Document:

Exhibit

	
			
	23301 Wilmington Avenue
Carson, CA 90745-6209
310.513.7200
www.ducommun.com
	 
	

December 19, 2016

VIA OVERNIGHT MAIL
    
Ms. Amy Paul
[Home Address]

Dear Amy:

I am pleased on behalf of Ducommun Incorporated (the “Company” or “Ducommun”) to confirm our offer of employment to you.  Your initial title will be Vice President - Legal, and shortly after the first quarter of 2017, your title will be changed to Vice President, General Counsel and Secretary of the Company.  This letter documents the terms of your employment.

		
	1.
	Commencement

This offer is contingent on your acceptance of the offer by January 6, 2017 and reporting to work by January 30, 2017.

		
	2.
	Salary

Your base salary will be $315,000 per year, paid biweekly.  Merit and salary reviews are conducted annually.

3.    Sign-on Bonus

You will be paid a sign-on bonus of $50,000 within the first month after you commence employment with the Company.  The sign-on bonus shall be repaid by you to the Company if you terminate your employment within the first twelve (12) months after commencement other than for reasons described in Section 3 (c)(ii) of the Key Executive Severance Agreement (as discussed in paragraph 11 below).

4.    Annual Bonus Plan

You will be eligible to participate in Ducommun’s annual bonus plan with a bonus target of 45% of base salary (with a maximum bonus potential of 135% of base salary).  Bonuses are subject to the approval and are at the discretion of the Compensation Committee of the Board of Directors (the “Committee”).  As a bonus participant, you must be employed by the Company at the time a bonus payment is made in order to be eligible to receive a bonus.  Bonuses for 2017 are subject to the terms of the 2017 Bonus Plan, which is expected to be approved by the Committee in February 2017.

5.    Stock–Based Compensation

1

You will be eligible to participate in Ducommun’s stock incentive plans under which stock options, restricted stock units, and performance stock units (the “Stock Awards”) are typically granted annually to senior officers of the Company.  All such Stock Awards are subject to the approval of the Committee and will contain such terms as the Committee may determine.

Your Stock Awards for 2017 will be as follows:

		
	•
	Stock options for 6,000 shares, with an exercise price equal to the closing price on the NYSE of Ducommun stock on the date of grant, which will vest in equal annual increments over a period of four years, 

		
	•
	Restricted stock units for 4,500 shares, which will vest in equal annual increments over three years, and

		
	•
	Performance stock units for 6,000 shares, which will vest based on performance measures over a performance period (anticipated to be the three year period 2017-2019) established by the Committee.    

Your stock options and restricted stock units will be granted as of the date you commence employment.  Your performance stock units will be granted at the same time as other senior officers of the Company, which is anticipated to be in late-March 2017.

   6.    Benefits

You will be eligible to participate in the benefit programs provided by Ducommun to its corporate officers generally.  These benefit programs include:

		
	•
	Medical, dental, vision, disability and life insurance,

		
	•
	401(k) plan participation and Company matching contribution (currently the matching contribution is 50% of the first 6% of salary deferred, subject to IRS limits), subject to a 90-day waiting period,

		
	•
	Monthly auto allowance in accordance with Company policy, currently $1,427 per month, and

		
	•
	Four (4) weeks paid vacation per year in accordance with Company policy.

    
   7.    Inventions

You assign all of your rights to any invention to the Company as follows:  all inventions which you developed during your working time; all inventions which you developed using Company equipment, supplies, facilities, or trade secret information; and all inventions developed entirely on your own time if those inventions relate, at the time, to the Company’s business or to actual or demonstrably anticipated research or development of the Company, or if those inventions resulted from any work 

2

performed by you for the Company.  This does not apply to an invention of yours that is protected from being assigned to the Company under California Labor Code Section 2870.

  8.    Business Conduct

During your employment by the Company, you will not act in any manner contrary to the best interests of the Company, its subsidiary, or affiliated companies, or its employees.  During your employment by the Company you will not engage in, or have any financial or other interest in, or render any service in any capacity to any competitor, customer, or supplier of the Company.  During your employment by the Company you will not solicit or encourage a customer of the Company to take its business elsewhere.  During your employment by the Company and forever thereafter, you will, upon demand (or upon termination of your employment), immediately return all Company property and you will not solicit or encourage any employee of the Company, or any subsidiary or affiliated Company to work elsewhere or disclose or use any “trade secret” or “confidential information”.  You understand that the term “trade secret” or “confidential information” means all materials, chemicals, formulae, data, drawings and techniques used, tests performed, machines operated and processes used by the Company or its subsidiaries or affiliated Companies, and includes without limitation, all other information concerning the Company, any parent, any subsidiary, any affiliate, any supplier, or any customer (including, but not limited to, information regarding the peculiarities, preferences and manner of doing business) that is not generally known to the public.  You also agree that the remedy of law for your breach of this paragraph is inadequate and that the Company, in addition to any other remedy, can seek appropriate injunctive relief from an appropriate California court or arbitrator, at its election.

 9.    Company Policies

You will be subject to and will adhere to all of the Company’s policies applicable to the Company’s employees generally, including but not limited to, all policies relating to standards of conduct, conflicts of interest, and compliance with the Company’s rules and obligations.  You represent that you have no agreement with or obligations to anyone or anything that would in any way conflict with any of your obligations contained in this Agreement.  Further, you will immediately notify the Company, in writing, of any other employment or work that you accept during your employment by the Company.

  10.    Termination of Agreement and Employment At Will

Your employment by the Company is at will.  This means that, subject to the terms of the Key Executive Severance Agreement described in paragraph 11, your employment may be terminated at any time, with or without cause, and with or without notice by you or by the Company.  Additionally, subject to the terms of the Key Executive Severance Agreement described in paragraph 11, the Company can change the terms of employment, with or without cause, and with or without notice including, but not limited to, demotion, promotion, transfer, compensation, benefits, duties, and location of work.  This at-will relationship can only be changed by an agreement in writing signed by the Chief Executive Officer of the Company and approved in writing as to form by the Chief Human Resource Officer of Ducommun.  Any oral statement or conduct by a supervisor or manager of the Company will not alter 

3

your at-will employment status.  Upon termination, all of the Company’s and your obligations under this Agreement cease, other than your obligation to immediately return all Company property, your obligations under paragraph 7, and your obligations under paragraph 8 concerning solicitation of 

Company employees and trade secrets and confidential information (all of which will forever survive the termination, breach or expiration of this Agreement), and the Company’s obligations to pay any unpaid earned salary and any unpaid earned vacation pay, and to reimburse any unpaid, properly incurred business expenses.

11.    Key Executive Severance Agreement

You will be covered by a Key Executive Severance Agreement between the Company and you.  The Company is currently in the process of revising its form of Key Executive Severance Agreement, which the Compensation Committee is expected to approve in February 2017, at which time the Company and you will formally enter into such Key Executive Severance Agreement.  The Company’s new form of Key Executive Agreement is expected to be substantially similar to its current form of Key Executive Severance Agreement, except that the payment of severance benefits following a change in control will be based on a “double trigger”.

 12.    Arbitration

Your employment by the Company is conditioned on and in consideration of your signing a separate Arbitration Agreement (a copy of which is attached to this letter) and returning it to me at the same time as this letter.

13.    Applicable Law; Savings Clause; Entire Agreement

This Agreement will be governed by the laws of the State of California applicable to employment contracts.  If any of the paragraphs of this Agreement are or are held to be invalid under the laws of the State of California, this Agreement will be performed, construed, and, if necessary, enforced to the fullest extent possible to conform to the intentions of the parties as evidenced by this Agreement and by all of its paragraphs, including the invalid paragraph.  Furthermore, the Company’s failure to enforce any provision of this Agreement will not be construed as a waiver of that or any other provision and will not prevent the Company from later enforcing that or any other provision.  This Agreement constitutes the entire agreement between the Company and you with respect to the subject matter hereof, and supersedes all prior oral and written agreements and all contemporaneous oral agreements.

 14.    Conditions

4

This offer is conditioned on your reporting to work on or before the date set forth in paragraph 1.  If this condition is not met, the Company and you shall have no obligations under this Agreement which shall be null and void.

Your signature below will constitute your full acceptance of the terms and conditions set forth in this Agreement.  Please return one executed copy of this Agreement to me no later than January 6, 2017.

Sincerely,

DUCOMMUN INCORPORATED

	
			
	By:
	/s/ Rose F. Rogers
	 

	 
	Rose F. Rogers
Vice President and
Chief Human Resource Officer
	 

ACCEPTED AND AGREED:

	
			
	By:
	/s/ Amy M. Paul
	 

	 
	Amy Paul
	 

	
			
	Date:
	January 3, 2017
	 

5EX-4.1

 Exhibit 4.1 
  

 
 SABINE PASS LIQUEFACTION, LLC 

 
  

TENTH SUPPLEMENTAL INDENTURE 

Dated as of March 6, 2017 
  

 
 The Bank of New
York Mellon 
 Trustee 
  

 

 TABLE OF CONTENTS 
  

							
		 		  	 	Page	 
		
	ARTICLE 1 INTERPRETATION	  	 	2	 
			
	Section 1.01	 	To Be Read With the Original Indenture	  	 	2	 
	Section 1.02	 	Capitalized Terms	  	 	2	 
		
	ARTICLE 2 ADDITIONAL NOTES	  	 	2	 
			
	Section 2.01	 	The Additional Notes	  	 	2	 
	Section 2.02	 	Maturity Date	  	 	2	 
	Section 2.03	 	Form; Payment of Interest	  	 	2	 
	Section 2.04	 	Execution and Authentication of the 4.200% 2028 Notes	  	 	3	 
		
	ARTICLE 3 REDEMPTION	  	 	3	 
			
	Section 3.01	 	Redemption	  	 	3	 
		
	ARTICLE 4 MISCELLANEOUS	  	 	5	 
			
	Section 4.01	 	Ratification of the Indenture; Accession Agreement	  	 	5	 
	Section 4.02	 	Governing Law	  	 	5	 
	Section 4.03	 	Counterpart Originals	  	 	5	 
	Section 4.04	 	Table of Contents, Headings, etc	  	 	6	 
	Section 4.05	 	The Trustee	  	 	6	 

 EXHIBITS 
  

			
		
	Exhibit A-1	  	FORM OF NOTE
	Exhibit A-2	  	FORM OF REGULATION S TEMPORARY GLOBAL NOTE

  
 i 

 TENTH SUPPLEMENTAL INDENTURE dated as of March 6, 2017 between Sabine Pass Liquefaction,
LLC, a Delaware limited liability company (the “Company”) and The Bank of New York Mellon, as Trustee under the Indenture referred to below (the “Trustee”). 

WHEREAS, the Company and the Trustee previously have entered into an indenture, dated as of February 1, 2013 (the “Original
Indenture”, as supplemented by the First Supplemental Indenture, dated as of April 16, 2013, the Second Supplemental Indenture, dated as of April 16, 2013, the Third Supplemental Indenture, dated as of November 25, 2013, the
Fourth Supplemental Indenture, dated as of May 20, 2014, the Fifth Supplemental Indenture, dated as of May 20, 2014, the Sixth Supplemental Indenture, dated as of March 3, 2015, the Seventh Supplemental Indenture, dated as of
June 14, 2016, the Eighth Supplemental Indenture, dated as of September 19, 2016, the Ninth Supplemental Indenture, dated as of September 23, 2016 and this Tenth Supplemental Indenture dated March 6, 2017 and any further
amendments or supplements thereto, the “Indenture”), providing for the issuance of 5.625% Senior Secured Notes due 2021; 

WHEREAS, the Indenture provides for, among other things, that, subsequent to the execution of the Original Indenture, the Company and the
Trustee may, without the consent of Holders of the outstanding 5.625% Senior Secured Notes due 2021 issued under the Original Indenture (the “Original 5.625% 2021 Notes”), enter into one or more indentures supplemental to the
Original Indenture to provide for the issuance of Additional Notes in accordance with Section 2.01(d) thereof; 
 WHEREAS, the Original
Indenture provides that the terms and conditions of any Additional Notes shall be established in one or more Supplemental Indentures approved pursuant to a Board Resolution; 

WHEREAS, pursuant to a Board Resolution dated as of January 26, 2017, the Company has authorized the issuance of $1,350,000,000 aggregate
principal amount of its 4.200% Senior Secured Notes due 2028; 
 WHEREAS, the Company has requested that the Trustee join in the execution
of this Tenth Supplemental Indenture; 
 WHEREAS, pursuant to Section 9.01 of the Original Indenture, the Trustee is authorized to
execute and deliver this Tenth Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Tenth Supplemental Indenture a
valid agreement of the parties and a valid supplement to the Original Indenture have been done. 
 NOW, THEREFORE, for and in consideration
of the premises and the mutual covenants contained herein and in the Indenture and for other good and valuable consideration, the receipt and sufficiency of which are herein acknowledged, the Company and the Trustee hereby agree, for the equal and
ratable benefit of all Holders, as follows: 

 ARTICLE 1 

INTERPRETATION 

Section 1.01    To Be Read With the Original Indenture. 

This Tenth Supplemental Indenture is supplemental to the Original Indenture, and the Original Indenture, the Eighth Supplemental Indenture and
this Tenth Supplemental Indenture shall hereafter be read together and shall have effect, so far as practicable, with respect to the 4.200% 2028 Notes (as defined below) as if all the provisions of the Original Indenture, the Eighth Supplemental
Indenture and this Tenth Supplemental Indenture were contained in one instrument. 
 Section 1.02    Capitalized Terms. 

All capitalized terms used but not defined herein shall have the meanings ascribed to such terms in the Original Indenture. 

ARTICLE 2 
 ADDITIONAL NOTES 

Section 2.01    The Additional Notes 

Pursuant to Section 2.01(d) of the Original Indenture, the Company hereby creates and issues a series of Notes designated as “4.200%
Senior Secured Notes due 2028,” initially limited in aggregate principal amount to $1,350,000,000 (the “4.200% 2028 Notes”); provided that the Company may, at any time and from time to time, create and issue additional
4.200% 2028 Notes in an unlimited principal amount which will be part of the same series as the 4.200% 2028 Notes and which will have the same terms (except for the issue date, issue price and, in some cases, the first Interest Payment Date) as the
4.200% 2028 Notes. The 4.200% 2028 Notes will have the same terms as the Original 5.625% 2021 Notes other than as provided in this Tenth Supplemental Indenture. All 4.200% 2028 Notes issued under the Indenture will, once issued, be considered Notes
for all purposes thereunder and will be subject to and take the benefit of all the terms, conditions and provisions of the Indenture. 

Section 2.02    Maturity Date 

The maturity date of the 4.200% 2028 Notes is March 15, 2028. 

Section 2.03    Form; Payment of Interest 

(a) With respect to the Notes, the references, in the Original Indenture, in Section 2.01 thereof and in the definition of
“Definitive Note,” to Exhibit A-1 and Exhibit A-2, shall be to Exhibit A-1 and Exhibit A-2 attached to this Tenth Supplemental Indenture. 
 (b) The Company will pay interest and Additional
Interest, if any, on the 4.200% 2028 Notes semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day. Interest on the 4.200% 2028 Notes

  
 2 

 will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from
March 6, 2017. The first Interest Payment Date with respect to the 4.200% 2028 Notes shall be September 15, 2017. 

Section 2.04    Execution and Authentication of the 4.200% 2028 Notes 

The Trustee shall, pursuant to an Authentication Order, authenticate the 4.200% 2028 Notes. 

ARTICLE 3 
 REDEMPTION 

Section 3.01    Redemption. 

With respect to the 4.200% 2028 Notes, Section 3.07 of the Original Indenture shall be replaced in its entirety to read as follows: 

“Section 3.07 Optional Redemption. 

At any time or from time to time prior to September 15, 2027, the Company may, at its option, redeem all or a part of the
4.200% 2028 Notes and the Exchange Notes issued for the 4.200% 2028 Notes (collectively, the “4.200% 2028 Series Notes”), at a redemption price equal to the Make-Whole Price (subject to the right of Holders of record on the relevant
record date to receive interest due on an interest payment date that is on or prior to the redemption date, without duplication). 

“Make-Whole Price” with respect to any 4.200% 2028 Series Notes to be redeemed, means an amount equal to the
greater of: 
  

	 	(1)	100% of the principal amount of such 4.200% 2028 Series Notes; and 

  

	 	(2)	the sum of the present values of the remaining scheduled payments of principal and interest from the redemption date to September 15, 2027 (not including any portion of such payments of interest accrued as of the
redemption date) discounted back to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
defined below) plus 30 basis points; 

 plus, in the case of both (1) and (2), accrued and unpaid interest on such 4.200%
2028 Series Notes, if any, to the redemption date. 
 “Comparable Treasury Issue” means, with respect to
4.200% 2028 Series Notes to be redeemed, the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the 4.200% 2028 Series Notes being redeemed that would be utilized at the time
of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity; provided that if such period is less than one year, then the U.S. Treasury security having a
maturity of one year shall be used. 

  
 3 

 “Comparable Treasury Price” means, with respect to any
redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations as determined by the Company. 

“Independent Investment Banker” means, with respect to any 4.200% 2028 Series Notes, Merrill Lynch, Pierce,
Fenner & Smith Incorporated or any of its successors, or, if such firm or its successors, if any, as the case may be, are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national
standing appointed by the Company. 
 “Reference Treasury Dealer” means, with respect to any 4.200% 2028
Series Notes, each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and four additional primary Government Securities dealers in New York City (each a “Primary Treasury Dealer”) selected by the Company, and their
respective successors; provided, however, that if such firm or any such successor, as the case may be, shall cease to be a primary Government Securities dealer in New York City, the Company will substitute therefor another Primary
Treasury Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury
Dealer and any redemption date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such
Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 

“Treasury Rate” means, with respect to any redemption date, (1) the yield, under the heading which
represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(159)” or any successor publication that is published weekly by the Board of Governors of the Federal
Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no
maturity is within three months before or after the stated maturity, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be determined, and the Treasury Rate shall be interpolated or extrapolated
from such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per annum
equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such
redemption date. The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

  
 4 

 The notice of redemption with respect to the foregoing redemption need not set
forth the Make-Whole Price but only the manner of calculation thereof. The Company will notify the Trustee of the Make-Whole Price with respect to any redemption promptly after the calculation, and the Trustee shall not be responsible for such
calculation. 
 At any time on or after September 15, 2027, the Company may, at its option, redeem all or a part of the
4.200% 2028 Series Notes, at a redemption price equal to 100% of the principal amount of the 4.200% 2028 Series Notes to be redeemed, 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 an interest payment date that is on or prior to the redemption date, without duplication).” 

ARTICLE 4 
 MISCELLANEOUS 

Section 4.01    Ratification of the Indenture; Accession Agreement. 

(a) The Original Indenture as supplemented by the Eighth Supplemental Indenture and this Tenth Supplemental Indenture is in all respects
ratified and confirmed, and this Tenth Supplemental Indenture shall be deemed part of the Original Indenture in the manner and to the extent herein and therein provided. 

(b) Each Holder of the 4.200% 2028 Notes, by its acceptance of the 4.200% 2028 Notes, ratifies and confirms the Accession Agreement, pursuant
to which the Notes constitute additional New Secured Debt (as defined in the Accession Agreement) and Secured Debt that is pari passu with all other Secured Debt and secured by the Collateral equally and ratably with all other Secured Debt.

 Section 4.02    Governing Law. 

THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS TENTH SUPPLEMENTAL INDENTURE, THE 4.200% 2028 NOTES AND ANY NOTE
GUARANTEES RELATED TO THE 4.200% 2028 NOTES WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREOF OTHER THAN SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS LAW. 

Section 4.03    Counterpart Originals. 

The parties may sign any number of copies of this Tenth Supplemental Indenture. Each signed copy will be an original, but all of them together
represent the same agreement. The exchange of copies of this Tenth Supplemental Indenture and of signature pages by facsimile or electronic format (i.e., “pdf” or “tif”) transmission shall constitute effective execution
and delivery of this Tenth Supplemental Indenture as to the parties hereto and may be used in lieu of 

  
 5 

 
the original Tenth Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or electronic format (i.e., “pdf” or “tif”) shall
be deemed to be their original signatures for all purposes. 
 Section 4.04    Table of Contents, Headings, etc. 

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

Section 4.05    The Trustee. 

The Trustee shall not be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Tenth Supplemental
Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Company. 
 [Signatures on
following page] 

  
 6 

 SIGNATURES 

Dated as of March 6, 2017 
  

			
	SABINE PASS LIQUEFACTION, LLC
		
	By:	 	 /s/ Lisa C. Cohen

	Name:	 	Lisa C. Cohen
	Title:	 	Treasurer
	
	 THE BANK OF NEW YORK MELLON,
 as
Trustee

		
	By:	 	 /s/ John D. Bowman

	Name:	 	John D. Bowman
	Title:	 	Vice President

			
	 EXHIBIT A-1

 
 [Face of Note]

 

		  	 CUSIP: 785592 AT3

ISIN: US785592AT31

	4.200% Senior Secured Notes due 2028
	No.            	  	$                                    

 SABINE PASS LIQUEFACTION, LLC 

promises to pay to                  or registered assigns, the
principal sum of
                                         
            DOLLARS on March 15, 2028. 
 Interest Payment Dates: March 15 and
September 15, commencing September 15, 2017 
 Record Dates: March 1 and September 1 

 Dated: March 6, 2017 

 

			
	SABINE PASS LIQUEFACTION, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

	
	 This is one of the Notes referred to
 in the
within-mentioned Indenture:

  

			
	THE BANK OF NEW YORK MELLON,
    as Trustee
		
	By:	 	  

	Authorized Signatory

 [Back of Note] 

4.200% Senior Secured Notes due 2028 
 [Insert
the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
 [Insert the Private Placement Legend, if applicable pursuant to
the provisions of the Indenture] 
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below
unless otherwise indicated. 
 (1) INTEREST. Sabine Pass Liquefaction, LLC, a Delaware
limited liability company (the “Company”), promises to pay interest on the principal amount of this Note at 4.200% per annum from March 6, 2017 until maturity and shall pay the Additional Interest, if any, payable pursuant to
Section 6 of the Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business
Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date; provided further that the first Interest Payment Date shall be September 15, 2017. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on
overdue principal and premium, if any, from time to time on demand at a rate that is 0.5% per annum in excess of the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any
Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 (2)
METHOD OF PAYMENT. The Company will pay interest on the Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the
close of business on the March 1 or September 1 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the
Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Interest, if any, and interest at the office or agency of the Paying Agent or Registrar maintained for such purpose within or without the
City and State of New York, or, at the option of the Company, payment of interest and Additional Interest, if any, may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by
wire transfer of immediately available funds will be required with respect to principal of and interest, premium and Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer
instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

 (3) PAYING AGENT AND
REGISTRAR. Initially, The Bank of New York Mellon, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The
Company or any of its Subsidiaries may act in any such capacity. 
 (4) INDENTURE AND
SECURITY DOCUMENTS. The Company issued the Notes under an Indenture dated as of February 1, 2013, as supplemented by an eighth supplemental indenture dated as of September 19, 2016 and a
tenth supplemental indenture dated as of March 6, 2017 (the “Indenture”) among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by
reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the
provisions of the Indenture shall govern and be controlling. The Notes are secured obligations of the Company. The Notes are secured by a pledge of Collateral (as defined in the Indenture) pursuant to the Security Documents referred to in the
Indenture. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 
 (5)
OPTIONAL REDEMPTION. 
 At any time or from time to time prior to September 15,
2027, the Company may, at its option, redeem all or a part of the 4.200% 2028 Series Notes, at a redemption price equal to the Make-Whole Price (subject to the right of Holders of record on the relevant record date to receive interest due on an
interest payment date that is on or prior to the redemption date, without duplication). 
 “Make-Whole Price” with respect
to any 4.200% 2028 Series Notes to be redeemed, means an amount equal to the greater of: 
  

	 	(1)	100% of the principal amount of such 4.200% 2028 Series Notes; and 

  

	 	(2)	the sum of the present values of the remaining scheduled payments of principal and interest from the redemption date to September 15, 2027 (not including any portion of such payments of interest accrued as of the
redemption date) discounted back to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
defined below) plus 30 basis points; 

 plus, in the case of both (1) and (2), accrued and unpaid interest on such 4.200% 2028 Series
Notes, if any, to the redemption date. 
 “Comparable Treasury Issue” means, with respect to 4.200% 2028 Series Notes to be
redeemed, the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the 4.200% 2028 Series Notes being redeemed that would be utilized at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity; provided that if such period is less than one year, then the U.S. Treasury security having a maturity of one year shall be used.

 “Comparable Treasury Price” means, with respect to any redemption date,
(1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference
Treasury Dealer Quotations, the average of all such Reference Treasury Dealer Quotations as determined by the Company. 

“Independent Investment Banker” means, with respect to any 4.200% 2028 Series Notes, Merrill Lynch, Pierce, Fenner &
Smith Incorporated or any of its successors, or, if such firm or its successors, if any, as the case may be, are unwilling or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing
appointed by the Company. 
 “Reference Treasury Dealer” means, with respect to any 4.200% 2028 Series Notes, each of
Merrill Lynch, Pierce, Fenner & Smith Incorporated and four additional primary Government Securities dealers in New York City (each a “Primary Treasury Dealer”) selected by the Company, and their respective successors;
provided, however, that if such firm or any such successor, as the case may be, shall cease to be a primary Government Securities dealer in New York City, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the
average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m.,
New York City time, on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with respect to any
redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(159)” or any successor publication that
is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the
maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the stated maturity, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue shall be
determined, and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the
calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

 The notice of redemption with respect to the foregoing redemption need not set forth the
Make-Whole Price but only the manner of calculation thereof. The Company will notify the Trustee of the Make-Whole Price with respect to any redemption promptly after the calculation, and the Trustee shall not be responsible for such calculation.

 At any time on or after September 15, 2027, the Company may, at its option, redeem all or a part of the 4.200% 2028 Series Notes, at
a redemption price equal to 100% of the principal amount of the 4.200% 2028 Series Notes to be redeemed, 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 an interest payment date that is on or prior to the redemption date, without duplication). 
 (6)
MANDATORY REDEMPTION. 
 The Company is not required to make mandatory redemption or
sinking fund payments with respect to the Notes. 
 (7) REPURCHASE AT THE
OPTION OF HOLDER. 
 (a)    Upon the
occurrence of a Change of Control, the Company will make an offer (a “Change of Control Offer”) of payment (a “Change of Control Payment”) to each Holder to repurchase all or any part (equal to $2,000 and integral
multiples of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in cash equal to not less than 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any, to
the date of repurchase (the “Change of Control Payment Date,” which date will be no earlier than the date of such Change of Control). No later than 30 days following any Change of Control, the Company will mail a notice to each
Holder setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(b)    The Company will be required to make Asset Sale Offers, Excess Proceeds Offers and Project Document
Termination Payment Offers to the extent provided in Sections 4.09, 4.16 and 4.22, respectively, of the Indenture. 
 (8)
NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its
registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in
denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof, unless all of the Notes held by a Holder are to be redeemed. 

(9) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require
a Holder, among other things, to 

 
furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange
or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15
days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

(10) PERSONS DEEMED OWNERS. The registered Holder of a Note
may be treated as its owner for all purposes. 
 (11) TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee. 
 (12) NO RECOURSE AGAINST
OTHERS. No past, present or future director, manager, officer, employee, incorporator, member, partner or stockholder of the Company or any Guarantor (including the General Partner and the Parent), as such, will
have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees, the Security Documents, the Financing Documents or for any claim based on, in respect of, or by reason of, such obligations
or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 

(13) AUTHENTICATION. This Note will not be valid until authenticated by the manual
signature of the Trustee or an authenticating agent. 
 (14) 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 right of survivorship and not as tenants in common), CUST (= Custodian),
and U/G/M/A (= Uniform Gifts to Minors Act). 
 (15) ADDITIONAL RIGHTS OF
HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In addition to the rights
provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights set forth in the Registration Rights Agreement dated as of March 6, 2017, between the Company and the
other parties named on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration rights agreements, if any, among
the Company, the Guarantors, if any, and the other parties thereto, relating to rights given by the Company and the Guarantors, if any, to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”).
By such Holders’ acceptance of Restricted Global Notes or Restricted Definitive Notes, such Holder acknowledges and agrees to the provisions of the Registration Rights Agreement, including without limitation the obligations of the Holders with
respect to indemnification of the Company and the Guarantors to the extent provided therein. 

 (16) CUSIP NUMBERS. Pursuant to a
recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP 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 Notes or as contained in any notice of redemption, and reliance may be placed only on the other identification numbers placed thereon. 

(17) GOVERNING LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE
USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES. 
 The Company will furnish to any Holder upon written request and
without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
 Sabine Pass Liquefaction, LLC 

c/o Cheniere Energy, Inc. 
 700 Milam Street, Suite 1900 

Houston, TX 77002 
 Attention: Treasurer 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

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

		 	(Insert assignee’s legal name)

  
  

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

 
  

 
  

 
  

 
  

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

and irrevocably                      
                                         
                                         
                                         
                                         
                                         

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

Date:                 

 

			
	 Your Signature:
	 	  

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

 Signature
Guarantee*:                         
  

 

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

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.09, 4.14, 4.16 or 4.22 of the Indenture, check the appropriate box below: 
 ☐
Section 4.09                     ☐
Section 4.14                    ☐
Section 4.16                     ☐ Section 4.22 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.09, 4.14, 4.16 or 4.22 of the
Indenture, state the amount you elect to have purchased: 

$                     

Date:                     

 

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

		
		  	Tax Identification No:
                                         
   

 Signature Guarantee*:
                         

 

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

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

 

									
	 Date of

Exchange
	 	 Amount of

decrease in

Principal
 Amount
[at
 maturity] of this

Global Note
	 	 Amount of

increase in

Principal
 Amount
[at
 maturity] of this

Global Note
	  	 Principal

Amount [at
 maturity]
of
 this Global
 Note
following
 such decrease

(or increase)
	  	 Signature of

authorized
 officer
of
 Trustee or

Custodian

			
	 EXHIBIT A-2

[Face of Regulation S Temporary Global Note]

	 	 	 CUSIP: U77888 AL6

ISIN: USU77888AL60

	
	 4.200% Senior Secured Notes due 2028

 

	No.            	 	$                

 SABINE PASS LIQUEFACTION, LLC 

promises to pay to                      or
registered assigns, the principal sum of
                                         
                                   DOLLARS on March 15, 2028. 

Interest Payment Dates: March 15 and September 15, commencing September 15, 2017 

Record Dates: March 1 and September 1 

 Dated: March 6, 2017 

 

			
	SABINE PASS LIQUEFACTION, LLC
		
	By:	 	  

	Name:	 	
	Title:	 	

  

			
	 This is one of the Notes referred to

in the within-mentioned Indenture:
	 	

  

			
	 THE BANK OF NEW YORK MELLON,

    as Trustee

		
	By: 	 	 
		 	Authorized Signatory

 [Back of Regulation S Temporary Global Note] 

4.200% Senior Secured Notes due 2028 
 THE RIGHTS
ATTACHING TO THIS REGULATION S TEMPORARY GLOBAL NOTE, AND THE CONDITIONS AND PROCEDURES GOVERNING ITS EXCHANGE FOR CERTIFICATED NOTES, ARE AS SPECIFIED IN THE INDENTURE (AS DEFINED HEREIN). NEITHER THE HOLDER NOR THE BENEFICIAL OWNERS OF THIS
REGULATION S TEMPORARY GLOBAL NOTE SHALL BE ENTITLED TO RECEIVE PAYMENT OF INTEREST HEREON. 
 THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT
TO SECTION 2.11 OF THE INDENTURE AND (4) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE COMPANY. 

UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A
NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE
IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

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 ONE YEAR 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 SUBPARAGRAPH (A)(1), (2), (3) OR (7) OF RULE 501 UNDER THE SECURITIES ACT THAT IS ACQUIRING THE NOTES FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN
INSTITUTIONAL ‘‘ACCREDITED INVESTOR’’, 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 UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. Sabine Pass Liquefaction, LLC, a Delaware limited liability company (the
“Company”), promises to pay interest on the principal amount of this Note at 4.200% per annum from March 6, 2017 until maturity and shall pay the Additional Interest, if any, payable pursuant to Section 6 of the
Registration Rights Agreement referred to below. The Company will pay interest and Additional Interest, if any, semi-annually in arrears on March 15 and September 15 of each year, or if any such day is not a Business Day, on the next
succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided
that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding
Interest Payment Date; provided further that the first Interest 

 Payment Date shall be September 15, 2017. The Company will pay interest (including
post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from time to time on demand at a rate that is 0.5% per annum in excess of the rate then in effect to the extent lawful; it will pay interest
(including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Additional Interest, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the
extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

Until this Regulation S Temporary Global Note is exchanged for one or more Regulation S Permanent Global Notes, the Holder hereof shall not be
entitled to receive payments of interest hereon; until so exchanged in full, this Regulation S Temporary Global Note shall in all other respects be entitled to the same benefits as other Notes under the Indenture. 

(2) METHOD OF PAYMENT. The Company will pay interest on the
Notes (except defaulted interest) and Additional Interest, if any, to the Persons who are registered Holders of Notes at the close of business on the March 1 or September 1 next preceding the Interest Payment Date, even if such Notes are
canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and Additional Interest, if
any, and interest at the office or agency of the Paying Agent or Registrar maintained for such purpose within or without the City and State of New York, or, at the option of the Company, payment of interest and Additional Interest, if any, may be
made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and
Additional Interest, if any, on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying Agent. Such payment will be in such coin or currency of the United States of
America as at the time of payment is legal tender for payment of public and private debts. 
 (3) PAYING
AGENT AND REGISTRAR. Initially, The Bank of New York Mellon, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or
Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity. 
 (4)
INDENTURE AND SECURITY DOCUMENTS. The Company issued the Notes under an Indenture dated as of February 1, 2013, as supplemented by an eighth supplemental indenture
dated as of September 19, 2016 and a tenth supplemental indenture dated as of March 6, 2017 (the “Indenture”) among the Company, the Guarantors and the Trustee. The terms of the Notes include those stated in the Indenture
and those made part of the Indenture by reference to the TIA. The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the
express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are secured obligations of the Company. The Notes are secured by a pledge of Collateral (as defined in the Indenture) pursuant to the
Security Documents referred to in the Indenture. The Indenture does not limit the aggregate principal amount of Notes that may be issued thereunder. 

 (5) OPTIONAL REDEMPTION. 

At any time or from time to time prior to September 15, 2027, the Company may, at its option, redeem all or a part of 4.200% 2028 Series
Notes, at a redemption price equal to the Make-Whole Price (subject to the right of Holders of record on the relevant record date to receive interest due on an interest payment date that is on or prior to the redemption date, without duplication).

 “Make-Whole Price” with respect to any 4.200% 2028 Series Notes to be redeemed, means an amount equal to the greater of:

  

	 	(1)	100% of the principal amount of such 4.200% 2028 Series Notes; and 

  

	 	(2)	the sum of the present values of the remaining scheduled payments of principal and interest from the redemption date to September 15, 2027 (not including any portion of such payments of interest accrued as of the
redemption date) discounted back to the redemption date on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate (as
defined below) plus 30 basis points; 

 plus, in the case of both (1) and (2), accrued and unpaid interest on such 4.200% 2028 Series
Notes, if any, to the redemption date. 
 “Comparable Treasury Issue” means, with respect to 4.200% 2028 Series Notes to be
redeemed, the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the 4.200% 2028 Series Notes being redeemed that would be utilized at the time of selection and in accordance
with customary financial practice, in pricing new issues of corporate debt securities of a comparable maturity; provided that if such period is less than one year, then the U.S. Treasury security having a maturity of one year shall be used.

 “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury
Dealer Quotations for such redemption date, after excluding the highest and lowest of such Reference Treasury Dealer Quotations, or (2) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such
Reference Treasury Dealer Quotations as determined by the Company. 
 “Independent Investment Banker” means, with respect
to any 4.200% 2028 Series Notes, Merrill Lynch, Pierce, Fenner & Smith Incorporated or any of its successors, or, if such firm or its successors, if any, as the case may be, are unwilling or unable to select the Comparable Treasury Issue,
an independent investment banking institution of national standing appointed by the Company. 

 “Reference Treasury Dealer” means, with respect to any 4.200% 2028 Series Notes,
each of Merrill Lynch, Pierce, Fenner & Smith Incorporated and four additional primary Government Securities dealers in New York City (each a “Primary Treasury Dealer”) selected by the Company, and their respective
successors; provided, however, that if such firm or any such successor, as the case may be, shall cease to be a primary Government Securities dealer in New York City, the Company will substitute therefor another Primary Treasury
Dealer. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption
date, the average, as determined by the Company, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at
5:00 p.m., New York City time, on the third Business Day preceding such redemption date. 
 “Treasury Rate” means, with
respect to any redemption date, (1) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(159)” or any successor
publication that is published weekly by the Board of Governors of the Federal Reserve System and that establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant
Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after the stated maturity, yields for the two published maturities most closely corresponding to the Comparable
Treasury Issue shall be determined, and the Treasury Rate shall be interpolated or extrapolated from such yields on a straight-line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during
the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed
as a percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date. The Treasury Rate shall be calculated on the third Business Day preceding the redemption date. 

The notice of redemption with respect to the foregoing redemption need not set forth the Make-Whole Price but only the manner of calculation
thereof. The Company will notify the Trustee of the Make-Whole Price with respect to any redemption promptly after the calculation, and the Trustee shall not be responsible for such calculation. 

At any time on or after September 15, 2027, the Company may, at its option, redeem all or a part of the 4.200% 2028 Series Notes, at a
redemption price equal to 100% of the principal amount of the 4.200% 2028 Series Notes to be redeemed, 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 an interest payment date that is on or prior to the redemption date, without duplication). 
 (6)
MANDATORY REDEMPTION. 
 The Company is not required to make mandatory redemption or
sinking fund payments with respect to the Notes. 

 (7)    REPURCHASE AT
THE OPTION OF HOLDER. 

(a)    Upon the occurrence of a Change of Control, the Company will make an offer (a “Change of
Control Offer”) of payment (a “Change of Control Payment”) to each Holder to repurchase all or any part (equal to $2,000 and integral multiples of $1,000 in excess thereof) of that Holder’s Notes at a purchase price in
cash equal to not less than 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest and Additional Interest, if any, to the date of repurchase (the “Change of Control Payment Date,” which date
will be no earlier than the date of such Change of Control). No later than 30 days following any Change of Control, the Company will mail a notice to each Holder setting forth the procedures governing the Change of Control Offer as required by the
Indenture. 
 (b)    The Company will be required to make Asset Sale Offers, Excess Proceeds Offers and
Project Document Termination Payment Offers to the extent provided in Sections 4.09, 4.16 and 4.22, respectively, of the Indenture. 

(8)     NOTICE OF REDEMPTION. Notice of
redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a
redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction or discharge of the Indenture. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000 in excess
thereof, unless all of the Notes held by a Holder are to be redeemed. 

(9)    DENOMINATIONS, TRANSFER,
EXCHANGE. The Notes are in registered form without coupons in denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as
provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted
by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Company need not exchange or register
the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 

This Regulation S Temporary Global Note is exchangeable in whole or in part for one or more Global Notes only (i) on or after the
termination of the 40-day distribution compliance period (as defined in Regulation S) and (ii) upon presentation of certificates (accompanied by an Opinion of Counsel, if applicable) required by Article 2
of the Indenture. Upon exchange of this Regulation S Temporary Global Note for one or more Global Notes, the Trustee shall cancel this Regulation S Temporary Global Note. 

 (10)     PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

(11)    TRUSTEE DEALINGS WITH
COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or its Affiliates, and may otherwise deal with the Company or its
Affiliates, as if it were not the Trustee. 
 (12)     NO RECOURSE
AGAINST OTHERS. No past, present or future director, manager, officer, employee, incorporator, member, partner or stockholder of the Company or any Guarantor (including the General Partner and the
Parent), as such, will have any liability for any obligations of the Company or the Guarantors under the Notes, the Indenture, the Note Guarantees, the Security Documents, the Financing Documents or for any claim based on, in respect of, or by
reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive
liabilities under federal securities laws. 

(13)    AUTHENTICATION. This Note will not be valid until
authenticated by the manual signature of the Trustee or an authenticating agent. 

(14)    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 right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to
Minors Act). 
 (15)     ADDITIONAL RIGHTS OF
HOLDERS. In addition to the rights provided to Holders of Notes under the Indenture, Holders of this Regulation S Temporary Global Note will have all the rights set forth in the Registration Rights Agreement dated
as of March 6, 2017, between the Company and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders thereof will have the rights set forth in one or more registration rights agreements, if any, among
the Company, the Guarantors, if any, and the other parties thereto, relating to rights given by the Company and the Guarantors, if any, to the purchasers of any Additional Notes (collectively, the “Registration Rights Agreement”). By such
Holders’ acceptance of the Restricted Global Notes or Restricted Definitive Notes, such Holder acknowledges and agrees to the provisions of the Registration Rights Agreement, including without limitation the obligations of the Holders with
respect to indemnification of the Company and the Guarantors to the extent provided therein. 
 (16)    
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may
use CUSIP 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 Notes or as contained in any notice of redemption, and reliance may be placed only on the
other identification numbers placed thereon. 

 (17)    GOVERNING
LAW. THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THIS NOTE AND THE NOTE GUARANTEES. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights
Agreement. Requests may be made to: 
 Sabine Pass Liquefaction, LLC 

c/o Cheniere Energy, Inc. 
 700 Milam Street, Suite 1900 

Houston, TX 77002 
 Attention: Treasurer 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

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

		 	(Insert assignee’s legal name)

  
  

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

 
  

 
  

 
  

 
  

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

and irrevocably                      
                                         
                                         
                                        
                                         
                                         
   
 appoint to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

Date:                      

 

			
	Your Signature:	 	  

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

 Signature Guarantee*:
                         
  

 

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

 OPTION OF HOLDER TO
ELECT PURCHASE 
 If you want to elect to have this Note purchased by the Company pursuant to
Section 4.09, 4.14, 4.16 or 4.22 of the Indenture, check the appropriate box below: 
 ☐
Section 4.09                     ☐
Section 4.14                    ☐ Section 4.16
                    ☐ Section 4.22 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.09, 4.14, 4.16 or 4.22 of the
Indenture, state the amount you elect to have purchased: 

$                     

Date:                     

 

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

		
		 	Tax Identification No:
                                    

 Signature Guarantee*:
                         

 

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

 SCHEDULE OF EXCHANGES OF
INTERESTS IN THE REGULATIONS 
 TEMPORARY GLOBAL
NOTE 
 The following exchanges of a part of this Regulation S Temporary Global Note for an interest in another Global Note,
or exchanges of a part of another other Restricted Global Note for an interest in this Regulation S Temporary Global Note, have been made: 
  

									
	 Date of

Exchange
	 	 Amount of

decrease in

Principal
 Amount
[at
 maturity] of

this Global

Note
	 	 Amount of

increase in

Principal
 Amount
[at
 maturity] of

this Global

Note
	  	 Principal Amount

[at maturity] of this
Global Note

following such
 decrease
(or
 increase)
	  	 Signature of

authorized officer of

Trustee or Custodian

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00268-of-00352.parquet"}]]