Document:

EX-10.16

 Exhibit 10.16 
 LEASE AGREEMENT 
 1. PARTIES TO THIS LEASE AGREEMENT: parties to this
Lease Agreement (this “Lease”) DONLY CORPORATION, a New Jersey corporation, P.O. Box 344, Mountain Lakes, New Jersey 07046 (“Landlord”) and FBN NJ Manufacturing Corp. DBA VitroCom, a Delaware corporation, having a principal place
of business located at 8 Morris Avenue, Mountain Lakes, New Jersey 07046 (“Tenant”). 
 2. EFFECTIVE DATE OF THIS
LEASE: The effective date of this Lease shall be July1, 2013. This Lease is valid, binding and enforceable in accordance with its terms upon execution. 
 3. LEASED PREMISES: The Landlord has agreed to lease to the Tenant and the Tenant has agreed to rent from the Landlord a portion of the property designated as Lot 1, Block 89 on the tax maps of the
Borough of Mountain Lakes and Lot 1, Block 106 on the tax maps of the Town of Boonton, also known as 8 Morris Avenue, Mountain Lakes, Morris County, New Jersey (the “Property”) consisting of approximately 29,000 rentable square feet (the
“Premises”) in the building located on the Property (the “Building”). 
 4. TERM AND USE: The term of the
lease (the “Term”) shall commence on July 1, 2013 (the “Commencement Date”) and end on June 30, 2020. Tenant has the option of terminating the Lease and vacating before June 30, 2020 as follows: 

Tenant may give 12-months’ notice of intent to vacate and terminate the Lease on any lease anniversary beginning with the first
anniversary on June 30, 2014. In all cases time is of the essence and is irrevocable. Additionally, tenant will pay up front as penalty for early termination, one year’s rent of $278,980 plus one years taxes at the then current rate.

 As an example: Notice given by June 30, 2014 of intent to vacate by June 30, 2015. Lump sum by June 30, 2014
comprising 12-months rent plus 12-months taxes at the then current rate. Such total being $278,980 for rent + 1 years taxes at the rate then in effect. 
 Notice given by June 30, 2015 of intent to vacate by June 30, 2016. Lump sum paid by June 30, 2015 comprising 12-months rent plus 12-months taxes at the then current rate. Such total being
$278,980 for rent + 1 years taxes at the rate then in effect. 
 Notice given by June 30, 2016 of intent to vacate by
June 30, 2017. Lump sum paid by June 30, 2016 comprising 12-months rent plus 12-months taxes at the then current rate. Such total being $278,980 for rent + 1 years taxes at the rate then in effect. 

Notice given by June 30, 2017 of intent to vacate by June 30, 2018. Lump sum paid by June 30, 2017 comprising 12-months
rent plus 12-months taxes at the then current rate. Such total being $278,980 for rent + 1 years taxes at the rate then in effect. 

 Notice given by June 30, 2018 of intent to vacate by June 30, 2019. Lump sum paid
by June 30, 2018 comprising 12-months rent plus 12-months taxes. Such total being $278,980 for rent + 1 years taxes at the rate then in effect. The rent and tax amounts apply only if Tenant has paid amounts due and do not affect any outstanding
obligations. 
 If no notice of intent to vacate in 12-months is given by June 30, 2018 the lease will run the full 7-years,
terminating on June 30, 2020. 
 5. New HVAC systems shall be installed by tenant prior to July 1, 2013 (commencement of new lease) or
as soon as practicable depending on lead time for the eight (8) rooftop units in accordance with the quote from Design Air, Inc. (dated 9/21/12) attached as Schedule “X”. Tenant shall pay invoices as per the attached Schedule
“X” to Design Air. Cost to Tenant shall not exceed $140,000. Rebate from the State of New Jersey, if any, shall first be used to pay any costs in excess of the $140,000 should there be any. Tenant shall install at Tenants sole expense new
carpeting prior to July 1, 2013 (commencement of new lease) or as soon as practicable. 
 The Premises may be used and occupied for any
lawful manufacturing purpose, including the manufacture of glass products. 
 6. BASE RENT: The Tenant covenants and agrees to pay
to the Landlord as rent for and during the Term the sum of One Million Nine Hundred Fifty-Two Thousand Eight Hundred Sixty Dollars ($1,952,860.00) which shall be payable in monthly installments on the first day of each and every month in the amount
of Twenty-Three Thousand Two Hundred and Forty-Eight Dollars ($23,248.00) and be termed “Base Rent”. 
 7. ADDITIONAL
RENT: Tenant acknowledges and agrees that this is a net lease and that Base Rent is intended to be absolutely net to Landlord after payment by Tenant of all Additional Rent required to be paid by Tenant pursuant to this Lease, excluding only
those costs which Landlord has expressly hereby agreed to pay. In addition to the Base Rent, the Tenant agrees to pay as additional rent (“Additional Rent”, and together with Base Rent, “Rent”) all of the following expense
items for the Property, prorated as of the Commencement Date, so that the Base Rent shall be absolutely net of all expenses: real estate taxes levied by the Town of Boonton and/or the Borough of Mountain Lakes, water taxes/charges levied by
the Town of Boonton and/or the Borough of Mountain Lakes; sewer taxes/charges levied by the Borough of Mountain Lakes; snow plowing, lawn maintenance and landscaping costs; refuse collection and disposal costs; and all other actual expenses incurred
by the Landlord for the following enumerated items: 
 a. Maintenance, repair and replacement of the air-conditioning,
ventilation and heating system (HVAC). 
 b. Sprinkler and plumbing system repairs. 

c. Electric repairs. 

  
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 d. Sewer pumping system maintenance, repair and replacement. 

e. Fire, public liability and casualty insurance payments as it pertains to insurance coverage for the Property and Building, as opposed
to Tenant’s insurance for its operations covered in Section 9. 
 With respect to the HVAC system, Tenant shall obtain and pay for a
maintenance contract for the servicing and care of the HVAC equipment at the Premises with Design Air, Inc. or equivalent. 
 8.
COLLECTION OF ADDITIONAL RENT: The Landlord shall bill the Tenant for the items set forth in Section 6 when billing occurs to the Landlord. The Landlord shall furnish Tenant with a written statement setting forth the expenses incurred by
the Landlord and include such written statement on the monthly rental invoice. Tenant shall pay to Landlord this ADDITIONAL RENT on the first of the month following receipt of the monthly invoice. 

9. LIABILITY AND PROPERTY INSURANCE; WAIVER OF SUBROGATION:  
 a. Tenant, at its own expense will maintain with admitted insurers authorized to do business in the State of New Jersey and which are rated “A-/X” or equivalent in Best’s Key Rating Guide,
or any successor thereto (or if there is none, a rating organization having a national reputation) commercial general liability (in the broadest form then available in New Jersey) against claims for bodily injury, personal injury, death or property
damage occurring on, in or about the Premises or as a result of ownership of facilities located on the Premises in amounts not less than $2,000,000.00 per occurrence/aggregate for bodily injury, personal injury or death, $2,000,000.00 with respect
to any one occurrence, and $1,000,000.00 with respect to all claims for property damage with respect to any one occurrence with an aggregate of $1,000,000.00. From time to time during the Term such limits shall be increased to the prevailing level
customarily carried with respect to similar properties in Morris County, New Jersey and the surrounding area. Tenant shall be responsible to maintain casualty insurance on all of its goods, personal property or effects, including removable trade
fixtures located in the Premises. The policy shall insure against all costs, expenses and/or liability arising out of or based upon any and all claims, accidents, injuries, and damages caused to any person or property arising within the Premises or
as a result of an act or omission on the part of the Tenant or Tenant’s contractors, licensees, agents, invitees, visitors, servants or employees on or about the Property and shall include a contractual liability endorsement evidencing coverage
of Tenant’s obligation to indemnify Landlord pursuant to Section 23 hereof. Each policy shall be non-cancelable with respect to Landlord without thirty (30) days’ prior written notice to Landlord. Prior to the Commencement Date,
Tenant shall provide to the Landlord certificates evidencing the procurement of the insurance required under this Section together with proof of payment of the premium therefore. 

b. Landlord and Tenant shall each secure an appropriate clause, or an endorsement upon any policy of insurance in force, covering the
Property, the Premises, or any 

  
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personal property, fixtures and equipment located therein or thereon, including, without limitation, casualty, liability and business interruption policies in force, pursuant to which the
respective insurance companies waive subrogation or permit the insured, prior to any loss, to agree with a third party to waive any claim it might have against said third party. The waiver of subrogation or permission for waiver of any claim
hereinbefore referred to shall extend to the agents of each party and also extend to all other persons and entities occupying or using the Premises in accordance with the terms of this Lease. In the event that either Landlord or Tenant shall be
unable at any time to obtain one of the provisions referred to above in any of its insurance policies, Landlord or Tenant, as the case may be, shall promptly notify the other. Subject to the foregoing provisions of this Section 8(b), and
insofar as may be permitted by the terms of the insurance policies carried by it, and notwithstanding any provision of this Lease to the contrary, each party hereby releases the other and its partners, agents and employees (and in the case of
Tenant, all other persons and entities occupying or using the Premises in accordance with the terms of this Lease) with respect to any claim (including a claim for negligence) which it might otherwise have against the other party for loss, damages
or destruction with respect to its property by fire or other casualty (including rental value or business interruption, as the case may be) occurring during the Term covered by (but only to the extent of the limits of coverage of) such insurance
policies. 
 10. SPECIFIC REPAIR OBLIGATIONS OF TENANT: In addition to the obligations undertaken in Sections 5 and 6, Tenant
agrees, at its own cost and expense, to make all reasonable and necessary repairs and to keep maintained all equipment fixtures, improvements and property within the Premises. Tenant shall not be obligated to make structural repairs to the building
or repairs to the roof; but shall reimburse Landlord for any such repair the necessity of which is due to any act of Tenant, its contractor, licensee, agent, invitee, visitor, servant or employee. Landlord shall make structural repairs to the
building or repairs to the roof in a timely manner. Tenant may, at Tenant’s option, hire any licensed and insured roofing contractor who shall provide a Certificate of Insurance naming Landlord as co-insured to make necessary repairs to the
roof. Reasonable cost of such repair shall be billed directly to Landlord or deducted from rental invoice, at Tenants option. 
 11.
UTILITY EXPENSES: The Tenant shall be responsible for payment of its utility expenses. 
 12. ASSIGNMENT AND SUBLEASING:
This lease shall not be assigned or sublet in whole or in part without the express written permission of the Landlord, which permission shall not be unreasonably withheld. Notwithstanding the forgoing, this lease may be assigned by Tenant to any
affiliate of Tenant, successor by merger or consolidation, or acquirer of substantially all of the business and assets of Tenant (“Affiliate”) without the consent of Landlord; provided Tenant shall give notice to Landlord of an assignment
to an Affiliate at least ten (10) days prior to the effective date of such assignment and provide Landlord with a copy of the assignment document. No assignment or subletting shall serve to release Tenant from liability hereunder.

  
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 13. PERMITTED SIGNS: The Tenant shall be entitled to place a sign as permitted by applicable
laws and ordinances, subject to Landlord’s consent, which shall not be unreasonably withheld. 
 14. COMPLIANCE WITH
LAWS: The Tenant shall promptly comply with all laws, ordinances, rules, regulations, requirements and directives of all governmental or public authorities and of all their subdivisions, applicable to and affecting the Premises, their use and
occupancy, and shall promptly comply with all orders, regulations requirements and directives of the Board of Fire Underwriters or similar authority and of any insurance companies which have issued or are about to issue policies of insurance
covering the Premises and its contents, for the prevention of fire or other casualty, damage or injury, at the Tenant’s own cost and expense. 
 15. ENVIRONMENTAL REQUIREMENTS: 
 a. Definitions: 

(i) “Hazardous material” shall mean any substance, the presence of which requires investigation or remediation under any
federal, state or local statute, regulation, ordinance, order, action, policy, or common law; or (a) which is, or becomes, defined as a hazardous waste, hazardous substance, pollutant, or contaminant (including gasoline, petroleum products and
their derivatives) under any federal, state, or local statute, regulation, rule, or ordinance or amendments thereto including, without limitation, the New Jersey Spill Compensation and Control Act (“Spill Act”), N.J.S.A. 58:10-23.11 et
seq., (including N.J.A.C. 7:1E Appendix A); the Industrial Site Recovery Act (“ISRA”), N.J.S.A. 13:1K-6 et seq., Water Pollution Control Act, N.J.S.A. 58:10A-1 et seq., the Underground Storage Tank Act, N.J.S.A. 58:10A-21 et seq., the
Resource Conservation and Recovery Act, 42 U.S.C. Section 6901 et seq., as amended, the Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C. Section 9601 et seq.; or (b) which is toxic, explosive, corrosive,
flammable, infectious, radioactive, carcinogenic, mutagenic, or otherwise hazardous and is, or becomes, regulated by any governmental authority, agency, department, commission, board, agency, or instrumentality of the United States, the State of New
Jersey or any political subdivision thereof. 
 (ii) “Environmental Documents” shall mean all environmental
documentation in the possession or under the control of Landlord concerning the Property or its environs, including without limitation all sampling plans, cleanup plans, preliminary assessment plans and reports, site investigation plans and reports,
remedial investigation plans and reports, remedial action plans and reports or the equivalent, sampling results, sampling result reports, data, diagrams, charts, maps, analyses, conclusions, quality assurance/quality control documentation,
correspondence to or from the New Jersey Department of Environmental Protection (“NJDEP”) or any other municipal, county, state or federal governmental authority, submissions to the NJDEP or any other municipal, county, state or federal
governmental authority and directives, orders, approvals, and disapprovals issued by the NJDEP or any other municipal, county, state or federal governmental authority. 

  
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 (iii) In this Section, all references to Tenant or Landlord shall mean Tenant or Landlord
and Tenant’s or Landlord’s, employees, agents, contractors, licensees, invitees, assigns, subtenants or occupants, respectively (i.e., any act or omission by any one of Tenant’s employees, agents, contractors, licensees, invitees,
assigns, subtenants or occupants shall be deemed to be the act or omission of Tenant; any act or omission by any one of Landlord’s employees, agents, contractors, licensees, invitees, assigns, subtenants or occupants shall be deemed to be the
act or omission of Landlord). 
 b. Industrial Site Recovery Act Requirements. 

(i) Tenant’s Standard Industrial Classification Number, as designated in the Standard Industrial Classification Manual prepared by
the Office of Management and Budget and in the Executive Office of the President of the United States, is 3674, “Semiconductors and Related Devices”. Tenant will immediately notify Landlord of any change in this number during the Term
hereof. 
 (ii) Tenant shall, at Tenant’s own expense, comply with the Industrial Site Recovery Act N.J.S.A. 13:1K-6 et
seq., the regulations promulgated thereunder and any amending or successor legislation and regulations (“ISRA”) in the event of a closing of Tenant’s operations, a transfer of Tenant’s operations, or a change in the ownership of
Tenant. Compliance with the Industrial Site Recovery Act (“ISRA”), N.J.S.A. 13:1K-6 et seq., shall include, but is not limited to, the preparation and submission of documents for a negative declaration, remedial action workplan, no further
action letter, remediation agreement, any investigation, reporting and remediation required by the NJDEP pursuant to this Section (except as otherwise exempted below) or as otherwise set forth in ISRA. If Tenant is required to comply with ISRA,
Tenant shall be responsible only for the payment of that portion of the cost of ISRA compliance which is applicable to the discharge of a hazardous materials at the Premises by Tenant during the Term. Landlord shall be responsible for all other ISRA
costs, including, but not limited to costs incurred by reason of any prior operations at the Property and/or Premises or because of the operation of other tenants at the Premises. 

(iii) Notwithstanding the foregoing, in the event that Tenant’s compliance hereunder shall extend beyond the time which this Lease is
otherwise set to expire or beyond the time which this Lease is for any reason terminated, Tenant shall be required to continue to pay Rent to Landlord for so long as it shall take for Tenant to satisfactorily discharge its obligations under ISRA.
The acceptance of a Negative Declaration by the NJDEP or No Further Action Letter or as otherwise provided in section 6 of P.L. 1983, c. 330 (C.13:1K-11), and sections 13, 16, 17 and 18 of P.L. 1993, c. 139 (C.13:1K-11.2, 13:1K-11.5, 13:1K-11.6 and
13:1K-11.7), shall constitute satisfactory discharge of Tenant’s obligations with respect to compliance with ISRA. This provision shall only apply where the discharge of 

  
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any hazardous material is caused by Tenant. If Tenant begins remediation activities and it is discovered that the discharge of any hazardous material was caused only by Landlord, a prior tenant
or owner, or a third party, this provision will not apply. It is understood and agreed with respect to this Section that Landlord shall cooperate fully with Tenant and the NJDEP (and any other governmental agency having authority) in expediting the
processing and approval of any and all applications required to be submitted by Tenant and/or executed (without the assumption or admission of liability except as set forth herein), by Landlord in connection with the discharge of Tenant’s
obligations under ISRA. 
 (iv) Tenant shall, at no cost to Landlord, provide all information within Tenant’s control
reasonably requested by Landlord or the NJDEP, or Division thereof, for preparation of a non-applicability affidavit or other type of submission, should Landlord or NJDEP so request, and Tenant shall promptly execute such affidavit or submission
should the information contained in the affidavit or submission be found by Tenant to be complete and accurate and Tenant’s execution of such affidavit or submission be required by NJDEP. 

(v) Landlord shall provide, at no cost to Tenant, all information reasonably available to it requested by Tenant and reasonably necessary
or required for and in connection with the preparation of all ISRA submissions and/or in connection with any requests for information by the NJDEP or any division thereof. 
 (vi) If ISRA compliance becomes necessary at Premises due to any action or non-action on the part of Landlord or any third party, including but not limited to a change in ownership of the Premises, a
closing of operations, or a transfer of ownership or operations, then Landlord shall comply with ISRA and all requirements of the NJDEP and any division thereof, at Landlord’s own expense. 

(vii) Tenant and Landlord shall indemnify, defend and hold each other harmless from and against all claims, liabilities, losses, damages,
penalties and costs, foreseen and unforeseen, including without limitation counsel, engineering and other professional or expert fees, which the indemnified party may incur resulting directly or indirectly, wholly or partly, from the other’s
action or non-action with regard to its respective obligations under this Article or breach of its respective representations and warranties under this Article. 
 c. Additional Environmental Requirements by Tenant. 
 (i) Tenant shall, at
Tenant’s sole cost and expense, without notice or demand from Landlord, comply with all the requirements of all county, municipal, state, federal and other applicable governmental authorities, now in force, or which may hereafter be in force to
the extent such compliance is required as a result of Tenant’s specific manner in which it is using the Premises. 
 (ii)
During the Term, Tenant shall at all times handle any hazardous materials in such fashion as to avoid any discharge of hazardous materials on the site of the 

  
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Premises. Prior to signing this Lease, Tenant shall supply a list of hazardous materials (including quantities) which Tenant intends to store/utilize at the Premises. 

(iii) Tenant agrees that it will register with the New Jersey Department of Environmental Protection and any other applicable federal,
state, county or local agency, as required, and within the time periods set forth in the applicable statutes, any underground storage tanks which Tenant uses or installs on the Premises. 

(iv) In the event that there shall be filed a lien against the Premises by the New Jersey Department of Environmental Protection, pursuant
to and in accordance with the provisions of N.J.S.A. 58:10-23.11f(f), as a result of the Chief Executive of the New Jersey Spill Compensation Fund having expended monies from said fund to pay for “Cleanup and Removal Costs”, as such term
is defined in N.J.S.A. 58:10-23.11b(d), arising from an intentional or unintentional action or omission of the Tenant, resulting in the releasing, spilling, pumping, pouring, emitting, emptying or dumping of “Hazardous Materials”, into
waters of the State of New Jersey or onto the lands from which it might flow or drain into said waters, then Tenant shall, within thirty (30) days from the date that Tenant is given notice that the lien has been placed against the Premises or
within such shorter period of time in the event that the State of New Jersey has commenced steps to cause the Premises and/or Compliance Are to be sold pursuant to the lien either, at Tenant’s option (subject, however, in all respects to any
reasonable requirements of Landlord’s mortgagee), (a) pay the claim and remove the lien from the Premises, or (b) furnish a cash deposit with the Landlord in the amount of the claim out of which the lien arises, or (c) provide
other security reasonably satisfactory to Landlord in an amount sufficient to discharge the claim out of which the lien arises. 

(v) Should the Tenant cause the releasing, spilling, leaking, pumping, pouring, emitting, emptying or dumping of hazardous materials into
waters or onto lands of the State or into waters outside the jurisdiction of the State resulting in damage to the lands, waters, fish, shellfish, wildlife, biota, air or other resources owned managed or held in trust or otherwise controlled by the
State, without having a permit issued by the appropriate governmental authorities, the Tenant shall promptly clean up the same in accordance with the provisions of the New Jersey Spill Compensation and Control Act. 

(vi) Tenant further agrees to indemnify, defend and hold harmless Landlord from any and all claims, damages, fines, judgments and
penalties, costs, liabilities (including strict liabilities) or losses (including without limitation reasonable attorneys’ fees and environmental consultant or expert fees) in connection with the existence and or discharge of any hazardous
materials that has taken place at or from Premises as a result of Tenant’s acts, negligence, willful misconduct or other acts of the Tenant, Tenant’s agents, employees or invitees, including any and all costs incurred by Landlord
concerning the investigation and remedial 

  
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work mandated by any Federal, State, County or local environmental law, regulation or ordinance, including but not limited to, the New Jersey Spill Compensation and Control Act, N.J.S.A.
58:10-23.11 et seq., Industrial Site Recovery Act, N.J.S.A. 13:1K-6 et seq., and the New Jersey Water Pollution Control Act, N.J.S.A. 58:10A-1 et seq., and New Jersey Underground Storage Tank Act, N.J.S.A. 58:10A-21 et seq., and the regulations
promulgated thereunder and any amending or successor legislation and regulations. 
 (vii) Landlord reserves the right from time
to time, but not more than once a year, except in the event of an emergency, during the Term hereof and any extension, to have the Premises inspected by environmental engineers and/or specialists for the purpose of determining compliance by Tenant
with any environmental laws, rules and regulations applicable to Tenant’s operations in or about the Premises and with the terms and conditions of this Lease dealing with environmental matters, including without limitation, the provisions of
this Section, which inspection shall be at Landlord’s sole cost and expense. If the environmental assessment or report resulting from such inspection discloses any non-compliance, Tenant shall immediately following receipt of the environmental
assessment take all such steps as are necessary to put the Premises into compliance, including without limitation, cleaning up any spills or other emissions of hazardous and/or toxic substances or wastes, and Tenant shall reimburse Landlord for the
cost of the inspection. 
 16. ALTERATIONS: Tenant shall not make or suffer to be made any alterations, additions or improvements
to or of the Premises or any part thereof, or attach any fixtures or equipment thereto, without first obtaining Landlord’s prior written consent. Any such alterations, additions or improvements to the Premises consented to by Landlord shall, at
Landlord’s option, be made by Landlord for Tenant’s account and Tenant shall pay Landlord for the cost thereof (including a reasonable charge for Landlord’s overhead) within ten (10) days after receipt of Landlord’s
statement. All such alterations, additions and improvements shall (without compensation to Tenant) immediately become Landlord’s property (except moveable furniture and trade fixtures) and, at the end of the term hereof, shall remain on the
Premises without compensation to Tenant unless Landlord elects by notice to Tenant to have Tenant remove the same, in which event Tenant shall promptly restore the Premises to their condition prior to the installation of such alterations, additions
and improvements. Tenant will obtain at Tenant’s expense all necessary permits and certificates and Tenant shall furnish Landlord copies of all such permits and certificates. 
 17. LIENS: Tenant shall keep the Premises free from any liens arising out of any work performed, materials furnished or obligations incurred by or for Tenant. In the event that Tenant shall
not, within ten (10) days following the imposition of any such lien, cause the same to be released of record by payment or posting of a proper bond, Landlord shall have, in addition to all other remedies provided herein and by law, the right
but not the obligation, to cause the same to be released by such means as it shall deem proper, including payment of or defense against the claim giving rise to such lien. All sums paid by Landlord and all expenses incurred by it in connection
therewith (including, without limitation, reasonable legal fees and costs), shall create automatically an obligation of Tenant to pay an equivalent amount as Additional Rent, which  

  
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shall be payable by Tenant on Landlord’s demand with interest at the maximum rate per annum permitted by law until paid. For purposes of this Section, “liens” shall include, but
not be limited to, mechanic’s notices of intention, contractor’s liens, stop notices and filing of contracts. Tenant shall require all Tenant’s contractors and materialmen to waive any and all rights they may have to file any liens.

 18. FIRE OR CASUALTY: 
 a. If the Premises or any part thereof shall be damaged by fire or other casualty, Tenant shall immediately inform Landlord thereof, and this Lease shall continue in full force and effect, except as
hereinafter set forth. 
 b. Except as specifically provided in this Section, Tenant agrees that it shall not be relieved of the
obligations to pay Rent in case of damage to or destruction of the Premises or Building or any portion thereof. Tenant waives the benefit of any law to the contrary. 
 c. If all or a material portion of the Premises are damaged or rendered unusable by fire or other casualty, and the damages to the Premises can, in Landlord’s reasonable judgment, be reasonably
repaired within one hundred eighty (180) days of the occurrence of such damage, the damages, to the extent covered by insurance and affecting the tenant installation provided or paid for by Landlord, shall be repaired by and at the expense of
Landlord and the Rent, until such repair shall be substantially completed, shall abate in proportion to the area of the Premises which was damaged or unusable by Tenant for so long as the Premises, or each such portion thereof, is damaged or
unusable, it being the intent that such abatement shall not affect or reduce Landlord’s rent insurance coverage. Notwithstanding anything to the contrary herein, Landlord shall not be obligated to repair or restore any personal property of
Tenant or any fixtures or Tenant installation not installed by and paid for by Landlord. 
 d. If Landlord repairs and restores
the Premises in accordance with Section 18.c such repairs and restorations shall be made with all reasonable expedition. After any such fire or other casualty, Tenant shall cooperate with Landlord’s restoration by removing from the
Premises as promptly as reasonably possible and to the extent reasonably necessary, all of Tenant’s and any sublessee’s salvageable inventory and movable equipment, furniture, and other property. Tenant’s liability for Rent shall
resume five (5) business days after written notice from Landlord of substantial completion of repairs to the Premises. For purposes hereof, “substantial completion” shall mean the date upon which Landlord has procured a temporary or
permanent certificate of occupancy permitting occupancy of the Premises by Tenant. 
 e. If all or substantially all of the
Premises are damaged or rendered unusable by fire or other casualty, or (whether or not the Premises are damaged in whole or in part) if the Building shall be substantially damaged so that Landlord in its reasonable opinion, cannot rebuild both the
Premises and the Building to their pre-existing condition within one hundred eighty (180) days, then, in either of such events, either Landlord or Tenant may elect to terminate this Lease by written notice to the other, specifying a date for
the expiration of the Lease, which date shall not be more than one hundred eighty (180) days 

  
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after such fire or other casualty, and upon the date specified in such notice the term of this Lease shall expire as fully and completely as if such date were the expiration date of the Term and
Tenant shall forthwith quit, surrender and vacate the Premises without prejudice however, to Landlord’s rights and remedies against Tenant under the Lease provisions in effect prior to such termination; and any Rent owing shall be paid up to
such date and any payments of Rent made by Tenant which were on account of any period subsequent to such date shall be credited against amounts owed by Tenant to Landlord or refunded to Tenant. If neither party terminates the Lease, to the extent of
the insurance proceeds available to Landlord therefor, Landlord shall repair and restore the Building and/or the Premises to substantially the same condition in which they were immediately prior to the fire or other casualty, except that Landlord
shall not be required to rebuild, repair, or replace any part of Tenant’s furniture, fixtures, furnishings, or equipment or any alterations, additions, or improvements made by Tenant to the Premises. Landlord’s repair and restoration work
shall not exceed the scope of work done in originally constructing the Premises. Landlord shall not be liable for any inconvenience, annoyance, or injury done to the business of Tenant resulting in any way from such damage or the repair therefor,
and Tenant’s obligations to pay Rent shall continue unabated, except that Landlord shall allow Tenant an equitable reduction of Rent during the time and to the extent the Premises are unfit for occupancy, save for Tenant’s fault or
negligence hereinbelow described. 
 f. Notwithstanding anything to the contrary contained in this Section or any law, should the
Premises or Building be damaged by fire of other casualty as a result of the negligence of Tenant or any sublessee or any employee, agent or visitor of either, Tenant shall have no right to terminate this Lease and there shall be no abatement of
Rent under this Section, and Tenant shall be liable to Landlord for such damage, subject to the other provisions hereof. 
 19. EMINENT
DOMAIN: 
 a. If all or substantially all of the Premises or a substantial portion of the Building should be acquired
or condemned by eminent domain by any governmental authority, then Landlord or Tenant may terminate this Lease as of the date when title vests pursuant to such taking. In such event, the Rent shall be apportioned as of said expiration date and any
Rent paid for any period beyond said date and in excess of amounts owing by Tenant to Landlord shall be repaid to Tenant. 
 b.
In the event of a taking of less than all or substantially all of the Premises, Landlord shall have the right to equitably reduce the Premises, Tenant’s Proportionate Share and the Base Rent, and this Lease shall continue in full force and
effect. Notwithstanding the foregoing, Tenant shall have the right to terminate this Lease if the area of the Premises shall not be reasonably sufficient for Tenant to continue operation of its business. 

c. Landlord and Tenant may exercise their respective right(s) to terminate this Lease under Sections 19.a and 19.b by giving written
notice to the other within thirty (30) days after the date of the vesting of title in such proceeding, specifying a date not more than fifteen (15) days after the giving of such notice as the date for such termination. 

  
 -11-

 d. Neither Tenant nor any sublessee shall have any claim in any condemnation or eminent
domain proceeding for the value of any unexpired term of the Lease with respect to the Premises or any portion thereof, and Tenant hereby assigns to Landlord Tenant’s entire interest in any such award. Although Tenant shall not be entitled to
any part of the award for such taking or any payment in lieu thereof, Tenant (or any sublessee) may file a separate claim for any taking of fixtures and improvements owned by Tenant (or such sublessee) which have not become Landlord’s property,
and for moving expenses, provided the same shall in no way affect or diminish Landlord’s award. 
 20. LANDLORD’S ACCESS TO
PREMISES: Landlord reserves and shall at any time upon reasonable notice and in compliance with Tenant’s reasonable security measures have the right to enter the Premises to inspect the same, to supply any service to be provided by Landlord
to Tenant hereunder to service and repair HVAC units, water pipes and sprinkler mains, and electrical and telephone risers servicing other parts of the Building, to show said Premises to prospective purchasers or tenants, to alter or repair the
Premises or any portion of the Building, and to place “for sale” or “for rent” signs on the Building, all without being deemed guilty of an eviction of Tenant and without abatement of Rent, provided that the business of Tenant
shall be interfered with as little as is reasonably practicable. Tenant hereby waives any claim for damages or any inconvenience to or interference with Tenant’s business, any loss of quiet enjoyment of the Premises and any other loss
occasioned thereby. For each of the aforesaid purposes, Landlord shall at all times have and retain a key with which to unlock the main door to the Premises but not Tenant’s vaults and safes, and Landlord shall have the right to use any and all
means which Landlord may deem proper to open said door in an emergency in order to obtain entry to the Premises, and any entry to the Premises obtained by Landlord by any of said means shall not under any circumstances be construed or deemed to be a
forcible or unlawful entry into, or a detainer of the Premises, or any eviction of Tenant from the Premises or any portion thereof. No provision of this Lease shall be construed as obligating Landlord to perform any repairs, alterations or
decoration except as otherwise expressly agreed to be performed by Landlord. 
 21. SUBORDINATION, ATTORNMENT, ESTOPPEL
CERTIFICATES: 
 a. This Lease is junior, subject and subordinate to all ground leases, mortgages and other security
instruments of any kind now covering the Property or any portion thereof. Landlord reserves the right to place liens or encumbrances on the Property or any part thereof or interest therein superior in lien and effect to this Lease. This Lease, at
the option of Landlord, shall be subject and subordinate to any and all such liens or encumbrances now or hereafter imposed by Landlord without the necessity of the execution and delivery of any further instruments on the part of Tenant to
effectuate such subordination. Notwithstanding the foregoing, Tenant covenants and agrees to execute and deliver upon request such further instruments evidencing such subordination of this Lease as my be requested by Landlord. 

b. Tenant shall at any time and from time to time, upon not less than ten (10) days’ prior notice by Landlord, execute,
acknowledge and deliver to Landlord a statement in 

  
 -12-

 
writing and in form and substance satisfactory to Landlord certifying that this Lease is unmodified and in full force and effect (or if there have been modifications, that the same is in full
force and effect as modified and stating the modifications), and the dates to which the Rent and other charges have been paid in advance, if any, and stating whether or not to the best knowledge of Tenant, Landlord is in default in the performance
of any covenant, agreement or condition contained in this Lease and, if so, specifying each such default, of which Tenant may have knowledge. Any such statement delivered pursuant to this Section may be relied upon by any prospective purchaser of
the fee of the Property or any mortgagee, ground lessor or other exhibits thereof or any assignee of any such person. 
 22. SALE BY
LANDLORD: In the event of a sale or conveyance by Landlord of the Property or any part thereof, the same shall operate to release Landlord from any and all liability under this Lease after the date of such conveyance of title provided the
purchaser assumes all of the liabilities of Landlord pursuant hereto. If any security deposit has been made by Tenant, Landlord shall transfer such security deposit to the purchaser, and thereupon Landlord shall be discharged from any further
liability in reference thereto. 
 23. INDEMNIFICATION:  

a. Except to the extent arising from the negligence or willful misconduct of Landlord, its employees, agents or contractors, Tenant shall
indemnify, hold Landlord harmless from and defend Landlord (by counsel reasonably acceptable to Landlord) against any and all claims, loss, costs, damage, expense or liability, including without limitation reasonable attorneys’ fees, for any
injury or damages to any person or property whatsoever (a) occurring in the Premises, or (b) when such injury or damage has been caused in part or in whole by any act, neglect, fault, or omission of Tenant, its employee, agent, contractor,
invitee or licensee (each, a “Tenant Party”). This indemnity shall not require any payment by Landlord as a condition precedent to recovery. In addition, if any person not a party to this Lease shall institute any other type of action
against Tenant in which Landlord shall be made a party defendant, Tenant shall indemnify, hold Landlord harmless from and defend Landlord from all liabilities and costs by reason thereof. 

b. Except to the extent arising from the negligence or willful misconduct of Tenant, its employees, agents, contractors or invitees,
Landlord shall indemnify, hold Tenant harmless from and defend Tenant (by counsel reasonably acceptable to Tenant) against any and all claims, loss, costs, damage, expense or liability, including without limitation reasonable attorneys’ fees,
for any injury or damages to any person or property whatsoever (a) occurring on the Property (other than within or about the Premises) or (b) when such injury or damage has been caused in part or in whole by any act, neglect, fault, or
omission of Landlord, its employee, agent or contractor. This indemnity shall not require any payment by Tenant as a condition precedent to recovery. 
 24. NO WAIVER: No waiver by Landlord of any provision of this Lease or of any breach by Tenant hereunder shall be deemed to be a waiver of any other provision hereof, or for any subsequent
breach by Tenant of the same or any other provision. Landlord’s consent to or  

  
 -13-

 
approval of any act by Tenant requiring Landlord’s consent or approval shall not be deemed to render unnecessary the obtaining of Landlord’s consent to or approval of any subsequent act
at Tenant. Failure of Landlord to insist upon strict performance of any provision of this Lease shall not be deemed to be a waiver of such provision. No act or omission by Landlord or Landlord’s agents during the term of this Lease shall be
deemed an acceptance of a surrender of the Premises, unless confirmed by Landlord in writing. The delivery of the keys to any employee or agent shall not operate as a termination of the Lease or a surrender of the Premises. The acceptance of any
Rent by Landlord following a breach of this Lease by Tenant shall not constitute a waiver of any of Landlord’s rights unless such waiver is expressly stated in writing and signed by Landlord. 

25. DEFAULT: 
 a.
The occurrence of any of the following shall constitute a default and breach of this Lease by Tenant (a “Default” or “Event of Default”): 
 (i) Any failure by Tenant to pay the Rent or to make any other payment required to be made by Tenant hereunder within ten (10) days of date due; 

(ii) The abandonment of the Premises by Tenant; 
 (iii) Any failure by Tenant to observe and perform any of its obligations under this Lease, where such failure continues for fifteen (15) days (except where a different period of time is specified in
this Lease) after Landlord has given Tenant written notice or such other notice as may be required by law; 
 (iv) Tenant makes,
or has made, or furnishes, or has furnished, any warranty, representation or statement to Landlord in connection with this Lease, or any other agreement to which Tenant and Landlord are parties, which is or was false or misleading in any material
respect when made or furnished; 
 (v) Any substantial portion of the assets of Tenant is transferred or any material obligation
is incurred by Tenant, unless such transfer or obligation is incurred in the ordinary course of Tenant’s business or in good faith for fair equivalent consideration, and with Landlord’s consent; 

(vi) Tenant becomes insolvent as defined in the Federal Bankruptcy Code, admits in writing its insolvency or its present or prospective
inability to pay its debts as they become due, is unable to or does not pay all or any material portion (in number or dollar amount) of its debts as they become due, permits or suffers a judgment to exist against it which affects Tenant’s
ability to conduct its business in the ordinary course (unless enforcement thereof is stayed pending appeal), makes or proposes an assignment for the benefit of creditors or any class thereof for purposes of effecting a moratorium upon or extension
or composition or its debts, proposes any such moratorium, extension or composition, or commences or proposes to commence any bankruptcy, reorganization or insolvency proceeding, or other proceeding under any federal, state or other law for the
relief of debtors; 

  
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 (vii) Tenant fails to obtain the dismissal, within thirty (30) days after the
commencement thereof, of any bankruptcy, reorganization or insolvency proceeding, or other proceeding under any law for the relief of debtors, instituted against it by one or more third parties, or fails actively to oppose any such proceeding, or,
in any such proceeding, defaults or files an answer admitting the material allegations upon which the proceeding was based or alleges its willingness to have an order for relief entered or its desire to seek liquidation, reorganization or adjustment
of any of its debts; 
 (viii) Any receiver, trustee or custodian is appointed to take possession of all or any substantial
portion of the assets of Tenant, or any committee of Tenant’s creditors, or any class thereof is formed for the purpose of monitoring or investigating the financial affairs of Tenant or enforcing such creditors’ rights. 

b. In the event of any such default by Tenant, then in addition to any other remedies available to Landlord at law or in equity, Landlord
shall have the option to immediately terminate this Lease and all rights of Tenant hereunder by giving written notice of such intention to terminate. In the event that Landlord shall elect to so terminate the Lease then Landlord may recover from
Tenant: 
 (i) any unpaid Rent which shall have accrued at the time of such termination; plus 

(ii) the entire amount of unpaid Rent for the balance of the term which amount shall, at Landlord’s option, be immediately due and
payable; plus 
 (iii) any other amount necessary to compensate Landlord for Landlord’s loss or damage caused directly or
indirectly by Tenant’s failure to perform its obligations under this Lease including, but not limited to, reasonable attorney’ fees and costs; plus 
 (iv) at Landlord’s election, such other amounts in addition to or in lieu of the foregoing, as may be permitted from time to time by applicable law. 

c. In the event of any such default by Tenant, Landlord shall also have the right, with or without terminating this Lease, to re-enter and
to take possession of the Premises and to remove all persons and property from the Premises. Landlord is hereby granted a lien, in addition to any statutory lien or right to distrain that may exist, on all personal property of Tenant in or upon the
Premises, to assure payment of the Rent and performance of the covenants and conditions of this Lease. Landlord shall have the right, as agent of Tenant, to take possession of all personal property of Tenant found in or about the Premises including,
without limitation, furniture and fixtures of Tenant and, to sell the same at public or private sale and to apply the proceeds thereof to the payment of any monies due or becoming due under this Lease, or to remove all such effects and store same in
a public warehouse or elsewhere at the cost of and for the account of Tenant, or any other owner or occupant, Tenant hereby waiving the benefit of all laws exempting property from execution, levy and sale on distress or judgment. 

  
 -15-

 d. In the event of the vacation of or abandonment of the Premises by Tenant, or in the event
that Landlord shall elect to re-enter as provided above or shall take possession of the Premises pursuant to legal proceeding or pursuant to any notice provided by law, then if Landlord does not elect to terminate this Lease as provided in this
Section, Landlord may from time to time, without terminating this Lease, either recover all Rent as it becomes due or relet the Premises or any part thereof for such term or terms and at such rental or rentals and upon such other terms and
conditions as Landlord in its sole discretion may deem advisable with the right to make alterations and repairs to the Premises. 

e. In the event that Landlord shall elect to so relet, then rentals received by Landlord from such reletting shall be applied: first, to
the payment of any indebtedness other than Rent due hereunder from Tenant to Landlord; second, to the payment of any cost of such reletting, including but not limited to broker’s commissions and reasonable attorneys’ fees; third, to the
payment of the cost of any alterations and repairs to the Premises; fourth, to the payment of Rent due and unpaid hereunder; and the residue, if any, shall be held by Landlord and applied in payment of future Rent as the same may become due and
payable hereunder. Should any such reletting result in the payment of rentals less than the Rent payable by Tenant hereunder, then Tenant shall pay such deficiency to Landlord immediately upon demand therefor by Landlord. Tenant shall also pay
Landlord as soon as ascertained, any costs and expenses incurred by Landlord in such reletting or in making such alterations and repairs not covered by the rentals received from such reletting. 

f. No re-entry or taking possession of the Premises by Landlord pursuant to this Section shall be construed as an election to terminate
this Lease unless written notice of such intention be given to Tenant. Notwithstanding any reletting without termination by Landlord because of any default by Tenant, Landlord may at any time after such reletting, elect to terminate this Lease for
any such default. 
 26. RIGHT OF LANDLORD TO CURE TENANT’S DEFAULT: If Tenant defaults in the making of any payment or in
the doing of any act herein required to be made or done by Tenant, then Landlord may but shall not be required to make such payment or do such act and charge to Tenant the amount of all costs in connection therewith including but not limited to
reasonable legal fees and expenses incurred by Landlord, with interest thereon as provided in Section 33 from the date paid by Landlord to the date of payment thereof by Tenant. Such payment and interest shall constitute Additional Rent
hereunder due and payable upon demand but the making of such payment or the taking of such action by Landlord shall not operate to cure such default or to stop Landlord from the pursuit of any other remedy to which Landlord would otherwise be
entitled. 
 27. NOTICES: All notices which Landlord or Tenant may be required or may desire to serve on the other my be
served, as an alternative to personal service, by serving the same by registered or certified mail, return receipt requested, postage prepaid, or overnight delivery by a nationally recognized courier, addressed as set forth in Item Section 1
hereof, or addressed to such other address or addresses as either Landlord or Tenant my from time to time designate to the other by written notice. 

  
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 28. INSOLVENCY OR BANKRUPTCY: 

a. Neither Tenant’s interest in this Lease, nor any estate hereby created in Tenant nor any interest herein or therein, shall pass to
any trustee or receiver or assignee for the benefit of creditors or otherwise by operation of law except as may specifically be provided pursuant to the Bankruptcy Code. 
 b. In the event the interest or estate created in Tenant hereby shall be taken in execution or by other process of law or if Tenant is adjudicated insolvent by a Court of competent jurisdiction other than
the United State Bankruptcy Court, or if a receiver or trustee of Tenant’s property shall be appointed by reason of the insolvency or inability of Tenant to pay its debts, or if any assignment shall be made of Tenant’s property for the
benefit of creditors, then and in any such events, this Lease and all rights of Tenant hereunder shall automatically cease and terminate with the same force and effect as though the date of such event were the date originally set forth herein and
fixed for the expiration of the term, and Tenant shall vacate and surrender the Premises but shall remain liable as herein provided. 
 c. Tenant shall not cause or give cause for the appointment of a trustee or receiver of Tenant’s assets and shall not make any assignment for the benefit of creditors, or become or be adjudicated
insolvent. The allowance of any petition under any insolvency law except under the Bankruptcy Code or the appointment of a trustee or receiver of Tenant or of its assets shall be conclusive evidence that Tenant caused, or gave cause therefor, unless
such allowance of the petition, or the appointment of a trustee or receiver, is vacated within thirty (30) days after such allowance or appointment. Any act described in this Section shall be deemed a material breach of Tenant’s
obligations hereunder, and this Lease shall thereupon automatically terminate. Landlord does, in addition, reserve any and all other remedies provided in this Lease or in law. 
 d. Upon the filing of a petition by or against Tenant under the Bankruptcy Code, Tenant, as debtor or as debtor in possession, and any trustee who my be appointed agree as follows: (1) to perform
each and every obligation of Tenant under this Lease until such time as this Lease is either rejected or assumed by order of the United States Bankruptcy Court; and (2) to pay monthly in advance on the first day of each month as reasonable
compensation for use and occupancy of the Premises an amount equal to all Rent and all other charges otherwise due pursuant to this Lease and (3) to reject or assume this Lease within sixty (60) days of the filing of such petition under
Chapter 7 of the Bankruptcy Code or within one hundred twenty (120) days (or such shorter term as Landlord in its sole discretion, may deem reasonable so long as notice of such period is given) of the filing of a petition under any other
Chapter; and (4) to give Landlord at least forty-five (45) days’ prior written notice of any proceeding relating to any assumption of this Lease; and (5) to give at least thirty (30) days’ prior written notice of any
abandonment of the Premises; any such abandonment to be deemed a rejection of this Lease; and (6) to do all other things of benefit to Landlord otherwise required under the Bankruptcy Code; and (7) to be deemed to have rejected this Lease
in the event of the failure to comply with any of the above; and (8) to have consented to the entry of an order by an appropriate United States Bankruptcy Court providing all of the above. 

  
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 e. In addition to any other conditions or obligations imposed upon Tenant or its successor
in the event of assumption and/or assignment as contemplated in this Section are the following: (1) the cure of any monetary defaults and the reimbursement to Landlord of pecuniary loss within not more than thirty (30) days of assumption
and/or assignment; (2) the reorganized debtor or assignee of such debtor in possession or of Tenant’s trustee demonstrates background to meet all other reasonable criteria of Landlord as did Tenant upon execution of this Lease;
(3) the prior written consent of any mortgagee to which this Lease has been assigned as collateral security; and (5) no physical changes of any kind may be made to the Premises unless in compliance with the applicable provisions of this
Lease. 
 29. SURRENDER AND HOLDOVER: 
 a. On the expiration or the sooner termination hereof, Tenant shall peaceably surrender the Premises broom clean, in good order, condition and repair. On or before the last day of the term or the sooner
termination hereof, Tenant shall at its expense remove its trade fixtures, signs and other personal property from the Premises. Any property not removed shall be deemed abandoned and may either be retained by Landlord as its property, or disposed
of, without accountability and at Tenant’s expense, in such form as Landlord may determine. If the Premises are not surrendered at the end of the term or the sooner termination, Tenant shall indemnify Landlord against loss or liability
resulting from delay by Tenant in so surrendering the Premises, including, without limitation, claims made by any succeeding tenants founded on such delay. Tenant shall promptly surrender all keys to Landlord at the place then fixed for payments of
Rent. Tenant’s covenants hereunder shall survive the expiration or sooner termination of this Lease. 
 b. If Tenant holds
over after the expiration or sooner termination hereof without the express written consent of Landlord, Tenant shall become a Tenant at sufferance only at two (2) times the greater of (i) the Rent due hereunder or (ii) the then
prevailing market rate rent, as determined by Landlord in its sole and absolute discretion, plus all items of Additional Rent provided herein, and either (i) or (ii) shall be prorated on a daily basis according to the number of days
contained in the month that such expiration or earlier termination takes place, and otherwise upon the terms, covenants and conditions herein specified, so far as applicable. Acceptance by Landlord of Rent after such expiration or earlier
termination shall not constitute consent to a holdover hereunder or result in a renewal. The foregoing provisions of this Section are in addition to and do not affect Landlord’s rights of re-entry or any other rights of Landlord hereunder or as
otherwise provided by law. 
 c. For past consideration, and notwithstanding any other provision of this Lease, including without
limitation, the provisions of Paragraph 16 to the contrary, Tenant shall have no obligation upon surrender of the Premises to restore the Premises to its condition prior to the addition of any alterations or improvements for Tenant’s benefit
made prior to the Effective Date of this Lease. Without limiting the foregoing, Tenant shall not be responsible for removal of ventilation systems, gas piping for oxygen, hydrogen and natural gas supplied by NJNG for Tenant or its predecessors
manufacturing purposes, 

  
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external gas cylinder storage facility and the Draw Tower decking and walkways, all of which shall be the responsibility and liability of Landlord and Landlord shall indemnify, defend and protect
Tenant against any liability therefore. 
 30. CONDITION OF PREMISES: Tenant acknowledges that neither Landlord nor any agent of
Landlord has made any representation or warranty with respect to the Premises, the Building or the Property or with respect to the suitability thereof for the conduct of Tenant’s business. The taking of possession of the Premises by Tenant
shall conclusively establish that the Premises were at such time in good order and repair. 
 31. LIMITATION OF LANDLORD’S
LIABILITY: 
 a. Except to the extent arising from the gross negligence of Landlord or its employee, agent or
contractor, Landlord and its employees and agents shall not be liable for any damage to Tenant’s property entrusted to employees of Landlord or its agents, nor for any loss or interruption of Tenant’s possession, nor for loss of or damage
to any property by theft or otherwise, nor for any injury or damage to persons or property resulting from fire, explosion, falling plaster, steam, gas, electricity, water or rain that may leak from any part of the Premises or Building or from the
pipes, appliances or plumbing works therein or from the roof, street or sub-surface or from any other place or resulting from dampness or any other cause whatsoever in the Building or on the Property. Landlord and its employees and agents shall not
be liable for any property loss resulting from any latent defect in the Premises or the Building. Tenant shall give prompt notice to Landlord in case of fire, accidents or defects in the Premises. Under no circumstances shall Landlord have any
liability for any consequential or punitive damages. 
 b. Tenant shall look solely to Landlord’s estate and property in the
Premises (or the proceeds thereof) for the satisfaction of Tenant’s remedies for the collection of a judgment (or other judicial process) requiring the payment of money by Landlord in the event of any default by Landlord hereunder, and no other
property or assets of Landlord or Landlord’s partners or members shall be subject to levy, execution or other enforcement procedure for the satisfaction of Tenant’s remedies under or with respect to either this Lease, the relationship of
Landlord and Tenant hereunder, or Tenant’s use and occupancy of the Premises. 
 32. GOVERNING LAW: This Lease shall be governed by
and construed pursuant to the laws of the State of New Jersey. 
 33. ADDITIONAL CHARGES: Any amount due from Tenant to Landlord
which is not paid when due, in addition to other remedies available to Landlord, shall at Landlord’s option bear interest which shall be at the lesser of (i) 18% per annum or (ii) the maximum lawful rate per annum computed on the
basis of a 365-day-year from the date such payment is due until paid, but the payment of such interest shall not excuse or cure the default. In addition to the foregoing, Landlord may also impose a late charge of 5% of the amount past due, and a
charge for reasonable legal fees and costs. 

  
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 34. BROKER: Tenant represents and agrees that it has not directly or indirectly dealt with any
real estate broker (“Broker”) in connection with this Lease. Tenant agrees to defend, identify and hold Landlord harmless from and against any claims for brokerage commissions or finder’s fees arising out of or based on any alleged
actions of Tenant with any broker. 
 35. ENTIRE CONTRACT: This Lease contains the entire contract between the parties. No
representative, agent or employee of the Landlord has been authorized to make any representations or promises with reference to the within letting or to vary, alter or modify the terms hereof. No additions, changes or modifications, renewals or
extensions hereof, shall be binding unless reduced to writing and signed by the Landlord and Tenant. 
 36. JURY WAIVER: To
the extent permitted by law, Landlord and Tenant do hereby waive trial by jury in any action, proceeding or counterclaim brought by either of the parties hereto against the other on any matter whatsoever arising out of or in any connection with this
Lease, the relationship of Landlord and Tenant, Tenant’s use or occupancy of the Premises, and/or any claim, injury or damage, or any emergency or statutory remedy. 
 37. GUARANTY: Tenant shall deliver to Landlord a Guaranty from Fabrinet and an opinion of counsel in the form attached hereto as Exhibit A. 

(Remainder of page left intentionally blank – Signature page to follow) 

  
 -20-

 IN WITNESS WHEREOF, the parties have executed these presents as of the day and year first above written.

  

					
	Witnessed or Attested by: 	 	Donly Corporation
			
	 /s/ Susan Christen
	 	By:	 	 /s/ Roy C. Dignes

		 	Name: Roy C. Dignes
		 	Title:   President
		
		 	FBN NJ Holdings Corp.
			
	 /s/ Susan Christen
	 	By:	 	 /s/ Phil Motyka

		 	Name: Phil Motyka
		 	Title:   Site Director

  
 -21-

 EXHIBIT A 
 LEASE GUARANTY 
 THIS LEASE GUARANTY, by
Fabrinet, having an address at Walker House, Mary Street, Georgetown, Grand Cayman, Cayman Islands (the “Guarantor”), c/o Fabrinet (USA) located at 4104 24th Street, San Francisco, California 94114, in favor of Donly Corporation, a New Jersey corporation, having an address of
P.O Box 344, Mountain Lakes, New Jersey 07046 (the “Landlord”). 
 WITNESSETH: 

WHEREAS, the Guarantor has requested Landlord to enter into a lease with FBN NJ Holdings Corp., d/b/a VitroCom (the “Tenant”) for approximately
29,000 square feet of rentable area in a building located on property in Boonton, New Jersey and Mountain Lakes, New Jersey for a term of seven (7) years (the “Lease”); 

WHEREAS, the Landlord has required as a condition to entering into the Lease that the Guarantor guaranty the Lease in the manner
hereinafter set forth. 
 NOW, THEREFORE, to induce the Landlord to enter into the Lease, Guarantor hereby agrees as follows:

 1.(a) The Guarantor unconditionally guarantees to the Landlord the full and punctual performance and observance, by the
Tenant, of all the terms, covenants and conditions in the Lease contained on Tenant’s part to be kept, performed or observed. This Guaranty shall include any liability of Tenant that shall accrue under the Lease for any period preceding as well
as any period following the term in the Lease specified. (b) If, at any time, default shall be made by the Tenant in the performance or observance of any of the terms, covenants or conditions in the Lease contained on the Tenant’s part to
be kept, performed or observed, the Guarantor will keep, perform and observe the same, as the case may be, in place and stead of the Tenant. 
 2. The Guarantor hereby waives: (a) notice of acceptance of this Guaranty; (b) presentment and demand for any payments due Landlord; (c) protest and notice of dishonor or default to the
Guarantor or to any other person or party with respect to the terms of the Lease or any portion thereof; (d) all notices to which the Guarantor might otherwise by entitled under this Guaranty; (e) notice of Tenant’s nonpayment,
nonperformance or nonobservance; and (f) any demand for payment under this Guaranty. 
 3. This is a guaranty of
performance and payment and not of collection and the Guarantor waives any right to require that any action be brought against the Tenant or to require that resort be had to any credit on the books of the Landlord in favor of the Guarantor or any
other person or party. 

  
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 4. Any act of the Landlord, or the successors or assigns of the Landlord, consisting of a
waiver of any of the terms or conditions of the Lease, or the giving of any consent to any manner or thing relating to the Lease, or the granting of any indulgences or extensions of time to the Tenant, may be done without notice to the Guarantor and
without releasing the obligations of the Guarantor hereunder. 
 5. The obligations of the Guarantor hereunder shall not be
released by Landlord’s receipt, application or release of security given for the performance and observance of covenants and conditions in the Lease contained on Tenant’s part to be performed or observed; nor by any modification of the
Lease, but in case of any such modification the liability of the Guarantor shall be deemed modified in accordance with the terms of any such modification of the Lease. 
 6. The liability of the Guarantor hereunder shall in no way be affected by (a) the release or discharge of the Tenant in any creditors’, receivership, bankruptcy or other proceedings,
(b) the impairment, limitation or modification of the liability of the Tenant or the estate of the Tenant in bankruptcy, or of any remedy for the enforcement of the Tenant’s said liability under the Lease, resulting from the operation of
any present or future provision of the Bankruptcy Code or other statute or from the decision in any court; (c) the rejection or disaffirmance of the Lease in any such proceedings; (d) the assignment or transfer of the Lease by the Tenant
or the subletting of all or any portion of the leased premises by Tenant; (e) any disability or other defense of the Tenant, or (f) the cessation from any cause whatsoever of the liability of the Tenant. 

7. Until all the covenants and conditions in the Lease on the Tenant’s part to be performed and observed are fully performed and
observed, the Guarantor: (a) shall have no right of subrogation against the Tenant by reason of any payments or acts of performance by the Guarantor, in compliance with the obligations of the Guarantor hereunder; (b) waives any right to
enforce any remedy which the Guarantor now or hereafter shall have against the Tenant by reason of any one or more payment or acts of performance in compliance with the obligations of the Guarantor hereunder; and (c) subordinates any liability
or indebtedness of the Tenant now or hereafter held by the Guarantor to the obligations of the Tenant to the Landlord under the Lease. 
 8. This Guaranty shall apply to the Lease, any extension or renewal thereof and to any holdover term following the term thereby granted. 

9. Any payment made by the Guarantor pursuant to this Guaranty shall be made free and clear of any and all present or future taxes
imposed by the Cayman Islands, the Internal Revenue Service of the United States, or the State of New Jersey, or any political subdivision or taxing authority thereof or therein except for any such taxes that the Guarantor is required by law to
withhold; provided that if such taxes are required by law to be withheld from any such payment, the Guarantor shall make such withholding, make payment of the amount withheld to the appropriate governmental authority and forthwith pay such
additional amount as may be necessary to ensure that the net amount actually received by Landlord is equal to the amount that the Landlord would have received had no such taxes been withheld; and provided further that no such additional amounts
shall be payable to the Landlord if it is liable for such taxes by reason of (i) the Landlord having some connection with the Cayman Islands, the Internal Revenue Service of the United States, or the State of New Jersey, other than a connection
arising from this 

  
 -23-

 
Guaranty or the Lease, or (ii) the failure of the Landlord to comply with any certification requirement concerning the nationality, residence, identity or connection with the Cayman Islands,
the Internal Revenue Service of the United States, or the State of New Jersey, or any political subdivision or taxing authority thereof or therein, of the Landlord if compliance is required by a statute, treaty or regulation of the Cayman Islands,
the Internal Revenue Service of the United States, or the State of New Jersey, or any political subdivision or taxing authority thereof or therein, as a precondition to exemption from, or reduction in the rate of, such withholding. 

10. The Guarantor represents and warrants to Landlord that, as of the date hereof: 

(a) It is duly constituted and validly existing under the laws of the Cayman Islands, and has the power and authority to own its assets
and to conduct its business. 
 (b) It has full power and authority to execute and deliver this Guaranty and to perform its
obligations hereunder. 
 (c) This Guaranty has been duly authorized, executed and delivered by the Guarantor and constitutes the
legal, valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms, subject, as to the enforcement of remedies only, to any applicable bankruptcy, insolvency and similar laws affecting the enforcement
of creditors’ remedies in general. 
 (d) The Tenant is the wholly owned subsidiary of the Guarantor. 

(e) All consents, approvals, filings and registrations with or of any court, governmental authority or regulatory body of the Cayman
Islands or any political subdivision thereof required in connection with the execution, delivery and performance by the Guarantor of the Guaranty have been obtained or made; and the execution, delivery and performance by the Guarantor of this
Guaranty will not conflict with or result in a violation of any of the terms or provisions of, or constitute a default under, any law or the regulations thereunder, the Certificate of Incorporation and Bylaws of the Guarantor, or any material
agreement or material instrument to which the Guarantor is a party or by which it is bound. 
 (f) The Guarantor is subject to
civil and commercial law with respect to its obligations under this Guaranty, and the execution, delivery and performance of this Guaranty constitute private and commercial acts rather than public or governmental acts. Under the law of the Cayman
Islands, neither the Guarantor nor any of its property has any immunity from jurisdiction of any court or any legal process (whether through service or notice, attachment prior to judgment, attachment in aid of execution, execution or otherwise).

 (g) This Guaranty is in proper legal form under the law of the Cayman Islands for the enforcement thereof against the
Guarantor under the law of the Cayman Islands; and to ensure the legality, validity, enforceability or admissibility in evidence of this Guaranty in the Cayman Islands, it is not necessary that this Guaranty or any other related document be filed or
recorded with any court or other authority in the Cayman Islands or that any stamp or similar tax be paid on or in respect of this Guaranty. 

  
 -24-

 11. Each notice and other communication under this Guaranty shall be in writing. Each
notice, communication or document to be delivered to any party under this Guaranty shall be sent by hand delivery or facsimile transmission (promptly confirmed by courier) to it at the address, and marked for the attention of the person (if any),
from time to time designated by such party for the purpose of this Guaranty. The initial address and person (if any) so designated by each party are set out opposite such party’s signature to this Guaranty. Any communication or document shall
be deemed to be received, if sent by facsimile transmission, when the recipient confirms legible transmission thereof or, if sent by hand delivery or by courier, when delivered at the address specified by the addressee for purposes of this Guaranty.

 12. With respect to any suit, action or proceeding arising out of or relating to this Guaranty (each, a
“Proceeding”), the Guarantor hereby irrevocably submits to the jurisdiction of any United States federal or state court sitting in the State of New Jersey. The Guarantor hereby irrevocably waives, to the fullest extent permitted by law,
any objection which it may now or hereafter have to the laying of the venue of any such Proceeding brought in such court and any claim that any such Proceeding brought in such court has been brought in an inconvenient forum. The Guarantor hereby
agrees that a final judgment in any such Proceeding brought in such court shall be conclusive and binding upon it. 
 13. The
Guarantor hereby irrevocably designates and appoints Phil Motyka (the “Process Agent”), with an office on the date hereof of 8 Morris Avenue, Mountain Lakes, New Jersey as its authorized agent to accept and acknowledge on its behalf
service of any and all process which may be served in any Proceeding brought in a United States state or Federal court sitting in the State of New Jersey. Such designation and appointment shall be irrevocable until all obligations have been
satisfied under the Lease. The Guarantor shall take any and all reasonable action, including the execution and filing of any and all documents that may be necessary to continue the foregoing designation and appointment in full force and effect and
to cause its process agent to continue to act as such. If the Process Agent shall desire to cease so to act, the Guarantor shall, prior to the Process Agent ceasing so to act, irrevocably designate and appoint without delay another such agent in the
State of New Jersey and, if requested by the Lender, shall promptly deliver to the Lender evidence in writing of such other agent’s acceptance of such appointment. 
 14. To the extent that the Guarantor hereafter may be entitled, in any Proceeding brought in a United States Federal court sitting in the State of New Jersey, to claim for itself or its properties any
immunity (including, without limitation, immunity from service of process, jurisdiction, attachment prior to judgment, attachment in aid of execution of a judgment, execution or otherwise), and to the extent that in any such Proceeding in such
jurisdiction there may be attributed any such immunity (whether or not claimed), the Guarantor hereby irrevocably undertakes not to claim and hereby irrevocably waives any such immunity, to the fullest extent permitted by law. The parties agree that
the terms of this Section 14 shall be governed by the Foreign Sovereign Immunities Act of 1976, as amended from time to time, and the waiver of immunity contained herein shall be given effect in accordance therewith and is intended to be
irrevocable for purposes of such Act. 

  
 -25-

 15. Nothing herein shall limit the right of the Landlord to serve legal process in any other
manner permitted by law or affect the right of the Landlord to bring any action or proceeding against the Guarantor or its property in the courts of any other jurisdiction. 
 16. All payments hereunder shall be made in U.S. dollars in same day funds (or such other funds as may, at the time of payment, be customary for the settlement in New York City of international banking
transactions in U.S. dollars) at such account as the payee shall specify to the payor in writing. If for the purpose of obtaining judgment in any court it is necessary to convert a sum due hereunder in U.S. dollars into another currency, the parties
hereto agree, to the fullest extent that they may effectively do so, that the rate of exchange used shall be that at which in accordance with normal banking procedures the payee could purchase U.S. dollars with such other currency in The City of New
York on the Business Day preceding the day on which final judgment is given. The obligation of either party in respect of a sum due from it to the other party hereunder shall, notwithstanding any judgment in a currency (the “judgment
currency”) other than U.S. dollars, be discharged only to the extent that on the Business Day following receipt by such other party of any sum adjudged to be so due in the judgment currency such other party may in accordance with normal banking
procedures purchase U.S. dollars with the judgment currency; if the amount of U.S. dollars so purchased is less than the sum originally due to such other party in U.S. dollars, such first party agrees, as a separate obligation and notwithstanding
any such judgment, to indemnify such other party against such loss, and if the amount of U.S. dollars so purchased exceeds the sum originally due to such other party, such other party agrees to remit to such first party such excess. 

17. Each reference herein to the Landlord shall be deemed to include its successors and assigns, in whose favor the provisions of this
Guaranty shall also inure and who shall be bound by the provisions of this Guaranty. Each reference herein to the Guarantor shall be deemed to include the successors and assigns of the Guarantor (including any successor entity resulting from a
merger or consolidation), in whose favor the provisions of this Guaranty shall also inure and all of whom shall be bound by the provisions of this Guaranty. Upon any merger or consolidation of the Guarantor, the Guarantor shall execute such
reaffirmations of this Guaranty as may be requested by the Landlord. 
 18. No delay on the part of the Landlord in exercising
any rights hereunder or failure to exercise the same shall operate as a waiver of such rights; no notice to or demand on the Guarantor shall be deemed to be a waiver of the obligation of the Guarantor or of the right of the Landlord to take further
action without notice or demand as provided herein; nor in any event shall any modification or waiver of the provisions of this Guaranty be effective unless in writing nor shall any such waiver be applicable except in the specific instance for which
given. 
 19. In the event of a default under any of the terms of the Lease, Landlord shall have the right to proceed directly
and immediately against the Guarantor and such proceeding is not to be deemed an irrevocable election of remedies. 
 20. This
Guaranty is, and shall be deemed to be, a contract entered into under and pursuant to the laws of the State of New Jersey and shall be in all respects governed, construed, applied and enforced in accordance with the laws of said State; and no
defense given or allowed by the laws of any other state or country shall be interposed in any action or proceeding hereon unless such defense is also given or allowed by the laws of the State of New Jersey. 

  
 -26-

 21. This instrument may not be changed, modified, discharged or terminated orally or in any
manner other than by an agreement in writing signed by the Guarantor and the Landlord. 
 22. Guarantor shall execute and
deliver to Landlord such other documents and instruments and take such other actions as may be reasonably requested by Landlord to carry out the transactions contemplated by this Guaranty. 

23. If any term or provision of this Guaranty or the application thereof to any person or circumstances shall, to any extent, be invalid
or unenforceable, the remainder of this Guaranty, or the application of such term or provision to persons or circumstances other than those to which it is held invalid or unenforceable, shall not be affected thereby and all other terms and
provisions of this Guaranty shall be valid and enforced to the fullest extent permitted by law. 
 24. THE GUARANTOR AND THE
LANDLORD AGREE THAT ANY SUIT, ACTION OR PROCEEDING, WHETHER CLAIM OR COUNTERCLAIM, BROUGHT BY THE LANDLORD OR THE GUARANTOR ON OR WITH RESPECT TO THIS GUARANTY OR THE LEASE, SHALL BE TRIED ONLY BY A COURT AND NOT BY A JURY. THE LANDLORD AND THE
GUARANTOR EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVE ANY RIGHT TO A TRIAL BY JURY IN ANY SUCH SUIT, ACTION OR PROCEEDING. FURTHER, THE GUARANTOR WAIVES ANY RIGHT THE GUARANTOR MAY HAVE TO CLAIM OR RECOVER, IN ANY SUCH SUIT, ACTION OR
PROCEEDING, ANY SPECIAL, EXEMPLARY, PUNITIVE, CONSEQUENTIAL OR OTHER DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES. THE GUARANTOR ACKNOWLEDGES AND AGREES THAT THIS SECTION IS A SPECIFIC AND MATERIAL ASPECT OF THIS GUARANTY. 

IN WITNESS WHEREOF, the Guarantor has executed and delivered this Guaranty as of the
            day of             , 2013. 
  

					
	WITNESS:	 	FABRINET:
			
	  
	 	By:	 	  

		 	Name: Tom Mitchell
		 	Title:   Chief Executive Officer

  
 -27-

 OPINION LETTER 
 1. The Guarantor is validly existing and in good standing under the laws of the Cayman Islands, its jurisdiction of organization. 
 2. The Guarantor has the corporate power and authority to execute and deliver the Guaranty and to perform its obligations thereunder. Guarantor has taken all necessary corporate action to authorize the
execution, delivery and performance of the Guaranty. To our knowledge, no consent or authorization of, approval by, notice to, or filing with, any Cayman Islands court or governmental authority is required to be obtained or made by Guarantor in
connection with its execution, delivery or performance of the Guaranty or in connection with the validity or enforceability against it of the Guaranty. 
 3. The Guaranty has been duly executed and delivered by the Guarantor. 
 4. The
Guaranty is a valid and binding obligation of the Guarantor enforceable against the Guarantor in accordance with its terms under the laws of the State of New Jersey. 
 5. The execution and delivery by Guarantor of the Guaranty and the performance by Guarantor of its obligations thereunder will not violate (i) any existing Cayman Islands law, rule or regulation
applicable to the Guaranty, or (ii) any existing judgment, order or decree known to us of any arbitrator, court or other governmental authority binding upon the Guarantor. 

6. The Guaranty is in proper legal form under the laws of the Cayman Islands for the enforcement thereof against the Guarantor under the
laws of the Cayman Islands; and to ensure the legality, validity, enforceability or admissibility in evidence of each of the Lease and the Guaranty in the Cayman Islands, it is not necessary that either of the Lease or the Guaranty or any other
document be filed, registered or recorded with any court or other governmental authority of the Cayman Islands or that any registration charge, stamp or similar tax be paid on or in respect of either of the Lease or the Guaranty or any other
document to be furnished under the Lease or the Guaranty. 
 7. The choice of New Jersey law as the governing law of the
Guaranty is a valid and binding choice of law. 
 8. A final judgment rendered by a court of competent jurisdiction located in
the State of New Jersey is enforceable against the Guarantor in the Cayman Islands. 
 9. Under the laws of the State of New
Jersey relating to submission to jurisdiction, the Guarantor has validly and irrevocably submitted to the jurisdiction of any state or federal court located in New Jersey, has validly and irrevocably waived any objection to the venue of a proceeding
in any such court, and has validly and irrevocably appointed Phil Motyka as its authorized agent, for the purpose described in Section 13 of the Guaranty; service of process effected in the manner set forth in the Guaranty will be effective to
confer valid personal jurisdiction over the Guarantor, and the waiver by the Guarantor pursuant to the Guaranty of any immunity from jurisdiction to which it may otherwise be entitled in any proceeding relating to

  
 -28-

 
the Lease or the Guaranty (including, to the extent applicable, sovereign immunity, immunity from pre-judgment attachment, post-judgment attachment and execution) is valid and binding under New
Jersey and United States Federal law. 

  
 -29-Indenture

 Exhibit 4.1 

 
  
 MURPHY OIL USA, INC. 
 AND EACH OF THE GUARANTORS PARTY HERETO 

6.000% Senior Notes Due 2023 
  

 
 INDENTURE

 Dated as of August 14, 2013 
  

 
 U.S. BANK
NATIONAL ASSOCIATION 
 as Trustee, Registrar and Paying Agent 

 
  

 CROSS-REFERENCE TABLE 

 

			
	 TIA
Section
	  	Indenture
Section
		
	310(a)(1)	  	7.10
	      (a)(2)	  	7.10
	      (a)(3)	  	N.A.
	      (a)(4)	  	N.A.
	      (a)(5)	  	7.10
	      (b)	  	7.08;7.10
	      (c)	  	N.A.
	311(a)	  	7.11
	      (b)	  	7.11
	      (c)	  	N.A.
	312(a)	  	2.05
	      (b)	  	11.03
	      (c)	  	11.03
	313(a)	  	7.06
	      (b)(1)	  	7.06
	      (b)(2)	  	7.06
	      (c)	  	11.02
	      (d)	  	7.06
	314(a)	  	4.02;4.12
	      (b)	  	N.A.
	      (c)(1)	  	11.04
	      (c)(2)	  	11.04
	      (c)(3)	  	N.A.
	      (d)	  	N.A.
	      (e)	  	11.05
	      (f)	  	N.A.
	315(a)	  	7.01
	      (b)	  	7.05
	      (c)	  	7.01
	      (d)	  	7.01
	      (e)	  	6.12
	316(a) (last sentence)	  	11.06
	      (a)(1)(A)	  	6.05
	      (a)(1)(B)	  	6.04
	      (a)(2)	  	N.A.
	      (b)	  	6.07
	      (c)	  	9.04
	317(a)(1)	  	6.08
	      (a)(2)	  	6.09
	      (b)	  	2.04
	318(a)	  	11.01
	      (b)	  	N.A.
	      (c)	  	11.01

 N.A. means Not Applicable. 

 

			
	 Note:
	  	 This Cross-Reference Table shall not, for any purpose, be deemed to be
 part of this Indenture.

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
			
		  	Article 1	  			
			
		  	Definitions and Incorporation by Reference	  			
			
	SECTION 1.01.	  	Definitions	  	 	1	  
	SECTION 1.02.	  	Other Definitions	  	 	38	  
	SECTION 1.03.	  	Incorporation by Reference of Trust Indenture Act	  	 	39	  
	SECTION 1.04.	  	Rules of Construction	  	 	39	  
			
		  	Article 2	  			
			
		  	The Securities	  			
			
	SECTION 2.01.	  	Form and Dating	  	 	40	  
	SECTION 2.02.	  	Execution and Authentication	  	 	41	  
	SECTION 2.03.	  	Registrar and Paying Agent	  	 	41	  
	SECTION 2.04.	  	Paying Agent To Hold Money in Trust	  	 	42	  
	SECTION 2.05.	  	Securityholder Lists	  	 	42	  
	SECTION 2.06.	  	Transfer and Exchange	  	 	42	  
	SECTION 2.07.	  	Replacement Securities	  	 	43	  
	SECTION 2.08.	  	Outstanding Securities	  	 	43	  
	SECTION 2.09.	  	Temporary Securities	  	 	43	  
	SECTION 2.10.	  	Cancellation	  	 	43	  
	SECTION 2.11.	  	Defaulted Interest	  	 	44	  
	SECTION 2.12.	  	CUSIP Numbers, ISINs, etc	  	 	44	  
	SECTION 2.13.	  	Issuance of Additional Securities	  	 	44	  
			
		  	Article 3	  			
			
		  	Redemption	  			
			
	SECTION 3.01.	  	Notices to Trustee	  	 	45	  
	SECTION 3.02.	  	Selection of Securities to Be Redeemed	  	 	45	  
	SECTION 3.03.	  	Notice of Redemption	  	 	45	  
	SECTION 3.04.	  	Effect of Notice of Redemption	  	 	46	  
	SECTION 3.05.	  	Deposit of Redemption Price	  	 	46	  
	SECTION 3.06.	  	Securities Redeemed in Part	  	 	46	  
	SECTION 3.07.	  	Special Mandatory Redemption	  	 	46	  

  
 i 

							
	 	  	Article 4	  	 	 
			
		  	Covenants	  			
			
	SECTION 4.01.	  	Payment of Securities	  	 	47	  
	SECTION 4.02.	  	SEC Reports	  	 	48	  
	SECTION 4.03.	  	Limitation on Indebtedness	  	 	49	  
	SECTION 4.04.	  	Limitation on Restricted Payments	  	 	53	  
	SECTION 4.05.	  	Limitation on Restrictions on Distributions from Restricted Subsidiaries	  	 	58	  
	SECTION 4.06.	  	Limitation on Sales of Assets and Subsidiary Stock	  	 	60	  
	SECTION 4.07.	  	Limitation on Affiliate Transactions	  	 	64	  
	SECTION 4.08.	  	Change of Control	  	 	65	  
	SECTION 4.09.	  	Limitation on Liens	  	 	67	  
	SECTION 4.10.	  	Future Subsidiary Guarantors	  	 	67	  
	SECTION 4.11.	  	Suspension of Covenants	  	 	68	  
	SECTION 4.12.	  	Compliance Certificate	  	 	68	  
			
		  	Article 5	  			
			
		  	Successor Company	  			
			
	SECTION 5.01.	  	When Company May Merge or Transfer Assets	  	 	69	  
			
		  	Article 6	  			
			
		  	Defaults and Remedies	  			
			
	SECTION 6.01.	  	Events of Default	  	 	71	  
	SECTION 6.02.	  	Acceleration	  	 	74	  
	SECTION 6.03.	  	Other Remedies	  	 	74	  
	SECTION 6.04.	  	Waiver of Past Defaults	  	 	74	  
	SECTION 6.05.	  	Control by Majority	  	 	74	  
	SECTION 6.06.	  	Limitation on Suits	  	 	75	  
	SECTION 6.07.	  	Rights of Holders to Receive Payment	  	 	75	  
	SECTION 6.08.	  	Collection Suit by Trustee	  	 	75	  
	SECTION 6.09.	  	Trustee May File Proofs of Claim	  	 	76	  
	SECTION 6.10.	  	Priorities	  	 	76	  
	SECTION 6.11.	  	Undertaking for Costs	  	 	76	  
	SECTION 6.12.	  	Waiver of Stay or Extension Laws	  	 	76	  
			
		  	Article 7	  			
			
		  	Trustee	  			
			
	SECTION 7.01.	  	Duties of Trustee	  	 	77	  
	SECTION 7.02.	  	Rights of Trustee	  	 	78	  
	SECTION 7.03.	  	Individual Rights of Trustee	  	 	78	  
	SECTION 7.04.	  	Trustee’s Disclaimer	  	 	78	  
	SECTION 7.05.	  	Notice of Defaults	  	 	79	  
	SECTION 7.06.	  	Reports by Trustee to Holders	  	 	79	  
	SECTION 7.07.	  	Compensation and Indemnity	  	 	79	  

  
 ii 

							
	SECTION 7.08.	  	Replacement of Trustee	  	 	80	  
	SECTION 7.09.	  	Successor Trustee by Merger	  	 	80	  
	SECTION 7.10.	  	Eligibility; Disqualification	  	 	81	  
	SECTION 7.11.	  	Preferential Collection of Claims Against Company	  	 	81	  
			
		  	Article 8	  			
			
		  	Discharge of Indenture; Defeasance	  			
			
	SECTION 8.01.	  	Discharge of Liability on Securities; Defeasance	  	 	81	  
	SECTION 8.02.	  	Conditions to Defeasance	  	 	82	  
	SECTION 8.03.	  	Application of Trust Money	  	 	83	  
	SECTION 8.04.	  	Repayment to Company	  	 	83	  
	SECTION 8.05.	  	Indemnity for Government Obligations	  	 	84	  
	SECTION 8.06.	  	Reinstatement	  	 	84	  
			
		  	Article 9	  			
			
		  	Amendments	  			
			
	SECTION 9.01.	  	Without Consent of Holders	  	 	84	  
	SECTION 9.02.	  	With Consent of Holders	  	 	85	  
	SECTION 9.03.	  	Compliance with Trust Indenture Act	  	 	86	  
	SECTION 9.04.	  	Revocation and Effect of Consents and Waivers	  	 	86	  
	SECTION 9.05.	  	Notation on or Exchange of Securities	  	 	86	  
	SECTION 9.06.	  	Trustee To Sign Amendments	  	 	87	  
	SECTION 9.07.	  	Payment for Consent	  	 	87	  
			
		  	Article 10	  			
			
		  	Guarantees	  			
			
	SECTION 10.01.	  	Guarantees	  	 	87	  
	SECTION 10.02.	  	Limitation on Liability	  	 	89	  
	SECTION 10.03.	  	Successors and Assigns	  	 	89	  
	SECTION 10.04.	  	No Waiver	  	 	89	  
	SECTION 10.05.	  	Modification	  	 	89	  
	SECTION 10.06.	  	Release of Subsidiary Guarantor	  	 	90	  
	SECTION 10.07.	  	Contribution	  	 	90	  
			
		  	Article 11	  			
			
		  	Miscellaneous	  			
			
	SECTION 11.01.	  	Trust Indenture Act Controls	  	 	90	  
	SECTION 11.02.	  	Notices	  	 	90	  
	SECTION 11.03.	  	Communication by Holders with Other Holders	  	 	91	  
	SECTION 11.04.	  	Certificate and Opinion as to Conditions Precedent	  	 	91	  

  
 iii

							
	SECTION 11.05.	  	Statements Required in Certificate or Opinion	  	 	92	  
	SECTION 11.06.	  	When Securities Disregarded	  	 	92	  
	SECTION 11.07.	  	Rules by Trustee, Paying Agent and Registrar	  	 	92	  
	SECTION 11.08.	  	Legal Holidays	  	 	92	  
	SECTION 11.09.	  	Governing Law	  	 	93	  
	SECTION 11.10.	  	No Recourse Against Others	  	 	93	  
	SECTION 11.11.	  	Successors	  	 	93	  
	SECTION 11.12.	  	Multiple Originals	  	 	93	  
	SECTION 11.13.	  	Table of Contents; Headings	  	 	93	  
			
	Appendix A –	  	Rule 144A/Regulation S/IAI Appendix	  			
	Exhibit A –	  	Form of Initial Security	  			
	Exhibit B –	  	Form of Exchange Security	  			
	Exhibit C –	  	Form of Transferee Letter of Representation	  			

  
 iv 

 INDENTURE dated as of August 14, 2013, among MURPHY OIL USA, INC., a
Delaware corporation (the “Company”), MURPHY USA INC., a Delaware corporation (“Holdings”), each SUBSIDIARY GUARANTOR from time to time a party hereto and U.S. BANK NATIONAL ASSOCIATION, a national banking
association, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other parties
and for the equal and ratable benefit of the Holders of the Initial Securities and the Exchange Securities (collectively, the “Securities”): 
 Article 1 
 Definitions and Incorporation by Reference 

SECTION 1.01. Definitions. 
 “Additional Assets” means: 
  

	 	(1)	any property, plant or equipment used in a Related Business; 

  

	 	(2)	the Capital Stock of a Person that becomes a Restricted Subsidiary as a result of the acquisition of such Capital Stock by Holdings, the Company or another Restricted
Subsidiary; or 

  

	 	(3)	Capital Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary; 

provided, however, that any such Restricted Subsidiary described in clause (2) or (3) above is primarily engaged in a Related
Business. 
 “Additional Securities” means Securities issued under this Indenture after the Issue Date and in
compliance with Section 2.13 and 4.03, it being understood that any Securities issued in exchange for or replacement of any Initial Security issued on the Issue Date shall not be an Additional Security, including any such Securities issued
pursuant to a Registration Rights Agreement. 
 “Adjusted Treasury Rate” means, with respect to any redemption
date, (i) 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(519)” 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 (3) months before or after August 15 , 2018, 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 (ii) 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 year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue
(expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date, in each case calculated on the third Business Day immediately preceding the redemption date, plus 0.50%.

“Affiliate” of any specified Person means any other Person, directly or indirectly, controlling or controlled by or
under direct or indirect common control with such specified Person. For the purposes of this definition, “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled” have meanings correlative to the foregoing. For purposes of Section 4.04, 4.06 and 4.07
only, “Affiliate” shall also mean any beneficial owner of Capital Stock representing 10% or more of the total voting power of the Voting Stock (on a fully diluted basis) of Holdings or of rights or warrants to purchase such Capital Stock
(whether or not currently exercisable) and any Person who would be an Affiliate of any such beneficial owner pursuant to the first sentence hereof. 
 “Aircraft Agreements” means, collectively, the Hangar Rental Agreement, the Aircraft Maintenance Labor Pooling Agreement and the Airplane Interchange Agreement, each between Murphy Oil
and the Company and to be dated on or prior to the Separation Date. 
 “Applicable Premium” means with respect
to a Security at any redemption date the excess of (if any) (A) the present value at such redemption date of (1) the redemption price of such Security on August 15, 2018 (such redemption price being described in the second paragraph
of Section 5 of the Securities, exclusive of any accrued interest) plus (2) all required remaining scheduled interest payments due on such Security through August 15, 2018 (but excluding accrued and unpaid interest to the redemption
date), computed using a discount rate equal to the Adjusted Treasury Rate, over (B) the principal amount of such Security on such redemption date. 
 “Asset Contribution” has the meaning set forth under the definition “Transactions”. 
 “Asset Disposition” means any sale, lease, transfer or other disposition (or series of related sales, leases, transfers or dispositions) by Holdings, the Company or any Restricted
Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for the purposes of this definition as a “disposition”), of 

(1) any shares of Capital Stock of the Company or a Restricted Subsidiary (other than directors’ qualifying shares or
shares required by applicable law to be held by a Person other than Holdings, the Company or a Restricted Subsidiary); 

  
 2 

 (2) all or substantially all the assets of any division or line of business
of Holdings, the Company or any Restricted Subsidiary; or 
 (3) any other assets of Holdings, the Company or any
Restricted Subsidiary outside of the ordinary course of business of Holdings, the Company or such Restricted Subsidiary 
 other than, in the
case of clauses (1), (2) and (3) above, (A) a disposition by (x) a Restricted Subsidiary or the Company to Holdings, (y) a Restricted Subsidiary or Holdings to the Company or (z) a Restricted Subsidiary, the Company or
Holdings to a Restricted Subsidiary, (B) for purposes of Section 4.06 only, (i) (x) a disposition that constitutes a Restricted Payment (or would constitute a Restricted Payment but for the exclusions from the definition thereof)
and that is not prohibited by Section 4.04 and (ii) a disposition of all or substantially all the assets of Holdings in accordance with Section 5.01, (C) a disposition of assets with a Fair Market Value of less than $10,000,000;
provided, however, that for purposes of this clause (C), Fair Market Value may be determined by any Officer authorized by Holdings to do so, (D) a disposition of cash or Temporary Cash Investments, (E) the granting, creation
or perfection of a Lien not prohibited by Section 4.09 (but not the sale or other disposition of the property subject to such Lien), (F) the disposition of products, services, inventory, equipment, real property and accounts receivable or
other assets in the ordinary course of business, including in connection with the compromise, settlement or collection thereof, (G) sales in the ordinary course of business of immaterial assets, (H) the disposition of damaged, obsolete,
worn out, uneconomical or surplus property, equipment or assets, (I) licenses and sublicenses by Holdings, the Company or any Restricted Subsidiary of software or intellectual property in the ordinary course of business, (J) any surrender
or waiver of contract rights or the settlement, release, recovery one or surrender of contract, tort or other claims of any kind, (K) transfers of property subject to casualty or condemnation proceedings, (L) the voluntary termination of
Hedging Obligations, (M) the trade or exchange by Holdings, the Company or any Restricted Subsidiary of any asset for any other asset or assets; provided that the Fair Market Value of the asset or assets received by Holdings, the Company
or such Restricted Subsidiary in such trade or exchange (including any cash or Temporary Cash Investments) is reasonably equivalent to the Fair Market Value of the asset or assets disposed of by Holdings, the Company or such Restricted Subsidiary
pursuant to such trade or exchange; provided further, that if any cash or Temporary Cash Investments are used in such trade or exchange to achieve an exchange of equivalent value, that the amount of such cash and/or Temporary Cash Investments
shall be deemed proceeds of an “Asset Disposition”, (N) any disposition in connection with a Sale/Leaseback Transaction permitted under Section 4.03 and 4.09, (O) any disposition of Murphy Crude Supply, LLC; provided
that Murphy Crude Supply, LLC owns no assets other than those necessary for the completion of the Calumet Transaction, (P) any disposition of the Ethanol Assets or any disposition of shares of Capital Stock of the Ethanol Subsidiaries;
provided that the Ethanol Subsidiaries own no assets other than the Ethanol Assets or (Q) any other disposition pursuant to the Spin-Off Documents. 

  
 3 

 “Attributable Debt” in respect of a Sale/Leaseback Transaction means, as at
the time of determination, the present value (discounted at a rate implicit in such transaction, compounded annually) of the total obligations of the lessee for rental payments (other than amounts required to be paid on account of property taxes,
maintenance, repairs, insurance, assessments, utilities, operating and labor costs and other items that do not constitute payments for property rights) during the remaining term of the lease included in such Sale/Leaseback Transaction (including any
period for which such lease has been extended); provided, however, that if such Sale/Leaseback Transaction results in a Capital Lease Obligation, the amount of Indebtedness represented thereby will be determined in accordance with the
definition of “Capital Lease Obligation”. 
 “Average Life” means, as of the date of determination,
with respect to any Indebtedness, the quotient obtained by dividing (1) the sum of the products of the numbers of years from the date of determination to the dates of each successive scheduled principal payment of or redemption or
similar payment with respect to such Indebtedness multiplied by the amount of such payment by (2) the sum of all such payments. 
 “Board of Directors” means the board of directors of Holdings or any committee thereof duly authorized to act on behalf of such board. 

“Business Day” means each day which is not a Legal Holiday. 

“Calumet Transaction” means the transfer, sale or other disposition of the so-called “Northern Crude Gathering
System”. 
 “Capital Lease Obligation” means an obligation that is required to be classified and accounted
for as a capital lease for financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be the capitalized amount of such obligation determined in accordance with GAAP; and the Stated
Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such lease may be terminated by the lessee without payment of a penalty. For purposes of Section 4.09, a
Capital Lease Obligation shall be deemed to be secured by a Lien on the property being leased. 
 “Capital
Stock” of any Person means any and all shares, interests (including partnership interests), rights to purchase, warrants, options, participations or other equivalents of or interests in (however designated) equity of such Person, including
any Preferred Stock, but excluding any debt securities convertible into such equity. 

  
 4 

 “Change of Control” means the occurrence of any of the following events:

 (1) any “person” (as such term is used in Sections 13(d)(3) of the Exchange Act), other than
Murphy Oil (prior to the consummation of the Transactions), is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the total voting power of the
Voting Stock of Holdings; provided that the consummation of any such transaction resulting in such person owning more than 50% of the total voting power of the Voting Stock of Holdings shall not be considered a Change of Control if
(a) Holdings becomes a direct or indirect wholly-owned subsidiary of a holding company and (b) immediately following such transaction, (x) the direct or indirect holders of the Voting Stock of the holding company are substantially the
same as the holders of Holdings’ Voting Stock immediately prior to such transaction or (y) no person is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of such holding company; 

(2) the adoption by the Board of Directors of a plan relating to the liquidation or dissolution of Holdings; 

(3) the merger or consolidation of Holdings with or into another Person or the merger of another Person with or into
Holdings, or the sale of all or substantially all the assets of Holdings (determined on a consolidated basis) to another Person other than a transaction following which (A) in the case of a merger or consolidation transaction, holders of
securities that represented 100% of the Voting Stock of Holdings immediately prior to such transaction (or other securities into which such securities are converted as part of such merger or consolidation transaction) own directly or indirectly at
least a majority of the voting power of the Voting Stock of the surviving Person or any direct or indirect parent company of the surviving Person in such merger or consolidation transaction immediately after such transaction and (B) in the case
of the sale of all or substantially all the assets of Holdings, each transferee becomes an obligor or a Guarantor in respect of the Securities; 
 (4) prior to the consummation of the Transactions, Murphy Oil ceases to own, directly or indirectly, 100% of each of the Capital Stock and aggregate voting power of the Voting Stock of the Company or
Holdings; or 
 (5) after the consummation of the Transactions, the Company ceases to be a Subsidiary of
Holdings. 
 “Code” means the Internal Revenue Code of 1986, as amended. 

“Company” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor and, for purposes of any provision contained herein and required by the TIA, each other obligor on the indenture securities. 

  
 5 

 “Comparable Treasury Issue” means the United States Treasury security
selected by the Quotation Agent as having a maturity comparable to the remaining term of the Securities from the redemption date to August 15, 2018, 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 a maturity most nearly equal to August 15, 2018. 

“Comparable Treasury Price” means, with respect to any redemption date, if clause (ii) of the Adjusted Treasury
Rate is applicable, the average of three, or such lesser number as is obtained by the Trustee, Reference Treasury Dealer Quotations for such redemption date. 
 “Consolidated Coverage Ratio” as of any date of determination means the ratio of 
 (1) the aggregate amount of EBITDA for the period of the most recent four (4) full consecutive fiscal quarters for which internal consolidated financial statements of Holdings are available to

 (2) Consolidated Interest Expense for such four (4) fiscal quarters; 

provided, however, that 
 (A) if Holdings, the Company or any Restricted Subsidiary has Incurred any Indebtedness since the beginning of such period that remains outstanding or if the transaction giving rise to the need to
calculate the Consolidated Coverage Ratio is an Incurrence of Indebtedness, or both, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving effect on a pro forma basis to such Indebtedness as if such
Indebtedness had been Incurred on the first day of such period, 
 (B) if Holdings, the Company or any Restricted
Subsidiary has repaid, repurchased, defeased or otherwise discharged any Indebtedness since the beginning of such period or if any Indebtedness is to be repaid, repurchased, defeased or otherwise discharged (in each case other than Indebtedness
Incurred under any revolving credit facility unless such Indebtedness has been permanently repaid and has not been replaced) on the date of the transaction giving rise to the need to calculate the Consolidated Coverage Ratio, EBITDA and Consolidated
Interest Expense for such period shall be calculated on a pro forma basis as if such discharge had occurred on the first day of such period, 
 (C) if since the beginning of such period Holdings, the Company or any Restricted Subsidiary shall have made any Asset Disposition, EBITDA for such period shall be reduced by an amount equal to EBITDA (if
positive) directly attributable to the assets which are the subject of such Asset Disposition for such period, or increased by an amount equal to EBITDA (if negative), directly attributable thereto for such period and Consolidated Interest Expense
for such 

  
 6 

 
period shall be reduced by an amount equal to the Consolidated Interest Expense directly attributable to any Indebtedness of Holdings, the Company or any Restricted Subsidiary repaid,
repurchased, defeased or otherwise discharged with respect to Holdings, the Company and the continuing Restricted Subsidiaries in connection with such Asset Disposition for such period (or, if the Capital Stock of any Restricted Subsidiary is sold,
the Consolidated Interest Expense for such period directly attributable to the Indebtedness of such Restricted Subsidiary to the extent Holdings, the Company and the continuing Restricted Subsidiaries are no longer liable for such Indebtedness after
such sale), 
 (D) if since the beginning of such period Holdings, the Company or any Restricted Subsidiary (by
merger or otherwise) shall have made an Investment in the Company or any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of assets, including any acquisition of assets occurring in connection with a
transaction requiring a calculation to be made hereunder, which constitutes all or substantially all of an operating unit of a business, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro
forma effect thereto (including the Incurrence of any Indebtedness) as if such Investment or acquisition had occurred on the first day of such period, and 

(E) if since the beginning of such period any Person (that subsequently became a Restricted Subsidiary or was merged with
or into Holdings, the Company or any Restricted Subsidiary since the beginning of such period) shall have made any Asset Disposition, any Investment or acquisition of assets that would have required an adjustment pursuant to clause (C) or
(D) above if made by Holdings, the Company or a Restricted Subsidiary during such period, EBITDA and Consolidated Interest Expense for such period shall be calculated after giving pro forma effect thereto as if such Asset
Disposition, Investment or acquisition had occurred on the first day of such period. 
 For purposes of this definition, (i) whenever
pro forma effect is to be given to an acquisition of assets, the amount of income or earnings relating thereto and the amount of Consolidated Interest Expense associated with any Indebtedness Incurred in connection therewith, the pro
forma calculations shall be determined in good faith by a responsible financial or accounting Officer of Holdings and (ii) whenever pro forma effect is to be given to a transaction, the pro forma calculations may include cost
savings and all other operating expense reductions resulting from such transaction that have been realized or are, in the good faith judgment of a responsible financial or accounting Officer of Holdings, expected to be realized within twelve
(12) months of such transaction. If any Indebtedness bears a floating rate of interest and is being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the date of
determination had been the applicable rate for the entire period (taking into account any Interest Rate Agreement applicable to such Indebtedness if such Interest Rate Agreement has a remaining term in excess of twelve (12) months). If any
Indebtedness is incurred under a revolving credit facility and is being given pro forma effect, the interest on such Indebtedness shall be calculated based on the average daily balance of such Indebtedness for the four (4) fiscal
quarters subject to the pro forma calculation. 

  
 7 

 “Consolidated Current Liabilities” of such Person as of the date of
determination means the aggregate amount of liabilities of such Person and its consolidated Restricted Subsidiaries which may properly be classified as current liabilities under GAAP (including taxes accrued as estimated), on a consolidated basis,
after eliminating 
 (1) all intercompany items between any of such Person and any Restricted Subsidiary of such
Person; and 
 (2) all current maturities of long-term Indebtedness, all as determined in accordance with GAAP
consistently applied. 
 “Consolidated Interest Expense” means, for any period, the total interest expense of
Holdings, the Company and the consolidated Restricted Subsidiaries (other than non-cash interest expense attributable to convertible indebtedness under Accounting Practices Bulletin 14-1 or any successor
provision), plus, to the extent not included in such total interest expense, and to the extent incurred by Holdings, the Company or the Restricted Subsidiaries, without duplication, 

(1) interest expense attributable to Capital Lease Obligations, the interest portion of rent expense associated with
Attributable Debt in respect of the relevant lease giving rise thereto, determined as if such lease were a capitalized lease in accordance with GAAP, and the interest component of any deferred payment obligations; 

(2) amortization of debt discount (including the amortization of original issue discount resulting from the issuance of
Indebtedness at less than par) and debt issuance cost; provided, however, that any amortization of bond premium shall be credited to reduce Consolidated Interest Expense unless, pursuant to GAAP, such amortization of bond premium has
otherwise reduced Consolidated Interest Expense; 
 (3) capitalized interest; 

(4) non-cash interest expense; provided, however, that any non-cash interest expense or income attributable
to the movement in the mark-to-market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP shall be excluded from the calculation of Consolidated Interest Expense); 

(5) commissions, discounts and other fees and charges owed with respect to letters of credit and bankers’ acceptance
financing; 
 (6) net payments pursuant to Hedging Obligations; 

  
 8 

 (7) all dividends accrued in respect of all Disqualified Stock of Holdings
and all Preferred Stock of the Company or any Restricted Subsidiary, in each case, held by Persons other than Holdings, the Company or a Restricted Subsidiary (other than such dividends payable solely in Capital Stock (other than Disqualified Stock)
of Holdings); 
 (8) interest accruing on any Indebtedness of any other Person to the extent such Indebtedness is
Guaranteed by (or secured by a Lien on the assets of) Holdings, the Company or any Restricted Subsidiary; and 

(9) the cash contributions to any employee stock ownership plan or similar trust to the extent such contributions are used
by such plan or trust to pay interest or fees to any Person (other than Holdings, the Company or a Restricted Subsidiary) in connection with Indebtedness Incurred by such plan or trust. 

“Consolidated Leverage Ratio” as of any date of determination means the ratio of (1) the aggregate amount of
Indebtedness of Holdings, the Company and the Restricted Subsidiaries as of such date of determination to (2) EBITDA for the most recent four (4) full consecutive fiscal quarters for which internal consolidated financial statements of
Holdings are available, in each case with such pro forma adjustments to Indebtedness and EBITDA as are consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Coverage Ratio.

 “Consolidated Net Income” means, for any period, the net income of Holdings and its consolidated
Subsidiaries; provided, however, that there shall not be included in such Consolidated Net Income: 

(1) any net income of any Person (other than Holdings) if such Person is not the Company or a Restricted Subsidiary,
except that 
 (A) subject to the exclusion contained in clause (4) below, Holdings’ equity in the net
income of any such Person for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually paid by such Person during such period to Holdings, the Company or a Restricted Subsidiary as a dividend or other
distribution (subject, in the case of a dividend or other distribution paid to a Restricted Subsidiary, to the limitations contained in clause (3) below); and 

(B) Holdings’ or the Company’s equity in a net loss of any such Person for such period shall be included in
determining such Consolidated Net Income up to the aggregate amount of cash actually funded by Holdings or the Company, as the case may be, during such period to such Person; 

(2) any net income (or loss) of any Person acquired by Holdings or a Subsidiary of Holdings in a pooling of interests
transaction (or any transaction accounted for in a manner similar to a pooling of interests) for any period prior to 

  
 9 

 
the date of such acquisition, to the extent such net income is not paid in cash as a dividend or other distribution to Holdings, the Company or a Restricted Subsidiary (subject, in the case of a
dividend or other distribution paid to a Restricted Subsidiary, to the limitations in clause (3) below); 

(3) any net income of any Restricted Subsidiary if such Restricted Subsidiary is subject to restrictions, directly or
indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary, directly or indirectly, to Holdings or the Company, except that 

(A) subject to the exclusion contained in clause (4) below, Holdings’ equity in the net income of any such
Restricted Subsidiary for such period shall be included in such Consolidated Net Income up to the aggregate amount of cash actually paid by such Restricted Subsidiary during such period to Holdings, the Company or another Restricted Subsidiary as a
dividend or other distribution (subject, in the case of a dividend or other distribution paid to another Restricted Subsidiary, to the limitation contained in this clause); and 

(B) Holdings’ equity in a net loss of any such Restricted Subsidiary for such period shall be included in determining
such Consolidated Net Income; 
 (4) any gain (or loss) realized upon the sale or other disposition of any assets
of Holdings, its consolidated Subsidiaries or any other Person (including pursuant to any sale-and-leaseback arrangement) which are not sold or otherwise disposed of in the ordinary course of business and any gain (or loss) realized upon the sale or
other disposition of any Capital Stock of any Person; 
 (5) extraordinary gains or losses; 

(6) income and losses attributable to discontinued operations; 

(7) any non-cash compensation expense realized for grants of performance shares, stock options or other rights to
officers, directors and employees of Holdings, the Company or any Restricted Subsidiary shall be excluded; provided that such shares, options or other rights can be redeemed at the option of the holder only for Qualified Capital Stock of
Holdings, the Company or any Restricted Subsidiary; 
 (8) the cumulative effect of a change in accounting
principles; 
 (9) any net after-tax gain (or loss) attributable to the early retirement or conversion of
Indebtedness; 
 (10) unrealized gains and losses with respect to Hedging Obligations, including without
limitation, those resulting from the application of FASB ASC Topic 815; and 

  
 10 

 (11) non-cash interest expenses attributable to the equity component of
convertible debt, including under FASB ASC Topic 470, 
 in each case, for such period. Notwithstanding the foregoing, for the purposes of
Section 4.04 only, there shall be excluded from Consolidated Net Income any repurchases, repayments or redemptions of Investments, proceeds realized on the sale of Investments or return of capital to Holdings, the Company or a Restricted
Subsidiary to the extent such repurchases, repayments, redemptions, proceeds or returns increase the amount of Restricted Payments permitted under such Section pursuant to Section 4.04(a)(3)(D) or (E). 

“Consolidated Net Tangible Assets” of a Person as of any date of determination, means the total amount of assets (less
accumulated depreciation and amortization, allowances for doubtful receivables, other applicable reserves and other properly deductible items) which would appear on a consolidated balance sheet of such Person and its consolidated Restricted
Subsidiaries, determined on a consolidated basis in accordance with GAAP, and after giving effect to purchase accounting and after deducting therefrom Consolidated Current Liabilities and, to the extent otherwise included, the amounts of unamortized
debt discount and expenses and other unamortized deferred charges, goodwill, patents, trademarks, service marks, trade names, copyrights, licenses, organization or developmental expenses and other intangible items. 

“Consolidated Secured Indebtedness” means, as of any date of determination, an amount equal to the Consolidated Total
Indebtedness as of such date that is then secured by Liens on property or assets of Holdings, the Company or any Restricted Subsidiary plus, the aggregate additional Indebtedness that Holdings, the Company or any Restricted Subsidiary may Incur as
of such date pursuant to Section 4.03(b)(1) for which a financial institution has committed, or is otherwise obligated, to provide. 
 “Consolidated Secured Leverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated Secured Indebtedness to (b) the aggregate amount of EBITDA for the
most recently ended four full consecutive fiscal quarters for which internal consolidated financial statements of Holdings are available, in each case with such pro forma adjustments to Consolidated Secured Indebtedness and EBITDA as
are consistent with the pro forma adjustment provisions set forth in the definition of Consolidated Coverage Ratio; provided, however, that for purposes of the calculation of the Consolidated Secured Leverage Ratio, in
connection with the Incurrence of any Lien pursuant to clause (26) of the definition of “Permitted Liens”, Holdings, the Company or the Restricted Subsidiaries may elect, pursuant to an Officer’s Certificate delivered to the
Trustee, to treat all or any portion of the commitment under any Indebtedness which is to be secured by such Lien as being Incurred at such time and any subsequent Incurrence of Indebtedness under such commitment shall not be deemed, for purposes of
this calculation, to be an Incurrence at such subsequent time. 

  
 11 

 “Consolidated Total Indebtedness” means, as of any date of determination,
an amount equal to the aggregate amount of all outstanding Indebtedness of Holdings, the Company and the Restricted Subsidiaries on a consolidated basis. 
 “Contributions” has the meaning set forth under the definition “Transactions”. 
 “Credit Facilities” means one or more debt facilities (including the Senior Credit Agreement), commercial paper facilities, securities purchase agreement, indenture or similar agreement,
in each case, with banks or other institutional lenders or investors providing for revolving loans, term loans, receivables financing (including through the sale of receivables to lenders or to special purpose entities formed to borrow from lenders
against such receivables), letters of credit or the issuance of securities, including any related notes, guarantees, collateral documents, instruments and agreement executed in connection therewith, and, in each case, as amended, restated, replaced
(whether upon or after termination or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time. 

“Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement with
respect to currency values. 
 “Default” means any event which is, or after notice or passage of time or both
would be, an Event of Default. 
 “Designated Non-cash Consideration” means the Fair Market Value of non-cash
consideration received by Holdings, the Company or one of the Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-cash Consideration pursuant to an Officer’s Certificate setting forth the
basis of such valuation, less the amount of Temporary Cash Investments received in connection with a subsequent sale of such Designated Non-cash Consideration. 
 “Disqualified Stock” means, with respect to any Person, any Capital Stock which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable
at the option of the holder thereof) or upon the happening of any event: 
 (1) matures or is mandatorily
redeemable (other than redeemable only for Capital Stock of such Person which is not itself Disqualified Stock) pursuant to a sinking fund obligation or otherwise; 

(2) is convertible or exchangeable at the option of the holder for Indebtedness or Disqualified Stock; or 

(3) is mandatorily redeemable or must be purchased upon the occurrence of certain events or otherwise, in whole or in
part, 

  
 12 

 in each case on or prior to the first anniversary after the Stated Maturity of the Securities;
provided, however, that any Capital Stock that would not constitute Disqualified Stock but for provisions thereof giving holders thereof the right to require such Person to purchase or redeem such Capital Stock upon the occurrence of
an “asset sale” or “change of control” occurring prior to the first anniversary after the Stated Maturity of the Securities shall not constitute Disqualified Stock if (A) the “asset sale” or “change of
control” provisions applicable to such Capital Stock are not more favorable to the holders of such Capital Stock than the terms applicable to the Securities under Sections 4.06 and 4.08 of this Indenture and (B) any such requirement
only becomes operative after compliance with such terms applicable to the Securities, including the purchase of any Securities tendered pursuant thereto. 
 “Distribution” has the meaning set forth under the definition “Transactions”. 
 “EBITDA” for any period means the sum of Consolidated Net Income, plus the following to the extent deducted in calculating such Consolidated Net Income: 

(1) all provisions for taxes based on the income or profits of Holdings, the Company and the consolidated Restricted
Subsidiaries; plus 
 (2) Consolidated Interest Expense; plus 

(3) depreciation and amortization expense of Holdings, the Company and the consolidated Restricted Subsidiaries (including
amortization of intangibles but excluding amortization expense attributable to a prepaid item that was paid in cash in a prior period); plus 
 (4) any losses attributable to early extinguishment of Indebtedness or under any Hedging Obligation, and any unrealized losses attributable to the application of “mark to market” accounting in
respect of Hedging Obligations; plus  
 (5) an amount equal to any extraordinary loss plus any net loss
realized by Holdings, the Company and the consolidated Restricted Subsidiaries in connection with (A) an Asset Disposition or (B) any disposition of the Ethanol Assets or any disposition of the shares of Capital Stock of the Ethanol
Subsidiaries; plus  
 (6) all impairments and other non-cash charges or expenses of Holdings, the Company
and the consolidated Restricted Subsidiaries (excluding any such impairment and other non-cash charges and expenses to the extent representing an accrual of or reserve for cash expenditures in any future period); less  

(7) all non-cash items of income of Holdings, the Company and the consolidated Restricted Subsidiaries (other than
accruals of revenue by Holdings, the Company and the consolidated Restricted Subsidiaries in the ordinary course of business); plus  

  
 13 

 (8) any fees and expenses for such period (if incurred prior to
September 30, 2013) relating to the Transactions, in an aggregate amount for all periods not to exceed $50,000,000; less  
 (9) any gains attributable to early extinguishment of Indebtedness or under any Hedging Obligation, and any unrealized gains attributable to the application of “mark to market” accounting in
respect of Hedging Obligations; less  
 (10) an amount equal to any extraordinary gain plus any net gain
realized by Holdings, the Company and the consolidated Restricted Subsidiaries in connection with (A) an Asset Disposition or (B) any disposition of the Ethanol Assets or any disposition of the shares of Capital Stock of the Ethanol
Subsidiaries, 
 in each case for such period. Notwithstanding the foregoing, the provision for taxes based on the income or profits of, and the
depreciation and amortization and non-cash charges of, a Restricted Subsidiary shall be added to Consolidated Net Income to compute EBITDA only to the extent (and in the same proportion, including by reason of minority interests) that the net income
or loss of such Restricted Subsidiary was included in calculating Consolidated Net Income and only if a corresponding amount would be permitted at the date of determination to be dividended or otherwise contributed or distributed to Holdings by such
Restricted Subsidiary without prior approval (that has not been obtained), pursuant to the terms of its charter and all agreements, instruments, judgments, decrees, orders, statutes, rules and governmental regulations applicable to such Restricted
Subsidiary or its stockholders. 
 “Employee Matters Agreement” means the Employee Matters Agreement between
Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “Escrow Agent” means JPMorgan Chase
Bank, N.A. 
 “Escrow Agreement” means the agreement dated August 14, 2013 by and among the Company, the
Escrow Agent and the Trustee. 
 “Ethanol Assets” means the Company’s ethanol production facilities
located in Hankinson, North Dakota and in Hereford, Texas, including any and all real and personal, tangible and intangible assets and properties, including cash, securities, accounts and contract rights primarily related to the operations of such
facilities. 
 “Ethanol Subsidiaries” means Hankinson Holding, LLC, Hankinson Renewable Energy, LLC and
Hereford Renewable Energy, LLC. 
 “Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended.

  
 14 

 “Fair Market Value” means, with respect to any asset or property, the price
which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair Market Value shall
be determined in good faith by the Board of Directors, whose determination shall be conclusive and evidenced by a resolution of such Board of Directors; provided, however, that for purposes of Section 4.04(a)(3)(B), if the Fair
Market Value of the property or assets in question is so determined to be in excess of $50,000,000, such determination must be confirmed by an Independent Qualified Party. 
 “Foreign Subsidiary” means any Restricted Subsidiary of Holdings that is not organized under the laws of the United States of America or any State thereof or the District of Columbia.

 “Form 10” means the registration statement on Form 10, originally filed by Holdings with the SEC on
May 6, 2013, as amended through August 7, 2013. 
 “GAAP” means generally accepted accounting
principles in the United States of America as in effect as of the Issue Date, including those set forth in 
 (1)
the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants; 
 (2) statements and pronouncements of the Financial Accounting Standards Board; 
 (3) such other statements by such other entity as approved by a significant segment of the accounting profession; and 

(4) the rules and regulations of the SEC governing the inclusion of financial statements (including pro
forma financial statements) in periodic reports required to be filed pursuant to Section 13 of the Exchange Act, including opinions and pronouncements in staff accounting bulletins and similar written statements from the accounting
staff of the SEC, 
 except with respect to any reports or financial information required to be delivered pursuant to the covenant set forth
under Section 4.02 of this Indenture, which shall be prepared in accordance with GAAP as in effect on the date thereof. All ratios and computations based on GAAP contained in this Indenture shall be computed in conformity with GAAP. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any
Indebtedness of any Person and any obligation, direct or indirect, contingent or otherwise, of such Person 
 (1)
to purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services,
to take-or-pay or to maintain financial statement conditions or otherwise); or 

  
 15 

 (2) entered into for the purpose of assuring in any other manner the obligee
of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

provided, however, that the term “Guarantee” shall not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means
Holdings and any Subsidiary Guarantor. 
 “Hedging Obligations” of any Person means the obligations of such
Person pursuant to any Interest Rate Agreement, Currency Agreement or similar agreements or arrangements relating to commodity prices. 
 “Holder” or “Securityholder” means the Person in whose name a Security is registered on the Registrar’s books. 

“Incur” means issue, assume, Guarantee, incur or otherwise become liable for; provided, however, that any
Indebtedness of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by such Person at the time it becomes a Restricted Subsidiary. The
term “Incurrence” when used as a noun shall have a correlative meaning. Solely for purposes of determining compliance with Section 4.03: 
 (1) amortization of debt discount or the accretion of principal with respect to a non-interest bearing or other discount security; 

(2) the payment of regularly scheduled interest in the form of additional Indebtedness of the same instrument or the
payment of regularly scheduled dividends on Capital Stock in the form of additional Capital Stock of the same class and with the same terms; 
 (3) the obligation to pay a premium in respect of Indebtedness arising in connection with the issuance of a notice of redemption or the making of a mandatory offer to purchase such Indebtedness;

 (4) changes in the principal amount of any Indebtedness that is denominated in a currency other than U.S.
dollars solely as a result of fluctuations in exchange rates or currency values; and 
 (5) the reclassification
of any outstanding Capital Stock as Indebtedness due to a change in accounting principles so long as such Capital Stock was issued prior to, and not in contemplation of, such accounting change 

shall not be deemed to be the Incurrence of Indebtedness. 

  
 16 

 “Indebtedness” means, with respect to any Person on any date of
determination (without duplication): 
 (1) the principal in respect of (A) indebtedness of such Person for
money borrowed and (B) indebtedness evidenced by notes, debentures, bonds or other similar instruments for the payment of which such Person is responsible or liable, including, in each case, any premium on such indebtedness to the extent such
premium has become due and payable; 
 (2) all Capital Lease Obligations of such Person and all Attributable Debt
in respect of Sale/Leaseback Transactions entered into by such Person; 
 (3) all obligations of such Person
issued or assumed as the deferred purchase price of property and all conditional sale obligations of such Person, in either case due more than six months after such property is acquired or such sale is completed, and all obligations of such Person
under any title retention agreement relating to property acquired by such Person (but excluding (A) accounts payable or other liabilities to trade creditors arising in the ordinary course of business, (B) deferred compensation payable to
directors, officers or employees of Holdings, the Company or any other Restricted Subsidiary and (C) any purchase price adjustment or earnout incurred in connection with an acquisition, except to the extent that the amount payable pursuant to
such purchase price adjustment or earnout is, or becomes, reasonably determinable); 
 (4) all obligations of
such Person for the reimbursement of any obligor on any letter of credit, bankers’ acceptance or similar credit transaction (other than obligations with respect to letters of credit securing obligations (other than obligations described in
clauses (1) through (3) above) entered into in the ordinary course of business of such Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the tenth
Business Day following payment on the letter of credit); 
 (5) the amount of all obligations of such Person with
respect to the redemption, repayment or other repurchase of any Disqualified Stock of such Person or, with respect to any Preferred Stock of any Subsidiary of such Person (but excluding, in each case, any accrued dividends); 

(6) all Guarantees by such Person of (A) obligations of the type referred to in clauses (1) through (5) or
(B) dividends of other Persons; 
 (7) all obligations of the type referred to in clauses (1) through
(6) of other Persons secured by any Lien on any property or asset of such Person (whether or not such obligation is assumed by such Person), the amount of such obligation being deemed to be the lesser of the Fair Market Value of such property
or assets and the amount of the obligation so secured; and 
 (8) to the extent not otherwise included in this
definition, Hedging Obligations of such Person. 

  
 17 

 Notwithstanding the foregoing, in connection with the purchase by Holdings, the Company or any Restricted
Subsidiary of any business, the term “Indebtedness” shall exclude post-closing payment adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on
the performance of such business after the closing; provided, however, that, at the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount
is paid within thirty (30) days thereafter. 
 The amount of Indebtedness of any Person at any date shall be the
outstanding balance at such date of all obligations as described above; provided, however, that in the case of Indebtedness sold at a discount, the amount of such Indebtedness at any time shall be the accreted value thereof at such
time. 
 The amount of any Preferred Stock that has a fixed redemption, repayment or repurchase price shall be calculated in
accordance with the terms of such Preferred Stock as if such Preferred Stock were redeemed, repaid or repurchased on any date on which the amount of such Preferred Stock is to be determined pursuant to this Indenture; provided,
however, that if such Preferred Stock could not be required to be redeemed, repaid or repurchased at the time of such determination, the redemption, repayment or repurchase price shall be calculated as of the first date thereafter on which
such Preferred Stock could be required to be so redeemed, repaid or repurchased. If any Preferred Stock does not have a fixed redemption, repayment or repurchase price, the amount of such Preferred Stock shall be its maximum liquidation value.

 “Indenture” means this Indenture as amended or supplemented from time to time. 

“Independent Qualified Party” means an investment banking firm, accounting firm or appraisal firm of national standing;
provided, however, that such firm is not an Affiliate of Holdings. 
 “Intercompany Accounts” has
the meaning set forth under the definition “Transactions”. 
 “Interest Rate Agreement” means any
interest rate swap agreement, interest rate cap agreement or other financial agreement or arrangement with respect to exposure to interest rates. 
 “Investment” in any Person means any direct or indirect advance, loan (other than advances to customers in the ordinary course of business that are recorded as accounts receivable on the
balance sheet of the lender) or other extensions of credit (including by way of Guarantee or similar arrangement) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for
the account or use of others), or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by such Person. If Holdings, the Company or any Restricted Subsidiary issues, sells or otherwise disposes of any Capital

  
 18 

 
Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by Holdings, the Company or any
Restricted Subsidiary in such Person remaining after giving effect thereto shall be deemed to be a new Investment at such time. The acquisition by Holdings, the Company or any Restricted Subsidiary of a Person that holds an Investment in a third
Person shall be deemed to be an Investment by Holdings, the Company or such Restricted Subsidiary in such third Person at such time. Except as otherwise provided for herein, the amount of an Investment shall be its Fair Market Value at the time the
Investment is made and without giving effect to subsequent changes in value. 
 For purposes of the definition of
“Unrestricted Subsidiary”, the definition of “Restricted Payment” and Section 4.04, “Investment” shall include 
 (1) the portion (proportionate to Holdings’ equity interest in such Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of Holdings at the time that such Subsidiary is designated
an Unrestricted Subsidiary; provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary Holdings shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an
amount (if positive) equal to (A) Holdings’ “Investment” in such Subsidiary at the time of such redesignation less (B) the portion (proportionate to Holdings’ equity interest in such Subsidiary) of the Fair Market Value
of the net assets of such Subsidiary at the time of such redesignation; and 
 (2) any property transferred to or
from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of such transfer, in each case as determined in good faith by the Board of Directors. 
 “Investment Grade Rating” mans a rating equal to or higher than Baa3 (or equivalent) by Moody’s and BBB- (or the equivalent) by Standard and Poor’s, or an equivalent rating by
any other Rating Agency. 
 “Issue Date” means August 14, 2013. 

“Lease Agreement” means the Lease Agreement for 200 Peach Street, El Dorado, Arkansas, between Murphy Oil and the
Company, to be dated on or prior to the Separation Date. 
 “Legal Holiday” means a Saturday, a Sunday or a day
on which banking institutions are not required to be open in the State of New York. 
 “Lien” means any
mortgage or deed of trust, charge, pledge, lien, security interest, hypothecation, or other encumbrance upon or with respect to any property of any kind (including any conditional sale, capital lease, other title retention agreement or any leases in
the nature thereof) real or personal, moveable or immovable, now owned or hereafter acquired; provided, however, that in no event shall an operating lease be deemed to constitute a Lien. A Person shall be deemed to own subject to a
Lien any property which it has acquired or holds subject to the interest of a vendor or lessor under 

  
 19 

 
any conditional sale agreement, Capital Lease Obligation or other title retention agreement. 
 “MOC Group” has the meaning set forth under the definition “Transactions”. 
 “Moody’s” means Moody’s Investors Service, Inc. and any successor to its rating agency business. 
 “Murphy Oil” means Murphy Oil Corporation, a Delaware corporation and the parent company of Holdings and the Company until the consummation of the Transactions on the Separation Date.

 “Murphy Oil Distribution” has the meaning set forth under the definition “Transactions”.

 “MUSA Group” has the meaning set forth under the definition “Transactions”. 

“Net Available Cash” from an Asset Disposition means cash payments and the Fair Market Value of any Temporary Cash
Investments received therefrom (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and proceeds from the sale or other disposition of any securities (other than
Temporary Cash Investments) received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring Person of Indebtedness or other obligations relating to such properties
or assets or received in any other non-cash form), in each case net of 
 (1) all legal, accounting and
investment banking fees, title and recording tax expenses, commissions and other fees and expenses incurred (including any relocation expenses incurred as a result thereof and any related severance and associated costs), and all Federal, state,
provincial, foreign and local taxes required to be accrued as a liability under GAAP, as a consequence of such Asset Disposition; 
 (2) all payments made on any Indebtedness which is secured by any assets subject to such Asset Disposition, in accordance with the terms of any Lien upon or other security agreement of any kind with
respect to such assets, or which must by its terms, or in order to obtain a necessary consent to such Asset Disposition, or by applicable law, be repaid out of the proceeds from such Asset Disposition; 

(3) all distributions and other payments required to be made to minority interest holders in Restricted Subsidiaries as a
result of such Asset Disposition; 

  
 20 

 (4) the deduction of appropriate amounts provided by the seller as a
reserve, in accordance with GAAP, against any liabilities associated with the property or other assets disposed in such Asset Disposition and retained by Holdings, the Company or any Restricted Subsidiary after such Asset Disposition; and

 (5) any portion of the purchase price from an Asset Disposition placed in escrow, whether as a reserve for
adjustment of the purchase price, for satisfaction of indemnities in respect of such Asset Disposition or otherwise in connection with that Asset Disposition; provided, however, that upon the termination of that escrow, Net Available
Cash shall be increased by any portion of funds in the escrow that are released to Holdings, the Company or any Restricted Subsidiary. 
 “Net Cash Proceeds”, with respect to any issuance or sale of Capital Stock or Indebtedness, means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’
fees, underwriters’ or placement agents’ fees, discounts or commissions and brokerage, consultant and other fees actually incurred in connection with such issuance or sale and net of taxes paid or payable as a result thereof. 

“Obligations” means, with respect to any Indebtedness, all obligations for principal, premium, interest, penalties,
fees, indemnifications, reimbursements and other amounts payable pursuant to the documentation governing such Indebtedness. 

“Offering Memorandum” means the offering memorandum dated August 9, 2013 related to the offering of the Securities.

 “Officer” means the Chairman of the Board of Directors, the President, any Vice President, the Treasurer or
any Assistant Treasurer, the Secretary or any Assistant Secretary of Holdings. “Officer” of the Company or any other Guarantor has a correlative meaning. 
 “Officer’s Certificate” means a certificate signed by one Officer. 
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to Holdings or the Trustee (or if
such opinion of counsel is in relation to a transaction of any other Guarantor or the Company, counsel to such other Guarantor or the Company). 
 “Permitted Investment” means an Investment by Holdings, the Company or any Restricted Subsidiary in: 

(1) Holdings, the Company, a Restricted Subsidiary or a Person that shall, upon the making of such Investment, become a
Restricted Subsidiary; 
 (2) another Person if, as a result of such Investment, such other Person is merged or
consolidated with or into, or transfers or conveys all or substantially all its assets to, Holdings, the Company or a Restricted Subsidiary; 

  
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 (3) cash and Temporary Cash Investments; 

(4) receivables owing to Holdings, the Company or any Restricted Subsidiary if created or acquired in the ordinary course
of business and payable or dischargeable in accordance with customary trade terms; provided, however, that such trade terms may include such concessionary trade terms as Holdings, the Company or any such Restricted Subsidiary deems
reasonable under the circumstances; 
 (5) payroll, commission, travel, relocation and similar advances to cover
matters that are expected at the time of such advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(6) loans or advances to directors and employees made in the ordinary course of business consistent with past practices of
Holdings, the Company or such Restricted Subsidiary (including, without limitation, loans and advances the net proceeds of which are used solely to purchase Capital Stock of Holdings in connection with restricted stock or employee stock purchase
plans, or to exercise stock received pursuant thereto on other incentive plans in a principal amount not to exceed the aggregate exercise or purchase price), or loans to refinance principal and accrued interest on any such loans; 

(7) Investments received (a) in settlement of debts created in the ordinary course of business and owing to Holdings,
the Company or any Restricted Subsidiary, (b) in satisfaction of judgments or (c) in compromise or resolution of litigation, arbitration or other disputes; 

(8) any Person to the extent such Investment represents the non-cash portion of the consideration received for (a) an
Asset Disposition as permitted pursuant Section 4.06 or (b) a disposition of assets not constituting an Asset Disposition (including, for the avoidance of doubt, any disposition of the Ethanol Assets or any disposition of shares of Capital
Stock of the Ethanol Subsidiaries); 
 (9) any Person where such Investment was acquired by Holdings, the Company
or any Restricted Subsidiary (a) in connection with an acquisition, merger, amalgamation or consolidation with or into Holdings, the Company or a Restricted Subsidiary in a transaction that is not prohibited by this Indenture to the extent that
such Investment was not made in contemplation of such acquisition, merger, amalgamation or consolidation, (b) in exchange for any other Investment or accounts receivable held by Holdings, the Company or any such Restricted Subsidiary in
connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the Company of such other Investment or accounts receivable or (c) as a result of a foreclosure by Holdings, the Company or any Restricted Subsidiary
with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 

  
 22 

 (10) any Person to the extent such Investments consist of advances, deposits
and prepayment for purchases of any assets, prepaid expenses, negotiable instruments held for collection and lease, utility and workers’ compensation, performance and other similar deposits made in the ordinary course of business by Holdings,
the Company or any Restricted Subsidiary; 
 (11) any Person in exchange for Qualified Capital Stock of Holdings;

 (12) any Person to the extent such Investments consist of Hedging Obligations; 

(13) Guarantees of Indebtedness otherwise permitted under Section 4.03 or Guarantees by Holdings, the Company or any
Restricted Subsidiary of operating leases (other than Capital Lease Obligations) or of other obligations that do not constitute Indebtedness, in each case entered into by Holdings, the Company or a Restricted Subsidiary in the ordinary course of
business; 
 (14) any Person to the extent such Investment exists on, or any Investment pursuant to a binding
agreement that exists on, the Issue Date or is part of the Spin-Off Documents, and any extension, modification or renewal of any such Investments, but only to the extent not involving additional advances, contributions or other Investments of cash
or other assets or other increases thereof (other than as a result of the accrual or accretion of interest or original issue discount or the issuance of pay-in-kind securities, in each case, pursuant to the terms of such Investment as in effect on
the Issue Date or as otherwise contemplated pursuant to a binding agreement that exists on the Issue Date or is part of the Spin-Off Documents); 
 (15) any Person to the extent such Investments result solely from the receipt by Holdings, the Company or a Restricted Subsidiary from any of its Subsidiaries of a dividend or other Restricted Payment in
the form of Capital Stock, evidences of Indebtedness or other securities (but not any additions thereto made after the date of receipt thereof); and 
 (16) any Persons to the extent such Investments, when taken together with all other Investments made pursuant to this clause (16) and outstanding on the date such Investment is made, do not exceed
the greater of (A) $75,000,000 and (B) 6.5% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Investment. 

For purposes of this definition, in the event that a proposed Investment (or portion thereof) meets the criteria of more than one of the
categories of Permitted Investments described in clauses (1) through (16) above, Holdings shall be entitled to classify (but not reclassify) such Investment (or portion thereof) in one or more of such categories set forth above).

  
 23 

 “Permitted Liens” means, with respect to any Person, 

(1) pledges or deposits by such Person under worker’s compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Indebtedness) or leases to which such Person is a party, or deposits to secure public or statutory obligations of such Person or deposits
of cash or United States government bonds to secure surety or appeal bonds to which such Person is a party, or deposits as security for contested taxes or import duties or for the payment of rent, in each case Incurred in the ordinary course of
business; 
 (2) Liens imposed by law, such as carriers’, warehousemen’s, mechanics’,
materialmens’, repairmens’ and other like Liens, in each case for sums not yet due or being contested in good faith by appropriate proceedings or other Liens arising out of judgments or awards against such Person with respect to which such
Person shall then be proceeding with an appeal or other proceedings for review and Liens arising solely by virtue of any statutory or common law provision relating to banker’s Liens, rights of set-off or similar rights and remedies as to
deposit accounts or other funds maintained with a creditor depository institution; provided, however, that (A) such deposit account is not a dedicated cash collateral account and is not subject to restrictions against access by
Holdings in excess of those set forth by regulations promulgated by the Federal Reserve Board and (B) such deposit account is not intended by Holdings, the Company or any Restricted Subsidiary to provide collateral to the depository
institution; 
 (3) Liens for taxes, assessments or governmental charges not yet subject to penalties for
non-payment or which are being contested in good faith by appropriate proceedings; 
 (4) Liens in favor of
issuers of surety bonds or letters of credit issued pursuant to the request of and for the account of such Person in the ordinary course of its business; provided, however, that such letters of credit do not constitute Indebtedness;

 (5) Liens on specific items of inventory or other goods (and the proceeds thereof) of any Person securing such
Person’s obligations in respect of bankers’ acceptances issued or created in the ordinary course of business for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(6) leases or licenses with respect to the assets or properties of Holdings, the Company or any Restricted Subsidiary, so
long as such leases or licenses do not, individually or in the aggregate, interfere in any material respect with the ordinary course of the business of Holdings, the Company or any Restricted Subsidiary; 

(7) filing of Uniform Commercial Code financing statements (or similar filings under applicable law) regarding operating
leases; 

  
 24 

 (8) survey exceptions, minor encumbrances, easements or reservations of, or
rights of others for, licenses, rights-of-way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions as to the use of real property or Liens incidental to the conduct of the business of
such Person or to the ownership of its properties which were not Incurred in connection with Indebtedness and which do not in the aggregate materially adversely affect the value of said properties or materially impair their use in the operation of
the business of such Person; 
 (9) judgment Liens in respect of judgments that do not constitute an Event of
Default; 
 (10) Liens securing Indebtedness Incurred to finance the construction, purchase or lease of, or
repairs, improvements or additions to, property, plant or equipment of such Person, including Permitted Indebtedness Incurred under Section 4.03(b)(11), provided, however, that the Lien may not extend to any other property owned
by such Person or any of its Restricted Subsidiaries at the time the Lien is Incurred (other than assets and property affixed or appurtenant thereto, improvements thereon, accessions thereto, proceeds or replacements in respect thereof); 

(11) Liens to secure Permitted Indebtedness Incurred under Section 4.03(b)(1); 

(12) Liens on assets of any Foreign Subsidiary to secure Indebtedness permitted by Section 4.03(b)(13); 

(13) Liens existing on the Issue Date or under the Spin-Off Documents; 

(14) Liens in favor of customs and revenue authorities arising as a matter of law to secure payment of customs duties in
connection with the importation of goods; 
 (15) Liens on property or shares of Capital Stock of another Person
at the time such other Person becomes a Subsidiary of such Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions
pursuant to which such Person becomes such a Subsidiary); provided, however, that the Liens may not extend to any other property owned by such Person or any of its Restricted Subsidiaries (other than assets and property affixed or
appurtenant thereto, improvements thereon, accessions thereto, proceeds thereof or replacements in respect thereof); 
 (16) Liens on property at the time such Person or any of its Subsidiaries acquires the property, including any acquisition by means of a merger or consolidation with or into such Person or a Subsidiary of
such Person (other than a Lien Incurred in connection with, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of transactions 

  
 25 

 
pursuant to which such Person or any of its Subsidiaries acquired such property); provided, however, that the Liens may not extend to any other property owned by such Person or any
of its Restricted Subsidiaries (other than assets and property affixed or appurtenant thereto, improvements thereon, accessions thereto, proceeds thereof or replacements in respect thereof); 

(17) Liens securing Indebtedness or other obligations of a Subsidiary of such Person owing to such Person or a Wholly
Owned Subsidiary of such Person; 
 (18) Liens securing Hedging Obligations so long as such Hedging Obligations
are permitted to be incurred under this Indenture; 
 (19) Liens in favor of Holdings, the Company or any
Subsidiary Guarantor; 
 (20) Liens created for the benefit of (or to secure) the Securities (or the Guarantees
of the Securities) or payment obligations to the Trustee in respect thereof; 
 (21) Liens to secure any
Refinancing (or successive Refinancings) as a whole, or in part, of any Indebtedness secured by any Lien referred to in the foregoing clause (10), (13), (15) or (16); provided, however, that (A) such new Lien shall be
limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose, could secure the original Lien (plus improvements and accessions to, such property or proceeds or
distributions thereof) and (B) the Indebtedness secured by such Lien at such time is not increased to any amount greater than the sum of (i) the outstanding principal amount or, if greater, committed amount of the Indebtedness described
under clause (10), (13), (15) or (16) at the time the original Lien became a Permitted Lien and (ii) an amount necessary to pay any fees and expenses, including premiums, related to such Refinancing; 

(22) Liens Incurred to secure cash management services in the ordinary course of business; 

(23) Liens on assets pursuant to merger agreements, stock or asset purchase agreements and similar agreements limiting the
disposition of such assets pending the closing of the transactions contemplated thereby; 
 (24) Liens on
insurance policies and the proceeds thereof securing the financing of the premiums with respect thereto; 
 (25)
Liens on any cash earnest money deposits, escrow arrangements or similar arrangements made by Holdings, the Company or any Restricted Subsidiary in connection with any letter of intent or purchase agreement; 

  
 26 

 (26) other Liens securing Indebtedness; provided, however,
that at the time of incurrence after giving pro forma effect thereto, the Consolidated Secured Leverage Ratio would be no greater than 1.5 to 1.0; 
 (27) Liens with respect to obligations that are at any one time outstanding not to exceed the greater of (i) $50,000,000 and (ii) 4% of Consolidated Net Tangible Assets of Holdings, the Company
and the Restricted Subsidiaries determined as of the date of such Incurrence; 
 (28) Liens on and security
interests in the account holding the Escrow Funds and all deposits and investment property therein in favor of the Trustee, for its benefit and the benefit of the Holders; 

(29) Liens incurred in connection with a Sale/Leaseback Transaction Incurred pursuant to Section 4.03(b)(14) of this
Indenture. 
 Notwithstanding the foregoing, “Permitted Liens” shall not include any Lien described in clause (10), (15) or
(16) above to the extent such Lien applies to any Additional Assets acquired directly or indirectly from Net Available Cash pursuant to Section 4.06. For purposes of this definition, the term “Indebtedness” shall be deemed to
include interest on such Indebtedness. 
 “Person” means any individual, corporation, partnership, limited
liability company, joint venture, association, joint-stock company, trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 

“Preferred Stock”, as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends or distributions, or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such
Person. 
 “principal” of a Security means the principal of the Security plus the premium, if any, payable on
the Security which is due or overdue or is to become due at the relevant time. 
 “Purchase Money Indebtedness”
means Indebtedness (including Capital Lease Obligations) (1) consisting of the deferred purchase price of property, conditional sale obligations, obligations under any title retention agreement, other purchase money obligations and obligations
in respect of industrial revenue bonds or similar Indebtedness, in each case where the maturity of such Indebtedness does not exceed the anticipated useful life of the asset being financed, and (2) (i) Incurred to finance the acquisition
by Holdings, the Company or a Restricted Subsidiary of such asset, including additions and improvements or (ii) assumed in connection with the acquisition of any fixed or capital assets; provided, however, that any Lien arising in
connection with any such Indebtedness shall be limited to the specific asset being financed or, in the case of real property or fixtures, including additions and improvements, the real property on which such asset is attached; provided
further, however, that such Indebtedness is Incurred no later than 180 days after such acquisition of such assets. 

  
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 “Qualified Capital Stock” of a Person means Capital Stock of such Person
other than Disqualified Stock; provided, however, that such Capital Stock shall not be deemed Qualified Capital Stock to the extent sold to a Subsidiary of such Person or financed, directly or indirectly, using funds (1) borrowed
from such Person or any Subsidiary of such Person or (2) contributed, extended, guaranteed or advanced by such Person or any Subsidiary of such Person (including, in respect of any employee stock ownership or benefit plan). Unless otherwise
specified, Qualified Capital Stock refers to Qualified Capital Stock of Holdings. 
 “Qualified Equity
Offering” means any public or private issuance and sale of Holdings’ common stock by Holdings; provided, however, that the cash proceeds therefrom equal to not less than 100% of the aggregate principal amount of any
Securities to be redeemed are received by the Company as a contribution to its common equity capital. Notwithstanding the foregoing, the term “Qualified Equity Offering” shall not include: 

 

	 	(1)	any issuance and sale with respect to common stock registered on Form S-4 or Form S-8; or 

 

	 	(2)	any issuance and sale to any Subsidiary of Holdings. 

 “Quotation Agent” means the Reference Treasury Dealer selected by the Trustee after consultation with Holdings. 
 “Rating Agencies” means Standard & Poor’s and Moody’s or if Standard & Poor’s or Moody’s or both shall not make a rating on the Securities publicly
available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by Holdings (as certified by a resolution of the Board of Directors) which shall be substituted for Standard & Poor’s or
Moody’s or both, as the case may be. 
 “Reference Treasury Dealer” means J.P. Morgan Securities LLC and
its successors and assigns and two other nationally recognized investment banking firms selected by Holdings that are primary U.S. Government securities dealers. 
 “Reference Treasury Dealer Quotations” means with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, 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 Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day immediately
preceding such redemption date. 
 “Refinance” means, in respect of any Indebtedness, to refinance, extend,
renew, refund, repay, prepay, redeem, defease or retire, or to issue other Indebtedness in exchange or replacement for, such Indebtedness. “Refinanced” and “Refinancing” shall have correlative meanings. 

  
 28 

 “Refinancing Indebtedness” means Indebtedness that Refinances any
Indebtedness of Holdings, the Company or any Restricted Subsidiary existing on the Issue Date or under the Spin-Off Documents or Incurred in compliance with this Indenture, including Indebtedness that Refinances Refinancing Indebtedness;
provided, however, that: 
 (1) such Refinancing Indebtedness has a Stated Maturity no earlier than
the Stated Maturity of the Indebtedness being Refinanced; 
 (2) such Refinancing Indebtedness has an Average
Life at the time such Refinancing Indebtedness is Incurred that is equal to or greater than the Average Life of the Indebtedness being Refinanced; 
 (3) such Refinancing Indebtedness has an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) that is equal to or less than the aggregate principal amount (or
if Incurred with original issue discount, the aggregate accreted value) then outstanding (plus accrued and unpaid interest and any related fees and expenses in connection with such Refinancing, including any premium and defeasance costs) under the
Indebtedness being Refinanced; and 
 (4) if the Indebtedness being Refinanced is subordinated in right of
payment to the Securities, such Refinancing Indebtedness is subordinated in right of payment to the Securities at least to the same extent as the Indebtedness being Refinanced; 
 provided further, however, that Refinancing Indebtedness shall not include (A) Indebtedness of a Subsidiary that Refinances Indebtedness of the Company or Holdings or
(B) Indebtedness of Holdings, the Company or a Restricted Subsidiary that Refinances Indebtedness of an Unrestricted Subsidiary. 
 “Related Business” means any business in which Holdings, the Company or any of the Restricted Subsidiaries was engaged on the Issue Date and any business related ancillary or
complementary to such business. 
 “Representative” means J.P. Morgan Securities LLC, as representative of the
Initial Purchasers listed on Schedule 1 of the Purchase Agreement. 
 “Restricted Payment” with respect to
any Person means 
 (1) the declaration or payment of any dividends or any other distributions of any sort in
respect of its Capital Stock (including any payment in connection with any merger or consolidation involving such Person) or similar payment to the direct or indirect holders of its Capital Stock (other than (A) dividends or distributions
payable solely in its Capital Stock (other than Disqualified Stock), (B) dividends or distributions payable solely to Holdings, the Company or a Restricted Subsidiary and (C) pro rata dividends or other distributions made by
a Subsidiary that is not a Wholly Owned Subsidiary to minority stockholders (or owners of an equivalent interest in the case of a Subsidiary that is an entity other than a corporation)); 

  
 29 

 (2) the purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of any Capital Stock of Holdings held by any Person (other than by the Company or a Restricted Subsidiary) or of any Capital Stock of the Company or a Restricted Subsidiary held by any Affiliate of Holdings (other than by the
Company or a Restricted Subsidiary), including in connection with any merger or consolidation and including the exercise of any option to exchange any Capital Stock (other than into Capital Stock of Holdings that is not Disqualified Stock);

 (3) the purchase, repurchase, redemption, defeasance or other acquisition or retirement for value, prior to
scheduled maturity, scheduled repayment or scheduled sinking fund payment of any Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor (other than (A) from Holdings, the Company or any Restricted Subsidiary or
(B) the purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Obligations purchased in anticipation of satisfying a sinking fund obligation, principal installment or final maturity, in each case due
within one (1) year of the date of such purchase, repurchase, redemption, defeasance or other acquisition or retirement); or 
 (4) the making of any Investment (other than a Permitted Investment) in any Person. 
 Notwithstanding the foregoing, the consummation of any of the Transactions substantially on the terms described in the Offering Memorandum shall not be deemed to be a Restricted Payment. 

The amount of any Restricted Payment if made otherwise than in cash shall be Fair Market Value of the assets subject thereto. 

“Restricted Subsidiary” means any Subsidiary of Holdings that is not an Unrestricted Subsidiary, provided that
the Company shall not be considered a Restricted Subsidiary or an Unrestricted Subsidiary. 
 “Sale/Leaseback
Transaction” means an arrangement relating to property owned by Holdings, the Company or a Restricted Subsidiary on the Issue Date or thereafter acquired by Holdings, the Company or a Restricted Subsidiary whereby Holdings, the Company or a
Restricted Subsidiary transfers such property to a Person and Holdings, the Company or a Restricted Subsidiary leases it from such Person. 
 “SEC” means the U.S. Securities and Exchange Commission. 

“Securities Act” means the U.S. Securities Act of 1933, as amended. 

  
 30 

 “Senior Credit Agreement” means the credit agreement to be entered into on
or prior to the Separation Date among the Company, as borrower, Holdings, as guarantor, the other guarantors party thereto, J.P. Morgan Securities LLC, as lead arranger, and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent,
providing for a senior secured asset-based loan credit facility and term facility, as amended, restated, replaced (whether before, upon or after termination or otherwise), refinanced, supplemented, modified or otherwise changed (in whole or in part,
and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time. 
 “Senior
Indebtedness” means with respect to any Person: 
 (1) Indebtedness of such Person, whether outstanding
on the Issue Date or thereafter Incurred; and 
 (2) all other Obligations of such Person (including interest
accruing on or after the filing of any petition in bankruptcy or for reorganization relating to such Person whether or not post-filing interest is allowed in such proceeding) in respect of Indebtedness described in clause (1) above, 

unless, in the case of clauses (1) and (2), in the instrument creating or evidencing the same or pursuant to which the same is outstanding, it is
provided that such Indebtedness or other Obligations are subordinate in right of payment to the Securities or the Guarantee of such Person, as the case may be; provided, however, that Senior Indebtedness shall not include: 

(A) any obligation of such Person to Holdings, the Company or any Subsidiary of Holdings; 

(B) any liability for Federal, state, local or other taxes owed or owing by such Person; 

(C) any accounts payable or other liability to trade creditors arising in the ordinary course of business; 

(D) any Capital Stock; 
 (E) any Indebtedness or other Obligation of such Person which is subordinate or junior in any respect to any other Indebtedness or other Obligation of such Person; 

(F) that portion of any Indebtedness which at the time of Incurrence is Incurred in violation of this Indenture;

 (G) any Indebtedness, which, when Incurred and without respect to any election under Section 111(b) of
Title 11, United States Code, is without recourse to such Person; 

  
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 (H) any Indebtedness of or amounts owed by such Person for compensation to
employees or for services rendered to another Person; and 
 (I) Indebtedness of such Person to a Subsidiary or
any other Affiliate or any such Affiliate’s Subsidiaries. 
 “Separation” means the completion of the
Contributions and the Distribution on the Separation Date. 
 “Separation and Distribution Agreement” means the
Separation and Distribution Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 

“Separation Date” has the meaning set forth under the definition “Transactions”. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a significant subsidiary of Holdings within the
meaning of Rule 1-02 of Regulation S-X promulgated by the SEC. 
 “Spin-Off Documents” means the
Separation and Distribution Agreement, the Transition Services Agreement, the Tax Matters Agreement, the Employee Matters Agreement, the Trademark Assignment Agreement, the Trademark License Agreement, the Lease Agreement and the Aircraft
Agreements, together with any other agreements, instruments or other documents entered into in connection with any of the foregoing, each in substantially the form filed as an exhibit to the Form 10, the terms of which shall be substantially
consistent in all material respects with the information set forth in the Form 10. 
 “Standard &
Poor’s” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill Companies, Inc., and any successor to its rating agency business. 
 “Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the final payment of principal of such security is due and payable,
including pursuant to any mandatory redemption provision (but excluding any provision providing for the repurchase of such security at the option of the holder thereof upon the happening of any contingency unless such contingency has occurred).

 “Stock Contribution” has the meaning set forth under the definition “Transactions”. 

“Subordinated Obligation” means, with respect to a Person, any Indebtedness of such Person (whether outstanding on the
Issue Date or thereafter Incurred) which is subordinate or junior in right of payment to the Securities or a Guarantee of the Securities of such Person, as the case may be, pursuant to a written agreement to that effect. 

  
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 “Subsidiary” means, with respect to any Person, any corporation,
association, partnership or other business entity of which more than 50% of the total voting power of shares of Voting Stock is at the time owned or controlled, directly or indirectly, by (1) such Person, (2) such Person and one or more
Subsidiaries of such Person or (3) one or more Subsidiaries of such Person. 
 “Subsidiary Guarantee”
means a Guarantee by a Subsidiary Guarantor of the Company’s obligations with respect to the Securities. 

“Subsidiary Guarantor” means each Subsidiary of Holdings that executes this Indenture as a guarantor and each other
Subsidiary of Holdings that thereafter guarantees the Securities pursuant to the terms of this Indenture. 
 “Tax
Matters Agreement” means the Tax Matters Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “Temporary Cash Investments” means any of the following: 
 (1) any investment in direct obligations of the United States of America or any agency thereof or obligations guaranteed by the United States of America or any agency thereof; 

(2) investments in demand and time deposit accounts, certificates of deposit and money market deposits maturing within one
year of the date of acquisition thereof issued by a bank or trust company which is organized under the laws of the United States of America, any State thereof or any foreign country recognized by the United States of America, and which bank or trust
company has capital, surplus and undivided profits aggregating in excess of $50,000,000 (or the foreign currency equivalent thereof) and has outstanding debt which is rated “A” (or such similar equivalent rating) or higher by at least one
nationally recognized statistical rating organization (as defined in Section 3(a)(62) of the Exchange Act) or any money-market fund sponsored by a registered broker dealer or mutual fund distributor; 

(3) repurchase obligations with a term of not more than thirty (30) days for underlying securities of the types
described in clause (1) above entered into with a bank meeting the qualifications described in clause (2) above; 
 (4) investments in commercial paper, maturing not more than 364 days after the date of acquisition, issued by a corporation (other than an Affiliate of Holdings) organized and in existence under the
laws of the United States of America or any foreign country recognized by the United States of America with a rating at the time as of which any investment therein is made of “P-1” (or higher) according to Moody’s or “A-1”
(or higher) according to Standard & Poor’s; 

  
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 (5) investments in securities with maturities of twenty-four
(24) months or less from the date of acquisition issued or fully guaranteed by any state, commonwealth or territory of the United States of America, or by any political subdivision or taxing authority thereof, and rated at least “A”
by Standard & Poor’s or “A” by Moody’s; 
 (6) investments in money market funds
that invest substantially all their assets in securities of the types described in clauses (1) through (5) above; and 
 (7) to the extent held by a Foreign Subsidiary, other short-term Investment utilized by such Foreign Subsidiary in accordance with normal investment practices for cash management in Investments of a type
analogous to those described in clauses (1) through (6) of this definition. 
 “Trademark Assignment
Agreement” means the Trademark Assignment Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “Trademark License Agreement” means the Trademark License Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 

“Transactions” means the following transactions, together with all other transactions pursuant to, and the performance
of all other obligations under, the Spin-Off Documents: (i) the contribution by Murphy Oil to the Company of (1) the real estate located at 422 North Washington Avenue, El Dorado, Arkansas and appurtenant furniture, fixtures and
personal property, (2) the real estate located at 200 Peach Street, El Dorado, Arkansas (but excluding, for the avoidance of doubt, lots 2 and 3 of Block 9, Original Town of El Dorado) and certain appurtenant furniture, fixtures
and personal property, (3) a Cessna Citation 560XL aircraft and (4) licenses associated with the SolArc and the PDI information systems and hardware primarily related thereto and, in each case, any related liabilities (collectively,
the “Asset Contribution”); (ii) the liquidation by the Company of Murphy Latin America Refining & Marketing, Inc., Murphy LOOP, Inc. and Murphy Lot Holdings, LLC by merging each with and into the Company;
(iii) the transfer and assignment by the Company to Murphy Oil all of the Assigned Marks (as such term is defined in the Trademark Assignment Agreement); (iv) the distribution by the Company (the “Murphy Oil Distribution”)
to Murphy Oil of (A) a cash dividend of $650,000,000 and (B) all of the stock of (x) Murphy Gas Gathering Inc., (y) Arkansas Oil Company and (z) Murphy Crude Oil Marketing, Inc. (collectively, the “Unrelated
Subsidiaries”); (v) the contribution by Murphy Oil of all of the stock of the Company to Holdings (making the Company a wholly owned Subsidiary of Holdings) in exchange for shares of common stock of Holdings pursuant to the Separation
and Distribution Agreement (the “Stock Contribution” and, together with the Asset Contribution, the “Contributions”), which stock Murphy Oil will distribute (together with all other common stock of Holdings held by
Murphy Oil) to its stockholders (the “Distribution”; the date on which the Distribution will occur is herein referred to as the “Separation  

  
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Date”); and (vi) the settlement of all intercompany receivables, payables and other balances, in each case, that arise on or before the Separation Date between Murphy Oil and its
subsidiaries (other than any member of the MUSA Group (as defined in this definition)), including all predecessors to such persons (the “MOC Group”), on the one hand, and Holdings and its subsidiaries as of the effective time of the
Distribution and after giving effect to the Asset Contribution, the Murphy Oil Distribution, the Contributions and the Distribution, including all predecessors to such persons (the “MUSA Group”), on the other hand (collectively,
“Intercompany Accounts”), by one or more (1) cash payments in respect of such Intercompany Accounts and/or (2) distributions of such Intercompany Accounts (and/or an amount of cash in respect thereof that will be used to
make a cash payment pursuant to clause (1) above) and/or (3) contributions to capital of such Intercompany Accounts (and/or an amount of cash in respect thereof that will be used to make a cash payment pursuant to clause (1) above),
in each case, between one or more members of the MOC Group, on the one hand, and one or more members of the MUSA Group, on the other hand, provided that the net cash payments made from the MUSA Group to the MOC Group pursuant to
clauses (1), (2) and (3) shall not in the aggregate exceed $50,000,000. 
 “Transition Services
Agreement” means the Transition Services Agreement between Murphy Oil and Holdings, to be dated on or prior to the Separation Date. 
 “TIA” means the Trust Indenture Act of 1939, as amended (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of this Indenture. 

“Trustee” means the party named as such in this Indenture until a successor replaces it and, thereafter, means the
successor. 
 “Trust Officer” means the Chairman of the Board, the President or any other officer or assistant
officer of the Trustee assigned by the Trustee to administer its corporate trust matters. 
 “Uniform Commercial
Code” means the New York Uniform Commercial Code as in effect from time to time. 
 “Unrelated
Subsidiary” has the meaning set forth under the definition “Transactions”. 
 “Unrestricted
Subsidiary” means: 
 (1) the Unrelated Subsidiaries and any other Subsidiary of Holdings or the Company
on the Issue Date that shall not be a Subsidiary of Holdings or the Company on the Separation Date; 
 (2) Murphy
Crude Supply, LLC; 
 (3) the Ethanol Subsidiaries; 

  
 35 

 (4) any Subsidiary of Holdings (other than the Company) that at the time of
determination shall be designated an Unrestricted Subsidiary by the Board of Directors in the manner provided below; and 
 (5) any Subsidiary of an Unrestricted Subsidiary. 
 The Board of Directors may
designate any Subsidiary of Holdings other than the Company (including any newly acquired or newly formed Subsidiary (or any Person becoming a Subsidiary through merger or consolidation or Investment therein)) to be an Unrestricted Subsidiary unless
such Subsidiary or any of its Subsidiaries owns any Capital Stock or Indebtedness of, or holds any Lien on any property of, Holdings or any other Subsidiary of Holdings that is not a Subsidiary of the Subsidiary to be so designated; provided,
however, that either (A) the Subsidiary to be so designated has total assets of $1,000 or less or (B) if such Subsidiary has assets greater than $1,000, such designation would be permitted under Section 4.04. 

If at any time Holdings or the Company delivers a written notice to the Trustee designating any Unrestricted Subsidiaries to be a
Restricted Subsidiary, any such Subsidiary shall cease to be an Unrestricted Subsidiary immediately upon the Trustee’s receipt of such notice. 
 “U.S. Dollar Equivalent” means with respect to any monetary amount in a currency other than U.S. dollars, at any time for determination thereof, the amount of U.S. dollars obtained by
converting such foreign currency involved in such computation into U.S. dollars at the spot rate for the purchase of U.S. dollars with the applicable foreign currency as published in The Wall Street Journal in the “Exchange Rates”
column under the heading “Currency Trading” (or comparable source, if The Wall Street Journal ceases to publish these rates) on the date two (2) Business Days prior to such determination. 

Except as described under 4.03, whenever it is necessary to determine whether the Company or any of the Guarantors has complied with any
covenant in this Indenture or a Default has occurred and an amount is expressed in a currency other than U.S. dollars, such amount shall be treated as the U.S. Dollar Equivalent determined as of the date such amount is initially determined in
such currency. 
 “U.S. Government Obligations” means direct obligations (or certificates representing an
ownership interest in such obligations) of the United States of America (including any agency or instrumentality thereof) for the payment of which the full faith and credit of the United States of America is pledged and which are not callable at the
Company’s option. 
 “Voting Stock” of a Person means all classes of Capital Stock of such Person then
outstanding and normally entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof. 

  
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 “Wholly Owned Subsidiary” means a Restricted Subsidiary all the Capital
Stock of which (other than directors’ qualifying shares) is owned directly or indirectly by Holdings or one or more other Wholly Owned Subsidiaries. 

  
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 SECTION 1.02. Other Definitions. 

 

			
	 Term
	  	Defined in
Section
		
	 “Appendix”
	  	2.01
	 “Affiliate Transaction”
	  	4.07(a)
	 “Asset Sale Offer”
	  	4.06(b)
	 “Asset Sale Offer Amount”
	  	4.06(c)(2)
	 “Asset Sale Offer Period”
	  	4.06(c)(2)
	 “Bankruptcy Law”
	  	6.01
	 “Change of Control Offer”
	  	4.08(b)
	 “covenant defeasance option”
	  	8.01(b)
	 “Coverage Indebtedness”
	  	4.03(a)
	 “Credit Facility Indebtedness”
	  	4.03(b)(1)
	 “Custodian”
	  	6.01
	 “Escrow Funds”
	  	3.07(a)
	 “Escrow Release Conditions”
	  	3.07(b)
	 “Event of Default”
	  	6.01
	 “Guaranteed Obligations”
	  	10.01
	 “Initial Lien”
	  	4.09
	 “legal defeasance option”
	  	8.01(b)
	 “Notice of Default”
	  	6.01
	 “Paying Agent”
	  	2.03
	 “Permitted Indebtedness”
	  	4.03(b)
	 “Purchase Date”
	  	4.06(c)(1)
	 “Registrar”
	  	2.03

  
 38 

			
	 “Reversion Date”
	  	4.11(b)
	 “Special Mandatory Redemption”
	  	3.07(a)
	 “Special Mandatory Redemption Date”
	  	3.07(c)
	 “Special Mandatory Redemption Price”
	  	3.07(a)
	 “Successor Holdings”
	  	5.01(a)(1)
	 “Successor Company”
	  	5.01(b)(1)
	 “Suspended Covenants”
	  	4.11(a)
	 “Suspension Date”
	  	4.11(a)
	 “Suspension Period”
	  	4.11(b)
	 “Trigger Date”
	  	3.07(a)

 Additional defined terms are as defined in the Appendix. 

SECTION 1.03. Incorporation by Reference of Trust Indenture Act. This Indenture is subject to the mandatory provisions of the TIA
which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 

“Commission” means the SEC; 
 “indenture securities” means the Securities and the Guarantees; 

“indenture security holder” means a Securityholder; 
 “indenture to be qualified” means this Indenture; 
 “indenture
trustee” or “institutional trustee” means the Trustee; and 
 “obligor” on the indenture securities
means the Company each Guarantor and any other obligor on the indenture securities. 
 All other TIA terms used
in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.04. Rules of Construction. Unless the context otherwise requires: 
 (1) a term has the meaning assigned to it; 

  
 39 

 (2) an accounting term not otherwise defined has the meaning assigned to it
in accordance with GAAP; 
 (3) “or” is not exclusive; 

(4) “including” means including without limitation; 

(5) words in the singular include the plural and words in the plural include the singular; 

(6) unsecured Indebtedness shall not be deemed to be subordinate or junior to secured Indebtedness merely by virtue of its
nature as unsecured Indebtedness; 
 (7) secured Indebtedness shall not be deemed to be subordinate or junior to
any other secured Indebtedness merely because it has a junior priority with respect to the same collateral; 

(8) the principal amount of any noninterest bearing or other discount security at any date shall be the principal amount
thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(9) the principal amount of any Preferred Stock shall be (A) the maximum liquidation value of such Preferred Stock or
(B) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 
 (10) all references to the date the Securities were originally issued shall refer to the date the Issue Date; 
 (11) for the purposes of this Indenture, and the interpretation hereof, for period prior to the Distribution, the Company shall be deemed to be a wholly owned Subsidiary of Holdings and the Company’s
subsidiaries shall be deemed to be wholly owned Subsidiaries of Holdings; and 
 (12) no provision of this
Indenture shall prevent the consummation of the Transactions, nor shall the Transactions executed substantially as described in the Offering Memorandum give rise to any Default or Event of Default under this Indenture or the Securities. 

Article 2 

The Securities 
 SECTION 2.01. Form and Dating. Provisions relating to the Initial Securities and the Exchange Securities are set forth in the Rule 144A/Regulation S/IAI Appendix attached hereto as
Appendix A (the “Appendix”) which is hereby incorporated in, and expressly made part of, this Indenture. The Initial Securities and the Trustee’s 

  
 40 

 
certificate of authentication shall be substantially in the form of Exhibit A hereto, which is hereby incorporated in, and expressly made a part of, this Indenture. The Exchange Securities and
the Trustee’s certificate of authentication shall be substantially in the form of Exhibit B hereto, which is hereby incorporated in and expressly made a part of this Indenture. The Securities may have notations, legends or endorsements required
by law, stock exchange rule, agreements to which the Company is subject, if any, or usage (provided that any such notation, legend or endorsement is in a form acceptable to the Company). Each Security shall be dated the date of its authentication.
The terms of the Securities set forth in the Appendix and the Exhibits are part of the terms of this Indenture. However, to the extent any provision of any Security conflicts with the express provisions of this Indenture, the provisions of this
Indenture shall govern and be controlling. 
 SECTION 2.02. Execution and Authentication. One Officer shall sign the
Securities for the Company by manual or facsimile signature. 
 If an Officer whose signature is on a Security no longer holds
that office at the time the Trustee authenticates the Security, the Security shall be valid nevertheless. 
 A Security shall
not be valid until an authorized signatory of the Trustee manually signs the certificate of authentication on the Security. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

On the Issue Date, the Trustee shall authenticate and deliver $500,000,000 of 6.000% Senior Notes Due 2023 and, at any time and from time
to time thereafter, the Trustee shall authenticate and deliver Securities for original issue in an aggregate principal amount specified in such order, in each case upon a written order of the Company signed by an Officer of the Company. Such order
shall specify the amount of the Securities to be authenticated and the date on which the original issue of Securities is to be authenticated and, in the case of an issuance of Additional Securities pursuant to Section 2.13 after the Issue Date,
shall certify that such issuance is in compliance with Section 4.03. 
 The Trustee may appoint an authenticating agent
reasonably acceptable to the Company to authenticate the Securities. Unless limited by the terms of such appointment, an authenticating agent may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to
authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands. 

SECTION 2.03. Registrar and Paying Agent. The Company shall maintain an office or agency where Securities may be presented for
registration of transfer or for exchange (the “Registrar”) and an office or agency where Securities may be presented for payment (the “Paying Agent”). The Registrar shall keep a register of the Securities and of
their transfer and exchange. The Company may have one or more co-registrars and one or more additional paying agents. The term “Paying Agent” includes any additional paying agent. 

  
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 The Company shall enter into an appropriate agency agreement with any Registrar, Paying
Agent or co-registrar not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Company shall notify the Trustee of the name and address
of any such agent. If the Company fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.07. The Company or any Wholly Owned Subsidiary
incorporated or organized within The United States of America may act as Paying Agent, Registrar, co-registrar or transfer agent. 
 The Company initially appoints the Trustee as Registrar and Paying Agent in connection with the Securities. 
 SECTION 2.04. Paying Agent To Hold Money in Trust. Prior to each due date of the principal and interest on any Security, the Company shall deposit with the Paying Agent a sum sufficient to pay such
principal and interest when so becoming due. The Company shall require each Paying Agent (other than the Trustee) to agree in writing that the Paying Agent shall hold in trust for the benefit of Securityholders or the Trustee all money held by the
Paying Agent for the payment of principal of or interest on the Securities and shall notify the Trustee of any default by the Company in making any such payment. If the Company or a Subsidiary acts as Paying Agent, it shall segregate the money held
by it as Paying Agent and hold it as a separate trust fund. The Company at any time may require a Paying Agent to pay all money held by it to the Trustee and to account for any funds disbursed by the Paying Agent. Upon complying with this Section,
the Paying Agent shall have no further liability for the money delivered to the Trustee. 
 SECTION 2.05. Securityholder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Securityholders. If the Trustee is not the Registrar, the Company shall furnish to the
Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses
of Securityholders. 
 SECTION 2.06. Transfer and Exchange. The Securities shall be issued in registered form and shall
be transferable only upon the surrender of a Security for registration of transfer. When a Security is presented to the Registrar or a co-registrar with a request to register a transfer, the Registrar shall register the transfer as requested if the
requirements of this Indenture and Section 8-401(1) of the Uniform Commercial Code are met. When Securities are presented to the Registrar or a co-registrar with a request to exchange them for an equal principal amount of Securities of other
denominations, the Registrar shall make the exchange as requested if the same requirements are met. 

  
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 SECTION 2.07. Replacement Securities. If a mutilated Security is surrendered to the
Registrar or if the Holder of a Security claims that the Security has been lost, destroyed or wrongfully taken, the Company shall issue and the Trustee shall authenticate a replacement Security if the requirements of Section 8-405 of the
Uniform Commercial Code are met and the Holder satisfies any other reasonable requirements of the Trustee. If required by the Trustee or the Company, such Holder shall furnish an indemnity bond sufficient in the judgment of the Company and the
Trustee to protect the Company, the Trustee, the Paying Agent, the Registrar and any co-registrar from any loss which any of them may suffer if a Security is replaced. The Company and the Trustee may charge the Holder for their expenses in replacing
a Security. 
 Every replacement Security is an additional Obligation of the Company. 

SECTION 2.08. Outstanding Securities. Securities outstanding at any time are all Securities authenticated by the Trustee except
for those canceled by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section 11.06, a Security does not cease to be outstanding because the Company or an Affiliate of the Company
holds the Security. 
 If a Security is replaced pursuant to Section 2.07, it ceases to be outstanding unless the Trustee
and the Company receive proof satisfactory to them that the replaced Security is held by a protected purchaser (as defined in Section 8-303 of the Uniform Commercial Code). 

If the Paying Agent segregates and holds in trust, in accordance with this Indenture, on a redemption date or maturity date money
sufficient to pay all principal and interest payable on that date with respect to the Securities (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date such Securities (or portions thereof) cease to be
outstanding and interest on them ceases to accrue. 
 SECTION 2.09. Temporary Securities. Until definitive Securities are
ready for delivery, the Company may prepare and the Trustee shall authenticate temporary Securities. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for
temporary Securities. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate definitive Securities and deliver them in exchange for temporary Securities. 

SECTION 2.10. Cancellation. The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the
Paying Agent shall forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel and destroy (subject to the record retention requirements of the Exchange Act)
all Securities surrendered for registration of transfer, exchange, payment or cancellation and deliver a certificate of such destruction to the Company unless the Company directs the Trustee to deliver canceled Securities to the Company. The Company
may not issue new Securities to replace Securities it has redeemed, paid or delivered to the Trustee for cancellation. 

  
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 SECTION 2.11. Defaulted Interest. If the Company defaults in a payment of interest on
the Securities, the Company shall pay defaulted interest (plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Company may pay the defaulted interest to the persons who are Securityholders on a subsequent special
record date. The Company shall fix or cause to be fixed any such special record date and payment date to the reasonable satisfaction of the Trustee and shall promptly mail to each Securityholder a notice that states the special record date, the
payment date and the amount of defaulted interest to be paid. 
 SECTION 2.12. CUSIP Numbers, ISINs, etc. The
Company in issuing the Securities may use “CUSIP” numbers, ISINs and “Common Code” numbers (in each case if then generally in use) and, if so, the Trustee shall use “CUSIP” numbers, ISINs and “Common Code”
numbers in notices of redemption as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as contained in
any notice of a redemption and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. The Company shall advise the
Trustee in writing of any change in any “CUSIP” numbers, ISINs or “Common Code” numbers applicable to the Securities. 
 SECTION 2.13. Issuance of Additional Securities. After the Issue Date, the Company shall be entitled, subject to its compliance with Section 4.03, to issue Additional Securities under this
Indenture, which Securities shall have identical terms as the Initial Securities issued on the Issue Date, other than with respect to the date of issuance and issue price. All the Securities issued under this Indenture shall be treated as a single
class for all purposes of this Indenture including waivers, amendments, redemptions and offers to purchase, provided, however, that in the event that any Additional Securities are not fungible with the Securities for U.S. federal
income tax purposes, such nonfungible Additional Securities shall be issued with a separate CUSIP or ISIN number so that they are distinguishable from the Securities. 
 With respect to any Additional Securities, the Company shall set forth in a resolution of the Board of Directors and an Officer’s Certificate, a copy of each which shall be delivered to the Trustee,
the following information: 
 (1) the aggregate principal amount of such Additional Securities to be
authenticated and delivered pursuant to this Indenture and the provision of Section 4.03 that the Company is relying on to issue such Additional Securities; 

(2) the issue price, the issue date and the CUSIP number of such Additional Securities; and 

whether such Additional Securities shall be Initial Securities or shall be issued in the form of Exchange Securities as set forth in
Exhibit B. 

  
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 Article 3 
 Redemption 
 SECTION 3.01. Notices to Trustee. If the Company elects
to redeem Securities pursuant to paragraph 5 of the Securities or pursuant to Section 3.07(b), it shall notify the Trustee in writing of the redemption date, the principal amount of Securities to be redeemed and the paragraph of the
Securities or the Section of this Indenture pursuant to which the redemption shall occur. 
 The Company shall give each notice
to the Trustee provided for in this Section at least 60 days before the redemption date unless the Trustee consents to a shorter period. Such notice shall be accompanied by an Officer’s Certificate and an Opinion of Counsel from the
Company to the effect that such redemption shall comply with the conditions herein. 
 SECTION 3.02. Selection of Securities
to Be Redeemed. If fewer than all the Securities are to be redeemed, the Trustee shall select the Securities to be redeemed pro rata to the extent practicable. The Trustee shall make the selection from outstanding Securities not
previously called for redemption. The Trustee may select for redemption portions of the principal of Securities that have denominations larger than $2,000. Securities and portions of them the Trustee selects shall be in principal amounts of $2,000
or any greater integral multiple of $1,000 thereof. Provisions of this Indenture that apply to Securities called for redemption also apply to portions of Securities called for redemption. The Trustee shall notify the Company promptly of the
Securities or portions of Securities to be redeemed. 
 SECTION 3.03. Notice of Redemption. At least 30 days but not
more than 60 days before a date for redemption of Securities, except in the case of a Special Mandatory Redemption pursuant to Section 3.07 hereof, the Company shall mail a notice of redemption by first-class mail to each Holder of Securities
to be redeemed at such Holder’s registered address, except that redemption notices may be mailed more than 60 days prior to the redemption date if the notice is issued in connection with a defeasance of the Securities or a satisfaction and
discharge of this Indenture. Any inadvertent defect in the notice of redemption, including an inadvertent failure to give notice, to any Holder selected for redemption shall not impair or affect the validity of the redemption of any other Security
redeemed in accordance with provisions of this Indenture. 
 The notice shall identify the Securities to be redeemed and shall
state: 
 (1) the redemption date; 

(2) the redemption price; 
 (3) the name and address of the Paying Agent; 

  
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 (4) that Securities called for redemption must be surrendered to the Paying
Agent to collect the redemption price; 
 (5) if fewer than all the outstanding Securities are to be redeemed,
the identification and principal amounts of the particular Securities to be redeemed; 
 (6) that, unless the
Company defaults in making such redemption payment, interest on Securities (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(7) the paragraph of the Securities or Section of this Indenture pursuant to which the Securities called for redemption
are being redeemed; 
 (8) the “CUSIP” number, ISIN or “Common Code” number, if any, printed
on the Securities being redeemed; and 
 (9) that no representation is made as to the correctness or accuracy of
the “CUSIP” number, ISIN, or “Common Code” number, if any, listed in such notice or printed on the Securities. 
 At the Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at the Company’s expense. In such event, the Company shall provide the Trustee with the
information required by this Section. 
 SECTION 3.04. Effect of Notice of Redemption. Once notice of redemption is
mailed, Securities called for redemption become due and payable on the redemption date and at the redemption price stated in the notice. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price stated in the notice,
plus accrued interest to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the related interest payment date), and such Securities shall be canceled by the Trustee. Failure to give
notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 
 SECTION
3.05. Deposit of Redemption Price. Prior to the redemption date, the Company shall deposit with the Paying Agent (or, if the Company or a Subsidiary is the Paying Agent, shall segregate and hold in trust) money sufficient to pay the
redemption price of and accrued interest on all Securities to be redeemed on that date other than Securities or portions of Securities called for redemption which have been delivered by the Company to the Trustee for cancellation. 

SECTION 3.06. Securities Redeemed in Part. Upon surrender of a Security that is redeemed in part, the Company shall execute and
the Trustee shall authenticate for the Holder (at the Company’s expense) a new Security equal in principal amount to the unredeemed portion of the Security surrendered. 
 SECTION 3.07. Special Mandatory Redemption. (a) In the event that the Separation is not consummated on or prior to March 31, 2014 (the date of such event, the “Trigger
Date”), the Company shall redeem all of the outstanding Securities (a 

  
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“Special Mandatory Redemption”) on the Special Mandatory Redemption Date using the Escrow Funds (as defined in the Escrow Agreement) at a redemption price equal to 100% of the
aggregate principal amount of such Securities, plus accrued and unpaid interest thereon to, but not including, the date of redemption (the “Special Mandatory Redemption Price”). 

(b) The Securities may also be redeemed at the Company’s option, in whole, but not in part, at the Special Mandatory Redemption
Price at any time prior to March 31, 2014, upon five (5) Business Days’ written notice in the form specified in Section 3.07(d), if the Company determines in its sole discretion that the Escrow Release Conditions (as defined in
the Escrow Agreement) cannot be satisfied by the Trigger Date. 
 (c) Notice of a Special Mandatory Redemption pursuant to
Section 3.07(a) shall be delivered by the Company to each Holder of the Securities on the Trigger Date and the Securities shall be redeemed five (5) Business Days following the date of notice of redemption in accordance with the Escrow
Agreement (the “Special Mandatory Redemption Date”). 
 (d) Notice of a Special Mandatory
Redemption shall state: 
 (1) the Special Mandatory Redemption Date; 

(2) the Special Mandatory Redemption Price; 

(3) that on the Special Mandatory Redemption Date, the Special Mandatory Redemption Price shall become due and payable;
and 
 (4) that the Securities shall cease to bear interest on and after the Special Mandatory Redemption Date.

 (e) The Securities shall, on the Special Mandatory Redemption Date, become due and payable, and shall be paid by the Company,
at the Special Mandatory Redemption Price. The Securities shall cease to bear interest on and after the Special Mandatory Redemption Date. 
 Article 4 
 Covenants 

SECTION 4.01. Payment of Securities. The Company shall promptly pay the principal of and interest on the Securities on the dates
and in the manner provided in the Securities and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all
principal and interest then due. 

  
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 The Company shall pay interest on overdue principal at the rate specified therefor in the
Securities, and it shall pay interest on overdue installments of interest at the same rate to the extent lawful. 
 SECTION
4.02. SEC Reports. Whether or not Holdings is subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, Holdings shall file with the SEC subject to the next sentence and provide the Trustee and Securityholders (or
cause the Trustee to provide the Securityholders) with such annual and other reports as are specified in Sections 13 and 15(d) of the Exchange Act and applicable to a U.S. corporation subject to such Sections, such reports to be so filed and
provided at the times specified for the filings of such reports under such Sections (after giving effect to all applicable extensions and cure periods) and prepared in all material respects in accordance with the rules of regulations applicable to
such reports. 
 If, at any time, Holdings is not subject to the periodic reporting requirements of the Exchange Act for any
reason, Holdings shall nevertheless continue filing the reports specified in the preceding sentence with the SEC within the time periods specified above unless the SEC shall not accept such a filing. Holdings agrees that it shall not take any action
for the purpose of causing the SEC not to accept such filings. If, notwithstanding the foregoing, the SEC shall not accept such filings for any reason, Holdings shall post the reports specified in the preceding sentence on its website within the
time periods that would apply if Holdings were required to file those reports with the SEC. 
 Notwithstanding the foregoing,
Holdings may satisfy such requirements prior to the effectiveness of the Exchange Offer Registration Statement or the Shelf Registration Statement by filing with the SEC the Exchange Offer Registration Statement or Shelf Registration Statement, to
the extent that any such Registration Statement contains substantially the same information as would be required to be filed by Holdings if it were subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act, and by
providing the Trustee and Securityholders with such Registration Statement (and any amendments thereto) promptly following the filing thereof. 
 At any time that any of Holdings’ Subsidiaries are Unrestricted Subsidiaries (other than the Unrelated Subsidiaries and Murphy Crude Supply, LLC), then the quarterly and annual financial information
required by the preceding paragraph shall include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in “Management’s Discussion and Analysis of Financial Condition and
Results of Operations”, of the financial condition and results of operations of Holdings, the Company and the Restricted Subsidiaries separate from the financial condition and results of operations of such Unrestricted Subsidiaries. 

Prior to the Separation Date, Holdings shall be deemed to be in compliance with such reporting requirements by virtue of the filing of
the Form 10 containing all the information, audit reports and exhibits required for such report. 

  
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 In addition, at any time when Holdings is not subject to the reporting requirements of
Section 13 or 15(d) of the Exchange Act, Holdings shall furnish to the Holders of the Securities and to prospective investors, upon the requests of such Holders, any information required to be delivered pursuant to Rule 144A(d)(4) under
the Securities Act so long as the Securities are not freely transferable under the Securities Act. The Company also shall comply with the other provisions of TIA § 314(a). 

SECTION 4.03. Limitation on Indebtedness. (a) Holdings shall not, and shall not permit the Company or any Restricted
Subsidiary to, Incur, directly or indirectly, any Indebtedness; provided, however, that Holdings, the Company and the Restricted Subsidiaries shall be entitled to Incur Indebtedness if, on the date of such Incurrence and after giving
effect thereto on a pro forma basis (including a pro forma application of the net proceeds therefrom), the Consolidated Coverage Ratio exceeds 2.0 to 1.0 (any such Indebtedness Incurred pursuant to this clause (a)
being herein referred to as “Coverage Indebtedness”); provided further, that the amount of Indebtedness that may be Incurred pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors shall not exceed
$250,000,000 at any one time outstanding. 
 (b) Notwithstanding the foregoing paragraph (a), Holdings, the Company and the
Restricted Subsidiaries shall be entitled to Incur any or all of the following Indebtedness (any such Indebtedness Incurred pursuant to this clause (b) being herein referred to as “Permitted Indebtedness”): 

(1) Indebtedness Incurred by Holdings, the Company and any Restricted Subsidiary pursuant to any Credit Facility;
provided, however, that, after giving effect to any such Incurrence, the aggregate principal amount of all Indebtedness Incurred under this clause (1) and then outstanding does not exceed the greater of (i) $1,000,000,000 and
(ii) the sum of $500,000,000 and 25% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined on the date of such Incurrence (any such Indebtedness Incurred pursuant to this clause (1) being
herein referred to as “Credit Facility Indebtedness”); provided further, that the amount of Indebtedness that may be Incurred pursuant to the foregoing by Restricted Subsidiaries that are not Guarantors shall not exceed
$150,000,000 at any one time outstanding under this clause (1); 
 (2) Indebtedness owed to and held by
Holdings, the Company or a Restricted Subsidiary; provided, however, that (A) any subsequent issuance or transfer of any Capital Stock which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any
subsequent transfer of such Indebtedness (other than to Holdings, the Company or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of such Indebtedness by the obligor thereon, (B) if the Company is the obligor
on such Indebtedness, such Indebtedness shall be expressly subordinated to the prior payment in full of all obligations with respect to the Securities and (C) if a Guarantor is the obligor on such Indebtedness, such Indebtedness shall be
expressly subordinated to the prior payment in full of all obligations of such Guarantor with respect to its Guarantee; 

  
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 (3) the Initial Securities and the Exchange Securities (other than any
Additional Securities); 
 (4) Indebtedness outstanding on the Issue Date or under the Spin-Off Documents (other
than Indebtedness described in clause (1), (2) or (3) of this Section 4.03(b)); 
 (5)
Indebtedness of a Restricted Subsidiary Incurred and outstanding on or prior to the date on which such Restricted Subsidiary was acquired by Holdings (other than Indebtedness Incurred in connection with, or to provide all or any portion of the funds
or credit support utilized to consummate, the transaction or series of related transactions pursuant to which such Subsidiary became a Subsidiary or was acquired by Holdings); provided, however, that on the date of such acquisition and
after giving pro forma effect thereto, Holdings would have been entitled to Incur at least $1.00 of Coverage Indebtedness pursuant to Section 4.03(a); 

(6) Refinancing Indebtedness in respect of any Coverage Indebtedness or any Permitted Indebtedness Incurred pursuant to
clauses (3), (4) or (5) of this Section 4.03(b) or this clause (6); 
 (7) Hedging Obligations
incurred in the ordinary course of business and not for the purpose of speculation; 
 (8) Obligations in respect
of workers’ compensation claims, public liability insurance, unemployment insurance, property, casualty or liability insurance, self-insurance obligations, bankers’ acceptances, or customs, completion, advance payment, performance, bid,
performance, appeal and surety bonds, completion guarantees and other similar obligations provided by Holdings, the Company or any Restricted Subsidiary in the ordinary course of business, including guarantees or obligations with respect to letters
of credit supporting the foregoing; 
 (9) Indebtedness arising from the honoring by a bank or other financial
institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business; provided, however, that such Indebtedness is extinguished within 10 Business Days of its Incurrence;

 (10) the Guarantee by Holdings, the Company or any Subsidiary Guarantor of Indebtedness of Holdings, the
Company or any Subsidiary Guarantor that was permitted to be Incurred by another provision of this covenant; provided, however, that if the Indebtedness being guaranteed is subordinated to or pari passu with the
Securities, then the Guarantee thereof Incurred pursuant to this clause (10) shall be subordinated or pari passu, as applicable, to the same extent as the Indebtedness being Guaranteed; 

  
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 (11) Purchase Money Indebtedness (i) Incurred to finance the
acquisition, construction, development, design, installation or improvement by Holdings, the Company or a Restricted Subsidiary of assets or (ii) assumed in connection with the acquisition of any fixed or capital assets, and any Refinancing
Indebtedness Incurred to Refinance such Indebtedness, in an aggregate principal amount which, when added together with the amount of Indebtedness Incurred pursuant to this clause (11) and then outstanding, does not exceed the greater of
(A) $75,000,000 and (B) 6.5% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Incurrence; 

(12) Indebtedness Incurred by Holdings, the Company or any Restricted Subsidiary in an aggregate principal amount which,
when taken together with all other Indebtedness of Holdings, the Company and the Restricted Subsidiaries outstanding on the date of such Incurrence and incurred pursuant to this clause (12) does not exceed the greater of (A) $50,000,000
and (B) 4% of the Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries determined at the date of such Incurrence; 
 (13) Indebtedness Incurred by Foreign Subsidiaries of Holdings in an aggregate principal amount at any time outstanding pursuant to this clause (13) not to exceed the greater of (A) $75,000,000
and (B) 6.5% of Consolidated Net Tangible Assets of the Foreign Subsidiaries determined as of the date of such Incurrence; 
 (14) Attributable Debt of Holdings, the Company or any Restricted Subsidiary Incurred in connection with any Sale/Leaseback Transaction which, when taken together with all other Attributable Debt of
Holdings, the Company and the Restricted Subsidiaries outstanding on the date of such Incurrence and incurred pursuant to this clause (14), does not exceed the greater of (A) $25,000,000 and (B) 1.5% of Consolidated Net Tangible
Assets of Holdings, the Company and the Restricted Subsidiaries determined at the date of such Incurrence; 

(15) any obligation arising from agreements of Holdings, the Company or any Restricted Subsidiary providing for
indemnification, adjustment of purchase price, earn outs, or similar obligations, in each case, incurred or assumed in connection with the sale, disposition or acquisition of any business, assets, Indebtedness or Capital Stock of Holdings, the
Company or a Restricted Subsidiary in a transaction not prohibited by this Indenture; 
 (16) Indebtedness of
Holdings, the Company or any Restricted Subsidiary consisting of (A) the financing of insurance premiums or (B) take-or-pay obligations contained in ordinary course supply arrangements; 

(17) Indebtedness of Holdings, the Company or any Restricted Subsidiary in respect of any agreement or other arrangement
governing the 

  
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provision of treasury or cash management services, including deposit accounts, overdraft, credit or debit card, funds transfer, automated clearinghouse, zero balance accounts, returned check
concentration, controlled disbursement, lockbox, account reconciliation and reporting and trade finance services and other cash management services; 
 (18) Indebtedness due to any landlord in connection with the financing by such landlord of leasehold improvements; and 

(19) Indebtedness consisting of obligations under deferred compensation arrangements, non-competition agreements or
similar arrangements. 
 (c) Notwithstanding the foregoing, neither Holdings, the Company nor any Subsidiary Guarantor may Incur
any Indebtedness pursuant to Section 4.03(b) if the proceeds thereof are used, directly or indirectly, to Refinance any Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor unless such Indebtedness shall be subordinated
to the Securities or the applicable Guarantee to at least the same extent as such Subordinated Obligations. 
 (d) For purposes
of determining compliance with this Section 4.03, (1) any Indebtedness outstanding on the Separation Date under the Senior Credit Agreement shall be treated as Incurred on the Issue Date under clause (1) of paragraph (b) above,
(2) in the event that an item of Indebtedness (or any portion thereof) meets the criteria of more than one of the types of Indebtedness described above, Holdings, in its sole discretion, shall classify such item of Indebtedness (or any portion
thereof) at the time of Incurrence and shall only be required to include the amount and type of such Indebtedness in one of the clauses of paragraph (b) above, (3) Holdings shall be entitled to divide and classify an item of Indebtedness
in more than one of the types of Indebtedness described in the clauses of paragraph (b) above and, in that connection, Holdings shall be entitled to treat a portion of such Indebtedness as Coverage Indebtedness and the balance of such
Indebtedness as an item or items of Permitted Indebtedness, (4) any Permitted Indebtedness originally classified as Incurred pursuant to one of the clauses in paragraph (b) above (other than pursuant to clause 1 of paragraph
(b) above) may later be reclassified by Holdings in whole or in part such that it shall be deemed as having been Incurred as Coverage Indebtedness pursuant to paragraph (a) above or as Permitted Indebtedness pursuant to another clause in
paragraph (b) above, as applicable, to the extent that such reclassified Indebtedness could be Incurred pursuant thereto at the time of such reclassification, (5) the accrual of interest or Preferred Stock dividends, the accretion or
amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of Preferred Stock as Indebtedness due to a change in accounting principles, and
the payment of dividends on Preferred Stock or Disqualified Stock in the form of additional shares of the same class of Preferred Stock or Disqualified Stock shall not be deemed to be an Incurrence of Indebtedness or an issuance of Preferred Stock
or Disqualified Stock and (6) the reclassification of any lease or other liability of Holdings, the Company or any of the Restricted Subsidiaries as Indebtedness due to a change in accounting principles after the Issue Date shall not be deemed
to be an Incurrence of Indebtedness. 

  
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 (e) For purposes of determining compliance with any U.S. dollar denominated restriction on
the Incurrence of Indebtedness where the Indebtedness Incurred is denominated in a different currency, the amount of such Indebtedness shall be the U.S. Dollar Equivalent determined on the date of the Incurrence of such Indebtedness;
provided, however, that if any such Indebtedness denominated in a different currency is subject to a Currency Agreement with respect to U.S. dollars covering all principal, premium, if any, and interest payable on such Indebtedness,
the amount of such Indebtedness expressed in U.S. dollars shall be as provided in such Currency Agreement. The principal amount of any Refinancing Indebtedness Incurred in the same currency as the Indebtedness being Refinanced shall be the
U.S. Dollar Equivalent of the Indebtedness Refinanced, except to the extent that (1) such U.S. Dollar Equivalent was determined based on a Currency Agreement, in which case the Refinancing Indebtedness shall be determined in
accordance with the preceding sentence, and (2) the principal amount of the Refinancing Indebtedness exceeds the principal amount of the Indebtedness being Refinanced, in which case the U.S. Dollar Equivalent of such excess shall be
determined on the date such Refinancing Indebtedness is Incurred. Notwithstanding any other provision of this Section 4.03, the maximum amount of Indebtedness that Holdings, the Company or any of the Restricted Subsidiaries may incur pursuant
to this Section 4.03 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 
 SECTION 4.04. Limitation on Restricted Payments. (a) Holdings shall not, and shall not permit the Company or any Restricted Subsidiary, directly or indirectly, to make a Restricted Payment if
at the time such Restricted Payment is made: 
 (1) a Default shall have occurred and be continuing (or would
result therefrom); 
 (2) Holdings is not entitled to Incur an additional $1.00 of Coverage Indebtedness pursuant
to Section 4.03(a); or 
 (3) the aggregate amount of such Restricted Payment and all other Restricted
Payments since the Issue Date would exceed the sum of (without duplication): 
 (A) 50% of the Consolidated Net
Income accrued during the period (treated as one accounting period) from the beginning of the fiscal quarter during which the Issue Date occurs to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for
which consolidated financial statements of Holdings are available (or, in case such Consolidated Net Income shall be a deficit, minus 100% of such deficit); plus 

  
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 (B) 100% of the aggregate Net Cash Proceeds or Fair Market Value of any
asset (other than cash) received by Holdings either (x) from the issuance or sale of its Qualified Capital Stock subsequent to the Issue Date or (y) as a contribution in respect of its Qualified Capital Stock from its shareholders
subsequent to the Issue Date, but excluding in each case any Net Cash Proceeds that are used to redeem Securities in accordance with the third paragraph under Section 5 of the Securities; plus 

(C) the amount by which the principal amount of consolidated Indebtedness of Holdings (other than Indebtedness owing to a
Subsidiary) is reduced upon the conversion or exchange subsequent to the Issue Date of any consolidated Indebtedness of Holdings convertible or exchangeable for Qualified Capital Stock of Holdings (less the amount of any cash, or the fair value of
any other property, distributed by Holdings upon such conversion or exchange); provided, however, that the foregoing amount shall not exceed the Net Cash Proceeds received by Holdings, the Company or any Restricted Subsidiary from the
sale of such Indebtedness (excluding Net Cash Proceeds from sales to a Subsidiary of Holdings or to an employee stock ownership plan or a trust established by Holdings or any of its Subsidiaries for the benefit of their employees); plus

 (D) except as included in clause (E) below, an amount equal to the sum of (x) the aggregate amount
of cash and the Fair Market Value of any asset other than cash received by Holdings, the Company or any Restricted Subsidiary subsequent to the Issue Date with respect to Investments (other than Permitted Investments) made by Holdings, the Company
or any Restricted Subsidiary in any Person (other than Holdings, the Company or any Restricted Subsidiary) and resulting from repurchases, repayments or redemptions of such Investments by such Person, and any proceeds realized on the sale of any
such Investment, and (y) in the event that Holdings redesignates an Unrestricted Subsidiary to be a Restricted Subsidiary, the portion (proportionate to Holdings’ equity interest in such Subsidiary) of the Fair Market Value of the net
assets of such Unrestricted Subsidiary at the time such Unrestricted Subsidiary is designated a Restricted Subsidiary (other than to the extent Holdings’ Investment in such Unrestricted Subsidiary constituted a Permitted Investment);
provided, however, that the foregoing sum shall not exceed, in the case of any such Person or Unrestricted Subsidiary, the amount of Investments (excluding Permitted Investments) previously made (and treated as a Restricted Payment) by
Holdings, the Company or any Restricted Subsidiary in such Person or Unrestricted Subsidiary; plus 
 (E)
50% of (x) any dividends received in cash by Holdings, the Company or a Restricted Subsidiary after the Separation Date from an Unrestricted Subsidiary or (y) the net proceeds from the sale or other disposition of the Capital Stock of an
Unrestricted Subsidiary received in cash by Holdings, the Company or a Restricted Subsidiary after the Separation Date, in each case, to the extent that such dividends or proceeds were not otherwise included in Consolidated Net Income for such
period. 

  
 54 

 For the avoidance of doubt, the Transactions shall be excluded from the calculation of the
amount of Restricted Payments under Section 4.04(a)(3). 
 (b) The provisions of Section 4.04(a) shall
not prohibit: 
 (1) any Restricted Payment made out of the Net Cash Proceeds of the substantially concurrent
sale of, or made by exchange for, Qualified Capital Stock of Holdings or a substantially concurrent cash capital contribution received by Holdings from its shareholders with respect to its Qualified Capital Stock, with a sale, exchange or
contribution being deemed substantially concurrent if such Restricted Payment occurs not more than 120 days after such sale, exchange or contribution; provided, however, that (A) such Restricted Payment shall be excluded in
the calculation of the amount of Restricted Payments and (B) the Net Cash Proceeds from such sale or such cash capital contribution (to the extent so used for such Restricted Payment) shall be excluded from the calculation of amounts under
Section 4.04(a)(3)(B); 
 (2) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement for value of Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor made by exchange for, or out of the proceeds of the substantially concurrent Incurrence of, Indebtedness of such Person which is permitted to be
Incurred pursuant to Section 4.03, with an Incurrence being deemed substantially concurrent if such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value occurs not more than 120 days after such
Incurrence; provided, however, that such purchase, repurchase, redemption, defeasance or other acquisition or retirement for value shall be excluded in the calculation of the amount of Restricted Payments; 

(3) the payment of any dividend, distribution or redemption of any Capital Stock or Subordinated Indebtedness within sixty
(60) days after the date of declaration thereof or call for redemption if, at such date of declaration or call for redemption, such payment or redemption was permitted by the provisions of Section 4.04(a) (the declaration of such payment
shall be deemed a Restricted Payment under Section 4.04(a) as of the date of declaration and the payment itself shall be deemed to have been paid on such date of declaration and shall not also be deemed a Restricted Payment under
Section 4.04(a)); provided, however, that any Restricted Payment made in reliance on this clause (3) shall reduce the amount available for Restricted Payments pursuant to Section 4.04(a)(3) only once; 

(4) the purchase, redemption or other acquisition or retirement for value of shares of Capital Stock of Holdings or any of
its Subsidiaries from officers, former officers, employees, former employees, directors or former 

  
 55 

 
directors of Holdings or any of its Subsidiaries (or permitted transferees of such officers, former officers, employees, former employees, directors or former directors), pursuant to the terms of
the agreements (including employment agreements) or plans (or amendments thereto) under which such individuals purchase or sell or are granted the option to purchase or sell, shares of such Capital Stock; provided, however, that the
aggregate amount of such Restricted Payments (excluding amounts representing cancelation of Indebtedness) shall not exceed $10,000,000 in any calendar year, with any portion of such $10,000,000 amount that is unused in any calendar year to be
carried forward to the next successive calendar year and added to such amount for that successive year, plus, to the extent not previously applied or included, the Net Cash Proceeds received by Holdings from sales of Qualified Capital Stock
of Holdings to employees or directors of Holdings or any of its Subsidiaries that occur after the Separation Date (to the extent such Net Cash Proceeds have not otherwise been applied to the payment of Restricted Payments by virtue of
Section 4.04(a)(3)); provided further, however, that such Restricted Payments shall be excluded in the calculation of the amount of Restricted Payments; 

(5) the declaration and payments of dividends on Disqualified Stock or any Preferred Stock of any Restricted Subsidiary
issued pursuant to Section 4.03; provided, however, that, at the time of payment of such dividend, no Default shall have occurred and be continuing (or result therefrom); provided further, however, that such
dividends shall be excluded in the calculation of the amount of Restricted Payments; 
 (6) repurchases,
redemptions or other acquisitions or retirement for value of Capital Stock (a) deemed to occur upon exercise, conversion or exchange of stock options, warrants or other rights to acquire Capital Stock, if such Capital Stock represents a portion
of the exercise price of such options, warrants or other rights or (b) made in lieu of withholding taxes in connection with any such exercise, conversion or exchange; provided, however, that such Restricted Payments shall be
excluded in the calculation of the amount of Restricted Payments; 
 (7) cash payments in lieu of the issuance of
fractional shares in connection with the exercise, conversion or exchange of warrants, options or other securities convertible into or exchangeable for Capital Stock of Holdings or in connection with the Transactions; provided,
however, that such payments shall be excluded in the calculation of the amount of Restricted Payments; 

(8) if no Default shall have occurred and be continuing, the payment, purchase, redemption, defeasance or other
acquisition or retirement of Subordinated Obligations of Holdings, the Company or any Subsidiary Guarantor, in each case, (a) in the event of a Change of Control, at a purchase price not greater than 101% of the principal amount of such
Subordinated Obligations or (b) in the event of an Asset Sale, at a purchase price not greater than 100% of the principal amount of such Subordinated Obligations, plus, in either case, any

  
 56 

 
accrued and unpaid interest thereon; provided, however, that prior to such payment, purchase, redemption, defeasance or other acquisition or retirement, the Company (or a third
party to the extent permitted by this Indenture) has made a Change of Control Offer or an Asset Sale Offer, as applicable, with respect to the Securities as a result of such Change of Control or Asset Sale, and has repurchased all Securities validly
tendered and not withdrawn in connection with such Change of Control Offer or Asset Sale Offer; provided further, however, that such payments, purchases, redemptions, defeasances or other acquisitions or retirements shall be included
in the calculation of the amount of Restricted Payments; 
 (9) payments of intercompany subordinated Permitted
Indebtedness the Incurrence of which was permitted under Section 4.03(b)(2); provided, however, that no Event of Default has occurred and is continuing or would otherwise result therefrom; provided further, however,
that such payments shall be excluded in the calculation of the amount of Restricted Payments; 
 (10) so long as
no Default or Event of Default has occurred and is continuing or shall result therefrom, other Restricted Payments in an aggregate amount not to exceed the greater of (i) $50,000,000 and (ii) 4% of Consolidated Net Tangible Assets of
Holdings, the Company and the Restricted Subsidiaries determined as of the date of such Restricted Payment, provided, however, that such payments shall be included in the calculation of the amount of Restricted Payments; 

(11) the Transactions substantially on the terms described in the Offering Memorandum, provided, however,
that such payments shall be excluded in the calculation of the amount of Restricted Payments; 
 (12) dividends
or distributions in an aggregate amount per annum not to exceed 6% of the net cash proceeds received by or contributed to the capital of Holdings in connection with any Qualified Equity Offering following the Issue Date, provided,
however, that such payments shall be included in the calculation of the amount of Restricted Payments; 

(13) so long as no Default or Event of Default has occurred and is continuing or shall result therefrom, other Restricted
Payments if, immediately after giving effect to such Restricted Payment (including the Incurrence of any Indebtedness to finance such payment) as if it had occurred at the beginning of the most recently ended four (4) full consecutive fiscal
quarters for which internal consolidated financial statements of Holdings are available, the Consolidated Leverage Ratio would not be greater than 2.5 to 1.0, provided, however, that such payments shall be included in the calculation
of the amount of Restricted Payments; and 
 (14) transactions pursuant to other agreements or arrangements in
effect on the Separation Date substantially on the terms described in the Offering 

  
 57 

 
Memorandum or any amendment, modification or supplement thereto or replacement thereof, as long as the terms of such agreement or arrangement, as so amended, modified, supplemented or replaced is
not materially more disadvantageous to Holdings, the Company and the Restricted Subsidiaries, taken as a whole, than the terms of such agreement or arrangement described in the Offering Memorandum, provided, however, that such payments
shall be excluded in the calculation of the amount of Restricted Payments. 
 For purposes of determining compliance with this
Section 4.04, if a Restricted Payment meets the criteria of more than one of the categories of Restricted Payments described in the clauses (1) through (10) and (14) of Section 4.04(b), the Company shall be permitted to
divided or classify (or later divide, classify or reclassify in whole or in part in its sole discretion) such Restricted Payment in any manner that complies with this Section 4.04. 

Notwithstanding the foregoing, Holdings and the Company shall not make any Restricted Payment prior to the consummation of the
Transactions (other than any Restricted Payments made as a part of the Transactions substantially on the terms described in the Offering Memorandum). 
 SECTION 4.05. Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Company shall not, and Holdings shall not permit any Restricted Subsidiary to, create or otherwise cause
or permit to exist or become effective any consensual encumbrance or restriction on the ability of any Restricted Subsidiary to (a) pay dividends or make any other distributions on its Capital Stock to the Company or a Restricted Subsidiary or
pay any Indebtedness owed to the Company or any Restricted Subsidiary, (b) make any loans or advances to the Company or any Restricted Subsidiary or (c) transfer any of its property or assets to the Company or any Restricted Subsidiary,
except: 
 (1) with respect to clauses (a), (b) and (c), 

(A) any encumbrance or restriction pursuant to an agreement in effect at or entered into on or prior to the Separation
Date substantially on the terms and to the extent described in the Offering Memorandum, including the Senior Credit Agreement and the Spin-Off Documents; 
 (B) any encumbrance or restriction with respect to a Restricted Subsidiary pursuant to an agreement relating to any Indebtedness Incurred by such Restricted Subsidiary on or prior to the date on which
such Restricted Subsidiary was acquired by Holdings (other than Indebtedness Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized to consummate, the transaction or series of related transactions
pursuant to which such Restricted Subsidiary became a Restricted Subsidiary or was acquired by Holdings) and outstanding on such date; 

  
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 (C) any encumbrance or restriction pursuant to an agreement effecting a
Refinancing of Indebtedness Incurred pursuant to an agreement referred to in Section 4.05(1)(A) or (B) or this clause (C) or contained in any amendment to an agreement referred to in Section 4.05(1)(A) or (B) or this
clause (C); provided, however, that the encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such refinancing agreement or amendment are not materially less favorable, taken as a whole, to the
Company (as determined by the Board of Directors in its reasonable and good faith judgment) than encumbrances and restrictions with respect to such Restricted Subsidiary contained in such predecessor agreements; 

(D) any encumbrance or restriction with respect to a Restricted Subsidiary imposed pursuant to an agreement entered into
for the sale or disposition of all or substantially all the Capital Stock or assets of such Restricted Subsidiary pending the closing of such sale or disposition; 

(E) any encumbrance or restriction pursuant to an agreement or instrument relating to any property or assets acquired
after the Issue Date, so long as such encumbrance or restriction relates only to the property or assets so acquired and is not created in anticipation of such acquisition; 

(F) any encumbrance or restriction pursuant to applicable law, rule, regulation or order; 

(G) restrictions on cash, cash equivalents, Temporary Cash Investments or other deposits or net worth imposed under
contracts entered into the ordinary course of business, including such restrictions imposed by customers, suppliers, landlords or insurance, surety or bonding companies; 

(H) any encumbrance or restriction with respect to a Foreign Subsidiary entered into in the ordinary course of business or
pursuant to the terms of Indebtedness that was Incurred by such Foreign Subsidiary in compliance with the terms of this Indenture; 
 (I) provisions contained in any license, permit or other accreditation with a regulatory authority entered into the ordinary course of business; 

(J) provisions in agreements or instruments which prohibits the payment or making of dividends or other distributions
other than on a pro rata basis; 

  
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 (K) customary provisions in organizational documents, joint venture
agreements and other similar agreements (in each case relating solely to the respective joint venture or similar entity or the equity interests therein) entered into (i) in the ordinary course of business or (ii) with the approval of the
Board of Directors; and 
 (L) any encumbrance or restrictions existing under or by reason of any agreements
governing other Indebtedness permitted to be incurred under Section 4.03 and any amendments, restatements, modifications, renewals, supplements, refundings, replacements or refinancings of those agreements; provided that the restrictions
therein are not materially more restrictive, taken as a whole, than those permitted in (y) this Indenture, the Securities and the Guarantees or (z) agreements governing Indebtedness outstanding on the Issue Date, in each case as determined
by the Company in its reasonable and good faith judgment. 
 (2) with respect to clause (c) only,

 (A) any encumbrance or restriction consisting of customary nonassignment provisions in leases governing
leasehold interests to the extent such provisions restrict the transfer of the lease or the property leased thereunder; and 
 (B) any encumbrance or restriction contained in security agreements or mortgages securing Indebtedness of a Restricted Subsidiary to the extent such encumbrance or restriction restricts the transfer of
the property subject to such security agreements or mortgages. 
 SECTION 4.06. Limitation on Sales of Assets and Subsidiary
Stock. (a) Holdings shall not, and shall not permit the Company or any Restricted Subsidiary to, directly or indirectly, consummate any Asset Disposition unless (1) Holdings, the Company or such Restricted Subsidiary receives
consideration at the time of such Asset Disposition at least equal to the Fair Market Value (including as to the value of all non-cash consideration) of the shares and assets subject to such Asset Disposition; (2) at least 75% of the
consideration thereof received by Holdings, the Company or such Restricted Subsidiary is in the form of cash or Temporary Cash Investments; and (3) an amount equal to 100% of the Net Available Cash from such Asset Disposition is applied by
Holdings (or the Company or such Restricted Subsidiary, as the case may be) (A) first, to the extent Holdings elects, within 365 days of the receipt of such Net Available Cash, (i) to reduce the outstanding principal amount of
Permitted Indebtedness Incurred pursuant to Section 4.03(b)(1); (ii) to reduce the outstanding principal amount of any other Senior Indebtedness of Holdings, the Company or any Subsidiary Guarantor; provided, however, that
the Company shall equally and ratably reduce the principal amount of Securities outstanding, through open-market purchases (to the extent such purchases are at or above 100% of the principal amount thereof) or through redemption, or shall offer (in
accordance with the procedures set forth below in Section 4.06(b)) to all Holders to purchase their Securities at 100% of the principal amount thereof, plus accrued but 

  
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unpaid interest, if any, in an aggregate principal amount which, if the offer were accepted, would result in such reduction; or (iii) to reduce Indebtedness of a Restricted Subsidiary that
is not a Guarantor; in each case other than Indebtedness owed to Holdings or an Affiliate of Holdings; (B) second, to the extent of the balance of such Net Available Cash after application in accordance with clause (A), to the
extent Holdings elects, to acquire Additional Assets or make any other capital expenditures in respect of a Related Business within 365 days of the receipt of such Net Available Cash; and (C) third, to the extent of the balance of
such Net Available Cash after application in accordance with clauses (A) and (B), to make an offer to the Holders of the Securities (and to holders of other Senior Indebtedness of the Company designated by the Company) to purchase Securities
(and such other Senior Indebtedness of the Company) pursuant to and subject to the conditions contained in this Indenture; provided, however, that in connection with any prepayment, repayment or purchase of Indebtedness pursuant to
clause (A) or (C) above, Holdings, the Company or such Restricted Subsidiary shall cause the related loan commitment (if any) to be reduced in an amount equal to the principal amount so prepaid, repaid or purchased. 

The requirement of Section 4.06(a)(3)(B) shall be deemed to be satisfied if a bona fide binding contract committing to make the
investment, acquisition or expenditure referred to therein is entered into by Holdings, the Company or any of its Restricted Subsidiaries within the time period specified in Section 4.06(a)(3)(A) and such Net Available Cash is subsequently
applied in accordance with such contract within 180 days following the date such agreement is entered into. 

Notwithstanding the foregoing provisions of this Section 4.06, Holdings, the Company and the Restricted Subsidiaries shall not be
required to apply any Net Available Cash in accordance with this Section 4.06 except to the extent that the aggregate Net Available Cash from all Asset Dispositions which is not applied in accordance with this Section 4.06 exceeds
$20,000,000. Pending application of Net Available Cash pursuant to this Section 4.06, such Net Available Cash shall be invested in Temporary Cash Investments or applied to temporarily reduce revolving credit Indebtedness. 

For the purposes of Section 4.06(a)(2), the following are deemed to be cash or Temporary Cash Investments: (i) the assumption
or discharge of Indebtedness of Holdings (other than obligations in respect of Disqualified Stock of Holdings), the Company or any Restricted Subsidiary (other than obligations in respect of Disqualified Stock or Preferred Stock of the Company or a
Restricted Subsidiary that is a Subsidiary Guarantor) and the release of Holdings, the Company or such Restricted Subsidiary from all liability on such Indebtedness in connection with such Asset Disposition; (ii) any securities received by
Holdings, the Company or any Restricted Subsidiary from the transferee that are converted by Holdings, the Company or such Restricted Subsidiary into cash within ninety (90) days after such Asset Disposition, to the extent of the cash received
in that conversion; and (iii) any Designated Non-cash Consideration received by Holdings, the Company or any Restricted Subsidiary in such Asset Disposition having an aggregate Fair Market Value, taken together with all other Designated
Non-cash Consideration received pursuant to this clause (3) that is at that time outstanding, not to 

  
 61 

 
exceed the greater of (1) $50,000,000 and (2) 4% of Consolidated Net Tangible Assets of Holdings, the Company and the Restricted Subsidiaries at the time of the receipt of such
Designated Non-cash Consideration (with the Fair Market Value of each item of Designated Non-cash Consideration being measured at the time received and without giving effect to subsequent changes in value). 

(b) In the event of an Asset Disposition that requires the purchase of Securities (and other Senior Indebtedness) pursuant to
Section 4.06(a)(3)(C) (or following which, the Company elects to purchase the Securities pursuant Section 4.06(a)(3)(A)(ii) above), the Company shall purchase Securities tendered pursuant to an offer (an “Asset Sale
Offer”) by the Company for the Securities (and such other Senior Indebtedness) at a purchase price of 100% of their principal amount without premium, plus accrued but unpaid interest in accordance with the procedures (including prorating in
the event of oversubscription) set forth in this Indenture. If the aggregate purchase price of the securities tendered exceeds the Net Available Cash allotted to their purchase, the Company shall select the securities to be purchased on a pro
rata basis but in round denominations, which in the case of the Securities shall be minimum denominations of $2,000 principal amount or any greater integral multiple of $1,000 thereof. The Company shall not be required to make such an Asset
Sale Offer pursuant to this Section 4.06 if the Net Available Cash available therefor is less than $50,000,000 (which lesser amount shall be carried forward for purposes of determining whether such an Asset Sale Offer is required with respect
to the Net Available Cash from any subsequent Asset Disposition). Upon completion of such an Asset Sale Offer, Net Available Cash shall be reset at zero. 
 (c) (1) Promptly, and in any event within 10 days after the Company becomes obligated to make an Asset Sale Offer, the Company shall deliver to the Trustee and send, by first-class mail to each
Holder, a written notice stating that the Holder may elect to have his Securities purchased by the Company either in whole or in part (subject to prorating as described in Section 4.06(b) in the event the Asset Sale Offer is oversubscribed) in
denominations of $2,000 of principal amount or any greater integral multiple of $1,000 thereof, at the applicable purchase price. The notice shall specify a purchase date not less than 30 days nor more than 60 days after the date of such notice (the
“Purchase Date”) and shall contain such information concerning the business of the Company which the Company in good faith believes shall enable such Holders to make an informed decision. 

(2) Not later than the date upon which written notice of an Asset Sale Offer is delivered to the Trustee as provided
below, the Company shall deliver to the Trustee an Officer’s Certificate as to (A) the amount of the Asset Sale Offer (the “Asset Sale Offer Amount”), including information as to any other Senior Indebtedness included in
the Asset Sale Offer, (B) the allocation of the Net Available Cash from the Asset Dispositions pursuant to which such Asset Sale Offer is being made and (C) the compliance of such allocation with the provisions of Section 4.06(a) and
(b). On such date, the Company shall also irrevocably deposit with the Trustee or with a Paying Agent (or, if the Company is acting as its own Paying Agent, segregate and hold in trust) in Temporary Cash

  
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Investments, maturing on the last day prior to the Purchase Date or on the Purchase Date if funds are immediately available by open of business, an amount equal to the Asset Sale Offer Amount to
be held for payment in accordance with the provisions of this Section. If the Asset Sale Offer includes other Senior Indebtedness, the deposit described in the preceding sentence may be made with any other paying agent pursuant to arrangements
satisfactory to the Trustee. Upon the expiration of the period for which the Asset Sale Offer remains open (the “Asset Sale Offer Period”), the Company shall deliver to the Trustee for cancellation the Securities or portions thereof
which have been properly tendered to and are to be accepted by the Company. The Trustee shall, on the Purchase Date, mail or deliver payment (or cause the delivery of payment) to each tendering Holder in the amount of the purchase price. In the
event that the aggregate purchase price of the Securities delivered by the Company to the Trustee is less than the Asset Sale Offer Amount applicable to the Securities, the Trustee shall deliver the excess to the Company immediately after the
expiration of the Asset Sale Offer Period for application in accordance with this Section 4.06. 
 (3)
Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three Business Days prior to the Purchase Date.
Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the Purchase Date, a telex, facsimile transmission or letter setting forth the name of the Holder, the principal
amount of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. Holders whose Securities are purchased only in part shall be issued new Securities
equal in principal amount to the unpurchased portion of the Securities surrendered. 
 (4) At the time the
Company delivers Securities to the Trustee which are to be accepted for purchase, the Company shall also deliver an Officer’s Certificate stating that such Securities are to be accepted by the Company pursuant to and in accordance with the
terms of this Section. A Security shall be deemed to have been accepted for purchase at the time the Trustee, directly or through an agent, mails or delivers payment therefor to the surrendering Holder. 

(d) The Company shall comply, to the extent applicable, with the requirements of Rule 14e-1 of the Exchange Act and any other
securities laws or regulations in connection with the repurchase of Securities pursuant to this Section 4.06. To the extent that the provisions of any securities laws or regulations conflict with provisions of this Section 4.06, the
Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations under this Section 4.06 by virtue of its compliance with such securities laws or regulations. 

  
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 SECTION 4.07. Limitation on Affiliate Transactions. (a) Holdings shall not, and
shall not permit the Company or any Restricted Subsidiary to, enter into or permit to exist any transaction (including the purchase, sale, lease or exchange of any property, employee compensation arrangements or the rendering of any service) with,
or for the benefit of, any Affiliate of Holdings, the Company or any Restricted Subsidiary (an “Affiliate Transaction”) involving aggregate payments or consideration in excess of $7,500,000, unless (1) the terms of the
Affiliate Transaction, taken as a whole, are no less favorable to Holdings, the Company or such Restricted Subsidiary than those that could reasonably be expected to have been obtained at the time of the Affiliate Transaction in comparable
arm’s-length dealings with a Person who is not an Affiliate; and (2) Holdings delivers to the Trustee (A) if such Affiliate Transaction involves an amount in excess of $25,000,000 but not greater than $50,000,000, an Officer’s
Certificate certifying that such Affiliate Transaction or series of Affiliate Transactions complies with this Section 4.07 and (B) if such Affiliate Transaction involves an amount in excess of $50,000,000, a resolution of the Board of
Directors of Holdings set forth in an Officer’s Certificate certifying that such Affiliate Transaction or series of related Affiliate Transactions complies with this Section 4.07 and that such Affiliate Transaction or series of related
Affiliate Transactions has been approved by a majority of the disinterested members of the Board of Directors, if any. For purposes of Section 4.07(a)(2)(B), any Affiliate Transaction shall be deemed to have satisfied the requirements thereof
if (x) such Affiliate Transaction is approved by a majority of the disinterested members of the Board of Directors or (y) in the event there are no disinterested members, a letter from an accounting, appraisal or investment banking firm of
national standing is provided stating that such transaction is fair to Holdings, the Company or such Restricted Subsidiary from a financial point of view or that such Affiliate Transaction meets the requirements of Section 4.07(a)(1).

 (b) The provisions of Section 4.07(a) shall not prohibit (1) (A) any Permitted Investment or (B) any
Investment (other than a Permitted Investment) or other Restricted Payment, in each case permitted to be made pursuant to Section 4.04; (2) any employment agreement, employee benefit plan, officer or director indemnification agreement or
any similar arrangement entered into by Holdings, the Company or any Restricted Subsidiary in the ordinary course of business, and any issuance of securities, or other payments, awards or grants in cash, securities or otherwise pursuant to, or the
funding of, any such agreement, plan or arrangement; (3) loans or advances to employees in the ordinary course of business in accordance with the past practices of Holdings, the Company or any Restricted Subsidiary, but in any event not to
exceed $2,500,000 in the aggregate outstanding at any one time; (4) the payment of reasonable fees, compensation and payments in respect of indemnities to directors, officers, employees or consultants of Holdings, the Company and the Restricted
Subsidiaries; (5) any transaction with Holdings, the Company, a Restricted Subsidiary or joint venture or similar entity which would constitute an Affiliate Transaction solely because Holdings, the Company or a Restricted Subsidiary owns an
equity interest in or otherwise controls the Company, such Restricted Subsidiary, joint venture or similar entity; (6) the issuance or sale of any Capital Stock (other than Disqualified Stock) of Holdings or the issuance or sale of any Capital
Stock of the Company or any Restricted Subsidiary (or any Person that thereby becomes a Restricted Subsidiary) to Holdings, the Company or any Restricted Subsidiary; (7) transactions with customers, clients, vendors, suppliers or other
purchasers or sellers of goods or services, in each case in the ordinary course of business 

  
 64 

 
(including pursuant to joint venture agreements); (8) any transaction on arm’s-length terms with any non-Affiliate that becomes an Affiliate as a result of such transactions;
(9) transactions pursuant to agreements or arrangements in effect on the Separation Date substantially on the terms described in the Offering Memorandum, including the Transactions; (10) any transactions between Holdings, the Company or
any Restricted Subsidiary, on one hand, and any Person, on the other hand, a director of which is also a director of Holdings, the Company or a Restricted Subsidiary, and such director is the sole cause for such Person to be deemed an Affiliate of
Holdings, the Company and/or a Restricted Subsidiary; provided that such director abstains from voting as a director of Holdings, the Company or the Restricted Subsidiary, as applicable, in connection with the approval of the transaction; and
(11) other agreements or arrangements in effect on the Issue Date or pursuant to the Spin-Off Documents or any amendment, modification or supplement thereto or replacement thereof, as long as such agreement or arrangement, as so amended,
modified, supplemented or replaced is not materially more disadvantageous to Holdings, the Company and the Restricted Subsidiaries, taken as a whole, than the agreement or arrangement in existence on the Issue Date or pursuant to the Spin-Off
Documents. 
 SECTION 4.08. Change of Control. (a) Upon the occurrence of a Change of Control, each Holder shall
have the right to require that the Company repurchase such Holder’s Securities at a purchase price in cash equal to 101% of the principal amount thereof on the date of purchase plus accrued and unpaid interest, if any, to the date of
purchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date): 
 (b) Within thirty (30) days following any Change of Control unless the Company has previously or concurrently mailed a redemption notice with respect to all outstanding Securities as described under
Section 5 of the Securities, the Company shall mail a notice by first-class mail to each Holder with a copy to the Trustee (the “Change of Control Offer”) stating: 

(1) that a Change of Control has occurred and that such Holder has the right to require the Company to purchase such
Holder’s Securities at a purchase price in cash equal to 101% of the principal thereof on the date of purchase, plus accrued and unpaid interest, if any, to the date of purchase (subject to the right of Holders of record on the relevant
record date to receive interest on the relevant interest payment date); 
 (2) the circumstances and relevant
facts regarding such Change of Control; 
 (3) the purchase date (which shall be no earlier than thirty
(30) days nor later than sixty (60) days from the date such notice is mailed); and 

  
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 (4) the instructions, as determined by the Company, consistent with this
Section 4.08, that a Holder must follow in order to have its Securities purchased. 
 (c) The Company shall not be required
to make a Change of Control Offer following a Change of Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of
Control Offer made by the Company and purchases all Securities validly tendered and not withdrawn under such Change of Control Offer. 
 (d) Holders electing to have a Security purchased shall be required to surrender the Security, with an appropriate form duly completed, to the Company at the address specified in the notice at least three
Business Days prior to the purchase date. Holders shall be entitled to withdraw their election if the Trustee or the Company receives not later than one Business Day prior to the purchase date, a telegram, telex, facsimile transmission or letter
setting forth the name of the Holder, the principal amount of the Security which was delivered for purchase by the Holder and a statement that such Holder is withdrawing his election to have such Security purchased. 

(e) On the purchase date, all Securities purchased by the Company under this Section shall be delivered by the Company to the Trustee for
cancellation, and the Company shall pay the purchase price plus accrued and unpaid interest, if any, to the Holders entitled thereto. 
 (f) If the terms of the Senior Credit Agreement prohibit the Company from making a Change of Control Offer or from purchasing the Securities pursuant thereto, prior to the mailing of the notice to
Securityholders described in the preceding paragraph, but in any event within thirty (30) days following any Change of Control, the Company covenants to: 
 (1) repay in full all Indebtedness outstanding under the Senior Credit Agreement or offer to repay in full all such Indebtedness and repay the Indebtedness of each lender who has accepted such offer; or

 (2) obtain the requisite consent under the Senior Credit Agreement to permit the purchase of the Securities as described
above. 
 The Company must first comply with this Section 4.08(f) before it shall be required to purchase Securities in the
event of a Change of Control, provided, however, that the Company’s failure to comply with this Section 4.08(f) or to make a Change of Control Offer because of any such failure shall constitute a default described in
Section 6.01(5) (and not under Section 6.01(2)). 
 (g) A Change of Control Offer may be made in advance of a Change
of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making of the Change of Control Offer. 

  
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 (h) The Company shall comply, to the extent applicable, with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws or regulations in connection with the repurchase of Securities as a result of a Change of Control. To the extent that the provisions of any securities laws or regulations conflict
with the provisions of this Section, the Company shall comply with the applicable securities laws and regulations and shall not be deemed to have breached the Company’s obligations under this Section by virtue of the Company’s compliance
with such securities laws or regulations. 
 SECTION 4.09. Limitation on Liens. Holdings shall not, and shall not
permit the Company or any Restricted Subsidiary to, directly or indirectly, Incur or permit to exist any Lien (the “Initial Lien”) of any nature whatsoever on any of its properties (including Capital Stock of the Company or a
Restricted Subsidiary), whether owned at the Issue Date or thereafter acquired, securing any Indebtedness, other than Permitted Liens, without effectively providing that the Securities and the Guarantees shall be secured equally and ratably with (or
prior to) the obligations so secured for so long as such obligations are so secured. 
 Any such Lien thereby created in favor
of the Securities or any Guarantee shall be automatically and unconditionally released and discharged upon (i) the release and discharge of each Initial Lien to which it relates, (ii) in the case of such Lien in favor of any Subsidiary
Guarantor, upon the termination and discharge of such Subsidiary Guarantee in accordance with the terms of this Indenture or (iii) any sale, exchange or transfer to any Person not an Affiliate of Holdings of the property or assets secured by
such Initial Lien. 
 With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time
of the Incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in
connection with any accrual of interest or fees, any accretion of accreted value, any amortization of original issue discount, any payment of interest in the form of additional Indebtedness containing the same terms or in the form of Qualified
Capital Stock of Holdings, any payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class or any accretion of original issue discount or liquidation preference and any increase in the amount of
Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of property securing Indebtedness. 
 SECTION 4.10. Future Subsidiary Guarantors. Holdings shall cause each domestic Wholly Owned Subsidiary that Guarantees Indebtedness under the Senior Credit Agreement to execute and deliver to the
Trustee a supplemental indenture pursuant to which such Subsidiary shall Guarantee payment of the Securities on the same terms and conditions as those set forth in Article 10 of this Indenture and applicable to the other Subsidiary Guarantors.

  
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 SECTION 4.11. Suspension of Covenants. (a) Following the first day (the
“Suspension Date”) that: (a) the Securities have an Investment Grade Rating from both Ratings Agencies, and (b) no Default has occurred and is continuing under this Indenture, Holdings, the Company and the Restricted
Subsidiaries shall not be subject to Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.10, 5.01(a)(3) and 5.01(b)(3) (collectively, the “Suspended Covenants”) and the then-existing Subsidiary Guarantees will be suspended as of the Suspension
Date. 
 (b) In the event that Holdings, the Company and the Restricted Subsidiaries are not subject to the Suspended Covenants
for any period of time as a result of the foregoing, and on any subsequent date (the “Reversion Date”) one or both of the Rating Agencies withdraws its Investment Grade Rating or downgrades the rating assigned to the Securities
below an Investment Grade Rating, then Holdings, the Company and the Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants with respect to future events and the Subsidiary Guarantees will be reinstated. The period of
time between the Suspension Date and the Reversion Date is referred to in this description as the “Suspension Period”. Notwithstanding that the Suspended Covenants may be reinstated, no Default shall be deemed to have occurred as a
result of a failure to comply with the Suspended Covenants during the Suspension Period. 
 (c) On the Reversion Date, all
Indebtedness Incurred during the Suspension Period shall be classified to have been Incurred pursuant to Sections 4.03(a) or 4.03(b) (to the extent such Indebtedness would be permitted to be Incurred thereunder as of the Reversion Date and after
giving effect to Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred pursuant to Sections 4.03(a) or 4.03(b), such Indebtedness shall
be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 4.03(b)(4). Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 4.04
shall be made as though Section 4.04 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted
Payments under Section 4.04(a) and the provisions specified in Sections 4.04(a)(3)(A)-(E) will increase the amount available to be made under Section 4.04(a). For purposes of determining compliance with Section 4.06(a), the
amount of Net Available Cash from all Asset Dispositions not applied in accordance with the covenant shall be deemed to be reset to zero. 
 SECTION 4.12. Compliance Certificate. The Company shall deliver to the Trustee within 120 days after the end of each fiscal year of the Company an Officer’s Certificate stating that in the
course of the performance by such Officer of his or her duties he or she would normally have knowledge of any Default and whether or not such Officer knows of any Default that occurred during such period. If so, the certificate shall describe the
Default, its status and what action the Company is taking or proposes to take with respect thereto. The Company also shall comply with TIA § 314(a)(4). 

  
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 Article 5 
 Successor Company 
 SECTION 5.01. When Company May Merge or Transfer
Assets. (a) Holdings shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of transactions, directly or indirectly, all or substantially all its assets to, any Person, unless:

 (1) Holdings shall be the surviving corporation or the resulting, surviving or transferee Person
(“Successor Holdings”) shall be a Person organized and existing under the laws of the United States of America, any State thereof or the District of Columbia and Successor Holdings (if not Holdings) shall expressly assume, by an
indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of Holdings under its Guarantee of the Securities and this Indenture; 

(2) immediately after giving pro forma effect to such transaction (and treating any Indebtedness which becomes an
obligation of Successor Holdings or any Subsidiary as a result of such transaction as having been Incurred by Successor Holdings or such Subsidiary at the time of such transaction), no Default shall have occurred and be continuing; 

(3) immediately after giving pro forma effect to such transaction, Successor Holdings would (a) be able to
Incur an additional $1.00 of Coverage Indebtedness pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage Ratio greater than the Consolidated Coverage Ratio immediately prior to such transaction and without giving pro
forma effect thereto; and 
 (4) Holdings shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 
 (b) The Company shall not consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of related transactions, directly or indirectly, all or substantially all of
its assets in one or a series of related transactions to, any Person, unless: 
 (1) the surviving corporation or
the resulting, surviving or transferee Person (the “Successor Company”) shall be a corporation, limited liability corporation or limited partnership organized and existing under the laws of the United States of America, any State
thereof or the District of Columbia and the Successor Company (if not the Company) shall expressly assume, by an indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the
obligations of the Company under the Securities and this Indenture; and if the Successor Company shall be a limited liability 

  
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corporation or limited partnership, a Wholly Owned Subsidiary of the Successor Company that is a corporation organized and existing under the laws of the United States of America, any State
thereof or the District of Columbia shall expressly assume, on a joint and several basis with the Successor Company, by an indenture supplemental thereto, executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the
obligations of the Successor Company under the Securities and this Indenture; 
 (2) immediately after giving
pro forma effect to such transaction (and treating any Indebtedness which becomes an obligation of the Successor Company or any Subsidiary as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary at
the time of such transaction) no Default shall have occurred and be continuing; 
 (3) immediately after giving
pro forma effect to such transaction, Holdings would (a) be able to Incur an additional $1.00 of Coverage Indebtedness pursuant to Section 4.03(a) or (b) have had a Consolidated Coverage Ratio greater than the Consolidated
Coverage Ratio immediately prior to such transaction and without giving pro forma effect thereto; and 

(4) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating
that such consolidation, merger or transfer and such supplemental indenture (if any) comply with this Indenture. 
 For purposes
of this Section 5.01, the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of one or more Subsidiaries of Holdings or the Company, which properties and assets, if held
by Holdings or the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of Holdings or the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the
properties and assets of Holdings or the Company, as applicable. 
 For the avoidance of doubt, any disposition of the Ethanol
Assets or any disposition of shares of Capital Stock of the Ethanol Subsidiaries shall not constitute the sale, lease, conveyance, assignment, transfer or other disposition of all or substantially all of the properties and assets of Holdings, the
Company or the Restricted Subsidiaries. 
 Successor Holdings or the Successor Company shall be the successor to Holdings or the
Company, as applicable, and shall succeed to, and be substituted for, and may exercise every right and power of, Holdings or the Company, as applicable, under this Indenture and the predecessor Holdings or the Company, as applicable, except in the
case of a lease, shall be released from the obligation to pay the principal of and interest on the Securities and Guarantees, as applicable. 

  
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 For all purposes of this Indenture, Subsidiaries of Successor Holdings shall, upon any
transaction subject to this covenant, become Restricted Subsidiaries or Unrestricted Subsidiaries as provided pursuant to this Indenture. 
 (c) Holdings shall not permit any Subsidiary Guarantor to consolidate with or merge with or into, or convey, transfer or lease, in one transaction or a series of transactions, directly or indirectly, all
or substantially all of its assets to any Person unless: (1) except in the case of a Subsidiary Guarantor (x) that has been disposed of in its entirety to another Person (other than to Holdings or an Affiliate of Holdings), whether through
a merger, consolidation or sale of Capital Stock or assets or (y) that, as a result of the disposition of all or a portion of its Capital Stock, ceases to be a Subsidiary, in both cases, if in connection therewith Holdings provides an
Officer’s Certificate to the Trustee to the effect that Holdings shall comply with its obligations under Section 4.06 in respect of such disposition, the resulting, surviving or transferee Person (if not such Subsidiary) shall be a Person
organized and existing under the laws of the jurisdiction under which such Subsidiary was organized or under the laws of the United States of America, any State thereof or the District of Columbia, and such Person shall expressly assume, by a
supplemental indenture, in a form satisfactory to the Trustee, all the obligations of such Subsidiary, if any, under its Subsidiary Guarantee; (2) immediately after giving effect to such transaction or transactions on a pro forma basis
(and treating any Indebtedness which becomes an obligation of the resulting, surviving or transferee Person as a result of such transaction as having been issued by such Person at the time of such transaction), no Default shall have occurred and be
continuing; and (3) Holdings delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such consolidation, merger or transfer and such supplemental indenture, if any, complies with this Indenture.

 Notwithstanding this Section 5.01(c), (1) any Restricted Subsidiary may consolidate with, merge into or transfer
all or part of its properties and assets to Holdings, the Company or any Subsidiary Guarantor and (2) Holdings or the Company may merge with an Affiliate incorporated solely for the purpose of reincorporating Holdings or the Company in a
jurisdiction within the United States of America, any State thereof or the District of Columbia. 
 Article 6 

Defaults and Remedies 
 SECTION 6.01. Events of Default. Each of the following is an “Event of Default”: 
 (1) a default in the payment of interest on the Securities when due, continued for thirty (30) days; 
 (2) a default in the payment of principal of any Security when due at its Stated Maturity, upon optional redemption, upon required purchase, upon declaration of acceleration or otherwise; 

  
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 (3) the failure by Holdings or the Company to comply with its obligations
under Section 5.01; 
 (4) the failure by Holdings to comply for one hundred eighty (180) days
after the notice specified below with any of its obligations under Section 4.02; 
 (5) the failure by
Holdings, the Company or any Subsidiary Guarantor to comply with any of its agreements contained in the Securities or this Indenture (other than those referred to in clause (1), (2), (3) or (4) above) and such failure continues for sixty
(60) days after the notice specified below; 
 (6) Indebtedness of Holdings, the Company or any Significant
Subsidiary is (x) not paid within any applicable grace period after final maturity or (y) is accelerated by the holders thereof prior to its Stated Maturity because of a default and, in either case (x) or (y), the total amount of such
Indebtedness unpaid or accelerated exceeds $50,000,000 or its foreign currency equivalent at the time; provided that if, prior to any acceleration of the Securities, (i) any such default is cured or waived, (ii) any such
acceleration is rescinded or (iii) such Indebtedness is repaid, within a period of thirty (30) days from the earlier of continuation of such default beyond any applicable grace or cure period or the occurrence of such acceleration, as
the case may be, any such Event of Default under this Indenture (but not any acceleration of the Securities) shall be automatically rescinded, so long as such rescission does not conflict with any judgment or decree; 

(7) Holdings, the Company or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 (A) commences a voluntary case; 

(B) consents to the entry of an order for relief against it in an involuntary case; 

(C) consents to the appointment of a Custodian of it or for any substantial part of its property; or 

(D) makes a general assignment for the benefit of its creditors; 

or takes any comparable action under any foreign laws relating to insolvency; 

(8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(A) is for relief against Holdings, the Company or any Significant Subsidiary in an involuntary case; 

  
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 (B) appoints a Custodian of Holdings, the Company or any Significant
Subsidiary or for any substantial part of its property; or 
 (C) orders the winding up or liquidation of
Holdings, the Company or any Significant Subsidiary; 
 or any similar relief is granted under any foreign laws and the order or
decree remains unstayed and in effect for 60 days; 
 (9) any judgment or decree for the payment of money in
excess of $50,000,000 or its foreign currency equivalent at the time is entered against Holdings, the Company or any Significant Subsidiary, remains outstanding for a period of sixty (60) consecutive days following the entry of such judgment or
decree and is not discharged, waived or the execution thereof stayed, and is not adequately covered by insurance or indemnities which have been cash collateralized; 

(10) any Guarantee ceases to be in full force and effect or any Guarantor denies or disaffirms its obligations under its
Guarantee (in each case other than as permitted in accordance with the terms of this Indenture); 
 (11) after
the consummation of the Transactions, the Company ceases to be a Subsidiary of Holdings; or 
 (12) the failure
by the Company to comply with, or the breach of, any material provision of the Escrow Agreement on or prior to the Separation Date. 
 The foregoing shall constitute Events of Default whatever the reason for any such Event of Default and whether it is voluntary or involuntary or is 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. 
 The term
“Bankruptcy Law” means Title 11, United States Code, or any similar Federal or state law for the relief of debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law. 
 A Default under clause (4) or (5) is not an Event of Default until the
Trustee or the Holders of at least 25% in principal amount of the outstanding Securities notify Holdings of the Default and Holdings does not cure such Default within the time specified after receipt of such notice. Such notice must specify the
Default, demand that it be remedied and state that such notice is a “Notice of Default”. Any Default for the failure to deliver any report within the time periods prescribed in Section 4.02 or to deliver any notice or
certificate pursuant to any other provision of this Indenture shall be deemed to be cured upon the subsequent delivery of any such report, notice or certificate, even though such delivery is not within the prescribed period specified. 

  
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 The Company shall deliver to the Trustee, within 30 days after the occurrence thereof,
written notice in the form of an Officer’s Certificate of any event which with the giving of notice or the lapse of time would become an Event of Default, its status and what action the Company is taking or proposes to take with respect
thereto. 
 SECTION 6.02. Acceleration. If an Event of Default (other than an Event of Default specified in
Section 6.01(7) or (8)) occurs and is continuing, the Trustee by notice to the Company or the Holders of at least 25% in principal amount of the Securities by notice to the Company and the Trustee may declare the principal of and accrued
but unpaid interest on all the Securities to be due and payable. Upon such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Section 6.01(7) or (8) occurs, the principal of
and interest on all the Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Securityholders. The Holders of a majority in principal amount of the
Securities by notice to the Trustee may rescind an acceleration and its consequences (including any payment Default that directly resulted from such acceleration) if the rescission would not conflict with any judgment or decree and if all existing
Events of Default have been cured or waived except nonpayment of principal or interest that has become due solely because of acceleration. No such rescission shall affect any subsequent Default or impair any right consequent thereto. 

SECTION 6.03. Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal of or interest on the Securities or to enforce the performance of any provision of the Securities or this Indenture. The Trustee may maintain a proceeding even if it does not possess any of the Securities or does not
produce any of them in the proceeding. A delay or omission by the Trustee or any Securityholder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the
Event of Default. No remedy is exclusive of any other remedy. All available remedies are cumulative. 
 SECTION 6.04. Waiver
of Past Defaults. The Holders of a majority in principal amount of the Securities by notice to the Trustee may waive an existing Default and its consequences except (a) a Default in the payment of the principal of or interest on a Security
(b) a Default arising from the failure to redeem or purchase any Security when required pursuant to this Indenture or (c) a Default in respect of a provision that under Section 9.02 cannot be amended without the consent of each
Securityholder affected. When a Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right. 
 SECTION 6.05. Control by Majority. The Holders of a majority in principal amount of the Securities may direct the time, method and place of conducting any proceeding for any remedy available to the
Trustee or of exercising any trust or power conferred on the Trustee. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture or, subject to Section 7.01, that the Trustee

  
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determines is unduly prejudicial to the rights of other Securityholders or would involve the Trustee in personal liability; provided, however, that the Trustee may take any other
action deemed proper by the Trustee that is not inconsistent with such direction. Prior to taking any action hereunder, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused
by taking or not taking such action. 
 SECTION 6.06. Limitation on Suits. Except to enforce the right to receive payment
of principal, premium (if any) or interest when due, no Securityholder may pursue any remedy with respect to this Indenture or the Securities unless: 
 (1) the Holder gives to the Trustee written notice stating that an Event of Default is continuing; 
 (2) the Holders of at least 25% in principal amount of the Securities make a written request to the Trustee to pursue the remedy; 

(3) the Holder or Holders offer to the Trustee reasonable security or indemnity against any loss, liability or expense;

 (4) the Trustee does not comply with the request within sixty (60) days after the receipt of the request
and the offer of security or indemnity; and 
 (5) such Holders of a majority in principal amount of the
Securities do not give the Trustee a direction inconsistent with the request during such 60-day period. 
 A Securityholder may
not use this Indenture to prejudice the rights of another Securityholder or to obtain a preference or priority over another Securityholder. In the event that the Definitive Securities are not issued to any beneficial owner promptly after the
Registrar has received a request from the Holder of a Global Security to issue such Definitive Securities to such beneficial owner of its nominee, the Company expressly agrees and acknowledges, with respect to the right of any Holder to pursue a
remedy pursuant to this Indenture, the right of such beneficial holder of Securities to pursue such remedy with respect to the portion of the Global Security that represents such beneficial holder’s Securities as if such Definitive Securities
had been issued. 
 SECTION 6.07. Rights of Holders to Receive Payment. Notwithstanding any other provision of this
Indenture, the right of any Holder to receive payment of principal of and interest on the Securities held by such Holder, on or after the respective due dates expressed in the Securities, or to bring suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
 SECTION 6.08.
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Company for the whole
amount then due and owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in Section 7.07. 

  
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 SECTION 6.09. Trustee May File Proofs of Claim. The Trustee may file such proofs of
claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and the Securityholders allowed in any judicial proceedings relative to the Company, its creditors or its property and, unless prohibited
by law or applicable regulations, may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in any such judicial proceeding is hereby authorized by each Holder to
make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of
the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.07. 
 SECTION 6.10.
Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property in the following order: 
 FIRST: to the Trustee for amounts due under Section 7.07; 

SECOND: to Securityholders for amounts due and unpaid on the Securities for principal and interest, ratably, without
preference or priority of any kind, according to the amounts due and payable on the Securities for principal and interest, respectively; and 
 THIRD: to the Company. 
 The Trustee may fix a record date and payment date for
any payment to Securityholders pursuant to this Section. 
 SECTION 6.11. Undertaking for Costs. In any suit for the
enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay
the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by
the party litigant. This Section does not apply to a suit by the Trustee, a suit by a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Securities. 

SECTION 6.12. Waiver of Stay or Extension Laws. The Company (to the extent it may lawfully do so) shall not at any time insist
upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture; and the
Company (to the extent that it may lawfully 

  
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do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and
permit the execution of every such power as though no such law had been enacted. 
 Article 7 

Trustee 

SECTION 7.01. Duties of Trustee. (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the
rights and powers vested in it by this Indenture and use the same degree of care and skill in their exercise as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and
no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the
absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements
of this Indenture. However, the Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
 (c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own wilful misconduct, except that: 

(1) this paragraph does not limit the effect of paragraph (b) of this Section; 

(2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved in
a court of competent jurisdiction that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3)
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section. 

(e) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company.

  
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 (f) Money held in trust by the Trustee need not be segregated from other funds except to the
extent required by law. 
 (g) No provision of this Indenture shall require the Trustee to expend or risk its own funds or
otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (h) Every provision of this Indenture relating to the conduct or affecting
the liability of or affording protection to the Trustee shall be subject to the provisions of this Section and to the provisions of the TIA. 
 SECTION 7.02. Rights of Trustee. (a) The Trustee may rely on any document believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not
investigate any fact or matter stated in the document. 
 (b) Before the Trustee acts or refrains from acting, it may require an
Officer’s Certificate or an Opinion of Counsel. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on the Officer’s Certificate or Opinion of Counsel. 

(c) The Trustee may act through agents and shall not be responsible for the misconduct or negligence of any agent appointed with due
care. 
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be
authorized or within its rights or powers; provided, however, that the Trustee’s conduct does not constitute wilful misconduct or negligence. 
 (e) The Trustee may consult with counsel, and the advice or opinion of counsel with respect to legal matters relating to this Indenture and the Securities shall be full and complete authorization and
protection from liability in respect to any action taken, omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel. 
 SECTION 7.03. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may otherwise deal with the Company or its
Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee must comply with Sections 7.10 and 7.11. 

SECTION 7.04. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity
or adequacy of this Indenture or the Securities, it shall not be accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement of the Company in this Indenture or in any document issued
in connection with the sale of the Securities or in the Securities other than the Trustee’s certificate of authentication. 

  
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 SECTION 7.05. Notice of Defaults. If a Default occurs, is continuing and is known to
the Trustee, the Trustee shall mail to each Securityholder notice of the Default within ninety (90) days after it occurs. Except in the case of a Default in the payment of principal of or interest on any Security, the Trustee may withhold the
notice if and so long as the Trustee in good faith determines that withholding the notice is not opposed to the interests of the Securityholders. 
 SECTION 7.06. Reports by Trustee to Holders. As promptly as practicable after each August 15 beginning with August 15, 2014, and in any event prior to October 15 in each year, the
Trustee shall mail to each Securityholder a brief report dated as of August 15 that complies with TIA § 313(a). The Trustee also shall comply with TIA § 313(b). 

A copy of each report at the time of its mailing to Securityholders shall be filed with the SEC and each stock exchange (if any) on which
the Securities are listed. The Company agrees to notify promptly the Trustee whenever the Securities become listed on any stock exchange and of any delisting thereof. 
 SECTION 7.07. Compensation and Indemnity. The Company shall pay to the Trustee from time to time reasonable compensation for its services. The Trustee’s compensation shall not be limited by
any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred or made by it, including costs of collection, in addition to the compensation for its
services. Such expenses shall include the reasonable compensation and expenses, disbursements and advances of the Trustee’s agents and counsel. The Company shall indemnify the Trustee against any and all loss, liability or expense (including
attorneys’ fees) incurred by it in connection with the administration of this trust and the performance of its duties hereunder. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee
to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim and the Trustee may have separate counsel and the Company shall pay the fees and expenses of such counsel. The Company need not
reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful misconduct, negligence or bad faith. 
 To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities on all money or property held or collected by the Trustee other than money or
property held in trust to pay principal of and interest on particular Securities. 
 The Company’s payment obligations
pursuant to this Section shall survive the discharge of this Indenture. When the Trustee incurs expenses after the occurrence of an Event of Default specified in Section 6.01(7) or (8) with respect to the Company, the expenses are intended
to constitute expenses of administration under the Bankruptcy Law. 

  
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 SECTION 7.08. Replacement of Trustee. The Trustee may resign at any time by so
notifying the Company. The Holders of a majority in principal amount of the Securities may remove the Trustee by so notifying the Trustee and may appoint a successor Trustee. The Company shall remove the Trustee if: 

(1) the Trustee fails to comply with Section 7.10; 

(2) the Trustee is adjudged bankrupt or insolvent; 

(3) a receiver or other public officer takes charge of the Trustee or its property; or 

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns, is removed by the Company or by the Holders of a majority in principal amount of the Securities and such Holders
do not reasonably promptly appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Company shall promptly appoint a successor
Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the
Company. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of
its succession to Securityholders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.07. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of 10% in principal amount of the Securities may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
 If the Trustee fails to comply with Section 7.10, any Securityholder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee.

 Notwithstanding the replacement of the Trustee pursuant to this Section, the Company’s obligations under
Section 7.07 shall continue for the benefit of the retiring Trustee. 
 SECTION 7.09. Successor Trustee by Merger.
If the Trustee consolidates with, merges or converts into, or transfers all or substantially all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any
further act shall be the successor Trustee. 

  
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 In case at the time such successor or successors by merger, conversion or consolidation to
the Trustee shall succeed to the trusts created by this Indenture any of the Securities shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and
deliver such Securities so authenticated; and in case at that time any of the Securities shall not have been authenticated, any successor to the Trustee may authenticate such Securities either in the name of any predecessor hereunder or in the name
of the successor to the Trustee; and in all such cases such certificates shall have the full force which it is anywhere in the Securities or in this Indenture provided that the certificate of the Trustee shall have. 

SECTION 7.10. Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a).
The Trustee shall have a combined capital and surplus of at least $50,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA § 310(b); provided, however, that there
shall be excluded from the operation of TIA § 310(b)(1) any indenture or indentures under which other securities or certificates of interest or participation in other securities of the Company are outstanding if the requirements for
such exclusion set forth in TIA § 310(b)(1) are met. 
 SECTION 7.11. Preferential Collection of Claims
Against Company. The Trustee shall comply with TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or been removed shall be subject to TIA § 311(a) to the extent
indicated. 
 Article 8 
 Discharge of Indenture; Defeasance 
 SECTION 8.01. Discharge of Liability
on Securities; Defeasance. (a) When (1) the Company delivers to the Trustee all outstanding Securities (other than Securities replaced pursuant to Section 2.07) for cancelation or (2) all outstanding Securities have
become due and payable, whether at maturity or on a redemption date as a result of the mailing of a notice of redemption pursuant to Article 3 hereof and, in the case of clause (2), the Company irrevocably deposits with the Trustee funds
sufficient to pay at maturity or upon redemption all outstanding Securities, including interest thereon to maturity or such redemption date (other than Securities replaced pursuant to Section 2.07), and if in either case the Company pays all
other sums payable hereunder by the Company, then this Indenture shall, subject to Section 8.01(c), cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge of this Indenture on demand of the Company accompanied
by an Officer’s Certificate and an Opinion of Counsel and at the cost and expense of the Company. 

  
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 (b) Subject to Sections 8.01(c) and 8.02, the Company at any time may terminate (1) all
its obligations under the Securities and this Indenture (“legal defeasance option”) or (2) its obligations under Sections 4.02, 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09 and 4.10 and the operation of Sections 6.01(6),
6.01(7), 6.01(8) and 6.01(9) (but, in the case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) and the limitations contained in Section 5.01(a)(3) and 5.01(b)(3) (“covenant defeasance option”).
The Company may exercise its legal defeasance option notwithstanding its prior exercise of its covenant defeasance option. 
 If
the Company exercises its legal defeasance option, payment of the Securities may not be accelerated because of an Event of Default with respect thereto. If the Company exercises its covenant defeasance option, payment of the Securities may not be
accelerated because of an Event of Default specified in Section 6.01(4), 6.01(5), 6.01(6), 6.01(7), 6.01(8) or 6.01(9) (but, in the case of Sections 6.01(7) and (8), with respect only to Significant Subsidiaries) or because of the failure
of the Company to comply with Section 5.01(a)(3) or 5.01(b)(3). If the Company exercises its legal defeasance option or its covenant defeasance option, each Subsidiary Guarantor, if any, shall be released from all its obligations with
respect to its Subsidiary Guarantee. 
 Upon satisfaction of the conditions set forth herein and upon request of the Company,
the Trustee shall acknowledge in writing the discharge of those obligations that the Company terminates. 
 (c) Notwithstanding
clauses (a) and (b) above, the Company’s obligations in Sections 2.03, 2.04, 2.05, 2.06, 2.07, 2.08, 7.07 and 7.08 and in this Article 8 shall survive until the Securities have been paid in full. Thereafter, the Company’s
obligations in Sections 7.07, 8.04 and 8.05 shall survive. 
 SECTION 8.02. Conditions to Defeasance. The Company may
exercise its legal defeasance option or its covenant defeasance option only if: 
 (1) the Company irrevocably
deposits in trust with the Trustee money or U.S. Government Obligations for the payment of principal of and interest on the Securities to maturity or redemption, as the case may be; 

(2) the Company delivers to the Trustee a certificate from a nationally recognized firm of independent accountants
expressing their opinion that the payments of principal and interest when due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash at such times and in such amounts
as will be sufficient to pay principal and interest when due on all the Securities to maturity or redemption, as the case may be; 
 (3) 123 days pass after the deposit is made and during the 123-day period no Default specified in Section 6.01(7) or (8) with respect to Holdings or the Company occurs which is continuing
at the end of the period; 

  
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 (4) the deposit does not constitute a default under any other agreement
binding on the Company; 
 (5) the Company delivers to the Trustee an Opinion of Counsel to the effect that the
trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 
 (6) in the case of the legal defeasance option, the Company shall have delivered to the Trustee an Opinion of Counsel stating that (A) the Company has received from, or there has been published by,
the Internal Revenue Service a ruling, or (B) since the date of this Indenture there has been a change in the applicable Federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that,
the Securityholders will not recognize income, gain or loss for Federal income tax purposes as a result of such defeasance and will be subject to Federal income tax on the same amounts, in the same manner and at the same times as would have been the
case if such defeasance had not occurred; 
 (7) in the case of the covenant defeasance option, the Company shall
have delivered to the Trustee an Opinion of Counsel to the effect that the Securityholders will not recognize income, gain or loss for Federal income tax purposes as a result of such covenant defeasance and will be subject to Federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such covenant defeasance had not occurred; and 
 (8) the Company delivers to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent to the defeasance and discharge of the Securities as
contemplated by this Article 8 have been complied with. 
 Before or after a deposit, the Company may make arrangements
satisfactory to the Trustee for the redemption of Securities at a future date in accordance with Article 3. 
 SECTION 8.03.
Application of Trust Money. The Trustee shall hold in trust money or U.S. Government Obligations deposited with it pursuant to this Article 8. It shall apply the deposited money and the money from U.S. Government Obligations
through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on the Securities. 

SECTION 8.04. Repayment to Company. The Trustee and the Paying Agent shall promptly turn over to the Company upon request any
excess money or securities held by them at any time. 
 Subject to any applicable abandoned property law, the Trustee and the
Paying Agent shall pay to the Company upon request any money held by them for the payment of principal or interest that remains unclaimed for two years, and, thereafter, Securityholders entitled to the money must look to the Company for payment as
general creditors. 

  
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 SECTION 8.05. Indemnity for Government Obligations. The Company shall pay and shall
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S. Government Obligations. 

SECTION 8.06. Reinstatement. If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with this Article 8 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and each
Guarantor’s obligations under this Indenture, each Guarantee and the Securities shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until such time as the Trustee or Paying Agent is permitted to apply
all such money or U.S. Government Obligations in accordance with this Article 8; provided, however, that, if the Company has made any payment of interest on or principal of any Securities because of the reinstatement of its
obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

Article 9 

Amendments 

SECTION 9.01. Without Consent of Holders. The Company, the Guarantors and the Trustee may amend this Indenture or the Securities
without notice to or consent of any Securityholder: 
 (1) to cure any ambiguity, omission, defect or
inconsistency; 
 (2) to comply with Article 5; 

(3) to provide for uncertificated Securities in addition to or in place of certificated Securities; provided,
however, that the uncertificated Securities are issued in registered form for purposes of Section 163(f) of the Code or in a manner such that the uncertificated Securities are described in Section 163(f)(2)(B) of the Code;

 (4) to add Guarantees with respect to the Securities, including any Subsidiary Guarantee, or to secure the
Securities; provided that any amendment or supplemental indenture evidencing any such additional Subsidiary Guarantee may be executed by the relevant Subsidiary Guarantor and the Trustee and shall not be required to be executed by any other
Person; 
 (5) to add to the covenants of Holdings, the Company or any Subsidiary Guarantor for the benefit of
the Holders or to surrender any right or power herein conferred upon Holdings, the Company or any Subsidiary Guarantor; 

  
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 (6) to make any change that does not adversely affect the rights of any
Holder of the Securities; 
 (7) to comply with any requirements of the SEC in connection with qualifying, or
maintaining the qualification of, this Indenture under the TIA; 
 (8) to conform the text of this Indenture, the
Securities or any Guarantee to any provision of the “Description of the notes” in the Offering Memorandum to the extent that such provision in such “Description of the notes” was intended to be a verbatim recitation of a
provision of this Indenture, the Securities or such Guarantee; or 
 (9) to make any amendment to the provisions
of this Indenture relating to the transfer and legending of Securities; provided, however, that (a) compliance with this Indenture as so amended would not result in Securities being transferred in violation of the Securities Act
or any other applicable securities law and (b) such amendment does not materially and adversely affect the rights of Holders to transfer Securities. 
 After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such amendment. The failure to give such notice to all Securityholders, or
any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 SECTION 9.02. With Consent
of Holders. The Company, the Guarantors and the Trustee may amend this Indenture or the Securities (including the obligations of the Company to make a Change of Control Offer pursuant to Section 4.08 of this Indenture) with the written
consent of the Holders of at least a majority in principal amount of the Securities then outstanding (including consents obtained in connection with a tender offer or exchange for the Securities) and any past default or compliance with any
provisions may also be waived with the consent of the Holders of at least a majority in principal amount of the Securities then outstanding. However, without the consent of each Securityholder affected thereby, an amendment or waiver may not:

 (1) reduce the amount of Securities whose Holders must consent to an amendment; 

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

(3) reduce the principal of or change the Stated Maturity of any Security; 

(4) change the provisions applicable to the redemption of any Security contained in Article 3 hereto or
Section 5 of the Securities; 

  
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 (5) make any Security payable in money other than that stated in the
Security; 
 (6) make any change in Section 6.04 or 6.07 or the second sentence of this Section; 

(7) make any changes in the ranking or priority of any Security that would adversely affect the Securityholders; or

 (8) make any change in, or release other than in accordance with this Indenture, any Guarantee that would
adversely affect the Securityholders. 
 It shall not be necessary for the consent of the Holders under this Section to approve
the particular form of any proposed amendment, but it shall be sufficient if such consent approves the substance thereof. 

After an amendment under this Section becomes effective, the Company shall mail to Securityholders a notice briefly describing such
amendment. The failure to give such notice to all Securityholders, or any defect therein, shall not impair or affect the validity of an amendment under this Section. 
 SECTION 9.03. Compliance with Trust Indenture Act. Every amendment to this Indenture or the Securities shall comply with the TIA as then in effect. 

SECTION 9.04. Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Security shall
bind the Holder and every subsequent Holder of that Security or portion of the Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent or waiver is not made on the Security. However, any such
Holder or subsequent Holder may revoke the consent or waiver as to such Holder’s Security or portion of the Security if the Trustee receives the notice of revocation before the date the amendment or waiver becomes effective. After an amendment
or waiver becomes effective, it shall bind every Securityholder. An amendment or waiver becomes effective upon the execution of such amendment or waiver by the Company, any applicable Guarantor and Trustee. 

The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Securityholders entitled to give
their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Securityholders at
such record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such
record date. 
 SECTION 9.05. Notation on or Exchange of Securities. If an amendment changes the terms of a Security, the
Trustee may require the Securityholder to deliver the Security to the Trustee. The Trustee may place an appropriate notation on the Security regarding the changed terms and return it to the Holder. Alternatively, if the

  
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Company or the Trustee so determines, the Company in exchange for the Security shall issue and the Trustee shall authenticate a new Security that reflects the changed terms. Failure to make the
appropriate notation or to issue a new Security shall not affect the validity of such amendment. 
 SECTION 9.06. Trustee To
Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing such amendment the Trustee shall be entitled to receive indemnity reasonably satisfactory to it and to receive, and (subject to Section 7.01) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion
of Counsel stating that such amendment is authorized or permitted by this Indenture. 
 SECTION 9.07. Payment for
Consent. Neither the Company nor any Affiliate of the Company shall, directly or indirectly, pay or cause to be paid any consideration, whether by way of interest, fee or otherwise, to any Holder for or as an inducement to any consent, waiver or
amendment of any of the terms or provisions of this Indenture or the Securities unless such consideration is offered to all Holders and is paid to all Holders that so consent, waive or agree to amend in the time frame set forth in solicitation
documents relating to such consent, waiver or agreement. 
 Article 10 

Guarantees 

SECTION 10.01. Guarantees. Each Guarantor hereby unconditionally and irrevocably guarantees, jointly and severally, on a senior
unsecured basis, to each Holder and to the Trustee and its successors and assigns (a) the full and punctual payment of principal of and interest on the Securities when due, whether at maturity, by acceleration, by redemption or otherwise, and
all other monetary obligations of the Company under this Indenture and the Securities and (b) the full and punctual performance within applicable grace periods of all other obligations of the Company under this Indenture and the Securities (all
the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor further agrees that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from
such Guarantor and that such Guarantor shall remain bound under this Article 10 notwithstanding any extension or renewal of any Obligation. 
 Each Guarantor waives presentation to, demand of, payment from and protest to the Company of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives
notice of any default under the Securities or the Guaranteed Obligations. The obligations of each Guarantor hereunder shall not be affected by (1) the failure of any Holder or the Trustee to assert any claim or demand or to enforce any right or
remedy against the Company or any other Person (including any Guarantor) under this Indenture, the Securities or any other agreement or otherwise; (2) any extension or renewal of any thereof; (3) any rescission, waiver, amendment or
modification of any of the terms or provisions of this Indenture, the 

  
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Securities or any other agreement; (4) the release of any security held by any Holder or the Trustee for the Guaranteed Obligations or any of them; (5) the failure of any Holder or the
Trustee to exercise any right or remedy against any other guarantor of the Guaranteed Obligations; or (6) except as set forth in Section 10.06, any change in the ownership of a Guarantor. 

Each Guarantor further agrees that its Guarantee herein constitutes a guarantee of payment, performance and compliance when due (and not
a guarantee of collection) and waives any right to require that any resort be had by any Holder or the Trustee to any security held for payment of the Guaranteed Obligations. 
 Except as expressly set forth in Sections 4.11, 8.01(b), 10.02 and 10.06, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for
any reason, including any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or
unenforceability of the Guaranteed Obligations or otherwise. Without limiting the generality of the foregoing, the obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by the failure of any Holder or the
Trustee to assert any claim or demand or to enforce any remedy under this Indenture, the Securities or any other agreement, by any waiver or modification of any thereof, by any default, failure or delay, willful or otherwise, in the performance of
the obligations, or by any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of such Guarantor or would otherwise operate as a discharge of such Guarantor as a matter
of law or equity. 
 Each Guarantor further agrees that its Guarantee herein shall continue to be effective or be reinstated, as
the case may be, if at any time payment, or any part thereof, of principal of or interest on any Obligation is rescinded or must otherwise be restored by any Holder or the Trustee upon the bankruptcy or reorganization of the Company or otherwise.

 In furtherance of the foregoing and not in limitation of any other right which any Holder or the Trustee has at law or in
equity against any Guarantor by virtue hereof, upon the failure of the Company to pay the principal of or interest on any Obligation when and as the same shall become due, whether at maturity, by acceleration, by redemption or otherwise, or to
perform or comply with any other Obligation, each Guarantor hereby promises to and shall, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee an amount equal to the sum of
(A) the unpaid amount of such Guaranteed Obligations, (B) accrued and unpaid interest on such Guaranteed Obligations (but only to the extent not prohibited by law) and (C) all other monetary Guaranteed Obligations of the Company to
the Holders and the Trustee. 
 Each Guarantor agrees that, as between it, on the one hand, and the Holders and the Trustee, on
the other hand, (i) the maturity of the Guaranteed Obligations hereby may be accelerated as provided in Article 6 for the purposes of such Guarantor’s 

  
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Guarantee herein, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby, and (ii) in the event of
any declaration of acceleration of such Guaranteed Obligations as provided in Article 6, such Guaranteed Obligations (whether or not due and payable) shall forthwith become due and payable by such Guarantor for the purposes of this Section.

 Each Guarantor also agrees to pay any and all reasonable costs and expenses (including reasonable attorneys’ fees)
incurred by the Trustee or any Holder in enforcing any rights under this Section. 
 SECTION 10.02. Limitation on
Liability. Each Guarantor, and by its acceptance of Securities, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of each such Guarantor (a) not constitute a fraudulent transfer or conveyance for
purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar foreign, federal or state law to the extent applicable to any such Guarantee, and (b) not result in a distribution to
shareholders not permitted under the applicable foreign or state law. Any term or provision of this Indenture to the contrary notwithstanding, the maximum aggregate amount of the Guaranteed Obligations guaranteed hereunder by any Guarantor shall not
exceed the maximum amount that can be hereby guaranteed without rendering this Indenture, as it relates to such Guarantor, voidable under applicable law relating to fraudulent conveyance or fraudulent transfer or similar laws affecting the rights of
creditors generally. 
 SECTION 10.03. Successors and Assigns. This Article 10 shall be binding upon each Guarantor and
its successors and assigns and shall enure to the benefit of the successors and assigns of the Trustee and the Holders and, in the event of any transfer or assignment of rights by any Holder or the Trustee, the rights and privileges conferred upon
that party in this Indenture and in the Securities shall automatically extend to and be vested in such transferee or assignee, all subject to the terms and conditions of this Indenture. 

SECTION 10.04. No Waiver. Neither a failure nor a delay on the part of either the Trustee or the Holders in exercising any right,
power or privilege under this Article 10 shall operate as a waiver thereof, nor shall a single or partial exercise thereof preclude any other or further exercise of any right, power or privilege. The rights, remedies and benefits of the affected
Guarantors and the Trustee and the Holders herein expressly specified are cumulative and not exclusive of any other rights, remedies or benefits which either may have under this Article 10 at law, in equity, by statute or otherwise. 

SECTION 10.05. Modification. Subject to Article 9, no modification, amendment or waiver of any provision of this Article 10, nor
the consent to any departure by any Guarantor therefrom, shall in any event be effective unless the same shall be in writing and signed by the affected Guarantors and the Trustee, and then such waiver or consent shall be effective only in the
specific instance and for the purpose for which given. No notice to or demand on any Guarantor in any case shall entitle such Guarantor to any other or further notice or demand in the same, similar or other circumstances. 

  
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 SECTION 10.06. Release of Subsidiary Guarantor. A Subsidiary Guarantor shall be
released from its obligations under this Article 10 (other than any obligation that may have arisen previously under Section 10.07): 
 (1) upon the designation of such Subsidiary Guarantor as an Unrestricted Subsidiary to the extent permitted by this Indenture, 

(2) at such time as such Subsidiary Guarantor ceases to guarantee any Indebtedness of the Company under the Senior Credit
Agreement, except as a result of payment under such Guarantee, 
 (3) upon the sale or other disposition
(including by way of consolidation or merger) of such Subsidiary Guarantor in compliance with all of the terms of this Indenture, following which such Subsidiary Guarantor is no longer a Subsidiary, 

(4) upon defeasance of the Securities pursuant to Article 8, or 

(5) upon the full satisfaction of the Company’s obligations under this Indenture. 

At the request of the Company, the Trustee shall execute and deliver an appropriate instrument evidencing such release. 

SECTION 10.07. Contribution. Each Guarantor that makes a payment under its Guarantee shall be entitled upon payment in full of all
Guaranteed Obligations under this Indenture to a contribution from each other Guarantor in an amount equal to such other Guarantor’s pro rata portion of such payment based on the respective net assets of all the Guarantors at the
time of such payment determined in accordance with GAAP. 
 Article 11

Miscellaneous 
 SECTION 11.01. Trust Indenture Act Controls. If any provision of this Indenture limits, qualifies or conflicts with another provision which is required to be included in this Indenture by the TIA,
the required provision shall control. 

  
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 SECTION 11.02. Notices. Any notice or communication shall be in
writing and delivered in person or mailed by first-class mail addressed as follows: 
 if to Holdings, the Company or any
Subsidiary Guarantor: 
 Murphy USA Inc. 

200 Peach Street 
 El Dorado, Arkansas 71730 
 Attention: General Counsel 

Facsimile: 870-881-6893 
 with a copy to: 
 Davis Polk &Wardwell LLP 

450 Lexington Avenue 
 New York, New York 10017 
 Attention: Joseph A. Hall 

Facsimile: 212-701-5565 
 if to the Trustee: 
 U.S. Bank National Association 

Global Corproate Trust Services 
 1349 West Peachtree Street, NW, Suite 1050 
 Atlanta, Georgia 30309

 Attention: Felicia H. Powell 

Facsimile: 404-365-7946 
 Holdings, the Company, any Subsidiary Guarantor or the Trustee by notice to the other may designate additional or different addresses for subsequent notices or communications. 

Any notice or communication mailed to a Securityholder shall be mailed to the Securityholder at the Securityholder’s address as it
appears on the registration books of the Registrar and shall be sufficiently given if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Securityholder or any defect in it shall not affect its sufficiency with respect to other
Securityholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 
 SECTION 11.03. Communication by Holders with Other Holders. Securityholders may communicate pursuant to TIA § 312(b) with other Securityholders with respect to their rights under this
Indenture or the Securities. Holdings, the Company, any Subsidiary Guarantor the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

  
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 SECTION 11.04. Certificate and Opinion as to Conditions Precedent. Upon any request
or application by the Company to the Trustee to take or refrain from taking any action under this Indenture, the Company shall furnish to the Trustee: 
 (1) an Officer’s Certificate in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of the signer, all conditions precedent, if any, provided for in this Indenture
relating to the proposed action have been complied with; and 
 (2) an Opinion of Counsel in form and substance
reasonably satisfactory to the Trustee stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 
 SECTION 11.05. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or condition provided for in this Indenture shall include:

 (1) a statement that the individual 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 statements
or opinions contained in such certificate or opinion are based; 
 (3) a statement that, in the opinion of such
individual, he has made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and 

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied
with. 
 SECTION 11.06. When Securities Disregarded. In determining whether the Holders of the required principal amount
of Securities have concurred in any direction, waiver or consent, Securities owned by the Company or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company shall be disregarded
and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Securities which the Trustee knows are so owned shall be so disregarded.
Also, subject to the foregoing, only Securities outstanding at the time shall be considered in any such determination. 

SECTION 11.07. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable rules for action by or a meeting of
Securityholders. The Registrar and the Paying Agent may make reasonable rules for their functions. 
 SECTION 11.08. Legal
Holidays. If an interest payment date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday with the same force and effect as if made on such date, and the interest which accrues for the period from
such interest payment date to such next day that is not a Legal Holiday will be payable on the next succeeding interest payment date. If a regular record date is a Legal Holiday, the record date shall not be affected. 

  
 92 

 SECTION 11.09. Governing Law. This Indenture and the Securities shall be governed by,
and construed in accordance with, the laws of the State of New York. 
 SECTION 11.10. No Recourse Against Others. A
director, officer, employee or stockholder, as such, of Holdings, the Company or any Subsidiary Guarantor shall not have any liability for any obligations of the Company under the Securities or this Indenture or of such Guarantor under its Guarantee
or this Indenture for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Security, each Securityholder shall waive and release all such liability. The waiver and release shall be part of the
consideration for the issue of the Securities. 
 SECTION 11.11. Successors. All agreements of Holdings, the Company and
the Subsidiary Guarantors in this Indenture and the Securities shall bind their respective successors. All agreements of the Trustee in this Indenture shall bind its successors. 

SECTION 11.12. Multiple Originals. The parties may sign any number of copies of this Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. 
 SECTION
11.13. Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof
and shall not modify or restrict any of the terms or provisions hereof. 
 [Remainder of Page Intentionally Left
Blank] 

  
 93 

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

			
	MURPHY OIL USA, INC.
		
	By	 	 /s/ John A. Moore

	Name:	 	John A. Moore
	Title:	 	Senior Vice President, General
Counsel and Secretary

  

			
	MURPHY USA INC.
		
	By	 	 /s/ John A. Moore

	Name:	 	John A. Moore
	Title:	 	Senior Vice President, General
Counsel and Secretary

  

			
	591 BEVERAGE, INC.
864 HOLDINGS, INC.
864 BEVERAGE, INC.
MURPHY OIL TRADING COMPANY
(EASTERN)
SPUR OIL CORPORATION
SUPERIOR CRUDE
TRADING
COMPANY
		
	By	 	 /s/ John A. Moore

	Name:	 	John A. Moore
	Title:	 	Secretary

 [Signature Page of the Indenture] 

			
	U.S. BANK NATIONAL ASSOCIATION,
as Trustee, Registrar and Paying Agent
		
	By	 	 /s/ Felicia H. Powell

	Name:	 	Felicia H. Powell
	Title:	 	Assistant Vice President

 [Signature Page of the Indenture] 

  
 2 

 APPENDIX A 
 PROVISIONS RELATING TO INITIAL SECURITIES 
 AND EXCHANGE SECURITIES

 1. Definitions 
 1.1 Definitions 
 Capitalized terms used in this Appendix and not otherwise
defined shall have the meanings provided in the Indenture. For the purposes of this Appendix and the Indenture as a whole, the following terms shall have the meanings indicated below: 

“Applicable Procedures” means, with respect to any transfer or transaction involving a Regulation S Global Security
or beneficial interest therein, the rules and procedures of the Depositary for such Global Security, Euroclear and Clearstream, in each case to the extent applicable to such transaction and as in effect from time to time. 

“Clearstream” means Clearstream Banking, société anonyme, or any successor securities clearing agency.

 “Definitive Security” means a certificated Initial Security or Exchange Security (bearing the Restricted
Securities Legend if the transfer of such Security is restricted by applicable law) that does not include the Global Securities Legend. 
 “Depositary” means The Depository Trust Company, its nominees and their respective successors. 
 “Euroclear” means the Euroclear Clearance System or any successor securities clearing agency. 
 “Exchange Securities” means (1) the 6.000% Senior Notes due 2023 issued pursuant to the Indenture in connection with a Registered Exchange Offer pursuant to the Registration Rights
Agreement and (2) Additional Securities, if any, issued pursuant to a registration statement filed with the SEC under the Securities Act. 
 “Global Securities Legend” means the legend set forth under that caption in Exhibit A to the Indenture. 
 “IAI” means an institutional “accredited investor” as described in Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 

“Initial Purchasers” means (1) with respect to the Initial Securities issued on the Issue Date, J.P. Morgan
Securities LLC, Stephens Inc., RBC Capital Markets LLC, Regions Securities LLC, Wells Fargo Securities LLC, U.S. Bancorp Investments, Inc., Mitsubishi UFJ Securities (USA), Inc., Fifth Third Securities, Inc., Capital One Securities, Inc., Comerica
Securities, Inc. and PNC Capital Markets LLC, and (2) with respect to each issuance of Additional Securities, the Persons purchasing such Additional Securities under the related Purchase Agreement. 

 “Initial Securities” means (1) $500,000,000 aggregate principal amount
of 6.000% Senior Notes Due 2023 issued on the Issue Date and (2) Additional Securities, if any, issued in a transaction exempt from the registration requirements of the Securities Act. 

“Purchase Agreement” means (a) the Purchase Agreement dated August 9, 2013 among Holdings, the Company, the
Subsidiary Guarantors and the Initial Purchasers, and (b) any other similar Purchase Agreement relating to Additional Securities. 
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
 “Registered Exchange Offer” means an offer by the Company, pursuant to a Registration Rights Agreement, to certain Holders of Initial Securities, to issue and deliver to such
Holders, in exchange for their Initial Securities, a like aggregate principal amount of Exchange Securities registered under the Securities Act. 
 “Registration Rights Agreement” means (a) the Registration Rights Agreement dated August 14, 2013, among the Company, the Guarantors and the Initial Purchasers and (b) any
other similar Registration Rights Agreement relating to Additional Securities. 
 “Regulation S” means
Regulation S under the Securities Act. 
 “Regulation S Securities” means all Initial Securities offered
and sold outside the United States in reliance on Regulation S. 
 “Restricted Period”, with respect to
any Securities, means the period of 40 consecutive days beginning on and including the later of (a) the day on which such Securities are first offered to persons other than distributors (as defined in Regulation S under the Securities Act)
in reliance on Regulation S, notice of which day shall be promptly given by the Company to the Trustee, and (b) the Issue Date with respect to such Securities. 
 “Restricted Securities Legend” means the legend set forth in Section 2.3(e)(i) herein. 
 “Rule 501” means Rule 501(a)(1), (2), (3) or (7) under the Securities Act. 
 “Rule 144A” means Rule 144A under the Securities Act. 

“Rule 144A Securities” means all Initial Securities offered and sold to QIBs in reliance on Rule 144A. 

  
 2 

 “Securities Custodian” means the custodian with respect to a Global
Security (as appointed by the Depositary) or any successor person thereto, who shall initially be the Trustee. 
 “Shelf
Registration Statement” means a shelf registration statement filed by the Company in connection with the offer and sale of Initial Securities pursuant to a Registration Rights Agreement. 

“Transfer Restricted Securities” means Definitive Securities and any other Securities that bear or are required to bear
the Restricted Securities Legend. 
 1.2 Other Definitions 

 

					
	 Term:
	  	Defined in Section:	 
		
	 “Agent Members”
	  	 	2.1(c)	  
	 “Global Security”
	  	 	2.1(b)	  
	 “IAI Global Security”
	  	 	2.1(b)	  
	 “Regulation S Global Security”
	  	 	2.1(b)	  
	 “Rule 144A Global Security”
	  	 	2.1(b)	  

 2. The Securities 
 2.1 Form and Dating 
 (a) The Initial Securities issued on the Issue Date
will be (i) offered and sold by the Company pursuant to the Purchase Agreement and (ii) resold, initially only to (1) QIBs in reliance on Rule 144A and (2) Persons other than U.S. Persons (as defined in Regulation S) in
reliance on Regulation S. Such Initial Securities may thereafter be transferred to, among others, QIBs, purchasers in reliance on Regulation S and, except as set forth below, IAIs in accordance with Rule 501. Additional Securities offered after
the date hereof may be offered and sold by the Company from time to time pursuant to one or more Purchase Agreements in accordance with applicable law. 
 (b) Global Securities. Rule 144A Securities shall be issued initially in the form of one or more permanent global Securities in definitive, fully registered form (collectively, the
“Rule 144A Global Security”) and Regulation S Securities shall be issued initially in the form of one or more global Securities (collectively, the “Regulation S Global Security”), in each case without
interest coupons and bearing the Global Securities Legend and Restricted Securities Legend, which shall be deposited on behalf of the purchasers of the Securities represented thereby with the Securities Custodian, and registered in the name of the
Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. One or more global securities in definitive, fully registered form without interest coupons and bearing the Global
Securities Legend and the Restricted Securities Legend (collectively, the “IAI Global Security”) shall also be issued on the Closing Date, deposited with the Securities Custodian, and registered in the name of the Depositary or a
nominee of the 

  
 3 

 
Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture to accommodate transfers of beneficial interests in the Securities to IAIs subsequent to the
initial distribution. Beneficial ownership interests in the Regulation S Global Security shall not be exchangeable for interests in the Rule 144A Global Security, the IAI Global Security or any other Security without a Restricted
Securities Legend until the expiration of the Restricted Period. The Rule 144A Global Security, the IAI Global Security and the Regulation S Global Security are each referred to herein as a “Global Security” and are collectively
referred to herein as “Global Securities”, provided, that the term “Global Security” when used in Sections 2.1(b)(third paragraph), 2.1(c), 2.3(g)(i), 2.3(h)(i) and 2.4 shall also include any Security in global form issued
in connection with a Registered Exchange Offer. The aggregate principal amount of the Global Securities may from time to time be increased or decreased by adjustments made on the records of the Trustee and the Depositary or its nominee and on the
schedules thereto as hereinafter provided. 
 (c) Book-Entry Provisions. This Section 2.1(c) shall apply only to a
Global Security deposited with or on behalf of the Depositary. 
 The Company shall execute and the Trustee shall, in accordance
with this Section 2.1(c) and Section 2.2 and pursuant to an order of the Company signed by one Officer, authenticate and deliver initially one or more Global Securities that (i) shall be registered in the name of the Depositary for
such Global Security or Global Securities or the nominee of such Depositary and (ii) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by the Trustee as Securities Custodian.

 Members of, or participants in, the Depositary (“Agent Members”) shall have no rights under the Indenture
with respect to any Global Security held on their behalf by the Depositary or by the Trustee as Securities Custodian or under such Global Security, and the Depositary may be treated by the Company, the Trustee and any agent of the Company or the
Trustee as the absolute owner of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the operation of customary practices of such Depositary governing the exercise of the rights of a holder of a
beneficial interest in any Global Security. 
 (d) Definitive Securities. Except as provided in Section 2.3 or 2.4,
owners of beneficial interests in Global Securities will not be entitled to receive physical delivery of certificated Securities. 
 2.2 Authentication. The Trustee shall authenticate and make available for delivery upon a written order of the Company signed by one Officer (a) Initial Securities for original issue on
the Issue Date in an aggregate principal amount of $500,000,000, (b) subject to the terms of the Indenture, Additional Securities in an unlimited aggregate principal amount and (c) the Exchange Securities for issue only in a Registered
Exchange 

  
 4 

 
Offer pursuant to a Registration Rights Agreement and for a like principal amount of Initial Securities exchanged pursuant thereto. Such order shall specify the amount of the Securities to be
authenticated, the date on which the original issue of Securities is to be authenticated and whether the Securities are to be Initial Securities or Exchange Securities. 
 2.3 Transfer and Exchange. (a) Transfer and Exchange of Definitive Securities. When Definitive Securities are presented to the Registrar with a request: 

(i) to register the transfer of such Definitive Securities; or 

(ii) to exchange such Definitive Securities for an equal principal amount of Definitive Securities of other
authorized denominations, 
 the Registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such
transaction are met; provided, however, that the Definitive Securities surrendered for transfer or exchange: 
 (1) shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, duly executed by the Holder thereof or his attorney
duly authorized in writing; and 
 (2) in the case of Transfer Restricted Securities, are accompanied by the
following additional information and documents, as applicable: 
 (A) if such Definitive Securities are
being delivered to the Registrar by a Holder for registration in the name of such Holder, without transfer, a certification from such Holder to that effect (in the form set forth on the reverse side of the Initial Security); or 

(B) if such Definitive Securities are being transferred to the Company, a certification to that effect (in the form
set forth on the reverse side of the Initial Security); or 
 (C) if such Definitive Securities are being
transferred pursuant to an exemption from registration in accordance with Rule 144 under the Securities Act or in reliance upon another exemption from the registration requirements of the Securities Act, (x) a certification to that effect (in
the form set forth on the reverse side of the Initial Security) and (y) if the Company so requests, an opinion of counsel or other evidence reasonably satisfactory to it as to the compliance with the restrictions set forth in the legend set
forth in Section 2.3(e)(i). 

  
 5 

 (b) Restrictions on Transfer of a Definitive Security for a Beneficial Interest in a
Global Security. A Definitive Security may not be exchanged for a beneficial interest in a Global Security except upon satisfaction of the requirements set forth below. Upon receipt by the Trustee of a Definitive Security, duly endorsed or
accompanied by a written instrument of transfer in form reasonably satisfactory to the Company and the Registrar, together with: 
 (i) certification (in the form set forth on the reverse side of the Initial Security) that such Definitive Security is being transferred (1) to a QIB in accordance with Rule 144A,
(2) to an IAI that has furnished to the Trustee a signed letter substantially in the form of Exhibit C or (3) outside the United States in an offshore transaction within the meaning of Regulation S and in compliance with Rule 904
under the Securities Act; and 
 (ii) written instructions directing the Trustee to make, or to direct the
Securities Custodian to make, an adjustment on its books and records with respect to such Global Security to reflect an increase in the aggregate principal amount of the Securities represented by the Global Security, such instructions to contain
information regarding the Depositary account to be credited with such increase, 
 then the Trustee shall cancel such Definitive Security and
cause, or direct the Securities Custodian to cause, in accordance with the standing instructions and procedures existing between the Depositary and the Securities Custodian, the aggregate principal amount of Securities represented by the Global
Security to be increased by the aggregate principal amount of the Definitive Security to be exchanged and shall credit or cause to be credited to the account of the Person specified in such instructions a beneficial interest in the Global Security
equal to the principal amount of the Definitive Security so canceled. If no Global Securities are then outstanding and the Global Security has not been previously exchanged for certificated securities pursuant to Section 2.4, the Company shall
issue and the Trustee shall authenticate, upon written order of the Company in the form of an Officer’s Certificate, a new Global Security in the appropriate principal amount. 

(c) Transfer and Exchange of Global Securities. (i) The transfer and exchange of Global Securities or beneficial
interests therein shall be effected through the Depositary, in accordance with the Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the Depositary therefor. A transferor of a beneficial
interest in a Global Security shall deliver a written order given in accordance with the Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial interest in such Global
Security or another Global Security and such account shall be credited in accordance with such order with a beneficial interest in the applicable Global Security and the account of the Person making the transfer shall be debited by an amount equal
to the beneficial interest in the Global Security being transferred. Transfers by an owner of a beneficial interest in the Rule 144A Global Security or the IAI Global Security to a transferee who takes delivery of such interest through the
Regulation S Global Security, whether before or after the expiration of the Restricted Period, shall be made only upon receipt by the Trustee of a certification in the form provided on the reverse of the Initial Securities from the transferor to the
effect that such transfer is being made in accordance with Regulation S or (if available) Rule 144 under the Securities Act and that, if such transfer is being made prior to the expiration of the Restricted Period, the interest transferred shall be
held immediately thereafter through Euroclear or Clearstream. In the case of a transfer of a 

  
 6 

 
beneficial interest in either the Regulation S Global Security or the Rule 144A Global Security for an interest in the IAI Global Security, the transferee must furnish a signed letter
substantially in the form of Exhibit C to the Indenture to the Trustee. 
 (ii) If the proposed transfer is
a transfer of a beneficial interest in one Global Security to a beneficial interest in another Global Security, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Security to which
such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global
Security from which such interest is being transferred. 
 (iii) Notwithstanding any other provisions of
this Appendix (other than the provisions set forth in Section 2.4), a Global Security may not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. 
 (iv) In the event that a Global Security is exchanged for Definitive Securities pursuant to Section 2.4 prior to the consummation of a Registered Exchange Offer or the effectiveness of a Shelf
Registration Statement with respect to such Securities, such Securities may be exchanged only in accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification requirements
set forth on the reverse of the Initial Securities intended to ensure that such transfers comply with Rule 144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other
procedures as may from time to time be adopted by the Company. 
 (d) Restrictions on Transfer of Regulation S Global
Security. (i) Prior to the expiration of the Restricted Period, interests in the Regulation S Global Security may only be held through Euroclear or Clearstream. During the Restricted Period, beneficial ownership interests in the
Regulation S Global Security may only be sold, pledged or transferred through Euroclear or Clearstream in accordance with the Applicable Procedures and only (1) to the Company, (2) so long as such security is eligible for resale pursuant
to Rule 144A, to a person whom the selling holder reasonably believes is a QIB that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on
Rule 144A, (3) in an offshore transaction in accordance with Regulation S, (4) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if applicable) under the Securities Act, (5) to an
IAI purchasing for its own account, or for the account of such an IAI, in a minimum principal amount of Securities of $250,000 or (6) pursuant to an effective registration statement under the Securities Act, in each case in accordance with any
applicable securities laws of any state of the United States. Prior to the expiration of the Restricted Period, transfers by an owner of a beneficial interest in the Regulation S 

  
 7 

 
Global Security to a transferee who takes delivery of such interest through the Rule 144A Global Security or the IAI Global Security shall be made only in accordance with Applicable Procedures
and upon receipt by the Trustee of a written certification from the transferor of the beneficial interest in the form provided on the reverse of the Initial Security to the effect that such transfer is being made to (1) a QIB within the meaning
of Rule 144A in a transaction meeting the requirements of Rule 144A or (2) an IAI purchasing for its own account, or for the account of such an IAI, in a minimum principal amount of the Securities of $250,000. Such written certification shall
no longer be required after the expiration of the Restricted Period. In the case of a transfer of a beneficial interest in the Regulation S Global Security for an interest in the IAI Global Security, the transferee must furnish a signed letter
substantially in the form of Exhibit C to the Indenture to the Trustee. 
 (ii) Upon the expiration of the
Restricted Period, beneficial ownership interests in the Regulation S Global Security shall be transferable in accordance with applicable law and the other terms of the Indenture. 

(e) Legend 
 (i) Except as permitted by the following paragraphs (ii), (iii) or (iv), each Security certificate evidencing the Global Securities and the Definitive Securities (and all Securities issued
in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form (each defined term in the legend being defined as such for purposes of the legend only): 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
THE SECURITIES LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR
UNLESS SUCH TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY
ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”)
THAT IS [IN THE CASE OF RULE 144A NOTES: THE DATE ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE THAT THIS RESTRICTIVE LEGEND SHALL BE DEEMED REMOVED (WHICH INSTRUCTION IS EXPECTED TO BE GIVEN ON OR ABOUT THE ONE YEAR ANNIVERSARY OF THE ISSUANCE
OF THIS SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE 

  
 8 

 
DATE HEREOF AND THE LAST DATE ON WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)], ONLY (A) TO THE ISSUER,
(B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY
BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE
IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE
501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM
PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE
REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL,
CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED WITHOUT FURTHER ACTION OF THE ISSUER, THE TRUSTEE OR ANY HOLDER AT SUCH TIME AS THE ISSUER INSTRUCTS THE TRUSTEE IN WRITING TO REMOVE SUCH LEGEND IN
ACCORDANCE WITH THE INDENTURE. 
 Each certificate evidencing a Security offered in reliance on Regulation S
shall, in addition to the foregoing, bear a legend in substantially the following form: 
 BY ITS ACQUISITION
HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT. 

  
 9 

 Each Definitive Security shall bear the following additional legend:

 IN CONNECTION WITH ANY TRANSFER, THE HOLDER SHALL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH
CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 
 (ii) Upon any sale or transfer of a Transfer Restricted Security that is a Definitive Security, the Registrar shall permit the Holder thereof to exchange such Transfer Restricted Security for a
Definitive Security that does not bear the legends set forth above and rescind any restriction on the transfer of such Transfer Restricted Security if the Holder certifies in writing to the Registrar that its request for such exchange was made in
reliance on Rule 144 (such certification to be in the form set forth on the reverse of the Initial Security). 
 (iii) After a transfer of any Initial Securities during the period of the effectiveness of a Shelf Registration Statement with respect to such Initial Security, all requirements pertaining to the
Restricted Securities Legend on such Initial Securities shall cease to apply and the requirements that any such Initial Securities be issued in global form shall continue to apply. 

(iv) Upon the consummation of a Registered Exchange Offer with respect to the Initial Securities pursuant to which
Holders of such Initial Securities are offered Exchange Securities in exchange for their Initial Securities, all requirements pertaining to Initial Securities that Initial Securities be issued in global form shall continue to apply, and Exchange
Securities in global form without the Restricted Securities Legend shall be available to Holders that exchange such Initial Securities in such Registered Exchange Offer. 

(vi) Upon a sale or transfer after the expiration of the Restricted Period of any Initial Security acquired pursuant
to Regulation S, all requirements that such Initial Security bear the Restricted Securities Legend shall cease to apply and the requirements requiring any such Initial Security be issued in global form shall continue to apply. 

(vii) Any Additional Securities sold in a registered offering shall not be required to bear the Restricted Securities
Legend. 
 (f) Cancellation or Adjustment of Global Security. At such time as all beneficial interests in a Global
Security have either been exchanged for Definitive Securities, transferred, redeemed, repurchased or cancelled, such Global Security shall be returned by the Depositary to the Trustee for cancellation or retained and cancelled by the

  
 10 

 
Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Security is exchanged for Definitive Securities, transferred in exchange for an interest in another Global
Security, redeemed, repurchased or canceled, the principal amount of Securities represented by such Global Security shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then the Securities Custodian for
such Global Security) with respect to such Global Security, by the Trustee or the Securities Custodian, to reflect such reduction. 
 (g) Obligations with Respect to Transfers and Exchanges of Securities 
 (i) To permit registrations of transfers and exchanges, the Company shall execute and the Trustee shall authenticate, Definitive Securities and Global Securities at the Registrar’s request.

 (ii) No service charge shall be made for any registration of transfer or exchange, but the Company may require
payment of a sum sufficient to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charge payable upon exchanges pursuant to
Sections 2.07, 3.06, 4.06, 4.08 and 9.05 of the Indenture). 
 (iii) Prior to the due presentation for
registration of transfer of any Security, the Company, the Trustee, the Paying Agent or the Registrar may deem and treat the person in whose name a Security is registered as the absolute owner of such Security for the purpose of receiving payment of
principal of and interest on such Security and for all other purposes whatsoever, whether or not such Security is overdue, and none of the Company, the Trustee, the Paying Agent or the Registrar shall be affected by notice to the contrary.

 (iv) All Securities issued upon any transfer or exchange pursuant to the terms of the Indenture shall
evidence the same debt and shall be entitled to the same benefits under the Indenture as the Securities surrendered upon such transfer or exchange. 
 (h) No Obligation of the Trustee 
 (i) The Trustee
shall have no responsibility or obligation to any beneficial owner of a Global Security, a member of, or a participant in the Depositary or any 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 Securities 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
redemption or repurchase) or the payment of any amount, under or with respect to such Securities. All notices and communications to be given to the Holders and all payments to be made to Holders under the Securities shall be given or made only to
the registered Holders (which shall be the Depositary or its nominee in the case of a Global Security). The rights of 

  
 11 

 
beneficial owners in any Global Security shall be exercised only through the Depositary subject to the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully
protected in relying upon information furnished by the Depositary with respect to its members, participants and any beneficial owners. 
 (ii) The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under the Indenture or under applicable law with respect
to any transfer of any interest in any Security (including any transfers between or among Depositary participants, members or beneficial owners in any Global Security) other than to require delivery of such certificates, opinions and other
documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of the Indenture, and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 2.4 Definitive Securities. (a) A Global Security deposited with the Depositary or with the Trustee as
Securities Custodian pursuant to Section 2.1 or issued in connection with a Registered Exchange Offer shall be transferred to the beneficial owners thereof in the form of Definitive Securities in an aggregate principal amount equal to the
principal amount of such Global Security, in exchange for such Global Security, only if such transfer complies with Section 2.3 and (i) the Depositary notifies the Company that it is unwilling or unable to continue as a Depositary for such
Global Security or if at any time the Depositary ceases to be a “clearing agency” registered under the Exchange Act, and, in either case, a successor depositary is not appointed by the Company within 90 days of such notice or after
the Company becomes aware of such event, or (ii) an Event of Default has occurred and is continuing or (iii) the Company, in its sole discretion, notifies the Trustee in writing that it elects to cause the issuance of certificated
Securities under the Indenture. 
 (b) Any Global Security that is transferable to the beneficial owners thereof pursuant
to this Section 2.4 shall be surrendered by the Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate and deliver, upon such transfer of each portion of such
Global Security, an equal aggregate principal amount of Definitive Securities of authorized denominations. Any portion of a Global Security transferred pursuant to this Section shall be executed, authenticated and delivered only in denominations of
$2,000 or any greater integral multiple of $1,000 thereof and registered in such names as the Depositary shall direct. Any certificated Initial Security in the form of a Definitive Security delivered in exchange for an interest in the Global
Security shall, except as otherwise provided by Section 2.3(e), bear the Restricted Securities Legend. 
 (c) Subject
to the provisions of Section 2.4(b), the registered Holder of a Global Security may grant proxies and otherwise authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a
Holder is entitled to take under the Indenture or the Securities. 

  
 12 

 (d) In the event of the occurrence of any of the events specified in Section 2.4(a)(i),
(ii) or (iii), the Company will promptly make available to the Trustee a reasonable supply of Definitive Securities in fully registered form without interest coupons. 

  
 13 

 EXHIBIT A 
 [FORM OF FACE OF INITIAL SECURITY] 
 [Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE 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 IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 
 [FOR REGULATION S GLOBAL SECURITY ONLY:
UNTIL 40 DAYS AFTER THE LATER OF COMMENCEMENT OR COMPLETION OF THE OFFERING, AN OFFER OR SALE OF SECURITIES WITHIN THE UNITED STATES BY A DEALER (AS DEFINED IN THE SECURITIES ACT) MAY VIOLATE THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT IF
SUCH OFFER OR SALE IS MADE OTHERWISE THAN IN ACCORDANCE WITH RULE 144A THEREUNDER.] 
 [Restricted Securities Legend] 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF,
AGREES ON ITS OWN BEHALF AND ON BEHALF OF ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE 

 
“RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: THE DATE ON WHICH THE ISSUER INSTRUCTS THE TRUSTEE THAT THIS RESTRICTIVE LEGEND SHALL BE DEEMED
REMOVED (WHICH INSTRUCTION IS EXPECTED TO BE GIVEN ON OR ABOUT THE ONE YEAR ANNIVERSARY OF THE ISSUANCE OF THIS SECURITY)] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE LAST DATE ON
WHICH THE ISSUER OR ANY AFFILIATE OF THE ISSUER WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY)], ONLY (A) TO THE ISSUER, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES
ACT, (C) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT
THAT PURCHASES FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES THAT OCCUR OUTSIDE THE UNITED STATES
WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS AN INSTITUTIONAL ACCREDITED
INVESTOR ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF SUCH AN INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF THE SECURITIES OF $250,000, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO OR FOR
OFFER OR SALE IN CONNECTION WITH ANY DISTRIBUTION IN VIOLATION OF THE SECURITIES ACT, OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S
RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED WITHOUT
FURTHER ACTION OF THE ISSUER, THE TRUSTEE OR ANY HOLDER AT SUCH TIME AS THE ISSUER INSTRUCTS THE TRUSTEE IN WRITING TO REMOVE SUCH LEGEND IN ACCORDANCE WITH THE INDENTURE. 
 [IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS
SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

  
 2 

 Each Definitive Security shall bear the following additional legend: 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS
SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS. 

  
 3 

					
	 No.        
	  	 	$        	  
	
	6.000% Senior Notes Due 2023	  
		
		  	 	CUSIP No.            	 
		  	 	ISIN No.            	 

 Murphy Oil USA, Inc., a Delaware corporation, promises to pay
        , or registered assigns, the principal sum listed on the Schedule of Increases or Decreases in Global Security attached hereto on August 15, 2023. 

Interest Payment Dates: February 15 and August 15. 
 Record Dates: February 1 and August 1. 
 Additional provisions of this
Security are set forth on the other side of this Security. 
 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

  

			
	MURPHY OIL USA, INC.
		
	By	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF 
         AUTHENTICATION 
 Dated: 

 

			
	U.S. BANK NATIONAL ASSOCIATION
	as	 	Trustee, certifies
	 	 	that this is one of
	 	 	the Securities referred
	 	 	to in the Indenture.
		
		 	By
	
	  

	Authorized Signatory

  
 4 

 [FORM OF REVERSE SIDE OF INITIAL SECURITY] 

6.000% Senior Note Due 2023 
 1.
Interest 
 (a) Murphy Oil USA, Inc., a Delaware corporation (such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above; provided, however, that if a
Registration Default (as defined in the Registration Rights Agreement) occurs, Additional Interest will accrue on this Security at a rate of 0.25% per annum (increasing by an additional 0.25% per annum for each subsequent 90-day period
that occurs after the date on which the Registration Default occurs to a maximum additional interest rate of 1.00%) from and including the date on which any new Registration Default shall occur to but excluding the date on which all Registration
Defaults have been cured. The Company shall pay interest semiannually in arrears on February 15 and August 15 of each year. Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided
for or, if no interest has been paid or duly provided for, from August 14, 2013 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment 

The Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of
business on the February 1 or August 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the
Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The
Company will make all payments in respect of a certificated Security (including principal, premium, if any, and interest), at the office of the Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a
check to the registered address of each Holder thereof; provided, however, that payments on the Securities may also be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such
Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the
Trustee may accept in its discretion). 

  
 5 

 3. Paying Agent and Registrar 

Initially, U.S. Bank National Association, a national banking association, the initial Trustee under the Indenture, shall act as Paying
Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

4. Indenture 
 The
Company issued the Securities under an Indenture dated as of August 14, 2013 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Securities include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein
have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and Holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and
provisions. 
 The Securities are senior unsecured obligations of the Company. This Security is one of Initial Securities
referred to in the Indenture. The Securities include the Initial Securities and any Exchange Securities issued in exchange for Initial Securities pursuant to the Indenture. The Initial Securities and any Exchange Securities are treated as a single
class of securities under the Indenture. The Indenture imposes certain limitations on the ability of Holdings, the Company and the Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends
and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted Subsidiaries, enter
into or permit certain transactions with Affiliates, create or incur Liens or make asset sales. The Indenture also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any other Person or convey,
transfer or lease all or substantially all its property. These limitations are subject to suspension during a Suspension Period. 
 To guarantee the due and punctual payment of the principal of or interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall
be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have jointly and severally unconditionally guaranteed the Guaranteed Obligations on a senior basis
pursuant to the terms of the Indenture, subject to the release provisions in the Indenture in respect of Subsidiary Guarantors, including those applicable during a Suspension Period. 
 5. Optional Redemption 
 Except as set forth in the following paragraphs of
this Section 5, the Securities shall not be redeemable at the option of the Company prior to August 15, 2018. 

  
 6 

 On or after August 15, 2018, the Securities shall be redeemable at the option of the
Company, in whole or in part, on not less than 30 nor more than 60 days prior notice, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on August 15 of the years set forth
below: 
  

					
	 Year
	  	Redemption
Price	 
	 2018
	  	 	103.000	% 
	 2019
	  	 	102.000	% 
	 2020
	  	 	101.000	% 
	 2021 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to August 15, 2016, the Company may, at its option, redeem on one or
more occasions Securities (which includes Additional Securities, if any) up to a maximum of 35% of the aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional Securities) originally issued at a redemption
price equal to 106.000% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date), with the Net Cash Proceeds from one or more Qualified Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional
Securities) remains outstanding immediately after the occurrence of each such redemption (other than Securities held, directly or indirectly, by the Company or its Affiliates); and (2) each such redemption occurs within ninety (90) days
after the date of the related Qualified Equity Offering. 
 Prior to August 15, 2018, we will be entitled at our option to
redeem all or a portion of the notes at a redemption price equal to 100% of the principal amount of the notes, plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the right of Holders on the
relevant record date to receive interest due on the relevant interest payment date). 
 Any such redemption shall be made within
60 days of such Qualified Equity Offering upon not less than 30 nor more than 60 days notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 

6. Mandatory Redemption or Sinking Fund 
 Except pursuant to Section 3.07 of the Indenture, the Securities are not subject to any mandatory redemption or sinking fund. 

  
 7 

 7. Notice of Redemption 
 Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date (except in the case of a Special Mandatory Redemption) to each
Holder of Securities to be redeemed at his or her registered address. Securities in denominations of $2,000 or less may be redeemed in whole but not in part. If money sufficient to pay the redemption price of and accrued and unpaid interest, if any,
on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such
Securities (or such portions thereof) called for redemption. 
 8. Repurchase of Securities at the Option of Holders upon Change of Control
and Asset Dispositions 
 Upon the occurrence of a Change of Control, any Holder of Securities will have the right, subject
to certain conditions specified in the Indenture, to cause the Company to repurchase all or any part of the Securities of such Holder at a purchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued and
unpaid interest to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the date of purchase) as provided in, and subject
to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Company will be required to offer
to purchase Securities upon the occurrence of certain asset sales or dispositions. 
 9. Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of $2,000 or any greater integral multiple of $1,000 thereof. A
Holder may transfer or exchange Securities in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay
any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to
be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed. 
 10.
Persons Deemed Owners 
 Except as provided in paragraph 2 hereof, the registered Holder of this Security may be treated
as the owner of it for all purposes. 

  
 8 

 11. Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent shall pay the money back to the Company at its written request unless an abandoned
property law designates another Person. After any such payment, Holders entitled to the money must look to the Company for payment as general creditors and the Trustee and the Paying Agent shall have no further liability with respect to such monies.

 12. Discharge and Defeasance 
 Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of principal of, and interest on, the Securities to redemption or maturity, as the case may be. 
 13. Amendment,
Waiver 
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended
without prior notice to any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities and (ii) any default may be waived with the written consent of the Holders of at
least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend the Indenture or the Securities
(i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to add
Guarantees with respect to the Securities or to secure the Securities; (v) to add additional covenants or to surrender rights and powers conferred on the Company or any Guarantor; (vi) to comply with the requirements of the SEC in order to
effect or maintain the qualification of the Indenture under the TIA; (vii) to make any change that does not adversely affect the rights of any Holder; (viii) to conform the text of the Indenture, the Securities or any Guarantee to any
provision contained in the Offering Memorandum under the heading “Description of the notes” in the Offering Memorandum to the extent that such provision in such “Description of the notes” was intended to be a verbatim recitation
of a provision of the Indenture, the Securities or such Subsidiary Guarantee, as applicable; or (ix) to make any amendment to the provisions of the Indenture relating to the transfer and legending of Securities. 

14. Defaults and Remedies 

If an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization) and
is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities may declare the principal of and accrued but unpaid interest on all the Securities to be due and payable. If an Event of Default relating to
certain events of bankruptcy, insolvency or reorganization occurs, the principal of and interest on all the Securities shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under
certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences. 

  
 9 

 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense and certain other
conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has
previously given the Trustee notice that an Event of Default is continuing, (ii) Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have
offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and
(v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the
Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 15. Trustee Dealings with the Company 
 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
 16. No Recourse Against Others 
 A director, officer, employee or
stockholder, as such, of Holdings, the Company or any Subsidiary Guarantor shall not have any liability for any obligations of Holdings, the Company or any Subsidiary Guarantor under the Securities or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

  
 10 

 17. Authentication 
 This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

18. Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 19. Governing Law 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 20. CUSIP and ISIN Numbers 

The Company has caused CUSIP and ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP and ISIN numbers
in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 The Company will furnish to any Holder of Securities upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

  
 11 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to

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

 
 (Insert assignee’s soc.
sec. or tax I.D. No.) 
 and irrevocably appoint
                 agent to transfer this Security 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 other side of this Security. Signature must be guaranteed by a participant in a recognized signature guaranty
medallion program or other signature guarantor acceptable to the Trustee. 

  
 12 

 CERTIFICATE TO BE DELIVERED UPON EXCHANGE OR REGISTRATION OF TRANSFER RESTRICTED SECURITIES

 This certificate relates to $        principal amount of Securities held in (check applicable space)
         book-entry or          definitive form by the undersigned. 
 The undersigned (check one box below): 
  

	 ̈	has requested the Trustee by written order to deliver in exchange for its beneficial interest in the Global Security held by the Depositary a Security or Securities in
definitive, registered form of authorized denominations and an aggregate principal amount equal to its beneficial interest in such Global Security (or the portion thereof indicated above); 

 

	 ̈	has requested the Trustee by written order to exchange or register the transfer of a Security or Securities. 

In connection with any transfer of any of the Securities evidenced by this certificate occurring prior to the expiration of the period referred to in
Rule 144(k) under the Securities Act, the undersigned confirms that such Securities are being transferred in accordance with its terms: 
 CHECK ONE BOX BELOW 
  

					
	(1)	  	 ̈	  	to the Company; or
			
	(2)	  	 ̈	  	to the Registrar for registration in the name of the Holder, without transfer; or
			
	(3)	  	 ̈	  	pursuant to an effective registration statement under the Securities Act of 1933; or
			
	(4)	  	 ̈	  	inside the United States to a “qualified institutional buyer” (as defined in Rule 144A under the Securities Act of 1933) that purchases for its own account or
for the account of a qualified institutional buyer to whom notice is given that such transfer is being made in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under the Securities Act of 1933;
or
			
	(5)	  	 ̈	  	outside the United States in an offshore transaction within the meaning of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of
1933 and such Security shall be held immediately after the transfer through Euroclear or Clearstream until the expiration of the Restricted Period (as defined in the Indenture); or

  
 13 

					
			
	(6)	  	 ̈	  	to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act of 1933) that has furnished to the Trustee a
signed letter containing certain representations and agreements; or
			
	(7)	  	 ̈	  	pursuant to another available exemption from registration provided by Rule 144 under the Securities Act of 1933.

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Securities evidenced
by this certificate in the name of any Person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Trustee may require, prior to registering any such transfer of the
Securities, such legal opinions, certifications and other information as the Company has reasonably requested to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933. 
  

					
		 		 	  

		 		 	Your Signature
			
	Signature Guarantee:	 		 	
			
	Date:
                                        
	 		 	  

	 Signature must be guaranteed

by a participant in a
 recognized signature
guaranty
 medallion program or other

signature guarantor acceptable
 to the
Trustee
	 		 	         Signature of Signature
         Guarantee

  
  

TO BE COMPLETED BY PURCHASER IF (4) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Security for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account
is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information
regarding the Company as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to
claim the exemption from registration provided by Rule 144A. 
  

					
	Dated:
                            	 		  	  

		 		  	         NOTICE: To be executed by
                          an executive officer

  
 14 

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of this Global Security is $[        ]. The following increases or decreases in this Global Security have been made: 

 

									
	Date of
Exchange	 	Amount of decrease in
Principal Amount of this
Global Security	 	 Amount of increase in

Principal Amount of this
 Global
Security
	 	 Principal amount of this

Global Security following
 such decrease or
increase
	 	Signature of authorized
signatory of Trustee or
Securities Custodian

  
 15 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Disposition) or 4.08 (Change of
Control) of the Indenture, check the box: 
 Asset
Disposition   ̈    Change of Control   ̈ 
 If you want to elect to have only part of this Security purchased by the Company pursuant to Section 4.06 or 4.08 of the Indenture, state the amount ($2,000 or any greater integral multiple
of $1,000 thereof): 
  

			
	 $

	
	 Date:
                                         
                                       Your
Signature:
                                         
                                         
                

	 (Sign exactly as your name appears on the other side of the Security)

		
	 Signature Guarantee:
	 	  

		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the Trustee

  
 16 

 EXHIBIT B 
 [FORM OF FACE OF EXCHANGE SECURITY] 
 [Global Securities Legend] 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE 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 IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL SECURITY SHALL
BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

					
	 No.        
	  	$	        	  
	6.000% Senior Notes Due 2023	  
	 CUSIP
No.            
	  

	 ISIN
No.            
	  

 Murphy Oil USA, Inc., a Delaware corporation, promises to pay
        , or registered assigns, the principal sum listed on the Schedule of Increases or Decreases in Global Security attached hereto on August 15, 2023. 

Interest Payment Dates: February 15 and August 15. 
 Record Dates: February 1 and August 1. 
 Additional provisions of this
Security are set forth on the other side of this Security. 
 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed.

  

			
	MURPHY OIL USA, INC.
		
	By	 	  

	Name:	 	
	Title:	 	

 TRUSTEE’S CERTIFICATE OF 
         AUTHENTICATION 
 Dated: 

 

			
	U.S. BANK NATIONAL ASSOCIATION
	as	 	Trustee, certifies
	 	 	that this is one of
	 	 	the Securities referred
	 	 	to in the Indenture.
		
		 	By
	
	  

	Authorized Signatory

  
 2 

 [FORM OF REVERSE SIDE OF EXCHANGE SECURITY] 

6.000% Senior Note Due 2023 
 1.
Interest 
 (a) Murphy Oil USA, Inc., a Delaware corporation (such corporation, and its successors and assigns
under the Indenture hereinafter referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Security at the rate per annum shown above; provided, however, that if a
Registration Default (as defined in the Registration Rights Agreement) occurs, Additional Interest will accrue on this Security at a rate of 0.25% per annum (increasing by an additional 0.25% per annum for each subsequent 90-day period
that occurs after the date on which the Registration Default occurs to a maximum additional interest rate of 1.00%) from and including the date on which any new Registration Default shall occur to but excluding the date on which all Registration
Defaults have been cured. The Company shall pay interest semiannually in arrears on February 15 and August 15 of each year. Interest on the Securities shall accrue from the most recent date to which interest has been paid or duly provided
for or, if no interest has been paid or duly provided for, from August 14, 2013 until the principal hereof is due. Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of Payment 

The Company shall pay interest on the Securities (except defaulted interest) to the Persons who are registered Holders at the close of
business on the February 1 or August 1 next preceding the interest payment date even if Securities are canceled after the record date and on or before the interest payment date. Holders must surrender Securities to a Paying Agent to
collect principal payments. The Company shall pay principal, premium, if any, and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the
Securities represented by a Global Security (including principal, premium, if any, and interest) shall be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depositary. The
Company will make all payments in respect of a certificated Security (including principal, premium, if any, and interest), at the office of the Paying Agent, except that, at the option of the Company, payment of interest may be made by mailing a
check to the registered address of each Holder thereof; provided, however, that payments on the Securities may also be made by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such
Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the
Trustee may accept in its discretion). 

  
 3 

 3. Paying Agent and Registrar 

Initially, U.S. Bank National Association, a national banking association, the initial Trustee under the Indenture, shall act as Paying
Agent and Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

4. Indenture 
 The
Company issued the Securities under an Indenture dated as of August 14, 2013 (the “Indenture”), among the Company, the Guarantors and the Trustee. The terms of the Securities include those stated in the Indenture and those made
part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined herein
have the meanings ascribed thereto in the Indenture. The Securities are subject to all terms and provisions of the Indenture, and Holders (as defined in the Indenture) are referred to the Indenture and the TIA for a statement of such terms and
provisions. 
 The Securities are senior unsecured obligations of the Company. This Security is one of Initial Securities
referred to in the Indenture. The Securities include the Initial Securities and any Exchange Securities issued in exchange for Initial Securities pursuant to the Indenture. The Initial Securities and any Exchange Securities are treated as a single
class of securities under the Indenture. The Indenture imposes certain limitations on the ability of Holdings, the Company and the Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments, pay dividends
and other distributions, incur Indebtedness, enter into consensual restrictions upon the payment of certain dividends and distributions by such Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted Subsidiaries, enter
into or permit certain transactions with Affiliates, create or incur Liens or make asset sales. The Indenture also imposes limitations on the ability of the Company and each Guarantor to consolidate or merge with or into any other Person or convey,
transfer or lease all or substantially all its property. These limitations are subject to suspension during a Suspension Period. 
 To guarantee the due and punctual payment of the principal of or interest on the Securities and all other amounts payable by the Company under the Indenture and the Securities when and as the same shall
be due and payable, whether at maturity, by acceleration or otherwise, according to the terms of the Securities and the Indenture, the Guarantors have jointly and severally unconditionally guaranteed the Guaranteed Obligations on a senior basis
pursuant to the terms of the Indenture, subject to the release provisions in the Indenture in respect of Subsidiary Guarantors, including those applicable during a Suspension Period. 
 5. Optional Redemption 
 Except as set forth in the following paragraphs of
this Section 5, the Securities shall not be redeemable at the option of the Company prior to August 15, 2018. 

  
 4 

 On or after August 15, 2018, the Securities shall be redeemable at the option of the
Company, in whole or in part, on not less than 30 nor more than 60 days prior notice, at the following redemption prices (expressed as percentages of principal amount), plus accrued and unpaid interest to the redemption date (subject to the
right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), if redeemed during the 12-month period commencing on August 15 of the years set forth
below: 
  

					
	 Year
	  	Redemption
Price	 
	 2018
	  	 	103.000	% 
	 2019
	  	 	102.000	% 
	 2020
	  	 	101.000	% 
	 2021 and thereafter
	  	 	100.000	% 

 In addition, at any time prior to August 15, 2016, the Company may, at its option, redeem on one or
more occasions Securities (which includes Additional Securities, if any) up to a maximum of 35% of the aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional Securities) originally issued at a redemption
price equal to 106.000% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date), with the Net Cash Proceeds from one or more Qualified Equity Offerings; provided, however, that (1) at least 65% of such aggregate principal amount of the Securities (calculated giving effect to any issuance of Additional
Securities) remains outstanding immediately after the occurrence of each such redemption (other than Securities held, directly or indirectly, by the Company or its Affiliates); and (2) each such redemption occurs within ninety (90) days
after the date of the related Qualified Equity Offering. 
 Prior to August 15, 2018, we will be entitled at our option to
redeem all or a portion of the notes at a redemption price equal to 100% of the principal amount of the notes, plus the Applicable Premium as of, and accrued and unpaid interest to, the redemption date (subject to the right of Holders on the
relevant record date to receive interest due on the relevant interest payment date). 
 Any such redemption shall be made within
60 days of such Qualified Equity Offering upon not less than 30 nor more than 60 days notice mailed to each Holder of Securities being redeemed and otherwise in accordance with the procedures set forth in the Indenture. 

6. Mandatory Redemption or Sinking Fund 
 Except pursuant to Section 3.07 of the Indenture, the Securities are not subject to any mandatory redemption or sinking fund. 

  
 5 

 7. Notice of Redemption 
 Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the redemption date (except in the case of a Special Mandatory Redemption) to each
Holder of Securities to be redeemed at his or her registered address. Securities in denominations of $2,000 or less may be redeemed in whole but not in part. If money sufficient to pay the redemption price of and accrued and unpaid interest, if any,
on all Securities (or portions thereof) to be redeemed on the redemption date is deposited with the Paying Agent on or before the redemption date and certain other conditions are satisfied, on and after such date interest ceases to accrue on such
Securities (or such portions thereof) called for redemption. 
 8. Repurchase of Securities at the Option of Holders upon Change of Control
and Asset Dispositions 
 Upon the occurrence of a Change of Control, any Holder of Securities will have the right, subject
to certain conditions specified in the Indenture, to cause the Company to repurchase all or any part of the Securities of such Holder at a purchase price equal to 101% of the principal amount of the Securities to be repurchased plus accrued and
unpaid interest to the date of repurchase (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date that is on or prior to the date of purchase) as provided in, and subject
to the terms of, the Indenture. 
 In accordance with Section 4.06 of the Indenture, the Company will be required to offer
to purchase Securities upon the occurrence of certain asset sales or dispositions. 
 9. Denominations; Transfer; Exchange 

The Securities are in registered form without coupons in denominations of $2,000 or any greater integral multiple of $1,000 thereof. A
Holder may transfer or exchange Securities in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements or transfer documents and to pay
any taxes required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange any Securities selected for redemption (except, in the case of a Security to be redeemed in part, the portion of the Security not to
be redeemed) or to transfer or exchange any Securities for a period of 15 days prior to a selection of Securities to be redeemed. 
 10.
Persons Deemed Owners 
 Except as provided in paragraph 2 hereof, the registered Holder of this Security may be treated
as the owner of it for all purposes. 

  
 6 

 11. Unclaimed Money 
 If money for the payment of principal or interest remains unclaimed for two years, the Trustee and the Paying Agent shall pay the money back to the Company at its written request unless an abandoned
property law designates another Person. After any such payment, Holders entitled to the money must look to the Company for payment as general creditors and the Trustee and the Paying Agent shall have no further liability with respect to such monies.

 12. Discharge and Defeasance 
 Subject to certain conditions, the Company at any time may terminate some of or all its obligations under the Securities and the Indenture if the Company deposits with the Trustee money or U.S. Government
Obligations for the payment of principal of, and interest on, the Securities to redemption or maturity, as the case may be. 
 13. Amendment,
Waiver 
 Subject to certain exceptions set forth in the Indenture, (i) the Indenture or the Securities may be amended
without prior notice to any Holder but with the written consent of the Holders of at least a majority in aggregate principal amount of the outstanding Securities and (ii) any default may be waived with the written consent of the Holders of at
least a majority in principal amount of the outstanding Securities. Subject to certain exceptions set forth in the Indenture, without the consent of any Holder, the Company, the Guarantors and the Trustee may amend the Indenture or the Securities
(i) to cure any ambiguity, omission, defect or inconsistency; (ii) to comply with Article 5 of the Indenture; (iii) to provide for uncertificated Securities in addition to or in place of certificated Securities; (iv) to add
Guarantees with respect to the Securities or to secure the Securities; (v) to add additional covenants or to surrender rights and powers conferred on the Company or any Guarantor; (vi) to comply with the requirements of the SEC in order to
effect or maintain the qualification of the Indenture under the TIA; (vii) to make any change that does not adversely affect the rights of any Holder; (viii) to conform the text of the Indenture, the Securities or any Guarantee to any
provision contained in the Offering Memorandum under the heading “Description of the notes” in the Offering Memorandum to the extent that such provision in such “Description of the notes” was intended to be a verbatim recitation
of a provision of the Indenture, the Securities or such Subsidiary Guarantee, as applicable; or (ix) to make any amendment to the provisions of the Indenture relating to the transfer and legending of Securities. 

14. Defaults and Remedies 

If an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency or reorganization) and
is continuing, the Trustee or the Holders of at least 25% in principal amount of the outstanding Securities may declare the principal of and accrued but unpaid interest on all the Securities to be due and payable. If an Event of Default relating to
certain events of bankruptcy, insolvency or reorganization occurs, the principal of and interest on all the Securities shall become immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under
certain circumstances, the Holders of a majority in principal amount of the outstanding Securities may rescind any such acceleration with respect to the Securities and its consequences. 

  
 7 

 If an Event of Default occurs and is continuing, the Trustee shall be under no obligation to
exercise any of the rights or powers under the Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee reasonable indemnity or security against any loss, liability or expense and certain other
conditions are complied with. Except to enforce the right to receive payment of principal, premium (if any) or interest when due, no Holder may pursue any remedy with respect to the Indenture or the Securities unless (i) such Holder has
previously given the Trustee notice that an Event of Default is continuing, (ii) Holders of at least 25% in principal amount of the outstanding Securities have requested the Trustee in writing to pursue the remedy, (iii) such Holders have
offered the Trustee reasonable security or indemnity against any loss, liability or expense, (iv) the Trustee has not complied with such request within 60 days after the receipt of the request and the offer of security or indemnity and
(v) the Holders of a majority in principal amount of the outstanding Securities have not given the Trustee a direction inconsistent with such request within such 60-day period. Subject to certain
restrictions, the Holders of a majority in principal amount of the outstanding Securities are given the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or
power conferred on the Trustee. The Trustee, however, may refuse to follow any direction that conflicts with law or the Indenture or that the Trustee determines is unduly prejudicial to the rights of any other Holder or that would involve the
Trustee in personal liability. Prior to taking any action under the Indenture, the Trustee shall be entitled to indemnification satisfactory to it in its sole discretion against all losses and expenses caused by taking or not taking such action.

 15. Trustee Dealings with the Company 
 Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the owner or pledgee of Securities and may otherwise deal with and
collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 
 16. No Recourse Against Others 
 A director, officer, employee or
stockholder, as such, of Holdings, the Company or any Subsidiary Guarantor shall not have any liability for any obligations of Holdings, the Company or any Subsidiary Guarantor under the Securities or the Indenture or for any claim based on, in
respect of or by reason of such obligations or their creation. By accepting a Security, each Holder waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

  
 8 

 17. Authentication 
 This Security shall not be valid until an authorized signatory of the Trustee (or an authenticating agent) manually signs the certificate of authentication on the other side of this Security. 

18. Abbreviations 

Customary abbreviations may be used in the name of a Holder or an assignee, such as TEN COM (=tenants in common), TEN ENT (=tenants by the
entireties), JT TEN (=joint tenants with rights of survivorship and not as tenants in common), CUST (=custodian), and U/G/M/A (=Uniform Gift to Minors Act). 
 19. Governing Law 
 THIS SECURITY SHALL BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
 20. CUSIP and ISIN Numbers 

The Company has caused CUSIP and ISIN numbers to be printed on the Securities and has directed the Trustee to use CUSIP and ISIN numbers
in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Securities or as contained in any notice of redemption and reliance may be placed only on the other
identification numbers placed thereon. 
 The Company will furnish to any Holder of Securities upon written request and
without charge to the Holder a copy of the Indenture which has in it the text of this Security. 

  
 9 

 ASSIGNMENT FORM 
 To assign this Security, fill in the form below: 
 I or we assign and transfer this Security to

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

 
 (Insert assignee’s soc.
sec. or tax I.D. No.) 
 and irrevocably appoint
                 agent to transfer this Security 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 other side of this Security. Signature must be guaranteed by a participant in a recognized signature guaranty
medallion program or other signature guarantor acceptable to the Trustee. 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Security purchased by the Company pursuant to Section 4.06 (Asset Disposition) or 4.08 (Change of
Control) of the Indenture, check the box: 
 Asset Disposition    ̈
     Change of Control    ̈ 
 If you want to elect
to have only part of this Security purchased by the Company pursuant to Section 4.06 or 4.08 of the Indenture, state the amount ($2,000 or any greater integral multiple of $1,000 thereof): 

$ 
  

							
	Date:	 	  
	 	Your Signature:	 	  

							
	(Sign exactly as your name appears on the other side of the Security)
		
	Signature Guarantee:	 	  

		 	Signature must be guaranteed by a participant in a recognized signature guaranty medallion program or other signature guarantor acceptable to the
Trustee

 [TO BE ATTACHED TO GLOBAL SECURITIES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY 
 The initial principal amount of this Global Security is $[        ]. The following increases or decreases in this Global Security have been made: 

 

									
	Date of
Exchange	  	Amount of decrease in
Principal Amount of this
Global Security	  	Amount of increase in
Principal Amount of this
Global Security	  	Principal amount of this
Global Security following
such decrease or increase	  	Signature of authorized
signatory of Trustee or
Securities Custodian

 EXHIBIT C 
 Form of 
 Transferee Letter of Representation 

Murphy Oil USA, Inc. 
 In care of 

[        ] 
 [        ] 

[        ] 
 Ladies and Gentlemen: 
 This certificate is delivered to request a transfer of
$[    ] principal amount of the 6.000% Senior Notes due 2023 (the “Securities”) of Murphy Oil USA, Inc. (the “Company”). 
 Upon transfer, the Securities would be registered in the name of the new beneficial owner as follows: 
  

							
	 Name:
	 	  

							
		
	 Address:
	 	  

							
		
	 Taxpayer ID Number:
	 	  

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities
Act of 1933, as amended (the “Securities Act”)), purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Securities, and we are acquiring the
Securities not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risks
of our investment in the Securities, and we invest in or purchase securities similar to the Securities in the normal course of our business. We, and any accounts for which we are acting, are each able to bear the economic risk of our or its
investment. 
 2. We understand that the Securities have not been registered under the Securities Act and, unless so registered,
may not be sold except as permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Securities to offer, sell or otherwise transfer such Securities prior to the date that is two
years after the later of the date of original issue and the last date on 

 
which the Company or any affiliate of the Company was the owner of such Securities (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Company,
(b) pursuant to a registration statement that has been declared effective under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act (“Rule 144A”), to a person we
reasonably believe is a qualified institutional buyer under Rule 144A (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A,
(d) pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2),
(3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited investor,” in each case in a minimum principal amount of Securities of $250,000, or
(f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor
account or accounts be at all times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or
other transfer of the Securities is proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the
Company and the Trustee, which shall provide, among other things, that the transferee is an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act and that it is
acquiring such Securities for investment purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Company and the Trustee reserve the right prior to the offer, sale or other transfer prior to the
Resale Restriction Termination Date of the Securities pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications or other information satisfactory to the Company and the Trustee.

TRANSFEREE:                     
               ,         
 by:

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