement are:

Address:

Fax:

For the attention of:

	6.	ASSIGNMENT AND TRANSFER

The parties hereto hereby acknowledge and agree that, save as provided in clause 10.2 of the Shareholder's Agreement, no party shall have any right to assign, transfer or in any way dispose of the benefit (or any part thereof) or the burden (or any part thereof) of this Deed without the prior written consent of other parties.

	7.	MISCELLANEOUS

	7.1	This Deed shall be governed by, and construed in accordance with the laws of Hong Kong.

	7.2	The provisions of clause 11.2 of the Shareholder's Agreement shall apply to this Deed mutatis mutandis.

 

IN WITNESS whereof this Deed has been entered into the day and year first before written.

 

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SCHEDULE 3

FORM OF DEED OF ADHERENCE (SUBSCRIPTIONS)2

  

THIS DEED is made on [                                   ] 20[  ] BETWEEN:

[

	1.	[                                    ] ‐ all existing shareholders] (the "Shareholders");

[

	2.	POWIN ENERGY CORPORATION, company incorporated in the State of Oregon, US and whose registered office is at [·], the United States of America ("Company");

	
[

	3.	[                               ], a company incorporated under the laws of [                       ] having its [registered] office at [                                     ] OR [                           ] of [address] ("New Shareholder");

WHEREAS:

	(A)	Pursuant to an agreement entitled "Shareholder's Agreement" dated [—] and made between the Company and the parties named therein (the "Shareholder's Agreement"), the Shareholders and the other parties thereto agreed provisions relating to the ownership of the Company and the conduct of its Business.

	(B)	The New Shareholders wish to subscribe for the Shares described in the Schedule to this Deed (the "New Interest") and the Company has agreed to allot and issue the New Interest [subject to and in accordance with the terms and conditions of an agreement to be dated [date of Subscription Agreement] and made between the Company and the New Shareholder (the "Subscription Agreement").]

NOW THIS DEED WITNESSETH AND IT IS HEREBY AGREED:

	1.	DEFINITIONS AND INTERPRETATIONS

	1.1	Definitions

In this Deed (including the Recitals and Schedule hereto), unless the subject or context otherwise requires, words defined in the Shareholder's Agreement shall have the same meanings when used herein and:

"Completion" means the completion of the issue of the New Interest to take place at the offices of [—] on [date] in accordance with the provisions of the Articles; and

"Transfer Date" has the meaning given thereto in clause 3.

	1.2	Interpretation and Construction

The provisions of clauses 1.1 and 1.2 of the Shareholder's Agreement shall apply to this Deed mutatis mutandis.

	1.3	Headings

Headings shall be ignored in the construction of this Deed.

 

2 For use on allotment and issue of Shares.

 

26

	2.	REPRESENTATIONS AND WARRANTIES

	2.1	The New Shareholder represents and warrants to each of the other parties as follows:

		2.1.1	Status

It is a company duly established and existing under the laws of the jurisdiction stated on page 1 of this Deed and has the power and authority to own its assets and to conduct the business which it conducts.

		2.1.2	Powers

It has the power (a) to enter into, exercise its rights and perform and comply with its obligations under this Deed and the Shareholder's Agreement and (b) to act as a Shareholder of the Company.

		2.1.3	Authorisation and consents

All actions, conditions and things required to be taken, fulfilled and done (including the obtaining of necessary consents) in order (a) to enable it lawfully to enter into, exercise its rights and perform and comply with its obligations under this Deed and the Shareholder's Agreement, legally binding and enforceable and (b) to make this Deed and the Shareholder's Agreement admissible in evidence in the courts of the jurisdiction in which it is incorporated have been taken, fulfilled and done.

		2.1.4	Non‐violation of laws etc.

Its entry into, exercise of its respective rights and/or performance of or compliance with its respective obligations under this Deed and the Shareholder's Agreement and the subscription for Shares do not and will not violate or exceed any restriction imposed by (a) any law to which it is subject or (b) its memorandum or articles of association or, as the case may be, certificate of incorporation or bye‐laws/statutes.

		2.1.5	Obligations binding

Its obligations under this Deed and the Shareholder's Agreement are valid, binding and enforceable.

		2.1.6	Non‐violation of other agreements

Its entry into, exercise of its rights and/or performance of or compliance with its respective obligations under this Deed and the Shareholder's Agreement and the [purchase of and] subscription for Shares do not and will not violate any agreement to which it is a party which is binding on its assets.

	3.	UNDERTAKINGS OF THE NEW SHAREHOLDER

In consideration of the agreement of the Company to allot and issue the New Interest to the New Shareholder, the New Shareholder undertakes, to each other party to this Deed, that it will, with effect from the date of allotment and issue to the New Shareholder of the New Interest (the "Transfer Date") assume, perform and comply with each of a Shareholder's obligations under the Shareholder's Agreement as if it had been a party to the Shareholder's Agreement at the date of execution thereof and the parties agree that where there is a reference to a "Shareholder" there it shall be deemed to include a reference to the Transferee.

 

27

	4.	RIGHTS OF THE TRANSFEREE

The parties hereto (other than the New Shareholder) agree that there shall be accorded to the New Shareholder with effect from the Transfer Date all the rights of a Shareholder with respect to the New Interest as if the New Shareholder had been a party to the Shareholder's Agreement at the date of execution thereof and, with effect from the Transfer Date.

	5.	NOTICES

The address and facsimile number designated by the New Shareholder for the purposes of clause 10.6 (Notices) of the Shareholder's Agreement are:

Address:

Fax:

For the attention of:

	6.	ASSIGNMENT AND TRANSFER

The parties hereto hereby acknowledge and agree that, save as provided in clause 10.2 of the Shareholder's Agreement, no party shall have any right to assign, transfer or in any way dispose of the benefit (or any part thereof) or the burden (or any part thereof) of this Deed without the prior written consent of other parties.

	7.	MISCELLANEOUS

	7.1	This Deed shall be governed by, and construed in accordance with the laws of Hong Kong.

	7.2	The provisions of clause 11.2 of the Shareholder's Agreement shall apply to this Deed mutatis mutandis.

IN WITNESS whereof this Deed has been entered into the day and year first before written.

 

28

SCHEDULE 4

PART A

RESERVED MATTERS FOR BOTH KEY SHAREHOLDERS

 

	(A)	Amendment, modification or waiver of any material provisions of the constitutional documents or like documents of any Group Company, including the Articles.

	(B)	Any re-organisation, merger, amalgamation or consolidation with any other entity other than in connection with a Listing.

	(C)	Any proposal or any passing of any resolution for the winding up, placing into administration or liquidation of the Company or any Group Company other than pursuant to a mandatory requirement of any applicable law.

	(D)	Any change to the accounting reference date of the Group, the Agreed Accounting Practices and Policies (other than as required to comply with international financial reporting standards or applicable laws) or the removal of the Auditors as auditors of the Company or any member of the Group or the appointment as auditors or joint auditors of the Company or any member of the Group of any firm other than the Auditors.

	(E)	Any change to the rights attaching to the Shares.

	(F)	The issue of any shares (by way of bonus or otherwise) and/or the grant of any option or right to acquire or call for the issue of the same whether by conversion, subscription or otherwise of any Group Company save as otherwise expressly permitted by this Agreement or issuances in accordance with clause 3.1.5 provided however the Company (or Powin Corporation after the Merger is effective) may issue employee stock options covering up to 20% of the outstanding common stock of the Company or Powin Corporation, as the case may be..

	(G)	Consummation of a Listing, provided that all parties agree and consent to the Merger as a result of which the Company will become a publically listed OTC company.

	(H)	The recommendation of or proposals for any payment of any dividend or any other distribution of any Group Company other than as permitted by this agreement.

	(I)	The creation or amendment of any employee share scheme and/or the issue of any options under any such scheme.

  

PART B

RESERVED MATTERS THE BOARD OF DIRECTORS

 

	1.	The annual budget of the Group (the "Approved Budget").

	2.	The incurring of any capital expenditure by any member of the Group in excess of US$300,000 in respect of any one transaction or, in aggregate, in respect of multiple of transactions which are of a similar or identical nature in substance.

	3.	The entry by any member of the Group into any agreement for the sale, operation and/or management of the Group's power storage management systems, electric motor vehicle charging systems / stations or similar products and services.

 

29

 

	4.	The incurring of any expenditure by any member of the Group which exceed the amount for that item in the Approved Budget or which relates to an item or category not included in the Approved Budget.

	5.	The entry by any member of the Group into any contract, liability or commitment which (i) is incapable of being terminated within 12 months without the payment of any penalty by the Group, or (ii) could involve expenditure or the incurring of any other obligation by the company which in any case exceeds US$300,000 in respect of any one transaction or, in aggregate, in respect of multiple of transactions which are of a similar or identical nature in substance.

	6.	The creation or giving of any encumbrance in respect of all or any part of the undertaking, property or assets of the company or the acceptance by the company of any encumbrance for its benefit.

	7.	The creation by any member of the Group of any borrowings or other indebtedness or obligation in the nature of borrowings (including, without limitation, obligations pursuant to any debenture, bond, note, loan stock or other security of such company and obligations pursuant to finance leases) except as specifically provided for in the Approved Budget for the relevant year.

	8.	Any actual or proposed sale or other disposition of any assets or rights of any member of the Group or any actual or proposed acquisition of any assets or rights by any member of the Group in excess of an aggregate amount of US$300,000 in any year unless specifically provided in the Approved Budget or it involves the sale of current assets used in the ordinary course of Business.

	9.	The acquisition, whether by transfer, subscription or otherwise of any shares or debentures in any company or corporation other than the establishment of wholly-owned subsidiaries.

	10.	The entry by the company into any partnership, joint venture or other profit sharing agreement.

	11.	The cessation by the company of the business or the carrying on of the business on any materially reduced scale.

	12.	Any advance, loan or deposit of money by the any member of the Group not in the ordinary course of the business.

	13.	The initiation, conduct, settlement or abandoning of any claim, litigation, arbitration or other proceedings involving the company or any admission of liability by or on behalf of any member of the Group except in any case in relation to debt collection in the ordinary course of the business.

	14.	The making of any change (from the point of view of the relevant employee or category of employees) in the terms and conditions of employment (contractual or non‐contractual) of any employee or category of employees or the making of any such change in the terms of employment or the variation in the scope of duties of or the engagement, dismissal or termination of employment of any employee with annual remuneration in excess of US$150,000 unless such change, engagement, dismissal or termination is included in the Approved Budget.

	15.	Any change in the level of remuneration paid to any of the directors or the terms or conditions of employment of any of the directors unless such change is included in the Approved Budget.

 

	16.	Any transaction with any person otherwise than at arms length and for full value or any transaction with a Major Shareholder or a Related Parties of any Major Shareholder.

 

30

 

	17.	The adoption of, or participation by any member of the Group in, any pension scheme or the amendment of any existing pension scheme of the company or, except in compliance with the advice of actuaries appointed at a quorate meeting of the directors to review such scheme, any variation in or cessation of the contributions made by any member of the Group to any such scheme.

 

31

 

SCHEDULE 5

 TRANSFER OF SECURITIES

  

TRANSFER OF SHARES

	1.	No Major Shareholder may, without the consent of the Key Shareholders, create or permit to subsist any Encumbrance or other security interest whatsoever on or over or in respect of all or any of the Shares held by it, and shall not otherwise dispose of any of its Shares or otherwise purport to deal with the beneficial or economic interest therein (including but not limited to its voting rights) or any right relating thereto except by a transfer in accordance with this Schedule or the terms of this Agreement. Any transfer or other disposal of Shares that is made other than in accordance with this Schedule or the terms of this Agreement shall be void and deemed to be of no effect and the parties shall procure that such transfer shall not be registered in the statutory books and records of the Company.

	2.	If any Major Shareholder (the "Transferor") wishes to transfer any of its Shares or to dispose of any interest therein, it shall serve on the other Shareholders (including the Major Shareholders) and the Company a notice (the "Transfer Notice") in writing of its wish to do so. The Transfer Notice shall:

		2.1	state the number of Shares proposed to be transferred (the "Sale Shares") and the price ("Sale Price") at which they are proposed to be transferred;

		2.2	give details of the person if any (the "Third Party") to whom the Transferor wishes to transfer the Sale Shares in the event that the other Shareholders do not purchase all the Sale Shares in accordance with the provisions of this Schedule, together with the principal terms of such proposed transfer and any conditions or regulatory approvals required; and

2.3          be irrevocable, once given.

	3.	Within ten (10) days after receipt by the other Shareholders of the Transfer Notice, each of the other Shareholders shall give notice in writing as to whether it is willing to purchase any of the Sale Shares at the Sale Price and if so the maximum number of Sale Shares that it is prepared to purchase.

	4.	If any of the other Major Shareholders (each a "Transferee") applies for all or any of the Sale Shares then:

		4.1	if the aggregate number of Sale Shares applied for is equal to or less than the number of Sale Shares, the Transferor shall allocate the Sale Shares in accordance with the applications; or

		4.2	if the number of Sale Shares applied for is more than the number of Sale Shares, the Transferor shall allocate the Sale Shares as between the Transferees pro rata (or as nearly as is practicable) to their holdings of Shares but so that no Transferee shall be allocated more Sale Shares than applied for.

	5.	On the expiry of the ten (10) day period referred to in paragraph 3, the Transferor shall forthwith give notice (the "Allocation Notice") of the allocation of Sale Shares in accordance with paragraph 4 to each Transferee and shall specify in the Allocation Notice the number of Sale Shares allocated to each such Transferee and the place and time (being not later than three (3) Business Days after the date of the Allocation Notice) at which the Transferor and Transferee shall be bound to complete the sale of such Sale Shares. The Transferor shall be bound, on receipt of payment of the Sale Price, to transfer the relevant Sale Shares comprised in the Allocation Notice to the Transferee named therein at the time and place therein specified.

 

32

 

	6.	If, at the end of the ten (10) day period referred to in paragraph 3, the other Major Shareholders shall not have agreed to purchase all of the Sale Shares, the Transferor shall be at liberty to transfer all (but not part only) of the Sale Shares not applied for, at any time within sixty (60) days of the expiry of such period, to the Third Party specified in the Transfer Notice at a price not less than the Sale Price and otherwise on terms not more favourable than set out in the Transfer Notice and provided that the Third Party (if it is not already a Major Shareholder) executes and becomes bound by a Deed of Adherence.

	7.	Nothing in this Agreement shall apply to any transfer or sale of shares of Powin Corporation owned by the Founder or subject to his control, where such ownership is not as a result of the Merger.

	8.	Notwithstanding anything to the contrary contained in this Agreement or in the Articles, any Major Shareholder shall have the right to transfer its entire holding of Shares to its Related Company (or in the case of an individual Shareholder, to any family trust established by or for the benefit of that Shareholder) without being required to comply with the restrictions on transfer of Shares as set out in this Schedule, provided that before such transfer takes place, the relevant transferee executes and becomes bound by a Deed of Adherence and if such transferee ceases to be its Related Company (or a family trust benefitting relevant Shareholder) the entire holding of Shares shall be transferred back to the previous Shareholder and such previous Shareholder shall at all times remain a party to this Agreement and bound by this Agreement and shall procure that the transferee performs its obligations under this Agreement.

	9.	The parties shall procure that the Directors only register a transfer of Shares where the transfer was carried out in accordance with this Agreement and the Articles.

TAG ALONG RIGHTS

	10.	Subject to paragraph 7 above, if any Major Shareholder intends to dispose of its Shares, without prejudice to the other Shareholders' rights under paragraphs 4 and 5 above, in addition to issuing a Transfer Notice in accordance with paragraph 2 above, the relevant Major Shareholder ("Major Transferor") shall procure that the Third Party offer to acquire all of each Shareholder's Shares at effectively the same price per Share (and otherwise upon the same terms) as offered by the Third Party to the Major Transferor and on no less favourable terms and with the same completion date as those offered to the Major Transferor.

 

33

SCHEDULE 6

 CONTACT DETAILS

 

	
Name

	
Address or registered office

address and registered no. or

 passport no. where applicable

	
Facsimile

 number

	
Person to whom

notices should

 be given

	
SF Suntech Inc.

	
Portion B, 30/F Bank of Tower, 1 Garden Road, Central, Hong Kong

	
852-23638086

	
Mr. Keith Tse

	
Powin Corporation

	
20550 SW 115th Avenue

Tualatin, OR 97062

	
503-598 3941

	
Joseph Lu, CEO

	
Powin Energy Corporation

	
20550 SW 115th Avenue

Tualatin, OR 97062

	
503-598 3941

	
Nicholas I. Goyak

Secretary

	
Mr. Joseph Lu

	
333 NW 9th Ave. #1212, Portland, OR 97209

	
503 598 3941

	 
	
*Add name of new party and contact info

	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 	 

 

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SCHEDULE 7

 REGISTRATION RIGHTS

 

1.          Definitions. As used in this Schedule, the following terms shall have the meanings set forth below or as otherwise defined in the Agreement:

1.1          “Adverse Disclosure” means public disclosure of material non-public information which, in the Company’s board of director’s good faith judgment (i) would be required to be made in any report or a Registration Statement filed with the SEC by the Company so that such report or Registration Statement would not be materially misleading; (ii) would not be required to be made at such time but for the filing, effectiveness or continued use of such report or Registration Statement; and (iii) the Company has a bona fide business purpose for not disclosing publicly (other than avoidance of its obligations hereunder), including, without limitation, a potential material acquisition, divestiture of assets or other material corporate transaction, or the disclosure of such information would reasonably be expected to have a materially adverse effect on the Company.

1.2          “Additional Shares” means any additional Shares issued to any Holder pursuant to a stock split, stock dividend or other distribution with respect to, or in exchange or in replacement of, the Shares.

1.3          “Applicable Market” means NASDAQ.

1.4          “Demand Registration Request” has the meaning given to it in clause 2.1(a) hereof.

1.5          “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time.

1.6          “Excluded Registration” means (i) a registration relating to the sale of securities to employees of the Company or of a subsidiary of the Company pursuant to a stock option, stock purchase, or any other employee benefit plan; (ii) a registration relating to an SEC Rule 145 transaction; (iii) a registration on any form that does not include substantially the same information as would be required to be included in a registration statement covering the sale of the Registrable Securities; (iv) a registration on Form S-4 under the Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC; (v) a registration on a registration statement providing for the continuous sale of securities by the Company pursuant to Rule 415 promulgated under the Securities Act or (vi) a registration in which the only Shares being registered are Shares issuable upon conversion of debt securities or other convertible securities that are also being registered.

1.7          “Form S-3” means such form under the Securities Act as in effect on the date hereof or any successor or similar registration form under the Securities Act subsequently adopted by the SEC that permits incorporation of substantial information by reference to other documents filed by the Company with the SEC.

1.8          “Holder” (collectively, “Holders”) means the Major Shareholders or any transferee of Registrable Securities, to the extent holding Registrable Securities.

1.9          “Holder Counsel” has the meaning ascribed to it in clause 2.1(f)(v) hereof.

1.10        “Holder Indemnitees” has the meaning ascribed to it in clause 2.5(a) hereof.

 

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1.11        “Indemnified Party” has the meaning ascribed to it in clause 2.5(c) hereof.

1.12        “Indemnifying Party” has the meaning ascribed to it in clause 2.5(c) hereof.

1.13        “Legal Proceeding” means any action, suit, litigation, arbitration, proceeding (including any civil, criminal, administrative, investigative or appellate proceeding), hearing, inquiry, audit, examination or investigation commenced, brought, conducted or heard by or before, or otherwise involving, any court or other Authority or any arbitrator or arbitration panel.

1.14        “Person” means an individual, partnership, corporation, business trust, joint stock company, trust, unincorporated association, joint venture, limited liability company or any other entity of whatever nature, and shall include any successor (by merger or otherwise) of such entity.

1.15        “Prospectus” means the prospectus included in any Registration Statement, all amendments and supplements to such prospectus, including post-effective amendments, and all other material incorporated by reference in such prospectus.

1.16        “register,” “registered” and “registration” refer to a registration effected by filing with the SEC a Registration Statement in compliance with the Securities Act and pursuant to Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis, and the declaration or ordering by the SEC of the effectiveness of such Registration Statement.

1.17        “Registrable Securities” means (i) the Shares purchased pursuant to the Agreement and (ii) any Additional Shares; provided, however, that any of the Shares or Additional Shares shall cease to be treated as Registrable Securities as of (a) such time following the date that a Registration Statement covering such security has been declared effective by the SEC that such security has been disposed of pursuant to such effective Registration Statement, (b) the date on which such security is sold pursuant to Rule 144, (c) the date on which such security ceases to be outstanding, (d) the date on which such security is Transferred without a transfer of the registration rights hereunder pursuant to clause 2.7 hereof or (e) the date as of which the Holder thereof, together with its Affiliates, would have been able to dispose of all of its Registrable Securities pursuant to Rule 144 (or any successor rule).

1.18        “Registration Period” has the meaning ascribed to it in clause 2.1(f)(i) hereof.

1.19        “Registration Statement” means a registration statement or registration statements of the Company filed under the Securities Act covering any of the Registrable Securities.  References to the Registration Statement shall include any Prospectus.

1.20        “Resale Registration Statement” has the meaning ascribed to it in clause 2.1(a) hereof.

1.21        “Rule 144” means Rule 144 under the Securities Act.

1.22        “Rule 144A” means Rule 144A under the Securities Act.

1.23        “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as the same may be amended from time to time.

1.24        “SEC” means the U.S. Securities and Exchange Commission.

 

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1.25        “Selling Expenses” means all underwriting discounts, selling commissions, and stock transfer taxes applicable to the sale of Registrable Securities, and fees and disbursements of counsel for any Holder, except for the fees and disbursements of Holder Counsel in up to the amount specified in clause 2.3 hereof, to be borne and paid by the Company as provided in clause 2.3.

 

1.26        “Suspension” has the meaning ascribed to it in clause 2.1(b) hereof.

1.27        “Transfer” means, directly or indirectly, to sell, transfer, assign, pledge, encumber, hypothecate or similarly dispose of (by merger, testamentary disposition, operation of law or otherwise), either voluntarily or involuntarily, or to enter into any contract, option or other arrangement or understanding with respect to the sale, transfer, assignment, pledge, encumbrance, hypothecation or similar disposition of (by merger, testamentary disposition, operation of law or otherwise), any Shares or Additional Shares.

2.          Registration Rights. The Company hereby grants to each Holder the registration rights set forth in this clause 2, with respect to the Registrable Securities held by such Holder:

2.1          Demand Registration.

 

(a)          If the Company receives from at least two-thirds of the Holders a written request for registration of outstanding Registrable Securities with an anticipated aggregate offering price, net of Selling Expenses, of at least five million dollars ($5,000,000) (a “Demand Registration Request”), then the Company shall, subject to clauses 2.1(b) and 2.1(c) hereof, as soon as practicable, and in any event within ninety (90) days following the date that the Company receives the Demand Registration Request, file a Registration Statement on Form S-3 (or if Form S-3 is not then available to the Company, on such form of registration statement that is then available to effect the registration of all of the Registrable Securities) providing for the registration and resale of all of the outstanding Registrable Securities specified in the Demand Registration Request (such filing, the “Resale Registration Statement”). The Registration Statement filed hereunder, to the extent allowable under the Securities Act and the rules promulgated thereunder, shall state that such Registration Statement also covers such indeterminate number of Additional Shares of common stock of the Company as may become issuable to prevent dilution resulting from stock splits, stock dividends and similar transactions.  If the Holders intend to distribute the Registrable Securities by means of an underwriting, the Demand Registration Request shall so state. The underwriter(s) shall be selected by the Holders, subject to approval by the Company.  The Company shall cause the Resale Registration Statement to become or be declared effective by the SEC as promptly as practicable after the filing thereof.  The Holders shall not be entitled to make more than three (3) Demand Registration Requests pursuant to this Schedule that are required to be registered on a form other than Form S-3 or its equivalent.

 

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(b)          If the Company furnishes to the Holders a certificate signed by the Chief Executive Officer or equivalent senior executive of the Company, stating that the filing, effectiveness or continued use of the Resale Registration Statement would require the Company to make an Adverse Disclosure, then the Company shall have a period of not more than forty-five (45) days (or such longer period to which the Holders holding a majority of the outstanding Registrable Securities consent in writing) within which to delay the filing or effectiveness of such Resale Registration Statement or, in the case of a Resale Registration Statement that has been declared effective, to suspend the use by the Holders of such Resale Registration Statement (in each case, a “Suspension”); provided, however, that, unless consented to in writing by the Holders holding a majority of the outstanding Registrable Securities, the Company shall not be permitted to exercise a Suspension more than twice during any 12-month period and there must be at least ninety (90) days between each permitted Suspension.  In the case of a Suspension that occurs after the effectiveness of the Resale Registration Statement, the Holders agree to suspend use of the applicable Prospectus in connection with any sale or purchase of, or offer to sell or purchase, Registrable Securities, upon the Company’s delivery of the certificate referred to in this clause 2.1(b).  The Company shall promptly notify the Holders holding Registrable Securities covered by the Resale Registration Statement upon the termination of any Suspension, and (i) in the case the Resale Registration Statement has not been filed or declared effective, shall promptly thereafter file the Resale Registration Statement, if applicable, and use its reasonable efforts to have such Resale Registration Statement declared effective under the Securities Act and (ii) in the case the Resale Registration Statement has become effective, shall amend or supplement the applicable Prospectus, if necessary, so it does not contain any untrue statement or omission prior to the expiration of the Suspension and furnish to the Holders holding Registrable Securities covered by the Resale Registration Statement such numbers of copies of any Prospectus as so amended or supplemented as such Holders may reasonably request.  The Company agrees to supplement or make amendments to the Resale Registration Statement, if so required by the registration form used by the Company for the Resale Registration Statement or by the instructions applicable to such registration form or by the Securities Act or the rules or regulations promulgated thereunder or as may reasonably be requested by the Holders of a majority of the outstanding Registrable Securities covered by such Resale Registration Statement.

 

(c)          The Company shall not be obligated to effect, or to take any action to effect, any registration pursuant to clause 2.1(a) (i) during the period that is sixty (60) days before the Company’s good faith estimate of the date of filing of, and ending on a date that is ninety (90) days after the effective date of, an Company-initiated registration statement, provided, however, that the Company is actively employing in good faith commercially reasonable efforts to cause such registration statement to become effective, or (ii) after the Company has effected three (3) registrations pursuant to clause 2.1(a) that are required to be registered on a form other than Form S-3 or its equivalent.  A registration shall not be counted as “effected” for purposes of clause 2.1(c)(ii) until such time as the applicable Registration Statement has been declared effective by the SEC; provided, that, in the event that the Demand Registration Request is withdrawn by the Holders holding a majority of the outstanding Registrable Securities, and such Holders elect not to pay the registration expenses therefor, such withdrawn Registration Statement shall be counted as “effected” for purposes of clause 2.1(c)(ii), and the Holders shall be deemed to forfeit their right to one of the Registration Statements pursuant to clause 2.1(a).

 

(d)          The Company shall use commercially reasonable efforts to take all actions necessary to ensure that the transactions contemplated herein are effected as contemplated in clause 2.1 hereof, and to submit to the SEC, within three (3) Business Days after the Company learns that no review of the Resale Registration Statement will be made by the staff of the SEC or that the staff has no further comments on such Resale Registration Statement, as the case may be, a request for acceleration of effectiveness (or post-effective amendment, if applicable) of such Resale Registration Statement to a time and date not later than three (3) Business Days after the submission of such request.

 

(e)          Any reference herein to a Registration Statement or Prospectus as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time and any reference herein to any post-effective amendment to a Registration Statement as of any time shall be deemed to include any document incorporated, or deemed to be incorporated, therein by reference as of such time. Any reference to a prospectus as of any time shall include any supplement thereto, preliminary prospectus, or any free writing prospectus in respect thereof.

 

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(f)          In connection with the filing of the Resale Registration Statement, subject to clauses 2.1(b) and 2.1(c), the Company shall:

 

(i)          prepare and file with the SEC within the time periods specified in clause 2.1, a Registration Statement on Form S-3 that shall register all of the outstanding Registrable Securities required to be registered pursuant to clause 2.1(a) hereof for resale by the Holders thereof in accordance with (except if otherwise required pursuant to written comments received from the SEC upon a review of such Resale Registration Statement) the “Plan of Distribution” section included in such Resale Registration Statement; and keep such Resale Registration Statement effective until the earlier of (i) the date on which each Holder is able to dispose of all of its outstanding Registrable Securities registered under such Resale Registration Statement without restriction pursuant to Rule 144 (or any successor rule) and (ii) the date on which all Registrable Securities registered under such Resale Registration Statement have been sold (“Registration Period”), which Registration Statement shall not contain any untrue statement of material fact or omit to state a material fact required to be stated therein, or necessary to make statements therein not misleading, and shall comply in all material respects with the Securities Act and the rules and regulations of the SEC promulgated thereunder.  The financial statements of the Company included in such Registration Statement or incorporated therein by reference will comply in all material respects with all applicable accounting requirements and the published rules and regulations of the SEC applicable with respect thereto.   Such financial statements will be prepared in accordance with U.S. generally accepted accounting principles, consistently applied, during the periods involved and fairly present in all material respects the consolidated financial position of the Company and its consolidated subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows for the periods then ended.

 

(ii)        as soon as reasonably practicable prepare and file with the SEC such amendments and supplements to such Resale Registration Statement (including without limitation, any required post effective amendments) and the Prospectus included therein as may be necessary to effect and maintain the effectiveness of such Resale Registration Statement pursuant to clause 2.1(a) and clause 2.1(f)(i) for the period specified therein and as may be required by the applicable rules and regulations of the SEC and the instructions applicable to the form of such Resale Registration Statement;

 

(iii)       comply with the provisions of the Securities Act with respect to the disposition of all of the outstanding Registrable Securities covered by such Resale Registration Statement by the Holders provided for in such Resale Registration Statement;

 

(iv)        make available to each Holder whose Registrable Securities are included in the Registration Statement and its legal counsel promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy of each Registration Statement and any amendment thereto, each preliminary Prospectus and Prospectus and each amendment or supplement thereto, and, in the case of the Registration Statements referred to in clause 2.1(a), each letter written by or on behalf of the Company to the SEC or the staff of the SEC (including, without limitation, any request to accelerate the effectiveness of the Registration Statement or amendment thereto), and each item of correspondence from the SEC or the staff of the SEC, in each case relating to the Registration Statement (other than any portion, if any, thereof which contains information for which the Company has sought confidential treatment).

 

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(v)         provide the Holders and, if any, single legal counsel designated by the Holders of a majority of the outstanding Registrable Securities covered by such Resale Registration Statement (“Holder Counsel”) a reasonable opportunity to participate in the preparation of such Resale Registration Statement, each Prospectus included therein or filed with the SEC and each amendment or supplement thereto (but not including any documents incorporated by reference), in each case subject to customary confidentiality restrictions, and give reasonable consideration to any comments Holder Counsel provides with respect to any Resale Registration Statement or amendment or supplement thereto, and not file any document in a form to which such counsel reasonably objects. The Company shall furnish to Holder Counsel copies of any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any Resale Registration Statement;

 

(vi)        notify the Holders requesting inclusion of any outstanding Registrable Securities in the Resale Registration Statement (A) when the Resale Registration Statement or any Prospectus included therein or any Prospectus amendment or supplement or post-effective amendment has been filed, and, with respect to such Resale Registration Statement or any post-effective amendment, when the same has become effective, (B) of any comments by the SEC with respect thereto or any request by the SEC for amendments or supplements to such Resale Registration Statement or Prospectus or for additional information, (C) of the issuance by the SEC of any stop order suspending the effectiveness of such Resale Registration Statement or the initiation or threatening of any proceedings for that purpose, (D) of the receipt by the Company of any notification with respect to the suspension of the qualification of the outstanding Registrable Securities for sale in any jurisdiction or the initiation or threatening of any proceeding for such purpose (in the cases of (C) and (D), the Company shall obtain the withdrawal of such stop order or suspension at the earliest practicable time) or (E) if at any time when a Prospectus is required to be delivered under the Securities Act, that, to the Company’s knowledge, such Resale Registration Statement, Prospectus, Prospectus amendment or supplement or post-effective amendment does not conform in all material respects to the applicable requirements of the Securities Act and the rules and regulations of the SEC thereunder or contains an untrue statement of a material fact or omits to state any material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing (in which case, the Company shall use its reasonable efforts to promptly prepare a supplement or amendment to the Resale Registration Statement to conform to such requirements or to correct such untrue statement or omission, and deliver such number of copies of such supplement or amendment to the selling Holders as the selling Holders may reasonably request); and

 

(vii)      in the event that Form S-3 is not available for the registration of the resale of outstanding Registrable Securities hereunder, the Company shall, subject to clauses 2.1(b) and 2.1(c), undertake to register the outstanding Registrable Securities on such form of Registration Statement that is then available to effect the registration of all of the Registrable Securities. The Company represents and warrants that, as of the date hereof, it meets the requirements for the use of Form S-3 for registration of the sale by the Holders of the Registrable Securities.  The Company shall use its commercially reasonable efforts to file all reports required to be filed by the Company with the SEC in a timely manner so as to thereafter maintain such eligibility for the use of Form S-3.

 

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(g)          In connection with the Resale Registration Statement, each Holder agrees to furnish to the Company a duly completed selling stockholder questionnaire in customary form no later than ten (10) Business Days following the date of delivery of the Demand Registration Request. Each Holder further agrees that it shall not be entitled to be named as a selling stockholder in the Resale Registration Statement or use the Prospectus for offers and resales of Registrable Securities at any time, unless such Holder has returned to the Company a completed and signed selling stockholder questionnaire and has confirmed the accuracy of the plan of distribution to be included in the Registration Statement. Each Holder acknowledges and agrees that the information in the selling stockholder questionnaire and such plan of distribution will be used by the Company in the preparation of the Resale Registration Statement and hereby consents to the inclusion of such information in the Resale Registration Statement. Each Holder agrees to notify the Company as promptly as practicable of any inaccuracy or change in information previously furnished by such Holder to the Company contained in a selling stockholder questionnaire or of the occurrence of any event in either case that could cause the Prospectus to contain an untrue statement of a material fact regarding such Holder or its intended method of disposition of such Registrable Securities or omits to state any material fact regarding such Holder or its intended method of disposition of such Registrable Securities required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing, and promptly to furnish to the Company any additional information required to correct and update any previously furnished information or required so that such Prospectus shall not contain, with respect to each Holder or the disposition of such Registrable Securities, an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing. If any Holder fails to provide to the Company any information required to be provided pursuant to this clause 2.1 after such Holder became aware of the inaccuracy, omission or required change, the Company may suspend the use of the Resale Registration Statement and the Prospectus contained therein until such time as such Holder provides the required information to the Company.

 

2.2          Piggyback Registrations.

 

(a)          In addition to the Company’s obligations with respect to the Resale Registration Statement set forth in clause 2.1, from and after the date hereof, the Company shall also notify all Holders of Registrable Securities in writing at least ten (10) days prior to the filing of any other registration statement under the Securities Act for purposes of a public offering of Shares solely for cash (including, but not limited to, registration statements relating to secondary offerings of Common Stock), other than an Excluded Registration, and will afford each such Holder an opportunity to include in such registration statement (other than a registration statement for an Excluded Registration) all or part of such Registrable Securities held by such Holder; provided, that, the Company shall have no obligation to notify any Holder of any such registration statement if the Company has received a Demand Registration Request or if any Registration Statement covering all of the outstanding Registrable Securities is then effective.  Each Holder desiring to include in any such registration statement all or any part of the Registrable Securities held by it shall, within ten (10) days after the above-described notice from the Company, so notify the Company in writing.  In such event, the right of any such Holder to include Registrable Securities in any registration statement for the underwritten public offering of securities of the Company pursuant to this clause 2.2 shall be conditioned upon such Holder’s participation in such underwriting and the inclusion of such Holder’s Registrable Securities in the underwriting to the extent provided herein.  All Holders proposing to distribute their Registrable Securities through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company.  The Company shall cause the Registration Statement for the underwritten public offering of securities of the Company pursuant to this clause 2.2 to become or be declared effective by the SEC as promptly as practicable after the filing thereof. If a Holder decides not to include all of his, her or its Registrable Securities in any registration statement (other than a registration statement for an Excluded Registration) thereafter filed by the Company, such Holder shall nevertheless continue to have the right to include any Registrable Securities in any subsequent registration statement (other than a registration statement for an Excluded Registration) as may be filed by the Company with respect to public offerings of Common Stock solely for cash, all upon the terms and conditions set forth herein.

 

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(b)          Notwithstanding any other provision of this Agreement, if the underwriter determines in good faith that marketing factors require a limitation of the number of shares to be underwritten in any underwritten offering covered by this clause 2.2, the number of shares that may be included in the underwriting shall be allocated, first, to the Company, and second, to the Holders requesting to include Registrable Securities in such offering and any other stockholders of the Company who request to include Common Stock in such offering pursuant to registration rights on a pro rata basis based on the total number of Registrable Securities that the Holders have requested to include in such offering and the total number of Shares carrying registration rights that such other stockholders have requested to include in such offering. If any Holder disapproves of the terms of any such underwriting, such Holder may elect to withdraw therefrom by written notice to the Company and the underwriter, delivered at least ten (10) Business Days prior to the effective date of the registration statement. Any Registrable Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the registration.

 

(c)          The Company shall have the right to terminate or withdraw any registration initiated by it under this clause 2.2 whether or not any Holder has elected to include Registrable Securities in such registration, and shall promptly notify any Holder that has elected to include Registrable Securities in such registration of such termination or withdrawal.  The registration expenses of such withdrawn registration shall be borne by the Company in accordance with clause 2.3 hereof.

 

(d)          For the avoidance of doubt, all obligations of the Company under clause 2.1 with respect to a Resale Registration Statement shall apply to a Registration Statement filed by the Company as contemplated by this clause 2.2.

 

2.3          Expenses of Registration.  All expenses incurred in connection with all registrations effected pursuant to clauses 2.1 and 2.2, including all registration, SEC, stock exchange and FINRA filing and qualification fees (including state securities law fees and expenses), printing expenses, accounting fees, fees and disbursements of counsel for, and independent public accountants of, the Company, fees and disbursements of Holder Counsel not to exceed $[20,000] ($[35,000] in the case of an underwritten offering), and fees and expenses of all Persons retained by the Company shall be paid by the Company; provided, however, that the Company shall not be required to pay any Selling Expenses.

2.4          Obligations of the Company.  Whenever required under this clause 2 to effect the registration of any Registrable Securities, the Company shall (in addition to the requirements set forth in clause 2.1 with respect to the Resale Registration Statement), as expeditiously as reasonably possible:

 

(a)          use its reasonable efforts to prevent the issuance of any stop order suspending the effectiveness of the Registration Statement or of any order preventing or suspending the use of any preliminary or final Prospectus and, if any such order is issued, to obtain the withdrawal of any such order as soon as practicable, and to notify each Holder of the issuance and resolution thereof;

 

(b)          shall register or qualify, and cooperate with the Holders of outstanding Registrable Securities covered by the Registration Statement and their respective counsel, in connection with the registration or qualification of such outstanding Registrable Securities for offer and sale under the securities or “blue sky” laws of each state and other jurisdiction of the United States as any such Holder or their respective counsel reasonably request in writing, and do any and all other things reasonably necessary or advisable to keep such registration or qualification in effect; provided that the Company shall not be required to qualify generally to do business in any jurisdiction where it is not then so qualified or take any action which would subject it to taxation or general service of process in any such jurisdiction where it is not then so subject;

 

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(c)          as promptly as practicable after becoming aware of such event, (i) notify the Holders of any pending proceeding against the Company under section 8A of the Securities Act in connection with the offering of such outstanding Registrable Securities and (ii) notify the Holders of the happening of any of event as a result of which the Prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, and promptly prepare a supplement or amendment to the Registration Statement to correct such untrue statement or omission, and deliver such number of copies of such supplement or amendment to each Holder as such Holder may reasonably request; provided, that, the Company shall not be obligated to give any notice to the Holders pursuant to this clause 2.4(c) prior to disclosing such information in a public statement or filing as required by applicable federal and state securities laws;

 

(d)          comply with all requirements of the Applicable Market with regard to the issuance of the outstanding Registrable Securities and use reasonable efforts to list the outstanding Registrable Securities covered by the Registration Statement on the Applicable Market;

(e)          promptly make available for inspection by the selling Holders, any underwriter(s) participating in any disposition pursuant to the Registration Statement, and any attorney or accountant or other agent retained by any such underwriter or selected by the selling Holders, all financial and other records, pertinent corporate documents, and properties of the Company, and cause the Company’s officers, directors, employees, and independent accountants to supply all information reasonably requested by any such seller, underwriter, attorney, accountant, or agent, in each case, as necessary or advisable to verify the accuracy of the information in the Registration Statement and to conduct appropriate due diligence in connection therewith;

(f)          provide and cause to be maintained a transfer agent and registrar for all outstanding Registrable Securities covered by the Registration Statement from and after a date not later than the effective date of the Registration Statement;

(g)          in the event of any underwritten public offering, enter into and perform its obligations under an underwriting agreement, in usual and customary form, with the underwriter(s) of such offering;

(h)          at the request of a Holder in the case of an underwritten public offering, furnish, a letter from the Company’s independent certified public accountants in form and substance as is customarily given by independent certified public accountants to underwriters in an underwritten public offering, addressed to the underwriters, if any, and each Holder at the dates and times provided in the applicable underwriting agreement; and

(i)          cooperate with the Holders who hold Registrable Securities being offered and the managing underwriter or underwriters, if any, to facilitate the timely preparation and delivery of certificates (not bearing any restrictive legends) representing Registrable Securities to be offered pursuant to the Registration Statement and enable such certificates to be in such denominations or amounts, as the case may be, as the managing underwriter or underwriters, if any, or the Holders may reasonably request and registered in such names as the managing underwriter or underwriters, if any, or the Holders may request, and, within five (5) Business Days after the Registration Statement which includes Registrable Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel selected by the Company to deliver, to the transfer agent for the Registrable Securities (with copies to the Holders whose Registrable Securities are included in such Registration Statement), an opinion of such counsel in the form reasonably satisfactory to the transfer agent.

 

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2.5          Indemnification.

(a)          With respect to any Holder of outstanding Registrable Securities that is or becomes a party to this Agreement, the Company will, and does hereby undertake to, indemnify and hold harmless each such Holder, each of such Holder’s officers, directors, employees, partners, members and agents, and each Person controlling such Holder, and the officers, directors, employees, partners and agents of each Person controlling such Holder (collectively, “Holder Indemnitees”), against all joint or several claims, losses, damages, expenses and liabilities (or actions in respect thereto) (collectively, together with actions, proceedings or inquiries by any regulatory or self-regulatory organization, whether commenced or threatened in respect thereof, “Claims”) to which any of them may become subject insofar as such Claims arise out of or based on (A) any untrue statement (or alleged untrue statement) of a material fact contained in any preliminary prospectus, prospectus (as amended or supplemented, if applicable), offering circular or other similar document (including any related Registration Statement, notification, or the like, including any filing made under any state securities laws) incident to any such registration, qualification or compliance, or based on any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, (B) any violation or alleged violation by the Company of any federal or state law or regulation applicable to the Company in connection with any such registration, qualification or compliance,  (C) any failure to register or qualify Registrable Securities in any state in the United States where the Company or its agents have affirmatively undertaken or agreed that the Company will undertake such registration or qualification on behalf of the Holders of such Registrable Securities (provided that in such instance the Company shall not be so liable if it has undertaken its best efforts to so register or qualify such Registrable Securities) or (D) any breach of this Agreement. The Company will reimburse, as incurred, each such Holder Indemnitee, for any legal and any other expenses reasonably incurred in connection with investigating or defending any such Claim; provided that the Company will not be liable in any such case to the extent that any such Claim arises out of or is based on any untrue statement or omission made in reliance and in conformity with written information furnished to the Company by any Holder expressly for use in any registration statement, prospectus, offering circular or other similar document (including, without limitation, information included on such Holder’s selling stockholder questionnaire and in any applicable plan of distribution).

 

(b)          Each Holder will, and if Registrable Securities held by or issuable to such Holder are included in any registration, qualification or compliance pursuant to this clause 2, does hereby undertake to, indemnify and hold harmless the Company, each of its directors, employees, agents and officers, each Person controlling the Company and its directors, employees, agents and officers, and each other Holder, against all Claims arising out of or based on any untrue statement (or alleged untrue statement) of a material fact contained in any such Registration Statement, Prospectus, offering circular or other document, or any omission (or alleged omission) to state therein a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances in which they were made, and will reimburse, as incurred, the Company, each such other Holder, and each such director, officer, employee, agent, partner and controlling Person of the foregoing, for any legal or any other expenses reasonably incurred in connection with investigating or defending any such Claim in each case to the extent that such untrue statement (or alleged untrue statement) or omission (or alleged omission) was made in such Registration Statement, Prospectus, offering circular or other document, in reliance upon and in conformity with written information furnished to the Company by such Holder expressly for use therein (including, without limitation, information included on such Holder’s selling stockholder questionnaire and in any applicable plan of distribution); provided, however, that the liability of each Holder hereunder shall be limited to the net proceeds received by such Holder from the sale of securities under such Registration Statement.

 

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(c)          Each party entitled to indemnification under this clause 2.5 (the “Indemnified Party”) shall give notice to the party required to provide such indemnification (the “Indemnifying Party”) of any claim as to which indemnification may be sought promptly after such Indemnified Party has actual knowledge thereof, and shall permit the Indemnifying Party to assume the defense of any such claim or any litigation resulting therefrom; provided that counsel for the Indemnifying Party, who shall conduct the defense of such claim or litigation, shall be subject to approval by the Indemnified Party (whose approval shall not be unreasonably withheld) and the Indemnified Party may participate in such defense at the Indemnifying Party’s expense if (i) representation of such Indemnified Party would be inappropriate due to actual or potential differing interests between such Indemnified Party and any other party represented by such counsel in such proceeding or (ii) the Indemnifying Party shall have failed to promptly assume the defense of such proceeding; and provided further that the failure of any Indemnified Party to give notice as provided herein shall not relieve the Indemnifying Party of its obligations under clause 2, except to the extent that such failure to give notice shall materially adversely affect the Indemnifying Party in the defense of any such claim or any such litigation.  No Indemnifying Party, in the defense of any such claim or litigation, may, without the consent of each Indemnified Party, consent to entry of any judgment or enter into any settlement unless such settlement includes an unconditional release of such Indemnified Party from all liabilities on claims that are the subject matter of such claim or litigation.

 

(d)          In order to provide for just and equitable contribution in case indemnification is unavailable to an Indemnified Party (by reason of legal prohibition or otherwise), the Indemnifying Party, in lieu of indemnifying such Indemnified Party, shall contribute to the amount paid or payable by such Indemnified Party as a result of such losses, claims, damages or liabilities in such proportion as is appropriate to reflect the relative fault of the Indemnifying Party and Indemnified Party in connection with the actions which resulted in such losses, claims, damages or liabilities, as well as any other relevant equitable considerations.  The relative fault of such Indemnifying Party and Indemnified Party shall be determined by reference to, among other things, whether any action in question, including any untrue or alleged untrue statement of material fact or omission or alleged omission to state a material fact, has been made by, or relates to information supplied by, such Indemnifying Party or Indemnified Party, and such party’s relative intent, knowledge, access to information and opportunity to correct or prevent such actions; provided, however, that, in any case, (i) no Holder will be required to contribute any amount in excess of the aggregate proceeds received by such Holders from the sale of securities under such Registration Statement, and (ii) no Person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any Person who was not guilty of such fraudulent misrepresentation.

 

(e)          The indemnity and contribution agreements contained herein are in addition to any liability that the Indemnifying Party may have to the Indemnified Parties and shall remain in full force and effect regardless of any investigation made by or on behalf of the Indemnified Party or any officer, director or controlling Person of such Indemnified Party and shall survive the Transfer of any Registrable Securities.

2.6          Information by Holder.  The Holder or Holders of Registrable Securities included in any registration shall furnish to the Company such information regarding such Holder or Holders and the distribution proposed by such Holder or Holders as the Company may reasonably request in writing and as shall be required in connection with any registration, qualification or compliance referred to in this clause 2.

2.7          Transfer of Registration Rights.  The rights contained in clauses 2.1 and 2.2 hereof to cause the Company to register the Registrable Securities, and the other rights set forth in this clause 2, may be assigned or otherwise conveyed with respect to Registrable Securities Transferred by the Holder thereof provided that such transferee agrees to become bound to terms and conditions applicable to a Holder substantially similar to those set forth in this Schedule.

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2.8          Rule 144 Reporting.  With a view to making available to the Holders the benefits of certain rules and regulations of the SEC, including, without limitation,  Rule 144 promulgated under the Securities Act, that may permit the sale of the Registrable Securities to the public without registration, the Company agrees to use reasonable efforts to:

 

(a)          make and keep current public information available, within the meaning of Rule 144 or any similar or analogous rule promulgated under the Securities Act;

 

(b)          file with the SEC, in a timely manner, all reports and other documents required of the Company under the Securities Act and Exchange Act; and

 

(c)          make available to each Holder so long as such Holder owns any Registrable Securities, promptly upon request, (i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Holders to sell such securities under Rule 144 without registration under the Securities Act.

 

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IN WITNESS whereof this Agreement has been entered into the day and year first above written.

  

	
EXECUTED AS A DEED by

	
)

	 	 
	 	
)

	 	 
	
duly authorised for and on

	
)

	 	 
	
behalf of POWIN CORPORATION  

	
)

	 	 
	
in the presence of

	
)

	 	 
	 	 	
(Director)

	 

 

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EXECUTED AS A DEED by

	
)

	 	 
	 	
)

	 	 
	
duly authorised for and on

	
)

	 	 
	
behalf of POWIN ENERGY

	
)

	 	 
	
CORPORATION

	
)

	 	 
	
in the presence of

	
)

	 	 
	 	 	
(Director)

	 

 

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EXECUTED AS A DEED by

	
)

	 	 
	 	
)

	 	 
	
duly authorised for and on

	
)

	 	 
	
behalf of

	
)

	 	 
	
SF SUNTECH INC.

	
)

	 	 
	 	
)

	 	 
	
in the presence of

	
)

	
(Director)

	 

 

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EXECUTED AS A DEED by

	
)

	 	 
	
JOSEPH LU

	
)

	 	 
	
in the presence of

	
)

	 	 
	 	 	 	 

 

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Exhibit A

AGREEMENT AND PLAN OF MERGER

AND LIQUIDATION

BY AND AMONG

POWIN CORPORATION

and

POWIN ENERGY CORPORATION

Dated as of [_______], 2015

 

 

AGREEMENT AND PLAN OF MERGER

 

This AGREEMENT AND PLAN OF MERGER AND LIQUIDATION (this “Agreement”) is made and entered into as of August [__], 2015, by and between Powin Corporation, a corporation organized under the laws of the state of Nevada (“Powin Corporation”), Powin Energy Corporation, a corporation organized under the laws of the state of Oregon (“Powin Energy”).

WITNESSETH:

WHEREAS, the boards of directors of each of Powin Corporation and Powin Energy believe it is in the best interests of each company and their respective stockholders that Powin Corporation acquire Powin Energy through the merger of Powin Energy with and into Powin Corporation (the “Merger”) and, in furtherance thereof, have approved the Merger;

WHEREAS, pursuant to the Merger, among other things, each of the issued and outstanding shares of Powin Energy Stock (as defined below) shall be converted into the right to receive shares of Powin Corporation, par value $0.001 per share (the “Powin Corporation Shares” or “Powin Shares”);

WHEREAS, the parties intend that the Merger shall constitute a plan of reorganization and liquidation pursuant to Sections 368(a)(1)(A) and 332 of the Code (as defined below);

NOW, THEREFORE, in consideration of the foregoing premises and the representations, warranties, covenants and agreements contained herein, and for other good and valuable consideration, the parties hereto, intending to be legally bound hereby, agree as follows:

 

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Article I.

    

DEFINITIONS

 

1.1          Definitions.

Except as otherwise specified herein, the following terms, when used in this Agreement, have the respective meanings set forth below:

“Action” means any claim, action, suit, arbitration, inquiry, proceeding or investigation by or before any Governmental Authority.

“Business Day” means any day that is not a Saturday, a Sunday or other day on which banks are required or authorized by Law to be closed in the City of New York.

“Code” means the United States Internal Revenue Code of 1986.

“Dollar” or “$” means the United States Dollar.

“ERISA” means the United States Employee Retirement Income Security Act of 1974, and the rules and regulations promulgated thereunder.

“Exchange Act” shall mean the United States Securities Exchange Act of 1934.

“GAAP” means United States generally accepted accounting principles as in effect, from time to time, consistently applied.

“Governmental Authority” means any United States (federal, state or local) or foreign government, governmental, regulatory or administrative authority, agency or commission or any court, tribunal, or judicial or arbitral body.

“Knowledge of Powin Energy” or “Knowledge” with respect to Powin Energy means the knowledge of any Powin Energy officer or director.

“Knowledge of Powin Corporation” or “Knowledge” with respect to Powin Corporation means the knowledge of any officer or director of Powin Corporation.

 

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“Law” means any United States (federal, state or local) or foreign statute, law, ordinance, regulation, rule, code, order, judgment, injunction or decree.

“Lien” means, with respect to any property or asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind, whether voluntarily incurred or arising by operation of Law or otherwise, in respect of such property or asset.

“Material Adverse Effect” means with respect to Powin Corporation or Powin Energy, as applicable, a material adverse effect on the business, operations, properties, assets, condition (financial or otherwise) or results of operations of it and its subsidiaries taken as a whole, or on its ability to consummate the transactions contemplated hereby except (i) any effect arising from this Agreement or the transactions contemplated hereby, (ii) any effect applicable generally to the industries in which Powin Corporation and Powin Energy operate and (iii) general economic or financial effects.

“Order” means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or with any Governmental Authority.

“Per Share Merger Consideration” means for each share of Powin Energy Stock, the right to receive consideration equal to 1,640.78068 fully paid and nonassessable Powin Corporation Shares, rounded up to the nearest whole dollar.

“Person” means any natural person, general or limited partnership, corporation, limited liability company, firm, association, trust or other legal entity or organization, including a government or political subdivision or an agency or instrumentality thereof.

“Powin Energy Capital Stock” or “Powin Energy Stock” means collectively, the Powin Energy Common Stock no par value per share.

“SEC” means the United States Securities and Exchange Commission.

“Securities Act” shall mean the Securities Act of 1933.

 

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“Tax” or “Taxes” means all United States (federal, state or local) or foreign income, excise, gross receipts, ad valorem, sales, use, employment, franchise, profits, gains, property, transfer, use, payroll, intangibles or other taxes, fees, stamp taxes, duties, charges, levies or assessments of any kind whatsoever (whether payable directly or by withholding), together with any interest and any penalties, additions to tax or additional amounts imposed by any Tax authority with respect thereto.

“Tax Returns” means all returns and reports (including elections, declarations, disclosures, schedules, estimates and information returns) required to be supplied to a Tax authority relating to Taxes.

“Trademarks” means all of those trade names, trademarks, service marks, jingles, slogans, logos, trademark and service mark registrations and trademark and service mark applications owned, used, held for use, licensed by or leased by the parties, as applicable, and, in each case, the goodwill appurtenant thereto.

1.2          Other Defined Terms.

Except as otherwise specified herein, the other terms have the respective meanings as defined in the Sections in which they are used.

1.3          Rules of Construction.

Unless the context otherwise requires:

(i)          a term has the meaning assigned to it;

(ii)          an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

(iii)          “or” is not exclusive;

(iv)          “including” means including without limitation;

(v)          words in the singular include the plural and words in the plural include the singular; and

(vi)          any agreement, instrument or statute defined or referred to herein or in any instrument or certificate delivered in connection herewith means such agreement, instrument or statute as from time to time amended, modified or supplemented (as provided in such agreements) and includes (in the case of agreements or instruments) references to all attachments thereto and instruments incorporated therein; references to a Person are also to its permitted successors and assigns.

 

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Article II.

 

THE MERGER

 

2.1          The Merger.

Upon the terms and conditions set forth in this Agreement, and in accordance with the applicable provisions of the Nevada General Corporation Law (“NGCL”) and the Oregon Revised Statutes (the “ORS”), Powin Energy shall be merged with and into Powin Corporation at the Effective Time.  At the Effective Time, the separate corporate existence of Powin Energy shall cease, and Powin Corporation shall continue as the surviving corporation.  The surviving corporation in the Merger is sometimes referred to as the “Surviving Corporation.”

2.2          Closing; Effective Time.

The closing of the Merger (the “Closing”) shall take place at 10:00 a.m. Pacific Standard Time at the offices of K&L Gates LLP, 10100 Santa Monica Blvd., Los Angeles, CA 90067, on the first Business Day following the date on which the last of the conditions set forth in Article VII hereof is fulfilled or waived, or at such other time and place as Powin Corporation and Powin Energy shall agree (the date on which the closing occurs being the “Closing Date”).  On the Closing Date, the parties shall cause the Merger to be consummated by filing a Certificate of Merger or like instrument (the “Merger Certificate”) with the Secretary of State of Nevada, in accordance with the applicable provisions of the NGCL and with the Secretary of State of the State of Oregon, in accordance with the applicable provisions of the ORS (the time of acceptance by the Secretary of State of Nevada of such filing being referred to herein as the “Effective Time”).

2.3          Effect of the Merger.

At the Effective Time, the effect of the Merger shall be as provided in the applicable provisions of the NGCL and the ORS.  Without limiting the generality of the foregoing, at the Effective Time, all the property, rights, privileges, powers and franchises of Powin Energy shall vest in the Surviving Corporation, and all debts, liabilities and duties of Powin Energy shall become the debts, liabilities and duties of the Surviving Corporation.  At the Effective Time the name of the Surviving Corporation shall be changed to “Powin Energy.”

 

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2.4          Articles of Incorporation; By-laws.

At the Effective Time, the Certificate of Incorporation and Bylaws of Powin Corporation shall be the Articles of Incorporation and Bylaws of the Surviving Corporation.

2.5          Directors and Officers.

The directors of the Surviving Corporation immediately after the Effective Time shall be the directors currently the director of Powin Energy as of immediately prior to the Effective Time, each to hold the office of director of the Surviving Corporation in accordance with the provisions of the applicable laws of the NGCL and the Certificate of Incorporation and Bylaws of the Surviving Corporation until their successors are duly qualified and elected.  The officers of the Surviving Corporation immediately after the Effective Time shall be the officers currently the officers of Powin Energy as of immediately prior to the date hereof, plus such other officers as are appointed by the Surviving Corporation after the Effective Time, each to hold office in accordance with the provisions of the Bylaws of the Surviving Corporation.

2.6          Conversion of Powin Energy Capital Stock.

Subject to Section 2.9, each share of Powin Energy Capital Stock issued and outstanding immediately prior to the Effective Time shall be converted into the right to receive, at the election of the holder thereof, the Per Share Merger Consideration, i.e. 1,640.78068 shares of Powin Shares (the “Conversion Ratio”) for a total of 3,516,193 Powin Shares amounting to 17.648% of the fully diluted Powin Shares.  The Merger Consideration Conversion Ratio in the preceding sentence is based on the number of shares and options of Powin Corporation as set forth in Exhibit 2.6.  If the number of such shares or options shall be increased, the Conversion Ratio shall proportionately be adjusted.  At the Effective Time, all such shares of Powin Energy Capital Stock converted as set forth above shall no longer be outstanding and shall automatically be canceled and shall cease to exist, and each holder of a certificate or certificates that immediately prior to the Effective Time represented any such shares of Powin Energy Capital Stock (the “Certificates”) shall cease to have any rights with respect thereto, except the right to receive the Per Share Merger Consideration upon the surrender of such Certificate, in accordance with Section 2.9(b).  Exhibit 2.6 lists, as of the Effective Time, the number of Powin Shares which shall be issued to the Powin Energy stockholders pursuant to this Section 2.6, assuming that all outstanding Powin Energy Capital Stock is exchanged for, or converted to, Powin Shares as contemplated by this Agreement.

 

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2.7          Appraisal Rights.

Each stockholder of Powin Energy by his consent hereto, waives any approval rights as may be provided by the NGCL or the ORS.

2.8          Anti-Dilution Provisions.

In the event Powin Corporation changes (or establishes a record date for changing) the number of Powin Shares issued and outstanding prior to the Effective Time as a result of a stock split, stock dividend, recapitalization, subdivision, reclassification, combination, exchange of shares or similar transaction with respect to the outstanding Powin Shares and the record date therefor shall be prior to the Effective Time, the Per Share Merger Consideration shall be proportionately adjusted to reflect such stock split, stock dividend, recapitalization, subdivision, reclassification, combination, exchange of shares or similar transaction.

2.9          Surrender of Certificates.

(a)          As of the Effective Time, Powin Corporation shall deliver to the stockholders of Powin Energy the Powin Shares issuable pursuant to Section 2.6 in exchange for the outstanding shares of Powin Energy Capital Stock.

(b)          Exchange Procedures.  Concurrent with the delivery of the Powin Shares, each Powin Energy stockholder shall surrender his Powin Capital Stock by surrendering the certificates of Powin Capital Stock in exchange for the applicable Per Share Merger Consideration with respect thereto.  Upon surrender of a certificate for cancellation to Powin Corporation, together with such a letter of transmittal, duly completed and validly executed, and such other documents as may reasonably be required by Powin Corporation, the holder of such certificate shall be entitled to receive in exchange therefor that number of whole Powin Shares in accordance with Section 2.6 and the certificate so surrendered shall forthwith be canceled.

 

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(c)          Fractional Shares.  No fractional shares of Powin Corporation common stock shall be issued in the Merger.  The aggregate Per Share Merger Consideration to be issued to the holder of a certificate previously evidencing Powin Energy Capital Stock shall be rounded up to the nearest whole share of Powin Corporation common stock.

2.10          Tax and Accounting Consequences.

It is intended by the parties hereto that the Merger shall constitute a reorganization within the meaning of Sections 368(a)(1)(A) and 332 of the Code.  Each party has consulted with, and is relying upon, its tax advisors and accountants with respect to the tax and accounting consequences of the Merger.

Article III.

   

REPRESENTATIONS AND WARRANTIES OF POWIN CORPORATION

 

Powin Corporation hereby represents and warrants to Powin Energy and its stockholders as follows (subject in each case to such exceptions as are set forth in the Section of the representation or warranty to which such exceptions relate):

3.1          Organization and Qualification.

Powin Corporation has been duly organized and is validly existing as a corporation in good standing under the laws of the state of Nevada, with power and authority (corporate and other) to own its properties and conduct its business as currently conducted.

3.2          Capitalization.

(a)          As of immediately prior to the Closing, the authorized capital stock of Powin Corporation consists solely of 575,000,000 common shares, $0.001 par value, and 25,000,000 preferred shares, $100 face value, of which 9,102 and 8,084 preferred shares are outstanding and 16,243,839 common shares (excluding any shares to be issued in the merger) are issued and outstanding.  Powin Corporation hereby indemnifies the Powin Energy stockholders against any prior claim to the assets of Powin Corporation which the holders of the preferred stock may assert.

 

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(b)          There are 164,000 employee stock options issued under employee stock option plans which are reserved for issuance upon exercise of the Powin Corporation options that are outstanding on the date hereof.

3.3          Authority; Non-Contravention; Approvals.

(a)          Powin Corporation has full corporate power and authority to enter into this Agreement and to consummate the transactions contemplated hereby.  Powin Corporation’s execution and delivery of this Agreement, and its consummation of the transactions contemplated hereby, have been duly authorized by its board of directors and consented to by action taken without a meeting by Powin Corporation shareholders holding a majority of the voting power of Powin Corporation and no other corporate proceedings on its part are necessary to authorize its execution and delivery of this Agreement and its consummation of the transactions contemplated hereby except for the filing and approval of an Information Statement with the SEC under Rule 14c under the Exchange Act.  This Agreement has been duly and validly executed and delivered by Powin Corporation and constitutes its valid and binding agreement, enforceable against it in accordance with its terms, except that such enforcement may be subject to (i) bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting or relating to enforcement of creditors’ rights generally and (ii) general equitable principles ((i) and (ii) the “Enforceability Exception”).

(b)          The performance by each of Powin Corporation of its obligations under this Agreement and the consummation of the transactions contemplated herein will not conflict with its Articles of Incorporation or Bylaws or result in a breach of any of the terms or provisions of, or constitute a default under, any indenture, mortgage, deed of trust, loan agreement or other agreement or instrument to which Powin Corporation is a party or by which Powin Corporation is bound or to which any of the property or assets of Powin Corporation is subject, nor will any such action result in any violation of the provisions of the Articles of Incorporation or the Bylaws of Powin Corporation or any applicable Law or any Order, rule or regulation of any Governmental Authority having jurisdiction over Powin Corporation or any of their respective properties.

 

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3.4          Contracts; No Default.

All of the material contracts and agreements of Powin Corporation (individually, a “Powin Contract” and collectively, the “Powin Contracts”) are valid and binding upon Powin Corporation and to the Knowledge of Powin Corporation, the other parties thereto, and are in full force and effect and enforceable in accordance with their terms, subject to the Enforceability Exception, and neither Powin Corporation nor to the Knowledge of Powin Corporation, any other party to any Contract, has materially breached any provision of, nor has any event occurred which, with the lapse of time or action by a third party, could result in a material default under, the terms thereof.

3.5          Litigation.

Except as set forth in the public filings made by Powin Corporation with the SEC under the Exchange Act, there are no outstanding Orders, and no legal or governmental investigations, actions, suits or proceedings pending or, to the Knowledge of Powin Corporation, threatened against or affecting Powin Corporation or any of its properties or to which Powin Corporation is or may be a party or to which any property of Powin Corporation is or may be the subject which, if determined adversely to Powin Corporation could individually or in the aggregate have or reasonably be expected to have, a Material Adverse Effect on Powin Corporation taken as a whole, and, to the best of the Knowledge of Powin Corporation, no such proceedings are threatened or contemplated by any Governmental Authorities or threatened by others.

3.6          Taxes.

(a)          Powin Corporation has duly filed with the appropriate Governmental Authorities all material franchise, income and all other material Tax Returns other than Tax Returns the failure to file of which would have no Material Adverse Effect on Powin Corporation.  All such Tax Returns were, when filed, and are accurate and complete in all material respects and were prepared in conformity with applicable Laws.  Powin Corporation has paid or will pay in full or have adequately reserved against all Taxes otherwise assessed against it through the Closing Date.  Powin Corporation is not a party to any pending action or proceeding by any Governmental Authority for the assessment of any Tax, and no claim for assessment or collection of any Tax has been asserted in writing against Powin Corporation that has not been paid.  There are no Liens for Taxes upon the assets of Powin Corporation (other than Liens for Taxes not yet due and payable).  There is no valid basis, to the Knowledge of Powin Corporation, for any assessment, deficiency, notice, 30-day letter or similar intention to assess any Tax to be issued to Powin Corporation by any Governmental Authority.

 

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(b)          No stamp or other issuance or transfer taxes or duties and no capital gains, income, withholding or other Taxes are payable by or on behalf of Powin Corporation to any Taxing Authority in connection with the issuance of the Powin Shares to the Powin Energy stockholders.

3.7          No Violation of Law.

(a)          Powin Corporation is not in violation of or has been given notice or been charged with any violation of, any Law or Order (including, without limitation, any applicable environmental law, ordinance or regulation) of any Governmental Authority, except for violations which, in the aggregate, do not have, and would not reasonably be expected to have, a Material Adverse Effect on Powin Corporation.  Powin Corporation has not received any written notice that any investigation or review with respect to it by any Governmental Authority is pending or threatened, other than, in each case, those the outcome of which, as far as reasonably can be foreseen, would not reasonably be expected to have a Material Adverse Effect on Powin Corporation.

(b)          Powin Corporation owns, possesses or has obtained, all licenses, permits, certificates, consents, orders, approvals and other authorizations from, and has made all declarations and filings with, all Governmental Authorities, all self-regulatory organizations and all courts and other tribunals, necessary to own or lease, as the case may be, and to operate its properties and to carry on its business as conducted as of the date hereof, other than such licenses, permits, certificates, consents, orders, approvals, other authorizations, declarations and filings which individually or in the aggregate are not material to Powin Corporation taken as a whole, and Powin Corporation has not received any actual notice of any proceeding relating to revocation or modification of any such license, permit, certificate, consent, order, approval or other authorization, and Powin Corporation is in compliance with all Laws relating to the conduct of its business as conducted as of the date hereof other than any failure to so comply that would not have a Material Adverse Effect on Powin Corporation.

 

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(c)          Powin Corporation is (i) in compliance with any and all applicable federal, state and local Laws, including any applicable regulations, relating to the protection of human health and safety, the environment or hazardous or toxic substances or wastes, petroleum pollutants or contaminants (“Environmental Laws”), (ii) has received all permits, licenses, other approvals, authorizations and certificates required of it under applicable Environmental Laws to conduct its businesses and (iii) is in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with Environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, have a Material Adverse Effect on Powin Corporation.

3.8          Properties.

(a)          Except as provided herein, Powin Corporation has good and marketable title to all of the assets and properties which it purports to own as reflected on the most recent balance sheet filed with the SEC on Form 10-Q for the period ended June 30, 2015 except assets and properties sold or otherwise disposed of since the date of such balance sheet in the ordinary course of business or transferred to Q Pacific Corporation pursuant to an Asset Contribution Agreement filed with the SEC on Form 8-K on August 18, 2015.  Powin Corporation to its Knowledge, is not in default in the performance of any material provisions with respect to its assets.  Neither the whole nor any material portion of the assets of Powin Corporation is subject to any Order to be sold or is being condemned, expropriated or otherwise taken by any public authority with or without payment of compensation therefor, nor, to its Knowledge, has any such condemnation, expropriation or taking been proposed.  None of the material assets of Powin Corporation is subject to any restriction which would have a Material Adverse Effect on Powin Corporation.

(b)          The material equipment, fixtures and other personal property of Powin Corporation are in good operating condition and repair (ordinary wear and tear excepted) for the conduct of its business as presently being conducted, except where the failure to be in such condition or repair would not have a Material Adverse Effect on Powin Corporation.

 

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3.9          Information Statement and Form 8-K.

None of the information to be supplied by Powin Corporation for inclusion in the Information Statement, or in any amendments or supplements thereto, to be distributed to the stockholders of Powin Corporation in connection with the approval by consent of such stockholders (the “Powin Corporation Stockholder Consent”) to this Agreement and the transactions contemplated hereby, and the Form 8-K to be filed by Powin Corporation with respect to this transaction will, at the time of the mailing of the Information Statement and at the time of the filing of the Form 8-K contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.

3.10        Financial Statements.

Powin Corporation has provided Powin Energy with its audited consolidated balance sheets as at December 31, 2012, 2013 and 2014 and related audited consolidated statements of income, cash flows and stockholders’ equity of Powin Corporation and its unaudited balance sheet as at June 30, 2015 and related statements of income, cash flows and stockholders’ equity for the three month period then ended as contained in its December 31, 2014 10-K and June 30, 2015 10‐Q (collectively, the “Powin Corporation Financial Statements”).  The Powin Corporation Financial Statements present fairly, in all material respects, the consolidated financial position and results of operations of Powin Corporation as of the dates, period and year indicated, prepared in accordance with GAAP (subject in the case of unaudited interim period financial statements, to normal and recurring year-end adjustments which individually or collectively, are not material to Powin Corporation).

3.11        Absence of Certain Changes or Events.

Except with respect to the Asset Contribution Agreement with Q Pacific Corporation described in Section 3.8 above or in connection with this Agreement and the transactions contemplated hereby, since June 30, 2015 there has not been:

(a)          any material adverse change in the financial condition, operations, properties, assets, liabilities or business of Powin Corporation;

(b)          any material damage, destruction or loss of any material properties of Powin Corporation, whether or not covered by insurance, which would have a Material Adverse Effect on Powin Corporation;

(c)          any material change in the manner in which the business of Powin Corporation has been conducted, which would have a Material Adverse Effect on Powin Corporation;

 

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(d)          any material change in the treatment and protection of trade secrets or other confidential information of Powin Corporation, which would have a Material Adverse Effect on Powin Corporation; and

(e)          any occurrence not included in paragraphs (a) through (d) of this Section 3.11 which has resulted, or which Powin Corporation has reason to believe, could reasonably be expected to result, in a Material Adverse Effect on Powin Corporation.

3.12          Dividends and Distributions.

All dividends and other distributions declared and payable on the shares of capital stock of Powin Corporation may under the current Laws of the state of Nevada be, be paid in United States dollars.

3.13          Investment Company.

Powin Corporation is not an “investment company” or an entity “controlled” by an “investment company”, as such terms are defined in the Investment Company Act of 1940.

3.14          Insurance.

Powin Corporation is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are customary and in accordance with standard industry practice in the businesses in which they are engaged.  Powin Corporation has not received any notice from any insurance company that any insurance policy has been canceled or that such insurance company intends to cancel any such policy.  Powin Corporation has no reason to believe that it will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business.

3.15          Funds.

Neither Powin Corporation, nor any director, shareholder, officer, agent, employee or other person associated with or acting on its behalf, has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds, violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977; or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.

 

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3.16          Books, Records and Accounts.

Powin Corporation’s books, records and accounts fairly and accurately reflect in all material respects transactions and dispositions of assets by Powin Corporation.

3.17          Brokers and Finders.

Powin Corporation has not employed any investment banker, broker, finder, consultant or intermediary in connection with the transactions contemplated by this Agreement which would be entitled to any investment banking, brokerage, finder’s or similar fee or commission in connection with this Agreement or the transactions contemplated hereby.

3.18          No Omissions or Untrue Statements.

No representation or warranty made by Powin Corporation to Powin Energy in this Agreement, contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the statements contained herein or therein in light of the circumstances in which made not misleading as of the date hereof and as of the Closing Date.

Article IV.

REPRESENTATIONS AND WARRANTIES OF POWIN ENERGY

 

Powin Energy hereby represents and warrants to Powin Corporation as follows (subject in each case to such exceptions as are set forth or cross-referenced in the Section of the representation or warranty to which such exceptions relate):

4.1          Organization and Qualification.

Powin Energy is a corporation duly incorporated, validly existing and in good standing under the laws of the State of Oregon.  Powin Energy has all requisite corporate power to carry on its business as it is now being conducted.

 

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4.2          Capitalization.

The authorized capital stock of Powin Energy as of the date hereof consists of 9,000,000 shares of common stock, no par value per share (the “Powin Energy Common Stock”), of which 12,143 shares are issued and outstanding and 1,000,000 shares of preferred shares, no par value, none of which are outstanding.  All of the outstanding Powin Energy Common Stock are duly authorized, validly issued, fully paid and non-assessable, and were not issued in violation of the preemptive rights of any Person.  All of the outstanding Powin Energy Common Stock, were issued in compliance with all applicable securities laws.  Other than that certain Powin Corporation, Powin Energy Corporation and S.F. Suntech, Inc., Subscription Agreement, dated August 7, 2014, as amended and supplemented and related ancillary agreements, there are no outstanding subscriptions, options, warrants, calls or rights of any kind issued or granted by, or binding upon Powin Energy, to purchase or otherwise acquire any shares of capital stock of Powin Energy or other securities.

4.3          Authority; Non-Contravention; Approvals.

(a)          Powin Energy has full corporate power and authority to enter into this Agreement and, subject to the Powin Energy stockholders’ approval attached hereto, to consummate the transactions contemplated hereby.  Powin Energy’s execution and delivery of this Agreement, and its consummation of the transactions contemplated hereby, have been duly authorized by its board of directors and no other corporate proceedings on its part are necessary to authorize its execution and delivery of this Agreement and its consummation of the transactions contemplated hereby, except for the Powin Energy stockholders’ approval attached hereto.  This Agreement has been duly and validly executed and delivered by Powin Energy and constitutes its and binding agreement, enforceable against it in accordance with its terms, except that such enforcement may be subject to the Enforceability Exception.

(b)          Powin Energy’s execution and delivery of this Agreement does not, and their consummation of the transactions contemplated hereby will not, violate, conflict with or result in a breach of any provision of, or constitute a default (or an event which, with notice or lapse of time or both, would constitute a default) under, or result in the termination of, or accelerate the performance required by, or result in a right of termination or acceleration under, or result in the creation of any Lien upon any of their properties or assets under any of the terms, conditions or provisions of (i) Powin Energy’s Certificate of Incorporation or By-laws, (ii) subject to obtaining the Powin Energy stockholders’ approval, any Law or Order, injunction, writ, permit or license of any Governmental Authority applicable to them or any of their properties or assets, or (iii) any note, bond, mortgage, indenture, deed of trust, license, franchise, permit, concession, contract, lease or other instrument, obligation or agreement of any kind to which they are now a party or by which they or any of their properties or assets may be bound, excluding from the foregoing clauses (ii) and (iii), such violations, conflicts, breaches, defaults, terminations, accelerations or creations of liens, security interests, charges or encumbrances that do not, in the aggregate, have a Material Adverse Effect on Powin Energy.

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(c)          Except for the filing and clearance of the Information Statement and the Form 8-K with the SEC pursuant to the Exchange Act and any blue sky qualifications, if needed, no declaration, filing or registration with, or notice to, or authorization, consent or approval of, any governmental or regulatory body or authority is necessary for Powin Energy’s execution and delivery of this Agreement or their consummation of the transactions contemplated hereby, other than such declarations, filings, registrations, notices, authorizations, consents or approvals which, if not made or obtained, as the case may be, would not, in the aggregate, have a Material Adverse Effect on Powin Energy.

4.4          Contracts Listed; No Default.

All material contracts, agreements, licenses, leases, easements, permits, rights of way, commitments and understandings, written or oral, connected with or relating in any respect to the present or future operations of Powin Energy have been supplied to Powin Corporation (the “Powin Energy Contracts”).  All such Powin Energy Contracts are valid and binding upon Powin Energy and are in full force and effect and enforceable in accordance with their terms, subject to the Enforceability Exception.

4.5          Litigation.

There is no (i) claim, action, suit or proceeding pending or, to Powin Energy’s Knowledge, threatened against or directly relating to it before any Governmental Authority, or (ii) outstanding Order, or application, request or motion therefor, of any Governmental Authority in a proceeding to which it or any of its assets was or is a party except, in the case of clauses (i) and (ii) above, such as would not, individually or in the aggregate, either materially impair or preclude its ability to consummate the Merger or the other transactions contemplated hereby or have a Material Adverse Effect on Powin Energy.

 

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4.6          Taxes.

Powin Energy has duly filed with the appropriate Governmental Authorities all Tax Returns required to be filed by it other than Tax Returns which the failure to file would have no Material Adverse Effect on Powin Energy.  All such Tax Returns were, when filed, and are accurate and complete in all material respects and were prepared in conformity with applicable laws and regulations.  Powin Energy has paid or will pay in full or has adequately reserved against all Taxes otherwise assessed against it through the Closing Date.  Powin Energy is not a party to any pending action or proceeding by any Governmental Authority for the assessment of any Tax, and no claim for assessment or collection of any Tax has been asserted against Powin Energy that has not been paid.  There are no Tax Liens upon the assets of Powin Energy (other than Liens for Taxes not yet due and payable).  There is no valid basis, to Powin Energy’s Knowledge, for any assessment, deficiency, notice, 30-day letter or similar intention to assess any Tax to be issued to it by any Governmental Authority.

4.7          Employee Plans.

Powin Energy has no employee benefit plans as defined in Section 3(3) of ERISA nor any employment agreements, except as delivered to Powin Corporation.

4.8          No Violation of Law.

(a)          Powin Energy is not in violation of and has not been given notice or been charged with any violation of, any Law, or Order, (including, without limitation, any applicable environmental law, ordinance or regulation) of any Governmental Authority, except for violations which, in the aggregate, do not have, and would not reasonably be expected to have, a Material Adverse Effect on Powin Energy and has not received any written notice that any investigation or review with respect to it by any Governmental Authority is pending or threatened, other than, in each case, those the outcome of which, as far as reasonably can be foreseen, would not reasonably be expected to have a Material Adverse Effect on Powin Energy.

(b)          Powin Energy has all permits, licenses, franchises, variances, exemptions, orders and other governmental authorizations, consents and approvals necessary to conduct its business as presently conducted, except for those, the absence of which, alone or in the aggregate, would not have a Material Adverse Effect on Powin Energy (collectively, the “Powin Energy Permits”).  Powin Energy (a) has duly and timely filed all reports and other information required to be filed with any Governmental Authority in connection with the Powin Energy Permits, and (b) is not in violation of the terms of any of the Powin Energy Permits, except for such omissions or delays in filings, reports or violations which, alone or in the aggregate, would not have a Material Adverse Effect on Powin Energy.

 

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(c)          Powin Energy (i) is in compliance with any and all applicable foreign, federal, provincial, state and local Laws, including all environmental Laws and regulations, (ii) has received all permits, licenses, other approvals and authorizations required of it under applicable environmental Laws to conduct its business and (iii) is in compliance with all terms and conditions of any such permit, license or approval, except where such noncompliance with environmental Laws, failure to receive required permits, licenses or other approvals or failure to comply with the terms and conditions of such permits, licenses or approvals would not, have a Material Adverse Effect on Powin Energy.

(d)          Powin Energy has no knowledge of any claim and has not received any notice of any claim, and no proceeding has been instituted raising any claim against Powin Energy or any of its properties now or formerly owned, leased or operated by it or other assets, alleging any damage to the environment or violation of any environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material Adverse Effect on Powin Energy and has not stored any hazardous materials on properties now or formerly owned, leased or operated by it and has not disposed of any hazardous materials in a manner contrary to any environmental Laws in each case in any manner that could reasonably be expected to result in a Material Adverse Effect on Powin Energy.  All buildings on all real properties now owned, leased or operated by Powin Energy are in compliance with applicable environmental Laws, except where failure to comply could not reasonably be expected to result in a Material Adverse Effect on Powin Energy.

4.9          Properties.

Powin Energy good and marketable title to all of the assets and properties which it purports to own as reflected on the most recent balance sheet comprising a portion of the Powin Energy Financial Statements referenced in Section 4.12 or thereafter acquired (except assets and properties sold or otherwise disposed of since the date of such balance sheet in the ordinary course of business).  Powin Energy has a valid leasehold interest in all properties of which it is the lessee and each such lease is valid, binding and enforceable against Powin Energy, and, to the Knowledge of Powin Energy, in accordance with its terms, subject to the Enforceability Exception.  Neither the whole nor any material portion of the assets of Powin Energy is subject to any governmental decree or order to be sold or is being condemned, expropriated or otherwise taken by any public authority with or without payment of compensation therefor, nor, to the Knowledge of Powin Energy, has any such condemnation, expropriation or taking been proposed.  None of the material assets of Powin Energy is subject to any restriction which would prevent continuation of the use currently made thereof or materially adversely affect the value thereof.

 

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4.10          Information Statement.

None of the information to be supplied by Powin Energy for inclusion in the Information Statement, the Form 8‐K or in any amendments thereof or supplements thereto, at the time of the filing or the Form 8-K or the mailing of the Information Statement will contain any untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they are made, not misleading.

4.11          Business.

Powin Energy, since its formation, has engaged in no business other than development of energy storage systems, and, except for this Agreement, is not a party to any contract or agreement for the acquisition of an operating business.  Powin Energy has no employees other than as disclosed to Powin Corporation.  No Powin Energy employee is subject to any written employment agreement.  All Powin Energy employees are terminable at will and are not entitled to any compensation or other remuneration upon such termination.

4.12          Financial Statements.

The financial statements of Powin Energy (collectively, the “Powin Energy Financial Statements”) included in Powin Corporation’s SEC reports present fairly, in all material respects, the financial position and results of operations of Powin Energy as of the respective dates, years and periods indicated, prepared in accordance with GAAP, applied on a consistent basis (subject, in the case of unaudited interim period financial statements, to normal and recurring year-end adjustments which, individually or collectively, are not material to Powin Energy).

4.13          Absence of Certain Changes or Events.

Since June 30, 2015 there has not been:

(a)          any material adverse change in the financial condition, operations, properties, assets, liabilities or business of Powin Energy;

 

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(b)          any material damage, destruction or loss of any material properties of Powin Energy, whether or not covered by insurance;

(c)          any change in the manner in which the business of Powin Energy has been conducted;

(d)          any material change in the treatment and protection of trade secrets or other confidential information of Powin Energy; and

(e)          any occurrence not included in paragraphs (a) through (d) of this Section which has resulted, or which Powin Energy has reason to believe, could reasonably be expected to result, in a Material Adverse Effect on Powin Energy.

4.14          Intellectual Property; Software.

(a)          Powin Energy has provided Powin Corporation with a complete and correct list in all material respects of all patents, Trademarks, copyright registrations, and applications therefor, applicable to or used in the business of Powin Energy, together with a complete list of all licenses granted by or to Powin Energy with respect to any of the above (collectively, “Powin Energy Intellectual Property”).  To Powin Energy’s Knowledge, all such Intellectual Property is owned by Powin Energy, free and clear of all Liens, except where the failure to own or use such Powin Energy Intellectual Property would not have a Material Adverse Effect on Powin Energy, or is used by it pursuant to valid licenses.  To Powin Energy’s Knowledge, it is not currently in receipt of any notice of any violation or infringement of, and it is not knowingly violating or infringing in any material respect, the rights of others in, or to any patent, unpatented invention, trademark, tradename, service mark, copyright, trade secret, know-how, design, process or other intangible asset.

4.15          Insurance.

Powin Energy is insured by insurers of recognized financial responsibility against such losses and risks and in such amounts as are customary and in accordance with standard industry practice in the business in which it is engaged.  Powin Energy has not received any notice from any insurance company that any insurance policy has been canceled or that such insurance company intends to cancel any such policy.  Powin Energy does not have any reason to believe that Powin Energy will not be able to renew its existing insurance coverage as and when such coverage expires or to obtain similar coverage from similar insurers as may be necessary to continue its business.

 

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4.16          Funds.

Neither Powin Energy, nor any director, shareholder, officer, agent, employee or other person associated with or acting on behalf of Powin Energy, has used any corporate funds for any unlawful contribution, gift, entertainment or other unlawful expense relating to political activity; made any direct or indirect unlawful payment to any foreign or domestic government official or employee from corporate funds, violated or is in violation of any provision of the U.S. Foreign Corrupt Practices Act of 1977; or made any bribe, rebate, payoff, influence payment, kickback or other unlawful payment.

4.17          Books, Records and Accounts.

Powin Energy’s books, records and accounts fairly and accurately reflect in all material respects transactions and dispositions of assets by Powin Energy, and to the Knowledge of Powin Energy, the system of internal accounting controls of Powin Energy is sufficient to assure that: (a) transactions are executed in accordance with management’s authorization; (b) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP, and to maintain accountability for assets; (c) access to assets is permitted only in accordance with management’s authorization; and (d) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences.

4.18          Disclosure Controls.

Powin Energy has established and maintains or will establish and maintain disclosure controls and procedures (as such term is defined in Rule 13a-15 under the Exchange Act), which (i) are designed to ensure that material information relating to Powin Energy is made known to its principal executive officer and its principal financial officer by others within those entities, particularly during the preparation of the Information Statement; (ii) have been evaluated for effectiveness as of the date of this Agreement; and (iii) are effective in all material respects to perform the functions for which they were established.

 

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4.19          Absence of Material Weaknesses.

Based on the evaluation of its internal controls over financial reporting, Powin Energy is not aware of (i) any significant deficiency or material weakness in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect Powin Energy’s ability to record, process, summarize and report financial information; or (ii) any fraud, whether or not material, that involves management or other employees who have a significant role in the internal controls over financial reporting.

4.20          Brokers and Finders.

Powin Energy has not employed any investment banker, broker, finder, consultant or intermediary in connection with the transactions contemplated by this Agreement which would be entitled to any investment banking, brokerage, finder’s or similar fee or commission in connection with this Agreement or the transactions contemplated hereby.

4.21          No Omissions or Untrue Statements.

No representation or warranty made by Powin Energy to Powin Corporation in this Agreement contains or will contain any untrue statement of a material fact, or omits or will omit to state a material fact necessary to make the statements contained herein or therein in light of the circumstances in which made not misleading as of the date hereof and as of the Closing Date.

Article V.

 

CONDUCT OF BUSINESS PENDING THE MERGER

 

5.1          Conduct of Business Prior to Effective Time.

Each of Powin Energy and Powin Corporation hereby covenants and agrees as follows, from and after the date of this Agreement and until the Effective Time, except as specifically consented to in writing by the other party:

(a)          It shall conduct its business in the ordinary and usual course of business and consistent with past practice;

(b)          It shall not (i) split, combine or reclassify its outstanding capital stock or declare, set aside or pay any dividend or distribution payable in cash, stock, property or otherwise, (ii) spin-off any assets or businesses, (iii) engage in any transaction for the purpose of effecting a recapitalization, or (iv) engage in any transaction or series of related transactions which has a similar effect to any of the foregoing;

 

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(c)          It shall not issue, sell, pledge or dispose of, or agree to issue, sell, pledge or dispose of, any additional shares of, or any options, warrants or rights of any kind to acquire any shares of its capital stock of any class or any debt or equity securities convertible into or exchangeable for such capital stock or amend or modify the terms and conditions of any of the foregoing;

(d)          It shall not (i) redeem, purchase, acquire or offer to purchase or acquire any shares of its capital stock, other than as required by the governing terms of such securities, (ii) take or fail to take any action which action or failure to take action would cause it or its stockholders (except to the extent that any stockholders receive cash in lieu of fractional shares) to recognize gain or loss for Tax purposes as a result of the consummation of the Merger, (iii) make any acquisition of any material assets or businesses, (iv) sell any material assets or businesses, (v) enter into any contract, agreement, commitment or arrangement to do any of the foregoing;

(e)          It shall use reasonable efforts to preserve intact its business organization and goodwill, keep available the services of its present officers and key employees, and preserve the goodwill and business relationships with suppliers, distributors, customers, and others having business relationships with it, and not engage in any action, directly or indirectly, with the intent to impact adversely the transactions contemplated by this Agreement;

(f)          It shall confer on a regular basis with one or more representatives of the other to report on material operational matters and the general status of ongoing operations; and

(g)          It shall file with the SEC all forms, statements, reports and documents (including all exhibits, amendments and supplements thereto) required to be filed by it pursuant to the Exchange Act.

 

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Article VI.

 

ADDITIONAL AGREEMENTS

 

6.1          Access to Information.

Each party hereto shall afford to the other and the other’s accountants, counsel, financial advisors and other representatives reasonable access during normal business hours throughout the period prior to the Effective Time to all properties, books, contracts, commitments and records (including, but not limited to, Tax Returns) of it and, during such period, shall furnish promptly (a) a copy of each report, schedule and other document filed or received by it during such period pursuant to the requirements of federal or state securities laws or filed by it during such period with the SEC in connection with the transactions contemplated by this Agreement or which may have a Material Adverse Effect on it and (b) such other information concerning its business, properties and personnel as the other shall reasonably request; provided, however, that no investigation pursuant to this Section 6.1 shall affect any representation or warranty made herein or the conditions to the obligations of the respective parties to consummate the Merger.  All non-public documents and information furnished to the other party as the case may be, in connection with the transactions contemplated by this Agreement shall be deemed to have been received, and shall be held by the recipient, in confidence, except that Powin Corporation may disclose such information as may be required for SEC filing purposes or as may be necessary in connection with the preparation of the Information Statement and the Form 8-K.  Each party shall promptly advise the others, in writing, of any change or the occurrence of any event after the date of this Agreement and prior to the Effective Time having, or which, insofar as can reasonably be foreseen, in the future would reasonably be expected to have, any Material Adverse Effect on it.

6.2          Powin Corporation Information Statement.

(a)          Powin Corporation covenants and agrees to file with the SEC as soon as shall be reasonably practicable following the date of this Agreement, at its sole cost and expense, an information statement (the “Information Statement”) relating to the Powin Corporation stockholders’ approval of the Merger.

 

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(b)          The parties shall promptly furnish to each other all information, and take such other actions, as may reasonably be requested in connection with any action by any of them in connection with the preparation and filing of the Powin Corporation Information Statement and the Form 8-K and shall cooperate with one another and use their respective best efforts to facilitate the expeditious consummation of the transactions contemplated by this Agreement.

6.3          Agreement to Cooperate.

Subject to the terms and conditions herein provided, each of the parties hereto shall cooperate and use their respective best efforts to take, or cause to be taken, all action and to do, or cause to be done, all things necessary, proper or advisable under applicable laws and regulations to consummate and make effective the transactions contemplated by this Agreement, including using its reasonable efforts to obtain all necessary or appropriate waivers, consents and approvals to effect all necessary registrations, filings and submissions and to lift any injunction or other legal bar to the Merger (and, in such case, to proceed with the Merger as expeditiously as possible), and provided that nothing in this Section 6.3 shall affect any responsibility or obligation specifically allocated to any party in this Agreement.

6.4          Public Statements.

The parties shall consult with each other prior to issuing any press release or any written public statement with respect to this Agreement or the transactions contemplated hereby except that the parties consent to any public statement required by law.

6.5          Corrections to the Information Statement.

Prior to the Closing Date, each of the parties shall correct promptly any information provided by it to be used specifically in the Information Statement and the Form 8-K that shall have become false or misleading in any material respect and shall take all steps necessary to file with the SEC and have cleared by the SEC any amendment or supplement to the Information Statement and the Form 8-K so as to correct the same and to cause appropriate dissemination thereof to the stockholders of Powin Corporation, to the extent required by applicable Law.

 

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Article VII.

 

CONDITIONS

 

7.1          Conditions to Each Party’s Obligations to Effect the Merger.

 

The respective obligation of each party to effect the Merger shall be subject to the fulfillment at or prior to the Closing Date of the following conditions:

(a)          Powin Corporation shall have obtained the Powin Corporation stockholders’ approval;

(b)          The Powin Corporation Information Statement shall have been approved by the SEC and shall not be the subject of any stop order or proceedings seeking a stop order;

(c)          The Information Statement as approved by the SEC shall have been mailed to Powin Corporation stockholders 21 days prior to the Effective Date.

Article VIII.

TERMINATION, AMENDMENT AND WAIVER

 

8.1          Termination.

This Agreement may be terminated at any time prior to the Closing Date, whether before or after approval by the stockholders of Powin Corporation:

(a)          by mutual consent in writing of the parties;

(b)          unilaterally upon written notice by Powin Corporation upon the occurrence of a Material Adverse Effect with respect to Powin Energy, the likelihood of which was not previously disclosed to Powin Corporation in writing by Powin Energy prior to the date of this Agreement;

(c)          unilaterally upon written notice by Powin Energy to Powin Corporation upon the occurrence of a Material Adverse Effect with respect to Powin Corporation, the likelihood of which was not previously disclosed to Powin Energy in writing by Powin Corporation prior to the date of this Agreement;

8.2          Amendment.

This Agreement may not be amended except by an instrument in writing signed on behalf of each of the parties hereto and in compliance with applicable law.

 

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8.3          Waiver.

At any time prior to the Effective Time, the parties hereto may (i) extend the time for the performance of any of the obligations or other acts of the other parties hereto, (ii) waive any inaccuracies in the representations and warranties contained herein or in any document delivered pursuant thereto and (iii) waive compliance with any of the agreements or conditions contained herein.  Any agreement on the part of a party hereto to any such extension or waiver shall be valid only if set forth in an instrument in writing signed on behalf of such party.

8.4          Expenses.

Whether or not the Merger is consummated, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

Article IX.

GENERAL PROVISIONS

 

9.1          Notices.

All notices and other communications hereunder shall be in writing and shall be deemed given if delivered personally (effective upon delivery), sent by a reputable overnight courier service for next business day delivery (effective the next business day) to the parties at the following addresses (or at such other address for a party as shall be specified by like notice):

If to Powin Corporation and to Powin Energy:

20550 SW 115th Avenue

Tualatin, OR 97062

Attention:  Nicholas Goyak, General Counsel, Secretary

With a copy to:

S.F. Suntech, Inc.

Portion B, 30/F, Bank of China Tower

1 Garden Road

Central Hong Kong

Attention:  Keith Tse

 

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9.2          Interpretation.

The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

9.3          Miscellaneous.

This Agreement (including the documents and instruments referred to herein) (i) constitutes the entire agreement and supersedes all other prior agreements and understandings, both written and oral, among the parties, or any of them, with respect to the subject matter hereof; and (ii) shall be governed in all respects, including validity, interpretation and effect, by the laws of the State of Nevada (without giving effect to the provisions thereof relating to conflicts of law).

9.4          Submission to Jurisdiction.

Each of the parties hereto hereby irrevocably and unconditionally submits, for itself and its property, to the exclusive jurisdiction of the courts of the State of Oregon and of the United States District Court for the District where Portland is located, and any appellate court from any thereof, in any action or proceeding arising out of or relating to any matter set forth in this Agreement, and each of the parties hereto hereby irrevocably agree that all claims in respect of such action or proceeding may be heard and determined in such courts.  The parties each hereby irrevocably waive, to the fullest extent that they may legally do so, the defense of an inconvenient forum to the maintenance of such action or proceeding.  Each of the parties irrevocably consent to the service of any and all process in any action or proceeding by the delivery of copies of such process to it at its notice address in Section 9.1.  The parties each agree that a final judgment in any such 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.

9.5          Waiver of Jury Trial.

THE PARTIES HEREBY IRREVOCABLY WAIVE, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY (BUT NO OTHER JUDICIAL REMEDIES) IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT AND THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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9.6          Counterparts.

This Agreement may be executed in two or more counterparts, each of which shall be deemed to be an original, but all of which shall constitute one and the same agreement.  In pleading or proving this Agreement, it shall not be necessary to produce or account for more than one fully executed original.

9.7          Benefits of Agreement.

Nothing in this Agreement, expressed or implied, shall give to any Person, other than the parties hereto and their successors hereunder, any benefit or any legal or equitable right, remedy or claim under this Agreement.

9.8          Parties in Interest.

This Agreement shall be binding upon and inure solely to the benefit of each party hereto, and nothing in this Agreement, express or implied, is intended to confer upon any other person any rights or remedies of any nature whatsoever under or by reason of this Agreement.

9.9          Captions.

The captions of sections and subsections of this Agreement are for reference only, and shall not affect the interpretation or construction of this Agreement.

9.10        Acknowledgement/Trust.

The parties acknowledge that with the exception of it shareholdings in Powin Energy and an insignificant amount of cash on hand, as a result of the Asset Contribution, Powin Corporation has no assets other than its shareholdings in Q Pacific Corporation which it is holding in trust solely for the benefit of its shareholders of record as of immediately prior to the Effective Time of the Merger and that consequently upon the Effective Time the shareholders of Powin Energy as a result of the Merger, will have no interest in Q Pacific Corporation or any of its assets or business.

9.11        Amendments.

This Agreement may be amended only in a writing signed by each of the parties hereto.

 

80

IN WITNESS WHEREOF, the parties have caused this Agreement to be signed by their respective officers thereunto duly authorized as of the date first written above.

  

	
POWIN CORPORATION

	 
	 	 	 
	
By:

	 	 
	 	 	 
	
Name:     

	
Nicholas Goyak, Secretary, General Counsel

	 
	 	 	 
	 	 	 
	
POWIN ENERGY CORPORATION

	 
	 	 	 
	
By:

	 	 
	 	 	 
	
Name:

	
Nicholas Goyak, Secretary, General Counsel

	 
	 	 	 
	 	 	 
	
APPROVAL OF STOCKHOLDERS BY CONSENT WITHOUT A MEETING:

 
	 	 	 
	
APPROVAL BY STOCKHOLDERS OF

	 
	
POWIN CORPORATION HOLDING

	 
	
MAJORITY OF SHARES:

	 
	 	 	 
	 	 
	
Name:

	
Joseph Lu

	 
	 	 	 
	
Dated:

	
_______, 2016

	 
	 	 	 
	 	 	 
	
APPROVAL OF STOCKHOLDERS OF

	 
	
POWIN ENERGY CORPORATION

	 
	 	 	 
	
By:

	 	 
	
POWIN CORPORATION

	 
	 	 	 
	
By:

	 	 
	 	 	 
	
Name:

	
Nicholas Goyak, Secretary and General Counsel

	 
	 	 	 
	
Dated:

	
________, 2016

	 
	 	 	 
	 	 	 
	
By:

	 	 
	
SF SUNTECH INC.

	 
	 	 	 
	
By:

	 	 
	 	 	 
	
Its:

	 	 
	 	 	 
	
Dated:

	
________, 2016

	 

 

81

 

EXHIBIT 2.6

 

SHARES TO BE ISSUED IN MERGER

 

 

	
Shares of Powin Corporation Common Stock Outstanding before Merger:

	 	 	
16,243,839

	 	 	 	 
	
Powin Corporation Outstanding Options:

	 	 	
164,000

	 	 	 	 
	
Total:

	 	 	
16,407,839

	 	 	 	 
	 	 	 	 	 	 	 	 
	
Share Ownership of Powin Corporation Immediately after Effective Time of Merger:

	 	 	 	 	 	 	 
	
Existing Shareholders of Powin Corporation and Option Holder as if Options Exercised:

	 	 	

16,407,839

	 	 	 	
82.352

	
%

	
SF Suntech Inc.:

	 	 	
3,516,193

	 	 	 	
17.648

	
%

	
Total:

	 	 	
19,924,032

	 	 	 	
100

	
%

 

 

82

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