Document:

EX-4.2

Table of Contents

 Exhibit 4.2 
  

 
  

HUDSON PACIFIC PROPERTIES, L.P., 

HUDSON PACIFIC PROPERTIES, INC., as Guarantor, 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Trustee 
  

 
 Supplemental
Indenture No. 1 
 Dated as of October 2, 2017 

to Indenture dated October 2, 2017 
  

 
 $400,000,000

 3.950% Senior Notes due 2027 
  

 
  

Table of Contents

 TABLE OF CONTENTS 

 

					
	 	  	PAGE	 
		
	 Article I. RELATION TO BASE INDENTURE; DEFINITIONS
	  	 	1	 
		
	 Section 1.1        
Relation to Base Indenture
	  	 	1	 
	 Section 1.2        
Definitions
	  	 	2	 
		
	 Article II. TERMS OF THE SECURITIES
	  	 	8	 
		
	 Section 2.1        
Title of the Securities
	  	 	8	 
	 Section 2.2        
Price
	  	 	8	 
	 Section 2.3        
Limitation on Initial Aggregate Principal Amount; Further Issuances
	  	 	8	 
	 Section 2.4        
Interest and Interest Rates; Stated Maturity of Notes
	  	 	8	 
	 Section 2.5        
Withholding of Interest; Method of Payment
	  	 	9	 
	 Section 2.6        
Currency
	  	 	10	 
	 Section 2.7        
Additional Notes
	  	 	10	 
	 Section 2.8        
Redemption
	  	 	11	 
	 Section 2.9        
No Sinking Fund
	  	 	11	 
	 Section 2.10      
Registrar and Paying Agent
	  	 	11	 
		
	 Article III. FORM OF THE SECURITIES
	  	 	11	 
		
	 Section 3.1        
Global Form
	  	 	11	 
	 Section 3.2        
Transfer and Exchange
	  	 	11	 
	 Section 3.3        
General Provisions Relating to Transfers and Exchanges
	  	 	15	 
		
	 Article IV. REDEMPTION OF NOTES
	  	 	17	 
		
	 Section 4.1        
Optional Redemption of Notes
	  	 	17	 
	 Section 4.2        
Notice of Optional Redemption, Selection of Notes
	  	 	17	 
	 Section 4.3        
Payment of Notes Called for Redemption by the Company
	  	 	19	 
		
	 Article V. GUARANTEE
	  	 	20	 
		
	 Section 5.1        
Note Guarantee
	  	 	20	 
	 Section 5.2        
Execution and Delivery of Note Guarantee
	  	 	21	 
	 Section 5.3        
Limitation of Guarantor’s Liability; Certain Bankruptcy Events
	  	 	21	 
	 Section 5.4        
Application of Certain Terms and Provisions to the Guarantor
	  	 	22	 
		
	 Article VI. ADDITIONAL COVENANTS
	  	 	22	 
		
	 Section 6.1        
Maintenance of Office or Agency
	  	 	22	 
	 Section 6.2        
Appointments to Fill Vacancies in Trustee’s Office
	  	 	23	 
	 Section 6.3        
Reports
	  	 	23	 
	 Section 6.4        
Limitations on Incurrence of Debt
	  	 	24	 

  
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	 Section 6.5        
Insurance
	  	 	25	 
	 Section 6.6        
Maintenance of Properties
	  	 	26	 
	 Section 6.7        
Payment of Taxes and Other Claims
	  	 	26	 
	 Section 6.8        
Existence
	  	 	26	 
		
	 Article VII. SUCCESSORS
	  	 	26	 
		
	 Section 7.1        
When Company May Merge, Etc.
	  	 	27	 
	 Section 7.2        
When Guarantor May Merge, Etc.
	  	 	27	 
	 Section 7.3        
Successor Corporation Substituted
	  	 	28	 
		
	 Article VIII. DEFAULTS AND REMEDIES
	  	 	28	 
		
	 Section 8.1        
Events of Default
	  	 	28	 
	 Section 8.2        
Acceleration of Maturity; Rescission and Annulment
	  	 	30	 
		
	 Article IX. NOTICE OF DEFAULTS
	  	 	30	 
		
	 Section 9.1        
Notice of Defaults
	  	 	30	 
		
	 Article X. WAIVER OF PAST DEFAULTS; LIMITATION ON
SUITS
	  	 	31	 
		
	 Section 10.1      
Waiver of Past Defaults
	  	 	31	 
	 Section 10.2      
Limitation on Suits
	  	 	31	 
		
	 Article XI. SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	32	 
		
	 Section 11.1      
Satisfaction and Discharge of Indenture
	  	 	32	 
	 Section 11.2      
Legal Defeasance of Notes
	  	 	33	 
	 Section 11.3      
Covenant Defeasance
	  	 	35	 
		
	 Article XII. AMENDMENTS AND WAIVERS
	  	 	36	 
		
	 Section 12.1      
Without Consent of Holders
	  	 	36	 
	 Section 12.2      
With Consent of Holders
	  	 	37	 
		
	 Article XIII. ASSUMPTION BY GUARANTOR
	  	 	38	 
		
	 Section 13.1      
Assumption by Guarantor
	  	 	38	 
		
	 Article XIV. MEETINGS OF HOLDERS OF NOTES
	  	 	39	 
		
	 Section 14.1      
Purposes for Which Meetings May Be Called
	  	 	39	 
	 Section 14.2      
Call, Notice and Place of Meetings
	  	 	39	 
	 Section 14.3      
Persons Entitled to Vote at Meetings
	  	 	40	 
	 Section 14.4      
Quorum; Action
	  	 	40	 
	 Section 14.5      
Determination of Voting Rights; Conduct and Adjournment of Meetings
	  	 	41	 
	 Section 14.6      
Counting Votes and Recording Action of Meetings
	  	 	41	 

  
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	 Article XV. MISCELLANEOUS PROVISIONS
	  	 	42	 
		
	 Section 15.1      
Evidence of Compliance with Conditions Precedent, Certificates to Trustee
	  	 	42	 
	 Section 15.2      
No Recourse Against Others
	  	 	42	 
	 Section 15.3      
Trust Indenture Act Controls
	  	 	43	 
	 Section 15.4      
Governing Law and Waiver of Jury Trial
	  	 	43	 
	
Section 15.5      Counterparts
	  	 	43	 
	
Section 15.6      Successors
	  	 	43	 
	
Section 15.7      Severability
	  	 	43	 
	 Section 15.8      
Table of Contents, Headings, Etc
	  	 	43	 
	
Section 15.9      Ratifications
	  	 	44	 
	
Section 15.10    Effectiveness
	  	 	44	 
	 Section 15.11    The Trustee
	  	 	44	 

  
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 THIS SUPPLEMENTAL INDENTURE NO. 1 is entered into as of October 2, 2017 (the “First
Supplemental Indenture”), among Hudson Pacific Properties, L.P., a Maryland limited partnership (the “Company”), Hudson Pacific Properties, Inc., a Maryland corporation (the “Guarantor”), and U.S. Bank National Association,
as trustee (the “Trustee”). 
 WITNESSETH: 

WHEREAS, the Company has delivered to the Trustee an Indenture, dated as of October 2, 2017 (the “Base Indenture”), providing
for the issuance by the Company from time to time of Securities in one or more Series; 
 WHEREAS, Section 2.2 of the Base Indenture
provides for various matters with respect to any Series of Securities issued under the Base Indenture to be established in an indenture supplemental to the Base Indenture; 

WHEREAS, each of the Company and the Guarantor desires to execute this First Supplemental Indenture to establish the form and to provide for
the issuance of a Series of its senior notes designated as its 3.950% Senior Notes due 2027 (the “Notes”), in an initial aggregate principal amount of $400,000,000; 

WHEREAS, the Board of Directors of the Guarantor, the general partner of the Company, has duly adopted resolutions authorizing the Company and
the Guarantor to execute and deliver this First Supplemental Indenture; and 
 WHEREAS, all of the other conditions and requirements
necessary to make this First Supplemental Indenture, when duly executed and delivered, a valid and binding agreement in accordance with its terms and for the purposes herein expressed, have been performed and fulfilled. 

NOW, THEREFORE, for and in consideration of the premises and the purchase of the Series of Securities provided for herein by the Holders
thereof, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders of Securities of such Series, as follows: 

ARTICLE I. 

RELATION TO BASE INDENTURE; DEFINITIONS 

Section 1.1    Relation to Base Indenture. 

This First Supplemental Indenture constitutes an integral part of the Base Indenture. Notwithstanding any other provision of this First
Supplemental Indenture, all provisions of this First Supplemental Indenture are expressly and solely for the benefit of the Holders of the Notes and any such provisions shall not be deemed to apply to any other Securities issued under the Base
Indenture and shall not be deemed to amend, modify or supplement the Base Indenture for any purpose other than with respect to the Notes. 

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 Section 1.2    Definitions. 

For all purposes of this First Supplemental Indenture, except as otherwise expressly provided for or unless the context otherwise requires:

 (1)    Capitalized terms used but not defined herein shall have the respective meanings assigned to
them in the Base Indenture; and 
 (2)    All references herein to Articles and Sections, unless
otherwise specified, refer to the corresponding Articles and Sections of this First Supplemental Indenture as they amend or supplement the Base Indenture, and not the Base Indenture or any other document. 

“Acquired Debt” means Debt of a person (1) existing at the time such person is merged or consolidated with or into the Company
or any of its Subsidiaries or becomes a Subsidiary of the Company or (2) assumed by the Company or any of its Subsidiaries in connection with the acquisition of assets from such person. Acquired Debt shall be deemed to be incurred on the date
the acquired person is merged or consolidated with or into the Company or any of its Subsidiaries or becomes a Subsidiary of the Company or the date of the related acquisition, as the case may be. 

“Additional Notes” means additional Notes (other than the Initial Notes) issued under the Indenture in accordance with
Sections 2.3, 2.7 and 6.4 hereof, as part of the same series as the Initial Notes. 
 “Adjusted Treasury Rate” means, with
respect to any Redemption Date, 
 (1)    the yield, under the heading which represents the average for
the immediately preceding week, appearing in the most recently published statistical release designated “H.15” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which
establishes yields on actively traded United States Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is
within three months before or after the Remaining Life, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from
such yields on a straight line basis, rounding to the nearest month); or 
 (2)    if such release (or
any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

The Adjusted Treasury Rate shall be calculated on the third Business Day preceding the Redemption Date. 

  
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 “Annual Debt Service Charge” means, for any period, the Interest Expense of the Company
and its Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP. 
 “Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange. 

“Bankruptcy Code” means the United States Bankruptcy Code, Title 11 of the United States Code, as amended. 

“Benefited Party” shall have the meaning ascribed thereto in Section 5.1. 

“Clearstream” means Clearstream Banking, Société Anonyme. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having an actual or
interpolated maturity comparable to the Remaining Life of the Notes to be redeemed, 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 such Notes. 
 “Comparable Treasury Price” means, with respect to any Redemption
Date, (1) the average of the Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Quotation Agent obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Quotations. 
 “Consolidated Income Available for Debt Service” for
any period means Consolidated Net Income of the Company and its Subsidiaries for such period, plus amounts which have been deducted and minus amounts which have been added for, without duplication: (1) Interest Expense, (2) provision for
taxes based on income, (3) amortization of debt discount, premium and deferred financing costs, (4) impairments losses and gains on sales or other dispositions of properties and other investments,
(5) non-cash compensation, (6) real estate related depreciation and amortization, (7) the effect of any non-recurring
non-cash items, (8) amortization of deferred charges, (9) gains or losses on early extinguishment of debt, and (10) acquisition expenses, all determined on a consolidated basis in accordance
with GAAP. 
 “Consolidated Net Income” for any period means the amount of net income (or loss) of the Company and its
Subsidiaries for such period, excluding, without duplication: (1) extraordinary items, and (2) the portion of net income (but not losses) of the Company and its Subsidiaries allocable to minority interests in unconsolidated persons to the
extent that cash dividends or distributions have not actually been received by the Company or one of its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 

“Debt” means, with respect to any person, without duplication, any indebtedness of such person in respect of (1) borrowed money
or evidenced by bonds, notes, debentures or similar instruments, (2) indebtedness secured by any Lien on any property or asset owned by such person, but only to the extent of the lesser of (a) the amount of indebtedness so secured and (b)

  
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the fair market value (determined in good faith by the board of directors of such person or, in the case of the Company and a Subsidiary, by the Board of Directors of the Guarantor or a duly
authorized committee thereof) of the property subject to such Lien, (3) reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually issued or amounts representing the balance deferred and unpaid of the
purchase price of any property except any such balance that constitutes an accrued expense or trade payable, or (4) any lease of property by such person as lessee which is required to be reflected on such person’s balance sheet as a
capitalized lease in accordance with GAAP. The term “Debt” also includes, to the extent not otherwise included, any non-contingent obligation of such person to be liable for, or to pay, as obligor,
guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of the types referred to above of another person (it being understood that Debt shall be deemed to be incurred by such person whenever such
person shall create, assume, guarantee (on a non-contingent basis) or otherwise become liable in respect thereof); provided that the term “Debt” shall not include (x) Intercompany Debt
(to the extent the corresponding intercompany receivable is not included in Total Assets) and (y) Permitted Non-Recourse Guarantees of the Company or any of its Subsidiaries until such time as they become
primary obligations of, and payments are due and required to be made thereunder by, the Company or any of its Subsidiaries. 

“Defaulted Interest” shall have the meaning ascribed thereto in Section 2.5. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 3.2 hereof, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 

“Depository” means, with respect to the Notes, The Depository Trust Company and any successor thereto. 

“Euroclear” means Euroclear S.A./N.V., as operator of the Euroclear system. 

“Event of Default” shall have the meaning ascribed thereto in Section 8.1. 

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

“Global Note” means, individually and collectively, each of the Notes of a Series in the form of a Global Security issued to the
Depository or its nominee, substantially in the form of Exhibit A. 
 “Guarantee Obligations” shall have the meaning ascribed
thereto in Section 5.1. 
 “Holders” shall have the meaning ascribed thereto in Section 2.4. 

“Indenture” means the Base Indenture, as supplemented by the First Supplemental Indenture, and as further supplemented, amended or
restated. 

  
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 “Indirect Participant” means a person who holds a beneficial interest in a Global Note
through a Participant. 
 “Initial Notes” means the first $400,000,000 aggregate principal amount of Notes issued under this First
Supplemental Indenture on the date hereof. 
 “Intercompany Debt” means, as of any date, indebtedness and liabilities for borrowed
money, secured or unsecured, to which the only parties are the Company, the Guarantor and any Subsidiary of either of them as of that date. 

“Interest Expense” means, for any period of time, the aggregate amount of interest recorded in accordance with GAAP for such period
of time by the Company and its Subsidiaries, but excluding: (i) interest reserves funded from the proceeds of any loan, (ii) amortization of deferred financing costs, including gains or losses on early extinguishment of debt,
(iii) prepayment penalties, (iv) non-cash swap ineffectiveness charges and (v) any expense resulting from the discounting of any indebtedness in connection with the application of purchase
accounting; and including, without duplication, effective interest in respect of original issue discount as determined in accordance with GAAP. 

“Interest Payment Date” shall have the meaning ascribed thereto in Section 2.4. 

“Lien” means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement, or other encumbrance securing
Debt. 
 “Maturity Date” means November 1, 2027. 

“Non-Recourse Debt” means Debt of a Subsidiary of the Company (or an entity in which the
Company is the general partner or managing member) that is directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of the Subsidiary of the Company (or entity in which the Company is the
general partner or managing member) that is the borrower and is non-recourse to the Company or any of its Subsidiaries (other than pursuant to a Permitted Non-Recourse
Guarantee and other than with respect to the Subsidiary of the Company (or entity in which the Company is the general partner or managing member) that is the borrower); provided further that, if any such Debt is partially recourse to the
Company or any of its Subsidiaries (other than pursuant to a Permitted Non-Recourse Guarantee and other than with respect to the Subsidiary of the Company (or entity in which the Company is the general partner
or managing member) that is the borrower) and therefore does not meet the criteria set forth above, only the portion of such Debt that does meet the criteria set forth above shall constitute “Non-Recourse
Debt”. 
 “Note Guarantee” means the Guarantee by the Guarantor of the Company’s obligations under this Indenture and
the Notes, executed pursuant to the provisions of this First Supplemental Indenture. 
 “Notes” has the meaning assigned to it in
the recitals to this First Supplemental Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under the Indenture, and unless the context otherwise requires, all references to the Notes shall
include the Initial Notes and any Additional Notes. 

  
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 “Participant” means, with respect to the Depository, Euroclear or Clearstream, a person
who has an account with the Depository, Euroclear or Clearstream, respectively (and with respect to The Depository Trust Company, shall include Euroclear and Clearstream). 

“Permitted Non-Recourse Guarantees” means customary completion or budget guarantees or
indemnities (including by means of separate indemnification agreements and carve-out guarantees) provided under Non-Recourse Debt in the ordinary course of business by
the Company or any of its Subsidiaries in financing transactions that are directly or indirectly secured by real estate assets or other real estate-related assets (including equity interests) of a Subsidiary of the Company (or an entity in which the
Company is the general partner or managing member), in each case that is the borrower in such financing, but is non-recourse to the Company or any of its other Subsidiaries, except for customary completion or
budget guarantees or indemnities (including by means of separate indemnification agreements or carve-out guarantees) as are consistent with customary industry practice (such as environmental indemnities and
recourse triggers based on violation of transfer restrictions and other customary exceptions to nonrecourse liability). 
 “Par Call
Date” means August 1, 2027. 
 “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 2.8 of the Base Indenture in lieu of a lost, destroyed or stolen Note shall be
deemed to evidence the same debt as the lost, destroyed or stolen Note that it replaces. 
 “Primary Treasury Dealer” means a
primary U.S. Government securities dealer. 
 “Prospectus” means the base prospectus, dated March 16, 2015, included as part
of a registration statement on Form S-3 under the Securities Act, filed by the Company and the Guarantor with the SEC on March 16, 2015 (Registration Nos.
333-202799 and 333-202799-01), as supplemented by a prospectus supplement, dated September 25, 2017, filed by the Company
and the Guarantor with the SEC pursuant to Rule 424(b) under the Securities Act. 
 “Quotation Agent” means the Reference Treasury
Dealer appointed by the Company. 
 “Record Date” shall have the meaning ascribed thereto in Section 2.4. 

“Redemption Date” means, with respect to any Note or portion thereof to be redeemed in accordance with the provisions of Article IV
hereof, the date fixed for such redemption in accordance with the provisions of Article IV hereof. 
 “Redemption Price” shall
have the meaning ascribed thereto in Section 4.1. 
 “Reference Treasury Dealer” means each of (1) Wells Fargo
Securities, LLC, (2) Merrill Lynch, Pierce, Fenner & Smith Incorporated, and (3) any one other Primary Treasury Dealer selected by the Company; provided, however, that if any of the Reference Treasury Dealers
referred to in clause (1) or (2) above ceases to be a Primary Treasury Dealer, the Company 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, the average, as determined by Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Quotation Agent by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such Redemption Date. 
 “Remaining
Life” means, with respect to any Notes to be redeemed, the remaining term of such Notes, calculated as if the maturity date of such Notes were the Par Call Date. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder, as in effect
from time to time. 
 “Significant Subsidiary” means any Subsidiary that meets either of the following conditions: (1) the
Guarantor and its other Subsidiaries’ investments in and advances to the Subsidiary exceed 10% of the Guarantor and its Subsidiaries’ total assets consolidated (determined in accordance with GAAP) as of the end of the most recent fiscal
quarter for which a periodic report has been filed under the Exchange Act; or (2) the Guarantor and its other Subsidiaries’ proportionate share of the total assets (after intercompany eliminations) of the Subsidiary exceeds 10% of the
Guarantor and its Subsidiaries’ total assets consolidated (determined in accordance with GAAP) as of the end of the most recent fiscal quarter for which a periodic report has been filed under the Exchange Act. 

“Subsidiary” means, with respect to the Company or the Guarantor, any person (as defined in the Base Indenture but excluding an
individual), a majority of the outstanding Voting Stock, partnership interests, membership interests or other equity interest, as the case may be, of which is owned or controlled, directly or indirectly, by the Company or the Guarantor, as the case
may be, or by one or more other Subsidiaries of the Company or the Guarantor, as the case may be, and which is required to be consolidated with the Company or the Guarantor in accordance with GAAP. 

“Total Assets” means the sum of, without duplication (1) Undepreciated Real Estate Assets and (2) all other assets
(excluding accounts receivable and non-real estate intangibles) of the Company and its Subsidiaries, all determined on a consolidated basis in accordance with GAAP. 

“Total Unencumbered Assets” means the sum of, without duplication, (1) those Undepreciated Real Estate Assets which are not
subject to a Lien securing Debt and (2) all other assets (excluding accounts receivable and non-real estate intangibles) of the Company and its Subsidiaries not subject to a Lien securing Debt, all
determined on a consolidated basis in accordance with GAAP; provided, however, that, in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of the covenant set forth in Section 6.4(d)
hereof any investment in an unconsolidated limited partnership, unconsolidated limited liability company or other unconsolidated entity shall be excluded from Total Unencumbered Assets if any real estate asset owned by such unconsolidated limited
partnership, unconsolidated limited liability company or other unconsolidated entity is subject to a Lien securing Debt. 

  
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 “Undepreciated Real Estate Assets” means, as of any date, the cost (original cost plus
capital improvements) of real estate assets and related intangibles of the Company and its Subsidiaries on such date, before depreciation and amortization, all determined on a consolidated basis in accordance with GAAP. 

“Uniform Fraudulent Conveyance Act” means any applicable federal, provincial or state fraudulent conveyance legislation and any
successor legislation. 
 “Uniform Fraudulent Transfer Act” means any applicable federal, provincial or state fraudulent transfer
legislation and any successor legislation. 
 “Unsecured Debt” means Debt of the Company or any of its Subsidiaries which is not
secured by a Lien on any property or assets of the Company or any of its Subsidiaries. 
 “Voting Stock” means stock having voting
power for the election of directors, trustees or managers, as the case may be, whether at all times or only so long as no senior class of stock has such voting power by reason of any contingency. 

ARTICLE II. 

TERMS OF THE SECURITIES 
 
Section 2.1    Title of the Securities. 
 There shall be a Series of Securities designated the “3.950%
Senior Notes due 2027.” 
 Section 2.2    Price. 

The Initial Notes shall be issued at a public offering price of 99.815% of the principal amount thereof, other than any offering discounts
pursuant to the initial offering and resale of the Notes. 
 Section 2.3    Limitation on Initial
Aggregate Principal Amount; Further Issuances. 
 The aggregate principal amount of the Notes initially shall be limited to $400,000,000.
The Company may, without notice to or consent of the Holders, issue Additional Notes from time to time in the future in an unlimited principal amount, subject to compliance with the terms of the Indenture. 

Nothing contained in this Section 2.3 or elsewhere in this First Supplemental Indenture, or in the Notes, is intended to or shall limit
execution by the Company or authentication or delivery by the Trustee of Notes under the circumstances contemplated by Sections 2.7, 2.8, 2.11, 3.6 or 9.6 of the Base Indenture. 

Section 2.4    Interest and Interest Rates; Stated Maturity of Notes. 

(a)    The Notes shall bear interest at 3.950% per annum, from and including October 2, 2017 or the
immediately preceding Interest Payment Date to which interest has been paid or provided for, and will be payable semi-annually in arrears on May 1 and 

  
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November 1 of each year, commencing May 1, 2018 (each, an “Interest Payment Date”), to the persons (the “Holders”) in whose name the applicable Notes are registered
at the close of business on the April 15 or October 15 (regardless of whether such day is a Business Day) immediately preceding the applicable Interest Payment Date, as the case may be (each, a “Record Date”). Interest on the
Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 

(b)    If any Interest Payment Date or Maturity falls on a day that is not a Business Day, the required
payment shall be made on the next Business Day as if it were made on the date such payment was due and no interest shall accrue on the amount so payable for the period from and after such Interest Payment Date or Maturity, as the case may be. 

(c)    If the Company redeems the Notes in accordance with the terms of such Note, the Company will pay
accrued and unpaid interest and premium, if any, to but not including the Redemption Date, to the Holder that surrenders such Note for redemption. However, if a redemption falls after a Record Date and on or prior to the corresponding Interest
Payment Date, the Company will pay the full amount of accrued and unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date. 

(d)    The Stated Maturity of the Notes shall be November 1, 2027. 

Section 2.5    Withholding of Interest; Method of Payment. 

The Company or Paying Agent may withhold from payments of interest and upon redemption pursuant to Article II of the Base Indenture, maturity
or otherwise, any amounts Company or Paying Agent is required to withhold by law. Interest shall be payable at the office of the Company maintained by the Company for such purposes, which shall initially be an office or agency of the Trustee. The
Company shall pay interest (i) on any Notes in certificated form by wire transfer of immediately available funds to the account specified by the Holder (which account shall be within the United States) or if no account is specified, by check
mailed to the address of the person entitled thereto, or (ii) on any Global Note by wire transfer of immediately available funds to the account of the Depository or its nominee. Any interest on any Note which is payable, but is not punctually
paid or duly provided for, on any May 1 or November 1 (herein called “Defaulted Interest”) shall forthwith cease to be payable to the Holder registered as such on the relevant Record Date, and such Defaulted Interest shall be
paid by the Company, at its election in each case, as provided in clause (i) or (ii) below: 

(i)    The Company may elect to make payment of any Defaulted Interest to the persons in whose names the
Notes are registered at 5:00 p.m., New York City time, on a special record date for the payment of such Defaulted Interest, which shall be fixed in the following manner. The Company 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 (which shall be not less than twenty-five (25) calendar days after the receipt by the Trustee of such notice, unless the Trustee shall consent to an earlier date), and at
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Company shall deposit with the Trustee an amount of money equal to the aggregate amount to be paid in respect of such Defaulted Interest or shall make arrangements satisfactory to the Trustee for
such deposit on or 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 Company shall fix a special
record date for the payment of such Defaulted Interest which shall be not more than fifteen (15) calendar days and not less than ten (10) calendar days prior to the date of the proposed payment, and not less than ten (10) calendar
days after the receipt by the Trustee of the notice of the proposed payment (unless the Trustee shall consent to an earlier date). The Company shall promptly notify the Trustee in writing of such special record date and shall cause notice of the
proposed payment of such Defaulted Interest and the special record date therefor to be sent by electronic transmission or mailed, first-class postage prepaid, to each Holder at its address as it appears in the register, not less than ten
(10) calendar 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 are registered at 5:00 p.m., New York City time, on such special record date and shall no longer be payable pursuant to the following clause (ii) of this Section 2.5. 

(ii)    The Company may make payment of any Defaulted Interest in any other lawful manner not inconsistent
with the requirements of any securities exchange or automated quotation system on which the Notes may be listed or designated for issuance, and upon such notice as may be required by such exchange or automated quotation system, if, after notice
given by the Company to the Trustee of the proposed payment pursuant to this clause, such manner of payment shall be deemed practicable by the Trustee. 

Section 2.6    Currency. 

Principal and interest on the Notes shall be payable in United States Dollars. 

Section 2.7    Additional Notes. 

The Company will be entitled, from time to time, without the consent of the Holders, to create and issue Additional Notes having the same terms
and conditions as the Notes in all respects (except for any difference in the issue date, issue price, interest accrued prior to the issue date of the Additional Notes, if applicable, the first interest payment date) and with the same CUSIP number
so long as such Additional Notes are fungible for U.S. federal income tax purposes with the previously outstanding Notes. Additional Notes issued in this manner shall be consolidated with and shall form a single series with the previously
outstanding Notes. 
 With respect to any Additional Notes, the Company will set forth in a Board Resolution and an Officers’
Certificate, a copy of each of which will be delivered to the Trustee, the following information: 

  
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 (i)    the aggregate principal amount of such Additional
Notes to be authenticated and delivered pursuant to the Indenture; and 
 (ii)    the issue price, the
issue date and the CUSIP number of such Additional Notes. 
 The Company shall otherwise comply the procedures set forth in the Indenture
with respect to the issuance, authentication and delivery of any Additional Notes. 

Section 2.8    Redemption. 

The Notes may be redeemed at the option of the Company prior to the Stated Maturity as provided in Article IV hereof. 

Section 2.9    No Sinking Fund. 

The provisions of Article XI of the Base Indenture shall not be applicable to the Notes. 

Section 2.10    Registrar and Paying Agent. 

The Trustee shall initially serve as Registrar and Paying Agent for the Notes. 

ARTICLE III. 

FORM OF THE SECURITIES 
 
Section 3.1    Global Form. 
 The Notes shall initially be issued in the form of one or more permanent
Global Notes. The Notes shall not be issuable in definitive form except as provided in Section 3.2(a) of this First Supplemental Indenture. The Notes and the Trustee’s certificate of authentication shall be substantially in the form
attached as Exhibit A hereto. The Company shall execute and the Trustee shall, in accordance with Section 2.3 of the Base Indenture, authenticate and hold each Global Note as custodian for the Depository. Each Global Note will represent
such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes
represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee. The terms and provisions contained in the form of Note attached as Exhibit A hereto shall constitute, and are hereby
expressly made, a part of the Indenture and, to the extent applicable, the Company and the Trustee, by their execution and delivery of this First Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby. 

Section 3.2    Transfer and Exchange. 

(a)    Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole
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nominee of the Depository to the Depository or to another nominee of the Depository, or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository.
All Global Notes will be exchanged by the Company for Definitive Notes if: 
 (i)    the Depository
(a) notifies the Company that it is unwilling or unable to continue as depository for the Global Note or (b) has ceased to be a clearing agency registered under the Exchange Act and, in either case, the Company fails to appoint a successor
depository; 
 (ii)    the Company, at its option, notifies the Trustee in writing that the Company
elects to cause the issuance of the Certificated Notes; or 
 (iii)    upon request from the Depository
if there has occurred and is continuing a default or Event of Default with respect to the Notes. 
 Upon the occurrence of either of the
preceding events in (i) (ii) or (iii) above, Definitive Notes shall be issued in such names as the Depository shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.8 and
2.11 of the Base Indenture. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 3.2 or Section 2.8 and 2.11 of the Base Indenture, shall be authenticated and
delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 3.2(a), however, beneficial interests in a Global Note may be transferred and exchanged as
provided in Section 3.2(c) or (d) hereof. 
 (b)    Legend. Any Global Note issued under
this First Supplemental Indenture shall bear a legend in substantially the following form: 
 “THIS GLOBAL NOTE IS HELD
BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE
SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE FIRST SUPPLEMENTAL INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2 OF THE FIRST SUPPLEMENTAL INDENTURE, (III) THIS
GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

  
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 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE COMPANY OR ITS
AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.” 
 (c)    Transfer and Exchange of Beneficial
Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global Notes will be effected through the Depository, in accordance with the provisions of the Indenture and the Applicable Procedures. Transfers of
beneficial interests in the Global Notes will require compliance with either subparagraph (1) or (2) below, as applicable, as well as one or more of the other following subparagraphs, as applicable: 

(1)    Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global
Note may be transferred to persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this
Section 3.2(c)(1). 
 (2)    All Other Transfers of Beneficial Interests in Global Notes. In
connection with all transfers of beneficial interests that are not subject to Section 3.2(c)(1) above, the transferor of such beneficial interest must deliver to the Registrar both: 

(i)    a written order from a Participant or an Indirect Participant given to the Depository in accordance
with the Applicable Procedures directing the Depository to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

  
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 (ii)    instructions given in accordance with the Applicable
Procedures containing information regarding the Participant account to be credited with such increase. 
 Upon satisfaction of all of the requirements for
transfer or exchange of beneficial interests in Global Notes contained in the Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to
Section 3.2(g) hereof. 
 (d)    Transfer and Exchange of Beneficial Interests in Global Notes
for Definitive Notes. If any holder of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a person who takes delivery thereof in the form of a
Definitive Note pursuant to Section 3.2(a), then, upon satisfaction of the conditions set forth in Section 3.2(c)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly
pursuant to Section 3.2(g) hereof, and the Company will execute and the Trustee will authenticate and deliver to the person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in
exchange for a beneficial interest pursuant to this Section 3.2(d) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the
Registrar from or through the Depository and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the persons in whose names such Notes are so registered. 

(e)    Transfer and Exchange of Definitive Notes for Beneficial Interests in Global Notes. A Holder
of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a
request for such an exchange or transfer, the Trustee will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 

If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to the previous paragraph at a time when
a Global Note has not yet been issued, the Company will issue and, upon receipt of a Company Order, the Trustee will authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so
transferred. 
 (f)    Transfer and Exchange of Definitive Notes for Definitive Notes. Upon
request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 3.2(f), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange,
the requesting Holder will present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by his attorney, duly
authorized in writing. A Holder of Definitive Notes may transfer such Notes to a person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive
Notes pursuant to the instructions from the Holder thereof. 

  
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 (g)    Cancellation and/or Adjustment of Global Notes.
At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to
or retained and canceled by the Trustee in accordance with Section 2.12 of the Base Indenture. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a person who will take
delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by
the Trustee or by the Depository at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

Section 3.3    General Provisions Relating to Transfers and Exchanges. 

(a)    To permit registrations of transfers and exchanges, the Company will execute and the Trustee will
authenticate Global Notes and Definitive Notes upon receipt of a Company Order in accordance with Section 3.2 hereof or at the Registrar’s request. 

(b)    No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder
of a Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes
or similar governmental charge payable upon exchange or transfer pursuant to Sections 2.11 and 9.6 of the Base Indenture and Section 4.3 hereof). 

(c)    The Registrar will not be required to register the transfer of or exchange of any Note selected for
redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(d)    All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of
Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under the Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or
exchange. 
 (e)    Neither the Registrar nor the Company will be required: 

(i)    to issue, register the transfer of or to exchange any Note during a period beginning at the opening
of business fifteen (15) days before the mailing or sending of a notice of redemption under Article IV hereof and ending at the close of business on the date on which the relevant notice of redemption is deemed to have been given to all Holders
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 (ii)    to register the transfer of or to exchange any Note
so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(f)    Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and
the Company may deem and treat the person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee,
any Agent or the Company shall be affected by notice to the contrary. 
 (g)    The Trustee will
authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.3 of the Base Indenture. 

(h)    All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar
pursuant to this Section 3.3 to effect a registration of transfer or exchange may be submitted by facsimile. 

(i)    The transferor of any Note shall provide or cause to be provided to the Trustee all information
necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely on the information provided
to it and shall have no responsibility to verify or ensure the accuracy of such information. 

(j)    In connection with any proposed transfer outside the book entry system, there shall be provided to
the Trustee all information necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost basis reporting obligations under Internal Revenue Code Section 6045. The Trustee may rely
on the information provided to it and shall have no responsibility to verify or ensure the accuracy of such information. 

(k)    None of the Trustee or any Agent shall have any obligation or duty to monitor, determine or inquire
as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Depositary participants, members or beneficial
owners in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by the terms of, this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof 
 (l)    None of the
Trustee or any Agent shall have any responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in the Depositary or other Person with respect to the accuracy of the records of the Depositary or its nominee
or of any participant or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than the Depositary) of any notice (including any notice
of optional redemption) or the payment of any amount, under or with respect to such Notes. 

  
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 ARTICLE IV. 

REDEMPTION OF NOTES 
 The
provisions of Article III of the Base Indenture, as amended by the provisions of this First Supplemental Indenture, shall apply to the Notes. 
 
Section 4.1    Optional Redemption of Notes. 
 (a)    The Company shall
have the right to redeem the Notes at its option and in its sole discretion at any time or from time to time prior to the Par Call Date, in whole or in part. The redemption price (“Redemption Price”) will equal the greater of (i) 100%
of the principal amount of the Notes to be redeemed or (ii) as determined by the Quotation Agent, the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed that would be due if the
Notes matured on the Par Call Date (not including any portion of such payments of interest accrued as of the Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
consisting of twelve 30-day months) at the Adjusted Treasury Rate plus 30 basis points (0.30% or thirty one-hundredths of one percent), plus, in each case, accrued and
unpaid interest thereon to, but not including, the Redemption Date; provided, however, that if the Redemption Date falls after a Record Date and on or prior to the corresponding Interest Payment Date, the Company will pay the full
amount of accrued and unpaid interest, if any, on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date (instead of the Holder surrendering its Notes for redemption). Notwithstanding the
foregoing, if the Notes are redeemed on or after the Par Call Date, the Redemption Price will be equal to 100% of the principal amount of the Notes being redeemed plus unpaid interest, if any, accrued thereon to, but excluding, the Redemption Date.

 (b)    The Company shall not redeem the Notes pursuant to Section 4.1(a) hereof on any date if
the principal amount of the Notes has been accelerated, and such an acceleration has not been rescinded or cured on or prior to such date (except in the case of an acceleration resulting from a default by the Company in the payment of the Redemption
Price with respect to the Notes to be redeemed). 
 (c)    Any redemption and notice of redemption may,
at the Company’s discretion, be subject to the satisfaction of one or more conditions precedent. 

Section 4.2    Notice of Optional Redemption, Selection of Notes. 

(a)    In case the Company shall desire to exercise the right to redeem all or, as the case may be, any
part of the Notes pursuant to Section 4.2 hereof, it shall fix a date for redemption and it or, at its written request received by the Trustee not fewer than five (5) Business Days prior (or such shorter period of time as may be acceptable
to the Trustee) to the date the notice of redemption is to be mailed (or sent by electronic transmission), the Trustee in the name of and at the expense of the Company, shall mail 

  
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(or send by electronic transmission) or cause to be mailed (or sent by electronic transmission) a notice of such redemption not fewer than fifteen (15) calendar days nor more than sixty
(60) calendar days prior to the Redemption Date to each Holder of Notes so to be redeemed in whole or in part at its last address as the same appears on the Note Register; provided, that if the Company makes such request of the Trustee,
it shall, together with such request, also give written notice of the Redemption Date to the Trustee; provided further that the text of the notice shall be prepared by the Company. Such mailing shall be by first class mail (unless sent by
electronic transmission). The notice, if mailed in the manner herein provided, shall be conclusively presumed to have been duly given, whether or not the Holder receives such notice. In any case, failure to give such notice by mail or any defect in
the notice to the Holder of any Note designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of any other Note. 

(b)    Each such notice of redemption shall specify: (i) the aggregate principal amount of Notes to
be redeemed, (ii) the CUSIP number or numbers, if any, of the Notes being redeemed, (iii) the Redemption Date (which shall be a Business Day), (iv) the Redemption Price at which Notes are to be redeemed, (v) the place or places
of payment and that payment will be made upon presentation and surrender of such Notes and (vi) that interest accrued and unpaid to, but excluding, the Redemption Date will be paid as specified in said notice, and that on and after said date
interest thereon or on the portion thereof to be redeemed will cease to accrue, and if such redemption is subject to the satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the Redemption
Date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the Redemption
Date, or by the Redemption Date so delayed. If fewer than all the Notes are to be redeemed, the notice of redemption shall identify the Notes to be redeemed (including CUSIP numbers, if any). In case any Note is to be redeemed in part only, the
notice of redemption shall state the portion of the principal amount thereof to be redeemed and shall state that, on and after the Redemption Date, upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion
thereof will be issued. 
 (c)    Whenever any Notes are to be redeemed, the Company will give the
Trustee written notice of the Redemption Date, together with an Officers’ Certificate as to the aggregate principal amount of Notes to be redeemed not fewer than twenty (20) calendar days (or such shorter period of time as may be acceptable to
the Trustee) prior to the Redemption Date. 
 (d)    Subject to the satisfaction of any conditions of a
conditional redemption, on or prior to the Redemption Date specified in the notice of redemption given as provided in this Section 4.2, the Company will deposit with the Paying Agent an amount of monies in immediately available funds sufficient
to redeem on the Redemption Date all the Notes (or portions thereof) so called for redemption at the appropriate Redemption Price; provided, that if such payment is made on the Redemption Date, it must be received by the Paying Agent, by
11:00 a.m., New York City time, on such date. The 

  
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Company shall be entitled to retain any interest, yield or gain on amounts deposited with the Paying Agent pursuant to this Section 4.2(d) in excess of amounts required hereunder to pay the
Redemption Price (it being acknowledged that the Trustee have no obligation to invest any such deposit). 

(e)    If less than all of the outstanding Notes are to be redeemed, the Trustee shall select the Notes or
portions thereof of the Global Note or the Notes in certificated form to be redeemed (in principal amounts of $2,000 and integral multiples of $1,000 in excess thereof), on a pro rata basis, by lot, or such other method the Trustee deems fair and
appropriate or is required by the Depository; provided that so long as the notes are represented by one or more Global Notes, interests in such Global Notes shall be selected for redemption by DTC in accordance with its standard procedures
therefor. The Notes (or portions thereof) so selected for redemption shall be deemed duly selected for redemption for all purposes hereof. 
 
Section 4.3    Payment of Notes Called for Redemption by the Company. 

(a)    If notice of redemption has been given as provided in Section 4.2 hereof, and subject to the
satisfaction of any conditions of a conditional redemption, the Notes or portion of Notes with respect to which such notice has been given shall become due and payable on the Redemption Date and at the place or places stated in such notice at the
Redemption Price, and unless the Company shall default in the payment of such Notes at the Redemption Price, so long as Paying Agent holds funds sufficient to pay the Redemption Price of the Notes to be redeemed on the Redemption Date, then
(a) such Notes will cease to be outstanding on and after the Redemption Date, (b) interest on the Notes or portion of Notes so called for redemption shall cease to accrue on and after the Redemption Date and (c) the Holders of the
Notes shall have no right in respect of such Notes except the right to receive the Redemption Price thereof. On presentation and surrender of such Notes at a place of payment in said notice specified, the said Notes or the specified portions thereof
shall be paid and redeemed by the Company at the Redemption Price, together with interest accrued thereon to, but excluding, the Redemption Date; provided, however, if the Redemption Date falls after a Record Date and on or prior to the
corresponding Interest Payment Date, the Company will pay the full amount of accrued and unpaid interest and premium, if any, due on such Interest Payment Date to the Holder of record at the close of business on the corresponding Record Date. 

(b)    Upon presentation of any Note redeemed in part only, the Company shall execute and the Trustee
shall authenticate and make available for delivery to the Holder thereof, at the expense of the Company, a new Note or Notes, of authorized denominations, in principal amount equal to the unredeemed portion of the Notes so presented. 

  
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 ARTICLE V. 

GUARANTEE 
 This Article V
shall replace Article XII of the Base Indenture with respect to the Notes only. 

Section 5.1    Note Guarantee. 

By its execution hereof, the Guarantor acknowledges and agrees that the Notes shall be entitled to the benefits of a Guarantee. Accordingly,
subject to the provisions of this Article, the Guarantor hereby unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee, the Trustee, and its successors and assigns that: (i) the principal of (including
the Redemption Price upon redemption pursuant to Article IV), premium, if any, and interest, if any, on the Notes shall be duly and punctually paid in full when due, whether at the Stated Maturity, upon acceleration, upon redemption or otherwise,
and interest on overdue principal, premium, if any, and (to the extent permitted by law) interest on any interest, if any, on the Notes and all other obligations of the Company to the Holders or the Trustee hereunder or under the Notes (including
fees, expenses or other) shall be promptly paid in full or performed, all in accordance with the terms hereof; and (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, the same shall be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at the Stated Maturity, by acceleration, call for redemption or otherwise, subject, however, in the case of clauses (i) and (ii)
above, to the limitations set forth in this Article (collectively, the “Guarantee Obligations”). 
 Subject to the provisions of
this Article, the Guarantor hereby agrees that its Guarantee hereunder shall be unconditional, irrespective of the validity, regularity or enforceability of the Notes 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 thereof, the entry of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of the
Guarantor. The Guarantor hereby waives and relinquishes: (a) any right to require the Trustee, the Holders or the Company (each, a “Benefited Party”) to proceed against the Company or any other person or to proceed against or exhaust
any security held by a Benefited Party at any time or to pursue any other remedy in any secured party’s power before proceeding against the Guarantor; (b) any defense that may arise by reason of the incapacity, lack of authority, death or
disability of any other person or persons or the failure of a Benefited Party to file or enforce a claim against the estate (in administration, bankruptcy or any other proceeding) of any other person or persons; (c) diligence, presentment,
benefit of discussion, demand, protest and notice of any kind (except as expressly required by the Indenture), including but not limited to notice of the existence, creation or incurring of any new or additional indebtedness or obligation or of any
action or non-action on the part of the Guarantor, the Company, any Benefited Party, any creditor of the Guarantor or the Company or on the part of any other person whomsoever in connection with any
obligations the performance of which are hereby guaranteed; (d) any defense based upon an election of remedies by a Benefited Party, including but not limited to an election to proceed against the Guarantor for reimbursement; (e) any
defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome 

  
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than that of the principal; (f) any defense arising because of a Benefited Party’s election, in any proceeding instituted under the Bankruptcy Law, of the application of
Section 1111(b)(2) of the Bankruptcy Code; and (g) any defense based on any borrowing or grant of a security interest under Section 364 of the Bankruptcy Code. The Guarantor hereby covenants that, except as otherwise provided therein,
the Guarantee shall not be discharged except by payment in full of all Guarantee Obligations, including the principal, premium, if any, and interest on the Notes and all other costs provided for under the Indenture. 

If any Holder or the Trustee is required by any court or otherwise to return to either the Company or the Guarantor, or any trustee or similar
official acting in relation to either the Company or the Guarantor, any amount paid by the Company or the Guarantor to the Trustee or such Holder, the Note Guarantee, to the extent theretofore discharged, shall be reinstated in full force and
effect. The Guarantor agrees that it shall not be entitled to any right of subrogation in relation to the Holders in respect of any Guarantee Obligations hereby until payment in full of all such obligations guaranteed hereby. The Guarantor agrees
that, as between it, on the one hand, and the Holders of Notes and the Trustee, on the other hand, (x) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article VI of the Base Indenture for the purposes hereof,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guarantee Obligations, and (y) in the event of any acceleration of such obligations as provided in Article VI of the Base Indenture, such
Guarantee Obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purpose of the Guarantee. 
 
Section 5.2    Execution and Delivery of Note Guarantee. 
 (a)    To
evidence the Guarantee set forth in Section 5.1 hereof, the Guarantor agrees that a Notation of Guarantee substantially in the form included in Exhibit B hereto shall be endorsed on each Note authenticated and delivered by the Trustee
and that this First Supplemental Indenture shall be executed on behalf of the Guarantor by an Officer of the Guarantor. 

(b)    The Guarantor agrees that the Guarantee set forth in this Article V shall remain in full force and
effect and apply to all the Notes notwithstanding any failure to endorse on each Note a notation of the Guarantee. 

(c)    If an Officer whose facsimile signature is on a Note or a notation of Guarantee no longer holds
that office at the time the Trustee authenticates the Note on which the Guarantee is endorsed, the Guarantee shall be valid nevertheless. 

(d)    The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall
constitute due delivery of the Guarantee set forth in this First Supplemental Indenture on behalf of the Guarantor. 

Section 5.3    Limitation of Guarantor’s Liability; Certain Bankruptcy Events. 

(a)    The Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is the intention of
all such parties that the Guarantee Obligations of the Guarantor pursuant to its Note Guarantee not constitute a fraudulent transfer or conveyance for 

  
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purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law. To effectuate the foregoing intention, the Holders
and the Guarantor hereby irrevocably agree that the Guarantee Obligations of the Guarantor under this Article V shall be limited to the maximum amount as shall, after giving effect to all other contingent and fixed liabilities of the Guarantor,
result in the Guarantee Obligations of the Guarantor under the Note Guarantee not constituting a fraudulent transfer or conveyance. 

(b)    The Guarantor hereby covenants and agrees, to the fullest extent that it may do so under applicable
law, that in the event of the insolvency, bankruptcy, dissolution, liquidation or reorganization of the Company, the Guarantor shall not file (or join in any filing of), or otherwise seek to participate in the filing of, any motion or request
seeking to stay or to prohibit (even temporarily) execution on the Note Guarantee and hereby waives and agrees not to take the benefit of any such stay of execution, whether under Section 362 or 105 of the Bankruptcy Law or otherwise. 

Section 5.4    Application of Certain Terms and Provisions to the Guarantor. 

(a)    For purposes of any provision of the Indenture which provides for the delivery by the Guarantor of
an Officers’ Certificate and/or an Opinion of Counsel, the definitions of such terms in Section 1.1 of the Base Indenture shall apply to the Guarantor as if references therein to the Company or the Guarantor, as applicable, were references
to the Guarantor. 
 (b)    Any notice or demand which by any provision of the Indenture is required or
permitted to be given or served by the Trustee or by the Holders of Notes to or on the Guarantor may be given or served as described in Section 10.2 of the Base Indenture as if references therein to the Company were references to the Guarantor.

 (c)    Upon any demand, request or application by the Guarantor to the Trustee to take any action
under the Indenture, the Guarantor shall furnish to the Trustee such certificates and opinions as are required in Section 10.5 of the Base Indenture as if all references therein to the Company were references to the Guarantor. 

ARTICLE VI. 

ADDITIONAL COVENANTS 
 The
following additional covenants shall apply with respect to the Notes so long as any of the Notes remain outstanding: 

Section 6.1    Maintenance of Office or Agency. 

The Company will maintain an office or agency in the United States where the Notes may be surrendered for registration of transfer or exchange
or for presentation for payment or redemption and where notices and demands to or upon the Company in respect of the Notes and the Indenture may be served. As of the date of the Indenture, such office shall be the Corporate Trust Office and, at any
other time, at such other address as the Trustee may designate from time to time by notice to the Company. The Company will give prompt written notice to the Trustee 

  
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of the location, and any change in the location, of such office or agency not designated or appointed by the Trustee. If at any time the Company 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. Notwithstanding the foregoing, the Corporate Trust Office shall not be a
place for service of legal process on the Company. 
 The Company may also from time to time designate
co-registrars and one or more 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. The Company 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. 

The Company hereby initially designates the Trustee as Paying Agent, Registrar and the Corporate Trust Office shall be considered as one such
office or agency of the Company for each of the aforesaid purposes. 

Section 6.2    Appointments to Fill Vacancies in Trustee’s Office. 

The Company, whenever necessary to avoid or fill a vacancy in the office of Trustee, will appoint, upon the terms and conditions and otherwise
as provided in Section 
7.8 of the Base Indenture, a Trustee, so that there shall at all times be a Trustee hereunder. 
 Section 6.3 
   Reports. 
 The Company and the Guarantor will: 

(a)    file with or deliver to the Trustee, within fifteen (15) days after the Company or the
Guarantor files them with the Commission, copies of the annual reports and information, documents and other reports which the Company or the Guarantor may be required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act; or, if the Company or the Guarantor is not required to file information, documents or reports pursuant to those Sections, then the Company and the Guarantor will file with or deliver to the Trustee and the Commission, in accordance
with rules and regulations prescribed from time to time by the Commission, such of the supplementary and periodic information, documents and reports which Section 13 of the Exchange Act may require with respect to a security listed and
registered on a national securities exchange, and within the time periods otherwise required by the rules and regulations of the SEC; and 

(b)    file with or deliver to the Trustee and the Commission, in accordance with the rules and regulations
prescribed from time to time by the Commission, such additional information, documents and reports with respect to compliance by the Company and the Guarantor with the conditions and covenants of the indenture as may be required from time to time by
such rules and regulations. 
 Notwithstanding the foregoing, if permitted by the SEC, the Company may satisfy its obligation to furnish the
reports described above by furnishing such reports filed by the 

  
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Guarantor. Reports, information and documents filed with the Commission via the EDGAR system will be deemed to be delivered to the Trustee as of the time of such filing via EDGAR for purposes of
this covenant; provided, however, that the Trustee shall have no obligation whatsoever to determine whether or not such information, documents or reports have been filed via EDGAR. Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including its compliance with any
of its covenants relating to the notes (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 
 
Section 6.4    Limitations on Incurrence of Debt. 
 (a)    The Company
will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro
forma basis, the aggregate principal amount of all of the Company’s and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 60% of the sum of the following (without duplication):
(1) the Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter for which financial information is available and (2) the aggregate purchase price of any real estate assets or
mortgages receivable acquired, and the aggregate amount of any securities offering proceeds and Debt proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the
Company or any Subsidiary since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt. 

(b)    The Company will not, and will not permit any of its Subsidiaries to, incur any Debt (including,
without limitation, Acquired Debt) secured by any Lien on any of the Company’s or any of its Subsidiaries’ property or assets, whether owned on the date of the indenture or subsequently acquired, if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount (determined on a consolidated basis in accordance with GAAP) of all of the Company’s and its Subsidiaries’
outstanding Debt which is secured by a Lien on any of the Company’s and its Subsidiaries’ property or assets is greater than 40% of the sum of (without duplication): (1) the Company’s and its Subsidiaries’ Total Assets as of the
last day of the then most recently ended fiscal quarter for which financial information is available; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities
offering proceeds and Debt proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any of its Subsidiaries since the end of such fiscal quarter,
including the proceeds obtained from the incurrence of such additional Debt. 
 (c)    The Company will
not, and will not permit any of its Subsidiaries to, incur any Debt (including without limitation Acquired Debt) if the ratio of Consolidated Income Available for Debt Service to Annual Debt Service Charge for the period consisting of the four
consecutive fiscal quarters most recently ended prior to the date on 

  
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which such additional Debt is to be incurred shall have been less than 1.5:1 on a pro forma basis after giving effect to the incurrence of such Debt and the application of the proceeds from such
Debt (determined on a consolidated basis in accordance with GAAP), and calculated on the following assumptions: 

(i)    such Debt and any other Debt (including, without limitation, Acquired Debt) incurred by the Company
or any of its Subsidiaries since the first day of such four-quarter period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred, on the first day of such period; 

(ii)    the repayment or retirement of any other Debt of the Company or any of its Subsidiaries since the
first day of such four-quarter period had occurred on the first day of such period (except that, in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility will be computed based upon the
average daily balance of such Debt during such period); and 
 (iii)    in the case of any acquisition or
disposition or the placement of any assets in service or removal of any assets from service by Company or any of its Subsidiaries of any asset or group of assets with a fair market value in excess of $1.0 million since the first day of such
four-quarter period, whether by merger, stock purchase or sale or asset purchase or sale or otherwise, such acquisition, disposition, placement in service or removal from service had occurred as of the first day of such period with the appropriate
adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 
 If the Debt
giving rise to the need to make the calculation described in this Section 6.4(c) or any other Debt incurred after the first day of the relevant four-quarter period bears interest at a floating rate, then, for purposes of calculating the Annual
Debt Service Charge, the interest rate on such Debt will be computed on a pro forma basis by applying the average daily rate which would have been in effect during the entire four-quarter period to the greater of the amount of such Debt outstanding
at the end of such period or the average amount of such Debt outstanding during such period. For purposes of this Section 6.4(c), Debt will be deemed to be incurred by the Company or any of its Subsidiaries whenever the Company or such
Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof. 
 (d)    The
Company will not have at any time Total Unencumbered Assets of less than 150% of the aggregate principal amount of all of the Company’s and its Subsidiaries’ outstanding Unsecured Debt determined on a consolidated basis in accordance with
GAAP. 
 Section 6.5    Insurance. 

The Company will, and will cause each of its Subsidiaries to, keep in force upon all of the Company’s and each of its Subsidiaries’
properties and operations insurance policies carried with responsible companies in such amounts and covering all such risks as is customary in the industry in which the Company and its Subsidiaries do business in accordance with prevailing market
conditions and availability. 

  
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 Section 6.6    Maintenance of Properties. 

The Company will cause all of its properties used or useful in the conduct of the business of the Company or any of its Subsidiaries to be
maintained and kept in good condition, repair and working order, normal wear and tear, casualty and condemnation excepted, and supplied with all necessary equipment and the Company will cause all necessary repairs, renewals, replacements,
betterments and improvements to be made, all as in the Company’s judgment may be necessary in order for the Company to at all times properly and advantageously conduct its business carried on in connection with such properties. The Company and
the Guarantor will not be prevented from (1) removing permanently any property that has been condemned or suffered a casualty loss, if it is in their best interests, (2) discontinuing maintenance or operation of any property if, in the
Guarantor’s reasonable judgment, such removal is in the best interest of the Guarantor and is not disadvantageous in any material respect to the holders of the notes, or (3) selling or otherwise disposing for value its properties in the
ordinary course of business consistent with the terms of the Indenture. 

Section 6.7    Payment of Taxes and Other Claims. 

The Company and the Guarantor will each pay or discharge or cause to be paid or discharged before it becomes delinquent: (i) all material
taxes, assessments and governmental charges levied or imposed on the Company, the Guarantor or any of their respective Subsidiaries or on their respective or any such Subsidiary’s income, profits or property; and (ii) all material lawful
claims for labor, materials and supplies that, if unpaid, might by law become a Lien upon their respective property or the property of any of their respective Subsidiaries; provided, however, that neither the Company nor the Guarantor
will be required to pay or discharge or cause to be paid or discharged any tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith. 

Section 6.8    Existence. 

Subject to Article VII hereof, each of the Company and the Guarantor will do or cause to be done all things necessary to preserve and keep in
full force and effect its (i) existence, and (ii) rights (charter and statutory) and franchises; provided, that neither the Company nor the Guarantor shall 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 Company or the Guarantor, as applicable. 

ARTICLE VII. 

SUCCESSORS 
 Sections 7.1,
7.2 and 7.3 hereof shall replace Sections 5.1, 5.2, 5.3 and 5.4 of the Base Indenture with respect to the Notes only. 

  
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 Section 7.1    When Company May Merge, Etc. 

Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Company with or into any other person or
persons (whether or not affiliated with the Company), or successive consolidations or mergers in which either the Company will be the continuing entity or the Company or its successor or successors shall be a party or parties, or shall prevent any
sale, conveyance, transfer or lease of all or substantially all of the property of the Company, to any other person (whether or not affiliated with the Company); provided, however, that the following conditions are met: 

(a)    the Company shall be the continuing entity, or the successor entity (if other than the Company)
formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state thereof or the District of Columbia and shall expressly assume payment of the principal of
and interest on all of the Notes and the due and punctual performance and observance of all of the covenants and conditions in this Indenture; 

(b)    immediately after giving effect to such transaction, no Event of Default, and no event which, after
notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(c)    either the Company or the successor person, in either case, shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, conveyance, transfer or lease and, if a supplemental indenture is required in connection with such transaction, such supplemental indenture
comply with this Article VII and that all conditions precedent herein provided for relating to such transaction have been complied with. 

Unless Section 7.2 is applicable with respect to such Guarantor, no such consolidation, merger, sale, conveyance, transfer or lease shall
be permitted by this Section 7.1 unless prior thereto the Guarantor shall have delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that the Guarantor’s obligations hereunder shall remain in full
force and effect thereafter. 
 Section 7.2    When Guarantor May Merge, Etc. 

Nothing contained in this Indenture or in the Notes shall prevent any consolidation or merger of the Guarantor with or into any other person or
persons (whether or not affiliated with the Guarantor), or successive consolidations or mergers in which either the Guarantor will be the continuing entity or the Guarantor or its successor or successors shall be a party or parties, or shall prevent
any sale, conveyance, transfer or lease of all or substantially all of the property of the Guarantor, to any other person (whether or not affiliated with the Guarantor); provided, however, that the following conditions are met: 

(a)    the Guarantor shall be the continuing entity, or the successor entity (if other than the Guarantor)
formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall be domiciled in the United States, any state thereof or the District of Columbia and shall expressly assume the obligations of the
Guarantor under the Guarantee and the due and punctual performance and observance of all of the covenants and conditions in this Indenture; 

  
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 (b)    immediately after giving effect to such transaction,
no Event of Default, and no event which, after notice or lapse of time, or both, would become an Event of Default, shall have occurred and be continuing; and 

(c)    either the Guarantor or the successor person, in either case, shall have delivered to the Trustee an
Officers’ Certificate of the Guarantor and an Opinion of Counsel, each stating that such consolidation, sale, merger, conveyance, transfer or lease and such supplemental indenture comply with this Article VII and that all conditions precedent
herein provided for relating to such transaction have been complied with. 

Section 7.3    Successor Corporation Substituted. 

If the Company or the Guarantor shall, in any transaction or series of related transactions, consolidate or amalgamate with or merge into any
person or sell, assign, transfer, lease or otherwise convey all or substantially all its assets to any person, in each case in accordance with Section 7.1 and Section 7.2, as applicable, the successor person formed by or resulting from
such consolidation, amalgamation or merger or to which such sale, assignment, transfer, lease or other conveyance of all or substantially all of the properties and assets of the Company or the Guarantor, as applicable, is made, shall succeed to, and
be substituted for, and may exercise every right and power of, the Company or the Guarantor, as applicable, under this Indenture, with respect to the outstanding Notes, with the same effect as if such successor person had been named as the Company
or the Guarantor, as applicable, herein; and thereafter, except in the case of a lease, the predecessor person shall be released from all obligations and covenants under this Indenture, the Notes, and the Guarantee, as applicable. 

ARTICLE VIII. 

DEFAULTS AND REMEDIES 

Sections 8.1 and 8.2 hereof shall replace Sections 6.1 and 6.2 of the Base Indenture with respect to the Notes only. 

Section 8.1    Events of Default. 

“Event of Default,” wherever used herein or in the Base Indenture with respect to the Notes, means any one of the following events
(whatever the reason for such Event of Default and whether it shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment, decree or order of any court or any order, rule or regulation of any administrative or
governmental body): 
 (a)    default for thirty (30) days in the payment of any installment of
interest under the Notes; or 
 (b)    default in the payment of the principal amount or Redemption Price
due with respect to the Notes, when the same becomes due and payable; provided, however, that a valid extension of the maturity of the Notes in accordance with the terms hereof shall not constitute a default in the payment of
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 (c)    the Company fails to comply with any of the
Company’s other agreements contained in the Notes or this Indenture upon receipt by the Company of notice of such default by the Trustee or by Holders of not less than twenty five percent (25%) in aggregate principal amount of the Notes then
outstanding and the Company fails to cure (or obtain a waiver of) such default within sixty (60) days after the Company receives such notice; or 

(d)    failure to pay any Debt (other than Non-Recourse Debt) for
money borrowed by the Company, the Guarantor or any Significant Subsidiary in an outstanding principal amount in excess of $50,000,000 at final maturity or upon acceleration after the expiration of any applicable grace period, which Debt (other than
Non-Recourse Debt) is not discharged, or such default in payment or acceleration is not cured or rescinded, within thirty (30) days after written notice to the Company or the Guarantor from the Trustee
(or to the Company and the Trustee from Holders of at least twenty five percent (25%) in principal amount of the outstanding Notes); or 

(e)    the Company, the Guarantor or Significant Subsidiary pursuant to or under or within meaning of any
Bankruptcy Law: (i) commences a voluntary case or proceeding seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or Significant Subsidiary or its debts or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of the Company, the Guarantor or Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or Significant Subsidiary; (ii) consents to any such relief
or to the appointment of or taking possession by any such official in an involuntary case or other proceeding commenced against the Company, the Guarantor or Significant Subsidiary; (iii) consents to the appointment of a custodian of it or for
all or substantially all of its property; or (iv) makes a general assignment for the benefit of creditors; 

(f)    an involuntary case or other proceeding shall be commenced against the Company, the Guarantor or
Significant Subsidiary seeking liquidation, reorganization or other relief with respect to the Company, the Guarantor or Significant Subsidiary or its debts under any bankruptcy, insolvency or other similar law now or hereafter in effect or seeking
the appointment of a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or Significant Subsidiary, and such
involuntary case or other proceeding shall remain undismissed and unstayed for a period of thirty (30) calendar days; or 

(g)    a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:
(i) is for relief against the Company, the Guarantor or Significant Subsidiary in an involuntary case or proceeding; (ii) appoints a trustee, receiver, liquidator, custodian or other similar official of the Company, the Guarantor or
Significant Subsidiary or any substantial part of the property of the Company, the Guarantor or Significant Subsidiary; or (iii) orders the liquidation of the Company, the Guarantor or Significant Subsidiary; and, in each case in this clause
(g), the order or decree remains unstayed and in effect for thirty (30) calendar days. 

  
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 Section 8.2    Acceleration of Maturity; Rescission
and Annulment. 
 If an Event of Default (other than an Event of Default referred to in Section 8.1(e), 8.1(f) or 8.1(g))
occurs and is continuing, then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Notes may declare the principal amount of and accrued and unpaid interest, if any, on all of the outstanding
Notes to be due and payable immediately, by a written notice to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become
immediately due and payable. If an Event of Default specified in Section 8.1(e), 8.1(f) or 8.1(g) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding Notes shall
automatically become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 
 At
any time after the principal amount of and premium, if any, and interest on the Notes shall have been so declared due and payable, and before any judgment or decree for the payment of the monies due shall have been obtained or entered as hereinafter
provided, Holders of a majority in aggregate principal amount of the Notes then outstanding on behalf of the Holders of all of the Notes then outstanding, by written notice to the Company and to the Trustee, may waive all Defaults or Events of
Default and rescind and annul such declaration and its consequences, subject in all respects to Section 6.13 of the Base Indenture, if: (a) all Events of Default, other than the nonpayment of the principal amount and any accrued and unpaid
interest that have become due solely because of such acceleration, have been cured or waived; and (b) the Company or the Guarantor has deposited with the Trustee all required payments of the principal of and interest on the Notes, plus the
reasonable compensation and reimbursement for the Trustee’s expenses, disbursements and advances pursuant to Section 7.7 of the Base Indenture. No such rescission and annulment shall extend to or shall affect any subsequent Default or
Event of Default, or shall impair any right consequent thereon. The Company shall notify in writing a Responsible Officer of the Trustee, promptly upon becoming aware thereof, of any Event of Default, as provided in Section 4.3 of the Base
Indenture. 
 ARTICLE IX. 

NOTICE OF DEFAULTS 

Section 9.1 hereof shall replace Section 7.5 of the Base Indenture with respect to the Notes only. 

Section 9.1    Notice of Defaults. 

The Trustee shall, within ninety (90) calendar days after a Responsible Officer of the Trustee has actual knowledge of the occurrence of a
Default, mail (or send by electronic transmission) to all Noteholders, as the names and addresses of such Holders appear upon the Note Register, notice of all Defaults known to a Responsible Officer, unless such Defaults shall have been cured or
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default in the payment of the principal of (including the Redemption Price upon redemption pursuant to Article III hereof), or interest on any of the Notes, the Trustee shall be protected in
withholding such notice if and so long as a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such notice is in the interest of the Noteholders. 

ARTICLE X. 

WAIVER OF PAST DEFAULTS; LIMITATION ON SUITS 

Sections 10.1 and 10.2 hereof shall replace Sections 6.13 and 6.7, respectively, of the Base Indenture with respect to the Notes only. 

Section 10.1    Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Notes may on behalf of the Holders of all the Notes waive any
past Default hereunder with respect to the Notes and its consequences, except a Default in the payment of the principal of or interest on any Notes or a Default with respect to a covenant or provision of the Indenture which under Article XII
hereof cannot be modified or amended without the consent of the Holder of each outstanding Note affected (provided, however, that the Holders of a majority in principal amount of the outstanding Notes may rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration as set forth in Section 6.2 of the Base Indenture). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom
shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

Section 10.2    Limitation on Suits. 

No Holder of Notes shall have any right to institute any proceeding, judicial or otherwise, with respect to this Indenture, or for the
appointment of a receiver or trustee, or for any other remedy hereunder, unless 
 (a)    such Holder
has previously given written notice to the Trustee of a continuing Event of Default with respect to the Notes; 

(b)    the Holders of at least 25% in principal amount of the outstanding Notes shall have made written
request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c)    such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory to
the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 

(d)    the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has failed
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 (e)    no direction inconsistent with such written request
has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Notes; 

it being understood, intended and expressly covenanted by the Holder of every Note with every other Holder and the Trustee that no one or more
of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or
preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all such Holders of Notes. 

ARTICLE XI. 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Sections 11.1, 11.2 and 11.3 hereof shall replace Sections 8.1, 8.3, and 8.4, respectively, of the Base Indenture with respect to the Notes
only. 
 Section 11.1 Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order cease to be of further effect (except as hereinafter provided in this Section 11.1), and the
Trustee, at the expense of the Company, shall execute such instruments reasonably requested by the Company acknowledging satisfaction and discharge of this Indenture, when 

(i)    either 

(a)    all Notes theretofore authenticated and delivered (other than Notes that have been destroyed, lost
or stolen and that have been replaced or paid and Notes for whose payment money has heretofore been deposited in trust and thereafter repaid to the Company) 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 

(iii)    have been called for redemption 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 Company, or 

(iv)    are deemed paid and discharged pursuant to Section 11.2, as applicable; 

  
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 and the Company, in the case of (1), (2) or (3) above, has irrevocably
deposited or caused to be irrevocably deposited with the Paying Agent as trust funds in trust an amount of money or U.S. Government Obligations or combination thereof sufficient for the purpose of paying and discharging the entire indebtedness on
such Notes not theretofore delivered to the Trustee for cancellation, for principal and interest to the date of such deposit (in the case of Notes which have become due and payable on or prior to the date of such deposit) or to the Stated Maturity
or redemption date, as the case may be, provided, however, that there shall not exist, on the date of such deposit, a Default or Event of Default; provided, further, that such deposit shall not result in a breach or violation of, or constitute a
Default under, the Indenture or any other agreement or instrument to which the Company is a party or to which the Company is bound; 

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

(iii)    the Company has delivered to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating
that all conditions precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; provided, however, that with respect to matters of fact an Opinion of Counsel may rely on an
Officers’ Certificate or certificates of public officials. 
 Notwithstanding the satisfaction and discharge of this Indenture, the
obligations of the Company to the Trustee under Section 7.7 of the Base Indenture, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 of
the Base Indenture shall survive. 
 If the Company exercises the satisfaction and discharge provisions in compliance with this Indenture
with respect to Notes that are entitled to the benefit of the Guarantee of any Guarantor, the Guarantee will terminate with respect to the Notes. 
 
Section 11.2    Legal Defeasance of Notes. 
 The Company shall be deemed to have paid and discharged the
entire indebtedness on all the outstanding Notes on the date the conditions set forth in this Section 11.1 are satisfied, and the provisions of this Indenture, as it relates to such outstanding Notes, shall no longer be in effect and the
Guarantee will terminate with respect to the Notes (and the Trustee, at the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 

(a)    the rights of Holders of Notes to receive, from the trust funds described in subparagraph
(d) hereof, payment of the principal of and each installment of principal of and interest on the outstanding Notes on the Maturity of such principal or installment of principal or interest; 

(b)    the provisions of Sections 2.3, 2.4, 2.6, 2.7, 2.8, 2.11, 2.12, 6.8, 8.2, 8.3, 8.5 and 8.6 of the
Base Indenture and Sections 3.2, 6.1, 6.8 and this 11.2 of this First Supplemental Indenture; and 

  
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 (c)    the rights, powers, trust, duties, and immunities of
the Trustee and the Company hereunder and the Company’s obligations in connection therewith; 
 provided that, the following
conditions shall have been satisfied: 
 i.    the Company must irrevocably deposit with the Trustee, in
trust, for the benefit of the Holders, cash in U.S. dollars, non-callable government securities, or a combination thereof, in such amounts as will be sufficient, in the written opinion of a nationally
recognized investment bank, appraisal firm, or firm of independent public accountants, to pay the principal of, premium and interest on, the outstanding Notes on the Maturity Date or on the Redemption Date of the Notes, as the case may be, and the
Company must specify whether the Notes are being defeased to such stated date for payment or to a particular Redemption Date; 

ii.    the Company shall have delivered to the Trustee an Opinion of Counsel confirming that (x) the
Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (y) since the date of execution 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 Notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit, defeasance and discharge and will be
subject to U.S. federal income tax on the same amount and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

iii.    no Default or Event of Default shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other indebtedness being defeased, discharged or replaced), and the granting of liens to
secure such borrowings); 
 iv.    such deposit, defeasance and discharge shall not result in a breach or
violation of, or constitute a default under, any material agreement or instrument (other than the Indenture and the agreements governing any other indebtedness being defeased, discharged or replaced) to which the Company or the Guarantor is a party
or by which the Company or the Guarantor is bound; 
 v.    no Event of Default with respect to the Notes
under Section 8.1 (e), (f) or (g) or event which with notice or lapse of time or both would become an Event of Default with respect to such Notes under Section 8.1 (e), (f) or (g) shall have occurred and be continuing at any time
during the period ending on and including the 91st day after the date of such deposit (it being understood that this condition to defeasance under Section 11.2 shall not be deemed satisfied until the expiration of such period); 

vi.    the Company shall have delivered to the Trustee an Officers’ Certificate stating that the
deposit was not made by the Company or the Guarantor with the intent of preferring the Holders of the Notes over their other creditors with the intent of defeating, hindering, delaying or defrauding any of their creditors or others; and 

  
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 vii.    the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Following satisfaction of the conditions set forth above, the Notes shall thereafter be deemed outstanding only for the purposes of sections
of the Indenture set forth in clause (b) above. 
 Section 11.3    Covenant Defeasance.

 The Company may omit to comply with respect to the Notes with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4
and 5.1 of the Base Indenture as well as any covenants specified in Sections 6.3 through 6.7 and Sections 7.1 and 7.2 of this First Supplemental Indenture (and the failure to comply with any such covenants shall not constitute a Default or Event of
Default with respect to the Notes under Section 8.1 hereof) with respect to the Notes, provided that the following conditions shall have been satisfied: 

(a)    the Company must irrevocably deposit with the Trustee, in trust, for the benefit of the Holders,
cash in U.S. dollars, non-callable government securities, or a combination thereof, in such amounts as will be sufficient, in the written opinion of a nationally recognized investment bank, appraisal firm, or
firm of independent public accountants, to pay the principal of, premium and interest on, the outstanding Notes on the Maturity Date or on the Redemption Date of the Notes, as the case may be, and the Company must specify whether the Notes are being
defeased to such stated date for payment or to a particular Redemption Date; 
 (b)    the Company shall
have delivered to the Trustee an Opinion of Counsel confirming that the holders of the outstanding notes will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and 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 deposit and defeasance had not occurred; 

(c)    no Default or Event of Default shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit (and any similar concurrent deposit relating to other indebtedness being defeased, discharged or replaced), and the granting of liens to
secure such borrowings); 
 (d)    such deposit, defeasance and discharge shall not result in a breach or
violation of, or constitute a default under, any material agreement or instrument (other than the Indenture and the agreements governing any other indebtedness being defeased, discharged or replaced) to which the Company or the Guarantor is a party
or by which the Company or the Guarantor is bound; 
 (e)    the Company shall have delivered to the
Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the holders of the notes over their other creditors with the intent of defeating, hindering, delaying or defrauding any of their
creditors or others; and 

  
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 (f)    the Company shall have delivered to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Following satisfaction of the conditions set forth above, the Notes shall thereafter be deemed not outstanding for the purpose of any
direction, waiver, consent or declaration or act of Holders (and the consequences thereof) in connection with such covenants set forth in the preceding paragraph, but shall continue to be deemed outstanding for all other purposes hereunder. 

ARTICLE XII. 

AMENDMENTS AND WAIVERS 

Sections 8.1 and 8.2 hereof shall replace Sections 9.1, 9.2 and 9.3 of the Base Indenture with respect to the Notes only. 

Section 12.1    Without Consent of Holders. 

The Company, when authorized by the resolutions of the Board of Directors, the Guarantor and the Trustee may, from time to time, and at any
time enter into an indenture or indentures supplemental without the consent of the Holders of the Notes hereto for one or more of the following purposes: 

(a)    to evidence a successor to the Company as obligor or to the Guarantor as guarantor under the Indenture with respect
to the Notes; 
 (b)    to add to the covenants of the Company or those of the Guarantor for the benefit of the Holders
of the Notes or to surrender any right or power conferred upon the Company or the Guarantor in the Indenture; 

(c)    to add Events of Default for the benefit of the Holders of the Notes; 

(d)    to amend or supplement any provisions of the Indenture; provided, that no amendment or supplement shall
materially adversely affect the interests of the Holders of any Notes then outstanding; 
 (e)    to secure the Notes;

 (f)    to provide for the acceptance of appointment of a successor Trustee or facilitate the administration of the
trusts under the Indenture by more than one Trustee; 
 (g)    to provide for rights of Holders of the Notes if any
consolidation, merger or sale of all or substantially all of the Company’s property or assets occurs; 

  
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 (h)    to cure any ambiguity, defect or inconsistency in the Indenture;
provided that this action shall not adversely affect the interests of the Holders of the Notes in any material respect; 

(i)    to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture; 

(j)    to supplement any of the provisions of the Indenture to the extent necessary to permit or facilitate defeasance and
discharge of the Notes; provided, that the action shall not adversely affect the interests of the Holders of the Notes in any material respect; 

(k)    to make any amendment to the provisions of the Indenture relating to the transfer and legending of notes;
provided, however, that such amendment does not materially and adversely affect the rights of Holders to transfer Notes; 

(l)    to comply with the requirements of the SEC in order to effect or maintain the qualification of the Indenture under
the TIA; 
 (m)    to add additional guarantors for the benefit of Holders of the Notes; and 

(n)    to conform the text of the Indenture, the Guarantee or the Notes to any provision of the description thereof set
forth in the Prospectus to the extent that such provision in the Prospectus was intended to be a verbatim recitation of a provision of the Indenture, such Note Guarantee or the Notes (as certified in an Officers’ Certificate). 

Upon the written request of the Company, accompanied by a copy of the resolutions of the Board of Directors certified by the Guarantor’s
Secretary or Assistant Secretary authorizing the execution of any supplemental indenture, the Trustee is hereby authorized to join with the Company and the Guarantor in the execution of any such supplemental indenture, to make any further
appropriate agreements and stipulations that may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated to, but may in its discretion, enter into any supplemental
indenture that affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise. 

Section 12.2    With Consent of Holders. 

With the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, the Company,
the Guarantor and the Trustee may, from time to time and at any time, enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of the
Indenture with respect to the Notes or any supplemental indenture or modifying in any manner the rights of the Holders of the Notes; provided that no such supplemental indenture shall, without the consent of each Holder so affected: 

(a)    change the Stated Maturity of the principal of, or premium, if any, or any installment of interest,
if any, on, the Notes, or reduce the principal amount thereof or the premium, if any, thereon or the rate (or modify the calculation of such rate) of interest thereon, or reduce the amount payable upon redemption thereof at the option of the
Company, or adversely affect the right of repayment of the Holder, or change the place of 

  
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payment where or the coin or currency in which the principal of, any premium or interest on the Notes is payable, or impair the right to institute suit for the enforcement of any such payment on
or after the Stated Maturity thereof (or, in the case of redemption, on or after the Redemption Date) in each case as such Stated Maturity, Redemption Date or date for repayment may, if applicable, be extended in accordance with the terms of the
Notes, or release the Guarantor from any of the obligations under the Guarantee, or 
 (b)    reduce the
percentage in aggregate principal amount of the Notes, the consent of whose Holders is required for any such supplemental indenture, or the consent of whose Holders is required for any waiver (of compliance with certain provisions of this Indenture
or certain Defaults hereunder and their consequences) provided for in Section 6.13 of the Base Indenture, or reduce the requirements of Section 14.4 for quorum or voting, or 

(c)    modify any of the provisions of this Section or Section 6.13 of the Base Indenture except to
increase any such percentage or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the Holder of each outstanding Note affected thereby, or 

(d)    modify or affect in any manner adverse to the Holders the terms and conditions of the Company’s
obligations in respect of the payment of principal and interest on the Notes; or 
 (e)    release the
Guarantor from its Note Guarantee other than as provided in the Indenture or modify the Note Guarantee in any manner adverse to the Holders. 

Upon the written request of the Company, accompanied by a copy of the resolutions of the Board of Directors certified by the Guarantor’s
Secretary or Assistant Secretary authorizing the execution of any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Holders as aforesaid, the Trustee shall join with the Company and the Guarantor in the
execution of such supplemental indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under the Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to,
enter into such supplemental indenture. 
 It shall not be necessary for the consent of the Holders under this Section 12.2 to approve
the particular form of any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 

ARTICLE XIII. 

ASSUMPTION BY GUARANTOR 
 
Section 13.1    Assumption by Guarantor. 
 Without the consent of any Holder of the Notes, the Guarantor,
or a Subsidiary thereof, may directly assume, by an indenture supplemental to the Indenture, executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and punctual payment of the principal of, any premium and interest on
all the Notes and the performance of every covenant of the 

  
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Indenture on the part of the Company to be performed or observed. Upon any such assumption, the Guarantor or such Subsidiary shall succeed to, and be substituted for and may exercise every right
and power of, the Company under the Indenture with the same effect as if the Guarantor or such Subsidiary had been named as the Company in the Indenture and the Company shall be released from all obligations and covenants with respect to the Notes.
No such assumption shall be permitted unless the Guarantor has delivered to the Trustee (i) an Officers’ Certificate and an Opinion of Counsel, each stating that such assumption and supplemental indenture comply with this Section 13.1
and Article VII hereof, and that all conditions precedent in the Indenture provided for relating to such transaction have been complied with and that, in the event of assumption by a Subsidiary, the Guarantee and all other covenants of the Guarantor
in the Indenture remain in full force and effect and (ii) an opinion of independent counsel that the Holders of Notes shall have no materially adverse U.S. federal tax consequences as a result of such assumption, and that, if any Notes are then
listed on the New York Stock Exchange, that such Notes shall not be delisted as a result of such assumption. 
 
ARTICLE XIV. 
 MEETINGS OF HOLDERS OF NOTES 

Section 14.1    Purposes for Which Meetings May Be Called. 

A meeting of Holders may be called at any time and from time to time pursuant to this Article XIV to make, give or take any request, demand,
authorization, direction, notice, consent, waiver or other act provided by the Indenture to be made, given or taken by Holders. 
 
Section 14.2    Call, Notice and Place of Meetings. 
 (a)    The
Trustee may at any time call a meeting of Holders for any purpose specified in Section 14.1 hereof, to be held at such time and at such place in The City of New York, New York as the Trustee shall determine. Notice of every meeting of Holders,
setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be given, in the manner provided in Section 10.2 of the Base Indenture, not less than 21 nor more than 180 days
prior to the date fixed for the meeting. 
 (b)    In case at any time the Company, the Guarantor or the
Holders of at least 10% in principal amount of the outstanding Notes shall have requested the Trustee to call a meeting of the Holders for any purpose specified in Section 14.1 hereof, by written request setting forth in reasonable detail the
action proposed to be taken at the meeting, and the Trustee shall not have mailed notice of or made the first publication of the notice of such meeting within 21 days after receipt of such request or shall not thereafter proceed to cause the meeting
to be held as provided herein, then the Company, the Guarantor, if applicable, or the Holders in the amount above specified, as the case may be, may determine the time and the place in the City of New York, New York, for such meeting and may call
such meeting for such purposes by giving notice thereof as provided in clause (a) of this Section. 

  
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 Section 14.3    Persons Entitled to Vote at Meetings.

 To be entitled to vote at any meeting of Holders, a person shall be (a) a Holder of one or more outstanding Notes, or (b) a
person appointed by an instrument in writing as proxy for a Holder or Holders of one or more outstanding Notes by such Holder or Holders; provided, that none of the Company, any other obligor upon the Notes or any Affiliate of the Company
shall be counted for purposes of determining a quorum at any such meeting in respect of any Notes owned by such persons. The only persons who shall be entitled to be present or to speak at any meeting of Holders shall be the persons entitled to vote
at such meeting and their counsel, any representatives of the Trustee and its counsel, any representatives of the Guarantor and its counsel and any representatives of the Company and its counsel. 

Section 14.4    Quorum; Action. 

The persons entitled to vote a majority in principal amount of the outstanding Notes shall constitute a quorum for a meeting of Holders of
Notes; provided, however, that if any action is to be taken at the meeting with respect to a consent or waiver which may be given by the Holders of not less than a specified percentage in principal amount of the outstanding Notes, the persons
holding or representing the specified percentage in principal amount of the outstanding Notes will constitute a quorum. In the absence of a quorum within thirty (30) minutes after the time appointed for any such meeting, the meeting shall, if
convened at the request of Holders, be dissolved. In any other case the meeting may be adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such meeting. In the absence
of a quorum at any such adjourned meeting, such adjourned meeting may be further adjourned for a period of not less than ten (10) days as determined by the chairman of the meeting prior to the adjournment of such adjourned meeting. Notice of
the reconvening of any adjourned meeting shall be given as provided in Section 14.2 hereof, except that such notice need be given only once not less than five (5) days prior to the date on which the meeting is scheduled to be reconvened.
Notice of the reconvening of an adjourned meeting shall state expressly the percentage, as provided above, of the principal amount of the outstanding Notes which shall constitute a quorum. 

Except as limited by the proviso to Section 12.2 hereof, any action to be taken or resolution presented at a meeting or adjourned meeting
duly reconvened at which a quorum is present as aforesaid may be taken or adopted only by the affirmative vote of the Holders of a majority in principal amount of the outstanding Notes; provided, however, that, except as limited by the
proviso to Section 12.2 hereof, any action to be taken or resolution with respect to any request, demand, authorization, direction, notice, consent, waiver or other action which the Indenture expressly provides may be made, given or taken by
the Holders of a specified percentage, which is less than a majority, in principal amount of the outstanding Notes may be taken or adopted at a meeting or an adjourned meeting duly reconvened and at which a quorum is present as aforesaid by the
affirmative vote of the Holders of such specified percentage in principal amount of the outstanding Notes. 
 Any resolution passed or
decision taken at any meeting of Holders duly held in accordance with this Section 14.4 shall be binding on all the Holders, whether or not such Holders were present or represented at the meeting. 

  
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 Section 14.5    Determination of Voting Rights;
Conduct and Adjournment of Meetings. 
 (a)    Notwithstanding any other provisions of the Indenture,
the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Holders in regard to proof of the holding of Notes and of the appointment of proxies and in regard to the appointment and duties of inspectors of votes, the
submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall deem appropriate. 

(b)    The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless
the meeting shall have been called by the Company or by Holders as provided in Section 14.2(b) hereof, in which case the Company, the Guarantor or the Holders calling the meeting, as the case may be, shall in like manner appoint a temporary
chairman. A permanent chairman and a permanent secretary of the meeting shall be elected by vote of the persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting. 

(c)    At any meeting, each Holder or proxy shall be entitled to one (1) vote for each $1,000
principal amount of Notes held or represented by him; provided, however, that no vote shall be cast or counted at any meeting in respect of any Note challenged as not outstanding and ruled by the chairman of the meeting to be not outstanding.
The chairman of the meeting shall have no right to vote, except as a Holder or proxy. 
 (d)    Any
meeting of Holders duly called pursuant to Section 14.2 hereof at which a quorum is present may be adjourned from time to time by persons entitled to vote a majority in principal amount of the outstanding Notes represented at the meeting; and
the meeting may be held as so adjourned without further notice. 
 Section 14.6    Counting
Votes and Recording Action of Meetings. 
 The vote upon any resolution submitted to any meeting of Holders shall be by written ballots
on which shall be subscribed the signatures of the Holders or of their representatives by proxy and the principal amounts and serial numbers of the outstanding Notes held or represented by them. The permanent chairman of the meeting shall appoint
two (2) inspectors of votes who shall count all votes cast at the meeting for or against any resolution and who shall make and file with the secretary of the meeting their verified written reports in triplicate of all votes cast at the meeting.
A record, at least in triplicate, of the proceedings of each meeting of Holders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken
thereat and affidavits by one or more persons having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was given as provided in Section 14.2 hereof and, if applicable, Section 14.4
hereof. Each copy shall be signed and verified by the affidavits of the permanent chairman and secretary of the meeting and one (1) such copy shall be delivered to the Company and the Guarantor, and another to the Trustee to be preserved by the
Trustee, the latter to have attached thereto the ballots voted at the meeting. Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

  
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 ARTICLE XV. 

MISCELLANEOUS PROVISIONS 
 
Section 15.1    Evidence of Compliance with Conditions Precedent, Certificates to Trustee. 
 This
Section 15.1 shall replace Sections 10.4 and 10.5 of the Base Indenture with respect to the Notes only. 
 Upon any application or
demand by the Company to the Trustee to take any action under any of the provisions of the Indenture, the Company shall furnish to the Trustee an Officers’ Certificate stating that all covenants or conditions precedent, if any, provided for in
the Indenture relating to the proposed action have been complied with, and an Opinion of Counsel stating that, in the opinion of such counsel, all such covenants or conditions precedent have been complied with. 

Each certificate or opinion provided for in the Indenture and delivered to the Trustee with respect to compliance with a condition or covenant
provided for in the Indenture shall include: (1) a statement that the person making such certificate or opinion has read such covenant or condition; (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statement or opinion contained in such certificate or opinion is based; (3) a statement that, in the opinion of such person, such person has made such examination or investigation as is necessary to enable such person 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 such person, such condition or covenant has been complied with; provided,
however, that with respect to matters of fact an Opinion of Counsel may rely on an Officers’ Certificate or certificates of public officials. 

Section 15.2    No Recourse Against Others. 

This Section 15.2 shall replace Section 10.8 of the Base Indenture with respect to the Notes only. 

Except as otherwise expressly provided in Article V of this First Supplemental Indenture, no recourse for the payment of the principal of
(including the Redemption Price upon redemption pursuant to Article IV hereof) or premium, if any, or interest on any Note or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or
agreement of the Company in this First Supplemental Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, partner, member, manager, employee, agent, officer,
director or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either directly or through the Guarantor, the Company or any of the Company’s
Subsidiaries or any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood that all such liability is hereby expressly waived
and released as a condition of, and as a consideration for, the execution of this First Supplemental Indenture and the issue of the Notes. 

  
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 Section 15.3    Trust Indenture Act Controls.

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

Section 15.4    Governing Law and Waiver of Jury Trial. 

THIS FIRST SUPPLEMENTAL INDENTURE AND THE NOTES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE BASE INDENTURE, FIRST
SUPPLEMENTAL INDENTURE OR THE NOTES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO CONFLICT OF LAW PRINCIPLES THAT WOULD RESULT IN THE APPLICATION OF ANY LAW OTHER THAN THE LAW OF THE STATE OF NEW YORK. EACH OF THE
COMPANY, THE GUARANTOR AND THE TRUSTEE, AND EACH HOLDER OF A NOTE BY ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR
RELATING TO THE INDENTURE, THE NOTES, THE GUARANTEE OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 15.5    Counterparts. 

This First Supplemental Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of
which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this First Supplemental Indenture and of signature pages by facsimile or PDF transmission
shall constitute effective execution and delivery of this First Supplemental Indenture as to the parties hereto and may be used in lieu of the original First 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. 

Section 15.6    Successors. 

All agreements of the Company and the Guarantor in this First Supplemental Indenture and the Notes shall bind their respective successors. All
agreements of the Trustee in this First Supplemental Indenture shall bind its successor. 

Section 15.7    Severability. 

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

Section 15.8    Table of Contents, Headings, Etc. 

The Table of Contents and headings of the Articles and Sections of this First Supplemental Indenture have been inserted for convenience of
reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

  
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 Section 15.9    Ratifications. 

The Base Indenture, as supplemented and amended by this First Supplemental Indenture, is in all respects ratified and confirmed. The Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this First Supplemental Indenture with respect to the Notes supersede any conflicting provisions included in the Base Indenture unless not permitted by
law. The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. 
 
Section 15.10    Effectiveness. 
 The provisions of this First Supplemental Indenture shall become
effective as of the date hereof. 
 Section 15.11    The Trustee. 

The Trustee accepts the trusts created by the Indenture, and agrees to perform the same upon the terms and conditions of the Indenture. The
Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this First Supplemental Indenture or the due execution thereof by the Company. The recitals contained herein shall be taken as the
statements solely of the Company, and the Trustee assumes no responsibility for the correctness thereof. If and when the Trustee shall be or become a creditor of the Company (or any other obligor upon the Notes), excluding any creditor relationship
listed in TIA Section 311(b), the Trustee shall be subject to the provisions of the TIA regarding the collection of the claims against the Company (or any such other obligor). If the Trustee has or shall acquire a conflicting interest within
the meaning of the TIA, the Trustee shall either eliminate such interest or resign, to the extent and in the manner provided by, and subject to the provisions of, the TIA and this Indenture. 

[remainder of page intentionally left blank] 

  
 44 

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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly
executed by their respective officers hereunto duly authorized, all as of the day and year first written above. 
  

					
	HUDSON PACIFIC PROPERTIES, L.P.,
	as the Company
		
	By:	 	Hudson Pacific Properties, Inc.
		 	Its Sole General Partner
		
	By:	 	/s/ Mark T. Lammas
		 	Name:	 	Mark T. Lammas
		 	Title:	 	Chief Operating Officer, Chief Financial Officer and Treasurer
	
	 HUDSON PACIFIC PROPERTIES, INC.,

as the Guarantor

		
	By:	 	/s/ Mark T. Lammas
		 	Name:	 	Mark T. Lammas
		 	Title:	 	Chief Operating Officer, Chief Financial Officer and Treasurer

  
 [Signature Page to
First Supplemental Indenture] 

Table of Contents

 
					
	
	 U.S. BANK NATIONAL ASSOCIATION,
 as
the Trustee

		
	By:	 	/s/ Bradley E. Scarbrough
		 	Name:	 	Bradley E. Scarbrough
		 	Title:	 	Vice President

  
 [Signature Page to
First Supplemental Indenture] 

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 EXHIBIT A 

HUDSON PACIFIC PROPERTIES, L.P. 

[THIS GLOBAL NOTE IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE
BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 3.2 OF THE FIRST SUPPLEMENTAL INDENTURE, (II) THIS
GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 3.2 OF THE FIRST SUPPLEMENTAL INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.12 OF THE BASE INDENTURE
AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 
 UNLESS AND
UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE
DEPOSITORY OR BY THE DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK,
NEW YORK) (“DTC”) TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE 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.]* 
  

	*	To be included only if the Note is issued in global form. 

  
 A-1 

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 HUDSON PACIFIC PROPERTIES, L.P. 

3.950% SENIOR NOTES DUE 2027 

Certificate No. [___] 
 CUSIP No.: 44409M AA4 

ISIN: US44409MAA45 
 $[_______]

 Hudson Pacific Properties, L.P., a Maryland limited partnership (herein called the “Company”, which term includes any
successor corporation under the Indenture referred to on the reverse hereof), for value received hereby promises to pay to [Cede & Co.]*, or its registered assigns, the principal sum of [__________] MILLION DOLLARS ($[__________])[, or such
lesser amount as is set forth in the Schedule of Exchanges of Interests in the Global Note on the other side of this Note,]* on November 1, 2027 at the office or agency of the Company maintained for that purpose in accordance with the terms of
the Indenture, in such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually in arrears on May 1 and November 1 of
each year, commencing May 1, 2018, on said principal sum at said office or agency, in like coin or currency, at the rate per annum of 3.950%, from May 1 or November 1, as the case may be, next preceding the date of this Note to which
interest has been paid or duly provided for, unless no interest has been paid or duly provided for on the Notes, in which case from October 2, 2017, until payment of said principal sum has been made or duly provided for. The Company shall pay
interest to Holders of record on the April 15 or October 15 preceding the applicable May 1 or November 1 interest payment date, respectively, in accordance with the terms of the Indenture. The Company shall pay interest on any
Notes in certificated form by wire transfer of immediately available funds to the account specified by the Holder (which account shall be within the United States) or if no account is specified, by check mailed to the address of the person entitled
thereto, or on any Global Notes by wire transfer of immediately available funds to the account of the Depository or its nominee. 

Reference is made to the further provisions of this Note set forth on the reverse hereof and the Indenture governing this Note. Such further
provisions shall for all purposes have the same effect as though fully set forth at this place. 
 This Note shall not be valid or become
obligatory for any purpose until the certificate of authentication hereon shall have been signed manually by the Trustee or a duly authorized authenticating agent under the Indenture. 

 

	*	To be included only if the Note is issued in global form. 

  
 A-2 

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 IN WITNESS WHEREOF, the Company has caused this Note to be duly executed. 

Dated: [_____], 20[__] 
  

			
	HUDSON PACIFIC PROPERTIES, L.P.
	
	By: Hudson Pacific Properties, Inc., Its Sole General Partner
		
	By:	 	 
	Name:	 	
	Title:	 	

  
 A-3 

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 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

This is one of the Notes described in the within-named Indenture. 

Dated: [______], 20[__] 
  

			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 
		 	Authorized Signatory

  
 A-4 

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 [FORM OF REVERSE SIDE OF NOTE] 

HUDSON PACIFIC PROPERTIES, L.P. 

3.950% SENIOR NOTES DUE 2027 
 This Note is
one of a duly authorized issue of Securities of the Company, designated as its 3.950% Senior Notes due 2027 (herein called the “Notes”), issued under and pursuant to an Indenture dated as of October 2, 2017 (herein called the
“Base Indenture”), among the Company, the Guarantor and U.S. Bank National Association, as trustee (herein called the “Trustee”), as supplemented by the Supplemental Indenture No. 1, dated as of October 2, 2017 (herein
called the “First Supplemental Indenture,” and together with the Base Indenture, the “Indenture”), to which the Indenture and all indentures supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes. Capitalized terms used but not otherwise defined in this Note shall have the respective meanings ascribed thereto in the
Indenture. 
 If an Event of Default (other than an Event of Default specified in Sections 8.1(e), 8.1(f) and 8.1(g) of the First Supplemental Indenture)
occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest on all Notes may be declared to be due and payable by either the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then
outstanding, and, upon said declaration the same shall be immediately due and payable. If an Event of Default specified in Sections 8.1(e), 8.1(f) and 8.1(g) of the First Supplemental Indenture occurs, the principal of and premium, if any, and
interest accrued and unpaid on all the Notes shall be immediately and automatically due and payable without necessity of further action. 
 The Indenture
contains provisions permitting the Company, the Guarantor and the Trustee, with the consent of the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding, to execute supplemental indentures adding any
provisions to or changing in any manner or eliminating any of the provisions of the Indenture or of any supplemental indenture or modifying in any manner the rights of the Holders of the Notes, subject to exceptions set forth in Section 12.2 of
the First Supplemental Indenture. Subject to the provisions of the Indenture, the Holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding may, on behalf of the Holders of all of the Notes, waive any
past default or Event of Default, subject to exceptions set forth in the Indenture. 
 No reference herein to the Indenture and no provision of this Note or
of the Indenture shall impair, as among the Company and the Holder of the Notes, the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the place, at the respective
times, at the rate and in the coin or currency prescribed herein and in the Indenture. 
 Interest on the Notes shall be computed on the basis of a 360-day year consisting of twelve 30-day months. 
 The Notes are issuable in
fully registered form, without coupons, in denominations of $2,000 principal amount and any multiple of $1,000 in excess thereof. At the office or agency of the 

  
 A-5 

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Company referred to on the face hereof, and in the manner and subject to the limitations provided in the Indenture, without payment of any service charge but with payment of a sum sufficient to
cover any tax, assessment or other governmental charge that may be imposed in connection with any registration or exchange of Notes, Notes may be exchanged for a like aggregate principal amount of Notes of any other authorized denominations. 

The Company shall have the right to redeem the Notes under certain circumstances as set forth in Article IV of the First Supplemental Indenture. 

The Notes are not subject to redemption through the operation of any sinking fund. 

Except as expressly provided in Article V of the First Supplemental Indenture, no recourse for the payment of the principal of (including the Redemption Price
(as defined in Section 4.1 of the First Supplemental Indenture) upon redemption pursuant to Article IV of the First Supplemental Indenture) or any premium, if any, or interest on this Note, or for any claim based hereon or otherwise in
respect hereof, and no recourse under or upon any obligation, covenant or agreement of the Company in the Indenture or in any Note, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator,
stockholder, partner, member, manager, employee, agent, officer, director or subsidiary, as such, past, present or future, of the Guarantor, the Company or any of the Company’s Subsidiaries or of any successor thereto, either directly or
through the Guarantor, the Company or any of the Company’s subsidiaries or of any successor thereto, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being
expressly understood that all such liability is hereby expressly waived and released as a condition of, and as consideration for, the execution of the Indenture and the issue of this Note. 

  
 A-6 

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 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note 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 Company. 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 

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 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE GLOBAL NOTE * 
 The following exchanges of a
part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 

 

									
	 Date of Exchange
	  	 Amount of decrease in
principal amount 
at
maturity of 
this Global Note
	  	 Amount of increase in
principal amount 
at
maturity of 
this Global Note
	  	 Principal amount 
at maturity of this
Global
Note following such
decrease 
(or increase)
	  	 Signature of authorized
officer of Trustee
or
Custodian

		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

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

  
 A-8 

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 EXHIBIT B 

[FORM OF NOTATION OF GUARANTEE] 

The Guarantor listed below (hereinafter referred to as the “Guarantor,” which term includes any successors or assigns under the
Indenture, dated October 2, 2017, among the Guarantor, the Company (defined below) and U.S. Bank National Association, as trustee (the “Base Indenture”), as supplemented by the Supplemental Indenture No. 1, dated the date hereof
(the “First Supplemental Indenture” and, together with the Base Indenture, the “Indenture”), has irrevocably and unconditionally guaranteed on a senior basis the Guarantee Obligations (as defined in Section 5.1 of the First
Supplemental Indenture), which include (i) the due and punctual payment of the principal of, premium, if any, and interest, if any, on the 3.950% Senior Notes due 2027 (the “Notes”) of Hudson Pacific Properties, L.P., a Maryland
limited partnership (the “Company”), whether at maturity, by acceleration, call for redemption or otherwise, the due and punctual payment of interest on the overdue principal and premium, if any, and (to the extent permitted by law)
interest on any interest on the Notes, and the due and punctual performance of all other obligations of the Company, to the Holders of the Notes or the Trustee all in accordance with the terms set forth in Article V of the First Supplemental
Indenture, and (ii) in case of any extension of time of payment or renewal of any Notes or any such other obligations, that the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal,
whether at maturity, by acceleration, call for redemption or otherwise. 
 The obligations of the Guarantor to the Holders of the Notes and
to the Trustee pursuant to this Guarantee and the Indenture are expressly set forth in Article V of the First Supplemental Indenture and reference is hereby made to such Indenture for the precise terms of this Guarantee. 

No past, present or future director, officer, employee, incorporator or stockholder (direct or indirect) of the Guarantor (or any such
successor entity), as such, shall have any liability for any obligations of the Guarantor under this Guarantee or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. 

The Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of merger or bankruptcy of
the Company, any right to require a proceeding first against the Company, the benefit of discussion, protest or notice with respect to the Notes and all demands whatsoever. 

This is a continuing Guarantee and shall remain in full force and effect and shall be binding upon the Guarantor and its successors and
assigns until full and final payment of all of the Company’s obligations under the Notes and Indenture or until legally discharged in accordance with the Indenture and shall inure to the benefit of the successors and assigns of the Trustee and
the Holders of the Notes, and, in the event of any transfer or assignment of rights by any Holder of the Notes or the Trustee, the rights and privileges herein conferred upon that party shall automatically extend to and be vested in such transferee
or assignee, all subject to the terms and conditions hereof. This is a Guarantee of payment and performance and not of collectability. 

The obligations of the Guarantor under this Guarantee shall be limited to the extent necessary to insure that it does not constitute a
fraudulent conveyance under applicable law. 

  
 B-1 

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 THE TERMS OF ARTICLE V OF THE FIRST SUPPLEMENTAL INDENTURE ARE INCORPORATED HEREIN BY REFERENCE.

 Capitalized terms used herein have the same meanings given in the Indenture unless otherwise indicated. 

  
 B-2 

Table of Contents

 IN WITNESS WHEREOF, the Guarantor has caused this instrument to be duly executed. 

Dated:    [_____], 20[__] 
  

			
	Hudson Pacific Properties, Inc.
		
	By:	 	 
		 	Name:
		 	Title:

  
 B-3EX-4.2

 Exhibit 4.2 
  

 
  
 

 
 AMENDMENT NO. 1 TO DEPOSIT AGREEMENT BETWEEN ABLYNX NV, JPMORGAN CHASE BANK, N.A. AS DEPOSITARY AND HOLDERS OF AMERICAN DEPOSITARY
RECEIPTS WORLDWIDE SECURITIES SERVICES jpmorgan.com 

 

 
  

 AMENDMENT NO. 1, dated as of
                     , 2017 (the “Amendment”), to the Deposit Agreement dated as of September 5, 2014 (the “Deposit
Agreement”), among Ablynx NV, incorporated under the laws of Belgium (the “Company”), JPMorgan Chase Bank, N.A., as depositary (the “Depositary”), and all holders from time to time of American depositary receipts
(“ADRs”) issued thereunder. 
 W I T N E S S E T H: 

WHEREAS, the Company and the Depositary executed the Deposit Agreement for the purposes set forth therein; and 

WHEREAS, pursuant to paragraph (16) of the ADRs, the form of which is contained in the Deposit Agreement, the Company and the Depositary
desire to amend the terms of the Deposit Agreement and ADRs. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the Company and the Depositary hereby agree to amend the Deposit Agreement as follows: 

ARTICLE I 

DEFINITIONS 

SECTION 1.01. Definitions. Unless otherwise defined in this Amendment, all capitalized terms used, but not otherwise defined,
herein shall have the meaning given to such terms in the Deposit Agreement. 
 ARTICLE II 

AMENDMENTS TO DEPOSIT AGREEMENT 

SECTION 2.01. All references in the Deposit Agreement to the term “Deposit Agreement” shall, as of the date hereof, refer to
the Deposit Agreement, dated as of September 5, 2014 as amended by this Amendment. 
 SECTION 2.02. Section 16 (a) of
the Deposit Agreement is amended to read as follows: 
  

	 	(a)	JPMorgan Chase Bank, N.A. 

	 	 	4 New York Plaza, Floor 12 

	 	 	New York, New York, 10004 

	 	 	Attention: Depositary Receipts Group 

	 	 	Fax: (212) 552-1950 

  
 1 

 

 
  

 ARTICLE III 

AMENDMENTS TO THE FORM OF ADR 

SECTION 3.01. The address of the Depositary set forth in the form of ADR is amended to reflect the address set forth in
Section 2.05 of this Amendment. 
 SECTION 3.02. Paragraph (8) of each ADR, including the form of ADR set forth in the
Deposit Agreement, is amended inserting the following after the fourth sentence thereof: 
 At such time, if any, as the Company becomes
subject to the periodic reporting requirements of the Securities Exchange Act of 1934, the Company’s obligation to publish the information contemplated in Rule 12g3-2(b)(2)(i) under the Securities Exchange Act of 1934 shall terminate and,
accordingly, the Company shall file certain reports with the United States Securities and Exchange Commission (the “Commission”) which may be inspected and copied through the Commission’s EDGAR system or at public reference facilities
maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549. 
 SECTION 3.03. Paragraph
(10) of each ADR, including the form of ADR set forth in the Deposit Agreement, is amended inserting the following at the conclusion thereof: 

All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set
forth in the “Depositary Receipt Sale and Purchase of Security” section of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the Depositary shall be solely responsible for. 

SECTION 3.04. The form of ADR is amended and restated to read as set forth in Exhibit A hereto. 

  
 2 

 

 
  

 ARTICLE IV 

REPRESENTATIONS AND WARRANTIES 

SECTION 4.01. Representations and Warranties. The Company represents and warrants to, and agrees with, the Depositary, that:

 (a) This Amendment, when executed and delivered by the Company, will be duly and validly authorized, executed and delivered by the
Company, and it and the Deposit Agreement as amended hereby constitute the legal, valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms, subject to bankruptcy, insolvency, fraudulent
transfer, moratorium and similar laws of general applicability relating to or affecting creditors’ rights and to general equity principles; and 

(b) In order to ensure the legality, validity, enforceability or admissibility into evidence of this Amendment or the Deposit Agreement as
amended hereby, neither of such agreements need to be filed or recorded with any court or other authority in Belgium, nor does any stamp or similar tax or governmental charge need to be paid in Belgium on or in respect of such agreements. 

ARTICLE V 

MISCELLANEOUS 

SECTION 5.01. Indemnification. The provisions of Section 15 of the Deposit Agreement are incorporated herein by reference
and deemed to be a part hereof applicable hereto. 
 SECTION 5.02. Effective Time. This Agreement is dated, and shall be
effective, as of the date set forth above; provided, however, any amendment that shall prejudice any substantial existing right of Holders shall not become effective until 30 days after notice hereof shall have been given to the Holders. After the
effective time, each Holder shall be deemed, by continuing to hold ADRs, to have consented and agreed to this Agreement and to be subject to and bound by all of the terms and conditions of the Deposit Agreement, as amended by this Amendment. 

SECTION 5.03. Counterparts. This Amendment may be executed in any number of counterparts, each of which shall be deemed an
original and all of which taken together shall constitute one instrument. 
 SECTION 5.04. Governing Law; Jurisdiction. This
Amendment shall be governed by and construed in accordance with the laws of the State of New York. The provisions of Section 18 of the Deposit Agreement are incorporated herein by reference and deemed to be a part hereof applicable hereto. 

  
 3 

 

 
  

 SECTION 5.05. Outstanding ADRs. ADRs issued prior or subsequent to the date
hereof, which do not reflect the changes to the form of ADR effected hereby, do not need to be called in for exchange and may remain outstanding until such time as the Holders thereof choose to surrender them for any reason under the Deposit
Agreement. The Depositary is authorized and directed to take any and all actions deemed necessary to effect the foregoing. Holders and holders of ADSs issued pursuant to the Deposit Agreement prior to the date hereof and outstanding as of the date
hereof, shall, from and after the date hereof, be deemed Holders and holders of ADSs issued pursuant, and subject, to all of the terms and conditions of the Deposit Agreement, as amended by this Amendment. 

SECTION 5.06. Except as specifically amended herein, the Deposit Agreement is and shall continue to be in full force and effect and all
of the provisions thereof (as amended hereby) are hereby in all respects ratified and confirmed. 

  
 4 

 

 
  

 IN WITNESS WHEREOF, ABLYNX NV and JPMORGAN CHASE BANK, N.A. have duly executed this Amendment
No. 1 to Deposit Agreement as of the day and year first above set forth and all holders of ADRs shall become parties hereto upon acceptance by them of ADRs issued in accordance with the terms hereof. 

 

			
	ABLYNX NV

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	
	
	JPMORGAN CHASE BANK, N.A.

 
			
		
	By:	 	 

 
			
	Name:	 	
	Title:	 	Executive Director

  
 5 

 

 
  

 EXHIBIT A 

[FORM OF FACE OF ADR] 
  

			
	  
	  	                    No. of ADSs:
	Number	  	
		
		  	                    Each ADS represents
		  	                    One Share
		
		  	                    CUSIP:

 AMERICAN DEPOSITARY RECEIPT 

evidencing 
 AMERICAN DEPOSITARY
SHARES 
 representing 
 ORDINARY
SHARES 
 of 
 ABLYNX NV 

(Incorporated under the laws of Belgium) 

JPMORGAN CHASE BANK, N.A., a national banking association organized under the laws of the United States of America, as depositary hereunder
(the “Depositary”), hereby certifies that              is the registered owner (a “Holder”) of American Depositary Shares (“ADSs”), each (subject to
paragraph (13)) representing one ordinary share (including the rights to receive Shares described in paragraph (1), “Shares” and, together with any other securities, cash or property from time to time held by the Depositary in respect
or in lieu of deposited Shares, the “Deposited Securities”), of Ablynx NV, a corporation organized under the laws of Belgium (the “Company”), deposited under the Deposit Agreement dated as of September 5, 2014 (as amended
from time to time, the “Deposit Agreement”) among the Company, the Depositary and all Holders from time to time of American Depositary Receipts issued thereunder (“ADRs”), each of whom by accepting an ADR becomes a party thereto.
The Deposit Agreement and this ADR (which includes the provisions set forth on the reverse hereof) shall be governed by and construed in accordance with the laws of the State of New York. 

  
 A-1 

 

 
  

 (1) Issuance and Pre-Release of ADSs. This ADR is one of the ADRs issued under the
Deposit Agreement. Subject to the other provisions hereof, the Depositary may so issue ADRs for delivery at the Transfer Office (as hereinafter defined) only against deposit of: (a) Shares in a form satisfactory to the Custodian;
(b) rights to receive Shares from the Company or any registrar, transfer agent, clearing agent or other entity recording Share ownership or transactions; or (c) in accordance with the next paragraph hereof. 

In its capacity as Depositary, the Depositary shall not lend Shares or ADSs; provided, however, that, unless requested in writing by the
Company to cease doing so during reasonable periods necessary in order to enable compliance with applicable law, the Depositary may (i) issue ADSs prior to the receipt of Shares and (ii) deliver Shares prior to the receipt of ADSs for
withdrawal of Deposited Securities, including ADSs which were issued under (i) above but for which Shares may not have been received (each such transaction a “Pre-Release”). The Depositary may receive ADSs in lieu of Shares under
(i) above (which ADSs will promptly be canceled by the Depositary upon receipt by the Depositary) and receive Shares in lieu of ADSs under (ii) above. Each such Pre-Release will be subject to a written agreement whereby the person or
entity (the “Applicant”) to whom ADSs or Shares are to be delivered (a) represents that at the time of the Pre-Release the Applicant or its customer owns the Shares or ADSs that are to be delivered by the Applicant under such
Pre-Release, (b) agrees to indicate the Depositary as owner of such Shares or ADSs in its records and to hold such Shares or ADSs in trust for the Depositary until such Shares or ADSs are delivered to the Depositary or the Custodian,
(c) unconditionally guarantees to deliver to the Depositary or the Custodian, as applicable, such Shares or ADSs, and (d) agrees to any additional restrictions or requirements that the Depositary deems appropriate. Each such Pre-Release
will be at all times fully collateralized with cash, U.S. government securities or such other collateral as the Depositary deems appropriate, terminable by the Depositary on not more than five (5) business days’ notice and subject to such
further indemnities and credit regulations as the Depositary deems appropriate. The Depositary will normally limit the number of ADSs and Shares involved in such Pre-Release at any one time to thirty percent (30%) of the ADSs outstanding
(without giving effect to ADSs outstanding under (i) above), provided, however, that the Depositary reserves the right to change or disregard such limit from time to time as it deems appropriate. The Depositary may also set limits with respect
to the number of ADSs and Shares involved in Pre-Release with any one person on a case-by-case basis as it deems appropriate. The Depositary may retain for its own account any compensation received by it in conjunction with the foregoing. Collateral
provided in connection with Pre-Release transactions, but not the earnings thereon, shall be held for the benefit of the Holders (other than the Applicant). 

  
 A-2 

 

 
  

 Every person depositing Shares under the Deposit Agreement represents and warrants that
(a) such Shares and the certificates therefor are duly authorized, validly issued and outstanding, fully paid, nonassessable and legally obtained by such person (b) all pre-emptive and comparable rights, if any, with respect to such Shares
have been validly waived or exercised, (c) the person making such deposit is duly authorized so to do, (d) the Shares presented for deposit are free and clear of any lien, encumbrance, security interest, charge, mortgage or adverse claim
and (e) such Shares (A) are not “restricted securities” as such term is defined in Rule 144 under the Securities Act of 1933 (“Restricted Securities”) unless at the time of deposit the requirements of paragraphs (c),
(e), (f) and (h) of Rule 144 shall not apply and such Shares may be freely transferred and may otherwise be offered and sold freely in the United States or (B) have been registered under the Securities Act of 1933. To the extent the
person depositing Shares is an “affiliate” of the Company as such term is defined in Rule 144, the person also represents and warrants that upon the sale of the ADSs, all of the provisions of Rule 144 which enable the Shares to be freely
sold (in the form of ADSs) will be fully complied with and, as a result thereof, all of the ADSs issued in respect of such Shares will not be on the sale thereof, Restricted Securities. Such representations and warranties shall survive the deposit
and withdrawal of Shares and the issuance and cancellation of ADSs in respect thereof and the transfer of such ADSs. The Depositary will not knowingly accept for deposit under the Deposit Agreement any Shares required to be registered under the
Securities Act of 1933 and not so registered; The Depositary may refuse to accept for such deposit any Shares identified by the Company in order to facilitate compliance with the requirements of the Securities Act of 1933 or the Rules made
thereunder 
 (2) Withdrawal of Deposited Securities. Subject to paragraphs (4) and (5), upon surrender of (i) a
certificated ADR in form satisfactory to the Depositary at the Transfer Office or (ii) proper instructions and documentation in the case of a Direct Registration ADR, the Holder hereof is entitled to delivery at, or to the extent in
dematerialized form from, the Custodian’s office of the Deposited Securities at the time represented by the ADSs evidenced by this ADR, provided that the Depositary may deliver Shares prior to the receipt of ADSs for withdrawal of Deposited
Securities, including ADSs which were issued under (1) above but for which Shares may not have been received (until such ADSs are actually deposited, “Pre-released Shares”) only if all the
conditions in (1) above related to such Pre-Release are satisfied). At the request, risk and expense of the Holder hereof, the Depositary may deliver such Deposited Securities at such other place as may have been requested by the Holder.
Notwithstanding any other provision of the Deposit Agreement or this ADR, the withdrawal of Deposited Securities may be restricted only for the reasons set forth in General Instruction I.A.(1) of Form F-6 (as such instructions may be amended from
time to time) under the Securities Act of 1933. 
  

  
 A-3 

 

 
  

 (3) Transfers of ADRs. The Depositary or its agent will keep, at a designated transfer
office (the “Transfer Office”), (a) a register (the “ADR Register”) for the registration, registration of transfer, combination and split-up of ADRs, and, in the case of Direct Registration ADRs, shall include the Direct
Registration System, which at all reasonable times will be open for inspection by Holders and the Company for the purpose of communicating with Holders in the interest of the business of the Company or a matter relating to the Deposit Agreement and
(b) facilities for the delivery and receipt of ADRs. The term ADR Register includes the Direct Registration System. Title to this ADR (and to the Deposited Securities represented by the ADSs evidenced hereby), when properly endorsed (in the
case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer, is transferable by delivery with the same effect as in the case of negotiable instruments under the laws of the State of New York;
provided that the Depositary, notwithstanding any notice to the contrary, may treat the person in whose name this ADR is registered on the ADR Register as the absolute owner hereof for all purposes and neither the Depositary nor the Company
will have any obligation or be subject to any liability under the Deposit Agreement to any holder of an ADR, unless such holder is the Holder thereof. Subject to paragraphs (4) and (5), this ADR is transferable on the ADR Register and may be
split into other ADRs or combined with other ADRs into one ADR, evidencing the aggregate number of ADSs surrendered for split-up or combination, by the Holder hereof or by duly authorized attorney upon surrender of this ADR at the Transfer Office
properly endorsed (in the case of ADRs in certificated form) or upon delivery to the Depositary of proper instruments of transfer and duly stamped as may be required by applicable law; provided that the Depositary may close the ADR Register
at any time or from time to time when deemed expedient by it. At the request of a Holder, the Depositary shall, for the purpose of substituting a certificated ADR with a Direct Registration ADR, or vice versa, execute and deliver a certificated ADR
or a Direct Registration ADR, as the case may be, for any authorized number of ADSs requested, evidencing the same aggregate number of ADSs as those evidenced by the certificated ADR or Direct Registration ADR, as the case may be, substituted. 

(4) Certain Limitations. Prior to the issue, registration, registration of transfer, split-up or combination of any ADR, the delivery
of any distribution in respect thereof, or, subject to the last sentence of paragraph (2), the withdrawal of any Deposited Securities, and from time to time in the case of clause (b)(ii) of this paragraph (4), the Company, the Depositary or the
Custodian may require: (a) payment with respect thereto of (i) any stock transfer or other tax or other governmental charge, (ii) any stock transfer or registration fees in effect for the registration of transfers of Shares or other
Deposited Securities upon any applicable 

  
 A-4 

 

 
  

 
register and (iii) any applicable charges as provided in paragraph (7) of this ADR; (b) the production of proof satisfactory to it of (i) the identity of any signatory and
genuineness of any signature and (ii) such other information, including without limitation, information as to citizenship, residence, exchange control approval, beneficial ownership of any securities, compliance with applicable law,
regulations, provisions of or governing Deposited Securities and terms of the Deposit Agreement and this ADR, as it may deem necessary or proper; and (c) compliance with such regulations as the Depositary may establish consistent with the
Deposit Agreement. The issuance of ADRs, the acceptance of deposits of Shares, the registration, registration of transfer, split-up or combination of ADRs or, subject to the last sentence of paragraph (2), the
withdrawal of Deposited Securities may be suspended, generally or in particular instances, when the ADR Register or any register for Deposited Securities is closed or when any such action is deemed advisable by the Depositary. 

(5) Taxes. If any tax or other governmental charges (including any penalties and/or interest) shall become payable by or on behalf of
the Custodian or the Depositary with respect to this ADR, any Deposited Securities represented by the ADSs evidenced hereby or any distribution thereon, such tax or other governmental charge shall be paid by the Holder hereof to the Depositary and
by holding or having held an ADR the Holder and all prior Holders hereof, jointly and severally, agree to indemnify, defend and save harmless each of the Depositary and its agents in respect thereof. The Depositary may refuse to effect any
registration, registration of transfer, split-up or combination hereof or, subject to the last sentence of paragraph (2), any withdrawal of such Deposited Securities until such payment is made. The Depositary
may also deduct from any distributions on or in respect of Deposited Securities, or may sell by public or private sale for the account of the Holder hereof any part or all of such Deposited Securities (after attempting by reasonable means to notify
the Holder hereof prior to such sale), and may apply such deduction or the proceeds of any such sale in payment of such tax or other governmental charge, the Holder hereof remaining liable for any deficiency, and shall reduce the number of ADSs
evidenced hereby to reflect any such sales of Shares. In connection with any distribution to Holders, the Company will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority
or agency by the Company; and the Depositary and the Custodian will remit to the appropriate governmental authority or agency all amounts (if any) required to be withheld and owing to such authority or agency by the Depositary or the Custodian. If
the Depositary determines that any distribution in property other than cash (including Shares or rights) on Deposited Securities is subject to any tax that the Depositary or the Custodian is obligated to withhold, the Depositary may dispose of all
or a portion of such property in such amounts and in such manner as the Depositary deems necessary and practicable to pay such taxes, by public or private sale, and the 

  
 A-5 

 

 
  

 
Depositary shall distribute the net proceeds of any such sale or the balance of any such property after deduction of such taxes to the Holders entitled thereto. Each Holder of an ADR or an
interest therein agrees to indemnify the Depositary, the Company, the Custodian and any of their respective officers, directors, employees, agents and affiliates against, and hold each of them harmless from, any claims by any governmental authority
with respect to taxes, additions to tax, penalties or interest arising out of any refund of taxes, reduced rate of withholding at source or other tax benefit obtained. 

(6) Disclosure of Interests. To the extent that the provisions of or governing any Deposited Securities may require disclosure of or
impose limits on beneficial or other ownership of Deposited Securities, other Shares and other securities and may provide for blocking transfer, voting or other rights to enforce such disclosure or limits, Holders and all persons holding ADRs agree
to comply with all such disclosure requirements and ownership limitations and to comply with any reasonable Company instructions in respect thereof. The Company reserves the right to instruct Holders to deliver their ADSs for cancellation and
withdrawal of the Deposited Securities so as to permit the Company to deal directly with the Holder thereof as a holder of Shares and Holders agree to comply with such instructions. The Depositary agrees to cooperate with the Company in its efforts
to inform Holders of the Company’s exercise of its rights under this paragraph and agrees to consult with, and provide reasonable assistance without risk, liability or expense on the part of the Depositary, to the Company on the manner or
manners in which it may enforce such rights with respect to any Holder. 
 (7) Charges of Depositary. The Depositary may charge, and
collect from, (i) each person to whom ADSs are issued, including, without limitation, issuances against deposits of Shares, issuances in respect of Share Distributions, Rights and Other Distributions (as such terms are defined in
paragraph (10)), issuances pursuant to a stock dividend or stock split declared by the Company, or issuances pursuant to a merger, exchange of securities or any other transaction or event affecting the ADSs or the Deposited Securities,
and (ii) each person surrendering ADSs for withdrawal of Deposited Securities or whose ADSs are cancelled or reduced for any other reason, U.S.$5.00 for each 100 ADSs (or portion thereof) issued, delivered, reduced, cancelled or
surrendered (as the case may be). The Depositary may sell (by public or private sale) sufficient securities and property received in respect of Share Distributions, Rights and Other Distributions prior to such deposit to pay such charge. The
following additional charges shall be incurred by the Holders, by any party depositing or withdrawing Shares or by any party surrendering ADSs, to whom ADSs are issued (including, without limitation, issuances pursuant to a stock dividend or stock
split declared by the Company or an exchange of stock regarding the ADSs or the Deposited Securities or a distribution of ADSs pursuant to paragraph (10)), whichever 

  
 A-6 

 

 
  

 
is applicable (i) a fee of U.S.$0.05 or less per ADS for any Cash distribution made pursuant to the Deposit Agreement, (ii) a fee of U.S.$1.50 per ADR or ADRs for transfers made
pursuant to paragraph (3) hereof, (iii) a fee for the distribution or sale of securities pursuant to paragraph (10) hereof, such fee being in an amount equal to the fee for the execution and delivery of ADSs referred to above which
would have been charged as a result of the deposit of such securities (for purposes of this paragraph (7) treating all such securities as if they were Shares) but which securities or the net cash proceeds from the sale thereof are instead
distributed by the Depositary to Holders entitled thereto, (iv) an aggregate fee of U.S.$0.05 or less per ADS per calendar year (or portion thereof) for services performed by the Depositary in administering the ADRs (which fee may be charged on
a periodic basis during each calendar year and shall be assessed against Holders as of the record date or record dates set by the Depositary during each calendar year and shall be payable at the sole discretion of the Depositary by billing such
Holders or by deducting such charge from one or more cash dividends or other cash distributions(if any)), and (v) a fee for the reimbursement of such fees, charges and expenses as are incurred by the Depositary and/or any of its agents
(including, without limitation, the Custodian and expenses incurred on behalf of Holders in connection with compliance with foreign exchange control regulations or any law or regulation relating to foreign investment) in connection with the
servicing of the Shares or other Deposited Securities, the sale of securities (including, without limitation, Deposited Securities), the delivery of Deposited Securities or otherwise in connection with the Depositary’s or its Custodian’s
compliance with applicable law, rule or regulation (which fees and charges shall be assessed on a proportionate basis against Holders as of the record date or dates set by the Depositary and shall be payable at the sole discretion of the Depositary
by billing such Holders or by deducting such charge from one or more cash dividends or other cash distributions). The Company will pay all other charges and expenses of the Depositary and any agent of the Depositary (except the Custodian) pursuant
to agreements from time to time between the Company and the Depositary, except (i) stock transfer or other taxes and other governmental charges (which are payable by Holders or persons depositing Shares), (ii) cable, telex and facsimile
transmission and delivery charges incurred at the request of persons depositing, or Holders delivering Shares, ADRs or Deposited Securities (which are payable by such persons or Holders), (iii) transfer or registration fees for the registration
or transfer of Deposited Securities on any applicable register in connection with the deposit or withdrawal of Deposited Securities (which are payable by persons depositing Shares or Holders withdrawing Deposited Securities; there are no such fees
in respect of the Shares as of the date of the Deposit Agreement), and (iv) in connection with the conversion of foreign currency into U.S. dollars, JPMorgan Chase Bank, N.A. (“JPMorgan”) shall deduct out of such foreign currency the
fees, expenses and other charges charged by it and/or its agent (which may be a division, branch or affiliate) so appointed in connection with such conversion. JPMorgan and/or its agent may act as principal for such conversion of foreign currency.
Such charges may at any time and from time to time be changed by agreement between the Company and the Depositary. For further details see https://www.adr.com. 

  
 A-7 

 

 
  

 The Depositary anticipates reimbursing the Company for certain expenses incurred by the
Company that are related to the establishment and maintenance of the ADR program upon such terms and conditions as the Company and the Depositary may agree from time to time. The Depositary may make available to the Company a set amount or a
portion of the Depositary fees charged in respect of the ADR program or otherwise upon such terms and conditions as the Company and the Depositary may agree from time to time.

The right of the Depositary to receive payment of fees, charges and expenses as provided above shall survive the termination of the Deposit
Agreement. As to any Depositary, upon the resignation or removal of such Depositary, such right shall extend to those fees, charges and expenses incurred prior to the effectiveness of such resignation or removal.

(8) Available Information. The Deposit Agreement, the provisions of or governing Deposited Securities and any written communications
from the Company, which are both received by the Custodian or its nominee as a holder of Deposited Securities and made generally available to the holders of Deposited Securities, are available for inspection by Holders at the offices of the
Depositary and the Custodian and at the Transfer Office. The Depositary will distribute copies of such communications (or English translations or summaries thereof) to Holders when furnished by the Company. The Company publishes information in
English required to maintain the exemption from registration under Rule 12g3-2(b) under the Securities Exchange Act of 1934 on its Internet Web site (http://www.ablynx.com/) or through an electronic information delivery system generally available to
the public in its primary trading market. The Company represents that as of the date of the Deposit Agreement, the statements in the previous sentence of this paragraph (8) with respect to the exemption from registration under Rule 12g3-2(b)
under the Securities Exchange Act of 1934, as amended, are true and correct. At such time, if any, as the Company becomes subject to the periodic reporting requirements of the Securities Exchange Act of 1934, the Company’s obligation to publish
the information contemplated in Rule 12g3-2(b)(2)(i) under the Securities Exchange Act of 1934 shall terminate and, accordingly, the Company shall file certain reports with the United States Securities and Exchange Commission (the
“Commission”) which may be inspected and copied through the Commission’s EDGAR system or at public reference facilities maintained by the Commission located at the date hereof at 100 F Street, NE, Washington, DC 20549. The
Company agrees to promptly notify the Depositary and all Holders in the event of any change in the truth of any such statements. The Depositary does not assume any duty to determine if the Company is complying with the current requirements of Rule
12g3-2(b) under the Securities Exchange Act of 1934 or to take any action if the Company is not complying with those requirements. 

  
 A-8 

 

 
  

 (9) Execution. This ADR shall not be valid for any purpose unless executed by the
Depositary by the manual or facsimile signature of a duly authorized officer of the Depositary. 
 Dated: 

 

			
	JPMORGAN CHASE BANK, N.A., as Depositary

 
			
		
	By	 	  

 
			
	Authorized Officer

 The Depositary’s office is located at 4 New York Plaza, Floor 12, New York, New York, 10004. 

  
 A-9 

 

 
  

 [FORM OF REVERSE OF ADR] 

(10) Distributions on Deposited Securities. Subject to paragraphs (4) and (5), to the extent practicable, the Depositary will
distribute to each Holder entitled thereto on the record date set by the Depositary therefor at such Holder’s address shown on the ADR Register, in proportion to the number of Deposited Securities (on which the following distributions on
Deposited Securities are received by the Custodian) represented by ADSs evidenced by such Holder’s ADRs: (a) Cash. Any U.S. dollars available to the Depositary resulting from a cash dividend or other cash distribution or the net
proceeds of sales of any other distribution or portion thereof authorized in this paragraph (10) (“Cash”), on an averaged or other practicable basis, subject to (i) appropriate adjustments for taxes withheld, (ii) such
distribution being impermissible or impracticable with respect to certain Holders, and (iii) deduction of the Depositary’s and/or its agents’ fees and expenses in (1) converting any foreign currency to U.S. dollars by sale or in
such other manner as the Depositary may determine to the extent that it determines that such conversion may be made on a reasonable basis, (2) transferring foreign currency or U.S. dollars to the United States by such means as the Depositary
may determine to the extent that it determines that such transfer may be made on a reasonable basis, (3) obtaining any approval or license of any governmental authority required for such conversion or transfer, which is obtainable at a
reasonable cost and within a reasonable time and (4) making any sale by public or private means in any commercially reasonable manner. (b) Shares. (i) Additional ADRs evidencing whole ADSs representing any Shares available to
the Depositary resulting from a dividend or free distribution on Deposited Securities consisting of Shares (a “Share Distribution”) and (ii) U.S. dollars available to it resulting from the net proceeds of sales of Shares received in a
Share Distribution, which Shares would give rise to fractional ADSs if additional ADRs were issued therefor, as in the case of Cash. (c) Rights. (i) Warrants or other instruments in the discretion of the Depositary representing
rights to acquire additional ADRs in respect of any rights to subscribe for additional Shares or rights of any nature available to the Depositary as a result of a distribution on Deposited Securities (“Rights”), to the extent that the
Company timely furnishes to the Depositary evidence satisfactory to the Depositary that the Depositary may lawfully distribute the same (the Company has no obligation to so furnish such evidence), or (ii) to the extent the Company does not so
furnish such evidence and sales of Rights are practicable, any U.S. dollars available to the Depositary from the net proceeds of sales of Rights as in the case of Cash, or (iii) to the extent the Company does not so furnish such evidence and
such sales cannot practicably be accomplished by reason of the nontransferability of the Rights, limited markets therefor, their short duration or otherwise, nothing (and any Rights may lapse). (d) Other Distributions.
(i) Securities or property available to the Depositary resulting from any distribution on Deposited Securities other than Cash, Share Distributions and Rights (“Other Distributions”), by any means that the Depositary may

  
 A-1 

 

 
  

 
deem equitable and practicable, or (ii) to the extent the Depositary deems distribution of such securities or property not to be equitable and practicable, any U.S. dollars available to the
Depositary from the net proceeds of sales of Other Distributions as in the case of Cash. The Depositary reserves the right to utilize a division, branch or affiliate of JPMorgan Chase Bank, N.A. to direct, manage and/or execute any public and/or
private sale of securities hereunder. Such division, branch and/or affiliate may charge the Depositary a fee in connection with such sales, which fee is considered an expense of the Depositary contemplated above and/or under paragraph
(7) hereof. Any U.S. dollars available will be distributed by checks drawn on a bank in the United States for whole dollars and cents. Fractional cents will be withheld without liability and dealt with by the Depositary in accordance with its
then current practices. All purchases and sales of securities will be handled by the Depositary in accordance with its then current policies, which are currently set forth in the “Depositary Receipt Sale and Purchase of Security” section
of https://www.adr.com/Investors/FindOutAboutDRs, the location and contents of which the Depositary shall be solely responsible for. 
 (11)
Record Dates. The Depositary may, after consultation with the Company if practicable, fix a record date (which, to the extent applicable, shall be as near as practicable to any corresponding record date set by the Company) for the
determination of the Holders who shall be responsible for the fee assessed by the Depositary for administration of the ADR program and for any expenses provided for in paragraph (7) hereof as well as for the determination of the Holders who
shall be entitled to receive any distribution on or in respect of Deposited Securities, to give instructions for the exercise of any voting rights, to receive any notice or to act in respect of other matters and only such Holders shall be so
entitled or obligated. 
 (12) Voting of Deposited Securities. As soon as practicable after receipt from the Company of notice of any
meeting or solicitation of consents or proxies of holders of Shares or other Deposited Securities, the Depositary shall distribute to Holders a notice stating (a) such information as is contained in such notice and any solicitation materials,
(b) that each Holder on the record date set by the Depositary therefor will, subject to any applicable provisions of Belgian law, be entitled to instruct the Depositary as to the exercise of the voting rights, if any, pertaining to the
Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs and (c) the manner in which such instructions may be given, including instructions to give a discretionary proxy to a person designated by the Company. Upon
actual receipt by the ADR department of the Depositary of instructions of a Holder on such record date in the manner and on or before the time established by the Depositary for such purpose, the Depositary shall endeavor insofar as practicable and
permitted under the provisions of or governing Deposited Securities to vote or cause to be voted the Deposited Securities represented by the ADSs evidenced by such Holder’s ADRs in 

  
 A-2 

 

 
  

 
accordance with such instructions. The Depositary will not itself exercise any voting discretion in respect of any Deposited Securities. There is no guarantee that Holders generally or any Holder
in particular will receive the notice described above with sufficient time to enable such Holder to return any voting instructions to the Depositary in a timely manner. Notwithstanding anything contained in the Deposit Agreement or any ADR, the
Depositary may, to the extent not prohibited by law or regulations, or by the requirements of the stock exchange on which the ADSs are listed, in lieu of distribution of the materials provided to the Depositary in connection with any meeting of, or
solicitation of consents or proxies from, holders of Deposited Securities, distribute to the Holders a notice that provides Holders with, or otherwise publicizes to Holders, instructions on how to retrieve such materials or receive such materials
upon request (i.e., by reference to a website containing the materials for retrieval or a contact for requesting copies of the materials). Holders are strongly encouraged to forward their voting instructions as soon as possible. Voting
instructions will not be deemed received until such time as the ADR department responsible for proxies and voting has received such instructions notwithstanding that such instructions may have been physically received by JPMorgan Chase Bank, N.A.,
as Depositary, prior to such time. 
 (13) Changes Affecting Deposited Securities. Subject to paragraphs (4) and (5), the
Depositary may, in its discretion, and shall if reasonably requested by the Company, amend this ADR or distribute additional or amended ADRs (with or without calling this ADR for exchange) or cash, securities or property on the record date set by
the Depositary therefor to reflect any change in par value, split-up, consolidation, cancellation or other reclassification of Deposited Securities, any Share Distribution or Other Distribution not distributed
to Holders or any cash, securities or property available to the Depositary in respect of Deposited Securities from (and the Depositary is hereby authorized to surrender any Deposited Securities to any person and, irrespective of whether such
Deposited Securities are surrendered or otherwise cancelled by operation of law, rule, regulation or otherwise, to sell by public or private sale any property received in connection with) any recapitalization, reorganization, merger, consolidation,
liquidation, receivership, bankruptcy or sale of all or substantially all the assets of the Company, and to the extent the Depositary does not so amend this ADR or make a distribution to Holders to reflect any of the foregoing, or the net proceeds
thereof, whatever cash, securities or property results from any of the foregoing shall constitute Deposited Securities and each ADS evidenced by this ADR shall automatically represent its pro rata interest in the Deposited Securities as then
constituted. Promptly upon the occurrence of any of the aforementioned changes affecting Deposited Securities, the Company shall notify the Depositary in writing of such occurrence and as soon as practicable after receipt of such notice from the
Company, may instruct the Depositary to give notice thereof, at the Company’s expense, to Holders in accordance with the provisions hereof. Upon receipt of such instruction, the Depositary shall give notice to the Holders in accordance with the
terms thereof, as soon as reasonably practicable. 
  

  
 A-3 

 

 
  

 (14) Exoneration. The Depositary, the Company, their agents and each of them shall:
(a) incur no liability (i) if any present or future law, rule, regulation, fiat, order or decree of the United States, Belgium or any other country, or of any governmental or regulatory authority or any securities exchange or market or
automated quotation system, the provisions of or governing any Deposited Securities, any present or future provision of the Company’s charter, any act of God, war, terrorism, nationalization or other circumstance beyond its control shall
prevent or delay, or shall cause any of them to be subject to any civil or criminal penalty in connection with, any act which the Deposit Agreement or this ADR provides shall be done or performed by it or them (including, without limitation, voting
pursuant to paragraph (12) hereof), or (ii) by reason of any exercise or failure to exercise any discretion given it in the Deposit Agreement or this ADR (including, without limitation, any failure to determine that any distribution or
action may be lawful or reasonably practicable); (b) assume no liability except to perform its obligations to the extent they are specifically set forth in this ADR and the Deposit Agreement without gross negligence or willful misconduct;
(c) in the case of the Depositary and its agents, be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR; (d) in the case of the Company and its
agents hereunder be under no obligation to appear in, prosecute or defend any action, suit or other proceeding in respect of any Deposited Securities or this ADR, which in its opinion may involve it in expense or liability, unless indemnity
satisfactory to it against all expense (including fees and disbursements of counsel) and liability be furnished as often as may be required; or (e) not be liable for any action or inaction by it in reliance upon the advice of or information
from legal counsel, accountants, any person presenting Shares for deposit, any Holder, or any other person believed by it to be competent to give such advice or information. The Depositary shall not be liable for the acts or omissions made by, or
the insolvency of, any securities depository, clearing agency or settlement system. The Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, the insolvency of any Custodian that is not a branch or
affiliate of JPMorgan Chase Bank, N.A. The Depositary shall not have any liability for the price received in connection with any sale of securities, the timing thereof or any delay in action or omission to act nor shall it be responsible for any
error or delay in action, omission to act, default or negligence on the part of the party so retained in connection with any such sale or proposed sale. Notwithstanding anything to the contrary contained in the Deposit Agreement (including the
ADRs), subject to the penultimate sentence of this paragraph (14), the Depositary shall not be responsible for, and shall incur no liability in connection with or arising from, any act or omission to act on the part of the Custodian except to the
extent that the Custodian has (i) committed fraud or willful 

  
 A-4 

 

 
  

 
misconduct in the provision of custodial services to the Depositary or (ii) failed to use reasonable care in the provision of custodial services to the Depositary as determined in accordance
with the standards prevailing in the jurisdiction in which the Custodian is located. The Depositary, its agents and the Company may rely and shall be protected in acting upon any written notice, request, direction, instruction or document believed
by them to be genuine and to have been signed, presented or given by the proper party or parties. The Depositary shall be under no obligation to inform Holders or any other holders of an interest in any ADSs about the requirements of Belgium law,
rules or regulations or any changes therein or thereto. The Depositary and its agents will not be responsible for any failure to carry out any instructions to vote any of the Deposited Securities, for the manner in which any such vote is cast or for
the effect of any such vote. The Depositary may rely upon instructions from the Company or its counsel in respect of any approval or license required for any currency conversion, transfer or distribution. The Depositary and its agents may own and
deal in any class of securities of the Company and its affiliates and in ADRs. Notwithstanding anything to the contrary set forth in the Deposit Agreement or an ADR, the Depositary and its agents may fully respond to any and all demands or requests
for information maintained by or on its behalf in connection with the Deposit Agreement, any Holder or Holders, any ADR or ADRs or otherwise related hereto or thereto to the extent such information is requested or required by or pursuant to any
lawful authority, including without limitation laws, rules, regulations, administrative or judicial process, banking, securities or other regulators. None of the Depositary, the Custodian or the Company shall be liable for the failure by any Holder
or beneficial owner to obtain the benefits of credits on the basis of non-U.S. tax paid against such Holder’s or beneficial owner’s income tax liability. The Depositary and the Company shall not incur any liability for any tax consequences
that may be incurred by Holders and beneficial owners on account of their ownership of the ADRs or ADSs. The Depositary shall not incur any liability for the content of any information submitted to it by or on behalf of the Company for distribution
to the Holders or for any inaccuracy of any translation thereof, for any investment risk associated with acquiring an interest in the Deposited Securities, for the validity or worth of the Deposited Securities, for the creditworthiness of any third
party, for allowing any rights to lapse upon the terms of the Deposit Agreement or for the failure or timeliness of any notice from the Company. The Depositary shall not be liable for any acts or omissions made by a successor depositary whether in
connection with a previous act or omission of the Depositary or in connection with any matter arising wholly after the removal or resignation of the Depositary, provided that in connection with the issue out of which such potential liability arises
the Depositary performed its obligations without negligence or willful misconduct while it acted as Depositary. By holding an ADS or an interest therein, Holders and owners of ADSs each irrevocably agree that any legal suit, action or proceeding
against or involving the Company or the Depositary, arising out of or based upon this ADR, the Deposit 

  
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Agreement or the transactions contemplated hereby or thereby, may only be instituted in a state or federal court in New York, New York, and by holding an ADS or an interest therein each
irrevocably waives any objection which it may now or hereafter have to the laying of venue of any such proceeding, and irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. The Company has agreed to
indemnify the Depositary and its agents under certain circumstances and the Depositary has agreed to indemnify the Company under certain circumstances. Neither the Depositary nor any of its agents shall be liable to Holders or beneficial owners of
interests in ADSs for any indirect, special, punitive or consequential damages (including, without limitation, lost profits) of any form incurred by any person or entity, whether or not foreseeable and regardless of the type of action in which such
a claim may be brought. No disclaimer of liability under the Securities Act of 1933 is intended by any provision hereof. 
 (15)
Resignation and Removal of Depositary; the Custodian. The Depositary may resign as Depositary by written notice of its election so to do delivered to the Company, such resignation to take effect upon the appointment of a successor
depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may at any time be removed by the Company by no less than 60 days prior written notice of such removal, to become effective upon the later of
(i) the 60th day after delivery of the notice to the Depositary and (ii) the appointment of a successor depositary and its acceptance of such appointment as provided in the Deposit Agreement. The Depositary may appoint substitute or
additional Custodians and the term “Custodian” refers to each Custodian or all Custodians as the context requires. 
 (16)
Amendment. Subject to the last sentence of paragraph (2), the ADRs and the Deposit Agreement may be amended by the Company and the Depositary, provided that any amendment that imposes or increases any fees or charges (other than stock
transfer or other taxes and other governmental charges, transfer or registration fees, cable, telex or facsimile transmission costs, delivery costs or other such expenses), or that shall otherwise prejudice any substantial existing right of Holders,
shall become effective 30 days after notice of such amendment shall have been given to the Holders. Every Holder of an ADR at the time any amendment to the Deposit Agreement so becomes effective shall be deemed, by continuing to hold such ADR, to
consent and agree to such amendment and to be bound by the Deposit Agreement as amended thereby. In no event shall any amendment impair the right of the Holder of any ADR to surrender such ADR and receive the Deposited Securities represented
thereby, except in order to comply with mandatory provisions of applicable law. Any amendments or supplements which (i) are reasonably necessary (as agreed by the Company and the Depositary) in order for (a) the ADSs to be registered on
Form F-6 under the Securities Act of 1933 or (b) the ADSs or Shares to be 

  
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traded solely in electronic book-entry form and (ii) do not in either such case impose or increase any fees or charges to be borne by Holders, shall be deemed not to prejudice any
substantial rights of Holders. Notwithstanding the foregoing, if any governmental body or regulatory body should adopt new laws, rules or regulations which would require amendment or supplement of the Deposit Agreement or the form of ADR to ensure
compliance therewith, the Company and the Depositary may amend or supplement the Deposit Agreement and the ADR at any time in accordance with such changed laws, rules or regulations. Such amendment or supplement to the Deposit Agreement in such
circumstances may become effective before a notice of such amendment or supplement is given to Holders or within any other period of time as required for compliance. Notice of any amendment to the Deposit Agreement or form of ADRs shall not need to
describe in detail the specific amendments effectuated thereby, and failure to describe the specific amendments in any such notice shall not render such notice invalid, provided, however, that, in each such case, the notice given to the Holders
identifies a means for Holders to retrieve or receive the text of such amendment (i.e., upon retrieval from the Depositary’s or the Company’s website or upon request from the Depositary). 

(17) Termination. The Depositary may, and shall at the written direction of the Company, terminate the Deposit Agreement and this ADR
by mailing notice of such termination to the Holders at least 30 days prior to the date fixed in such notice for such termination; provided, however, if the Depositary shall have (i) resigned as Depositary hereunder, notice of such termination
by the Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder within 45 days of the date of such resignation, or (ii) been removed as Depositary hereunder, notice of such termination by the
Depositary shall not be provided to Holders unless a successor depositary shall not be operating hereunder on the 60th day after the Company’s notice of removal was first provided to the
Depositary. After the date so fixed for termination, the Depositary and its agents will perform no further acts under the Deposit Agreement and this ADR, except to receive and hold (or sell) distributions on Deposited Securities and deliver
Deposited Securities being withdrawn. As soon as practicable after the expiration of six months from the date so fixed for termination, the Depositary shall sell the Deposited Securities and shall thereafter (as long as it may lawfully do so) hold
in a segregated account the net proceeds of such sales, together with any other cash then held by it under the Deposit Agreement, without liability for interest, in trust for the pro rata benefit of the Holders of ADRs not theretofore
surrendered. After making such sale, the Depositary shall be discharged from all obligations in respect of the Deposit Agreement and this ADR, except to account for such net proceeds and other cash and for any indemnification obligations it may have
to the Company with respect to acts or omissions prior to such termination. After the date so fixed for termination, the Company shall be discharged from all obligations under the Deposit Agreement except for its obligations to the Depositary and
its agents. 

  
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 (18) Appointment. Each Holder and each person holding an interest in ADSs, upon
acceptance of any ADSs (or any interest therein) issued in accordance with the terms and conditions of the Deposit Agreement shall be deemed for all purposes to (a) be a party to and bound by the terms of the Deposit Agreement and the
applicable ADR(s), and (b) appoint the Depositary its attorney-in-fact, with full power to delegate, to act on its behalf and to take any and all actions contemplated in the Deposit Agreement and the applicable ADR(s), to adopt any and all
procedures necessary to comply with applicable law and to take such action as the Depositary in its sole discretion may deem necessary or appropriate to carry out the purposes of the Deposit Agreement and the applicable ADR(s), the taking of such
actions to be the conclusive determinant of the necessity and appropriateness thereof. 
 (19) Waiver. EACH PARTY TO THE DEPOSIT
AGREEMENT (INCLUDING, FOR AVOIDANCE OF DOUBT, EACH HOLDER AND BENEFICIAL OWNER AND/OR HOLDER OF INTERESTS IN ADRS) HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN ANY SUIT,
ACTION OR PROCEEDING AGAINST THE DEPOSITARY AND/OR THE COMPANY DIRECTLY OR INDIRECTLY ARISING OUT OF OR RELATING TO THE SHARES OR OTHER DEPOSITED SECURITIES, THE ADSs OR THE ADRs, THE DEPOSIT AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN OR
THEREIN, OR THE BREACH HEREOF OR THEREOF (WHETHER BASED ON CONTRACT, TORT, COMMON LAW OR ANY OTHER THEORY). 
 (20) Elective
Distributions in Cash or Shares. Whenever the Company intends to distribute a dividend payable at the election of the holders of Shares in cash or in additional Shares, the Company shall give notice thereof to the Depositary at least 30 days
prior to the proposed distribution stating whether or not it wishes such elective distribution to be made available to Holders. Upon receipt of notice indicating that the Company wishes such elective distribution to be made available to Holders, the
Depositary shall consult with the Company to determine, and the Company shall assist the Depositary in its determination, whether it is lawful and reasonably practicable to make such elective distribution available to the Holders. The Depositary
shall make such elective distribution available to Holders only if (i) the Company shall have timely requested that the elective distribution is available to Holders, (ii) the Depositary shall have determined that such distribution is
reasonably practicable and (iii) the Depositary shall have received satisfactory documentation within the terms of Section 14 of the Deposit Agreement including, without limitation, any legal opinions of counsel in any applicable
jurisdiction that the Depositary in its reasonable discretion may request, at the expense of the Company. If the above conditions are not satisfied, the Depositary shall, to the extent permitted by law, distribute to the

  
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Holders, on the basis of the same determination as is made in the local market in respect of the Shares for which no election is made, either (x) cash or (y) additional ADSs
representing such additional Shares. If the above conditions are satisfied, the Depositary shall establish a record date and establish procedures to enable Holders to elect the receipt of the proposed dividend in cash or in additional ADSs. The
Company shall assist the Depositary in establishing such procedures to the extent necessary. Nothing herein shall obligate the Depositary to make available to Holders a method to receive the elective dividend in Shares (rather than ADSs). There can
be no assurance that Holders generally, or any Holder in particular, will be given the opportunity to receive elective distributions on the same terms and conditions as the holders of Shares. 

  
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