Document:

Exhibit 4.4

 

 

SHARE REMUNERATION PLAN FOR

BBVA GROUP MANAGEMENT AND CERTAIN RISK FUNCTIONS IN THE UNITED STATES

As Adopted Effective November 15, 2011

-------------------

Preamble

This Share Remuneration Plan for BBVA Group Management and Certain Risk Functions in the United States (the “Plan”) is to provide incentives to employees of Banco Bilbao Vizcaya Argentaria, S.A., a bank organized and existing under the Laws of Spain (the “Company”), or its affiliates, in the United States (including its territories) who are members of the designated Executive Management Team (the “EMT”) or who are within the Defined Group (as defined herein) although not members of the EMT, so that, among other things, such officers and employees are associated with the growth and success of the Company and its respective subsidiaries.

Incentives granted under this Plan are intended to, and will, be consistent with the system of variable remuneration in shares as may be adopted by the Company and in effect from time to time, including the rules and guidelines under any such system as may be established by the Company and including among others the application of any performance indicators to Awards (as defined herein) made hereunder (altogether, the "BBVA System"), subject to the express requirements of this Plan and any Award Agreements under this Plan.   The BBVA System in effect as of the time of the initial adoption of the Plan consists of the system of variable remuneration in shares for BBVA Group Management created by and provided for pursuant to the Resolutions under Agenda Item Seven adopted at the General Meeting of Shareholders of Banco Bilbao Vizcaya Argentaria, S.A., held on March 11, 2011 (a copy of which is included herewith as Exhibit A) and further developed and established by the Board of Directors of the Company.

SECTION 1. Definitions.  For purposes of the Plan, the following terms shall be defined as set forth below:

(a)           “ADS” means an American Depositary Share representing one Share (which ratio may be changed from time to time) as evidenced by one American Depositary Receipt.

(b)           “Award” means any Restricted Share Units granted under the Plan.

(c)           “Award Agreement” means any written agreement, contract or other instrument or document evidencing an Award granted under the Plan.

(d)           “Committee” means the Administrative Committee for this Plan, which shall consist of three or more directors or officers of Compass or any affiliate of Compass or other individuals appointed by the board of directors, or an appropriate committee of the board of directors, of Compass.

(e)           “Compass” means BBVA Compass Bancshares, Inc., an Alabama corporation, and any successor entity thereto.

  

  

  

 

(f)           “Eligible Employee” means any officer or employee of the Company, or of any entity that is a direct or indirect subsidiary of the Company, operating in the United States (including its territories), who is an EMT member or who is not an EMT member but who is  designated as part of the Defined Group.

(g)           “Defined Group” means certain EMT members in the United States who are considered senior managers within the BBVA Group, as a whole, as well as certain designated employees in the United States who are not EMT members but whose activities are considered to have a material impact on the Company’s risk profile or who are engaged in certain control functions.

(h)           “Participant” means an Eligible Employee designated to be granted an Award.

(i)           “Restricted Share” means an ADS subject to certain restrictions that is released to a Participant pursuant to an Award under this Plan and further described in Section 7 hereof.

(j)           “Restricted Share Units” means an Award of a unit representing an obligation of Compass to deliver one ADS or Restricted Share, as applicable, for each such unit granted to a Participant pursuant to and subject to the terms and conditions set forth in this Plan and the Award Agreement.

(k)           “Share” means one ordinary share of the Company with a nominal value of 49 Euro cents.

SECTION 2. Administration.

(a)           The Plan shall be administered by the Committee. Subject always to compliance with the BBVA System, the Committee shall have full and final authority in its discretion (A) to interpret the provisions of the Plan (and any Award Agreement) and to decide all questions of fact arising in its application, (B) to designate Participants, (C) to determine the Participants to whom Awards shall be made under the Plan, (D) to determine the amount, size, terms and conditions of each such Award, (E) to determine and establish additional terms and conditions not inconsistent with the Plan for any Award granted to a Participant in connection with the Plan, (F) to determine the time when Awards will be granted, (G) to adopt, alter and repeal such administrative rules, guidelines and practices governing the Plan as it shall, from time to time, deem advisable and (H) to make all other determinations necessary or advisable for the administration of the Plan.

(b)           A majority of the Committee shall constitute a quorum, and the action of a majority of members of the Committee present at any meeting at which a quorum is present shall be the act of the Committee. The Committee may also act by unanimous written consent. Any decision made, or action taken, by the Committee arising out of or in connection with the interpretation and administration of the Plan shall be final, conclusive and nonappeallable.

(c)           Neither the Committee nor any member thereof shall be liable for any act, omission, interpretation, construction or determination made in connection with the Plan in good faith, and the members of the Committee may be entitled to indemnification and reimbursement by Compass in respect of any claim, loss, damage or expense (including attorneys’ fees) arising therefrom to the fullest extent permitted by law and under any director’s and officers’ liability insurance that may be in effect from time to time. In addition, no member of the Committee and no director, officer or employee of Compass or its subsidiaries and affiliates shall be liable for any act, or failure to act hereunder, by any other member or 

 

  

  

  

 

other director, officer or employee of Compass or its subsidiaries and affiliates or by any agent to whom duties in connection with the administration of this Plan have been delegated or for any act or failure to act by such member or such director, officer or employee, in all events except in circumstances involving such member’s or such director’s, officer’s or employee’s bad faith, gross negligence, intentional fraud or violation of a statute.

(d)           The Committee may, in its sole discretion, delegate any of its powers to grant Awards under the Plan to any officer of Compass deemed appropriate by the Committee; provided, however, that no officer to whom the power to grant Awards under the Plan has been delegated shall have the power to grant Awards under the Plan to himself or herself.

 SECTION 3. Eligibility; Participants. Any Eligible Employee shall be eligible to be designated a Participant.

SECTION 4. Awards Under the Plan. Awards by the Committee under the Plan will be in the form of Restricted Share Units, provided that no Award shall be made under the Plan unless such Award shall comply with all applicable laws, including without limitation, the Securities Act of 1933, as amended, the Securities Exchange Act of 1934, as amended, the rules and regulations promulgated thereunder, and the requirements of any stock exchange upon which the Shares may then be listed.

SECTION 5. ADSs Subject to Plan. The total number of ADSs reserved and available for distribution under the Plan shall be 2,218,800. Such ADSs shall consist of ADSs purchased or to be purchased from time to time in open-market or in private transactions by or on behalf of Compass.. In the event of any change in the outstanding number of Shares of the Company underlying the ADSs by reason of, a Share split, recapitalization, merger, consolidation, split-up, combination, exchange of shares or otherwise, or in the case of any change in the ratio of ADSs to Shares, the board of directors of Compass or the Committee shall act to ensure that the economic return that the Participants may receive on the settlement of Awards will not be significantly distorted.

SECTION 6. Effective Date.  The Plan shall be effective as of November 15, 2011.

SECTION 7. Restricted Shares.

(a)           Evidence of Restriction. Each Restricted Share shall be subject to such restrictions described in subsection (b) of this Section 7 as may apply and will be evidenced in such manner as the Committee shall determine.  If certificates representing Restricted Shares are registered in the name of a Participant, such certificates shall bear an appropriate legend referring to the terms, conditions and restrictions applicable to such Restricted Shares, and, unless otherwise determined by the Committee, Compass or its designee shall retain physical possession of the certificate and the Participant shall deliver a stock power to Compass, endorsed in blank, relating to the Restricted Shares covered by such Award.  Additionally, and without limiting any other manner in which the Committee shall determine to evidence applicable restrictions associated with Restricted Shares, if Restricted Shares are released to Participants by transfer of such shares to one or more accounts in the Participant’s name that are maintained by an administrative agent for the Plan, such account(s), or such shares held in the account(s), shall be subject to transaction or other limitations as may be considered necessary to effectuate the restrictions associated with the Restricted Shares.

(b)           Restrictions and Conditions. Restricted Shares released pursuant to an award under this Plan shall be subject to such restrictions and conditions (including the terms during which the restrictions 

 

  

  

  

 

or conditions may apply) as the Committee may determine and which restrictions and conditions shall be reflected in the applicable Award Agreement.  It is anticipated that, in the case of restrictions and conditions prohibiting the Participant’s sale, transfer, pledge or assignment of the Restricted Shares, to the extent practicable, the Participant shall have, with respect to the Restricted Shares, all of the rights of a holder of ADSs as defined by that certain depository agreement between the ADS depository and the Company, including the right to vote and to receive any dividends. 

SECTION 8. Restricted Share Unit Awards.

(a)           Awards. Each Award of Restricted Share Units shall be evidenced by an Award Agreement (a “Restricted Share Unit Award Agreement”) in a form that is not inconsistent with the Plan and the BBVA System and that the Committee may from time to time approve.  The Committee may, but need not, require as a condition of the effectiveness of an Award of Restricted Share Units that the Award be affirmatively accepted by the Participant’s executing a Restricted Share Unit Award Agreement within a designated period (not to exceed ninety (90) days) after the award date.

(b)           Restrictions and Conditions. The Restricted Share Units awarded pursuant to this Plan shall be subject to the following restrictions and conditions:

(i)           Subject to the provisions of this Plan and the Restricted Share Unit Award Agreements, from the date of grant through such vesting period as may be set by the Committee (the “Unit Restriction Period”), the Participant shall not have any legal ownership or any other rights relating to the ADSs that are the subject of the Restricted Share Units.  The participant shall not be entitled to any dividend or have any voting rights or any other rights as a shareholder of the Company until and unless the ADSs that are the subject of the Restricted Share Units become vested and are transferred to the Participant.

(ii)           Upon vesting of the Restricted Share Units, the ADSs (which may themselves be Restricted Shares) which are the subject of the vested Restricted Share Units shall be transferred to the Participant as soon as administratively practicable following the date that such Restricted Share Units vest but in no event later than March 15th of the year following the year in which such Restricted Share Units become vested.

(iii)           Subject to the provisions of the Restricted Share Unit Award Agreement and this Section 8, upon termination of employment for any reason, other than Retirement, Early Retirement, Disability, a Severance Plan Termination, in each case as described below, or death, during the Unit Restriction Period, all Restricted Share Units which remain unvested on the date of such termination of employment shall be forfeited by the Participant, except as otherwise provided in the Restricted Share Unit Award Agreement.

 

(c)           The following terms shall have the meanings provided hereafter:

(i)  "Retirement" shall refer to a Participant's voluntary termination of employment at any time after attaining age 65.

(ii)  "Early Retirement" shall refer to a Participant's voluntary termination of employment at any time after attaining age 55, provided that, at such time, Participant shall have been continuously employed by one or more employers within the BBVA Group of companies for at least ten (10) years.

 

  

  

  

 

(iii) "Disability" shall exist if Compass determines that the Participant is disabled as defined in the Compass 401(k) Plan, or any successor plan, as such plan may be amended from time to time, or according to such other reasonable standard that Compass may apply, in its sole discretion. As an express condition of the applicability of this subparagraph (iii), Participant must agree to cooperate with Compass in determining whether Participant is disabled, including without limitation providing documentation from health care providers and submitting to medical examinations upon request by Compass.  

 

(iv) "Severance Plan Termination" shall refer to a termination within the meaning of the Compass Severance Pay Plan (the “Severance Pay Plan”), as the Severance Pay Plan may exist from time to time (including any amendment to, modification of, addition to, deletion from, or replacement of the Severance Pay Plan), that results in eligibility for benefits under the Severance Pay Plan.  Notwithstanding anything to the contrary herein, this provision is not intended to, and does not, constitute a guarantee or promise that the Severance Pay Plan (in its current or any future form) will be continued.   For purposes of this Plan only, "Severance Plan Termination" shall also refer to any mutual separation agreement which may be entered into by the Participant and the BBVA Group employer, provided that such agreement expressly addresses the disposition of an Award under this Plan.

 

SECTION 9. General Provisions.

(a)           Governmental or Other Regulations. Each Award under the Plan shall be subject to the requirement that if, at any time, the Committee shall determine that (i) the listing, registration or qualification of the ADSs subject or related thereto upon any securities exchange or under any state, federal or foreign law, (ii) the consent or approval of any government regulatory authority, or (iii) an agreement by the recipient of an Award with respect to the disposition of the ADSs, is necessary or desirable as a condition of, or in connection with, the granting of such Award or the delivery of ADSs thereunder, such Award may not be consummated in whole or in part unless such listing, registration, qualification, consent, approval or agreement shall have been effected or obtained free of any conditions not acceptable to the Committee. As a condition to the grant of an Award under the Plan, the Participant shall agree, and each such Participant shall be deemed to have agreed by virtue of his or her acceptance of an Award or any benefit or value derived from an Award, to execute any documents, to make any representations, to effect any restrictions on transferability and to take any action which in the good faith belief of the Committee is required by any applicable law, ruling or regulation.

(b)           No Additional Rights. Nothing in the Plan, any Award, or in any agreement entered into pursuant to the Plan shall confer upon any Participant the right to continue in the employment of the Company, Compass or any of their affiliates or affect any right which any of them may have to terminate the employment of the Participant.

(c)           Withholding. Whenever Compass is required to transfer ADSs under the Plan, Compass or any subsidiary of Compass shall require the recipient to remit to Compass or such subsidiary an amount sufficient to satisfy any foreign, federal, state or local withholding tax requirements prior to the transfer of such ADSs.  Any Participant failing to satisfy such withholding payments as administratively prescribed by Compass shall forfeit his or her Award.

(d)           Non-Assignability. Unless otherwise determined by the Committee and reflected in the applicable Award Agreement, no Award under the Plan shall be assignable or transferable by a Participant except by will or by the laws of descent and distribution. A transferee of an Award shall have 

 

  

  

  

 

only those rights that the Participant would have had had the Award not been transferred. In addition, if the Committee allows an Award to be transferable or assignable, such Award shall be subject to such additional terms and conditions as the Committee deems appropriate.

(e)           Unfunded Status of Plan. The Plan is intended to constitute an “unfunded” plan for incentive compensation. Nothing set forth herein shall give any such Participant any rights that are greater than those of a general creditor of Compass. In its sole discretion, the Committee may authorize the creation of trusts or other arrangements to meet the obligations created under the Plan to deliver ADSs with respect to Awards hereunder; provided, however, that the existence of such trusts or other arrangements is consistent with the unfunded status of the Plan.

(f)           Non-Uniform Determination. The Committee’s determinations under the Plan (including, without limitation, determinations of the Eligible Employees to receive Awards, the form, amount and timing of such Awards, the terms and provisions of Awards and the Award Agreements) need not be uniform and may be made by it selectively among Eligible Employees who receive, or are eligible to receive, Awards under the Plan, whether or not such Eligible Employees are similarly situated.

(g)           Amendment or Termination. The Committee or the board of directors of Compass may amend, modify, suspend or terminate the Plan at any time. The termination or any modification, suspension or amendment of the Plan shall not adversely affect a Participant's rights under an Award previously granted without the consent of such Participant. The Committee or the board of directors of Compass may amend the terms of any Award theretofore granted, prospectively or retroactively, but no such amendment shall impair the rights of any Participant or permitted transferee without his or her consent.

(h)           No Restriction on Right of Company to Effect Corporate Changes. Nothing in the Plan shall affect the right or power of the Company or Compass or their shareholders to make or authorize any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s or Compass’ capital structure or its business, or any merger or consolidation of the Company or Compass, or the dissolution or liquidation of the Company or Compass, or any sale or transfer of all or any part of its assets or business of the Company or Compass, or any other act or proceeding, whether of a similar character or otherwise.

(i)           Award Agreement. The prospective recipient of an Award under the Plan shall execute an Award Agreement evidencing the Award and deliver a fully executed copy thereof to Compass if the Committee determines to impose such a requirement as a condition to the effectiveness of an Award.

(j)           Construction of Plan. The validity, interpretation, and administration of the Plan and of any rules, regulations, determinations, or decisions made thereunder, and the rights of any and all Eligible Employees or Participants having or claiming to have any interest therein or thereunder, shall be determined exclusively in accordance with the laws of the State of Alabama.

(k)           Section 409A of the Internal Revenue Code. The Plan shall be administered, operated, and interpreted such that all Awards granted hereunder are not considered deferred compensation subject to Section 409A of the United States Internal Revenue Code of 1986, as amended (the “Code”) and the Committee shall have the discretion to modify or amend any Award granted hereunder and any Award Agreement (and may do so retroactively); provided that any such modification or amendment is necessary to cause such Award to be exempt from Section 409A of the Code and is not materially prejudicial to the Company, Compass and the affected Participant.

 

  

  

  

 

 

EXHIBIT A

TO

SHARE REMUNERATION PLAN FOR

BBVA GROUP MANAGEMENT AND CERTAIN RISK FUNCTIONS IN THE UNITED STATES

 

_____________

 

Resolutions under Agenda Item Seven adopted at the General Meeting of Shareholders of

Banco Bilbao Vizcaya Argentaria, S.A., held on March 11, 2011

1. Approve, for the effects of article 219 of the Capital Companies Act and other applicable legislation, the system of variable remuneration in shares for the management of the BBVA Group (hereinafter the "System of Variable Remuneration in Shares for the Management" or the "System") under the following terms and conditions:

1.1.         The BBVA System of Variable Remuneration in Shares for the Management is based on a reward (hereinafter the "Management Incentive" or the "Incentive") that will have the following characteristics:

(a)          Description: The Incentive will consist of an annual allocation to the management of the BBVA Group (including the executive directors and members of the senior management) of a number of units to each. These units will act as the basis to determine the number of ordinary shares of BBVA deliverable on the settlement date of the Incentive, where applicable, and will be associated to the degree of compliance with various Group-level indicators that will be determined every year.

For 2011, the indicators established are as follows:

	
–  

	
Performance of the Bank's Total Shareholder Return (TSR) from 1st January to 31st December 2011, compared against the TSR performance of the following peer group of international banks over the same period:  BNP Paribas, Société Genérale, Deutsche Bank, Unicredito Italiano, Intesa San Paolo, Banco Santander, Credit Agricole, Barclays, Lloyds Banking Group, Royal Bank of Scotland, UBS, Credit Suisse, HSBC, Commerzbank, Citigroup, Bank of America, JP Morgan Chase, and Wells Fargo.

	
–  

	
Compliance with the budgeted recurrent Economic Profit in the Group.

	
–  

	
Compliance with the Net Attributable Profit targets in line with the Group's growth plans.

To calculate the exact number of BBVA shares deliverable to each beneficiary, the number of units initially allocated will be divided into three parts, each linked to one indicator according to the weightings established for each. Each of these will be multiplied by coefficients of between 0 and 2 as a function of a scale defined each year.

 

  

  

  

 

For TSR, the applicable coefficient will always be zero when the Bank is ranked below the median of its peer group.

The price of the shares deliverable under the Incentive will be the opening price listed on the market on the day of delivery.

(b)         Beneficiaries: The Incentive is addressed to the members of the BBVA management that are in the management team when this Incentive comes into force, including executive directors and members of the senior management. For 2011, the initial estimate of the number of beneficiaries under the Incentive is 2,014. However, some may leave and others join the Incentive whilst it is in force.

(c)         Duration: The Incentive will be applied annually, and will form part of the yearly variable remuneration of the BBVA management.

(d)         Settlement of the Incentive: The Management Incentive will be settled during the first quarter of the year following the one in which the Incentive was accrued, without detriment to the cases of early settlement under conditions that may be established in the laying down the details for implementation of this resolution.

The shares corresponding to the settlement of the Incentive for 2011 will be delivered during the first quarter of 2012. The beneficiaries may avail these shares in the following manner: (i) 40% of the shares received will be freely transferrable by the beneficiaries as of their delivery;  (ii) 30% of the shares received will become transferrable once a year has passed from the settlement date; and (iii) the remaining 30% will become transferrable once two years have passed from the Incentive settlement date. All this will be done under the terms and conditions established by the Board of Directors. These constraints on the availability of shares will not be applicable to beneficiaries included in section 1.2. below, which describes the specific features determined for these beneficiaries.

Each year the Board of Directors will determine the date on which the Incentive shares will be delivered and also, where applicable, the specific criteria for deferral and availability.

1.2. The following is established for beneficiaries of the Incentive who perform professional activities with a material impact on the Bank's risk profile and control and oversight functions, and for executive directors and members of the BBVA Group senior management:

	
·  

	
If as a consequence of the settlement of the Incentive referred to in section 1.1. above, the shares deliverable to them do not account for at least 50% of their annual variable remuneration, the shortfall will be topped up in shares, so that they receive at least 50% of their annual variable remuneration in shares and the remaining amount in cash.

 

	
·  

	
In order to determine the number of shares deliverable in the event of the aforementioned adjustment, the price applied will be the average closing price of the BBVA shares over the trading sessions between 15th December and 15th January, both inclusive, prior to the date on which the variable annual remuneration is determined.

 

	
·  

	
The shares received on settlement of the variable remuneration in shares will be subject to specific deferral criteria. Thus, 60% will be delivered during the first quarter of the year following the year to which the variable remuneration corresponds; whilst delivery of the remaining 40% will be 

 

  

  

  

 

deferred, with one third paid out each year during the three year period as of the first date of delivery, without detriment of early settlement that may be established when laying down the details for implementing this resolution. This deferred percentage will be increased up to 50% for executive directors and members of senior management.

 

	
·  

	
The shares corresponding to the variable remuneration will be unavailable for one year as of their delivery under the terms and conditions established by the Board of Directors. The Board of Directors will also establish the circumstances that may limit or block, in some cases, the delivery of the shares under deferral.

 

Each year the Board of Directors will also determine the date on which the shares will be delivered and, where applicable, the specific criteria for deferral and the timing with which they will become available.

 

1.3. The maximum number of BBVA shares deliverable, where applicable, to the management as a consequence of the System of Variable Remuneration in Shares for the management is 17.5m ordinary shares, representing 0.39% of the current ordinary share capital of Banco Bilbao Vizcaya Argentaria, S.A. for 2011. Of these, a maximum of 600,000 ordinary shares (representing 0.01% of the share capital) may be for executive directors and 1.7m ordinary shares (representing 0.03% of the share capital) for other members of the senior management.

The Company may earmark the shares comprising its treasury stock to cover the shares indicated in the previous paragraph or may use another suitable financial system that the Company may determine.

2. Authorise the Board of Directors, pursuant to article 249 of the Capital Companies Act, to pass on to the Executive Committee the powers delegated to it by the General Meeting regarding the foregoing resolutions, with express authority for substitution by the Chairman of the Board, the Chief Operating Officer or any other Director or proxy of the Bank; and implement whenever and however it deems suitable, develop, formalise, execute and settle the System of Variable Remuneration in Shares for the management described in point 1 above, including the Incentive for the management, adopting any resolutions and signing any public or private documents that may be necessary or advisable for full effectiveness, with powers to correct, rectify, amend or supplement this resolution and, in particular, but in no way limited to, the following powers:

	
(a)  

	
To implement the System of Variable Remuneration in Shares for management when it deems it advisable and in the specific form it deems appropriate.

 

	
(b)  

	
To develop and establish the specific terms and conditions for the System of Variable Remuneration in Shares for the management with respect to everything not envisaged in this resolution. This includes, but is not limited to, establishing the circumstances under which the System would be settled early and declaring compliance with the conditions that may, where applicable, be linked to such early settlement.

 

	
(c)  

	
To draw up, sign and present any additional communications and documents that may be necessary or advisable before any public or private body in order to implement and execute and settle the System of Variable Remuneration in Shares, including, where necessary, the corresponding protocols.

 

  

  

  

 

	
(d)  

	
 To engage in any action, declaration or arrangement with any public or private, domestic or international body or entity or registry to obtain any permit or verification needed to implement, settle and execute the System of Variable Remuneration in Shares.

 

	
(e)  

	
Negotiate, agree and sign counterparty and liquidity contracts with the financial institutions it freely designates, under the terms and conditions it deems suitable.

 

	
(f)  

	
To draw up and publish any announcements that may be necessary or advisable.

 

	
(g)  

	
To draw up, sign, grant and, where applicable, certify any kind of document relating to the System of Variable Remuneration in Shares.

 

	
(h)  

	
To adapt the contents of the System to the circumstances or corporate operations that may occur during its term, relating both to BBVA and the peer banks in its benchmark group, such that the System continues to perform under the same terms and conditions.

 

	
(i)  

	
And, in general, engage in any acts and sign any documents that may be necessary or advisable for the validity, efficacy, implementation, development, execution, settlement and success of the System of Variable Remuneration in Shares and the previously adopted resolutions.exv4w1

Exhibit 4.1

EXECUTION COPY

 

ARISTOTLE HOLDING, INC.,

AS ISSUER,

THE GUARANTORS PARTY HERETO,

AND

WELLS FARGO BANK, NATIONAL ASSOCIATION,

AS TRUSTEE,

INDENTURE

DATED AS OF NOVEMBER 21, 2011

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	ARTICLE I
	 	 	 	 
	 
	 	 	 	 
	Definitions and Other Provisions of General Application
	 	 	1	 
	 
	 	 	 	 
	SECTION 1.1. Definitions
	 	 	1	 
	SECTION 1.2. Compliance Certificates and Opinions
	 	 	15	 
	SECTION 1.3. Form of Documents Delivered to Trustee
	 	 	16	 
	SECTION 1.4. Acts of Holders; Record Dates
	 	 	16	 
	SECTION 1.5. Notices, Etc., to Trustee and Company
	 	 	18	 
	SECTION 1.6. Notice to Holders; Waiver
	 	 	19	 
	SECTION 1.7. Conflict with Trust Indenture Act
	 	 	19	 
	SECTION 1.8. Effect of Headings and Table of Contents
	 	 	19	 
	SECTION 1.9. Successors and Assigns
	 	 	20	 
	SECTION 1.10. Separability Clause
	 	 	20	 
	SECTION 1.11. Benefits of Indenture
	 	 	20	 
	SECTION 1.12. Governing Law; Waiver of Jury Trial
	 	 	20	 
	SECTION 1.13. Legal Holidays
	 	 	20	 
	SECTION 1.14. Indenture and Securities Solely Corporate Obligations
	 	 	20	 
	SECTION 1.15. Indenture May be Executed in Counterparts
	 	 	21	 
	SECTION 1.16. Acceptance of Trust
	 	 	21	 
	SECTION 1.17. Force Majeure
	 	 	21	 
	SECTION 1.18. U.S.A. Patriot Act
	 	 	21	 
	 
	 	 	 	 
	ARTICLE II
	 	 	 	 
	 
	 	 	 	 
	Security Forms
	 	 	21	 
	 
	 	 	 	 
	SECTION 2.1. Form and Dating
	 	 	21	 
	 
	 	 	 	 
	ARTICLE III
	 	 	 	 
	 
	 	 	 	 
	The Securities
	 	 	22	 
	 
	 	 	 	 
	SECTION 3.1. Amount Unlimited; Issuable in Series
	 	 	22	 
	SECTION 3.2. Denominations
	 	 	25	 
	SECTION 3.3. Execution, Authentication, Delivery and Dating
	 	 	25	 
	SECTION 3.4. Temporary Securities
	 	 	26	 
	SECTION 3.5. Registration; Registration of Transfer and Exchange
	 	 	27	 
	SECTION 3.6. Mutilated, Destroyed, Lost and Stolen Securities
	 	 	28	 
	SECTION 3.7. Payment of Interest; Interest Rights Preserved
	 	 	29	 
	SECTION 3.8. Persons Deemed Owners
	 	 	30	 
	SECTION 3.9. Cancellation
	 	 	31	 
	SECTION 3.10. Computation of Interest
	 	 	32	 
	SECTION 3.11. CUSIP Numbers, ISINs and Common Code Numbers
	 	 	32	 

i

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE IV
	 	 	 	 
	 
	 	 	 	 
	Satisfaction and Discharge
	 	 	32	 
	 
	 	 	 	 
	SECTION 4.1. Satisfaction and Discharge of Indenture
	 	 	32	 
	SECTION 4.2. Application of Trust Money
	 	 	33	 
	SECTION 4.3. Repayment to the Company
	 	 	34	 
	ARTICLE V
	 	 	 	 
	Remedies
	 	 	34	 
	 
	 	 	 	 
	SECTION 5.1. Events of Default
	 	 	34	 
	SECTION 5.2. Acceleration of Maturity; Rescission and Annulment
	 	 	35	 
	SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee
	 	 	36	 
	SECTION 5.4. Trustee May File Proofs of Claim
	 	 	37	 
	SECTION 5.5. Trustee May Enforce Claims Without Possession of Securities
	 	 	37	 
	SECTION 5.6. Application of Money Collected
	 	 	38	 
	SECTION 5.7. Limitation on Suits
	 	 	38	 
	SECTION 5.8. Unconditional Right of Holders to Receive Principal, Premium and
Interest
	 	 	39	 
	SECTION 5.9. Restoration of Rights and Remedies
	 	 	39	 
	SECTION 5.10. Rights and Remedies Cumulative
	 	 	39	 
	SECTION 5.11. Delay or Omission Not Waiver
	 	 	40	 
	SECTION 5.12. Control by Holders
	 	 	40	 
	SECTION 5.13. Waiver of Past Defaults
	 	 	40	 
	SECTION 5.14. Undertaking for Costs
	 	 	41	 
	SECTION 5.15. Waiver of Stay or Extension Laws
	 	 	41	 
	 
	 	 	 	 
	ARTICLE VI
	 	 	 	 
	 
	 	 	 	 
	The Trustee
	 	 	41	 
	 
	 	 	 	 
	SECTION 6.1. Certain Duties and Responsibilities
	 	 	41	 
	SECTION 6.2. Notice of Defaults
	 	 	42	 
	SECTION 6.3. Certain Rights of Trustee
	 	 	42	 
	SECTION 6.4. Not Responsible for Recitals or Issuance of Securities
	 	 	44	 
	SECTION 6.5. May Hold Securities and Act as Trustee Under Other Indentures
	 	 	44	 
	SECTION 6.6. Money Held in Trust
	 	 	44	 
	SECTION 6.7. Compensation and Reimbursement
	 	 	44	 
	SECTION 6.8. Conflicting Interests
	 	 	45	 
	SECTION 6.9. Corporate Trustee Required; Eligibility
	 	 	46	 
	SECTION 6.10. Resignation and Removal; Appointment of Successor
	 	 	46	 
	SECTION 6.11. Acceptance of Appointment by Successor
	 	 	48	 
	SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business
	 	 	49	 
	SECTION 6.13. Preferential Collection of Claims Against the Company
	 	 	49	 
	SECTION 6.14. Appointment of Authenticating Agent
	 	 	49	 

ii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE VII
	 	 	 	 
	 
	 	 	 	 
	Holders’ Lists and Reports by Trustee and Company
	 	 	51	 
	 
	 	 	 	 
	SECTION 7.1. Company to Furnish Trustee Names and Addresses of Holders
	 	 	51	 
	SECTION 7.2. Preservation of Information; Communications to Holders
	 	 	51	 
	SECTION 7.3. Reports by Trustee
	 	 	52	 
	SECTION 7.4. Reports by Express Scripts or the Company
	 	 	52	 
	 
	 	 	 	 
	ARTICLE VIII
	 	 	 	 
	 
	 	 	 	 
	Consolidation, Merger, Conveyance, Transfer or Lease
	 	 	53	 
	 
	 	 	 	 
	SECTION 8.1. Company and Express Scripts May Consolidate,
Etc., Only on Certain Terms
	 	 	53	 
	SECTION 8.2. Successor Substituted
	 	 	54	 
	 
	 	 	 	 
	ARTICLE IX
	 	 	 	 
	 
	 	 	 	 
	Supplemental Indentures
	 	 	54	 
	 
	 	 	 	 
	SECTION 9.1. Supplemental Indentures Without Consent of Holders
	 	 	54	 
	SECTION 9.2. Supplemental Indentures With Consent of Holders
	 	 	56	 
	SECTION 9.3. Execution of Supplemental Indentures
	 	 	57	 
	SECTION 9.4. Effect of Supplemental Indentures
	 	 	57	 
	SECTION 9.5. Conformity with Trust Indenture Act
	 	 	58	 
	SECTION 9.6. Reference in Securities to Supplemental Indentures
	 	 	58	 
	 
	 	 	 	 
	ARTICLE X
	 	 	 	 
	 
	 	 	 	 
	Covenants
	 	 	58	 
	 
	 	 	 	 
	SECTION 10.1. Payment of Principal, Premium and Interest
	 	 	58	 
	SECTION 10.2. Maintenance of Office or Agency
	 	 	58	 
	SECTION 10.3. Money for Securities Payments to Be Held in Trust
	 	 	59	 
	SECTION 10.4. Statement by Officers as to Default
	 	 	60	 
	SECTION 10.5. Existence
	 	 	60	 
	SECTION 10.6. Payment of Taxes and Other Claims
	 	 	60	 
	SECTION 10.7. Calculation of Original Issue Discount
	 	 	61	 
	SECTION 10.8. Limitations on Liens
	 	 	61	 
	SECTION 10.9. Limitations on Sale and Lease-Back Transactions
	 	 	64	 
	SECTION 10.10. Right to Require Repurchase Upon a Change of Control
Triggering Event
	 	 	64	 
	SECTION 10.11. Additional Guarantors
	 	 	66	 

iii

 

	 	 	 	 	 
	 	 	Page	 
	ARTICLE XI
	 	 	 	 
	 
	 	 	 	 
	Redemption of Securities
	 	 	66	 
	 
	 	 	 	 
	SECTION 11.1. Applicability of Article
	 	 	66	 
	SECTION 11.2. Election to Redeem; Notice to Trustee
	 	 	67	 
	SECTION 11.3. Selection by Trustee of Securities to Be Redeemed
	 	 	67	 
	SECTION 11.4. Notice of Redemption
	 	 	67	 
	SECTION 11.5. Deposit of Redemption Price
	 	 	68	 
	SECTION 11.6. Securities Payable on Redemption Date
	 	 	69	 
	SECTION 11.7. Securities Redeemed in Part
	 	 	69	 
	 
	 	 	 	 
	ARTICLE XII
	 	 	 	 
	 
	 	 	 	 
	Defeasance and Covenant Defeasance
	 	 	69	 
	 
	 	 	 	 
	SECTION 12.1. [Reserved]
	 	 	69	 
	SECTION 12.2. Legal Defeasance
	 	 	69	 
	SECTION 12.3. Covenant Defeasance
	 	 	70	 
	SECTION 12.4. Conditions to Defeasance or Covenant Defeasance
	 	 	70	 
	SECTION 12.5. Deposited Money and U.S. Government Obligations to be
Held in Trust; Miscellaneous Provisions
	 	 	72	 
	SECTION 12.6. Reinstatement
	 	 	72	 
	 
	 	 	 	 
	ARTICLE XIII
	 	 	 	 
	 
	 	 	 	 
	Guarantee
	 	 	73	 
	 
	 	 	 	 
	SECTION 13.1. Unconditional Guarantee
	 	 	73	 
	SECTION 13.2. Waiver
	 	 	74	 
	SECTION 13.3. Guarantee of Payment
	 	 	74	 
	SECTION 13.4. No Discharge or Diminishment of Guarantee
	 	 	74	 
	SECTION 13.5. Defenses of Company Waived
	 	 	75	 
	SECTION 13.6. Continued Effectiveness
	 	 	75	 
	SECTION 13.7. Subrogation
	 	 	75	 
	SECTION 13.8. Information
	 	 	75	 
	SECTION 13.9. Subordination
	 	 	76	 
	SECTION 13.10. Release of Guarantor
	 	 	76	 
	SECTION 13.11. Limitation of Guarantor’s Liability
	 	 	77	 
	SECTION 13.12. Contribution from Other Guarantors
	 	 	78	 
	SECTION 13.13. No Obligation to Take Action Against the Company
	 	 	78	 
	SECTION 13.14. Execution and Delivery of the Guarantee
	 	 	78	 
	SECTION 13.15. Successor Guarantor
	 	 	78	 

iv

 

Aristotle Holding, Inc.

Certain Sections of this Indenture relating to Sections 310

through 318, inclusive, of the Trust Indenture Act of 1939:

	 	 	 
	Trust Indenture Act Section	 	Indenture Section
	§310 (a)(1)

	 	 6.9
	(a)(2)

	 	 6.9
	(a)(3)

	 	Not Applicable
	(a)(4)

	 	Not Applicable
	(a)(5)

	 	 6.9
	(b)

	 	 6.8, 6.10
	§311 (a)

	 	 6.13
	(b)

	 	 6.13
	§312 (a)

	 	 7.1, 7.2
	(b)

	 	 7.2
	(c)

	 	 7.2
	§313 (a)

	 	 7.3
	(b)

	 	 7.3
	(c)

	 	 7.3
	(d)

	 	 7.3
	§314 (a)

	 	 7.4
	(a)(4)

	 	 1.1, 10.4
	(b)

	 	Not Applicable
	(c)(1)

	 	 1.2
	(c)(2)

	 	 1.2
	(c)(3)

	 	Not Applicable
	(d)

	 	Not Applicable
	(e)

	 	 1.2
	(f)

	 	 10.4
	§315 (a)

	 	 6.1
	(b)

	 	 6.2
	(c)

	 	 6.1
	(d)

	 	 6.1
	(e)

	 	 5.14
	§316 (a)

	 	 1.1
	(a)(1)(A)

	 	 5.2, 5.12
	(a)(1)(B)

	 	 5.13
	(a)(2)

	 	Not Applicable
	(b)

	 	 5.8
	(c)

	 	 1.4
	§317 (a)(1)

	 	 5.3
	(a)(2)

	 	 5.4
	(b)

	 	 10.3
	§318 (a)

	 	 1.7

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

v

 

          INDENTURE, dated as of November 21, 2011, among Aristotle Holding, Inc., a corporation
organized and existing under the laws of the State of Delaware (herein called the
“Company”), having its principal executive office at One Express Way, St. Louis, Missouri
63121, the Guarantors (as defined herein) party hereto, and Wells Fargo Bank, National Association,
a national banking association, as Trustee (herein called the “Trustee”).

          Each party agrees as follows for the benefit of the other parties and for the equal and
ratable benefits of the Holders of any Securities authenticated and delivered under this Indenture:

ARTICLE I

Definitions and Other Provisions of General Application

          SECTION 1.1. Definitions.

          For all purposes of this Indenture and the Securities authenticated and delivered under this
Indenture, except as otherwise expressly provided or unless the context otherwise requires:

               (1) the terms defined in this Article have the meanings assigned to them in this Article
and include the plural as well as the singular;

               (2) all other terms used herein which are defined in the Trust Indenture Act, either
directly or by reference therein, have the meanings assigned to them therein;

               (3) all accounting terms not otherwise defined herein have the meanings assigned to them in
accordance with generally accepted accounting principles in the United States, and, except as
otherwise herein expressly provided, the term “generally accepted accounting principles” with
respect to any computation required or permitted hereunder shall mean such accounting principles
as are generally accepted in the United States at the date of this instrument;

               (4) unless the context otherwise requires, any reference to an “Article” or a “Section”
refers to an Article or a Section, as the case may be, of this Indenture;

               (5) the words “herein,” “hereof,” “hereunder” and other words of similar import refer to
this Indenture or the Securities, as applicable, as a whole and not to any particular Article,
Section or other subdivision; and

               (6) the term “including” means including without limitation.

          “Act,” when used with respect to any Holder, has the meaning specified in Section 1.4.

1

 

          “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 specified Person means
the power to direct the management and policies of such Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling”
and “controlled” have meanings correlative to the foregoing.

          “Applied Amounts” means an amount (which may be conclusively determined by the
Company’s Board of Directors) equal to the greater of (i) capitalized rent with respect to the
applicable machinery and/or equipment and (ii) the fair value of the applicable machinery and/or
equipment, that is applied within 180 days of the applicable transaction or transactions to
repayment of the Securities or to the repayment of any Indebtedness which, in accordance with GAAP,
is classified as long-term debt and that is on parity with the Securities.

          “Authenticating Agent” means any Person authorized by the Trustee pursuant to Section
6.14 to act on behalf of the Trustee to authenticate Securities.

          “Below Investment Grade Rating Event” means the Securities of the applicable series
are not rated, or are rated below an Investment Grade Rating by each of the Rating Agencies on any
date during the period commencing 60 days prior to the public notice of an arrangement that could
result in a Change of Control until the end of the 60-day period following public notice of the
occurrence of the Change of Control (which 60-day period shall be extended so long as the rating of
the Securities of the applicable series is under publicly announced consideration for possible
downgrade by either of the Rating Agencies); provided that a Below Investment Grade Rating Event
otherwise arising by virtue of a particular reduction in, or termination of, any rating shall not
be deemed to have occurred in respect of a particular Change of Control (and thus shall not be
deemed a Below Investment Grade Rating Event for purposes of a Change of Control Triggering Event)
if the Rating Agency or Rating Agencies ceasing to rate the Securities of the applicable series or
making the reduction in rating to which this definition would otherwise apply do not announce or
publicly confirm or inform the Trustee in writing at its request that the termination or reduction
was the result, in whole or in part, of any event or circumstance comprised of or arising as a
result of, or in respect of, the applicable Change of Control (whether or not the applicable Change
of Control shall have occurred at the time of the Below Investment Grade Rating Event).

          “Beneficial Owner” shall mean any Person who is considered a beneficial owner of a
security for purposes of Rule 13d-3 promulgated under the Exchange Act.

          “Board of Directors” means, with respect to any Person, either the board of directors
of such Person or any duly authorized committee empowered by that board to act with respect to this
Indenture.

2

 

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

          “Business Day” means, with respect to any Place of Payment, each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions in that Place of
Payment are authorized or obligated by law or executive order to close, except as may otherwise be
provided in the form of Securities of any particular series pursuant to the provisions of this
Indenture.

          “Capital Stock” of any Person means any and all shares, interests, participations or
other equivalents (however designated) of capital stock of such Person and all warrants or options
to acquire such capital stock.

          “Change of Control” means the occurrence of any of the following: (i) prior to the
consummation of the Mergers, (a) the direct or indirect sale, transfer, conveyance or other
disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties and assets of Express Scripts and its
Subsidiaries taken as a whole to any Person or Group other than Express Scripts or one of its
Subsidiaries; (b) the approval by the holders of the Common Stock of Express Scripts or the Company
of any plan or proposal for the liquidation or dissolution of Express Scripts or the Company
(whether or not otherwise in compliance with the provisions of this Indenture); (c) the
consummation of any transaction (including any merger or consolidation) the result of which is that
any Person or Group (other than the Company) becomes the Beneficial Owner directly or indirectly,
of more than 50% of the then outstanding number of shares of the Voting Stock of Express Scripts or
the Company; (d) Express Scripts or the Company consolidates with or merges with or into any
Person, or any Person consolidates with, or merges with or into, Express Scripts or the Company,
pursuant to a transaction in which any of the outstanding Voting Stock of Express Scripts, the
Company or such other Person is converted into or exchanged for cash, securities or other property
(except (x) when Voting Stock of Express Scripts or the Company is converted into, or exchanged
for, at least a majority of the Voting Stock of the surviving Person immediately after giving
effect to the transaction or (y) pursuant to the Mergers); or (e) the first day on which a majority
of the members of the Board of Directors of Express Scripts are not Continuing Directors and (ii)
following the consummation of the Mergers, (a) the direct or indirect sale, transfer, conveyance or
other disposition (other than by way of merger or consolidation), in one or a series of related
transactions, of all or substantially all of the properties and assets of the Company and its
Subsidiaries taken as a whole to any Person or Group other than the Company or one of its
Subsidiaries; (b) the approval by the holders of the Common Stock of the Company of any plan or
proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance
with the provisions of the Indenture); (c) the consummation of any transaction (including any
merger or consolidation) the result of which is that any Person or Group (other than one of the
Company’s Subsidiaries) becomes the Beneficial Owner, directly or indirectly, of more than 50% of
the then outstanding number of shares

3

 

of the Voting Stock of the Company; (d) the Company
consolidates with or merges with or into any person, or any person consolidates with, or merges
with or into, the Company,
pursuant to a transaction in which any of the outstanding Voting Stock of the Company or such
other Person is converted into or exchanged for cash, securities or other property (except when
Voting Stock of the Company is converted into, or exchanged for, at least a majority of the Voting
Stock of the surviving Person immediately after giving effect to the transaction); or (e) the first
day on which a majority of the members of the Board of Directors of the Company are not Continuing
Directors).

          “Change of Control Offer” has the meaning specified in Section 10.10(1).

          “Change of Control Payment” has the meaning specified in Section 10.10(1).

          “Change of Control Payment Date” has the meaning specified in Section 10.10(2)(iii).

          “Change of Control Triggering Event” means the occurrence of both a Change of Control
and a Below Investment Grade Rating Event.

          “Code” means the United States Internal Revenue Code of 1986, as amended, and
regulations of the Unites States Department of Treasury thereunder.

          “Commission” means the Securities and Exchange Commission, as from time to time
constituted, created under the Exchange Act, or, if at any time after the execution of this
Indenture such Commission is not existing and performing the duties now assigned to it under the
Trust Indenture Act, then the body performing such duties at such time.

          “Common Stock” with respect to any Person, shall mean shares of such Person’s Common
Stock or any other shares of Capital Stock of such Person into which the Common Stock shall be
reclassified or changed.

          “Company” means the corporation named as the “Company” in the preamble to this
Indenture until a successor Person shall have become such pursuant to the applicable provisions of
this Indenture, and thereafter “Company” shall mean such successor corporation.

          “Company Request” or “Company Order” means a written request or order signed
in the name of the Company by (a) the Chairman of its Board of Directors, its Chief Executive
Officer, its President or a Vice President, its Chief Financial Officer, its Treasurer or an
Assistant Treasurer, and (b) its Secretary or an Assistant Secretary, and delivered to the Trustee.

          ““Consolidated Net Worth” means, with respect to any entity, at any date, the sum of
all amounts which would be included under stockholders’ equity on a consolidated balance sheet of
such entity and its Subsidiaries determined in accordance

4

 

with GAAP on such date or, in the event
such date is not a fiscal quarter end, as of the immediately preceding fiscal quarter end;
provided, however, that, in calculating
Consolidated Net Worth with respect to the Company following the consummation of the Mergers
and prior to the date that financial statements for the Company are available, such Consolidated
Net Worth shall be calculated as of the immediately preceding fiscal quarter end of Express Scripts
after giving pro forma effect to the Mergers, the repayment of the indebtedness to be repaid in
connection with the Mergers and the financing obtained in connection with the foregoing.

          “Continuing Directors” means, as of any date of determination, any member of the
relevant Board of Directors who (i) was a member of such Board of Directors on the date of the
issuance of the Securities (in the case of the Board of Directors of Express Scripts) or on the
date of the consummation of the Mergers (in the case of the Board of Directors of the Company); or
(ii) was nominated for election or elected to such Board of Directors with the approval of at least
a majority of the Continuing Directors who were members of such Board of Directors at the time of
such nomination or election (either by a specific vote or by approval of a proxy statement in which
such member was named as a nominee for election as a director, without objection to such
nomination).

          “Corporate Trust Office” means the principal corporate trust office of the Trustee,
which office, at the date of execution of this Indenture, is located at 625 Marquette Avenue, 11th
Floor MAC N9311-115, Minneapolis, Minnesota 55479, Attention: Corporate Trust Services, at which at
any particular time its corporate trust business shall be administered.

          “corporation” means a corporation, association, company, limited liability company,
joint-stock company or business trust.

          “Covenant Defeasance” has the meaning specified in Section 12.3.

          “Default” means any event which is, or after notice or passage of time or both, would
be, an Event of Default.

          “Defaulted Interest” has the meaning specified in Section 3.7.

          “Depositary” means, with respect to Securities of any series issuable in whole or in
part in the form of one or more Global Securities, a clearing agency registered under the Exchange
Act that is designated to act as Depositary for such Securities as contemplated by Section 3.1,
until a successor Depositary shall have become such pursuant to the applicable provisions of this
Indenture, and thereafter “Depositary” shall mean or include each person who is then a Depositary
hereunder, and if at any time there is more than one such Person, “Depositary” as used with respect
to the Securities of any such series shall mean the Depositary with respect to the Securities of
that series.

5

 

          “Dollar” or “$” means a dollar or other equivalent unit in such coin or
currency of the United States of America as at the time shall be legal tender for the payment of
public and private debts.

          “Environmental Laws” means any and all current or future legally binding statutes,
ordinances, orders, rules, regulations, judgments, permits, licenses, authorizations, plans,
directives, consent orders or consent decrees of or from any federal, state or local governmental
authority, agency or court, or any other binding requirements of governmental authorities relating
to (i) the protection of the environment, (ii) any activity, event or occurrence involving
hazardous materials, or (iii) occupational safety and health, industrial hygiene, land use or, as
relating to the environment, the protection of human, plant or animal health or welfare, in any
manner applicable to (x) prior to the consummation of the Mergers, Express Scripts or any of its
Subsidiaries or any of their respective properties or facilities or (y) following the consummation
of the Mergers, the Company or any of its Subsidiaries or any of their respective properties or
facilities.

          “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from
time to time.

          “Event of Default,” unless otherwise specified in the supplemental indenture or
Officers’ Certificate delivered pursuant to Section 3.1 establishing a series of Securities, has
the meaning specified in Section 5.1.

          “Exchange Act” means the United States Securities Exchange Act of 1934 and the rules
and regulations promulgated by the Commission thereunder and any statute successor thereto, in each
case as amended from time to time.

          “Expiration Date” has the meaning specified in Section 1.4.

          “Express Scripts Existing Revolving Credit Facility” means that certain Credit
Agreement dated as of August 13, 2010, among Express Scripts and the lenders and agents from time
to time party thereto, as amended, restated, supplemented, replaced, refinanced or otherwise
modified from time to time.

          “Express Scripts” means Express Scripts, Inc. and not any of its subsidiaries.

          “Facilities” means (i) that certain Credit Agreement dated as of August 5, 2011, among
Express Scripts, the Company and the lenders and agents from time to time party thereto and (ii)
that certain Credit Agreement dated as of August 29, 2011, among Express Scripts, the Company and
the lenders and agents from time to time party thereto, in each case as amended, restated,
supplemented, replaced, refinanced or otherwise modified from time to time.

          “GAAP” means generally accepted accounting principles set forth in the opinions and
pronouncements of the Accounting Principles Board of the American Institute of Certified Public
Accountants and statements and pronouncements of the

6

 

          Financial Accounting Standards Board or in
such other statements by such other entity as may be approved by a significant segment of the
accounting profession of the United States (“U.S. GAAP”) as in effect on the date of the
Indenture; provided that for purposes of the provisions of Article X and Section 13.10 (and, in
each case, any definitions
related thereto) as they relate to any series of Securities issued after the date hereof
(other than any additional Securities of the same series and on the same terms and conditions of
Securities already issued), GAAP means U.S. GAAP as in effect on the date of the supplemental
indenture or Officers’ Certificate executed pursuant to Section 3.1 in respect of such Securities.

          “Global Security” means a Security that evidences all or part of the Securities of any
series, which is executed by the Company and authenticated and delivered by the Trustee to the
applicable Depositary for such series in accordance with Section 3.3, and bears the legend set
forth in Exhibit 1 (or such legend as may be specified as contemplated by Section 3.1 for such
Securities).

          “Group” means any group of related Persons for purposes of Section 13(d) of the
Exchange Act.

          “Guarantee” has the meaning stated in Section 13.1(1). The term “Guarantee” used as a
verb has a corresponding meaning.

          “Guarantor” means (i) as of the date hereof, Express Scripts and the Subsidiaries of
Express Scripts named on the signature pages hereto (it being understood and agreed that Express
Scripts and such Subsidiaries will be Subsidiaries of the Company following the consummation of the
Mergers) and (ii) in the future, the parties that become Guarantors pursuant to Section 10.11, but
in each case excluding Persons who cease to be obligated under the Guarantee in accordance with
this Indenture.

          “Hazardous Materials” means (i) any chemical, material or substance defined as or
included in any environmental law in the definition of “hazardous substances,” “hazardous wastes,”
“hazardous materials,” “extremely hazardous waste,” “acutely hazardous waste,” “radioactive waste,”
“biohazardous waste,” “pollutant,” “toxic pollutant,” “contaminant,” “restricted hazardous waste,”
“infectious waste,” “toxic substances,” or any other term or expression intended to define, list or
classify substances by reason of properties harmful to health, safety or the indoor or outdoor
environment (including harmful properties such as ignitability, corrosivity, reactivity,
carcinogenicity, toxicity, reproductive toxicity, “TCLP toxicity” or “EP toxicity” or words of
similar import under any applicable Environmental Laws); (ii) any oil, petroleum, petroleum
fraction or petroleum derived substance; (iii) any drilling fluids, produced waters and other
wastes associated with the exploration, development or production of crude oil, natural gas or
geothermal resources; (iv) any flammable substances or explosives; (v) any radioactive materials;
(vi) any friable asbestos-containing materials; (vii) urea formaldehyde foam insulation; (viii)
electrical equipment which contains any oil or dielectric fluid containing polychlorinated
biphenyls; (ix) pesticide; and (x) any other

7

 

chemical, material or substance, exposure to which is
prohibited, limited or regulated by any governmental authority pursuant to Environmental Laws.

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

          “Indebtedness” means, with respect to any Person, at a particular time, all items of
such Person which constitute, without duplication, (a) indebtedness for borrowed money (including
capital leases) or the deferred purchase price of Property (other than accounts payable, deferred
compensation, customer advances, earn-outs, agreements providing for the holdback of up to 10% of
the purchase price relating to an acquisition and accrued expenses incurred in the ordinary course
of business), (b) indebtedness evidenced by notes, bonds, debentures or similar instruments, (c)
obligations with respect to any conditional sale or other title retention agreement (excluding
operating leases), (d) indebtedness arising under acceptance facilities and the amount available to
be drawn under all letters of credit issued for the account of such Person and, without
duplication, all drafts drawn thereunder to the extent such Person shall not have reimbursed the
issuer in respect of the issuer’s payment of such drafts, (e) all liabilities secured by any Lien
(other than carriers’, warehousemen’s, mechanics’, repairmen’s or other like non-consensual Liens
arising in the ordinary course of business) on any Property owned by such Person even though such
Person shall not have assumed or otherwise become liable for the payment thereof; provided that in
the event such Person shall not have assumed or otherwise become liable for the payment thereof,
the amount of such liabilities shall be deemed to be the lesser of (i) the fair market value of the
assets of such Person subject to such Lien and (ii) the amount of the liability secured by such
Lien, (f) that portion of any obligation of such Person, as lessee, which in accordance with GAAP
as in effect at such time is required to be capitalized on the balance sheet of such Person, (g)
Securitized Indebtedness, and (h) all guarantees by such Person of any of the foregoing; provided,
however, that, notwithstanding anything to the contrary contained herein, for purposes of this
definition, “Indebtedness” shall not include any intercompany indebtedness between or among (x)
prior to the consummation of the Mergers, Express Scripts and any of its Subsidiaries or (y)
following the consummation of the Mergers, the Company and any of its Subsidiaries.

          “Indenture” means this instrument as originally executed or as it may from time to
time be supplemented or amended by one or more indentures supplemental hereto or Officers’
Certificates entered into pursuant to the applicable provisions hereof, including, for all purposes
of this instrument and any such supplemental indenture, the provisions of the Trust Indenture Act
that are deemed to be a part of and govern this instrument and any such supplemental indenture,
respectively. The term “Indenture” shall also include the terms of a particular series of
Securities established as contemplated by Section 3.1; provided, however, that if at any time more
than one Person is acting as Trustee under this Indenture due to the appointment of one or more
separate Trustees for any one or more separate series of Securities, “Indenture” shall mean, with
respect to such series of Securities for which any such Person is Trustee, this instrument as
originally executed or as it may from time to time be supplemented or amended by one or

8

 

more
indentures supplemental hereto or Officers’ Certificates entered into pursuant to the applicable
provisions hereof and shall include the terms of the particular series of Securities for which such
Person is Trustee established as contemplated by Section 3.1, exclusive, however, of any provisions
or terms which relate solely to other series of Securities for which such Person is not Trustee,
regardless of when such terms or provisions were adopted, and exclusive of any provisions or terms
adopted by means of
one or more indentures supplemental hereto or Officers’ Certificates executed and delivered
after such person had become such Trustee, but to which such person, as such Trustee, was not a
party; provided, further that in the event that this Indenture is supplemented or amended by one or
more indentures supplemental hereto or Officers’ Certificates which are only applicable to certain
series of Securities, the term “Indenture” for a particular series of Securities shall only include
the supplemental indentures or Officers’ Certificates applicable thereto.

          “Interest Payment Date,” when used with respect to any Security, means the Stated
Maturity of an installment of interest on such Security.

          “Investment Company Act” means the Investment Company Act of 1940 and any statute
successor thereto, in each case as amended from time to time.

          “Investment Grade Rating” means a rating of Baa3 (or better) by Moody’s (or its
equivalent under any successor rating category of Moody’s) and a rating of BBB- (or better) by S&P
(or its equivalent under any successor rating category of S&P), respectively, and the equivalent
investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by
the Company under the circumstances permitting the Company to select a replacement agency and in
the manner for selecting a replacement agency, in each case as set forth in the definition of
“Rating Agency.”

          “Legal Defeasance” has the meaning specified in Section 12.2.

          “Liens” means any lien, mortgage, pledge, assignment, security interest, charge or
encumbrance of any kind (including any conditional sale or other title retention agreement, any
lease in the nature thereof, and any agreement to give any security interest) and any option, trust
or other preferential arrangement having the practical effect of any of the foregoing.

          “Margin Stock” means any “margin stock”, as said term is defined in Regulation U of
the Board of Governors of the Federal Reserve System of the United States of America (or any
successor), as the same may be amended or supplemented from time to time.

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

9

 

          “Medco” means Medco Health Solutions, Inc. and not any of its subsidiaries.

          “Medco Term Loan and Revolving Credit Facility” means that certain Credit Agreement
dated as of April 30, 2007, among Medco and the lenders and agents from time to time party thereto,
as amended, restated, supplemented, replaced, refinanced or otherwise modified from time to time.

          “Merger Agreement” means the Agreement and Plan of Merger, dated as of July 20, 2011,
among Express Scripts, Medco, the Company, Aristotle Merger Sub, Inc. and Plato Merger Sub, Inc.,
as amended by Amendment No. 1 thereto, dated as of November 7, 2011, and as it may be further
amended from time to time.

          “Mergers” means the merger of Aristotle Merger Sub, Inc., a Delaware corporation and
Wholly Owned Subsidiary of the Company, with and into Express Scripts, and the merger of Plato
Merger Sub, Inc., a Delaware corporation and Wholly Owned Subsidiary of the Company, with and into
Medco.

          “Moody’s” means Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation,
and its successors.

          “Notice of Default” means a written notice of the kind specified in Section 5.1(4).

          “Obligations” has the meaning specified in Section 13.1.

          “Officer” means the Chairman of the Board of Directors, the Chief Executive Officer,
the President, any Vice President, the Chief Financial Officer, the Treasurer, any Assistant
Treasurer, any Secretary or any Assistant Secretary, in each case of the Company.

          “Officers’ Certificate” means a certificate signed by two Officers, and delivered to
the Trustee. One of the Officers signing an Officers’ Certificate given pursuant to Section 10.4
shall be the principal executive, financial or accounting officer of the Company.

          “Opinion of Counsel” means a written opinion of counsel, who may be counsel for, or an
employee of, the Company, and who shall be reasonably acceptable to the Trustee.

          “Original Issue Discount Security” means any Security which provides for an amount
less than the principal amount thereof to be due and payable upon a declaration of acceleration of
the Maturity thereof pursuant to Section 5.2.

          “Outstanding,” when used with respect to Securities or Securities of any series,
means, as of the date of determination, all such Securities theretofore authenticated and delivered
under this Indenture, except:

10

 

               (1) Securities theretofore canceled by the Trustee or delivered to the Trustee for
cancellation;

               (2) Securities for whose payment or redemption money in the necessary amount has been
theretofore deposited with the Trustee or any Paying Agent (other than the Company) in trust or
set aside and segregated in trust by the Company (if the Company shall act as its own Paying
Agent) for the Holders of such Securities;
provided that, if such Securities are to be redeemed, notice of such redemption has been
duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been
made;

               (3) Securities as to which Legal Defeasance has been effected pursuant to Section 12.2; and

               (4) Securities which have been paid pursuant to Section 3.6 or in exchange for or in lieu
of which other Securities have been authenticated and delivered pursuant to this Indenture,
other than any such Securities in respect of which there shall have been presented to the
Trustee proof satisfactory to it that such Securities are held by a bona fide purchaser in whose
hands such Securities are valid obligations of the Company;

provided, however, that in determining whether the Holders of the requisite principal amount of the
Outstanding Securities have given, made or taken any request, demand, authorization, direction,
notice, consent, waiver or other action hereunder as of any date, (A) the principal amount of an
Original Issue Discount Security which shall be deemed to be Outstanding shall be the amount of the
principal thereof which would be due and payable as of such date upon acceleration of the Maturity
thereof to such date pursuant to Section 5.2, (B) if, as of such date, the principal amount payable
at the Stated Maturity of a Security is not determinable, the principal amount of such Security
which shall be deemed to be Outstanding shall be the amount as specified or determined as
contemplated by Section 3.1, (C) the principal amount of a Security denominated in one or more
foreign currencies or currency units which shall be deemed to be Outstanding shall be the U.S.
dollar equivalent, determined as of such date in the manner provided as contemplated by Section
3.1, of the principal amount of such Security (or, in the case of a Security described in clause
(A) or (B) above, of the amount determined as provided in such clause), and (D) Securities owned by
the Company or any other obligor upon the Securities or any Affiliate of the Company or of such
other obligor, shall be disregarded and deemed not to be Outstanding, except that, in determining
whether the Trustee shall be protected in relying upon any such request, demand, authorization,
direction, notice, consent, waiver or other action, only Securities which a responsible officer of
the Trustee actually knows to be so owned shall be so disregarded. Securities so owned which have
been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the
satisfaction of the Trustee the pledgee’s right so to act with respect to such Securities and that
the pledgee is not the Company or any other obligor upon the Securities or any Affiliate of the
Company or of such other obligor.

11

 

          “Paying Agent” means any Person authorized by the Company to pay the principal or
premium, if any, or interest, if any, on any Securities on behalf of the Company, and shall
initially be the Trustee.

          “Permitted Sale Lease-Back Transactions” means (i) prior to the consummation of the
Mergers, sales or transfers by Express Scripts or any Subsidiary of Express Scripts or (ii)
following the consummation of the Mergers, sales or transfers by the Company or any Subsidiary of
the Company, in each case of any real property,
improvements, fixtures, machinery and/or equipment with the intention of taking back a lease
thereof; provided, however, that “Permitted Sale-Leaseback Transactions” shall not include such
transactions involving machinery and/or equipment (excluding any lease for a temporary period of
not more than 36 months with the intent that the use of the subject machinery and/or equipment will
be discontinued at or before the expiration of such period) relating to facilities (a) in full
operation for more than 180 days as of the date hereof (provided that, for purposes of this
definition as it relates to any series of Securities issued after the date hereof (other than any
additional Securities of the same series and on the same terms and conditions of Securities already
issued), such period shall be 180 days as of the date of the supplemental indenture or Officers’
Certificate executed pursuant to Section 3.1 in respect of such Securities) and (b) that are
material (i) prior to the consummation of the Mergers, to the business of Express Scripts and its
Subsidiaries taken as a whole or (ii) following the consummation of the Mergers, to the business of
the Company and its Subsidiaries taken as a whole, in each case to the extent that the sum of the
aggregate sale price of such machinery and/or equipment from time to time involved in such
transactions (giving effect to payment in full under any such transaction and excluding the Applied
Amounts plus the amount of obligations and Indebtedness from time to time secured by Liens
permitted under Section 10.8(21) herein, exceeds 15% of the Consolidated Net Worth (i) prior to the
consummation of the Mergers, of Express Scripts or (ii) following the consummation of the Mergers,
of the Company.

          “Person” means any individual, corporation, partnership, limited partnership, general
partnership, limited liability company, limited liability partnership, business trust,
association, joint stock company, joint venture, trust, trust company, bank, land trust, business
trust or other organizations, whether or not legal entities, incorporated or unincorporated
organization or government or any agency or political subdivision thereof.

          “Place of Payment,” when used with respect to the Securities of any series, means the
place or places where the principal of and any premium and interest on the Securities of that
series are payable as specified in or as contemplated by Section 3.1.

          “Predecessor Security” of any particular Security means every previous Security
evidencing all or a portion of the same debt as that evidenced by such particular Security, and,
for the purposes of this definition, any Security authenticated and delivered under Section 3.6 in
exchange for or in lieu of a mutilated, destroyed, lost or stolen

12

 

Security shall be deemed to
evidence the same debt as the mutilated, destroyed, lost or stolen Security.

          “Property” means, with respect to any Person, all types of real, personal or mixed
property and all types of tangible or intangible property owned or leased by such Person.

          “Purchase Notice” means a notice delivered by a Holder in accordance with Section
10.10 in the form set forth in Exhibit 1.

          “Rating Agency” or “Rating Agencies” means each of Moody’s and S&P; provided
that if any of Moody’s or S&P ceases to provide rating services to issuers or investors, the
Company may appoint another “nationally recognized statistical rating organization” within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act as a replacement for such Rating Agency
that is reasonably acceptable to the Trustee.

          “Record Date” means any Regular Record Date or Special Record Date.

          “Redemption Date,” when used with respect to any Security to be redeemed, means the
date fixed for such redemption by or pursuant to this Indenture.

          “Redemption Price,” when used with respect to any Security to be redeemed, means the
price at which it is to be redeemed pursuant to this Indenture.

          “Regular Record Date” for the interest payable on any Interest Payment Date on the
Securities of any series means the date specified for that purpose as contemplated by Section 3.1.

          “Restricted Subsidiary” means (i) prior to the consummation of the Mergers, Express
Scripts and each Subsidiary of Express Scripts that is not an Unrestricted Subsidiary (other then
the Company) and (ii) following the consummation of the Mergers, any Subsidiary of the Company that
is not an Unrestricted Subsidiary.

          “S&P” means Standard & Poor’s Ratings Services, a division of The McGraw-Hill
Companies, Inc., and its successors.

          “Securities” means any securities authenticated and delivered under this Indenture.

          “Securities Act” means the Securities Act of 1933 and any statute successor thereto,
in each case as amended from time to time.

          “Security Register” and “Security Registrar” have the respective meanings
specified in Section 3.5.

          “Securitized Indebtedness” means, with respect to any Person as of any date, the
reasonably expected liability of such Person for the repayment of, or otherwise relating to, all
accounts receivable, general intangibles, chattel paper or other financial

13

 

assets and related
rights and assets sold or otherwise transferred by such Person, or any Subsidiary or Affiliate
thereof, on or prior to such date.

          “Special Record Date” for the payment of any Defaulted Interest means a date fixed by
the Trustee pursuant to Section 3.7.

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

          “Subsidiary” with respect to any Person means (i) any corporation, association or
other business entity of which more than 50% of the total voting power of shares of capital stock
or other equity interests entitled (without regard to the occurrence of any contingency) to vote in
the election of directors, managers or trustees thereof is at the time owned or controlled,
directly or indirectly, by such Person or one or more of the other Subsidiaries of such Person (or
a combination thereof), (ii) any partnership, limited liability company or similar pass-through
entity the sole general partner or the managing general partner or managing member of which is such
Person or a Subsidiary of such Person and (iii) any partnership, limited liability company or
similar pass-through entity the only general partners, managing members or Persons, however
designated in corresponding roles, of which are such Person or one or more Subsidiaries of such
Person (or any combination thereof).

          “Trust Indenture Act” means the Trust Indenture Act of 1939 as in force at the date as
of which this Indenture was executed, except as provided in Section 9.5; provided, however, that in
the event the Trust Indenture Act of 1939 is amended after such date, “Trust Indenture Act” means,
to the extent required by any such amendment, the Trust Indenture Act of 1939 as so amended.

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

          “Unrestricted Subsidiary” means (i) prior to the consummation of the Mergers, any
Subsidiary of Express Scripts that is not a Guarantor or required to be a Guarantor pursuant to
Section 10.11 hereof (other than the Company) and (ii) following the consummation of the Mergers,
any Subsidiary of the Company that from time to time is not a Guarantor or required to be a
Guarantor pursuant to Section 10.11 hereof.

          “U.S. Government Obligation” means (x) any security which is (i) a direct obligation
of the United States of America for the payment of which the full faith and credit of the United
States of America is pledged or (ii) an obligation of a Person

14

 

controlled or supervised by and
acting as an agency or instrumentality of the United States of America, the timely payment of which
is unconditionally guaranteed as a full faith and credit obligation by the United States of
America, which, in either case under clauses (i) or (ii), is not callable or redeemable at the
option of the issuer thereof, and (y) shall also include a depositary receipt issued by a bank (as
defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S. Government
Obligation which is specified in clause (x) above and held by such bank for the account of the
holder of such depositary receipt, or with respect to any specific payment of principal of or
interest on any U.S. Government Obligation which is so specified and held; provided that (except as
required by law) such custodian is not authorized to make any deduction from the amount
payable to the holder of such depositary receipt from any amount received by the custodian in
respect of the U.S. Government Obligation or the specific payment of principal or interest
evidenced by such depositary receipt.

          “Vice President,” when used with respect to the Company or the Trustee, means any vice
president, whether or not designated by a number or a word or words added before or after the title
“vice president.”

          “Voting Stock” means, with respect to any Person as of any date, the Capital Stock of
such Person that is at the time entitled to vote generally in the election of the Board of
Directors of such Person.

          “Wholly Owned Subsidiary” means, when used with respect to any Person, (i) any
corporation, association or other business entity of which 100% of the shares of Capital Stock or
other equity interests is at the time owned or controlled, directly or indirectly, by such Person
or one or more of the other Subsidiaries of such Person (or a combination thereof) and (ii) any
partnership, limited liability company or similar pass-through entity the sole partners, members or
persons, however designated in corresponding roles, of which are such Person or one or more
Subsidiaries of such Person (or any combination thereof).

          SECTION 1.2. Compliance Certificates and Opinions.

          Upon any application or request by the Company to the Trustee to take any action under any
provision of this Indenture, the Company shall furnish to the Trustee (1) an Officers’ Certificate
stating that 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 stating that in the opinion
of such counsel all such conditions precedent, if any, have been complied with.

          Every certificate or opinion with respect to compliance with a condition or covenant provided
for in this Indenture shall include:

               (1) a statement that each individual signing such certificate or opinion has read such
covenant or condition and the definitions herein relating thereto;

15

 

               (2) a brief statement as to the nature and scope of the examination or investigation upon
which the statements or opinions contained in such certificate or opinion are based;

               (3) a statement that, in the opinion of each such individual, he or she has made such
examination or investigation as is necessary to enable him or her to express an informed opinion
as to whether or not there has been compliance with such covenant or condition; and

               (4) a statement as to whether, in the opinion of each such individual, there has been
compliance with such condition or covenant.

          SECTION 1.3. Form of Documents Delivered to Trustee.

          In any case where several matters are required to be certified by, or covered by an opinion
of, any specified Person, it is not necessary that all such matters be certified by, or covered by
the opinion of, only one such Person, or that they be so certified or covered by only one document,
but one such Person may certify or give an opinion with respect to some matters and one or more
other such Persons as to other matters, and any such Person may certify or give an opinion as to
such matters in one or several documents.

          Any certificate or opinion of an officer of the Company or any Guarantor may be based, insofar
as it relates to legal matters, upon a certificate or opinion of, or representations by, counsel,
unless such officer knows, or in the exercise of reasonable care should know, that the certificate
or opinion or representations with respect to the matters upon which his or her certificate or
opinion is based are erroneous. Any such certificate or Opinion of Counsel may be based, insofar as
it relates to factual matters, upon a certificate or opinion of, or representations by, an officer
or officers of the Company or any Guarantor, as applicable, stating that the information with
respect to such factual matters is in the possession of the Company or any Guarantor, as the case
may be, unless such counsel knows, or in the exercise of reasonable care should know, that the
certificate or opinion or representations with respect to such matters are erroneous. Any such
certificate or Opinion of Counsel may be based, insofar as it relates to accounting matters, upon a
certificate or opinion of, or representations by, an accountant (who may be an employee of the
Company) or firm of accountants, unless such counsel knows, or in the exercise of reasonable care
should know, that the certificate or opinion or representations with respect to such matters are
erroneous. Where any Person is required to make, give or execute two or more applications,
requests, consents, certificates, statements, opinions or other instruments under this Indenture,
they may, but need not, be consolidated and form one instrument.

          SECTION 1.4. Acts of Holders; Record Dates.

          Any request, demand, authorization, direction, notice, consent, waiver or other action
provided or permitted by this Indenture to be given, made or taken by

16

 

Holders may be embodied in
and evidenced by one or more instruments of substantially similar tenor signed by such Holders in
person or by an agent duly appointed in writing; and, except as herein otherwise expressly
provided, such action shall become effective when such instrument or instruments are delivered to
the Trustee and, where it is hereby expressly required, to the Company. The Trustee shall promptly
deliver to the Company copies of all such instrument or instruments and records delivered to the
Trustee. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “Act” of the Holders signing such instrument or
instruments. Proof of execution of any such instrument or of a writing appointing any such agent
shall be sufficient for any purpose of this Indenture and (subject to Section
6.1) conclusive in favor of the Trustee and the Company, if made in the manner provided in
this Section.

          The fact and date of the execution by any Person of any such instrument or writing may be
proved by the affidavit of a witness of such execution or by a certificate of a notary public or
other officer authorized by law to take acknowledgments of deeds, certifying that the individual
signing such instrument or writing acknowledged to him or her the execution thereof. Where such
execution is by a signer acting in a capacity other than his or her individual capacity, such
certificate or affidavit shall also constitute sufficient proof of his or her authority. The fact
and date of the execution of any such instrument or writing, or the authority of the Person
executing the same, may also be proved in any other manner which the Trustee deems sufficient.

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

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

          The Company may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to give, make or take any request, demand,
authorization, direction, vote, notice, consent, waiver or other action provided or permitted by
this Indenture to be given, made or taken by Holders of Securities of such series; provided that
the Company may not set a record date for, and the provisions of this paragraph shall not apply
with respect to, the giving or making of any notice, declaration, request or direction referred to
in the next paragraph. If any record date is set pursuant to this paragraph, the Holders of
Outstanding Securities of the relevant series on such record date, and no other Holders, shall be
entitled to take the relevant action, whether or not such Holders remain Holders after such record
date; provided further that no such action shall be effective hereunder unless taken on or prior to
the applicable Expiration Date by Holders of the requisite principal amount of Outstanding
Securities of such series on such record date. Nothing in this paragraph shall be construed to
prevent the Company from setting a new record date for any action for

17

 

which a record date has
previously been set pursuant to this paragraph (whereupon the record date previously set shall
automatically and with no action by any Person be canceled and of no effect), and nothing in this
paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of Outstanding Securities of the relevant series on the date such action is taken.
Promptly after any record date is set pursuant to this paragraph, the Company, at its own expense,
shall cause notice of such record date, the proposed action by Holders and the applicable
Expiration Date to be given to the Trustee in writing and to each Holder of Securities of the
relevant series in the manner set forth in Section 1.6.

          The Trustee may set any day as a record date for the purpose of determining the Holders of
Outstanding Securities of any series entitled to join in the giving or making of (i) any Notice of
Default, (ii) any declaration of acceleration referred to in Section 5.2, (iii) any request to
institute proceedings referred to in Section 5.7 or (iv) any direction referred to in Section 5.12,
in each case with respect to Securities of such series. If any record date is set pursuant to this
paragraph, the Holders of Outstanding Securities of such series on such record date, and no other
Holders, shall be entitled to join in such notice, declaration, request or direction, whether or
not such Holders remain Holders after such record date; provided that no such action shall be
effective hereunder unless taken on or prior to the applicable Expiration Date by Holders of the
requisite principal amount of Outstanding Securities of such series on such record date. Nothing in
this paragraph shall be construed to prevent the Trustee from setting a new record date for any
action for which a record date has previously been set pursuant to this paragraph (whereupon the
record date previously set shall automatically and with no action by any Person be canceled and of
no effect), and nothing in this paragraph shall be construed to render ineffective any action taken
by Holders of the requisite principal amount of Outstanding Securities of the relevant series on
the date such action is taken. Promptly after any record date is set pursuant to this paragraph,
the Trustee, at the Company’s expense, shall cause notice of such record date, the proposed action
by Holders and the applicable Expiration Date to be given to the Company in writing and to each
Holder of Securities of the relevant series in the manner set forth in Section 1.6.

          With respect to any record date set pursuant to this Section, the party hereto which sets such
record dates may designate any day as the “Expiration Date” and from time to time may
change the Expiration Date to any earlier or later day; provided that no such change shall be
effective unless notice of the proposed new Expiration Date is given to the other party hereto in
writing, and to each Holder of Securities of the relevant series in the manner set forth in Section
1.6, on or prior to the existing Expiration Date. If an Expiration Date is not designated with
respect to any record date set pursuant to this Section, the party hereto which set such record
date shall be deemed to have initially designated the 180th day after such record date as the
Expiration Date with respect thereto, subject to its right to change the Expiration Date as
provided in this paragraph. Notwithstanding the foregoing, no Expiration Date shall be later than
the 180th day after the applicable record date.

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          Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with
regard to any particular Security may do so with regard to all or any part of the principal amount
of such Security or by one or more duly appointed agents each of which may do so pursuant to such
appointment with regard to all or any part of such principal amount.

          SECTION 1.5. Notices, Etc., to Trustee and Company.

          Any request, demand, authorization, direction, notice, consent, waiver or Act of Holders or
other document provided or permitted by this Indenture to be made upon, given or furnished to, or
filed with,

               (1) the Trustee by any Holder or by the Company shall be sufficient for every purpose
hereunder if made, given, furnished or filed in writing (or by facsimile transmission
((612)-667-9825); provided that oral confirmation of receipt shall have been received) to or
with the Trustee at its Corporate Trust Office, or

               (2) the Company by the Trustee or by any Holder shall be sufficient for every purpose
hereunder (unless otherwise herein expressly provided) if in writing and mailed, first-class
postage prepaid, to the Company addressed to it at the address of the Company’s principal office
specified in the first paragraph of this instrument or at any other address previously furnished
in writing to the Trustee by the Company, Attention: Chief Financial Officer, with a copy to the
Secretary; provided that such notice shall not be deemed to be given until received by the
Company.

          SECTION 1.6. Notice to Holders; Waiver.

          Where this Indenture provides for notice to Holders of any event, such notice shall be
sufficiently given (unless otherwise herein expressly provided) if in writing and mailed,
first-class postage prepaid, to each Holder affected by such event, at its address as it appears in
the Security Register, not later than the latest date (if any), and not earlier than the earliest
date (if any), prescribed for the giving of such notice. In any case where notice to Holders is
given by mail, neither the failure to mail such notice, nor any defect in any notice so mailed, to
any particular Holder shall affect the sufficiency of such notice with respect to other Holders.
Where this Indenture provides for notice in any manner, such notice may be waived in writing by the
Person entitled to receive such notice, either before or after the event, and such waiver shall be
the equivalent of such notice. Waivers of notice by Holders shall be filed with the Trustee, but
such filing shall not be a condition precedent to the validity of any action taken in reliance upon
such waiver.

          In case by reason of the suspension of regular mail service or by reason of any other cause it
shall be impracticable to give such notice by mail, then such notification as shall be made with
the approval of the Trustee shall constitute a sufficient notification for every purpose hereunder.

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          SECTION 1.7. Conflict with Trust Indenture Act.

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

          SECTION 1.8. Effect of Headings and Table of Contents.

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

          SECTION 1.9. Successors and Assigns.

          All covenants and agreements in this Indenture by each of the Company and the Guarantors shall
bind its successors and assigns, whether so expressed or not.

          SECTION 1.10. Separability Clause.

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

          SECTION 1.11. Benefits of Indenture.

          Nothing in this Indenture or in the Securities, express or implied, shall give to any Person,
other than the parties hereto and their successors hereunder and the Holders, any benefit or any
legal or equitable right, remedy or claim under this Indenture.

          SECTION 1.12. Governing Law; Waiver of Jury Trial

          THIS INDENTURE, THE GUARANTEES AND THE SECURITIES SHALL BE GOVERNED BY AND CONSTRUED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. EACH OF THE COMPANY AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL
BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE GUARANTEES, THE
SECURITIES OR THE TRANSACTION CONTEMPLATED HEREBY.

          SECTION 1.13. Legal Holidays.

          In any case where any Interest Payment Date, Redemption Date or Stated Maturity of any
Security shall not be a Business Day at any Place of Payment, then (notwithstanding any other
provision of this Indenture or of the Securities (other than a

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provision of any Security which
specifically states that such provision shall apply in lieu of this Section)) payment of interest
or principal (and premium, if any) need not be made at such Place of Payment on such date, but may
be made on the next succeeding Business Day at such Place of Payment with the same force and effect
as if made on the Interest Payment Date or Redemption Date or at the Stated Maturity.

          SECTION 1.14. Indenture and Securities Solely Corporate Obligations.

          None of the Company’s or any Guarantor’s past, present or future directors, officers,
employees or shareholders, as such, shall have any liability for any of the Company’s or any
Guarantor’s obligations under this Indenture or the Securities or for any claim based on, or in
respect or by reason of, such obligations or their creation. By accepting a Security, each holder
waives and releases all such liability. This waiver and release is part of the consideration for
the issuance of the Securities.

          SECTION 1.15. Indenture May be Executed in Counterparts.

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

          SECTION 1.16. Acceptance of Trust.

          Wells Fargo Bank, National Association, the Trustee named herein, hereby accepts the trusts in
this Indenture declared and provided, upon the terms and conditions set forth herein.

          SECTION 1.17. Force Majeure

          In no event shall the Trustee be responsible or liable for any failure or delay in the
performance of its obligations hereunder arising out of or caused by, directly or indirectly,
forces beyond its control, including strikes, work stoppages, accidents, acts of war or terrorism,
civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions,
loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the
circumstances.

          SECTION 1.18. U.S.A. Patriot Act.

          The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the

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

ARTICLE II

Security Forms

          SECTION 2.1. Form and Dating.

          The Securities and the Trustee’s certificate of authentication with respect thereto shall be
substantially in the form of Exhibit 1 which is hereby incorporated in, and expressly made a part
of, this Indenture (subject to any changes to any Securities issued
after the date hereof pursuant to Section 3.1). The Securities may have notations, legends or
endorsements required by law, stock exchange or automated quotation system on which the Securities
may be listed, quoted or designated for issuance, 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 Exhibit 1 are part of the terms of this Indenture. The Guarantees shall be
in substantially the form set forth in Exhibit 2.

ARTICLE III

The Securities

          SECTION 3.1. Amount Unlimited; Issuable in Series.

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

          The Securities may be issued in one or more series. There shall be established in or pursuant
to a Board Resolution and, subject to Section 3.3, set forth, or determined in the manner provided,
in an Officers’ Certificate, or established in one or more indentures supplemental hereto, prior to
the issuance of Securities of any series, any or all of the following:

               (1) the title of the Securities of the series (which shall distinguish the Securities of
the series from Securities of any other series);

               (2) any limit upon the aggregate principal amount of the Securities of the series which may
be authenticated and delivered under this Indenture (except for Securities authenticated and
delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities
of the series pursuant to Section 3.4, 3.5, 3.6, 9.6 or

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11.7 and except for any Securities
which, pursuant to Section 3.3, are deemed never to have been authenticated and delivered
hereunder);

               (3) the price or prices at which the Securities of such series will be offered by the
Company (such price or prices to be expressed as a percentage of the principal amount of the
Securities of such series);

               (4) the Person to whom any interest on a Security of the series shall be payable, if other
than the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date for such interest;

               (5) the date or dates on which the principal of any Securities of the series is payable;

               (6) the rate or rates at which any Securities of the series shall bear interest, if any, or
the method of determining the rate or rates, the date or dates from which any such interest
shall accrue, the Interest Payment Dates on which any such interest shall be payable or the
method of determining such dates and the Regular Record Date for any such interest payable on
any Interest Payment Date;

               (7) the rate or rates of interest, if any, payable on overdue installments of principal of,
or any premium or interest on the Securities of such series, and the basis upon which interest
shall be calculated if other than that of a 360-day year comprised of twelve 30-day months;

               (8) the place or places where the principal of and any premium, if any, and interest on any
Securities of the series shall be payable;

               (9) the period or periods within which, the price or prices at which and the terms and
conditions upon which any Securities of the series may be redeemed, in whole or in part, at the
option of the Company or otherwise and, if other than by a Board Resolution, the manner in which
any election by the Company to redeem the Securities shall be evidenced;

               (10) if other than denominations of $2,000 and any integral multiples of $1,000 in excess
thereof, the denominations in which any Securities of the series shall be issuable;

               (11) if the amount of principal of or any premium or interest on any Securities of the
series may be determined with reference to an index or pursuant to a formula, the manner in
which such amounts shall be determined;

               (12) if other than the currency of the United States of America, the currency, currencies
or currency units in which the principal of or any premium or interest on any Securities of the
series shall be payable and the manner of determining

23

 

the equivalent thereof in the currency of
the United States of America for any purpose, including for purposes of the definition of
“Outstanding” in Section 1.1;

               (13) if the principal of or any premium or interest on any Securities of the series is to
be payable, at the election of the Company or the Holder thereof, in one or more currencies or
currency units other than that or those in which such Securities are stated to be payable, the
currency, currencies or currency units in which the principal of or any premium or interest on
such Securities as to which such election is made shall be payable, the periods within which and
the terms and conditions upon which such election is to be made and the amount so payable (or
the manner in which such amount shall be determined);

               (14) if other than the entire principal amount thereof, the portion of the principal amount
of any Securities of the series which shall be payable upon declaration of acceleration of the
Maturity thereof pursuant to Section 5.2;

               (15) if the principal amount payable at the Stated Maturity of any Securities of the series
will not be determinable as of any one or more dates prior to the Stated Maturity, the amount
which shall be deemed to be the principal amount of such Securities as of any such date for any
purpose thereunder or hereunder, including the principal amount thereof which shall be due and
payable upon any Maturity other than the Stated Maturity or which shall be deemed to be
Outstanding as of any date prior to the Stated Maturity (or, in any such case, the manner in
which such amount deemed to be the principal amount shall be determined);

               (16) if applicable, that any Securities of the series shall be issuable in whole or in part
in the form of one or more Global Securities and, in such case, the respective Depositaries for
such Global Securities, the form of any legend or legends which shall be borne by any such
Global Security in addition to or in lieu of those set forth in Exhibit 1 and any circumstances
in which any such Global Security may be exchanged in whole or in part for Securities
registered, and any transfer of such Global Security in whole or in part may be registered, in
the name or names of Persons other than the Depositary for such Global Security or a nominee
thereof;

               (17) any addition to or change in the Events of Default which applies to any Securities of
the series and any change in the right of the Trustee or the requisite Holders of such
Securities to declare the principal amount thereof due and payable pursuant to Section 5.2;

               (18) any Authenticating Agents, Paying Agents or Security Registrars;

               (19) whether Securities of the series are entitled to any benefits of any Guarantee of any
Guarantors pursuant to this Indenture;

               (20) the terms, if any, of the transfer, mortgage, pledge or assignment as security for the
Securities of the series of any properties, assets, moneys, proceeds, securities or other
collateral, including whether certain provisions of the Trust

24

 

Indenture Act are applicable and
any corresponding changes to provisions of this Indenture as then in effect;

               (21) any addition to or change in the covenants set forth in Article X which applies to
Securities of the series; and

               (22) any other terms of the series (which terms shall not be inconsistent with the
provisions of this Indenture, except as permitted by Section 9.1(5)).

          All Securities of any one series shall be substantially identical except as to denomination
and except as may otherwise be provided in or pursuant to the Board Resolution referred to above
and (subject to Section 3.3) set forth, or determined in the manner provided, in the Officers’
Certificate referred to above or in any such indenture supplemental hereto. All Securities of any
one series need not be issued at the same time and, unless otherwise provided, a series may be
reopened for issuances of additional Securities of such series.

          If any of the terms of the series are established by action taken pursuant to a Board
Resolution, a copy of an appropriate record of such action shall be certified by the Secretary or
an Assistant Secretary of the Company and delivered to the Trustee at or prior to the delivery of
the Officers’ Certificate setting forth the terms of the series.

          SECTION 3.2. Denominations.

          The Securities of each series shall be issuable only in registered form without coupons and
only in such denominations as shall be specified as contemplated by Section 3.1. In the absence of
any such specified denomination with respect to the Securities of any series, the Securities of
such series shall be issuable in minimum denominations of $2,000 and any integral multiple of
$1,000 in excess thereof.

          SECTION 3.3. Execution, Authentication, Delivery and Dating.

          The Securities shall be executed on behalf of the Company by the Chairman of its Board of
Directors, its principal financial officer, its Chief Executive Officer, its President or one of
its Vice Presidents, its Treasurer or its Assistant Treasurer, attested by its Secretary or one of
its Assistant Secretaries. The signature of any of these officers on the Securities may be manual
or facsimile.

          The Guarantee endorsed on any Securities shall be executed on behalf of the Guarantor by the
Chairman of its Board of Directors, its principal financial officer, its Chief Executive Officer,
its President or one of its Vice Presidents, its Treasurer or its Assistant Treasurer, attested by
its Secretary or one of its Assistant Secretaries. The signature of any of these officers on the
Guarantee may be manual or facsimile.

          Securities or any Guarantee endorsed thereon bearing the manual or facsimile signatures of
individuals who were at any time the proper officers of the Company or the Guarantors, as applicable, shall bind the Company or the Guarantors, as

25

 

applicable, notwithstanding that such
individuals or any of them have ceased to hold such offices prior to the authentication and
delivery of such Securities or did not hold such offices at the date of such Securities.

          At any time and from time to time after the execution and delivery of this Indenture, the
Company may deliver Securities of any series executed by the Company and, if applicable, having
endorsed thereon the Guarantees executed as provided in Section 13.1 to the Trustee for
authentication, together with a Company Order for the authentication and delivery of such
Securities, and the Trustee in accordance with the Company Order (which may provide that Securities
that are the subject thereof will be authenticated and delivered by the Trustee from time to time
upon the telephonic or written order of Persons designated in said Company Order and that such
Persons are authorized to determine such terms and conditions of said Securities as are specified
in the Company Order) shall authenticate and deliver such Securities. If the form or terms of the
Securities of the series have been established by or pursuant to one or more Board Resolutions as
permitted by Section 3.1, in authenticating such Securities, and accepting the additional
responsibilities under this Indenture in relation to such Securities, the
Trustee shall receive, and (subject to Section 6.1) shall be fully protected in conclusively
relying upon, a copy of such Board Resolution, the Officers’ Certificate setting forth the terms of
the series and an Opinion of Counsel, with such Opinion of Counsel stating:

               (1) that such terms have been established in conformity with the provisions of this
Indenture; and

               (2) that this Indenture and such Securities, when authenticated and delivered by the
Trustee and issued by the Company in the manner and subject to any conditions specified in such
Opinion of Counsel, will constitute valid and legally binding obligations of the Company, and,
if applicable, the Guarantees endorsed thereon will constitute valid and legally binding
obligations of the Guarantors, in each case enforceable in accordance with their terms, subject
to bankruptcy, insolvency, fraudulent transfer, reorganization, moratorium and similar laws of
general applicability relating to or affecting creditors’ rights and to general equity
principles.

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

          Notwithstanding the provisions of Section 3.1 and of the preceding paragraph, if all
Securities of a series are not to be originally issued at one time, it shall not be necessary to
deliver the Officers’ Certificate otherwise required pursuant to Section 3.1 or the Company Order
and Opinion of Counsel otherwise required pursuant to such preceding paragraph at or prior to the
authentication of each Security of such series if such documents are delivered at or prior to the
authentication upon original issuance of the first Security of such series to be issued.

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          Each Security shall be dated the date of its authentication.

          No Security or Guarantee endorsed thereon shall be entitled to any benefit under this
Indenture or be valid or obligatory for any purpose unless there appears on such Security a
certificate of authentication substantially in the form provided for in Exhibit 1 executed by the
Trustee by manual signature, and such certificate upon any Security shall be conclusive evidence,
and the only evidence, that such Security has been duly authenticated and delivered hereunder.
Notwithstanding the foregoing, if any Security shall have been authenticated and delivered
hereunder but never issued and sold by the Company, and the Company shall deliver such Security to
the Trustee for cancellation as provided in Section 3.9, for all purposes of this Indenture such
Security shall be deemed never to have been authenticated and delivered hereunder and shall never
be entitled to the benefits of this Indenture.

          SECTION 3.4. Temporary Securities.

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

          If temporary Securities of any series are issued, the Company will cause definitive Securities
of that series to be prepared without unreasonable delay. After the preparation of definitive
Securities of such series, the temporary Securities of such series shall be exchangeable for
definitive Securities of such series upon surrender of the temporary Securities of such series at
the office or agency of the Company in a Place of Payment for that series, without charge to the
Holder. Upon surrender for cancellation of any one or more temporary Securities of any series, the
Company shall execute and the Trustee shall authenticate and deliver in exchange therefor one or
more definitive Securities of the same series, of any authorized denominations and of like tenor
and aggregate principal amount. Until so exchanged, the temporary Securities of any series shall in
all respects be entitled to the same benefits under this Indenture as definitive Securities of such
series and tenor.

          SECTION 3.5. Registration; Registration of Transfer and Exchange.

          The Company shall cause to be kept at the Corporate Trust Office of the Trustee a register
(the register maintained in such office or in any other office or agency of the Company in a Place
of Payment being herein sometimes collectively referred to as the “Security Register”) in
which, subject to such reasonable regulations as it may prescribe, the Company shall provide for
the registration of Securities and of transfers and exchanges of Securities. The Trustee initially
is hereby appointed “Security Registrar” for the purpose of registering Securities and
transfers and exchanges of

27

 

Securities as herein provided. The Company may change any Security
Registrar without prior notice to any Holder. The Company or any of its Subsidiaries may act as
Security Registrar.

          The Securities shall be issued in registered form and shall be transferable only upon the
surrender of a Security for registration of transfer. Upon surrender for registration of transfer
of any Security of a series at the office or agency of the Company in a Place of Payment for that
series, the Company, if the requirements of this Indenture are met, shall execute, and the Trustee
shall authenticate and deliver, in the name of the designated transferee or transferees, one or
more new Securities of the same series, of any authorized denominations and of like tenor and
aggregate principal amount, and having endorsed thereon a Guarantee executed by the Guarantors.

          If the requirements of this Indenture are met, then, at the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee
shall authenticate and deliver, the Securities which the Holder making the exchange is
entitled to receive, and having endorsed thereon a Guarantee executed by the Guarantor.

          All Securities and the Guarantee endorsed thereon issued upon any registration of transfer or
exchange of Securities and the Guarantee endorsed thereon, shall be the valid obligations of the
Company and the Guarantors, respectively, evidencing the same debt, and entitled to the same
benefits under this Indenture, as the Securities and the Guarantee endorsed thereon surrendered
upon such registration of transfer or exchange.

          No service charge shall be made for any registration of transfer or exchange of Securities,
but the Company may require payment of a sum sufficient to cover any tax or other governmental
charge that may be imposed in connection with any registration of transfer or exchange of
Securities, other than exchanges pursuant to Sections 3.4, 9.6 or 11.7 not involving any transfer.

          If the Securities of any series (or of any series and specified tenor) are to be redeemed in
part, the Company shall not be required (A) to issue, register the transfer of or exchange any
Securities of that series (or of that series and specified tenor, as the case may be) during a
period beginning at the opening of business 15 days before the day of the mailing of a notice of
redemption of any such Securities selected or identified for redemption and ending at the close of
business on the day of such mailing, or (B) to register the transfer of or exchange any Security so
selected or identified for redemption in whole or in part, except the unredeemed portion of any
Security being redeemed in part.

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          SECTION 3.6. Mutilated, Destroyed, Lost and Stolen Securities.

          If any mutilated Security is surrendered to the Trustee, the Company shall execute and the
Trustee shall authenticate and deliver in exchange therefor a new Security of the same series and
of like tenor and principal amount and bearing a number not contemporaneously outstanding, and
having endorsed thereon a Guarantee executed by the Guarantors, if applicable.

          If there shall be delivered to the Company and the Trustee (i) evidence to their satisfaction
of the destruction, loss or theft of any Security and (ii) such security or indemnity as may be
required by them to save each of them and any agent of either of them harmless, then, in the
absence of notice to the Company or the Trustee that such Security has been acquired by a bona fide
purchaser, the Company shall execute and the Trustee shall authenticate and deliver, in lieu of any
such destroyed, lost or stolen Security, a new Security of the same series and of like tenor and
principal amount and bearing a number not contemporaneously outstanding, and having endorsed
thereon a Guarantee executed by the Guarantors, if applicable.

          In case any such mutilated, destroyed, lost or stolen Security has become or is about to
become due and payable, the Company in its discretion may, instead of issuing a new Security, pay
such Security.

          Upon the issuance of any new Security under this Section, the Company may require the payment
of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation
thereto and any other expenses (including the fees and expenses of the Trustee) connected
therewith.

          Every new Security of any series and the Guarantee endorsed thereon, issued pursuant to this
Section in lieu of any mutilated, destroyed, lost or stolen Security shall constitute an original
additional contractual obligation of the Company and the Guarantors, as applicable, whether or not
the mutilated, destroyed, lost or stolen Security shall be at any time enforceable by anyone, and
shall be entitled to all the benefits of this Indenture equally and proportionately with any and
all other Securities of that series duly issued hereunder.

          The provisions of this Section are exclusive and shall preclude (to the extent lawful) all
other rights and remedies with respect to the replacement or payment of mutilated, destroyed, lost
or stolen Securities.

          SECTION 3.7. Payment of Interest; Interest Rights Preserved.

          Except as otherwise provided in or as contemplated by Section 3.1 with respect to any series
of Securities, interest on any Security which is payable, and is punctually paid or duly provided
for, on any Interest Payment Date shall be paid to the Person in whose name that Security (or one
or more Predecessor Securities) is registered at the close of business on the Regular Record Date
for such interest; provided that on the maturity date for any series of Securities, the Company
will pay accrued and unpaid

29

 

interest to the Person to whom the Company pays the principal amount,
instead of the Person in whose name that Security (or one or more Predecessor Securities) is
registered at the close of business on the Regular Record Date.

          In the case of Securities represented by a Global Security registered in the name of or held
by a Depository or its nominee, unless otherwise specified by Section 3.1, payment of principal,
premium, if any, and interest, if any, will be made to the Depository or its nominee, as the case
may be, as the registered owner or Holder of such Global Security. None of the Company, the
Guarantors, the Trustee, the Paying Agent, any Authenticating Agent or the Security Registrant for
such Securities will have any responsibility or liability for any aspect of the records relating to
or payments made on account of a beneficial ownership interest in a Global Security or for
maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

          Any interest on any Security of any series which is payable, but is not punctually paid or
duly provided for, on any Interest Payment Date (herein called “Defaulted Interest”) shall
forthwith cease to be payable to the Holder on the relevant Regular Record Date by virtue of having
been such Holder, and such Defaulted Interest may be paid by the Company, at its election in each
case, as provided in clause (1) or (2) below:

               (1) The Company may elect to make payment of any Defaulted Interest to the Persons in whose
names the Securities of such series (or their respective Predecessor Securities) are registered
at the close of business on a Special Record Date for the payment of such Defaulted Interest,
which shall be fixed in the following manner. The Company shall notify the Trustee in writing of
the amount of Defaulted Interest proposed to be paid on each Security of such series and the
date of the proposed payment, and at the same time the Company shall deposit with the Trustee an
amount of money equal to the aggregate amount proposed to be paid in respect of such Defaulted
Interest or shall make arrangements satisfactory to the Trustee for such deposit prior to the
date of the proposed payment, such money when deposited to be held in trust for the benefit of
the Persons entitled to such Defaulted Interest as in this clause provided. Thereupon the
Trustee shall fix a Special Record Date for the payment of such Defaulted Interest which shall
be not more than 15 days and not fewer than 10 days prior to the date of the proposed payment
and not fewer than 10 days after the receipt by the Trustee of the notice of the proposed
payment. The Trustee shall promptly notify the Company of such Special Record Date and, in the
name and at the expense of the Company, shall cause notice of the proposed payment of such
Defaulted Interest and the Special Record Date therefor to be given to each Holder of Securities
of such series in the manner set forth in Section 1.6, not fewer than 10 days prior to such
Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special
Record Date therefor having been so mailed, such Defaulted Interest shall be paid to the Persons
in whose names the Securities of such series (or their respective Predecessor Securities) are
registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the following clause (2).

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

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

          SECTION 3.8. Persons Deemed Owners.

          Prior to due presentment of a Security for registration of transfer, the Company, the
Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee may treat the
Person in whose name such Security is registered as the owner of such Security for the purpose of
receiving payment of principal of and any premium and (subject to Section 3.7) any interest on such
Security and for all other purposes
whatsoever, whether or not such Security be overdue, and none of the Company, the Guarantors,
the Trustee or any agent of the Company, the Guarantors or the Trustee shall be affected by notice
to the contrary.

          In the case of a Global Security, so long as the Depository for such Global Security, or its
nominee, is the registered owner of such Global Security, such Depository or such nominee, as the
case may be, will be considered the sole owner or Holder of the Securities represented by such
Global Security for all purposes under this Indenture. Except as provided in Section 3.1, owners
of beneficial interests in a Global Security will not be entitled to have Securities that are
represented by such Global Security registered in their names, will not receive or be entitled to
receive physical delivery of such Securities in definitive form and will not be considered the
owners or Holders thereof under this Indenture.

          Notwithstanding the foregoing, with respect to any Global Security, nothing herein shall (i)
prevent the Company, the Guarantors, the Trustee or any agent of the Company, the Guarantors or the
Trustee from giving effect to any written certification, proxy or other authorization furnished by
a Depository or (ii) impair, as between a Depository and holders of beneficial interests in any
Global Security, the operation of customary practices governing the exercise of the rights of the
Depository as Holder of such Global Security.

          None of the Company, the Guarantors, the Trustee, any Paying Agent, any Authenticating Agent
or the Security Registrar will have any responsibility or liability for any aspect of the records
relating to or payments made on account of beneficial

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ownership interest in a Global Security or
for maintaining, supervising or reviewing any records relating to such beneficial ownership
interest.

          SECTION 3.9. Cancellation.

          All Securities surrendered for payment, redemption or registration of transfer or exchange
shall, if surrendered to any Person other than the Trustee, be delivered to the Trustee and shall
be promptly canceled by it. The Company may at any time deliver to the Trustee for cancellation any
Securities previously authenticated and delivered hereunder which the Company may have acquired in
any manner whatsoever, and may deliver to the Trustee (or to any other Person for delivery to the
Trustee) for cancellation any Securities previously authenticated hereunder which the Company has
not issued and sold, and all Securities so delivered shall be promptly canceled by the Trustee. No
Securities shall be authenticated in lieu of or in exchange for any Securities canceled as provided
in this Section, except as expressly permitted by this Indenture. All canceled Securities shall be
disposed of by the Trustee in accordance with its customary procedures.

          SECTION 3.10. Computation of Interest.

          Except as otherwise specified in or as contemplated by Section 3.1 for Securities of any
series, interest on the Securities of each series shall be computed on the basis of a 360-day year
comprised of twelve 30-day months.

          SECTION 3.11. CUSIP Numbers, ISINs and Common Code Numbers.

          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 or exchange as a convenience to
Holders; provided that any such notice may state that no representation is made as to the
correctness of such numbers either as printed on the Securities or as contained in any notice 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 will promptly notify the Trustee in writing of any change in any “CUSIP”
numbers, ISINs or “Common Code” numbers applicable to the Securities.

ARTICLE IV

Satisfaction and Discharge

          SECTION 4.1. Satisfaction and Discharge of Indenture.

          (1) This Indenture shall cease to be of further effect with respect to any series of
Securities (except as to any surviving rights expressly provided for herein or in a supplemental
indenture or Officers’ Certificate delivered pursuant to Section 3.1 for a

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series of Securities),
and the Trustee, at the expense of the Company, shall execute proper instruments acknowledging
satisfaction and discharge of this Indenture when:

     (i) the Company delivers to the Trustee all Outstanding Securities of a series (other
than (x) Securities of such series which have been destroyed, lost or stolen and which have
been replaced or paid as provided in Section 3.6 and (y) Securities of such series for
whose payment money has theretofore been deposited in trust or segregated and held in trust
by the Company and thereafter repaid to the Company or discharged from such trust, as
provided in Section 10.3) for cancellation or

     (ii) all Outstanding Securities of a series not theretofore delivered to the Trustee
for cancellation:

          (a) have become due and payable; or

          (b) will become due and payable at their Stated Maturity within one year; or

          (c) if redeemable at the option of the Company, are to be called for redemption within
one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense, of the Company;

and in the case of clause (ii), the Company irrevocably deposits with the Trustee (or another
trustee which satisfies the requirements contemplated by Section 6.9 and agrees to comply with the
provisions of this Article applicable to it) in trust for the purpose of making the following
payments, specifically pledged as security for, and dedicated solely to, the benefit of the Holders
of such Securities, (A) money in an amount, or (B) U.S. Government Obligations which through the
scheduled payment of principal and interest in respect thereof in accordance with their terms will
provide, not later than one day before the due date of any payment, money in an amount, or (C) a
combination thereof, in each case sufficient without consideration of reinvestment of interest, in
the opinion of a nationally recognized firm of independent certified public accountants expressed
in a written certification thereof delivered to the Trustee, to pay and discharge, and which shall
be applied by the Trustee (or any such other qualifying trustee) to pay and discharge, the
principal of and any premium and interest on such series of Securities not previously delivered to
the Trustee for cancelation (other than Securities replaced pursuant to Section 3.6) at the
respective Stated Maturities or on the respective Redemption Date, as the case may be, in
accordance with the terms of this Indenture and such Securities and, in the case of either of
clauses (i) or (ii), the Company (x) has paid or caused to be paid all other sums payable hereunder
by the Company and (y) has delivered to the Trustee an Officers’ Certificate and an Opinion of
Counsel, each stating that there has been compliance with all conditions precedent herein provided
for relating to the satisfaction and discharge of this Indenture with respect to such series of
Securities.

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          (2) Notwithstanding the satisfaction and discharge of this Indenture with respect to any
series of Securities, (i) the obligations of the Company with respect to such Securities under
Sections 4.2, 6.6, 6.7, 6.10, 6.11 and the last paragraph of Section 10.3 (as applicable) and (ii)
the rights, powers, trusts, duties and immunities of the Trustee hereunder shall in each case
survive with respect to such series of Securities.

          SECTION 4.2. Application of Trust Money.

          Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government
Obligations deposited with the Trustee pursuant to Sections 4.1 or 12.4 and all money received by
the Trustee in respect of U.S. Government Obligations deposited with the Trustee, shall be held in
trust and applied by the Trustee, in accordance with the provisions of the Securities and this
Indenture, to the payment, either directly or through any Paying Agent (including the Company
acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of
the principal and any premium and interest for whose payment such money has been deposited with the
Trustee.

          SECTION 4.3. Repayment to the Company.

          Upon termination of the trust pursuant to Sections 4.1 or 12.4 hereof, the Trustee and Paying
Agent shall promptly pay to the Company any excess money or U.S. Government Obligations.

ARTICLE V

Remedies

          SECTION 5.1. Events of Default.

          “Event of Default,” wherever used herein with respect to Securities of any series,
means any one of the following events (whatever the reason for such Event of Default and whether it
shall be voluntary or involuntary or be effected by operation of law or pursuant to any judgment,
decree or order of any court or any order, rule or regulation of any administrative or governmental
body), except to the extent such event is specifically deleted or modified as contemplated by
Section 3.1 for the Securities of that series:

               (1) default in the payment of any interest upon any Security of that series when it becomes
due and payable, and continuance of such default for a period of 30 days; or

               (2) default in the payment of the principal of or any premium on any Security of that
series at its Maturity or when otherwise due; or

               (3) default under any mortgage, indenture or instrument under which there may be issued or
by which there may be secured or evidenced any Indebtedness

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(or the payment of which is
guaranteed by any Restricted Subsidiary), if that default is caused by a failure to pay
principal at its stated maturity after giving effect to any applicable grace period, or results
in the acceleration of such Indebtedness prior to its stated maturity and, in each case, the
principal amount of any such Indebtedness, together with the principal amount of any other
Indebtedness under which there has been a payment default after stated maturity or the maturity
of which has been so accelerated, aggregates $100 million or more; or

               (4) default in the performance, or breach, of any covenant, agreement or warranty of the
Company in this Indenture or in any supplemental indenture to this Indenture or Officers’
Certificate issued pursuant to Section 3.1 (in each case other than any default described in
clause (1) or (2) above) with respect to or applicable to that series of Securities and
continuance of such default for a period of 60 days after there has been given, by registered or
certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders
of at least 25% in principal amount of the Outstanding Securities of that series a written
notice specifying such default or breach and requiring it to be remedied and stating that such
notice is a “Notice of Default” hereunder; or

               (5) the entry by a court having jurisdiction in the premises of (A) a decree or order for
relief in respect of the Company or any Guarantor in an involuntary case or proceeding under any
applicable Federal or State bankruptcy, insolvency, reorganization or other similar law or (B) a
decree or order adjudging the Company or any Guarantor bankrupt or insolvent, or approving as
properly filed a petition seeking reorganization, arrangement, adjustment or composition of or
in respect of the Company or any Guarantor under any applicable Federal or State law, or
appointing a custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar
official of the Company or any Guarantor or of any substantial part of the property of the
Company or any Guarantor, or ordering the winding up or liquidation of the affairs of the
Company or any Guarantor ; or

               (6) the commencement by the Company or any Guarantor of a voluntary case or proceeding
under any applicable Federal or State bankruptcy, insolvency, reorganization or other similar
law or of any other case or proceeding to be adjudicated a bankrupt or insolvent, or the consent
by the Company or any Guarantor to the entry of a decree or order for relief in respect of the
Company or any Guarantor in an involuntary case or proceeding under any applicable Federal or
State bankruptcy, insolvency, reorganization or other similar law or to the commencement of any
bankruptcy or insolvency case or proceeding against the Company or any Guarantor, or the filing
by the Company or any Guarantor of a petition or answer or consent seeking reorganization or
similar relief under any applicable Federal or State law, or the consent by the Company or any
Guarantor to the filing of such petition or to the appointment of or taking possession by a
custodian, receiver, liquidator, assignee, trustee, sequestrator or other similar official of
the Company or any Guarantor or of any substantial part of the property of the Company or any
Guarantor, or the making by the Company or any Guarantor of a general assignment for the benefit
of creditors,

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or the admission by the Company or any Guarantor in writing of its inability to
pay its debts generally as they become due, or the taking of corporate action by the Company or
any Guarantor in furtherance of any such action; or

               (7) a Guarantee ceases to be in full force and effect or is declared to be null and void
and unenforceable or the Guarantee is found to be invalid or a Guarantor denies its liability
under its Guarantee (other than by reason of release of the Guarantor in accordance with the
terms hereof); or

               (8) any other Event of Default provided with respect to Securities of that series provided
for pursuant to Section 3.1(17).

          SECTION 5.2. Acceleration of Maturity; Rescission and Annulment.

               (1) If an Event of Default, other than an Event of Default specified in Sections 5.1(5) or
5.1(6), with respect to Securities of any series at the time Outstanding occurs and is
continuing, then either the Trustee or the Holders of at least 25% in principal amount of the
Outstanding Securities of that series may require the Company to repay immediately the principal
of and any unpaid premium and interest on (or, if any Securities of that series are Original
Issue Discount Securities, such portion of the principal amount of such Securities as may be specified by the terms
thereof), all Outstanding Securities of the affected series. The Holders of at least a majority
in principal amount of the Outstanding Securities of the affected series may rescind and annul
that acceleration if all Events of Default with respect to the Securities of that series, other
than the nonpayment of accelerated principal, have been cured or waived as provided in this
Indenture. An Event of Default arising pursuant to Sections 5.1(5) or 5.1(6) shall cause the
principal of, and any unpaid premium and interest on (or, if any Securities of that series are
Original Issue Discount Securities, such portion of the principal amount of such Securities as
may be specified by the terms thereof), all Securities to become immediately due and payable
without any declaration or other act by the Trustee, the Holders of the Securities or any other
party.

               (2) Other than its duties in the case of a default, the Trustee is not obligated to
exercise any of its rights or powers under this Indenture at the request or direction of any
Holder of any series of Securities, unless the Holders offer to the Trustee indemnity reasonably
satisfactory to the Trustee. If the Holders offer such indemnity to the Trustee, then the
Holders of at least a majority in principal amount of the Outstanding Securities of the affected
series will have the right, subject to certain limitations, to direct the time, method and place
of conducting any proceeding for any remedy available to the Trustee or exercising any trust or
power conferred on the Trustee with respect to the Securities of that series.

          SECTION 5.3. Collection of Indebtedness and Suits for Enforcement by Trustee.

          The Company covenants that if:

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               (1) default is made in the payment of any interest on any Security when such interest
becomes due and payable and such default continues for a period of 30 days; or

               (2) default is made in the payment of the principal of (or premium, if any, on) any
Security at the Maturity thereof;

          the Company will, upon demand of the Trustee, pay to it, for the benefit of the Holders of
such Securities, the whole amount then due and payable on such Securities for principal and any
premium and interest and, to the extent that payment of such interest shall be legally enforceable,
interest on any overdue principal and premium and on any overdue interest, at the rate or rates
borne by such Securities, and, in addition thereto, such further amount as shall be sufficient to
cover the costs and expenses of collection, including the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel.

          If the Company fails to pay such amounts forthwith upon such demand, the Trustee, in its own
name and as trustee of an express trust, may institute a judicial proceeding for the collection of
the sums so due and unpaid, may prosecute such proceeding to judgment or final decree and may
enforce the same against the Company or
any Guarantor or any other obligor upon such Securities and collect the moneys adjudged or
decreed to be payable in the manner provided by law out of the property of the Company, any
Guarantor or any other obligor upon such Securities, wherever situated.

          If an Event of Default with respect to Securities of any series occurs and is continuing, the
Trustee may in its discretion proceed to protect and enforce its rights and the rights of the
Holders of Securities of such series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of
any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein,
or to enforce any other proper remedy.

          SECTION 5.4. Trustee May File Proofs of Claim.

          In any case of the pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other any judicial proceeding relative to
the Company (or any Guarantor or other obligor upon the Securities), its property or its creditors,
the Trustee shall be entitled and empowered, by intervention in such proceeding or otherwise, to
take any and all actions authorized under the Trust Indenture Act in order to have claims of the
Holders and the Trustee allowed in any such proceeding. In particular, the Trustee shall be
authorized to collect and receive any moneys or other property payable or deliverable on any such
claims and to distribute the same, and any custodian, receiver, assignee, trustee, liquidator,
sequestrator or other similar official in any such judicial proceeding is hereby authorized by each
Holder to make such payments to the Trustee and to pay to the Trustee any amount due it for the

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reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and
counsel, and any other amounts due the Trustee under Section 6.7.

          No provision of this Indenture shall be deemed to authorize the Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement,
adjustment or composition affecting the Securities or the rights of any Holder thereof or to
authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding.

          SECTION 5.5. Trustee May Enforce Claims Without Possession of Securities.

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

          SECTION 5.6. Application of Money Collected.

          Any money collected by the Trustee pursuant to this Article shall be applied in the following
order, at the date or dates fixed by the Trustee and, in case of the distribution of such money on
account of principal or any premium or interest, upon presentation of the Securities in respect of
which moneys have been collected and the notation thereon of the payment if only partially paid and
upon surrender thereof if fully paid:

     FIRST: To the payment of all amounts due the Trustee under Section 6.7;

     SECOND: In case the principal of the Securities of such series in respect of which
moneys have been collected shall not have become and be then due and payable, to the
payment of interest, if any, on the Securities of such series in default in the order of
the maturity of the installments of such interest, with interest (to the extent that such
interest has been collected by such Trustee and to the extent permitted by law) upon the
overdue installments of interest at the rate borne by such Securities, such payments to be
made ratably to the persons entitled thereto, without discrimination or preference;

     THIRD: In case the principal or any premium of the Securities of such series in
respect of which moneys have been collected shall have become and shall be then due and
payable, to the payment of the whole amount then owing and unpaid upon all the Securities
of such series for principal, any premium and interest, if any, with interest upon the
overdue principal, and (to the extent that such interest has been collected by such Trustee
and to the extent permitted by

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law) upon overdue installments of interest at the rate borne
by the Securities of such series; and in case such moneys shall be insufficient to pay in
full the whole amount so due and unpaid upon the Securities of such series, then to the
payment of such principal, any premium and interest, without preference or priority of
principal over interest, or of interest over principal, or of any installment of interest
over any other installment of interest, or of any Security of such series over any other
Security of such series, ratably to the aggregate of such principal and accrued and unpaid
interest; and

          FOURTH: The balance, if any, to the Company or any other Person or Persons lawfully
entitled thereto.

          SECTION 5.7. Limitation on Suits.

          No Holder of any Security of any series shall have any right to institute any proceeding under
this Indenture, or for the appointment of a receiver or trustee, or for any other remedy under this
Indenture, unless each of the following shall have occurred:

               (1) such Holder has previously given the Trustee written notice of a continuing Event of
Default with respect to the Securities of that series; and

               (2) the Holders of at least 25% in principal amount of the Outstanding Securities of that
series have made a written request to the Trustee to pursue the remedy and have offered, and if
requested provided, indemnity reasonably satisfactory to the Trustee against any loss, liability
or expense incurred in connection with such pursuit; and

               (3) the Trustee has failed to comply with such request within 60 days after receipt of such
notice, request and offer of indemnity; and

               (4) the Trustee has not received from the Holders of a majority in aggregate principal
amount of Outstanding Securities of such series, a direction inconsistent with such request
during that 60-day period.

          SECTION 5.8. Unconditional Right of Holders to Receive Principal, Premium and
Interest.

          Notwithstanding any other provision in this Indenture, the Holder of any Security shall have
the right, which is absolute and unconditional, to receive payment of the principal of and any
premium and (subject to Section 3.7) interest on such Security on the respective Stated Maturities
expressed in such Security (or, in the case of redemption, on the Redemption Date) and to institute
suit for the enforcement of any such payment, and such rights shall not be impaired without the
consent of such Holder.

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          SECTION 5.9. Restoration of Rights and Remedies.

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

          SECTION 5.10. Rights and Remedies Cumulative.

          Except as otherwise provided with respect to the replacement or payment of mutilated,
destroyed, lost or stolen Securities in the last paragraph of Section 3.6, no right or remedy
herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of
any other right or remedy, and every right and remedy shall, to the extent permitted by law, be
cumulative and in addition to every other right and remedy given hereunder or now or hereafter
existing at law or in equity or otherwise. The assertion or employment of any right or remedy
hereunder, or otherwise, shall not prevent the concurrent assertion or employment of any other
appropriate right or remedy.

          SECTION 5.11. Delay or Omission Not Waiver.

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

          SECTION 5.12. Control by Holders.

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

               (1) such direction shall not be in conflict with any rule of law or with this Indenture and
the Trustee shall not have determined that the action so directed would be unjustly prejudicial
to Holders of Securities of that series, or any other series, not taking part in such direction;
and

               (2) the Trustee may take any other action deemed proper by the Trustee which is not
inconsistent with such direction or this Indenture.

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          SECTION 5.13. Waiver of Past Defaults.

          The Holders of at least a majority in principal amount of the Outstanding Securities of any
series may on behalf of the Holders of all of the Securities of such series waive any past default
hereunder with respect to such series and its consequences, except a default:

          (1) in the payment of the principal of or any premium or interest on any Security of such
series or the payment of any redemption price, purchase price or repurchase price with respect to
any Securities of such series; or

          (2) in respect of a covenant or provision hereof which under Article IX cannot be modified or
amended without the consent of each Holder of such series affected.

          Upon any such waiver, such default shall cease to exist, and any Event of Default arising
therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such
waiver shall extend to any subsequent or other default or impair any right consequent thereon.

          SECTION 5.14. Undertaking for Costs.

          All parties to this Indenture agree, and each Holder of any Security by his or her acceptance
thereof, shall be deemed to have agreed that any court may in its discretion require, in any suit
for the enforcement of any right or remedy under this Indenture, or in any suit against the Trustee
for any action taken, suffered or omitted by it as Trustee, the filing by any party litigant in
such suit of an undertaking to pay the costs of such suit and that such court may in its discretion
assess reasonable costs, including reasonable attorney’s fees and expenses, against any party
litigant in such suit, in the manner and to the extent provided in the Trust Indenture Act;  provided that neither this Section nor the Trust Indenture Act shall be deemed to authorize any
court to require such an undertaking or to make such an assessment in any suit instituted by the
Company or in any suit instituted by the Trustee, to any suit instituted by any Holder or group of
Holders for the enforcement of the payment of the principal of, or any premium or interest on, any
Security on or after the due date for such payment.

          SECTION 5.15. Waiver of Stay or Extension Laws.

          The Company covenants (to the extent that it may lawfully do so) that it will not at any time
insist upon, or plead, or in any manner whatsoever claim or take the benefit or advantage of, any
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
do so) hereby expressly waives all benefit or advantage of any such law and covenants that it will
not hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted.

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ARTICLE VI

The Trustee

          SECTION 6.1. Certain Duties and Responsibilities.

          The duties and responsibilities of the Trustee shall be as expressly set forth in this
Indenture and as provided by the Trust Indenture Act. Notwithstanding the foregoing, no provision
of this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur any
financial liability in the performance of any of its duties hereunder, or in the exercise of any of
its rights or powers, if it shall have reasonable grounds for believing that repayment of such
funds or adequate indemnity against such risk or liability is not reasonably assured to it. Whether
or not therein expressly so provided, every provision of this Indenture relating to the conduct or
affecting the liability of or affording protection to the Trustee shall be subject to the
provisions of this Section. No provision of this Indenture shall be construed to relieve the
Trustee from liability for its own negligent action, its own negligent failure to act or its own
willful misconduct, subject to Section 6.3.

          SECTION 6.2. Notice of Defaults.

          If a Default or Event of Default has occurred and the Trustee has received notice of the
Default or Event of Default in accordance with this Indenture, the Trustee must mail to each Holder
a notice of the Default or Event of Default within 30 days after the occurrence of the Event of
Default. However, the Trustee need not mail the notice if the Default or Event of Default (a) has
been cured or waived; or (b) is not in the payment of any amounts due with respect to any Security
and the Trustee in good faith determines that withholding the notice is in the best interests of
Holders. In addition, the Trustee shall give the Holders of Securities of such series notice of
such Default or Event of Default actually known to it as and to the extent provided by the Trust
Indenture Act.

          SECTION 6.3. Certain Rights of Trustee.

          Subject to the provisions of Section 6.1:

               (1) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively
rely and shall be protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order,
bond, debenture, note, other evidence of indebtedness or other paper or document believed by it
to be genuine and to have been signed or presented by the proper party or parties;

               (2) any request or direction of the Company mentioned herein shall be sufficiently
evidenced by a Company Request or Company Order, and any resolution of the Company’s Board of
Directors may be sufficiently evidenced by a Board Resolution;

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

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

               (5) other than its duties in the case of a default pursuant to Section 5.2, the Trustee
shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any Holder, unless such Holders offer to the Trustee
indemnity reasonably satisfactory to the Trustee;

               (6) the Trustee shall not be bound to make any investigation into the facts or matters
stated in any resolution, certificate, statement, instrument, opinion, report, notice, request,
direction, consent, order, bond, debenture, note, other evidence
of indebtedness or other paper or document, but the Trustee, in its discretion, may make
further inquiry or investigation into such facts or matters as it may see fit;

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

               (8) the Trustee shall not be liable for any action taken, suffered, or omitted to be taken
by it in good faith and reasonably believed by it to be authorized or within the discretion or
rights or powers conferred upon it by this Indenture;

               (9) the Trustee shall not be deemed to have notice of any Default or Event of Default
unless a responsible officer of the Trustee has actual knowledge thereof or unless written
notice of any event which is in fact such a Default is received by the Trustee at the Corporate
Trust Office of the Trustee, and such notice references the Securities and this Indenture;

               (10) the permissive rights of the Trustee to do the things enumerated in this Indenture
shall not be construed as a duty unless so specified herein. The Trustee shall not be liable in
connection with the performance of its duties hereunder, except for its own negligence or
willful misconduct;

               (11) whenever in the administration of the trusts imposed upon it by this Indenture the
Trustee shall deem it necessary or desirable that a matter be proved or established prior to
taking or suffering any action hereunder, such matter may be deemed to be conclusively proved
and established by an Officers’ Certificate, and such Officers’ Certificate shall be full
warrant to the Trustee for any action taken or

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suffered in good faith under the provisions of
the Indenture in reliance upon such Officers’ Certificate, but in its discretion the Trustee
may, in lieu thereof, accept other evidence of such matter or may request such additional
evidence as it may deem reasonable;

               (12) in no event shall the Trustee be responsible or liable for special, indirect, punitive
or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of
profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action;

               (13) the rights, privileges, protections, immunities and benefits given to the Trustee,
including its right to be indemnified, are extended to, and shall be enforceable by, the Trustee
in each of its capacities hereunder, and each agent, custodian and other Person employed to act
hereunder;

               (14) the Trustee shall not be required to give any bond or surety in respect of the
performance of its powers and duties hereunder; and

               (15) the Trustee may request that the Company deliver a certificate setting forth the names
of individuals and/or titles of officers authorized at such time to take specified actions
pursuant to this Indenture.

          SECTION 6.4. Not Responsible for Recitals or Issuance of Securities.

          The recitals contained herein and in the Securities, except the Trustee’s certificates of
authentication, shall be taken as the statements of the Company, and neither the Trustee nor any
Authenticating Agent assumes any responsibility for their correctness. The Trustee makes no
representations as to the validity, sufficiency or priority of this Indenture or of the Securities,
except that the Trustee represents that it is duly authorized to execute and deliver this
Indenture, authenticate the Securities and perform its obligations hereunder, and that the
statements made by it or to be made by it in any Statement of Eligibility on Form T-1 supplied to
the Company are true and accurate as of the date thereof. Neither the Trustee nor any
Authenticating Agent shall be accountable for the use or application by the Company of Securities
or the proceeds thereof.

          SECTION 6.5. May Hold Securities and Act as Trustee Under Other Indentures.

          The Trustee, any Authenticating Agent, any Paying Agent, any Security Registrar or any other
agent of the Company, in its individual or any other capacity, may become the owner or pledgee of
Securities and, subject to Sections 6.8 and 6.13, may otherwise deal with the Company with the same
rights it would have if it were not Trustee, Authenticating Agent, Paying Agent, Security Registrar
or such other agent.

          Subject to the limitations imposed by the Trust Indenture Act, nothing in this Indenture shall
prohibit the Trustee from becoming and acting as trustee under other

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indentures under which other
securities, or certificates of interest of participation in other securities, of the Company are
outstanding in the same manner as if it were not Trustee hereunder.

          SECTION 6.6. Money Held in Trust.

          Subject to the provisions of the last paragraphs of Sections 10.3 and 12.5, all money received
by the Trustee shall, until used or applied as herein provided, be held in trust for the purposes
for which they were received, but need not be segregated from other funds except to the extent
required by law. The Trustee shall be under no liability for interest on any money received by it
hereunder except as otherwise agreed in writing with the Company.

          SECTION 6.7. Compensation and Reimbursement.

          The Company agrees:

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

               (2) except as otherwise expressly provided herein, to reimburse the Trustee upon its
request for all reasonable expenses, disbursements and advances incurred or made by the Trustee
in accordance with any provision of this Indenture (including the reasonable compensation and
the expenses and disbursements of its agents and counsel), except any such expense, disbursement
or advance as may be attributable to its negligence or willful misconduct; and

               (3) to indemnify the Trustee for, and to hold it harmless against, any and all loss,
liability, damage, claim (including taxes (other than taxes based on the income of the Trustee))
or expense incurred without negligence or willful misconduct on its part, arising out of or in
connection with the acceptance or administration of the trust or trusts hereunder, including the
costs and expenses of defending itself against any claim (whether asserted by the Company, a
Guarantor, a Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder.

          When the Trustee incurs expenses or renders services in connection with an Event of Default
specified in Section 5.1(5) or Section 5.1(6), the expenses (including the reasonable charges and
expenses of its counsel) and the compensation for the services are intended to constitute expenses
of administration under any applicable Federal or State bankruptcy, insolvency, reorganization or
other similar law.

          The Trustee shall have a lien prior to the Securities as to all property and funds held by it
hereunder for any amount owing it or any predecessor Trustee pursuant

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to this Section 6.7, except
with respect to funds held in trust for the benefit of the Holders of particular Securities.

          The provisions of this Section shall survive the termination of this Indenture.

          SECTION 6.8. Conflicting Interests.

          If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust
Indenture Act, the Trustee shall either eliminate such interest within 90 days or resign, to the
extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act and
this Indenture. To the extent permitted by such Act, the Trustee shall not be deemed to have a
conflicting interest by virtue of being a trustee under this Indenture with respect to Securities
of more than one series.

          SECTION 6.9. Corporate Trustee Required; Eligibility.

          There shall at all times be one (and only one) Trustee hereunder with respect to the
Securities of each series, which may be the Trustee hereunder for Securities of one or more other
series. Each Trustee shall be a Person that is eligible pursuant to the Trust Indenture Act to act
as such and has (or if the Trustee is a member of a bank holding company system, its bank holding
company has) a combined capital and surplus of at least $50,000,000 and shall be subject to
supervision or examination by a Federal or State authority. If any such Person publishes reports of
condition at least annually, pursuant to law or to the requirements of said supervising or
examining authority, then for the purposes of this Section and to the extent permitted by the Trust
Indenture Act, the combined capital and surplus of such Person shall be deemed to be its combined
capital and surplus as set forth in its most recent report of condition so published. If at any
time the Trustee with respect to the Securities of any series shall cease to be eligible in
accordance with the provisions of this Section, it shall resign immediately in the manner and with
the effect hereinafter specified in this Article.

          SECTION 6.10. Resignation and Removal; Appointment of Successor.

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

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

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          The Trustee may be removed at any time with respect to the Securities of any series by Act of
the Holders of a majority in principal amount of the Outstanding Securities of such series,
delivered to the Trustee and to the Company. If the instrument of acceptance by a successor Trustee
required by Section 6.11 shall not have been delivered to the Trustee within 30 days after the
giving of such notice of removal, the Trustee being removed may petition, at the expense of the
Company, any court of competent jurisdiction for the appointment of a successor Trustee with
respect to the Securities of such series.

          If at any time:

               (1) the Trustee shall fail to comply with Section 6.8 after written request therefor by the
Company or by any Holder who has been a bona fide Holder of a Security for at least six months,

               (2) the Trustee shall cease to be eligible under Section 6.9 and shall fail to resign after
written request therefor by the Company or by any such Holder, or

               (3) the Trustee shall become incapable of acting or shall be adjudged bankrupt or insolvent
or a receiver of the Trustee or of its property shall be appointed or any public officer shall
take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation,

then, in any such case, (A) the Company by a Board Resolution may remove the Trustee with respect
to all Securities, or (B) subject to Section 5.14, any Holder who has been a bona fide Holder of a
Security for at least six months may, on behalf of himself and all others similarly situated,
petition any court of competent jurisdiction for the removal of the Trustee with respect to all
Securities and the appointment of a successor Trustee or Trustees.

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

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

          The Company shall give notice of each resignation and each removal of the Trustee with respect
to the Securities of any series and each appointment of a successor Trustee with respect to the
Securities of any series to all Holders of Securities of such series in the manner provided in
Section 1.6. Each notice shall include the name of the successor Trustee with respect to the
Securities of such series and the address of its Corporate Trust Office.

          SECTION 6.11. Acceptance of Appointment by Successor.

          In case of the appointment hereunder of a successor Trustee with respect to all Securities,
every such successor Trustee so appointed shall execute, acknowledge and deliver to the Company and
to the retiring Trustee an instrument accepting such appointment, and thereupon the resignation or
removal of the retiring Trustee shall become effective and such successor Trustee, without any
further act, deed or conveyance, shall become vested with all the rights, powers, trusts and duties
of the retiring Trustee, but, on the request of the Company or the successor Trustee, such retiring
Trustee shall, upon payment of its charges, execute and deliver an instrument transferring to such
successor Trustee all the rights, powers and trusts of the retiring Trustee and shall duly assign,
transfer and deliver to such successor Trustee all property and money held by such retiring Trustee
hereunder.

          In case of the appointment hereunder of a successor Trustee with respect to the Securities of
one or more (but not all) series, the Company, the retiring Trustee and each successor Trustee with
respect to the Securities of one or more series shall execute and deliver an indenture supplemental
hereto wherein each successor Trustee shall accept such appointment and which (i) shall contain
such provisions as shall be necessary or desirable to transfer and confirm to, and to vest in, each
successor Trustee all the rights, powers, trusts and duties of the retiring Trustee with respect to
the Securities of that or those series to which the appointment of such successor Trustee relates,
(ii) if the retiring Trustee is not retiring with respect to all Securities, shall contain such
provisions as shall be deemed necessary or desirable to confirm that all the rights, powers, trusts
and duties of the retiring Trustee with respect to the Securities of that or those series as to
which the retiring Trustee is not retiring shall continue to be vested in the retiring Trustee, and
(iii) shall add to or change any of the provisions of this Indenture as shall be necessary to
provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it
being understood that nothing herein or in such supplemental indenture shall constitute such
Trustees co-trustees of the same trust and that each such Trustee shall be trustee of a trust or
trusts hereunder separate and apart from any trust or trusts hereunder administered by any other
such Trustee; and upon the execution and delivery of such supplemental indenture the resignation or
removal of the retiring Trustee shall become

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effective to the extent provided therein and each such
successor Trustee, without any further act, deed or conveyance, shall become vested with all the
rights, powers, trusts and duties of the retiring Trustee with respect to the Securities of that or
those series to which the appointment of such successor Trustee relates, but, on request of the
Company or any successor Trustee, such retiring Trustee shall duly assign, transfer and deliver to
such successor Trustee all property and money held by such retiring Trustee hereunder with respect
to the Securities of that or those series to which the appointment of such successor Trustee
relates.

          Upon the reasonable written request of any such successor Trustee, the Company shall execute
any and all instruments for more fully and certainly vesting in and confirming to such successor
Trustee all such rights, powers and trusts referred to in the first or second preceding paragraph,
as the case may be.

          No successor Trustee shall accept its appointment unless at the time of such acceptance such
successor Trustee shall be qualified and eligible under this Article.

          SECTION 6.12. Merger, Conversion, Consolidation or Succession to Business.

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

          SECTION 6.13. Preferential Collection of Claims Against the Company.

          If and when the Trustee shall be or become a creditor of the Company (or any other obligor
upon the Securities), the Trustee shall be subject to the provisions of the Trust Indenture Act
regarding the collection of claims against the Company (or any such other obligor).

          SECTION 6.14. Appointment of Authenticating Agent.

          The Trustee may appoint an Authenticating Agent or Agents with respect to one or more series
of Securities which shall be authorized to act on behalf of the Trustee to authenticate Securities
of such series issued upon original issue and upon exchange, registration of transfer or partial
redemption thereof or pursuant to Section 3.5, and Securities so authenticated shall be entitled to
the benefits of this Indenture and shall be valid and obligatory for all purposes as if
authenticated by the Trustee hereunder.

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Wherever reference is made in this Indenture to the
authentication and delivery of Securities by the Trustee or the Trustee’s certificate of
authentication, such reference shall be deemed to include authentication and delivery on behalf of
the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of
the Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the
Company and shall at all times be a corporation organized and doing business under the laws of the
United States of America, any State thereof or the District of Columbia, authorized under such laws
to act as Authenticating Agent, having (or if the Authenticating Agent is a member of a bank
holding company system, its bank holding company has) a combined capital and surplus of not less
than $50,000,000 and subject to supervision or examination by Federal or State authority. If such
Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the
requirements of said supervising or examining authority, then for the purposes of this Section, the
combined capital and surplus of such Authenticating Agent shall be deemed to be its
combined capital and surplus as set forth in its most recent report of condition so published.
If at any time an Authenticating Agent shall cease to be eligible in accordance with the provisions
of this Section, such Authenticating Agent shall resign immediately in the manner and with the
effect specified in this Section.

          Any corporation into which an Authenticating Agent may be merged or converted or with which it
may be consolidated, or any corporation resulting from any merger, conversion or consolidation to
which such Authenticating Agent shall be a party, or any corporation succeeding to all or
substantially all the corporate agency or corporate trust business of an Authenticating Agent,
shall continue to be an Authenticating Agent, provided such corporation shall be otherwise eligible
under this Section, without the execution or filing of any paper or any further act on the part of
the Trustee or the Authenticating Agent.

          An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee
and the Company. The Trustee may at any time terminate the agency of an Authenticating Agent by
giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such
a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section, the Trustee may
appoint a successor Authenticating Agent which shall be acceptable to the Company and shall give
notice of such appointment in the manner provided in Section 1.6 to all Holders of Securities of
the series with respect to which such Authenticating Agent will serve. Any successor Authenticating
Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an
Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under
the provisions of this Section.

          The Company agrees to pay to each Authenticating Agent from time to time reasonable
compensation for its services under this Section.

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          If an appointment with respect to one or more series is made pursuant to this Section 6.14,
the Securities of such series may have endorsed thereon, in addition to the Trustee’s certificate
of authentication, an alternative certificate of authentication in the following form:

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

Dated:

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL

ASSOCIATION,

As Trustee

 	 
	 	By:  	 	 
	 	 	As Authenticating Agent 	 
	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 

ARTICLE VII

Holders’ Lists and Reports by Trustee and Company

          SECTION 7.1. Company to Furnish Trustee Names and Addresses of Holders.

          The Company will furnish or cause to be furnished to the Trustee:

               (1) semi-annually, not later than 15 days after each Regular Record Date, a list, in such
form as the Trustee may reasonably require, of the names and addresses of the Holders of
Securities of each series as of such Regular Record Date, as the case may be; and

               (2) at such other times as the Trustee may request in writing, within 30 days after the
receipt by the Company of any such request, a list of similar form and content as of a date not
more than 15 days prior to the time such list is furnished;

provided that no such list need be furnished by the Company to the Trustee so long as the Trustee
is acting as Security Registrar.

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          SECTION 7.2. Preservation of Information; Communications to Holders.

          The Trustee shall preserve, in as current a form as is reasonably practicable, the names and
addresses of Holders contained in the most recent list furnished to the Trustee as provided in
Section 7.1, if any, and the names and addresses of Holders received by the Trustee in its capacity
as Security Registrar. The Trustee may destroy any list furnished to it as provided in Section 7.1
upon receipt of a new list so furnished.

          The rights of Holders to communicate with other Holders with respect to their rights under
this Indenture or under the Securities, and the corresponding rights and privileges of the Trustee,
shall be as provided by the Trust Indenture Act.

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

          SECTION 7.3. Reports by Trustee.

          The Trustee shall transmit to Holders of Securities, as their names and addresses appear in
the Securities Register, such reports concerning the Trustee and its actions under this Indenture
as may be required pursuant to the Trust Indenture Act at the times and in the manner provided
pursuant thereto.

          The Trustee shall comply with Section 313 of the Trust Indenture Act and, if required by
Section 313(a) of the Trust Indenture Act, the Trustee shall, within 60 days after each May 15,
following the date of the initial issuance of Securities under this Indenture deliver to Holders a
brief report, dated as of such May 15, which complies with the provisions of such Section 313(a).

          A copy of each such report shall, at the time of such transmission to Holders, be filed by the
Trustee with each securities exchange upon which any Securities are listed, with the Commission and
with the Company. The Company will promptly notify the Trustee in writing when any Securities are
listed on any securities exchange or of any delisting therefrom.

          SECTION 7.4. Reports by Express Scripts or the Company.

          Prior to the consummation of the Mergers, Express Scripts and, following the consummation of
the Mergers, the Company will file with the Trustee and the Commission, and transmit to Holders,
such information, documents and other reports, and such summaries thereof, as may be required
pursuant to the Trust Indenture Act, at the times and in the manner provided pursuant to the Trust
Indenture Act; provided that any such information, documents or reports required to be filed with
the Commission pursuant to Section 13 or 15(d) of the Exchange Act shall be filed with the Trustee
within

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15 days after the same is so required to be filed with the Commission; provided further that
any such information, documents or reports filed with the Commission pursuant to its Electronic
Data Gathering, Analysis and Retrieval (or EDGAR) system shall be deemed to be filed with the
Trustee, provided further that the Trustee shall have no duty to determine whether such filing has
occurred.

          Delivery of such reports, information and documents to the Trustee is for informational
purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any
information contained therein or determinable from information contained therein, including the
Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to
rely exclusively on Officers’ Certificates).

ARTICLE VIII

Consolidation, Merger, Conveyance, Transfer or Lease

          SECTION 8.1. Company and Express Scripts May Consolidate, Etc., Only on Certain Terms.

               (1) The Company shall not consolidate with or merge with or into any other Person, permit
any other Person to consolidate with or merge with and into the Company or convey, transfer or
lease all or substantially all of its properties and assets to any other Person, unless:

     (i) the Company is the surviving entity or the Person formed by such consolidation or
merger or the Person to which all or substantially all of the properties and assets of the
Company are conveyed, transferred or leased, as the case may be, shall be an entity
organized and existing under the laws of the United States of America, any state thereof or
the District of Columbia and shall expressly assume, by an indenture supplemental hereto,
executed and delivered to the Trustee, in form satisfactory to the Trustee, the due and
punctual payment of the principal of and any premium and interest on all the Outstanding
Securities and the performance and observance of every covenant of this Indenture on the
part of the Company to be performed or observed;

     (ii) immediately after giving effect to such transaction and treating any Indebtedness
that becomes an obligation of the Company or any Subsidiary of the Company as a result of
such transaction as having been incurred by the Company or any Subsidiary of the Company at
the time of such transaction, there shall not be any Event of Default, or event which,
after notice or lapse of time or both, would become an Event of Default;

     (iii) if, as a result of such transaction, the properties or assets of the Company
would become subject to a Lien which would not be permitted under Section 10.8 of this
Indenture, the Company or such successor Person, as the case

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may be, shall take those steps
that are necessary to secure all the Outstanding Securities equally and ratably with
Indebtedness secured by that Lien; and

     (iv) the Company shall have delivered to the Trustee an Officers’ Certificate and an
Opinion of Counsel, each stating that such consolidation or transfer and supplemental
indenture, if applicable, comply with this Indenture and that all conditions precedent to
the consummation of the particular consolidation, merger, conveyance, transfer or lease
under this Indenture have been complied with.

               (2) For purposes of this Section 8.1, the conveyance, transfer or lease of all or
substantially all of the properties and assets of one or more Subsidiaries of the Company, which
properties and assets, if held by the Company instead of such Subsidiaries, would constitute all
or substantially all of the Company’s properties and
assets on a consolidated basis, shall be deemed to be the transfer of all or substantially
all of the Company’s properties and assets.

               (3) Prior to the consummation of the Mergers, Express Scripts shall not (i) consolidate or
merge with or into any other Person, (ii) permit any other Person to consolidate with or merge
with and into it (other than as contemplated by the Merger Agreement) or (iii) convey, transfer
or lease all or substantially all of its properties and assets to any other Person.

          SECTION 8.2. Successor Substituted.

          Upon any consolidation or merger by the Company with or into any other Person or any
conveyance, transfer or lease of all or substantially all of the properties and assets of the
Company to any other Person in accordance with Section 8.1, the successor Person formed by such
consolidation or merger or to which such conveyance, transfer or lease is made shall succeed to,
and be substituted for, and may exercise every right and power of, the Company under this Indenture
with the same effect as if such successor Person had been named as the Company herein, and
thereafter, except in the case of a lease to another Person, the predecessor Person shall be
relieved of all obligations and covenants under this Indenture and the Securities (to the extent
the Company was the predecessor Person).

ARTICLE IX

Supplemental Indentures

          SECTION 9.1. Supplemental Indentures Without Consent of Holders.

          Without the consent of any Holders, the Company and the Guarantors, when authorized by a Board
Resolution, and the Trustee, at any time and from time to time, may enter into one or more
indentures supplemental hereto, in form satisfactory to the Trustee, to modify and amend this
Indenture and the terms of the Securities to:

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          (1) evidence the succession of another Person to the Company, or successive successions, and
the assumption by any such successor of the covenants of the Company herein and in the Securities
upon the Company’s consolidation or merger, or the sale, transfer, lease, conveyance or other
disposition of all or substantially all of the Company’s property and assets in accordance with
this Indenture;

          (2) add to the covenants of the Company or the Guarantors for the benefit of the Holders of
all or any series of Securities (and if such covenants are to be for the benefit of fewer than all
series of Securities, stating that such covenants are expressly being included solely for the
benefit of such series) or to surrender any right or power herein conferred upon the Company;

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

          (4) add to or change any of the provisions of this Indenture to such extent as shall be
necessary to permit or facilitate the issuance of Securities in bearer form, registrable or not
registrable as to principal, and with or without interest coupons, or to permit or facilitate the
issuance of Securities in uncertificated form;

          (5) add to, change or eliminate any of the provisions of this Indenture in respect of one or
more series of Securities, provided that any such addition, change or elimination (A) shall neither
(i) apply to any Security of any series created prior to the execution of such supplemental
indenture and entitled to the benefit of such provision nor (ii) modify the rights of the Holder of
any such Security with respect to such provision or (B) shall become effective only when there is
no such Security Outstanding;

          (6) secure any of the Securities;

          (7) establish the form or terms of Securities of any series as permitted by Sections 2.1 and
3.1;

          (8) evidence and provide for the acceptance of appointment hereunder by a successor Trustee
with respect to the Securities of one or more series and to add to or change any of the provisions
of this Indenture as shall be necessary to provide for or facilitate the administration of the
trusts hereunder by more than one Trustee, pursuant to the requirements of Section 6.11;

          (9) comply with the rules and regulations of any securities exchange or automated quotation
system on which the Securities may be listed, quoted or traded;

          (10) add to, change or eliminate any of the provisions of this Indenture as shall be necessary
or desirable in accordance with any amendments to the Trust Indenture Act; provided that such
action does not materially adversely affect the rights or interests of any Holder of Securities;

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          (11) supplement any of the provisions of this Indenture to such extent as shall be necessary
to permit or facilitate the defeasance and discharge of any series of Securities pursuant to
Articles IV and XII, provided that any such action shall not adversely affect the interests of the
Holders of Securities of such series or any other series of Securities in any material respect;

          (12) reflect the release of any Guarantor in accordance with Article XIII; or

          (13) add Guarantors with respect to any of the Securities.

          In addition, the Company, the Guarantors and the Trustee may enter into a supplemental
indenture without the consent of Holders of the Securities in order to cure
any ambiguity, defect, omission or inconsistency in this Indenture or the Securities in a
manner that does not, individually or in the aggregate with all other changes, adversely affect the
rights of any Holder in any material respect; provided that any modification of this Indenture and
the Securities to conform the provisions of the Indenture to any description of the applicable
Securities in the offering circular or prospectus therefor shall not be deemed to adversely affect
the rights of any Holder in any material respect. The Company and the Trustee may also enter into a
supplemental indenture without the consent of Holders of the Securities in order to conform the
Indenture to any description of the Securities contained in the offering circular or prospectus
therefor.

          SECTION 9.2. Supplemental Indentures With Consent of Holders.

          With the consent of the Holders of at least a majority in principal amount of the Outstanding
Securities of each series affected by such supplemental indenture, by Act of said Holders delivered
to the Company and the Trustee, the Company and the Guarantors, when authorized by a Board
Resolution, and the Trustee may enter into an indenture or indentures supplemental hereto for the
purpose of adding any provisions or changing in any manner or eliminating any of the provisions of
this Indenture or of modifying in any manner the rights of the Holders of Securities of such series
under this Indenture; provided, however, that no such supplemental indenture shall, without the
consent of the Holder of each Outstanding Security affected thereby:

     (1) change the Stated Maturity of the principal of, or any installment of principal of
or interest on, any Security, or reduce the principal amount thereof or the rate of
interest thereon or any premium payable upon any Security, or reduce the amount of the
principal of, or any premium, or any interest on, an Original Issue Discount Security or
any other Security which would be due and payable upon a declaration of acceleration of the
Maturity thereof pursuant to Section 5.2, or change any Place of Payment where, manner or
the coin or currency in which, any Security or any premium or interest thereon is payable,
or impair the right to institute suit for the enforcement of any such payment on or release
any Guarantee by a Guarantor other than as provided in this Indenture (it being

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understood
that any release effected by Section 8.2 shall not constitute any of the foregoing);

     (2) reduce the percentage in principal amount of the Outstanding Securities of any
series, the consent of whose Holders is required for any such supplemental indenture, or
the consent of whose Holders is required for any waiver (of compliance with certain
provisions of this Indenture or certain defaults hereunder and their consequences) provided
for in this Indenture;

     (3) modify any of the provisions of this Section or Section 5.13, except to increase
any such percentage or to provide that certain other provisions of this Indenture cannot be
modified or waived without the consent of the Holder of each Outstanding Security affected
thereby; provided, however, that this clause shall not be deemed to require the consent of
any Holder with respect to changes in the references to “the Trustee” and concomitant
changes in this Section, or the
deletion of this proviso, in accordance with the requirements of Sections 6.11 and
9.1(8); or

     (4) change the ranking of any series of Securities.

          In addition, subject to Sections 5.8 and 5.13, the Holders of a majority in aggregate
principal amount of the Outstanding Securities of any series may, by notice to the Trustee, waive
compliance by the Company or the Guarantors with any provision of this Indenture or such
Securities, in a particular instance or generally, without notice to any other Holder; provided
that no such waiver shall extend to or affect such term, provision or condition except to the
extent so expressly waived, and, until such waiver shall become effective, the obligations of the
Company or the Guarantors and the duties of the Trustee in respect of any such term, provision or
condition shall remain in full force and effect.

          A supplemental indenture which changes or eliminates any covenant or other provision of this
Indenture which has expressly been included solely for the benefit of one or more particular series
of Securities, or which modifies the rights of the Holders of Securities of such series with
respect to such covenant or other provision, shall be deemed not to affect the rights under this
Indenture of the Holders of Securities of any other series.

          It shall not be necessary for any Act of Holders under this Section to approve the particular
form of any proposed supplemental indenture, but it shall be sufficient if such Act shall approve
the substance thereof.

          SECTION 9.3. Execution of Supplemental Indentures.

          In executing, or accepting the additional trusts created by, any supplemental indenture
permitted by this Article or the modifications thereby of the trusts created by this Indenture, the
Trustee shall receive, and (subject to Sections 6.1 and 6.3) shall be fully protected in
conclusively relying upon, an Opinion of Counsel stating that

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the execution of such supplemental
indenture is authorized or permitted by this Indenture and that such supplemental indenture is the
valid and binding obligation of the Company. The Trustee may, but shall not be obligated to, enter
into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities
under this Indenture or otherwise.

          SECTION 9.4. Effect of Supplemental Indentures.

          Upon the execution of any supplemental indenture under this Article, this Indenture shall be
modified in accordance therewith, and such supplemental indenture shall form a part of this
Indenture for all purposes; and every Holder of Securities theretofore or thereafter authenticated
and delivered hereunder shall be bound thereby (unless such supplemental indenture does not apply
to such Securities).

          SECTION 9.5. Conformity with Trust Indenture Act.

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

          SECTION 9.6. Reference in Securities to Supplemental Indentures.

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

ARTICLE X

Covenants

          SECTION 10.1. Payment of Principal, Premium and Interest.

          The Company covenants and agrees for the benefit of each series of Securities that it will
duly and punctually pay the principal of and any premium and interest on the Securities of that
series in accordance with the terms of the Securities and this Indenture.

          Payments in respect of the Securities represented by a Global Security (including principal,
premium and interest) will be made by wire transfer of immediately available funds to the accounts
specified by the Depository. The Company will make all payments in respect of a certificated
Security (including principal, premium and interest) by mailing a check to the registered address
of each Holder thereof as such address appears in the Security Register; provided, however, that
payments on a certificated

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Security will 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).

          SECTION 10.2. Maintenance of Office or Agency.

          The Company will maintain in each Place of Payment for any series of Securities an office or
agency where Securities of that series may be presented or surrendered for payment, where
Securities of that series may be surrendered for registration of transfer or exchange and where
notices and demands to or upon the Company in respect of the Securities of that series and this
Indenture may be served. The Company will give prompt written notice to the Trustee of the
location, and any change
in the location, of such office or agency. If at any time the Company shall fail to maintain
any such required office or agency or shall fail to furnish the Trustee with the address thereof,
such presentations, surrenders, notices and demands may be made or served at the Corporate Trust
Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such
presentations, surrenders, notices and demands.

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

          SECTION 10.3. Money for Securities Payments to Be Held in Trust.

          If the Company shall at any time act as its own Paying Agent with respect to any series of
Securities, it will, on or before each due date of the principal of or any premium or interest on
any of the Securities of that series, segregate and hold in trust for the benefit of the Persons
entitled thereto a sum sufficient to pay the principal and any premium and interest so becoming due
until such sums shall be paid to such Persons or otherwise disposed of as herein provided and will
promptly notify the Trustee of its action or failure so to act.

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

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          The Company will cause each Paying Agent for any series of Securities other than the Trustee
to execute and deliver to the Trustee an instrument in which such Paying Agent shall agree with the
Trustee, subject to the provisions of this Section, that such Paying Agent will (1) hold all sums
held by it for the payment of the principal of (and premium, if any) or interest on Securities of
that series in trust for the benefit of the Persons entitled thereto until such sums shall be paid
to such Persons or otherwise disposed of as herein provided; (2) give the Trustee notice of any
default by the Company (or any other obligor upon the Securities of that series) in the making of
any payment of principal (and premium, if any) or interest on the Securities of that series; and
(3) at any time during the continuance of any such default, upon the written request of the
Trustee, forthwith pay to the Trustee all sums held in trust by such Paying Agent for payment in
respect of the Securities of that series.

          The Company may at any time, for the purpose of obtaining the satisfaction and discharge of
this Indenture or for any other purpose, pay, or by Company Order direct any Paying Agent to pay,
to the Trustee all sums held in trust by the Company or such Paying Agent, such sums to be held by
the Trustee upon the same trusts as those upon which such sums were held by the Company or such
Paying Agent; and, upon such payment by any Paying Agent to the Trustee, such Paying Agent shall be
released from all further liability with respect to such money.

          Any money deposited with the Trustee or any Paying Agent, or then held by the Company, in
trust for the payment of the principal of (and premium, if any) or interest on any Security of any
series and remaining unclaimed for a period ending on the earlier of the date that is 10 Business
Days prior to the date such money would escheat to the State or two years after such principal (and
premium, if any) or interest has become due and payable shall be paid to the Company on Company
Request, or (if then held by the Company) shall be discharged from such trust; and the Holder of
such Security shall thereafter, as an unsecured general creditor, look only to the Company for
payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust
money, and all liability of the Company as trustee thereof, shall thereupon cease.

          SECTION 10.4. Statement by Officers as to Default.

          The Company will promptly notify the Trustee in writing upon its becoming aware of the
occurrence of any Default or Event of Default. In addition, the Company shall furnish to the
Trustee, within 120 days after the end of each fiscal year of the Company ending after the date of
the Indenture, an Officers’ Certificate stating whether the officers certifying therein have actual
knowledge of any Default or Event of Default by the Company in performing any of its obligations
under the Indenture or the Securities and describing any such Default or Event of Default.

          SECTION 10.5. Existence.

          Subject to Article VIII, the Company will do or cause to be done all things reasonably
necessary to preserve and keep in full force and effect its corporate existence.

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          SECTION 10.6. Payment of Taxes and Other Claims.

          The Company and, prior to the consummation of the Mergers, Express Scripts will pay or
discharge or cause to be paid or discharged, before the same shall become delinquent, all taxes,
assessments and governmental charges levied or imposed upon the Company or Express Scripts,
respectively, or upon the income, profits or property of (x) prior to the consummation of the
Mergers, Express Scripts or any of its Subsidiaries and (y) following the consummation of the
Mergers, the Company or any of its Subsidiaries, provided, however, that the Company or Express
Scripts, as applicable, shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment or charge (i) whose amount, applicability or validity is being contested
in good faith by appropriate proceedings or (ii) if the failure to pay or discharge would not have
a material adverse effect on the assets, business, operations, properties or condition
(financial or otherwise) of (x) prior to the consummation of the Mergers, Express Scripts and
its Subsidiaries, taken as a whole, and (y) following the consummation of the Mergers, the Company
and its Subsidiaries, taken as a whole.

          SECTION 10.7. Calculation of Original Issue Discount.

          The Company shall file with the Trustee promptly at the end of each calendar year (i) a
written notice specifying the amount of original issue discount (including daily rates and accrual
periods), if any, accrued on Outstanding Securities as of the end of such year and (ii) such other
specific information relating to such original issue discount as may then be relevant under the
Code.

          SECTION 10.8. Limitations on Liens.

          The Company will not, and will not permit any Restricted Subsidiary to, create or assume,
except (x) prior to the consummation of the Mergers, in favor of Express Scripts or in favor of one
or more of its Wholly Owned Subsidiaries and (y) following consummation of the Mergers, in favor of
the Company or in favor of one or more of the Company’s Wholly Owned Subsidiaries, any Lien against
or on any Property now owned or hereafter acquired by Express Scripts, the Company or any
Restricted Subsidiary, or permit any Restricted Subsidiary to do so, unless the Outstanding
Securities of each series are secured equally and ratably with (or prior to) the obligations so
secured by such Lien, except that the foregoing restrictions do not apply to the following types of
Liens:

          (1) Liens in connection with workers’ compensation, unemployment insurance or other social
security obligations (which phrase shall not be construed to refer to ERISA or the minimum funding
obligations under Section 412 of the Code);

          (2) Liens to secure the performance of bids, tenders, letters of credit, contracts (other than
contracts for the payment of Indebtedness), leases, statutory obligations, surety, customs, appeal,
performance and payment bonds and other obligations of like nature, in each such case arising in
the ordinary course of business;

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          (3) mechanics’, workmen’s, carriers’, warehousemen’s, materialmen’s, landlords’, or other like
Liens arising in the ordinary course of business with respect to obligations which are not due or
that are being contested in good faith and by appropriate action;

          (4) Liens for taxes, assessments, fees or governmental charges or levies that are not
delinquent or which are payable without penalty, or which are being contested in good faith and by
appropriate action, and in respect of which adequate reserves shall have been established in
accordance with GAAP (x) prior to the consummation of the Mergers, on the books of Express Scripts
or any of its Subsidiaries or (y) following the consummation of the Mergers, on the books of the
Company or any of its Subsidiaries;

          (5) Liens consisting of attachments, judgments or awards against (x) prior to the consummation
of the Mergers, Express Scripts or any of its Subsidiaries or (y) following the consummation of the
Mergers, the Company or any of its Subsidiaries, in each case with respect to which an appeal or
proceeding for review shall be pending or a stay of execution shall have been obtained, or which
are otherwise being contested in good faith and by appropriate action, and in respect of which
adequate reserves shall have been established in accordance with GAAP on the books of (x) prior to
the consummation of the Mergers, Express Scripts or any of its Subsidiaries or (y) following the
consummation of the Mergers, the Company or any of its Subsidiaries;

          (6) easements, rights of way, restrictions, leases of Property to others, easements for
installations of public utilities, title imperfections and restrictions, zoning ordinances and
other similar encumbrances affecting Property which in the aggregate do not materially adversely
affect the value of such Property or materially impair its use for the operations of (x) prior to
the consummation of the Mergers, the business of Express Scripts or any of its Subsidiaries or (y)
following the consummation of the Mergers, the business of the Company or any of its Subsidiaries;

          (7) (x) with respect to Securities issued on the date hereof, Liens existing on the date of
this Indenture and (y) with respect to Securities issued after the date hereof (other than any
additional Securities of the same series and on the same terms and conditions of Securities already
issued), Liens existing on the date of the supplemental indenture or Officers’ Certificate pursuant
to which such Securities were issued, in each case securing Indebtedness or other obligations of
Express Scripts or any of its Subsidiaries;

          (8) statutory Liens in favor of lessors arising in connection with Property leased to (x)
prior to the consummation of the Mergers, Express Scripts or any of its Subsidiaries or (y)
following the consummation of the Mergers, the Company or any of its Subsidiaries;

          (9) Liens on Margin Stock to the extent that a prohibition on such Liens pursuant to this
Section 10.8 would violate Regulation U of the Board of Governors of

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the Federal Reserve System of
the United States of America, as the same may be amended or supplemented from time to time;

          (10) purchase money Liens on Property hereafter acquired by (x) prior to the consummation of
the Mergers, Express Scripts or any of its Subsidiaries or (y) following the consummation of the
Mergers, the Company or any of its Subsidiaries, in each case created within 180 days of such
acquisition (or in the case of real property, completion of construction including any improvements
or the commencement of operation of the Property, whichever occurs later) to secure or provide for
the payment or financing of all or any part of the purchase price thereof; provided that the Lien
secured thereby shall attach only to the Property so acquired and related assets (except that
individual financings by one Person (or an Affiliate thereof) may be cross-collateralized to other
financings provided by such Person and its Affiliates that are independently permitted by this
clause (10));

          (11) Liens in respect of Permitted Sale-Leaseback Transactions;

          (12) Liens on the Property of a Person that becomes a Subsidiary of (x) after the date hereof
and prior to the consummation of the Mergers, Express Scripts or (y) following the consummation of
the Mergers, the Company; provided that (i) such Liens existed at the time such Person becomes a
Subsidiary and were not created in anticipation thereof, (ii) any such Lien does not by its terms
cover any Property after the time such Person becomes a Subsidiary that was not covered immediately
prior thereto and (iii) any such Lien does not by its terms secure any Indebtedness other than
Indebtedness existing immediately prior to the time such Person becomes a Subsidiary; provided that
such Indebtedness was not incurred in anticipation of such Person becoming a Subsidiary;

          (13) Liens on Property and proceeds thereof existing at the time of acquisition thereof and
not created in contemplation thereof;

          (14) Liens (x) of a collection bank arising under Section 4-208 of the Uniform Commercial Code
on the items in the course of collection, and (y) in favor of a banking institution arising as a
matter of law encumbering deposits (including the right of set off) and which are within the
general parameters customary in the banking industry;

          (15) Liens securing Securitized Indebtedness in an aggregate principal amount not in excess of
$1.5 billion at any one time outstanding upon the granting of such Liens;

          (16) any extension, renewal, refinancing, substitution or replacement (or successive
extensions, renewals, refinancings, substitutions or replacements), as a whole or in part, of any
of the Liens referred to in paragraphs (7), (10), (12) and (13) of this Section; provided that such
extension, renewal, refinancing substitution or replacement Lien shall be limited to all or any
part of substantially the same property or assets that secured the Lien extended, renewed,
refinanced, substituted or replaced (plus

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improvements on such Property) and the liability secured
by such Lien at such time is not increased;

          (17) Liens on proceeds of any of the assets permitted to be the subject of any Lien or
assignment permitted by this Section 10.8;

          (18) Liens imposed in respect of Environmental Laws;

          (19) licenses of patents, trademarks and other intellectual property rights granted by (x)
prior to the consummation of the Mergers, Express Scripts or any of its Subsidiaries or (y)
following the consummation of the Mergers, the Company or any of its Subsidiaries, in each case in
the ordinary course of business and not interfering in any material respect with the ordinary
conduct of the business of Express Scripts, the Company or such Subsidiary, as applicable;

          (20) Liens securing obligations (other than obligations representing Indebtedness for borrowed
money) under operating, reciprocal easement or similar
agreements entered into (x) prior to the consummation of the Mergers, by Express Scripts or
any of its Subsidiaries or (y) following the consummation of the Mergers, by the Company or any of
its Subsidiaries, in each case in the ordinary course of business; and

          (21) other Liens; provided that, without duplication, the aggregate sum of all obligations and
Indebtedness secured by Liens permitted under this clause (21), together with all Property subject
to Permitted Sale-Leaseback Transactions would not exceed 15% of the Consolidated Net Worth of (x)
prior to the consummation of the Mergers, Express Scripts (y) following the consummation of the
Mergers, the Company, in each case measured upon the granting of such Liens based on the
consolidated balance sheet of Express Scripts or the Company, as applicable, for the end of the
then most recent quarter for which financial statements are available.

          SECTION 10.9. Limitations on Sale and Lease-Back Transactions.

          The Company will not, and will not permit any Restricted Subsidiary to, engage in sale and
leaseback transactions except for Permitted Sale-Leaseback Transactions.

          SECTION 10.10. Right to Require Repurchase Upon a Change of Control Triggering Event.

               (1) Upon the occurrence of any Change of Control Triggering Event with respect to a
particular series of Securities, each Holder of Securities of such series shall have the right
to require, by delivery to the Company of a Purchase Notice, the Company to repurchase all or
any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their
Securities of such series pursuant to the offer described below (the “Change of Control
Offer”) at a purchase price in cash equal to 101% of the aggregate principal amount of the
Securities repurchased, plus accrued and unpaid interest, if any, on the Securities repurchased,
to the date of purchase

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(subject to the right of Holders on the relevant Regular Record Date to
receive interest due on the relevant Interest Payment Date) (the “Change of Control
Payment”).

               (2) Within 30 days following any Change of Control Triggering Event with respect to a
particular series of Securities, or at the Company’s option, prior to any Change of Control but
after the public announcement of the pending Change of Control, the Company shall mail a notice
to Holders of Securities of the applicable series, with a written copy to the Trustee, which
notice shall govern the terms of the Change of Control Offer. Such notice shall state:

     (i) a description of the transaction or transactions that constitute the Change of
Control Triggering Event for such series;

     (ii) that the Change of Control Offer is being made pursuant to this Section 10.10 and
that all Securities of such series validly tendered will be accepted for payment;

     (iii) the Change of Control Payment and the Change of Control Payment Date,
which date shall be a Business Day that is no earlier than 30 days and no later than 60
days from the date such notice is mailed, other than as may be required by law (the
“Change of Control Payment Date”); and

     (iv) if the notice is mailed prior to the date of the consummation of the Change of
Control, that the Change of Control Offer is conditioned on the Change of Control
Triggering Event occurring on or prior to the Change of Control Payment Date.

               (3) On the Change of Control Payment Date, the Company shall be required, to the extent
lawful, to:

     (i) accept for payment all Securities of such series or portions of such Securities
properly tendered pursuant to the Change of Control Offer;

     (ii) deposit with the Paying Agent an amount equal to the Change of Control Payment in
respect of all Securities of such series or portions of such Securities properly tendered;
and

     (iii) deliver or cause to be delivered to the Trustee the Securities properly accepted
together with an Officers’ Certificate stating the aggregate principal amount of Securities
or portions of Securities being purchased and that all conditions precedent provided for in
this Indenture to the Change of Control Offer and to the repurchase by the Company of
Securities pursuant to the Change of Control Offer have been complied with.

               The Paying Agent will promptly mail to each Holder of Securities properly tendered the Change
of Control Payment for such Securities, and the Trustee will promptly authenticate and mail (or
cause to be transferred by book-entry) to each

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Holder of Securities properly tendered a new
Security equal in principal amount to any unpurchased portion of any Securities surrendered;
provided that each new Security will be in a principal amount of $2,000 or an integral multiple of
$1,000.

               (4) The Company shall comply with the requirements of Rule 14e-1 under the Exchange Act and
any other securities laws and regulations thereunder to the extent those laws and regulations
are applicable in connection with the repurchase of Securities as a result of a Change of
Control Triggering Event. To the extent that the provisions of any securities laws or
regulations conflict with this Section 10.10, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its obligations under
this Section 10.10 by virtue of such conflicts.

               (5) Notwithstanding the foregoing, the Company will not be required to make an offer to
repurchase the Securities upon a Change of Control Triggering Event if (x) a third party makes
such an offer in the manner, at the times and otherwise in compliance with the requirements for
an offer made by the Company and such third
party purchases all the Securities properly tendered and not withdrawn under its offer or
(y) the Company has given written notice of a redemption as provided under Section 11.4 or in
accordance with any redemption provisions provided for in any supplemental indenture or
Officers’ Certificate pursuant to Section 3.1, unless the Company has failed to pay the
Redemption Price on the Redemption Date.

          SECTION 10.11. Additional Guarantors.

          If, after the date of this Indenture, any Subsidiary of (x) prior to the consummation of the
Mergers, Express Scripts or (y) following the consummation of the Mergers, the Company that is, in
each case, not then a Guarantor guarantees, becomes a borrower, issuer or guarantor under, or
grants any Lien to secure any obligations pursuant to, (1) the Express Scripts Existing Revolving
Credit Facility or any refinancing or replacement thereof, (2) the Medco Term Loan and Revolving
Credit Facility or any refinancing or replacement thereof, (3) either of the Facilities or any
refinancing or replacement thereof, or (4) any other Indebtedness having an aggregate principal
amount outstanding in excess of 15% of the Consolidated Net Worth of (a) prior to the consummation
of the Mergers, Express Scripts or (b) following the consummation of the Mergers, the Company, in
each case as of the end of such entity’s most recent quarter for which financial statements are
available (such Consolidated Net Worth to be measured at the time of the incurrence of each such
guarantee or borrowing or the granting of such Lien), then in any such case such Subsidiary will
become a Guarantor by executing a supplemental indenture and delivering it to the Trustee promptly
(but in any event, within two Business Days of the date on which it guaranteed or incurred such
Indebtedness or granted such Lien, as the case may be).

          Notwithstanding the preceding paragraph, any Guarantee by a Guarantor that was issued pursuant
to this Section 10.11 solely as a result of its guarantee or incurrence of, or granting of a Lien
in respect of, any such Indebtedness shall be

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automatically and unconditionally released upon the
release or discharge of the guarantee that resulted in the creation of such Subsidiary’s Guarantee
(or upon such Subsidiary ceasing to be an issuer or a borrower or the release of Liens granted by
such Subsidiary, as the case may be), except a discharge or release as a result of payment under
such guarantee.

ARTICLE XI

Redemption of Securities

          SECTION 11.1. Applicability of Article.

          Securities of any series which are redeemable before their Stated Maturity shall be redeemable
in accordance with their terms and (except as otherwise specified as contemplated by Section 3.1
for such Securities) in accordance with this Article.

          SECTION 11.2. Election to Redeem; Notice to Trustee.

          The election of the Company to redeem any Securities shall be evidenced by a Board Resolution.
In case of any redemption at the election of the Company of the Securities of any series (including
any such redemption affecting only a single Security), the Company shall, at least 40 days (or at
least 45 days if less than all the Securities of any series are to be redeemed) prior to the
Redemption Date fixed by the Company (unless a shorter notice shall be satisfactory to the
Trustee), notify the Trustee of such Redemption Date and of the aggregate principal amount of
Securities of such series to be redeemed.

          SECTION 11.3. Selection by Trustee of Securities to Be Redeemed.

          If less than all the Securities of any series are to be redeemed, the particular Securities to
be redeemed shall be selected not more than 90 days prior to the Redemption Date by the Trustee
from among the Outstanding Securities of such series not previously called for redemption, by such
method as the Trustee shall deem fair and appropriate and which may provide for the selection for
redemption of portions (equal to the minimum authorized denomination for such Securities or any
integral multiple thereof) of the principal amount of such Securities of a denomination larger than
the minimum authorized denomination.

          The Trustee shall promptly notify the Company in writing of the Securities selected for
redemption and, in the case of any Securities selected for partial redemption, the aggregate
principal amount thereof to be redeemed.

          In the case of any redemption in part affecting only a single Security, the unredeemed portion
of the principal amount of the Security shall be in an authorized denomination (which shall not be
less than the minimum authorized denomination) for such Security.

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

          SECTION 11.4. Notice of Redemption.

          Notice of any optional redemption of any Securities shall be given by first-class mail,
postage prepaid, mailed not less than 30 nor more than 60 days prior to the Redemption Date to each
Holder of Securities to be redeemed, at such Holder’s address as shown in the Security Register for
the affected Securities.

          Failure to give notice by mailing in the manner herein provided to the Holder of any
Securities designated for redemption as a whole or in part, or any defect in the notice to any such
Holder, shall not affect the validity of the proceedings for the redemption of any other Securities
or portion thereof.

          All notices of redemption shall identify the Securities to be redeemed and shall state:

               (1) the Redemption Date;

               (2) the Redemption Price (including accrued interest, if any);

               (3) the aggregate principal amount of the Securities of any series to be redeemed;

               (4) if less than all of the Outstanding Securities of any series are to be redeemed, the
identification (and, in the case of partial redemption of any such Securities, the portions of
principal amounts) of the particular Securities to be redeemed;

               (5) that on the Redemption Date the Redemption Price will become due and payable upon each
such Security to be redeemed and that interest thereon will cease to accrue on and after said
date;

               (6) the place or places where each such Security is to be surrendered for payment of the
Redemption Price;

               (7) the CUSIP, ISIN or Common Code numbers of such Securities, if any (or any other number
used by the Depository to identify such Securities); and

               (8) if notice of redemption of such Securities to be redeemed has been given by the Company
pursuant to this Section 11.4 and funds sufficient to pay the Redemption Price (including any
accrued and unpaid interest) of all such Securities to be redeemed on the Redemption Date are
irrevocably available for the redemption of the Securities called for redemption on the
Redemption Date, that the Securities called

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for redemption shall cease to bear interest on and
after such Redemption Date and that the only remaining right of the Holders will be to receive
payment of the Redemption Price.

          Notice of redemption of Securities to be redeemed at the election of the Company shall be
given by the Company or, on Company Request provided to the Trustee at least ten days before the
notice of redemption is to be given to Holders, by the Trustee at the expense of the Company.

          SECTION 11.5. Deposit of Redemption Price.

          On or before 11:00 a.m., New York time, on any Redemption Date, the Company shall 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 as provided in Section 10.3) an amount of money sufficient to pay the Redemption
Price of, and (except if the Redemption Date shall be an Interest Payment Date) accrued interest
on, all the Securities which are to be redeemed on that date.

          SECTION 11.6. Securities Payable on Redemption Date.

          Notice of redemption having been given as aforesaid, the Securities to be redeemed shall, on
the Redemption Date, become due and payable at the Redemption Price therein specified, and, if
funds sufficient to pay the Redemption Price (including any accrued and unpaid interest) of all of
such Securities to be redeemed on the Redemption Date are irrevocably available for the redemption
of the Securities called for redemption on the Redemption Date, from and after such date (unless
the Company shall default in the payment of the Redemption Price and accrued and unpaid interest)
such Securities shall cease to bear interest. Upon surrender of any such Security for redemption in
accordance with said notice, such Security shall be paid by the Company at the Redemption Price,
together with accrued and unpaid interest to the Redemption Date; provided, however, that, unless
otherwise specified in or as contemplated by Section 3.1, installments of interest whose Interest
Payment Date is on or prior to the Redemption Date shall be payable to the Holders of such
Securities, or one or more Predecessor Securities, registered as such at the close of business on
the relevant Record Dates according to their terms and the provisions of Section 3.7.

          If any Security called for redemption shall not be so paid upon surrender thereof for
redemption, the principal thereof shall, until paid, bear interest from the Redemption Date at the
rate borne by the Security.

          SECTION 11.7. Securities Redeemed in Part.

          Any Security which is to be redeemed only in part shall be surrendered at an office or agency
in accordance with the notice of redemption (with, if the Company or the Trustee shall so require,
due endorsement by, or a written instrument of transfer in form satisfactory to the Company and the
Trustee duly executed by, the Holder thereof or other appropriate person), and the Company shall
execute, and the Trustee shall

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authenticate and deliver to the Holder of such Security without
service charge, a new Security or Securities of the same series, having endorsed thereon the
Guarantee executed by the Guarantors and of like tenor, of any authorized denominations as
requested by such Holder, in aggregate principal amount equal to and in exchange for the unredeemed
portion of the principal of the Security so surrendered.

ARTICLE
XII

Defeasance and Covenant Defeasance

          SECTION 12.1. [Reserved].

          SECTION 12.2. Legal Defeasance.

          Subject to Section 12.4, the Company at any time may terminate all its obligations under the
Securities of a particular series and this Indenture (and have each Guarantor’s obligation
discharged with respect to its Guarantee and this Indenture) (“Legal Defeasance”). For
this purpose, such Legal Defeasance means that the Company shall be deemed to have paid and
discharged the entire indebtedness represented by such
Securities and to have satisfied all its other obligations under such Securities and this
Indenture insofar as such Securities are concerned (and the Trustee, at the expense of the Company,
shall execute proper instruments acknowledging the same), subject to the following which shall
survive until all the Securities of such series have in fact been paid in full: (1) the rights of
Holders of such Securities to receive, solely from the trust fund described in Section 12.4 and as
more fully set forth in such Section, payments in respect of the principal of and any premium and
interest on such Securities when payments are due, (2) the Company’s obligations with respect to
such Securities under Sections 3.4, 3.5, 3.6, 3.8, 3.9, 10.2 and 10.3, (3) the rights, powers,
trusts, duties and immunities of the Trustee hereunder and (4) this Article. Subject to compliance
with this Article, the Company may exercise its option (if any) to have this Section applied to any
Securities notwithstanding the prior exercise of its option (if any) to have Section 12.3 applied
to such Securities.

          SECTION 12.3. Covenant Defeasance.

          Subject to Section 12.4, the Company at any time may terminate its obligations under Sections
7.4, 10.6, 10.8, 10.9, 10.10 and 10.11 and Article VIII and XIII, inclusive, and the occurrence of
any event specified in Sections 5.1(4) with respect to any of Article VIII and Sections 7.4, 10.6,
10.8, 10.9, 10.10 and 10.11, inclusive, shall be deemed not to be or result in an Event of Default,
in each case with respect to Outstanding Securities of such series as provided in this Section
(hereinafter called “Covenant Defeasance”). For this purpose, such Covenant Defeasance
means that, with respect to such Securities, the Company may omit to comply with and shall have no
liability in respect of any term, condition or limitation set forth in any such specified Article
or Section (to the extent so specified in the case of Section 5.1(4)), whether directly or
indirectly by reason of any reference elsewhere herein to any such Article or Section or by reason
of any reference in any such Article or Section to any other

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provision herein or in any other
document, but the remainder of this Indenture and the Securities of such shall be unaffected
thereby.

          SECTION 12.4. Conditions to Defeasance or Covenant Defeasance.

          The Company may exercise its Legal Defeasance option or its Covenant Defeasance option (which
defeasance will be effective on the date the conditions below are satisfied) for any Securities
only if:

               (1) the Company irrevocably deposits with the Trustee (or another trustee which satisfies
the requirements contemplated by Section 6.9 and agrees to comply with the provisions of this
Article applicable to it) in trust for the purpose of making the following payments,
specifically pledged as security for, and dedicated solely to, the benefit of the Holders of
Outstanding Securities of such series, (A) money in an amount, or (B) U.S. Government
Obligations which through the scheduled payment of principal and interest in respect thereof in
accordance with their terms will provide, not later than one day before the due date of any
payment, money in an amount, or (C) a combination thereof, in each case sufficient without
consideration of reinvestment of interest, in the opinion of a nationally recognized
firm of independent certified public accountants expressed in a written certification
thereof delivered to the Trustee, to pay and discharge, and which shall be applied by the
Trustee (or any such other qualifying trustee) to pay and discharge, the principal of and any
premium and interest on Outstanding Securities of such series at the respective Stated
Maturities or on the respective Redemption Date, as the case may be, in accordance with the
terms of this Indenture and such Securities;

               (2) in the event of an election for Legal Defeasance under Section 12.2, 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 instrument, there has been a change in the applicable Federal income tax law, in
the case of either (A) or (B) to the effect that, and based thereon such opinion shall confirm
that, the Holders of the Outstanding Securities of such series will not recognize income, gain
or loss for Federal income tax purposes as a result of the deposit, Legal Defeasance and
discharge to be effected with respect to such Securities and will be subject to Federal income
tax on the same amount, in the same manner and at the same times as would be the case if such
deposit, Legal Defeasance and discharge were not to occur;

               (3) in the event of an election for Covenant Defeasance under Section 12.3, the Company
shall have delivered to the Trustee an Opinion of Counsel to the effect that the Holders of the
Outstanding Securities of such series will not recognize income, gain or loss for Federal income
tax purposes as a result of the deposit and Covenant Defeasance to be effected with respect to
such Securities and will be subject to Federal income tax on the same amount, in the same manner
and at the same times as would be the case if such deposit and Covenant Defeasance were not to
occur;

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               (4) the Company shall have delivered to the Trustee an Officers’ Certificate to the effect
that neither such Securities nor any other Securities of the same series, if then listed on any
securities exchange, will be delisted as a result of such deposit;

               (5) no event which is, or after notice or lapse of time or both would become, an Event of
Default with respect to such Securities or any other Securities shall have occurred and be
continuing at the time of such deposit or, with regard to any such event specified in Sections
5.1(5) and (6), at any time on or prior to the 90th day after the date of such deposit (it being
understood that this condition shall not be deemed satisfied until after such 90th day);

               (6) such Legal Defeasance or Covenant Defeasance shall not cause the Trustee to have a
conflicting interest within the meaning of the Trust Indenture Act (assuming all Securities are
in default within the meaning of such Act);

               (7) such Legal Defeasance or Covenant Defeasance shall not result in a breach or violation
of, or constitute a default under, the Indenture or any other agreement or instrument to which
the Company is a party or by which it is bound;

               (8) such Legal Defeasance or Covenant Defeasance shall not result in the trust arising from
such deposit constituting an investment company within the meaning of the Investment Company Act
unless such trust shall be registered under the Investment Company Act or exempt from
registration thereunder; and

               (9) the Company shall have delivered to the Trustee an Officers’ Certificate and an Opinion
of Counsel, each stating that all conditions precedent with respect to such Legal Defeasance or
Covenant Defeasance have been complied with.

          SECTION 12.5. Deposited Money and U.S. Government Obligations to be Held in Trust;
Miscellaneous Provisions.

          Subject to the provisions of the last paragraph of Section 10.3, all money and U.S. Government
Obligations (including the proceeds thereof) deposited with the Trustee or other qualifying trustee
(solely for purposes of this Section and Section 12.6, the Trustee and any such other trustee are
referred to collectively as the “Trustee”) pursuant to Section 12.4 in respect of any
Securities shall be held in trust and applied by the Trustee, in accordance with the provisions of
such Securities and this Indenture, to the payment, either directly or through any such Paying
Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the
Holders of such Securities, of all sums due and to become due thereon in respect of principal and
any premium and interest, but money so held in trust need not be segregated from other funds except
to the extent required by law.

          The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against the U.S. Government Obligations deposited pursuant to Section 12.4 or the
principal and interest received in respect thereof other

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than any such tax, fee or other charge
which by law is for the account of the Holders of Outstanding Securities.

          Anything in this Article to the contrary notwithstanding, the Trustee shall deliver or pay to
the Company and any Paying Agent upon Company Request any money or U.S. Government Obligations held
by it as provided in Section 12.4 with respect to any Securities which, in the opinion of a
nationally recognized firm of independent certified public accountants expressed in a written
certification thereof delivered to the Trustee, are in excess of the amount thereof which would
then be required to be deposited to effect the Legal Defeasance or Covenant Defeasance, as the case
may be, with respect to such Securities.

          SECTION 12.6. Reinstatement.

          If the Trustee or the Paying Agent is unable to apply any money or U.S. Government Obligations
in accordance with this Article with respect to any Securities by reason of any order or judgment
of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, then the Company’s obligations under this Indenture and such Securities from which the
Company has been discharged or released pursuant to Section 12.2 or 12.3 shall be revived and
reinstated as though no
deposit had occurred pursuant to this Article with respect to such Securities, until such time
as the Trustee or Paying Agent is permitted to apply all money held in trust pursuant to Section
12.5 with respect to such Securities in accordance with this Article; provided, however, that if
the Company makes any payment of principal of or any premium or interest on any such Security
following such reinstatement of its obligations, the Company shall be subrogated to the rights (if
any) of the Holders of such Securities to receive such payment from the money so held in trust.

ARTICLE XIII

Guarantee

          SECTION 13.1. Unconditional Guarantee.

               (1) For value received, each of the Guarantors hereby jointly and severally and fully and
unconditionally guarantees (each a “Guarantee”), to each Holder of a Security
authenticated and delivered by the Trustee and to the Trustee and its successors and assigns,
irrespective of the validity and enforceability of this Indenture or the Securities or the
obligations of the Company or any other Guarantor to the Holders or the Trustee hereunder or
thereunder, that: (a) the principal of, premium, if any, and interest on the Securities will be
duly and promptly paid in full when due, whether at Stated Maturity, upon redemption, by
acceleration or otherwise, and interest on the overdue principal and (to the extent permitted by
law) interest, if any, on the Securities and all other obligations of the Company or the
Guarantor to the Holders of or the Trustee hereunder or thereunder (including fees, expenses or
others) (collectively, the “Obligations”) will be promptly paid in full or performed,
all in

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accordance with the terms hereof and thereof; and (b) in case of any extension of time of
payment or renewal of any Obligations (with or without notice to such Guarantor), the same will
be promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at Stated Maturity, by acceleration or otherwise. If the Company shall fail to
pay when due, or to perform, any Obligations, for whatever reason, each Guarantor shall be
jointly and severally obligated to pay in cash, or to perform or cause the performance of, the
same promptly. An Event of Default under this Indenture or the Securities of a particular
series shall entitle the Holders of the Securities of such series to accelerate the Obligations
of the Guarantor hereunder in the same manner and to the same extent as the Obligations of the
Company.

               (2) Each Guarantor hereby agrees that its obligations hereunder shall be unconditional,
irrespective of the validity, regularity or enforceability of the Securities or this Indenture,
the absence of any action to enforce the same, any waiver or consent by any Holder of the
Securities with respect to any provisions of this Indenture or the Securities, any release of
any other Guarantor, the recovery of any judgment against the Company, any action to enforce the
same, whether or not a Guarantee is affixed to any particular Security, or any other
circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor.

               (3) Each Guarantor further agrees that, as between it, on the one hand, and the Holders of
the Securities and the Trustee, on the other hand, (a) the maturity of the Obligations
guaranteed hereby may be accelerated as provided in Article V for the purposes of the Guarantee,
notwithstanding any stay, injunction or other prohibition preventing such acceleration in
respect of the Obligations and (b) in the event of any acceleration of such Obligations as
provided in Article V, such Obligations (whether or not due and payable) shall forthwith become
due and payable by the Guarantor for the purposes of its Guarantee.

          SECTION 13.2. Waiver.

          To the fullest extent permitted by applicable law, each of the Guarantors waives diligence,
presentment, demand of, payment, filing of claims with a court in the event of insolvency or
bankruptcy of the Company, any right to require a proceeding first against the Company, protest,
notice and all demands whatsoever and covenants that the Guarantee will not be discharged except by
complete performance of the Obligations contained in the Securities and this Indenture.

          SECTION 13.3. Guarantee of Payment.

          Each of the Guarantors further agrees that its Guarantee 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 the Trustee or any Holder of the Securities to the security, if
any, held for payment of the Obligations.

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          SECTION 13.4. No Discharge or Diminishment of Guarantee.

          Subject to Section 13.10 of this Indenture, the obligations of each of the Guarantors
hereunder shall not be subject to any reduction, limitation, termination, impairment or for any
reason (other than the payment in full in cash of the Obligations), including any claim of waiver,
release, surrender, alteration or compromise of any of the Obligations, and shall not be subject to
any defense or setoff, counterclaim, recoupment or termination whatsoever by reason of the
invalidity, illegality or unenforceability of the Obligations or otherwise. Without limiting the
generality of the foregoing, the obligations of each of the Guarantors hereunder shall not be
discharged or impaired or otherwise affected by the failure of the Trustee or any Holder of the
Securities to assert any claim or demand or to enforce any remedy under this Indenture or the
Securities, any other guarantee or any other agreement, by any waiver or modification of any
provision thereof, by any default, failure or delay, willful or otherwise, in the performance of
the Obligations, or by any other act or omission or delay to do any other act that may or might in
any manner or to any extent vary the risk of any Guarantor or that would otherwise operate as a
discharge of any Guarantor as a matter of law or equity (other than the payment in full in cash of
all the Obligations).

          SECTION 13.5. Defenses of Company Waived.

          To the extent permitted by applicable law, each of the Guarantors waives any defense based on
or arising out of any defense of the Company or any other Guarantor or the unenforceability of the
Obligations or any part thereof from any cause, or the cessation from any cause of the liability of
the Company, other than final payment in full in cash of the Obligations. Each of the Guarantors
waives any defense arising out of any such election even though such election operates to impair or
to extinguish any right of reimbursement or subrogation or other right or remedy of each of the
Guarantors against the Company or any security.

          SECTION 13.6. Continued Effectiveness.

          Subject to Section 13.10 of this Indenture, each of the Guarantors further agrees that its
Guarantee hereunder 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 the Trustee or any Holder of the Securities upon the bankruptcy or
reorganization of the Company or otherwise.

          SECTION 13.7. Subrogation.

          In furtherance of the foregoing and not in limitation of any other right of each of the
Guarantors by virtue hereof, upon the failure of the Company to pay any Obligation when and as the
same shall become due, whether at maturity, by acceleration, after notice of prepayment or
otherwise, each of the Guarantors hereby promises to and will, upon receipt of written demand by
the Trustee or any Holder of the Securities, forthwith pay, or cause to be paid, to the Holders in
cash the amount of such unpaid

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Obligations, and thereupon the Holders shall assign (except to the
extent that such assignment would render a Guarantor a “creditor” of the Company within the meaning
of Section 547 of Title 11 of the United States Code as now in effect or hereafter amended or any
comparable provision of any successor statute) the amount of the Obligations owed to it and paid by
such Guarantor pursuant to this Guarantee to such Guarantor, such assignment to be pro rata to the
extent the Obligations in question were discharged by such Guarantor, or make such other
disposition thereof as such Guarantor shall direct (all without recourse to the Holders, and
without any representation or warranty by the Holders). If (a) a Guarantor shall make payment to
the Holders of all or any part of the Obligations and (b) all the Obligations and all other amounts
payable under this Indenture shall be paid in full, the Trustee will, at such Guarantor’s request,
execute and deliver to such Guarantor appropriate documents, without recourse and without
representation or warranty, necessary to evidence the transfer by subrogation to such Guarantor of
an interest in the Obligations resulting from such payment by such Guarantor.

          SECTION 13.8. Information.

          Each of the Guarantors assumes all responsibility for being and keeping itself informed of the
Company’s financial condition and assets, and of all other
circumstances bearing upon the risk of nonpayment of the Obligations and the nature, scope and
extent of the risks that each of the Guarantors assumes and incurs hereunder, and agrees that the
Trustee and the Holders of the Securities will have no duty to advise the Guarantors of information
known to it or any of them regarding such circumstances or risks.

          SECTION 13.9. Subordination.

          Upon payment by any Guarantor of any sums to the Holders, as provided above, all rights of
such Guarantor against the Company, arising as a result thereof by way of right of subrogation or
otherwise, shall in all respects be subordinated and junior in right of payment to the prior
payment in full in cash of all the Obligations to the Trustee; provided, however, that any right of
subrogation that such Guarantor may have pursuant to this Indenture is subject to Section 13.7
hereof.

          SECTION 13.10. Release of Guarantor.

          (1) A Guarantor shall, upon the occurrence of any of the following events, be automatically
and unconditionally released and discharged from all obligations under this Indenture and its
Guarantee without any action required on the part of the Trustee or any Holder; provided that
such Guarantor would not, immediately after such release and discharge, be required to become a
Guarantor pursuant to Section 10.11 hereof if such Guarantor had incurred its then-existing
guarantees, Indebtedness and Liens at the time of such release and discharge:

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     (i) upon notice by the Company to the Trustee, at any time such Guarantor is not a
borrower, issuer or guarantor under, and has not granted any then-existing Lien to
secure any obligations pursuant to, (1) the Express Scripts Existing Revolving Credit
Facility or any refinancing or replacement thereof (including as a result of any
release from such obligations in connection with being designated an “exempt
subsidiary” by Express Scripts (as defined in the Express Scripts Existing Revolving
Credit Facility)), (2) the Medco Term Loan and Revolving Credit Facility or any
refinancing or replacement thereof, (3) either of the Facilities or any refinancing or
replacement thereof, or (4) any other Indebtedness having an aggregate principal amount
outstanding in excess of 15% of the Consolidated Net Worth of (x) prior to the
consummation of the Mergers, Express Scripts (y) or following the consummation of the
Mergers, the Company, in each case as of the end of such entity’s most recent quarter
for which financial statements are available (other than obligations arising under this
Indenture and the Securities), and such Guarantor is released or discharged from each
guarantee and Lien granted by such Guarantor with respect to all such Indebtedness
other than obligations arising under this Indenture and any Securities issued under the
Indenture except where resulting from a discharge or release as a result of payment
under such guarantee;

     (ii) upon the occurrence of the circumstances described in Section 10.11 hereof,
of which the Company shall promptly notify the Trustee; or

     (iii) upon the sale, transfer or disposition of all or substantially all of the
equity interests or assets of the Guarantor to another Person (other than to the
Company, any of its Subsidiaries or Affiliates).

          (2) A Guarantor shall be automatically and unconditionally released and discharged from all
obligations under this Indenture and its Guarantee without any action required on the part of
the Trustee or any Holder upon any Covenant Defeasance or Legal Defeasance with respect to the
Securities, subject to reinstatement pursuant to Section 12.6 of the Indenture.

          (3) The Trustee shall deliver an appropriate instrument evidencing such release upon
receipt of a request of the Company accompanied by an Officers’ Certificate certifying as to the
compliance with this Section. Any Guarantor not so released will remain liable for the full
amount of the principal of, premium, if any, and interest on the Securities provided in this
Indenture and its Guarantee.

          SECTION 13.11. Limitation of Guarantor’s Liability.

          (1) Each Guarantor, and by its acceptance hereof each Holder, hereby confirms that it is
the intention of all such parties that the Guarantee by such Guarantor not constitute a
fraudulent transfer or conveyance for purposes of Title 11 of the United States Code, the
Uniform Fraudulent Conveyance Act, the Uniform Fraudulent

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Transfer Act or any similar federal or
state law to the extent applicable to any Guarantor. To effectuate the foregoing intention, the
Holders and such Guarantor hereby irrevocably agree that the obligations of such Guarantor under
this Indenture and its Guarantee shall be limited to the maximum aggregate amount which, after
giving effect to all other contingent and fixed liabilities of such Guarantor, and after giving
effect to any collections from or payments made by or on behalf of any other Guarantor in
respect of the obligations of such Guarantor under its Guarantee or pursuant to its contribution
obligations under this Indenture, will result in the obligations of such Guarantor under its
Guarantee not constituting such fraudulent transfer or conveyance.

          (2) The Guarantee is expressly limited so that in no event, including the acceleration of
the maturity of the Securities, shall the amount paid or agreed to be paid in respect of
interest on the Securities (or fees or other amounts deemed payment for the use of funds) exceed
the maximum permissible amount under applicable law, as in effect on the date hereof and as
subsequently amended or modified to allow a greater amount of interest (or fees or other amounts
deemed payment for the use of funds) to be paid under the Guarantee. If for any reason the
amount in respect of interest (or fees or other amounts deemed payment for the use of funds)
required by the Guarantee exceeds such maximum permissible amount, the obligation to pay
interest under the Guarantee (or fees or other amounts deemed payment for the use of funds)
shall be automatically reduced to such maximum permissible amount and any
amounts collected by any holder of any Security in excess of the permissible amount shall
be automatically applied to reduce the outstanding principal on such Security.

          SECTION 13.12. Contribution from Other Guarantors.

          Each Guarantor that makes a payment or distribution under its Guarantee shall be entitled to
seek contribution from each other non-paying Guarantor in a pro rata amount based on the net assets
of each Guarantor, determined in accordance with generally accepted accounting principles in effect
in the United States of America as of the date hereof so long as the exercise of such right does
not impair the rights of the Holders under the Guarantee.

          SECTION 13.13. No Obligation to Take Action Against the Company.

          Neither the Trustee, any Holder nor any other Person shall have any obligation to enforce or
exhaust any rights or remedies or take any other steps under any security for the Obligations or
against the Company or any other Person or any Property of the Company or any other Person before
the Trustee, such Holder or such other Person is entitled to demand payment and performance by any
or all Guarantors of their liabilities and obligations under their Guarantee.

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          SECTION 13.14. Execution and Delivery of the Guarantee.

          (1) To further evidence the Guarantee set forth in this Article, each Guarantor hereby
agrees that a notation of such Guarantee substantially in the form of Exhibit 2 shall be
endorsed on each Security authenticated and delivered by the Trustee and executed by either
manual or facsimile signature of an officer, manager or member, as applicable, of each
Guarantor.

          (2) Each of the Guarantors hereby agrees that its Guarantee set forth in this Article shall
remain in full force and effect notwithstanding any failure to endorse on each Security a
notation of such Guarantee.

          (3) If an officer of a Guarantor whose signature is on this Indenture or a Guarantee no
longer holds that office or is no longer a manager or member, as applicable, at the time the
Trustee authenticates such Guarantee or at any time thereafter, such Guarantor’s Guarantee of
such Security shall be valid nevertheless.

          (4) The delivery of any Security by the Trustee, after the authentication thereof
hereunder, shall constitute due delivery of any Guarantee set forth in this Indenture on behalf
of each Guarantor.

          SECTION 13.15. Successor Guarantor.

          Unless otherwise released and discharged from its obligations in accordance with this
Indenture, upon any consolidation or merger by any Guarantor with or into any other Person, the
successor Person formed by such consolidation or merger
shall sign a supplemental indenture and guarantee and succeed to, and be substituted for, and
may exercise every right and power of, the Guarantor under this Indenture with the same effect as
if such successor Person has been named as a Guarantor herein, and thereafter the predecessor
Person shall be relieved of all obligations and covenants under this Indenture and the Securities
(to the extent the Guarantor was the predecessor Person).

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

[Signature Pages To Follow]

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	 	Very truly yours,

ARISTOTLE HOLDING, INC.

 	 
	 	By:  	/s/
George Paz	 
	 	 	Name:  	George Paz	 
	 	 	Title:  	Chairman, Chief Executive Officer
and
President	 
	 
	 	EXPRESS SCRIPTS, INC.

 	 
	 
	 	By:	/s/
George Paz	 
	 	 	Name:  	George Paz	 
	 	 	Title:  	Chairman, Chief Executive Officer
and
President
	 
	 	AIRPORT HOLDINGS, LLC

ESI REALTY, LLC
 	 
	 	By:  	     Express Scripts, Inc., as sole Member
 	 
	 	 	 
	 	By:  	/s/
George Paz	 
	 	 	Name:  	George Paz	 
	 	 	Title:  	Chairman, Chief Executive Officer
and
President

81

 

	 	 	 	 	 

	 	 	 	 	 
	 	BYFIELD DRUG, INC.

CARE CONTINUUM, INC.

CFI OF NEW JERSEY, INC.

CHESAPEAKE INFUSION, INC.

CONNECTYOURCARE COMPANY LLC

CONNECTYOURCARE, LLC

CURASCRIPT PBM SERVICES INC.

DIVERSIFIED PHARMACEUTICAL SERVICES, INC.

ESI ACQUISITION, INC.

ESI CLAIMS, INC.

ESI ENTERPRISES, LLC

ESI MAIL ORDER PROCESSING, INC.

EXPRESS SCRIPTS CANADA HOLDING CO.

EXPRESS SCRIPTS PHARMACEUTICAL PROCUREMENT, LLC

EXPRESS SCRIPTS SALES DEVELOPMENT CO.

FRECO, INC.

FREEDOM SERVICE COMPANY, LLC

HEALTHBRIDGE, INC.

HEALTHBRIDGE REIMBURSEMENT AND

  PRODUCT SUPPORT, INC.

iBIOLOGIC, INC.

IVTX, INC.

LYNNFIELD COMPOUNDING CENTER, INC.

LYNNFIELD DRUG, INC.

MATRIX GPO LLC

NATIONAL PRESCRIPTION ADMINISTRATORS, INC.

PRIORITY HEALTHCARE CORPORATION

PRIORITY HEALTHCARE CORPORATION
WEST

PRIORITY HEALTHCARE DISTRIBUTION, INC.

PRIORITY HEALTHCARE PHARMACY, INC.

PRIORITYHEALTHCARE.COM, INC.

SINUSPHARMACY, INC.

SPECIALTY INFUSION PHARMACY, INC.

SPECTRACARE, INC.

SPECTRACARE HEALTH CARE VENTURES, INC.

SPECTRACARE INFUSION PHARMACY, INC.

VALUE HEALTH, INC.

YOURPHARMACY.COM, INC.

 	 
	 	By:  	/s/
Keith J. Ebling	 
	 	 	Name:  	Keith J. Ebling	 
	 	 	Title:  	Vice President	 

82

 

	 	 	 	 	 

	 	 	 	 	 
	 	CURASCRIPT, INC.

ESI MAIL PHARMACY SERVICE, INC.

EXPRESS SCRIPTS SPECIALTY DISTRIBUTION

  SERVICES, INC.

EXPRESS SCRIPTS UTILIZATION MANAGEMENT CO.

MOORESVILLE ON-SITE PHARMACY, LLC

 	 
	 	By:  	/s/
Patrick McNamee	 
	 	 	Name:  	Patrick McNamee	 
	 	 	Title:  	President	 

83

 

	 	 	 	 	 

	 	 	 	 	 
	 	ESI-GP HOLDINGS, INC.

ESI RESOURCES, INC.

 	 
	 	By:  	/s/
Tom Rocheford	 
	 	 	Name:  	Tom Rocheford	 
	 	 	Title:  	President	 

	 	 	 	 	 
	 	ESI PARTNERSHIP

 	 
	 	By:  	Express Scripts, Inc., as Partner
 	 
	 	 	 
	 	By:  	/s/
Martin P. Akins	 
	 	 	Name:  	Martin P. Akins	 
	 	 	Title:  	Vice President and Deputy General Counsel
	 	 	 
	 	By:  	     ESI-GP Holdings, Inc., as Partner 	 

	 	 	 	 	 
	 	By:  	/s/
Tom Rocheford	 
	 	 	Name:  	Tom Rocheford	 
	 	 	Title:  	President	 

84

 

	 	 	 	 	 
	 	SPECTRACARE OF INDIANA

 	 
	 	By:  	Spectracare, Inc., as Partner
 	 
	 	 	 
	 	By:  	/s/
Keith Ebling	 
	 	 	Name:  	Keith Ebling	 
	 	 	Title:  	Vice President	 
	 	 	 
	 	By:  	     Care Continuum, Inc., as Partner
 	 
	 	 	 	 
	 	By:  	/s/
Keith Ebling	 
	 	 	Name:  	Keith Ebling	 
	 	 	Title:  	Vice President	 
	 
	 	EXPRESS SCRIPTS MSA, LLC

EXPRESS SCRIPTS WC, INC.

 	 
	 	By:  	/s/
Edward Ignaczak	 
	 	 	Name:  	Edward Ignaczak	 
	 	 	Title:  	President	 
	 
	 	EXPRESS SCRIPTS SENIOR CARE, INC.

EXPRESS SCRIPTS SENIOR CARE

     HOLDINGS, INC.

 	 
	 	By:  	/s/
George Paz	 
	 	 	Name:  	George Paz	 
	 	 	Title:  	
President	 
	 
	 	EXPRESS SCRIPTS CANADA HOLDING, LLC

 	 
	 	By:  	/s/
Keith Ebling	 
	 	 	Name:  	Keith Ebling	 
	 	 	Title:  	Vice President	 

85

 

	 	 	 	 	 

	 	 	 	 	 
	 	WELLS FARGO BANK,
NATIONAL 
ASSOCIATION,

As Trustee

 	 
	 	By:  	/s/ Richard
H. Prokosch	 
	 	 	Name:  	Richard
H. Prokosch	 
	 	 	Title:  	Vice President	 

86

 

	 	 	 	 	 

EXHIBIT 1

[FORM OF FACE OF 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
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.

[Definitive Securities Legend]

          IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL DELIVER TO THE SECURITY 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.

 

 

ARISTOTLE HOLDING, INC.

% SENIOR NOTE DUE

			
	No. __________
	 	Principal Amount (US)$__________
	CUSIP NO. __________	 	 
	ISIN NO. __________	 	 

          Aristotle Holding, Inc., a corporation organized and existing under the laws of the State of
Delaware (herein called the “Company”, which term includes any successor Person under the
Indenture referred to on the reverse hereof), for value received, hereby promises to pay to Cede &
Co., or its registered assigns, the principal sum of __________ United States
Dollars (U.S.$__________ ) on
[       ] and to pay interest
thereon, from [       ], or from
the most recent Interest Payment Date to which interest has been paid or duly provided for to but
excluding the next Interest Payment Date, which shall be [
      ] and [ ] of each
year, commencing [       ], at the
per annum rate of [       ]%, or as such rate may be adjusted
pursuant to the terms hereof (the “Security Interest Rate”), until the principal hereof is
paid or made available for payment.

          The interest so payable, and punctually paid or duly provided for, on any Interest Payment
Date will, as provided in the [       ] Supplemental Indenture, be paid to the Person in whose
name this Security is registered at the close of business on the Regular Record Date for such
interest, which shall be the day that is [
      ] days prior to the relevant Interest Payment Date
(whether or not a Business Day). Except as otherwise provided in the Indenture, any such interest
not so punctually paid or duly provided for will forthwith cease to be payable to the Holder on
such Regular Record Date and may either be paid to the Person in whose name this Security is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice of which shall be given to Holders of Securities not
less than 10 days prior to the Special Record Date, or be paid at any time in any other lawful
manner not inconsistent with the requirements of any automated quotation system or securities
exchange on which the Securities may be quoted or listed, and upon such notice as may be required
by such exchange, all as more fully provided in the Indenture. Interest will be computed on the
basis of a 360-day year comprised of twelve 30-day months. The Company will pay interest on
overdue principal at the rate borne by this Security, and it will pay interest on overdue
installments of interest at the same rate to the extent lawful.

          Payment of principal of (and premium, if any) and interest on this Security will be made at
the office or agency of the Company maintained for that purpose, which shall initially be the
Corporate Trust Office, in such coin or currency of the United States of America as at the time of
payment shall be legal tender for the payment of public and private debts. Payments in respect of
the Securities represented by a Global Security (including principal, premium and interest) will be
made by wire transfer of immediately available funds to the accounts specified by the Depository.
The Company will make all payments in respect of a certificated Security (including principal,
premium and interest) by mailing a check to the registered address of each Holder thereof as such
address appears in the Security Register; provided, however, that payments on a certificated
Security will 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

2

 

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).

          Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

          Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

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

	 	 	 	 	 
	 	ARISTOTLE HOLDING, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	Attest:

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated referred to in the within-mentioned
Indenture.

Dated:

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Trustee

 	 
	 	By:  	 	 
	 	 	Authorized Signatory 	 
	 	 	 	 

3

 

	 	 	 	 	 

[FORM OF REVERSE OF SECURITY]

          (1) Indenture. This Security is one of a duly authorized issue of securities of the Company
designated as its “[       ]% Senior Notes due [
      ]” (herein called the “Securities”),
issued under a [       ] Supplemental Indenture, dated as of [       ], to an indenture,
dated as of November 21, 2011 (as it may be amended or supplemented from time to time in accordance
with the terms thereof and herein with the [       ] Supplemental Indenture, collectively, the
“Indenture”), between the Company, the Guarantors and Wells Fargo Bank, National
Association, as Trustee (herein called the “Trustee,” which term includes any successor
trustee under the Indenture), to which reference is hereby made for a statement of the respective
rights, limitations of rights, duties and immunities thereunder of the Company, the Guarantors, the
Trustee and the Holders of the Securities and of the terms upon which the Securities are, and are
to be, authenticated and delivered. The aggregate principal amount of Initial Securities
Outstanding at any time may not exceed $[       ] in aggregate principal amount, except for
Securities issued, authenticated and delivered upon registration of transfer, or in exchange for,
or in lieu of, other Securities of the series pursuant to Sections 3.4, 3.5, 3.6, 9.6 or 11.7 of
the Base Indenture and except for any Securities which, pursuant to Section 3.3 of the Base
Indenture, are deemed never to have been authenticated and delivered.

          The Indenture contains covenants that limit the ability of the Company and any Restricted
Subsidiary to create liens on assets and to engage in sale/leaseback transactions. The Indenture
also contains covenants that limit the ability of the Company and, prior to the consummation of the
Mergers, of Express Scripts to consolidate, merge or transfer all or substantially all of their
respective assets. These covenants are subject to important exceptions and qualifications.

          All terms used in this Security which are defined in the Indenture shall have the meanings
assigned to them in the Indenture. In the event of a conflict or inconsistency between this
Security and the Indenture, the provisions of the Indenture shall govern.

               (2) Optional Redemption. At any time prior to Maturity, the Company may at its option redeem
all or a part of the Securities upon not more than 60 nor less than 30 days prior notice, at a
Redemption Price equal to the greater of: (i) 100% of the aggregate principal amount of any
Securities being redeemed, plus accrued and unpaid interest on the Securities to the Redemption
Date; or (ii) the sum of the present values of the remaining scheduled payments of principal of and
interest on the Securities to be redeemed (exclusive of unpaid interest accrued thereon to the
Redemption Date) discounted to the Redemption Date on a semi-annual basis (assuming a 360-day year
comprised of twelve 30-day months) at the Treasury Rate plus [       ] basis points, plus unpaid
interest on the Securities to be redeemed, accrued to the Redemption Date.

               (3) Mandatory Redemption. Except as provided in Section 4 below, the Company is not
required to make mandatory redemption or sinking fund payments with respect to the Securities.

               (4) Change of Control Triggering Event. In the event of a Change of Control Triggering Event,
the Holders may require the Company to purchase for cash all or a portion of their Securities at a
purchase price equal to 101% of the aggregate principal amount of the

4

 

Securities repurchased, plus accrued and unpaid interest, if any, pursuant to the provisions
of Section 10.10 of the Base Indenture.

               (5) Global Security. If this Security is a Global Security, then the transfer and exchange of
this Security or beneficial interests herein shall be effected through the Depository in accordance
with the Indenture (including applicable restrictions on transfer set forth therein, if any) and
the procedures of the Depository therefor. The Security Registrar shall make an adjustment on its
records to reflect such deposit or withdrawal in accordance with the Depository’s Procedures.

               (6) Defaults and Remedies. If an Event of Default with respect to this Security occurs and is
continuing, the principal of and any unpaid premium and interest on (or, if this Security is an
Original Issue Discount Security, such portion of the principal amount of such Securities as may be
specified in the terms thereof) all Outstanding Securities of this series, may be declared due and
payable in the manner and with the effect provided in the Indenture. The Holders of at least a
majority in principal amount of the outstanding securities of this series may rescind or annul that
acceleration if all Events of Default with respect to this series of Securities other than the
non-payment of accelerated principal have been cured or waived as provided in the Indenture.

          As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default, and, among other
things, the Holders of not less than 25% in aggregate principal amount of the Outstanding
Securities shall have made a written request to the Trustee to pursue a remedy in respect of such
Event of Default as Trustee. The foregoing shall not apply to any suit instituted by the Holder of
this Security for the enforcement of any amounts due on the Securities on or after the respective
due dates expressed herein.

               (7) Discharge and Defeasance. Subject to certain conditions, the Company at any time shall be
entitled to terminate some or all of the Company’s and the Guarantors’ obligations under the
Securities, the Guarantees and the Indenture if the Company deposits with the Trustee money or U.S.
Government Obligations for the payment of principal and interest on the Securities to redemption or
maturity, as the case may be.

               (8) Amendment, Supplement and Waiver. The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Securities of each series to be affected under the
Indenture at any time by the Company and the Trustee with the written consent of the Holders of at
least a majority in aggregate principal amount of the Outstanding Securities of each series
affected. The Indenture also contains provisions permitting the Holders of specified percentages
in principal amount of the Outstanding Securities of each series to be affected, on behalf of the
Holders of all such Securities, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the Holder of this Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange herefor or in lieu hereof whether or

5

 

not notation of such consent or waiver is made upon this Security or such other Security.
Certain modifications or amendments to the Indenture require the consent of the Holder of each
Outstanding Security affected.

               Notwithstanding any other provision of the Indenture or this Security, the Holder of this
Security shall have the right, which is absolute and unconditional, to receive payment of the
principal of and any premium and (subject to Section 3.7 of the Indenture) interest on any such
Security on the Stated Maturity date expressed herein (or, in the case of redemption, on the
Redemption Date) and to institute suit for the enforcement of any such payment, and such rights
shall not be impaired without the consent of such Holder.

               (9) Denomination, Registration and Transfer. The Securities are in registered form without
coupons in minimum denominations of $2,000 principal amount and integral multiples of $1,000 in
excess thereof. As provided in the Indenture and subject to certain limitations therein set forth,
this Security is transferable only upon surrender of this Security for registration of transfer.
Upon surrender for registration of transfer of this Security at the office or agency of the Company
in a Place of Payment for this Security, the Company, if the requirements of the Indenture are met,
shall execute, and the Trustee shall authenticate and deliver, in the name of the designated
transferee or transferees, one or more new Securities of the same series of authorized
denominations and of like tenor and aggregate principal amount, and having endorsed thereon a
Guarantee executed by the Guarantors.

               If the requirements of this Indenture are met, then, at the option of the Holder, Securities
of any series may be exchanged for other Securities of the same series, of any authorized
denominations and of like tenor and aggregate principal amount, upon surrender of the Securities to
be exchanged at such office or agency. Whenever any Securities are so surrendered for exchange, the
Company shall execute, and the Trustee shall authenticate and deliver, the Securities which the
Holder making the exchange is entitled to receive, and having endorsed thereon a Guarantee executed
by the Guarantor. No service charge shall be made for any such registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.

               Prior to due presentment of this Security for registration of transfer, the Company, the
Guarantors, the Trustee and any agent of the Company, the Guarantors or the Trustee may treat the
Person in whose name such Security is registered as the owner thereof for all purposes, whether or
not such Security be overdue, and none of the Company, the Guarantors or the Trustee or other such
agent shall be affected by notice to the contrary.

               (10) Guarantee. Payment of this Security is jointly and severally and fully and
unconditionally guaranteed by the Guarantors that have become and continue to be Guarantors
pursuant to the Indenture. Guarantors may be released from their obligations under the Indenture
and their Guarantees under the circumstances specified under the Indenture.

               (11) No Recourse Against Others. None of the Company’s or any Guarantor’s past, present or
future directors, officers, employees or shareholders, as such, shall have any liability for any of
the Company’s or any Guarantor’s obligations under the Indenture or the Securities or for any claim
based on, or in respect or by reason of, such obligations or their

6

 

creation. By accepting a Security, each Holder waives and releases all such liability. This
waiver and release is part of the consideration for the issuance of the Securities.

               (12) Governing Law. THE INDENTURE, THIS SECURITY AND ANY GUARANTEE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

          The Company will furnish to any Holder upon written request and without charge to the
Securityholder a copy of the Indenture which has in it the text of this Security in larger type.
Requests may be made to:

Aristotle Holding, Inc.

One Express Scripts Way

St. Louis, Missouri 63121

ABBREVIATIONS

     The following abbreviations, when used in the inscription of the face of this Security, shall
be construed as though they were written out in full according to applicable laws or regulations:

TEN COM (= tenant in common)

TEN ENT (= tenants by the entireties (Cust))

JT TEN (= joint tenants with right of survivorship and not as tenants in common)

UNIF GIFT MIN ACT (= under Uniform Gifts to Minors Act )

     Additional abbreviations may also be used though not in the above list.

7

 

[TO BE ATTACHED TO GLOBAL SECURITIES]

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL SECURITY

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

8

 

OPTION OF HOLDER TO ELECT PURCHASE

          If you want to elect to have this Security purchased by the Company pursuant to Section 10.10
of the Indenture, check the box: o

          o If you want to elect to have only part of this Security purchased by the Company
pursuant to Section 10.10 of the Indenture, state the amount in principal amount: $___________.

	 	 	 	 	 	 	 	 	 

	Dated:

	 	 	 	 	 	Your Signature:	 	 
	 

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

     Signature Guarantee:_______________________________________________________

(Signature must be guaranteed)

     Signatures must be guaranteed by an “eligible guarantor institution” meeting the requirements
of the Security Registrar, which requirements include membership or participation in the Security
Transfer Agent Medallion Program (“STAMP”) or such other “signature guarantee program” as
may be determined by the Security Registrar in addition to, or in substitution for, STAMP, all in
accordance with the Securities Exchange Act of 1934, as amended.

9

 

EXHIBIT 3

FORM OF GUARANTEE

          For value received, each of the Guarantors (which term includes any successor Person under the
Indenture) has jointly and severally and fully and unconditionally guaranteed, to the extent set
forth in the Indenture, among the Company, the Guarantors and the Trustee and subject to the
provisions in the Indenture, (a) the due and punctual payment in full when due of the principal of,
premium, if any, and interest on the Securities and all other amounts due and payable under the
Indenture and the Securities by the Company and (b) in case of any extension of time of payment or
renewal of any Obligations (with or without notice to the Guarantor), that the same will be
promptly paid in full when due or performed in accordance with the terms of the extension or
renewal, whether at Stated Maturity, by acceleration or otherwise. The obligations of the
Guarantors to the Holders of Securities and to the Trustee pursuant to the Guarantee and the
Indenture are expressly set forth in Article XIII of the Indenture and reference is hereby made to
the Indenture for the precise terms of the Guarantee, including provisions for the release thereof.
Each Holder of a Security, by accepting the same, (a) agrees to and shall be bound by such
provisions and (b) appoints the Trustee attorney-in-fact of such Holder for the purpose of such
provisions.

	 	 	 	 	 
	 	[NAME OF GUARANTOR(S)]

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	]

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