Document:

EX-10.11

 Exhibit 10.11 

Execution Version 

SUBSCRIPTION AGREEMENT 

This Subscription Agreement (this “Agreement”) is made as of September 26, 2013 by and between: 

 

	 	(1)	Qunar Cayman Islands Limited, Limited, a company incorporated in the Cayman Islands (the “Company”); and 

  

	 	(2)	Jaguarundi Partners, LLC, a limited liability company incorporated in the State of Delaware (the “Purchaser”). 

The Purchaser and the Company are sometimes herein referred to each as a “Party,” and collectively as the
“Parties.” 
 W I T N E S S E T H: 

WHEREAS, the Purchaser wishes to invest in the Company by acquiring Class B ordinary shares (“Ordinary Shares”) in the
Company in a transaction exempt from registration pursuant to Section 4(a)(2) (“Section 4(a)(2)”) of the U.S. Securities Act of 1933, as amended (the “Securities Act”); and 

WHEREAS, the Company plans to file a registration statement on Form F-1 (the “Registration Statement”) with the United
States Securities and Exchange Commission (the “SEC”) in connection with the initial public offering (the “Offering”) by the Company of American Depositary Shares (“ADSs”), each representing certain
number of Ordinary Shares of the Company as specified in the Registration Statement; 
 NOW, THEREFORE, in consideration of the
foregoing recitals and the mutual promises hereinafter set forth, the Parties hereto agree as follows: 
 ARTICLE I 

PURCHASE AND SALE 

Section 1.1 Issuance, Sale and Purchase of Ordinary Shares. Upon the terms and subject to the conditions of this Agreement,
at the Closing (as defined below), the Purchaser hereby agrees to purchase, and the Company hereby agrees to issue, sell and deliver to the Purchaser, subject to and concurrent with the consummation of the Offering, at the Offer Price, a number of
Ordinary Shares (the “Purchased Shares”), free and clear of all liens or encumbrances (other than those created by virtue of this Agreement) equal to the Purchase Price (as defined below) divided by the Offer Price. The total
purchase price for the Purchased Shares is US$5,000,000 (the “Purchase Price”). The “Offer Price” means the price per ADS set forth on the cover of the Company’s final prospectus in connection with the Offering
(the “Final Prospectus”) divided by the number of Ordinary Shares represented by one ADS. All such sales shall be made pursuant to and in reliance upon Section 4(a)(2) of the Securities Act. 

 Section 1.2 Closing. 

(a) Closing. Subject to Section 1.2, the closing (the “Closing”) of the sale and purchase of the Ordinary Shares
pursuant to Section 1.1 shall take place concurrently with the initial closing of the Offering of the underwritten ADSs representing Ordinary Shares (the “Firm Share Offering”) at the same offices for the closing of the Firm
Share Offering or at such other place as the Company and the Purchaser may mutually agree. The date and time of the Closing are referred to herein as the “Closing Date.” 

(b) Payment and Delivery. At the Closing, the Purchaser shall pay and deliver the Purchase Price to the Company in U.S. dollars by wire
transfer, or by such other method mutually agreeable to the parties, of immediately available fund to such bank account designated in advance in writing by the Company, and the Company shall deliver one or more duly executed share certificates in
original form, registered in the name of the Purchaser, together with a certified true copy of the register of the members of the Company, evidencing the Ordinary Shares being issued and sold to the Purchaser. 

(c) Restrictive Legend. Each certificate representing the Purchased Shares shall be endorsed with the following legend: 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND HAVE BEEN ACQUIRED
FOR INVESTMENT AND NOT WITH A VIEW TO, OR IN CONNECTION WITH, THE SALE OR DISTRIBUTION THEREOF. NO SUCH SALE OR DISTRIBUTION MAY BE EFFECTED WITHOUT AN EFFECTIVE REGISTRATION STATEMENT RELATED THERETO OR AN OPINION OF COUNSEL IN A FORM SATISFACTORY
TO THE COMPANY THAT SUCH REGISTRATION IS NOT REQUIRED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. 
 Section 1.3 Closing
Conditions. 
 (a) Conditions of the Purchaser for the Closing. The obligation of the Purchaser to purchase and pay for the
Purchased Shares as contemplated by this Agreement is subject to the satisfaction, on or before the Closing Date, of the following conditions, any of which may be waived by the Purchaser in its sole discretion: 

(i) All corporate and other actions required to be taken by the Company in connection with the issuance and sale of the Purchased Shares shall
have been completed. 
 (ii) The Company’s Cayman counsel shall have provided to the Purchaser a legal opinion dated as of the Closing
Date substantially in the form of Exhibit A. 
 (iii) The representations and warranties of the Company contained in
Section 2.1 of this Agreement shall have been true and correct in all material aspects on the date of this Agreement and on and as of the Closing Date; and the Company shall have performed and complied in all material aspects with all,
and not be in breach or default in all material aspects under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. 

(iv) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits, imposes any damages or penalties that are substantial in relation to the Company, or otherwise makes illegal the consummation of the transactions
contemplated by this Agreement; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit, impose any damages or
penalties that are substantial in relation to the Company, or otherwise makes illegal the consummation of the transactions contemplated by this Agreement. 

  
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 (v) The ADSs shall have been listed on the New York Stock Exchange subject to official notice of
issuance. 
 (vi) The underwriting agreement relating to the Offering shall have been entered into and have become effective. 

(vii) The concurrent consummation of the Offering. 

(b) Conditions of the Company. The obligation of the Company to issue and sell the Purchased Shares to be sold to and purchased by the
Purchaser as contemplated by this Agreement are subject to the satisfaction, on or before the Closing Date, of each of the following conditions, any of which may be waived in writing by the Company in its sole discretion: 

(i) All corporate and other actions required to be taken by the Purchaser in connection with the purchase of the Purchased Shares shall have
been completed. 
 (ii) The representations and warranties of the Purchaser contained in Section 2.2 of this Agreement shall have been
true and correct in all material respects on the date of this Agreement and on and as of the Closing Date; and the Purchaser shall have performed and complied in all material respects with all, and not be in breach or default in any material respect
under any, agreements, covenants, conditions and obligations contained in this Agreement that are required to be performed or complied with on or before the Closing Date. 

(iii) No governmental authority of competent jurisdiction shall have enacted, issued, promulgated, enforced or entered any law (whether
temporary, preliminary or permanent) that is in effect and restrains, enjoins, prevents, prohibits, imposes any damages or penalties that are substantial in relation to the Company, or otherwise makes illegal the consummation of the transactions
contemplated by this Agreement; and no action, suit, proceeding or investigation shall have been instituted by a governmental authority of competent jurisdiction or threatened that seeks to restrain, enjoin, prevent, prohibit, impose any damages or
penalties that are substantial in relation to the Company, or otherwise makes illegal the consummation of the transactions contemplated by this Agreement. 

ARTICLE II 

REPRESENTATIONS AND WARRANTIES 

Section 2.1 Representations and Warranties of the Company. The Company hereby represents and warrants to the Purchaser, as
of the date hereof and as of the Closing Date, as follows: 
 (a) Organization and Authority. 

(i) The Company is a company duly incorporated as an exempted company with limited liability, validly existing and in good standing under the
laws of the Cayman Islands. The Company has all requisite power and authority to carry on its business as it is currently being conducted. 

  
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 (ii) The Company has all necessary corporate power and authority to enter into this Agreement and
to perform its obligations hereunder and thereunder. The execution and delivery by the Company of this Agreement and the performance of its obligations hereunder have been duly authorized by all requisite action on the part of the Company and its
shareholders. This Agreement constitutes the valid and legally binding obligations of the Company, enforceable in accordance with its respective terms and conditions, except (i) as limited by applicable bankruptcy, insolvency, reorganization,
moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or other equitable remedies. 

(b) Capitalization. 
 (i)
The authorized share capital and option plans and issuance of the Company will be as set forth in Schedule I. All issued and outstanding ordinary shares of the Company are validly issued, fully paid and non-assessable. 

(ii) All outstanding ordinary shares and all outstanding awards under the Company’s stock option plans and all outstanding shares of
capital stock of each of the Company’s subsidiaries and consolidated affiliates (each a “Subsidiary” and collectively “Subsidiaries”) have been issued and granted in compliance with (i) all applicable
Securities Laws and other applicable laws and (ii) all requirements set forth in applicable contracts, without violation of the preemptive rights, rights of first refusal or other similar rights. Except as set forth in Schedule 1, no
equity securities of the Company are or may become required to be issued by reason of any notes, bonds or other debt securities, or any option, warrant or other agreements to which the Company is a party. “Securities Laws” means the
Securities Act, the U.S. Securities Exchange Act of 1934 (the “Exchange Act”), the listing rules of, or any listing agreement with New York Stock Exchange and any other applicable law regulating securities or takeover matters. 

(c) Due Issuance of the Purchased Shares. The Purchased Shares have been duly authorized and, when issued and delivered to and paid for
by the Purchaser pursuant to this Agreement, will be validly issued, fully paid and non-assessable and free and clear of any pledge, mortgage, security interest, encumbrance, lien, charge, assessment, right of first refusal, right of pre-emption,
third party right or interest, claim or restriction of any kind or nature, except for restrictions arising under the Securities Act and upon delivery and entry into the register of members of the Company will transfer to the Purchaser good and valid
title to the Purchased Shares. 
 (d) Non-contravention. Neither the execution and the delivery of this Agreement, nor the
consummation of the transactions contemplated hereby, will (i) violate any provision of the Amended and Restated Memorandum and Articles of Association or other constitutional documents of the Company or its Subsidiaries or violate any
constitution, statute, regulation, rule, injunction, judgment, order, decree, ruling, charge, or other restriction of any government, governmental entity or court to which the Company or its Subsidiaries is subject, or (ii) conflict with,
result in a breach of, constitute a default under, result in the acceleration of or creation of an encumbrance under, create in any party the right to accelerate, terminate, modify, or cancel, or require any notice under, any agreement, contract,
lease, license, instrument, or other arrangement to which the Company or its Subsidiaries is a party or by which the Company or its Subsidiaries is bound or to which any of the Company’s or its Subsidiaries’ assets are subject. There is no
action, suit or proceeding, pending or threatened against the Company or its Subsidiaries that questions the validity of this Agreement or the right of the Company to enter into this Agreement or to consummate the transactions contemplated hereby or
thereby. 
 (e) Consents and Approvals. Neither the execution and delivery by the Company of this Agreement, nor the consummation by
the Company of any of the transactions contemplated hereby, nor the performance by the Company of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the giving notice to,
any governmental or public body or authority or any third party, except such as have been obtained, made or given. 

  
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 (f) Private Placement. Assuming the accuracy of the Purchasers’ representations and
warranties set forth in Section 2.2 of this Agreement, no registration under the Securities Act is required for the offer and sale of the Purchased Shares by the Company to the Purchasers contemplated hereunder. 

(g) No General Solicitation. The Company has not offered or sold the Purchase Shares by any form of general solicitation or general
advertising including, but not limited to, the methods described in Rule 502(c) under the Securities Act. 
 Section 2.2
Representations and Warranties of the Purchaser. The Purchaser hereby represents and warrants to the Company as of the date hereof and as of the Closing Date, as follows: 

(a) Due Formation. The Purchaser is a company duly incorporated as limited liability company, validly existing and in good standing
under the laws of the State of Delaware, with full power and authority to own and operate and to carry on its business in the places and in the manner as currently conducted. 

(b) Authority. The Purchaser has full power and authority to enter into, execute and deliver this Agreement and each agreement,
certificate, document and instrument to be executed and delivered by the Purchaser pursuant to this Agreement and to perform its obligations hereunder. The execution and delivery by the Purchaser of this Agreement and the performance by the
Purchaser of its obligations hereunder have been duly authorized by all requisite actions on its part. 
 (c) Valid Agreement. This
Agreement has been duly executed and delivered by the Purchaser and constitutes the legal, valid and binding obligation of the Purchaser, enforceable against it in accordance with its terms, except (i) as limited by applicable bankruptcy,
insolvency, reorganization, moratorium, and other laws of general application affecting enforcement of creditors’ rights generally, and (ii) as limited by laws relating to the availability of specific performance, injunctive relief, or
other equitable remedies. 
 (d) Consents. Neither the execution and delivery by the Purchaser of this Agreement nor the consummation
by it of any of the transactions contemplated hereby nor the performance by the Purchaser of this Agreement in accordance with its terms requires the consent, approval, order or authorization of, or registration with, or the giving of notice to, any
governmental or public body or authority or any third party, except as have been obtained, made or given. 
 (e) No Conflict. Neither
the execution and delivery by the Purchaser of this Agreement, nor the consummation by it of any of the transactions contemplated hereby, nor compliance by the Purchaser with any of the terms and conditions hereof will contravene any existing
agreement, federal, state, county or local law, rule or regulation or any judgment, decree or order applicable to, or binding upon, the Purchaser. 

(f) Solicitation. The Purchaser (x) was not identified or contacted through the marketing of the Offering and (y) did not
contact the Company as a result of any general solicitation. 
 (g) Status and Investment Intent. 

(i) Experience. The Purchaser has sufficient knowledge and experience in financial and business matters so as to be capable of
evaluating the merits and risks of its investment in the Purchased Shares. The Purchaser is capable of bearing the economic risks of such investment, including a complete loss of its investment. 

  
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 (ii) Purchase Entirely for Own Account. The Purchaser is acquiring the Purchased Shares
that it is purchasing pursuant to this Agreement for investment for its own account for investment purposes only and not with the view to, or with any intention of, resale, distribution or other disposition thereof. The Purchaser does not have any
direct or indirect arrangement, or understanding with any other persons to distribute, or regarding the distribution of the Purchased Shares in violation of the Securities Act or any other applicable state securities law. 

(iii) Restricted Securities. The Purchaser acknowledges that the Purchased Shares are “restricted securities” that have not
been registered under the Securities Act or any applicable state securities law. The Purchaser further acknowledges and agrees that, absent an effective registration under the Securities Act, the Purchased Shares may only be offered, sold or
otherwise transferred (x) to the Company, (y) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act or (z) pursuant to an exemption from registration under the Securities Act. 

(iv) Information. The Purchaser has been furnished access to all materials such Purchaser has requested relating to the Company and its
Subsidiaries and other due diligence information and documents, and the Purchaser has been afforded the opportunity to ask questions of and receive answers from representatives of the Company concerning the foregoing, including the terms and
conditions of this Agreement; provided, however, neither such inquiries nor any other investigation conducted by or on behalf of such Purchaser or by its representatives or counsel shall modify, amend or affect such Purchaser’s right to rely on
the truth, accuracy and completeness of the disclosure materials provided by the Company under this Agreement. The Purchaser is not relying on, and has not relied on, any statement, representation or warranty made by any person, except for the
statements, representations and warranties contained in this Agreement. The Purchaser has consulted to the extent deemed appropriate by such Purchaser with such Purchaser’s own advisers as to the financial, tax, legal and related matters
concerning an investment in the Purchased Securities and on that basis believes that an investment in the Purchased Securities is suitable and appropriate for such Purchaser. 

(v) Accredited Investor. The Purchaser is an “accredited investor” with the meaning of Rule 501(a)(1), (2), (3) or
(7) of Regulation D under the Securities Act. 
 (vi) Non-Public Offering. The Purchaser has been advised and acknowledges that
in issuing the Purchased Shares to the Purchaser pursuant hereto, the Company is relying upon the exemption from registration provided by Section 4(a)(2) of the Securities Act. 

ARTICLE III 
 COVENANTS

 Section 3.1 Lock-Up. The Purchaser shall, within 10 days of the Company’s initial filing of the Registration
Statement with the SEC, enter into a lock-up agreement (the “Lock-up Agreement”) with the lead underwriters of the Offering (the “Lead Underwriters”), substantially in the form set forth in Exhibit B hereto.

  
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 Section 3.2 Standstill. 

(a) The Purchaser hereby agrees that, without the prior written approval of the Company, the Purchaser and its affiliates will not, for a
period of 180 days from the date of this Agreement, acquire more than an additional 5% of the total outstanding ordinary shares of Voting Securities (as defined below) of the Company, calculated on a basis that includes all ordinary shares actually
outstanding. “Voting Securities” shall mean the ordinary shares (including Ordinary Shares represented by the Company’s ADSs) and any other securities entitled to vote generally for the election of directors of the Company. For
the avoidance of doubt, the Purchased Shares acquired by the Purchaser on the Closing Dates under this Agreement are not “additional” Ordinary Shares for purposes of this Section 3.2(a). 

(b) The Purchaser hereby agrees that, without the prior written approval of the Company, the Purchaser will not, and will use its reasonable
efforts to cause its affiliates not to, for a period of 180 days from the date of this Agreement, directly or indirectly, acting alone or with others, assist, support, encourage, finance, participate with or advise any other person’s or
entity’s efforts to: 
 (i) propose a merger, business combination, tender or exchange offer, share exchange, recapitalization,
consolidation or other similar transaction involving the Company or any of its Subsidiaries; 
 (ii) propose or offer to purchase, lease or
otherwise acquire all or a substantial portion of the assets of the Company or any of its Subsidiaries; 
 (iii) form, join or in any way
participate in a “group” (as defined in Section 13(d)(3) of the Exchange Act), or act in concert with any person with respect to the securities of the Company or any of its Subsidiaries in an attempt to circumvent the provisions of
this Agreement; 
 (iv) solicit or participate in the solicitation of any proxies or consents with respect to the voting securities of the
Company or any of its Subsidiaries; or 
 (v) enter into any substantial discussions or arrangements with any third party with respect to
any of the foregoing. 
 Section 3.3 Further Assurances. From the date of this Agreement until the Closing Date, the
Parties shall use their best efforts to fulfill or obtain the fulfillment of the conditions precedent to the consummation of the transactions contemplated hereby. 

Section 3.4 Deposit of Purchased Shares. Following the expiration of the Lock-Up Agreement, the Company shall, upon request
by the Purchaser and subject to the applicable laws and regulations and the satisfaction of other conditions under the deposit agreement then in effect, assist the Purchaser in the deposit of the Purchase Shares with the ADR depositary or custodian
and provide documents, certificates or instructions as necessary, such that the Purchased Shares are converted to ADRs pursuant to the terms of such applicable depositary agreement. 

  
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 ARTICLE IV 

INDEMNIFICATION 

Section 4.1 Indemnification. Each of the Company and the Purchaser (an “Indemnifying Party”) shall
indemnify and hold each other and their directors, officers and agents (collectively, the “Indemnified Party”) harmless from and against any losses, claims, damages, liabilities, judgments, fines, obligations, expenses and
liabilities of any kind or nature whatsoever, including but not limited to any investigative, legal and other expenses incurred in connection with, and any amounts paid in settlement of, any pending or threatened legal action or proceeding, and
(ii) any taxes or levies that may be payable by such person by reason of the indemnification of any indemnifiable loss hereunder (collectively, “Losses”) resulting from or arising out of: (i) the breach of any
representation or warranty of such Indemnifying Party contained in this Agreement or in any schedule or exhibit hereto; or (ii) the violation or nonperformance, partial or total, of any covenant or agreement of such Indemnifying Party contained
in this Agreement for reasons other than gross negligence or willful misconduct of such Indemnified Party. In calculating the amount of any Losses of an Indemnified Party hereunder, there shall be subtracted the amount of any insurance proceeds and
third-party payments received by the Indemnified Party with respect to such Losses, if any. 
 Section 4.2 Notice of Claims;
Procedures. If an Indemnified Party makes any claim against an Indemnifying Party for indemnification, the claim shall be in writing and shall state in general terms the facts upon which such Indemnified Party makes the claim. In the event of
any claim or demand asserted against an Indemnified Party by a third party upon which the Indemnified Party may claim indemnification, the Indemnifying Party shall give written notice to the Indemnified Party within 30 days after receipt from the
Indemnified Party of the claim referred to above, indicating whether such Indemnifying Party intends to assume the defense of the claim or demand. If an Indemnifying Party assumes the defense, such Indemnifying Party shall have the right to fully
control and settle the proceeding, provided, that, any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnified Party. If the Indemnifying Party elects not to assume the defense, fails to make such
an election within the 30-day period or fails to actively and diligently conduct the defense, the Indemnified Party may, at its option, defend, settle, compromise or pay such action or claim at the expense of the Indemnifying Party; provided, that,
any such settlement or compromise shall be permitted hereunder only with the written consent of the Indemnifying Party, which consent shall not be unreasonably withheld or delayed. 

Section 4.3 Cap. Notwithstanding the foregoing, the Indemnifying Party shall have no liability (for indemnification or
otherwise) with respect to any Losses in excess of the Purchase Price. 
 Section 4.4 Third Party Claims. 

(a) If any third party shall notify any Indemnified Party in writing with respect to any matter involving a claim by such third party (a
“Third Party Claim”) which such Indemnified Party believes would give rise to a claim for indemnification against the Indemnifying Party under this Article IV, then the Indemnified Party shall promptly (i) notify the
Indemnifying Party thereof in writing within thirty (30) days of receipt of notice of such claim and (ii) transmit to the Indemnifying Party a written notice (“Claim Notice”) describing in reasonable detail the nature of
the Third Party Claim, a copy of all papers served with respect to such claim (if any), and the basis of the Indemnified Party’s request for indemnification under this Agreement. 

(b) Subject to Section 4.4(d) below, upon receipt of a Claim Notice with respect to a Third Party Claim, the Indemnifying Party
shall have the right to assume the defense of any Third Party Claim by notifying the Indemnified Party in writing that the Indemnifying Party elects to assume the defense of such Third Party Claim, and upon delivery of such notice by the
Indemnifying Party, the Indemnifying Party shall have the right to defend such Third Party Claim with counsel, selected by it, who is reasonably satisfactory to the Indemnified Party, by all appropriate proceedings, which proceedings shall be
prosecuted actively and diligently by the Indemnifying Party to a final conclusion or settled. Notwithstanding the foregoing, the Indemnifying Party shall not be entitled to consent to the entry of a judgment or enter into any compromise or
settlement with respect to such Third Party Claim without the prior written consent of the Indemnified Party (which shall not be unreasonably withheld). 

  
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 (c) If requested by the Indemnifying Party, the Indemnified Party agrees, at the sole cost and
expense of the Indemnifying Party, to cooperate with the Indemnifying Party and its counsel in contesting any Third Party Claim which the Indemnifying Party elects to contest, including the making of any related counterclaim against the person
asserting the Third Party Claim or any cross complaint against any person. The Indemnified Party shall have the right to receive copies of all pleadings, notices and communications with respect to any Third Party Claim, other than any privileged
communications between the Indemnifying Party and its counsel, and shall be entitled, at its sole cost and expense, to retain separate co-counsel and participate in, but not control, any defense or settlement of any Third Party Claim assumed by the
Indemnifying Party pursuant to Section 4.4(b); provided, however, if, based on written advice of counsel, the Indemnified Party concludes that there is a reasonable likelihood of a conflict of interest between the Indemnifying Party and
the Indemnified Party with respect to such Third Party Claim, the Indemnifying Party shall bear the reasonable costs and expenses of counsel retained by the Indemnified Party in connection with such defense. 

(d) If (i) the Indemnifying Party fails to notify the Indemnified Party within the thirty (30) days after receipt of any Claim
Notice that the Indemnifying Party elects to assume the defense of any Third Party Claim pursuant to Section 4.4(b), (ii) the Indemnifying Party elects to assume the defense of any Third Party Claim pursuant to
Section 4.4(b) but fails to diligently prosecute or settle such Third Party Claim, (iii) the Indemnifying Party and the Indemnified Party are parties to the same proceeding (or, assuming the veracity of the facts alleged by the
party bringing the Third Party Claim, the Indemnifying Party and the Indemnified Party may become parties to the same proceeding) and the Indemnified Party determines in good faith that a conflict of interest exists between the Indemnifying Party
and the Indemnified Party, (iv) the Indemnified Party determines in good faith that there is a reasonable possibility that it will be prejudiced in any material respect beyond the ambit of such Third Party Claim by the Indemnifying Party’s
control of the defense and proceedings with respect to any Third Party Claim, or (v) such Third Party Claim is a claim by a governmental tax authority, then (A) the Indemnified Party shall have the right to assume full control of the
defense and proceedings with respect to such Third Party Claim, and the Indemnified Party may compromise or settle such Third Party Claim without consulting with, or obtaining consent from, the Indemnifying Party in connection therewith (it being
understood and agreed that the Indemnifying Party shall not be bound by any such compromise or settlement entered into without its consent) and (B) the Indemnifying Party shall reimburse the Indemnified Party promptly and periodically for the
costs of defending against the Third Party Claim (including fees and disbursements of no more than one counsel per jurisdiction (such counsel reasonably acceptable to the Indemnifying Party) reasonably incurred in connection with such Third Party
Claim). The Indemnified Party shall have full control of such defense and proceedings, although the Indemnifying Party shall be entitled to participate in any defense or settlement controlled by the Indemnified Party pursuant to this
Section 4.4(d) at its sole expense. Any compromise or settlement of a Third Party Claim effected by the Indemnified Party without the Indemnifying Party’s consent shall not be dispositive of the amount of any Losses with respect to
such Third Party Claim. 
 (e) In the event any Indemnified Party should have a claim against the Indemnifying Party hereunder which does
not involve a Third Party Claim, the Indemnified Party shall promptly transmit to the Indemnifying Party a written notice (the “Indemnity Notice”) describing in reasonable detail the nature of the claim, the Indemnified Party’s
best estimate of the amount of Losses attributable to such claim and the basis of the Indemnified Party’s request for indemnification under this Agreement; provided that no delay on the part of the Indemnified Party in delivering the Indemnity
Notice pursuant to this Section 4.4(e) shall relieve the Indemnifying Party of any obligation hereunder unless (and then solely to the extent) the Indemnifying Party is prejudiced thereby. If the Indemnifying Party does not notify the
Indemnified Party within thirty (30) days from its receipt of the Indemnity Notice that the Indemnifying Party disputes such claim, the Indemnifying Party shall be deemed to have accepted and agreed with such claim. 

  
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 ARTICLE V 

MISCELLANEOUS 

Section 5.1 Survival of the Representations and Warranties. All representations and warranties made by any Party shall
survive for two years and shall terminate and be without further force or effect on the second anniversary of the date hereof, except as to any claims thereunder which have been asserted in writing pursuant to Section 4.1 against the
Party making such representations and warranties on or prior to such second anniversary, which shall survive indefinitely. 

Section 5.2 Governing Law; Arbitration. This Agreement shall be governed and interpreted in accordance with the laws of the
State of New York without giving effect to the conflicts of law principles thereof. Each of the parties hereto hereby irrevocably and unconditionally submit to the exclusive jurisdiction of any state or federal court sitting in New York City,
Borough of Manhattan, over any suit, action or proceeding arising out of or relating to this Agreement. Each of the parties hereby agree that service of any process, summons, notice or document by U.S. registered mail addressed to such party shall
be effective service of process for any such suit, action or proceeding brought against it in any such court. Each of the parties hereto hereby irrevocably and unconditionally waive any objection to the laying of venue of any such suit, action or
proceeding brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum. Each of the parties hereto hereby agree that a final judgment in any such suit, action
or proceeding brought in any such court shall be conclusive and binding upon such party and may be enforced in any other courts to whose jurisdiction they are or may be subject by suit upon such judgment. Each of the parties hereto irrevocably
waives any immunity to jurisdiction to which it may be entitled or become entitled (including without limitation sovereign immunity, immunity to pre-award attachment, post-award attachment or otherwise) in any arbitration proceedings and/or
enforcement proceedings against it arising out of or based on this Agreement or the transactions contemplated hereby. 
 Section 5.3
Amendment. This Agreement shall not be amended, changed or modified, except by another agreement in writing executed by the Parties hereto. 

Section 5.4 Binding Effect. This Agreement shall inure to the benefit of, and be binding upon, each of the Company and the
Purchaser and their respective heirs, successors and permitted assigns and legal representatives. 
 Section 5.5
Assignment. Neither this Agreement nor any of the rights, duties or obligations hereunder may be assigned by the Company or the Purchaser without the express written consent of the other Parties, except that the Purchaser may assign all
or any of its rights and obligations hereunder to any affiliate of Purchaser without the consent of the other Parties, provided that no such assignment shall relieve the Purchaser of its obligations hereunder if such assignee does not perform such
obligations. Any purported assignment in violation of the foregoing sentence shall be null and void. 

  
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 Section 5.6 Notices. All notices, requests, demands, and other communications
under this Agreement shall be in writing and shall be deemed to have been duly given on the date of actual delivery if delivered personally to the Party or Parties to whom notice is to be given, on the date sent if sent by telecopier, tested telex
or prepaid telegram, on the next business day following delivery to Federal Express properly addressed or on the day of attempted delivery by the U.S. Postal Service if mailed by registered or certified mail, return receipt requested, postage paid,
and properly addressed as follows: 
 If to Purchaser, at: 

Jaguarundi Partners, LLC 
 301 Commerce St., Suite 3300 

Fort Worth, TX 76102 
 Fax: 817-850-4063 

Attn: Sherri Conn 
 With copies to: 

Dragoneer Investment Group 
 101 California Street, Suite 2840

 San Francisco, CA 94111 
 Fax: 415-539-3104 

Attn: Pat D. Robertson 
 Ropes & Gray LLP 

1211 Avenue of the Americas 
 New York, NY 10006 

Fax: (212) 596-9090 
 Attn: Louis T. Somma, Esq. 

If to the Company, at: 
 Qunar Cayman Islands Limited 

17th Floor, Viva Plaza, Building 18, Yard 29 
 Suzhou Street,
Haidian District 
 Beijing 100080, PRC 
 Fax: +86-10-5760-3001

 Attn: Chief Financial Officer 
 With copy to: 

Davis Polk & Wardwell LLP 
 2201 China World Office 2

 1 Jian Guo Men Wai Avenue 
 Beijing 100004, PRC 

Fax: +8610-8567-5123 
 Attn: Li He, Esq. 

Any Party may change its address for purposes of this Section 5.6 by giving the other Parties hereto written notice of the new
address in the manner set forth above. 
 Section 5.7 Entire Agreement. This Agreement constitutes the entire
understanding and agreement between the Parties hereto with respect to the matters covered hereby, and all prior agreements and understandings, oral or in writing, if any, between the Parties with respect to the matters covered hereby are merged and
superseded by this Agreement. 

  
 11 

 Section 5.8 Severability. If any provisions of this Agreement shall be
adjudicated to be illegal, invalid or unenforceable in any action or proceeding whether in its entirety or in any portion, then such provision shall be deemed amended, if possible, or deleted, as the case may be, from the Agreement in order to
render the remainder of the Agreement and any provision thereof both valid and enforceable, and all other provisions hereof shall be given effect separately therefrom and shall not be affected thereby. 

Section 5.9 Fees and Expenses. Except as otherwise provided in this Agreement, the Company and the Purchaser will bear
their respective expenses incurred in connection with the negotiation, preparation and execution of this Agreement. 
 Section 5.10
Public Announcements. None of the Parties to this Agreement shall make, or cause to be made, any press release or public announcement in respect of this Agreement or the transactions contemplated by this Agreement or otherwise communicate
with any news media without the prior written consent of the Purchaser and the Company unless otherwise required by Securities Law or other applicable law, and the Parties to this Agreement shall cooperate as to the timing and contents of any such
press release, public announcement or communication. 
 Section 5.11 Specific Performance. The Parties hereto agree that
irreparable damage would occur in the event any provision of this Agreement were not performed in accordance with the terms hereof and that the Parties shall be entitled to specific performance of the terms hereof, in addition to any other remedy at
law or equity. 
 Section 5.12 Purchaser Description. 

(a) The Company shall afford the Purchaser an opportunity in which to review and comment on any description of the Purchaser and/or the
transactions contemplated by this Agreement that is to be included in the Registration Statement filed after the date hereof or marketing materials used in connection with the Offering and hereby agrees that it shall not include any such disclosure
in the Registration Statement or in such marketing materials without the Purchaser’s express written consent. The Purchaser agrees to undertakes to promptly provide a description of its organization and business activities and the beneficial
ownership of any shares of the Company that it is acquiring hereunder to the Company (the “Purchaser Description”) as may be reasonably required to satisfy the disclosure obligations in connection with the Registration Statement and
the prospectus therein under applicable laws, regulations and the listing rules of the New York Stock Exchange, and hereby represents that the Purchaser Description will not, as of the applicable effective date, contain an untrue statement of a
material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading. The Purchaser also consents to the filing of this Agreement as an exhibit to the Registration Statement. 

Section 5.13 Reliance by Underwriters and Placement Agent. The Parties acknowledge and agree that underwriters to the
Offering and the placement agent engaged by the Company in connection with the transactions contemplated by this Agreement are third-party beneficiaries of and may rely upon the Company’s and the Purchaser’s representations and warranties
and covenants contained in this Agreement. 
 Section 5.14 Termination. In the event that the Closing shall not have
occurred by December 31, 2013, this Agreement shall be terminated unless the Parties mutually agree by December 20, 2013 to renegotiate. 

  
 12 

 Section 5.15 Headings. The headings of the various articles and sections of
this Agreement are inserted merely for the purpose of convenience and do not expressly or by implication limit, define or extend the specific terms of the section so designated. 

Section 5.16 Execution in Counterparts. For the convenience of the Parties and to facilitate execution, this Agreement may
be executed in one or more counterparts, each of which shall be deemed to be an original, but all of which together shall constitute but one and the same instrument. 

[SIGNATURE PAGE FOLLOWS] 

  
 13 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. 
  

			
	Qunar Cayman Islands Limited
		
	By:	 	 /s/ Hanhui Sun

	Name:	 	Hanhui Sun
	Title:	 	CFO

 [SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT] 

  
 14 

 IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the day and year
first above written. 
  

			
	Jaguarundi Partners, LLC
		
	By:	 	 /s/ Clive D. Bode

	Name:	 	Clive D. Bode
	Title:	 	Manager

 [SIGNATURE PAGE TO SUBSCRIPTION AGREEMENT] 

 Schedule I 

Company Capitalization 

  
 16 

 Exhibit A 

Form of Cayman Opinion 

  
 17 

 Exhibit B 

LOCK-UP AGREEMENT 

  
 18EX-4.1

 Exhibit 4.1 

Execution Version 
  

 
 TRINSEO
MATERIALS OPERATING S.C.A. 
 and 

TRINSEO MATERIALS FINANCE, INC. 

and 
 WILMINGTON TRUST, NATIONAL
ASSOCIATION, 
 as Trustee and Collateral Agent 

8.750% Senior Secured Notes due 2019 
  

 
 INDENTURE 

Dated as of January 29, 2013 
  

 
 Reference is made to the
Intercreditor and Collateral Agency Agreement, dated as of January 29, 2013, among Trinseo Materials Operating S.C.A., a partnership limited by shares (société en commandite par actions) organized and existing
under the laws of the Grand Duchy of Luxembourg, having its registered office at 9A, rue Gabriel Lippmann L-5365 Munsbach Grand-Duché de Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B 153586, the
other grantors party thereto, Deutsche Bank AG New York Branch, in its capacity as collateral agent for the Credit Agreement Secured Parties ( as defined therein) and Wilmington Trust, National Association, in its capacity as collateral agent for
the Senior Secured Notes Secured Parties (as defined therein), and each additional collateral agent from time to time party thereto as collateral agent for any First Lien Obligations (as defined therein) of any other Class (as defined therein), and
as it may be amended from time to time in accordance with this Indenture (the “Intercreditor Agreement”). Each Holder, by its acceptance of a Note, (a) consents to the terms of the Intercreditor Agreement, including the priority of
payment provisions of such Intercreditor Agreement, (b) agrees that it will be bound by and will take no actions contrary to the provisions of the Intercreditor Agreement and (c) authorizes and instructs the Collateral Agent to enter into
the Intercreditor Agreement as “Collateral Agent,” and on behalf of such Holder and make the representations of such Holder set forth therein. 
  

 

 Table of Contents 

 

							
	 	 	 	  	Page	 
	
	ARTICLE I	  
	
	DEFINITIONS AND INCORPORATION BY REFERENCE	  
			
	SECTION 1.1.	 	 Definitions
	  	 	1	  
	SECTION 1.2.	 	 Other Definitions
	  	 	33	  
	SECTION 1.3.	 	 Incorporation by Reference of Trust Indenture Act
	  	 	35	  
	SECTION 1.4.	 	 Rules of Construction
	  	 	35	  
	
	ARTICLE II	  
	
	THE NOTES	  
			
	SECTION 2.1.	 	 Form, Dating and Terms
	  	 	36	  
	SECTION 2.2.	 	 Execution and Authentication
	  	 	44	  
	SECTION 2.3.	 	 Registrar and Paying Agent
	  	 	44	  
	SECTION 2.4.	 	 Paying Agent to Hold Money in Trust
	  	 	45	  
	SECTION 2.5.	 	 Holder Lists
	  	 	45	  
	SECTION 2.6.	 	 Transfer and Exchange
	  	 	45	  
	SECTION 2.7.	 	 Form of Certificate to Be Delivered upon Termination of Restricted Period
	  	 	49	  
	SECTION 2.8.	 	 Form of Certificate to Be Delivered in Connection with Transfers to IAIs
	  	 	50	  
	SECTION 2.9.	 	 Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation S
	  	 	51	  
	SECTION 2.10.	 	 Form of Certificate to Be Delivered in Connection with Transfers to AIs
	  	 	52	  
	SECTION 2.11.	 	 Mutilated, Destroyed, Lost or Stolen Notes
	  	 	54	  
	SECTION 2.12.	 	 Outstanding Notes
	  	 	54	  
	SECTION 2.13.	 	 Temporary Notes
	  	 	55	  
	SECTION 2.14.	 	 Cancellation
	  	 	55	  
	SECTION 2.15.	 	 Payment of Interest; Defaulted Interest
	  	 	55	  
	SECTION 2.16.	 	 CUSIP and ISIN Numbers
	  	 	56	  
	
	ARTICLE III	  
	
	COVENANTS	  
			
	SECTION 3.1.	 	 Payment of Notes
	  	 	56	  
	SECTION 3.2.	 	 Limitation on Indebtedness
	  	 	57	  
	SECTION 3.3.	 	 Limitation on Restricted Payments
	  	 	60	  
	SECTION 3.4.	 	 Limitation on Restrictions on Distributions from Restricted Subsidiaries
	  	 	65	  
	SECTION 3.5.	 	 Limitation on Sales of Assets and Subsidiary Stock
	  	 	67	  
	SECTION 3.6.	 	 Limitation on Liens
	  	 	69	  
	SECTION 3.7.	 	 Limitation on Guarantees
	  	 	70	  
	SECTION 3.8.	 	 Limitation on Affiliate Transactions
	  	 	71	  
	SECTION 3.9.	 	 Change of Control
	  	 	73	  
	SECTION 3.10.	 	 Reports
	  	 	75	  
	SECTION 3.11.	 	 Future Guarantors
	  	 	76	  
	SECTION 3.12.	 	 Maintenance of Office or Agency
	  	 	76	  
	SECTION 3.13.	 	 Corporate Existence
	  	 	77	  
	SECTION 3.14.	 	 Payment of Taxes
	  	 	77	  
	SECTION 3.15.	 	 Payments for Consent
	  	 	77	  
	SECTION 3.16.	 	 Compliance Certificate
	  	 	77	  
	SECTION 3.17.	 	 Further Instruments and Acts
	  	 	77	  

  
 -i- 

							
	 	 	 	  	Page	 
			
	SECTION 3.18.	 	 Conduct of Business
	  	 	77	  
	SECTION 3.19.	 	 Statement by Officers as to Default
	  	 	77	  
	SECTION 3.20.	 	 Designation of Restricted and Unrestricted Subsidiaries
	  	 	77	  
	SECTION 3.21.	 	 Suspension of Certain Covenants
	  	 	78	  
	SECTION 3.22.	 	 Trinseo Finance
	  	 	79	  
	SECTION 3.23.	 	 Further Assurances and After-Acquired Collateral
	  	 	79	  
	SECTION 3.24.	 	 Insurance
	  	 	79	  
	SECTION 3.25.	 	 Impairment of Security Interest
	  	 	80	  
	SECTION 3.26.	 	 Post-Closing Obligations
	  	 	80	  
	
	ARTICLE IV	  
	
	SUCCESSOR ISSUER; Successor Person	  
			
	SECTION 4.1.	 	 Merger and Consolidation
	  	 	80	  
	
	ARTICLE V	  
	
	REDEMPTION OF SECURITIES	  
			
	SECTION 5.1.	 	 Notices to Trustee
	  	 	82	  
	SECTION 5.2.	 	 Selection of Notes to Be Redeemed or Purchased
	  	 	82	  
	SECTION 5.3.	 	 Notice to Redemption
	  	 	82	  
	SECTION 5.4.	 	 Effect of Notice of Redemption
	  	 	83	  
	SECTION 5.5.	 	 Deposit of Redemption or Purchase Price
	  	 	83	  
	SECTION 5.6.	 	 Notes Redeemed or Purchased in Part
	  	 	84	  
	SECTION 5.7.	 	 Optional Redemption
	  	 	84	  
	SECTION 5.8.	 	 Mandatory Redemption
	  	 	85	  
	SECTION 5.9.	 	 Tax Redemption
	  	 	85	  
	
	ARTICLE VI	  
	
	DEFAULTS AND REMEDIES	  
			
	SECTION 6.1.	 	 Events of Default
	  	 	86	  
	SECTION 6.2.	 	 Acceleration
	  	 	88	  
	SECTION 6.3.	 	 Other Remedies
	  	 	88	  
	SECTION 6.4.	 	 Waiver of Past Defaults
	  	 	89	  
	SECTION 6.5.	 	 Control by Majority
	  	 	89	  
	SECTION 6.6.	 	 Limitation on Suits
	  	 	89	  
	SECTION 6.7.	 	 Rights of Holders to Receive Payment
	  	 	90	  
	SECTION 6.8.	 	 Collection Suit by Trustee
	  	 	90	  
	SECTION 6.9.	 	 Trustee May File Proofs of Claim
	  	 	90	  
	SECTION 6.10.	 	 Priorities
	  	 	90	  
	SECTION 6.11.	 	 Undertaking for Costs
	  	 	90	  
	
	ARTICLE VII	  
	
	TRUSTEE	  
			
	SECTION 7.1.	 	 Duties of Trustee
	  	 	91	  
	SECTION 7.2.	 	 Rights of Trustee
	  	 	92	  
	SECTION 7.3.	 	 Individual Rights of Trustee
	  	 	93	  
	SECTION 7.4.	 	 Trustee’s Disclaimer
	  	 	93	  
	SECTION 7.5.	 	 Notice of Defaults
	  	 	94	  

  
 -ii- 

							
	 	 	 	  	Page	 
			
	SECTION 7.6.	 	 Reports by Trustee to Holders
	  	 	94	  
	SECTION 7.7.	 	 Compensation and Indemnity
	  	 	94	  
	SECTION 7.8.	 	 Replacement of Trustee
	  	 	95	  
	SECTION 7.9.	 	 Successor Trustee by Merger
	  	 	95	  
	SECTION 7.10.	 	 Eligibility; Disqualification
	  	 	96	  
	SECTION 7.11.	 	 Preferential Collection of Claims Against the Issuers
	  	 	96	  
	SECTION 7.12.	 	 Intercreditor Agreement and the Security Documents
	  	 	96	  
	SECTION 7.13.	 	 Trustee’s Application for Instruction from the Issuers
	  	 	96	  
	
	ARTICLE VIII	  
	
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  
			
	SECTION 8.1.	 	 Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance
	  	 	96	  
	SECTION 8.2.	 	 Legal Defeasance and Discharge
	  	 	96	  
	SECTION 8.3.	 	 Covenant Defeasance
	  	 	97	  
	SECTION 8.4.	 	 Conditions to Legal or Covenant Defeasance
	  	 	97	  
	SECTION 8.5.	 	 Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions
	  	 	98	  
	SECTION 8.6.	 	 Repayment to the Issuers
	  	 	99	  
	SECTION 8.7.	 	 Reinstatement
	  	 	99	  
	
	ARTICLE IX	  
	
	AMENDMENTS	  
			
	SECTION 9.1.	 	 Without Consent of Holders
	  	 	99	  
	SECTION 9.2.	 	 With Consent of Holders
	  	 	101	  
	SECTION 9.3.	 	 Compliance with Trust Indenture Act
	  	 	102	  
	SECTION 9.4.	 	 Revocation and Effect of Consents and Waivers
	  	 	102	  
	SECTION 9.5.	 	 Notation on or Exchange of Notes
	  	 	102	  
	SECTION 9.6.	 	 Trustee to Sign Amendments
	  	 	103	  
	
	ARTICLE X	  
	
	GUARANTEE	  
			
	SECTION 10.1.	 	 Guarantee
	  	 	103	  
	SECTION 10.2.	 	 Limitation on Liability; Termination, Release and Discharge
	  	 	104	  
	SECTION 10.3.	 	 Right of Contribution
	  	 	105	  
	SECTION 10.4.	 	 No Subrogation
	  	 	105	  
	SECTION 10.5.	 	 Execution of Supplemental Indenture for Future Guarantors
	  	 	105	  
	
	ARTICLE XI	  
	
	SATISFACTION AND DISCHARGE	  
			
	SECTION 11.1.	 	 Satisfaction and Discharge
	  	 	106	  
	SECTION 11.2.	 	 Application of Trust Money
	  	 	106	  
	
	ARTICLE XII	  
	
	SECURITY	  
			
	SECTION 12.1.	 	 Security Documents
	  	 	107	  

  
 -iii- 

							
	 	 	 	  	Page	 
			
	SECTION 12.2.	 	 Collateral Agent
	  	 	108	  
	SECTION 12.3.	 	 Recordings and Opinions
	  	 	111	  
	SECTION 12.4.	 	 Authorization of Actions To Be Taken
	  	 	112	  
	SECTION 12.5.	 	 Release of Collateral
	  	 	112	  
	SECTION 12.6.	 	 Permitted Releases Not to Impair Lien; Trust Indenture Act Requirements
	  	 	113	  
	SECTION 12.7.	 	 Powers Exercisable by Receiver or Trustee
	  	 	114	  
	SECTION 12.8.	 	 No Fiduciary Duties: Collateral
	  	 	114	  
	SECTION 12.9.	 	 Intercreditor Agreement Controls
	  	 	114	  
	
	ARTICLE XIII	  
	
	MISCELLANEOUS	  
			
	SECTION 13.1.	 	 Trust Indenture Act Controls
	  	 	114	  
	SECTION 13.2.	 	 Notices
	  	 	115	  
	SECTION 13.3.	 	 Communication by Holders with Other Holders
	  	 	116	  
	SECTION 13.4.	 	 Certificate and Opinion as to Conditions Precedent
	  	 	116	  
	SECTION 13.5.	 	 Statements Required in Certificate or Opinion
	  	 	116	  
	SECTION 13.6.	 	 When Notes Disregarded
	  	 	116	  
	SECTION 13.7.	 	 Rules by Trustee, Paying Agent and Registrar
	  	 	116	  
	SECTION 13.8.	 	 Legal Holidays
	  	 	117	  
	SECTION 13.9.	 	 Governing Law
	  	 	117	  
	SECTION 13.10.	 	 Jurisdiction
	  	 	117	  
	SECTION 13.11.	 	 Waivers of Jury Trial
	  	 	117	  
	SECTION 13.12.	 	 USA PATRIOT Act
	  	 	117	  
	SECTION 13.13.	 	 No Recourse Against Others
	  	 	117	  
	SECTION 13.14.	 	 Successors
	  	 	117	  
	SECTION 13.15.	 	 Multiple Originals
	  	 	117	  
	SECTION 13.16.	 	 Qualification of Indenture
	  	 	118	  
	SECTION 13.17.	 	 Table of Contents; Headings
	  	 	118	  
	SECTION 13.18.	 	 Force Majeure
	  	 	118	  
	SECTION 13.19.	 	 Severability
	  	 	118	  
	SECTION 13.20.	 	 Jurisdiction
	  	 	118	  
	SECTION 13.21.	 	 Waiver of Immunities
	  	 	118	  
	SECTION 13.22.	 	 Currency Rate Indemnity
	  	 	118	  
	SECTION 13.23.	 	 Interest Act (Canada)
	  	 	118	  

  

			
	SCHEDULE I	 	Post-Closing Obligations
		
	EXHIBIT A	 	Form of Global Restricted Note
	EXHIBIT B	 	Form of Exchange Global Note
	EXHIBIT C	 	Form of Supplemental Indenture
	EXHIBIT D	 	Form of Intercreditor Agreement

  
 -iv- 

 CROSS-REFERENCE TABLE 
  

			
	 TIA Section
	  	Indenture
Section
		
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.3;7.8;7.10
	 311(a)
	  	7.11
	       (b)
	  	7.11
	 312(a)
	  	2.5
	       (b)
	  	13.3
	       (c)
	  	13.3
	 313(a)
	  	7.6
	       (b)(1)
	  	7.6
	       (b)(2)
	  	7.6
	       (c)
	  	7.6
	       (d)
	  	7.6
	 314(a)
	  	3.10;3.16;12.5
	       (b)
	  	N.A.
	       (c)(1)
	  	13.4
	       (c)(2)
	  	13.4
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	12.5
	 315(a)
	  	7.1
	       (b)
	  	7.5;13.2
	       (c)
	  	7.1
	       (d)
	  	7.1
	       (e)
	  	6.11
	 316(a)(last sentence)
	  	13.6
	       (a)(1)(A)
	  	6.5
	       (a)(1)(B)
	  	6.4
	       (a)(2)
	  	N.A.
	       (b)
	  	6.7
	       (c)
	  	N.A.
	 317(a)(1)
	  	6.8
	       (a)(2)
	  	6.9
	       (b)
	  	2.4
	 318(a)
	  	13.1

 N.A. means not applicable. 

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

  
 -v- 

 INDENTURE dated as of January 29, 2013, among TRINSEO MATERIALS OPERATING S.C.A., a
partnership limited by shares (société en commandite par actions) organized and existing under the laws of the Grand Duchy of Luxembourg, having its registered office at 9A, rue Gabriel Lippmann L-5365 Munsbach
Grand-Duché de Luxembourg, and registered with the Luxembourg Trade and Companies Register under number B 153586 (the “Company”) and TRINSEO MATERIALS FINANCE, INC., a Delaware corporation (“Trinseo Finance”
and, together with the Company, the “Issuers”), the Guarantors (as defined herein) from time to time party hereto and WILMINGTON TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the
“Trustee”) and Collateral Agent (as defined below). 
 W I T N E S S
E T H 
 WHEREAS, the Issuers have duly authorized the execution and delivery of this Indenture to provide for the
issuance of (i) their 8.750% Senior Secured Notes due 2019 issued on the date hereof (the “Initial Notes”), (ii) any additional Notes (“Additional Notes”) that may be issued after the Issue Date and
(iii) their 8.750% Senior Secured Notes due 2019 issued pursuant to the Registration Rights Agreement (as defined herein) in exchange for any Initial Notes or Additional Notes (the “Exchange Notes,” and together with the
Initial Notes and any Additional Notes, the “Notes”); 
 WHEREAS, the Issuers have duly authorized the execution and
delivery of this Indenture; and 
 WHEREAS, all things necessary (i) to make the Notes, when executed and duly issued by the Issuers
and authenticated and delivered hereunder, the valid obligations of the Issuers and (ii) to make this Indenture a valid agreement of the Issuers have been done. 

NOW, THEREFORE, in consideration of the premises and the purchase of the Notes by the Holders thereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all Holders, as follows: 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

SECTION 1.1. Definitions. 

“Acquired Indebtedness” means Indebtedness (1) of a Person or any of its Subsidiaries existing at the time such Person
becomes a Restricted Subsidiary, or (2) assumed in connection with the acquisition of assets from such Person, in each case whether or not Incurred by such Person in connection with such Person becoming a Restricted Subsidiary of the Company or
such acquisition or (3) of a Person at the time such Person merges with or into or consolidates or otherwise combines with the Company or any Restricted Subsidiary; provided that Acquired Indebtedness shall not include Indebtedness
incurred in connection with or in contemplation of the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary, such Indebtedness was assumed or such merger consolidation or combination. Acquired
Indebtedness shall be deemed to have been Incurred, with respect to clause (1) of the preceding sentence, on the date such Person becomes a Restricted Subsidiary and, with respect to clause (2) of the preceding sentence, on the date of
consummation of such acquisition of assets and, with respect to clause (3) of the preceding sentence, on the date of the relevant merger, consolidation or other combination. 

“Additional Amounts” means, if either Issuer or any Guarantor is required to withhold or deduct any amount for or on account
of Taxes of a Relevant Taxing Jurisdiction from any payment made under or with respect to the Notes, the additional amounts such Issuer or such Guarantor, as the case may be, will pay as may be necessary to ensure that the net amount received by
each holder or beneficial owner of the Notes (including Additional Amounts) after such withholding or deduction will be not less than the amount the holder or beneficial owner would have received if such Taxes had not been required to be withheld or
deducted. 

 “Additional Assets” means: 

(1) any property or assets (other than Capital Stock) used or to be used by the Company or a Restricted Subsidiary or otherwise
useful in a Similar Business (it being understood that capital expenditures on property or assets already used in a Similar Business or to replace any property or assets that are the subject of such Asset Disposition shall be deemed an investment in
Additional Assets); 
 (2) the Capital Stock of a Person that is engaged in a Similar Business and becomes a Restricted
Subsidiary as a result of the acquisition of such Capital Stock by the Company or a Restricted Subsidiary; or 
 (3) Capital
Stock constituting a minority interest in any Person that at such time is a Restricted Subsidiary of the Company. 
 “Additional
Interest” means all additional interest then owing pursuant to the Registration Rights Agreement. 
 “Additional
Notes” has the meaning ascribed to it in the first recital to this Indenture. 
 “Advisory Agreements” means,
collectively, (i) the Advisory Agreement, dated as of 17 June 2010, by and amongst Bain Capital Partners, LLC, a Delaware limited liability company, and Portfolio Company Advisors Limited, an English private limited company, on the one
hand, and Styron Holding BV, a Dutch besloten vennootschap met beperkte aansprakelijkheid and Bain Capital Everest US Holding Inc., a Delaware on the other hand, and (ii) the Transaction Services Agreement, dated as of 17 June 2010, by and
between Bain Capital Everest US Holding Inc., a Delaware company and Bain Capital Partners, LLC, a Delaware limited liability company. 

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

“AI” means an “accredited investor” as described in Rule 501(a)(4) under the Securities Act. 

“Applicable Premium” means the greater of (A) 1.0% of the principal amount of such Note and (B) on any redemption
date, the excess (to the extent positive) of: 
 (a) the present value at such redemption date of (i) the redemption
price of such Note at August 1, 2015 (such redemption price (expressed in percentage of principal amount) being set forth in the table under Section 5.7(b) (excluding accrued but unpaid interest)), plus (ii) all required
interest payments due on such Note to and including such date set forth in clause (i) (excluding accrued but unpaid interest), computed upon the redemption date using a discount rate equal to the Treasury Rate at such redemption date plus 50
basis points; over amount of such Note; 
 (b) the outstanding principal amount of such Note; 

in each case, as calculated by the Company or on behalf of the Company by such Person as the Company shall designate. 

“Asset Disposition” means: 

(a) the sale, conveyance, transfer or other disposition, whether in a single transaction or a series of related transactions,
of property or assets (including by way of a Sale and Leaseback Transaction) of the Company (other than Capital Stock of the Company) or any of its Restricted Subsidiaries (each referred to in this definition as a “disposition”); or

 (b) the issuance or sale of Capital Stock of any Restricted Subsidiary (other than Preferred Stock or Disqualified Stock
of Restricted Subsidiaries issued in compliance with Section 3.2 hereof or directors’ qualifying shares and shares issued to foreign nationals as required under applicable law), whether in a single transaction or a series of related
transactions; 

  
 -2- 

 in each case, other than: 

(1) a disposition by a Restricted Subsidiary to the Company or a Restricted Subsidiary to a Restricted Subsidiary; 

(2) a disposition of cash, Cash Equivalents or Investment Grade Securities; 

(3) a disposition of inventory or other assets in the ordinary course of business; 

(4) a disposition of obsolete, surplus or worn out equipment or other assets or equipment or other assets that are no longer
useful in the conduct of the business of the Company and its Restricted Subsidiaries; 
 (5) transactions permitted under
Section 4.1 hereof or a transaction that constitutes a Change of Control; 
 (6) an issuance of Capital Stock by
a Restricted Subsidiary to the Company or to another Restricted Subsidiary or as part of or pursuant to an equity incentive or compensation plan approved by the Board of Directors; 

(7) any dispositions of Capital Stock, properties or assets in a single transaction or series of related transactions with a
fair market value (as determined in good faith by the Company) of less than $20.0 million; 
 (8) any Restricted Payment that
is permitted to be made, and is made, under Section 3.3 and the making of any Permitted Payment or Permitted Investment or, solely for purposes of Section 3.5(a)(3), asset sales, the proceeds of which are used to make such
Restricted Payments or Permitted Investments; 
 (9) dispositions in connection with Permitted Liens; 

(10) dispositions of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of
business or in bankruptcy or similar proceedings; 
 (11) the licensing or sub-licensing of intellectual property or other
general intangibles and licenses, sub-licenses, leases or subleases of other property, in each case, in the ordinary course of business; 

(12) foreclosure, condemnation or any similar action with respect to any property or other assets; 

(13) the sale or discount (with or without recourse, and on customary or commercially reasonable terms and for credit
management purposes) of accounts receivable or notes receivable arising in the ordinary course of business, or the conversion or exchange of accounts receivable for notes receivable; 

(14) any disposition of Capital Stock, Indebtedness or other securities of an Unrestricted Subsidiary; 

(15) any disposition of Capital Stock of a Restricted Subsidiary pursuant to an agreement or other obligation with or to a
Person (other than the Company or a Restricted Subsidiary) from whom such Restricted Subsidiary was acquired, or from whom such Restricted Subsidiary acquired its business and as-sets (having been newly formed in connection with such acquisition),
made as part of such acquisition and in each case comprising all or a portion of the consideration in respect of such sale or acquisition; 

  
 -3- 

 (16) to the extent allowable under Section 1031 of the Code, any exchange of
like property (excluding any boot thereon) for use in a Similar Business; 
 (17) any disposition of Securitization Assets,
or participations therein, in connection with any Qualified Securitization Financing, or the disposition of an account receivable in connection with the collection or compromise thereof in the ordinary course of business; 

(18) any financing transaction with respect to property constructed, acquired, replaced, repaired or improved (including any
reconstruction, refurbishment, renovation and/or development of real property) by the Company or any Restricted Subsidiary after the Issue Date, including Sale and Leaseback Transactions and asset securitizations, permitted by this Indenture; and

 (19) any surrender or waiver of contract rights or the settlement, release or surrender of contract, tort or other claims
of any kind. 
 “Associate” means (i) any Person engaged in a Similar Business of which the Company or its Restricted
Subsidiaries are the legal and beneficial owners of between 20% and 50% of all outstanding Voting Stock and (ii) any joint venture entered into by the Company or any Restricted Subsidiary of the Company. 

“Bain Capital” means, collectively, Bain Capital Partners, LLC and funds or partnerships related to, or managed or advised by
any of them or any Affiliate of any of them (not including, however, any portfolio companies of any of the foregoing, which portfolio companies have material operations other than the operations of the Company and its Subsidiaries). 

“Bankruptcy Law” means Title 11 of the United States Code or similar federal, state or foreign law for the relief of debtors.

 “Board of Directors” means (1) with respect to the Company or any corporation, the board of directors or managers,
as applicable, of the corporation, or any duly authorized committee thereof; (2) with respect to any partnership, the board of directors or other governing body of the general partner of the partnership or any duly authorized committee thereof;
and (3) with respect to any other Person, the board or any duly authorized committee of such Person serving a similar function. Whenever any provision requires any action or determination to be made by, or any approval of, a Board of Directors,
such action, determination or approval shall be deemed to have been taken or made if approved by a majority of the directors on any such Board of Directors (whether or not such action or approval is taken as part of a formal board meeting or as a
formal board approval). 
 “Board Resolution” means a copy of a resolution certified by the Secretary or an Assistant
Secretary (or equivalent) of a Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Business Day” means each day that is not a Saturday, Sunday or other day on which banking institutions in New York, New
York, United States or in the state of the place of payment are authorized or required by law to close. 
 “Canadian Insolvency
Law” means any of the Bankruptcy and Insolvency Act (Canada), the Companies’ Creditors Arrangement Act (Canada), and the Winding-Up and Restructuring Act (Canada), each as now and hereafter in effect, and any
successors to such statutes and any other applicable insolvency, winding-up, dissolution, restructuring, reorganization, liquidation or similar law of any provincial or territorial jurisdiction and any law of any provincial or territorial
jurisdiction (including any corporate law relating to arrangements, reorganizations or restructurings) permitting a debtor to obtain a stay or a compromise of the claims of its creditors against it. 

  
 -4- 

 “Capital Stock” of any Person means any and all shares of, rights to purchase,
warrants, options or depositary receipts for, or other equivalents of or partnership or other interests in (however designated), equity of such Person, including any Preferred Stock, but excluding any debt securities convertible into such equity.

 “Capitalized Lease Obligations” means an obligation that is required to be classified and accounted for as a capitalized
lease for financial reporting purposes on the basis of GAAP. The amount of Indebtedness represented by such obligation will be the capitalized amount of such obligation at the time any determination thereof is to be made as determined on the basis
of GAAP, and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior to the first date such lease may be terminated without penalty. 

“Cash Equivalents” means: 

(1) (a) United States dollars, euro or any national currency of any member state of the European Union; or (b) any
other foreign currency held by the Company and the Restricted Subsidiaries in the ordinary course of business; 
 (2)
securities issued or directly and fully Guaranteed or insured by the United States or Canadian governments, a member state of the European Union or, in each case, any agency or instrumentality of thereof (provided that the full faith and
credit of such country or such member state is pledged in support thereof), having maturities of not more than two years from the date of acquisition; 

(3) certificates of deposit, time deposits, eurodollar time deposits, overnight bank deposits or bankers’ acceptances
having maturities of not more than one year from the date of acquisition thereof issued by any lender or by any bank or trust company (a) whose commercial paper is rated at least “A-2” or the equivalent thereof by S&P or at least
“P-2” or the equivalent thereof by Moody’s (or if at the time neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) or (b) (in the event that the bank or
trust company does not have commercial paper which is rated) having combined capital and surplus in excess of $100 million; 

(4) repurchase obligations for underlying securities of the types described in clauses (2) and (3) entered into with
any bank meeting the qualifications specified in clause (3) above; 
 (5) commercial paper rated at the time of
acquisition thereof at least “A-2” or the equivalent thereof by S&P or “P-2” or the equivalent thereof by Moody’s or carrying an equivalent rating by a Nationally Recognized Statistical Rating Organization, if both of
the two named rating agencies cease publishing ratings of investments or, if no rating is available in respect of the commercial paper, the issuer of which has an equivalent rating in respect of its long-term debt, and in any case maturing within
one year after the date of acquisition thereof; 
 (6) readily marketable direct obligations issued by any state of the
United States of America, any province of Canada, any member of the European Union or any political subdivision thereof, in each case, having one of the two highest rating categories obtainable from either Moody’s or S&P (or, if at the
time, neither is issuing comparable ratings, then a comparable rating of another Nationally Recognized Statistical Rating Organization) with maturities of not more than two years from the date of acquisition; 

(7) bills of exchange issued in the United States, Canada, a member state of the European Union, or Japan eligible for
rediscount at the relevant central bank and accepted by a bank (or any dematerialized equivalent); 
 (8) interests in any
investment company, money market or enhanced high yield fund which invests 95% or more of its assets in instruments of the type specified in clauses (1) through (6) above; and 

(9) for purposes of clause (2) of the definition of “Asset Disposition,” the marketable securities portfolio
owned by the Company and its Subsidiaries on the Issue Date. 

  
 -5- 

 Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those
set forth in clause (1) above, provided that such amounts are converted into any currency listed in clause (1) as promptly as practicable and in any event within 10 Business Days following the receipt of such amounts. 

“Cash Management Services” means any of the following to the extent not constituting a line of credit (other than an
overnight draft facility that is not in default); ACH transactions, treasury and/or cash management services, including, without limitation, controlled disbursement services, overdraft facilities, foreign exchange facilities, deposit and other
accounts and merchant services. 
 “Change of Control” means: 

(1) the Company becomes aware of (by way of a report or any other filing pursuant to Section 13(d) of the Exchange Act,
proxy, vote, written notice or otherwise) any “person” or “group” of related persons (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act as in effect on the Issue Date), other than one or more Permitted
Holders, is or becomes the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act as in effect on the Issue Date), directly or indirectly, of more than 50% of the total voting power of the Voting Stock of the
Company; or 
 (2) the sale, lease, transfer, conveyance or other disposition (other than by way of merger, consolidation or
other business combination transaction), in one or a series of related transactions, of all or substantially all of the assets of the Company and its Restricted Subsidiaries taken as a whole to a Person, other than a Restricted Subsidiary or one or
more Permitted Holders; or 
 (3) the first day on which a majority of the members of the Board of Directors of Holdings or
the Company are not Continuing Directors. 
 “Code” means the United States Internal Revenue Code of 1986, as amended. 

“Collateral” means all assets of the Issuers and the Guarantors, whether real, personal or mixed, with respect to which a
Lien is granted (or purported to be granted) as security for any Notes Obligations (including proceeds and products thereof). 

“Collateral Agent” means Wilmington Trust, National Association, acting in its capacity as collateral agent under the
Security Documents, or any successor thereto. 
 “Company” has the meaning ascribed to it in the introductory paragraph of
this Indenture. 
 “Consolidated Depreciation and Amortization Expense” means, with respect to any Person for any period,
the total amount of depreciation and amortization expense, including amortization of deferred financing fees of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP.

 “Consolidated EBITDA” for any period means the Consolidated Net Income for such period: 

(1) increased (without duplication) by: 

(a) provision for Taxes based on income or profits or capital, including, without limitation, state, franchise and similar
Taxes and foreign withholding Taxes of such Person paid or accrued during such period deducted (and not added back) in computing Consolidated Net Income; plus  

(b) Fixed Charges of such Person for such period (including (x) net losses on Hedging Obligations or other derivative
instruments entered into for the purpose of hedging interest rate risk and (y) costs of surety bonds in connection with financing activities, plus amounts excluded from the definition of “Consolidated Interest Expense” pursuant to
clauses (w), (x) and (y) in clause (1) thereof, to the extent the same were deducted (and not added back) in calculating such Consolidated Net Income; plus  

  
 -6- 

 (c) Consolidated Depreciation and Amortization Expense of such Person for such
period to the extent the same were deducted (and not added back) in computing Consolidated Net Income; plus  
 (d)
any expenses or charges (other than depreciation or amortization expense) related to any Equity Offering, Permitted Investment, acquisition, disposition, recapitalization or the Incurrence of Indebtedness permitted to be Incurred by this Indenture
(including a refinancing thereof) (whether or not successful), including (i) such fees, expenses or charges related to the offering of the Notes and the Credit Agreement and any Securitization Fees and (ii) any amendment or other
modification of the Notes, the Credit Agreement and any Securitization Fees, in each case, deducted (and not added back) in computing Consolidated Net Income; plus  

(e) the amount of any restructuring charge or reserve, integration cost or other business optimization expense or cost
associated with establishing new facilities that is deducted (and not added back) in such period in computing Consolidated Net Income, including any one-time costs incurred in connection with acquisitions after the Issue Date and costs related to
the closure and/or consolidation of facilities; plus  
 (f) any other non-cash charges, write-downs, expenses, losses
or items reducing Consolidated Net Income for such period including any impairment charges or the impact of purchase accounting (excluding any such non-cash charge, write-down or item to the extent it represents an accrual or reserve for a cash
expenditure for a future period) or other items classified by the Company as special items less other non-cash items of income increasing Consolidated Net Income (excluding any such non-cash item of income to the extent it represents a receipt of
cash in any future period); plus  
 (g) the amount of management, monitoring, consulting and advisory fees (including
termination fees) and related indemnities and expenses paid or accrued in such period to Bain Capital to the extent otherwise permitted under Section 3.8 hereof; plus 

(h) the amount of net cost savings and operating efficiencies projected by the Company in good faith to be realized as a result
of specified actions either taken or initiated prior to or during such period (calculated on a pro forma basis as though such cost savings had been realized on the first day of such period), net of the amount of actual benefits realized or
expected to be realized prior to or during such period from such actions; provided that such cost savings are reasonably identifiable and factually supportable; provided further that, to the extent not completed, such actions are
expected to be completed within twelve months; plus  
 (i) the amount of loss on sale of Securitization Assets and
related assets to the Securitization Entity in connection with a Qualified Securitization Financing; plus  
 (j) any
costs or expense Incurred by the Company or a Restricted Subsidiary pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or shareholder agreement, to the
extent that such cost or expenses are funded with cash proceeds contributed to the capital of the Company or net cash proceeds of an issuance of Capital Stock of the Company (other than Disqualified Stock) solely to the extent that such net cash
proceeds are excluded from the calculation set forth in Section 3.3(a)(iii) hereof; plus  
 (k) cash
receipts (or any netting arrangements resulting in reduced cash expenditures) not representing Consolidated EBITDA or Consolidated Net Income in any period to the ex-tent non-cash gains relating to such income were deducted in the calculation of
Consolidated EBITDA pursuant to clause (2) below for any previous period and not added back; plus  

  
 -7- 

 (l) any net loss included in the consolidated financial statements due to the
application of Financial Accounting Standards No. 160 “Non-controlling Interests in Consolidated Financial Statements” (“FAS 160”); plus  

(m) realized foreign exchange losses resulting from the impact of foreign currency changes on the valuation of assets or
liabilities on the balance sheet of the Company and its Restricted Subsidiaries; plus  
 (n) net realized losses from
Hedging Obligations or embedded derivatives that require similar accounting treatment and the application of Accounting Standards Codification Topic 815 and related pronouncements; 

(2) decreased (without duplication) by: (a) non-cash gains increasing Consolidated Net Income of such Person for such
period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a
prior period so long as such cash did not increase Consolidated EBITDA in such prior period; plus (b) realized foreign exchange income or gains resulting from the impact of foreign currency changes on the valuation of assets or
liabilities on the balance sheet of the Company and its Restricted Subsidiaries; plus (c) any net realized income or gains from Hedging Obligations or embedded derivatives that require similar accounting treatment and the application of
Accounting Standards Codification Topic 815 and related pronouncements, plus (d) any net income included in the consolidated financial statements due to the application of FAS 160; and 

(3) increased or decreased (without duplication) by, as applicable, any adjustments resulting for the application of Accounting
Standards Codification Topic 460 or any comparable regulation. 
 “Consolidated Interest Expense” means, with respect to
any Person for any period, without duplication, the sum of: 
 (1) consolidated interest expense of such Person and its
Restricted Subsidiaries for such period, to the extent such expense was deducted (and not added back) in computing Consolidated Net Income (including (a) amortization of original issue discount resulting from the issuance of Indebtedness at
less than par, (b) all commissions, discounts and other fees and charges owed with respect to letters of credit or bankers acceptances, (c) non-cash interest payments (but excluding any non-cash interest expense attributable to the
movement in the mark to market valuation of Hedging Obligations or other derivative instruments pursuant to GAAP), (d) the interest component of Capitalized Lease Obligations and (e) net payments, if any, pursuant to interest rate Hedging
Obligations with respect to Indebtedness, and excluding (v) accretion or accrual of discounted liabilities other than Indebtedness, (w) any expense resulting from the discounting of any Indebtedness in connection with the application of
purchase accounting in connection with any acquisition, (x) amortization of deferred financing fees, debt issuance costs, commissions, fees and expenses, (y) any expensing of bridge, commitment and other financing fees and
(z) interest with respect to Indebtedness of any Parent of such Person appearing upon the balance sheet of such Person solely by reason of push-down accounting under GAAP; plus  

(2) consolidated capitalized interest of such Person and its Restricted Subsidiaries for such period, whether paid or accrued;
less  
 (3) interest income for such period. 

For purposes of this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person
to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP. 

  
 -8- 

 “Consolidated Net Income” means, for any period, the net income (loss) of the
Company and its Restricted Subsidiaries determined on a consolidated basis on the basis of GAAP; provided, however, that there will not be included in such Consolidated Net Income: 

(1) subject to the limitations contained in clause (3) below, any net income (loss) of any Person if such Person is not a
Restricted Subsidiary, except that the Company’s equity in the net income of any such Person for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually distributed by such
Person during such period to the Company or a Restricted Subsidiary as a dividend or other distribution or return on investment or could have been distributed, as reasonably determined by an Officer of the Company (subject, in the case of a dividend
or other distribution or return on investment to a Restricted Subsidiary, to the limitations contained in clause (2) below); 

(2) solely for the purpose of determining the amount available for Restricted Payments under Section 3.3(a)(iii)(A)
hereof, any net income (loss) of any Restricted Subsidiary (other than Guarantors) if such Subsidiary is subject to restrictions, directly or indirectly, on the payment of dividends or the making of distributions by such Restricted Subsidiary,
directly or indirectly, to the Company or a Guarantor by operation of the terms of such Restricted Subsidiary’s charter or any agreement, instrument, judgment, decree, order, statute or governmental rule or regulation applicable to such
Restricted Subsidiary or its shareholders (other than (a) restrictions that have been waived or otherwise released. (b) restrictions pursuant to the Notes or this Indenture, and (c) restrictions specified under
Section 3.4(14)), except that the Company’s equity in the net income of any such Restricted Subsidiary for such period will be included in such Consolidated Net Income up to the aggregate amount of cash or Cash Equivalents actually
distributed or that could have been distributed by such Restricted Subsidiary during such period to the Company or another Restricted Subsidiary as a dividend or other distribution (subject, in the case of a dividend to another Restricted
Subsidiary, to the limitation contained in this clause); 
 (3) any net gain (or loss) realized upon the sale or other
disposition of any asset or disposed operations of the Company or any Restricted Subsidiaries (including pursuant to any Sale and Leaseback Transaction) which is not sold or otherwise disposed of in the ordinary course of business (as determined in
good faith by an Officer or the Board of Directors of the Company); 
 (4) any extraordinary, exceptional, unusual or
nonrecurring gain, loss, charge or expense or any charges, expenses or reserves in respect of any restructuring, redundancy or severance expense; 

(5) the cumulative effect of a change in accounting principles; 

(6) any (i) non-cash compensation charge or expense arising from any grant of stock, stock options or other equity based
awards and any non-cash deemed finance charges in respect of any pension liabilities or other provisions and (ii) income (loss) attributable to deferred compensation plans or trusts shall be excluded; 

(7) all deferred financing costs written off and premiums paid or other expenses Incurred directly in connection with any early
extinguishment of Indebtedness and any net gain (loss) from any write-off or forgiveness of Indebtedness; 
 (8) any
unrealized gains or losses in respect of Hedging Obligations or any ineffectiveness recognized in earnings related to qualifying hedge transactions or the fair value of changes therein recognized in earnings for derivatives that do not qualify as
hedge transactions, in each case, in respect of Hedging Obligations; 
 (9) any unrealized foreign currency transaction gains
or losses in respect of Indebtedness of any Person denominated in a currency other than the functional currency of such Person and any unrealized foreign exchange gains or losses relating to translation of assets and liabilities denominated in
foreign currencies; 

  
 -9- 

 (10) any unrealized foreign currency translation or transaction gains or losses
in respect of Indebtedness or other obligations of the Company or any Restricted Subsidiary owing to the Company or any Restricted Subsidiary; 

(11) any purchase accounting effects, including, but not limited to, adjustments to inventory, property and equipment, software
and other intangible assets and deferred revenue in component amounts required or permitted by GAAP and related authoritative pronouncements (including the effects of such adjustments pushed down to the Company and its Restricted Subsidiaries), as a
result of any consummated acquisition or the amortization or write-off of any amounts thereof (including any write-off of in process research and development); 

(12) any goodwill or other intangible asset impairment charge or write-off; 

(13) any after-tax effect of income (loss) from the early extinguishment or cancellation of Indebtedness or Hedging Obligations
or other derivative instruments shall be excluded; 
 (14) any net unrealized gains and losses resulting from Hedging
Obligations or embedded derivatives that require similar accounting treatment and the application of Accounting Standards Codification Topic 815 and related pronouncements shall be excluded; and 

(15) the amount of any expense to the extent a corresponding amount is received in cash by the Company and the Restricted
Subsidiaries from a Person other than the Company or any Restricted Subsidiaries under any agreement providing for reimbursement of any such expense, provided such reimbursement payment has not been included in determining Consolidated Net
Income (it being understood that if the amounts received in cash under any such agreement in any period exceed the amount of expense in respect of such period, such excess amounts received may be carried forward and applied against expense in future
periods). 
 “Consolidated Secured Leverage” means the sum of the aggregate outstanding Secured Indebtedness for borrowed
money and Capitalized Lease Obligations of the Company and its Restricted Subsidiaries less the aggregate amount of unrestricted cash and Cash Equivalents of the Company and its Restricted Subsidiaries. 

“Consolidated Secured Leverage Ratio” means, as of any date of determination, the ratio of (x) Consolidated Secured
Leverage at such date to (y) the aggregate amount of Consolidated EBITDA for the period of the most recent four consecutive fiscal quarters ending prior to the date of such determination for which internal consolidated financial statements of
the Company are available, in each case with such pro forma adjustments as are consistent with the pro forma adjustments set forth in the definition of “Fixed Charge Coverage Ratio.” 

“Consolidated Taxes” means, if and for so long as the Company is a member of a group filing a consolidated or combined tax
return with any common parent of such group, any Taxes measured by income for which such common parent is liable up to an amount not to exceed with respect to such Taxes the amount of any such Taxes that the Company and its Subsidiaries would have
been required to pay on a separate company basis or on a consolidated basis if the Company and its Subsidiaries had paid Tax on a consolidated, combined, group, affiliated or unitary basis on behalf of an affiliated group consisting only of the
Company and its Subsidiaries. 
 “Contingent Obligations” means, with respect to any Person, any obligation of such Person
guaranteeing in any manner, whether directly or indirectly, any operating lease, dividend or other obligation that does not constitute Indebtedness (“primary obligations”) of any other Person (the “primary
obligor”), including any obligation of such Person, whether or not contingent: 
 (1) to purchase any such primary
obligation or any property constituting direct or indirect security therefor; 

  
 -10- 

 (2) to advance or supply funds: 

(a) for the purchase or payment of any such primary obligation; or 

(b) to maintain the working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency
of the primary obligor; or 
 (3) to purchase property, securities or services primarily for the purpose of assuring the
owner of any such primary obligation of the ability of the primary obligor to make payment of such primary obligation against loss in respect thereof. 

“Continuing Directors” means, as of any date of determination, any member of the Board of Directors of the Company who: 

(1) was a member of such Board of Directors on the date of this Indenture; or 

(2) was nominated for election or elected to such Board of Directors by the Permitted Holders or with the approval of a majority of the
Continuing Directors who were members of such Board of Directors at the time of such nomination or election. 
 “Covenant
Suspension” means, during any period of time following the issuance of the Notes, that (i) the Notes have achieved Investment Grade Status and (ii) no Default or Event of Default has occurred and is continuing under this
Indenture. 
 “Credit Agreement” means the credit agreement dated as of June 17, 2010 by and among the Company,
certain of its Subsidiaries identified therein as guarantors, the senior lenders (as named therein) and Deutsche Bank AG New York Branch, as the administrative agent for the lenders, together with the related documents thereto (including the
revolving loans thereunder, any letters of credit and reimbursement obligations related thereto, any Guarantees and security documents), as amended, extended, renewed, restated, refunded, replaced, refinanced, supplemented, modified or otherwise
changed (in whole or in part, and without limitation as to amount, terms, conditions, covenants and other provisions) from time to time, and any one or more agreements (and related documents) governing Indebtedness, including indentures, incurred to
refinance, substitute, supplement, replace or add to (including increasing the amount available for borrowing or adding or removing any Person as a borrower, issuer or guarantor thereunder), in whole or in part, the borrowings and commitments then
outstanding or permitted to be outstanding under such Credit Agreement or one or more successors to the Credit Agreement or one or more new credit agreements. 

“Credit Facility” means, with respect to the Company or any of its Subsidiaries, one or more debt facilities, indentures or
other arrangements (including the Credit Agreement or commercial paper facilities and overdraft facilities) with banks, other financial institutions or investors providing for revolving credit loans, term loans, notes, receivables financing
(including through the sale of receivables to such institutions or to special purpose entities formed to borrow from such institutions against such receivables), letters of credit or other Indebtedness, in each case, as amended, restated, modified,
renewed, refunded, replaced, restructured, refinanced, repaid, increased or extended in whole or in part from time to time (and whether in whole or in part and whether or not with the original administrative agent and lenders or another
administrative agent or agents or other banks or institutions and whether provided under the original Credit Agreement or one or more other credit or other agreements, indentures, financing agreements or otherwise) and in each case including all
agreements, instruments and documents executed and delivered pursuant to or in connection with the foregoing (including any notes and letters of credit issued pursuant thereto and any guarantee and collateral agreement, patent and trademark security
agreement, mortgages or letter of credit applications and other Guarantees, pledges, agreements, security agreements and collateral documents). Without limiting the generality of the foregoing, the term “Credit Facility” shall include any
agreement or instrument (1) changing the maturity of any Indebtedness Incurred thereunder or contemplated thereby, (2) adding Subsidiaries of the Company as additional borrowers or guarantors thereunder, (3) increasing the amount of
Indebtedness Incurred thereunder or available to be borrowed thereunder or (4) otherwise altering the terms and conditions thereof. 

  
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 “Custodian” means any receiver, trustee, assignee, liquidator, custodian or
similar official under any Bankruptcy Law. 
 “Default” means any event that is, or with the passage of time or the giving
of notice or both would be, an Event of Default; provided that any Default that results solely from the taking of an action that would have been permitted but for the continuation of a previous Default will be deemed to be cured if such
previous Default is cured prior to becoming an Event of Default. 
 “Definitive Notes” means certificated Notes. 

“Designated Non-Cash Consideration” means the fair market value (as determined in good faith by the Company) of non-cash
consideration received by the Company or one of its Restricted Subsidiaries in connection with an Asset Disposition that is so designated as Designated Non-Cash Consideration pursuant to an Officer’s Certificate setting forth the basis of such
valuation, less the amount of cash or Cash Equivalents received in connection with a subsequent payment, redemption, retirement, sale or other disposition of such Designated Non-Cash Consideration. A particular item of Designated Non-Cash
Consideration will no longer be considered to be outstanding when and to the extent it has been paid, redeemed or otherwise retired or sold or otherwise disposed of in compliance with Section 3.5 hereof. 

“Designated Preferred Stock” means, with respect to the Company, Preferred Stock (other than Disqualified Stock)
(a) that is issued for cash (other than to the Company or a Subsidiary of the Company or an employee stock ownership plan or trust established by the Company or any such Subsidiary for the benefit of their employees to the extent funded by the
Company or such Subsidiary) and (b) that is designated as “Designated Preferred Stock” pursuant to an Officer’s Certificate of the Company at or prior to the issuance thereof, the Net Cash Proceeds of which are excluded from the
calculation set forth in Section 3.3(a)(iii)(B) hereof. 
 “Disinterested Director” means, with respect to any
Affiliate Transaction, a member of the Board of Directors of the Company having no material direct or indirect financial interest in or with respect to such Affiliate Transaction. A member of the Board of Directors of the Company shall be deemed not
to have such a financial interest by reason of such member’s holding Capital Stock of the Company or any options, warrants or other rights in respect of such Capital Stock. 

“Disqualified Stock” means, with respect to any Person, any Capital Stock of such Person which by its terms (or by the terms
of any security into which it is convertible or for which it is exchangeable) or upon the happening of any event: 
 (1)
matures or is mandatorily redeemable for cash or in exchange for Indebtedness pursuant to a sinking fund obligation or otherwise; or 

(2) is or may become (in accordance with its terms) upon the occurrence of certain events or otherwise redeemable or
repurchasable for cash or in exchange for Indebtedness at the option of the holder of the Capital Stock in whole or in part, 
 in each case on or prior to
the earlier of (a) the Stated Maturity of the Notes or (b) the date on which there are no Notes outstanding; provided, however, that (i) only the portion of Capital Stock which so matures or is mandatorily redeemable, is
so convertible or exchangeable or is so redeemable at the option of the holder thereof prior to such date will be deemed to be Disqualified Stock and (ii) any Capital Stock that would constitute Disqualified Stock solely because the holders
thereof have the right to require the Company to repurchase such Capital Stock upon the occurrence of a change of control or asset sale (howsoever defined or referred to) shall not constitute Disqualified Stock if any such redemption or repurchase
obligation is subject to compliance by the relevant Person with Section 3.3 hereof; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by
any such plan to such employees, such Capital Stock shall not constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations.

  
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 “Domestic Subsidiary” means, with respect to any Person, any Restricted
Subsidiary of such Person other than a Foreign Subsidiary. 
 “DTC” means The Depository Trust Company or any successor
securities clearing agency. 
 “Equity Offering” means (x) a sale of Capital Stock of the Company (other than
Disqualified Stock) other than offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar offering in other jurisdictions or (y) the sale of Capital Stock or other securities of any direct or indirect
parent, the proceeds of which are contributed to the equity (other than through the issuance of Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution) of the Company or any of its Restricted Subsidiaries. 

“Exchange Act” means the U.S. Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC
promulgated thereunder, as amended. 
 “Exchange Notes” means any notes issued in exchange for Notes pursuant to the
Registration Rights Agreement or similar agreement. 
 “Excluded Assets” has the meaning set forth in the Security
Agreement. 
 “Excluded Contribution” means Net Cash Proceeds or property or assets received by the Company as capital
contributions to the equity (other than through the issuance of Disqualified Stock or Designated Preferred Stock) of the Company after the Issue Date or from the issuance or sale (other than to a Restricted Subsidiary or an employee stock ownership
plan or trust established by the Company or any Subsidiary of the Company for the benefit of their employees to the extent funded by the Company or any Restricted Subsidiary) of Capital Stock (other than Disqualified Stock or Designated Preferred
Stock) of the Company, to the extent designated as an Excluded Contribution pursuant to an Officer’s Certificate of the Company. 

“fair market value” may be conclusively established by means of an Officer’s Certificate or resolutions of the Board of
Directors of the Company setting out such fair market value as determined by such Officer or such Board of Directors in good faith. 

“First Lien Obligations” means Payment Priority Obligations, the Notes Obligations and Pari Passu Secured Obligations. 

“Fixed Charge Coverage Ratio” means, with respect to any Person on any determination date, the ratio of Consolidated EBITDA
of such Person for the most recent four consecutive fiscal quarters ending immediately prior to such determination date for which internal consolidated financial statements are available to the Fixed Charges of such Person for four consecutive
fiscal quarters. In the event that Holdings, the Company or any Restricted Subsidiary Incurs, assumes, Guarantees, redeems, defeases, retires or extinguishes any Indebtedness (other than Indebtedness incurred under any revolving credit facility
unless such Indebtedness has been permanently repaid and has not been replaced) or issues or redeems Disqualified Stock or Preferred Stock subsequent to the commencement of the period for which the Fixed Charge Coverage Ratio is being calculated but
prior to or simultaneously with the event for which the calculation of the Fixed Charge Coverage Ratio is made (the “Fixed Charge Coverage Ratio Calculation Date”), then the Fixed Charge Coverage Ratio shall be calculated giving
pro forma effect to such Incurrence, assumption, guarantee, redemption, defeasance, retirement or extinguishment of Indebtedness, or such issuance or redemption of Disqualified Stock or Preferred Stock, as if the same had occurred at the
beginning of the applicable four-quarter period; provided, however, that the pro forma calculation shall not give effect to any Indebtedness Incurred on such determination date pursuant to Section 3.2(b). 

For purposes of making the computation referred to above, any Investment, acquisitions, dispositions, mergers, consolidations and disposed
operations that have been made by the Company or any of its Restricted Subsidiaries, during the four-quarter reference period or subsequent to such reference period and on or prior to or simultaneously with the Fixed Charge Coverage Ratio
Calculation Date shall be calculated on a pro forma basis assuming that all such Investments, acquisitions, dispositions, mergers, consolidations and disposed or discontinued operations (and the change in any associated fixed charge
obligations and the change in Consolidated EBITDA resulting therefrom) 

  
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had occurred on the first day of the four-quarter reference period. If since the beginning of such period any Person that subsequently became a Restricted Subsidiary or was merged with or into
the Company or any of its Restricted Subsidiaries since the beginning of such period shall have made any Investment, acquisition, disposition, merger, consolidation or disposed or discontinued operation that would have required adjustment pursuant
to this definition, then the Fixed Charge Coverage Ratio shall be calculated giving pro forma effect thereto for such period as if such Investment, acquisition, disposition, merger, consolidation or disposed operation had occurred at the
beginning of the applicable four-quarter period. 
 For purposes of this definition, whenever pro forma effect is to be given to a
transaction, the pro forma calculations shall be made in good faith by a responsible financial or chief accounting officer of the Company (including cost savings and synergies). If any Indebtedness bears a floating rate of interest and is
being given pro forma effect, the interest on such Indebtedness shall be calculated as if the rate in effect on the Fixed Charge Coverage Ratio Calculation Date had been the applicable rate for the entire period (taking into account any
Hedging Obligations applicable to such Indebtedness). Interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by a responsible financial or accounting officer of the Company to be the rate of
interest implicit in such Capitalized Lease Obligation in accordance with GAAP. For purposes of making the computation referred to above, interest on any Indebtedness under a revolving credit facility computed with a pro forma basis shall be
computed based upon the average daily balance of such Indebtedness during the applicable period except as set forth in the first paragraph of this definition. Interest on Indebtedness that may optionally be determined at an interest rate based upon
a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be determined to have been based upon the rate actually chosen, or if none, then based upon such optional rate chosen as the Company may designate. 

“Fixed Charges” means, with respect to any Person for any period, the sum of: 

(1) Consolidated Interest Expense of such Person for such period; 

(2) all cash dividends or other distributions paid (excluding items eliminated in consolidation) on any series of Preferred
Stock of any Subsidiary of such Person during such period; and 
 (3) all cash dividends or other distributions paid
(excluding items eliminated in consolidation) on any series of Disqualified Stock during this period. 
 “Foreign
Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof or the District of Columbia and any Subsidiary of such Subsidiary. 

“Future Intercreditor Agreement” means any additional intercreditor agreement with substantially the same terms (or terms not
materially less favorable to the Holders) as the Intercreditor Agreement to define the relative rights of the Holders of the Notes Obligations, any holders of any future Payment Priority Obligations (other than in respect of the Credit Agreement),
any future Pari Passu Secured Obligations and any future Junior Secured Obligations that may be incurred by the Issuers and the Guarantors pursuant to the terms of this Indenture with respect to their respective Liens on the Collateral. 

“GAAP” means generally accepted accounting principles in the United States of America as in effect on the date of any
calculation or determination required hereunder. Except as otherwise set forth in this Indenture, all ratios and calculations based on GAAP contained in this Indenture shall be computed in accordance with GAAP. At any time after the Issue Date, the
Company may elect to establish that GAAP shall mean the GAAP as in effect on or prior to the date of such election; provided that any such election, once made, shall be irrevocable. At any time after the Issue Date, the Company may elect to
apply IFRS accounting principles in lieu of GAAP and, upon any such election, references herein to GAAP shall thereafter be construed to mean IFRS (except as otherwise provided in this Indenture), including as to the ability of the Company to make
an election pursuant to the previous sentence; provided that any such election, once made, shall be irrevocable; provided, further, that any calculation or determination in this Indenture that require the application of GAAP for
periods that include fiscal quarters ended prior to the Company’s election to apply IFRS shall remain as previously calculated or determined in accordance with GAAP; provided, further again, that the Company may only make such
election if it also elects to report any subsequent 

  
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financial reports required to be made by the Company, including pursuant to Section 13 or Section 15(d) of the Exchange Act and Section 3.10 hereof, in IFRS. The Company
shall give notice of any such election made in accordance with this definition to the Trustee and the Holders. 
 “German Insolvency
Event” means (i) that an entity organized in the Federal Republic of Germany is unable to pay its debts as they fall due within the meaning of Section 17 (“Zahlungsunfähigkeit”) of the German Insolvency Code
(Insolvenzordnung), or (ii) an entity organized in the Federal Republic of Germany is overindebted within the meaning of Section 19 (“Überschuldung”) of the German Insolvency Code (Insolvenzordnung). In
addition, “German Insolvency Event” will include, for any entity organized in the Federal Republic of Germany, a petition for insolvency proceedings in respect of the assets ((Antrag auf Eröffnung eines Insolvenzverfahens) of
the respective entity organized in the Federal Republic of Germany is filed and has not been rejected on the grounds of inadmissibility unless such filing is frivolous or without any merit. 

“Governmental Authority” means any nation, sovereign or government, any state, province, territory or other political
subdivision thereof, and any entity or authority exercising executive, legislative, judicial, regulatory, self-regulatory or administrative functions of or pertaining to government, including a central bank or stock exchange. 

“Guarantee” means any obligation, contingent or otherwise, of any Person directly or indirectly guaranteeing any Indebtedness
of any other Person, including any such obligation, direct or indirect, contingent or otherwise, of such Person: 
 (1) to
purchase or pay (or advance or supply funds for the purchase or payment of) such Indebtedness of such other Person (whether arising by virtue of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or
services, to take-or-pay or to maintain financial statement conditions or otherwise); or 
 (2) entered into primarily for
purposes of assuring in any other manner the obligee of such Indebtedness of the payment thereof or to protect such obligee against loss in respect thereof (in whole or in part); 

provided, however, that the term “Guarantee” will not include endorsements for collection or deposit in the ordinary course of
business. The term “Guarantee” used as a verb has a corresponding meaning. 
 “Guarantor” means any Restricted
Subsidiary that Guarantees the Notes. 
 “Hedging Obligations” means, with respect to any person, the obligations of such
Person under any interest rate swap agreement, interest rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contracts, currency swap agreement or similar
agreement providing for the transfer or mitigation of interest rate, commodity price or currency risks either generally or under specific contingencies. 

“Holder” means each Person in whose name the Notes are registered on the Registrar’s books, which shall initially be the
respective nominee of DTC. 
 “IAI” means an institutional “accredited investor” as described in Rule 501(a)(1),
(2), (3) or (7) under the Securities Act. 
 “IFRS” means International Financial Reporting Standards, as issued
by the International Accounting Standards Board. 
 “Immaterial Subsidiary” means any Restricted Subsidiary that
(i) has not guaranteed any other Indebtedness of the Issuers or any Guarantor and (ii) has Total Assets together with all other Immaterial Subsidiaries (as determined in accordance with GAAP) and Consolidated EBITDA of less than 5.0% of
the Company’s Total Assets and Consolidated EBITDA (measured, in the case of Total Assets, at the end of the most recent fiscal period for 

  
 -15- 

 
which internal financial statements are available and, in the case of Consolidated EBITDA, for the four quarters ended most recently for which internal financial statements are available, in each
case measured on a pro forma basis giving effect to any acquisitions or depositions of companies, division or lines of business since such balance sheet date or the start of such four quarter period, as applicable, and on or prior to the date
of acquisition of such Subsidiary). 
 “Incur” means issue, create, assume, enter into any Guarantee of, incur, extend or
otherwise become liable for; provided, however, that any Indebtedness or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) will be
deemed to be Incurred by such Restricted Subsidiary at the time it becomes a Restricted Subsidiary and the terms “Incurred” and “Incurrence” have meanings correlative to the foregoing and any Indebtedness pursuant
to any revolving credit or similar facility shall only be “Incurred” at the time any funds are borrowed thereunder. 

“Indebtedness” means, with respect to any Person on any date of determination (without duplication): 

(1) the principal of indebtedness of such Person for borrowed money; 

(2) the principal of obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; 

(3) all reimbursement obligations of such Person in respect of letters of credit, bankers’ acceptances or other similar
instruments (the amount of such obligations being equal at any time to the aggregate then undrawn and unexpired amount of such letters of credit or other instruments plus the aggregate amount of drawings thereunder that have been reimbursed) (except
to the extent such reimbursement obligations relate to trade payables and such obligations are satisfied within 30 days of Incurrence); 

(4) the principal component of all obligations of such Person to pay the deferred and unpaid purchase price of property (except
trade payables), which purchase price is due more than one year after the date of placing such property in service or taking final delivery and title thereto; 

(5) Capitalized Lease Obligations of such Person; 

(6) the principal component of all obligations, or liquidation preference, of such Person with respect to any Disqualified
Stock or, with respect to any Restricted Subsidiary, any Preferred Stock (but excluding, in each case, any accrued dividends); 

(7) the principal component of all Indebtedness of other Persons secured by a Lien on any asset of such Person, whether or not
such Indebtedness is assumed by such Person; provided, however, that the amount of such Indebtedness will be the amount of such Indebtedness of such other Persons; 

(8) Guarantees by such Person of the principal component of Indebtedness of other Persons to the extent Guaranteed by such
Person; and 
 (9) to the extent not otherwise included in this definition, net obligations of such Person under Hedging
Obligations (the amount of any such obligations to be equal at any time to the net payments under such agreement or arrangement giving rise to such obligation that would be payable by such Person at the termination of such agreement or arrangement).

 The term “Indebtedness” shall not include any lease, concession or license of property (or Guarantee thereof) which would be
considered an operating lease under GAAP as in effect on the Issue Date, any prepayments of deposits received from clients or customers in the ordinary course of business, or obligations under any license, permit or other approval (or Guarantees
given in respect of such obligations) Incurred prior to the Issue Date or in the ordinary course of business. 

  
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 The amount of Indebtedness of any Person at any time in the case of a revolving credit or similar
facility shall be the total amount of funds borrowed and then outstanding. The amount of Indebtedness of any Person at any date shall be determined as set forth above or otherwise provided in this Indenture, and (other than with respect to letters
of credit or Guarantees or Indebtedness specified in clause (7) above) shall equal the amount thereof that would appear on a balance sheet of such Person (excluding any notes thereto) prepared on the basis of GAAP. 

Notwithstanding the above provisions, in no event shall the following constitute Indebtedness: 

(i) Contingent Obligations Incurred in the ordinary course of business; 

(ii) Cash Management Services; 

(iii) in connection with the purchase by the Company or any Restricted Subsidiary of any business, any post-closing payment
adjustments to which the seller may become entitled to the extent such payment is determined by a final closing balance sheet or such payment depends on the performance of such business after the closing; provided, however, that, at
the time of closing, the amount of any such payment is not determinable and, to the extent such payment thereafter becomes fixed and determined, the amount is paid in a timely manner; or 

(iv) for the avoidance of doubt, any obligations in respect of workers’ compensation claims, early retirement or
termination obligations, pension fund obligations or contributions or similar claims, obligations or contributions or social security or wage Taxes. 

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

“Independent Financial Advisor” means an investment banking or accounting firm of international standing or any third party
appraiser of international standing; provided, however, that such firm or appraiser is not an Affiliate of the Company. 

“Intercreditor Agreement” means the Intercreditor and Collateral Agency Agreement, dated as of the Issue Date, among Deutsche
Bank AG New York Branch, as the Credit Agreement Collateral Agent and the Collateral Agent and acknowledged by the Issuers and each Guarantor, as it may be amended from time to time in accordance with this Indenture. 

“Initial Guarantors” means Styron US Holding, Inc. and Styron LLC. 

“Initial Notes” has the meaning ascribed to it in the first recital to this Indenture. 

“Initial Purchasers” means Deutsche Bank Securities Inc., Barclays Capital Inc., HSBC Securities (USA) Inc., Goldman,
Sachs & Co., Scotia Capital (USA) Inc., BMO Capital Markets Corp., Mizuho Securities USA Inc. and SMBC Nikko Capital Markets Limited. 

“Investment” means, with respect to any Person, all investments by such Person in other Persons (including Affiliates) in the
form of any direct or indirect advance, loan or other extensions of credit (other than advances or extensions of credit to customers, suppliers, directors, officers or employees of any Person in the ordinary course of business, and excluding any
debt or extension of credit represented by a bank deposit other than a time deposit) or capital contribution to (by means of any transfer of cash or other property to others or any payment for property or services for the account or use of others),
or the Incurrence of a Guarantee of any obligation of, or any purchase or acquisition of Capital Stock, Indebtedness or other similar instruments issued by, such other Persons and all other items that are or would be classified as investments on a
balance sheet prepared on the basis of GAAP; provided, however, that endorsements of negotiable instruments and documents in the ordinary course of business will not be deemed to be an Investment. If the Company or any Restricted
Subsidiary issues, sells or otherwise disposes of any Capital Stock of a Person that is a Restricted Subsidiary such that, after giving effect thereto, such Person is no longer a Restricted Subsidiary, any Investment by the Company or any Restricted
Subsidiary in such Person remaining after giving effect thereto will be deemed to be a new Investment at such time. 

  
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 For purposes of Section 3.3 hereof: 

(1) “Investment” will include the portion (proportionate to the Company’s equity interest in a Restricted
Subsidiary to be designated as an Unrestricted Subsidiary) of the fair market value of the net assets of such Restricted Subsidiary of the Company at the time that such Restricted Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company will be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to (a) the Company’s “Investment” in such Subsidiary at the time of such redesignation less (b) the portion (proportionate to the Company’s equity interest in such Subsidiary) of the fair market value of the net
assets (as conclusively determined by the Board of Directors of the Company in good faith) of such Subsidiary at the time that such Subsidiary is so re-designated a Restricted Subsidiary; and 

(2) any property transferred to or from an Unrestricted Subsidiary will be valued at its fair market value at the time of such
transfer, in each case as determined in good faith by the Board of Directors of the Company. 
 “Investment Grade” means
(i) BBB- or higher by S&P, (ii) Baa3 or higher by Moody’s or (iii) the equivalent of such ratings by S&P or Moody’s, or of another Nationally Recognized Statistical Rating Organization. 

“Investment Grade Securities” means: 

(1) securities issued or directly and fully Guaranteed or insured by the United States or Canadian government or any agency or
instrumentality thereof (other than Cash Equivalents); 
 (2) securities issued or directly and fully guaranteed or insured
by a member of the European Union, or any agency or instrumentality thereof (other than Cash Equivalents); 
 (3) debt
securities or debt instruments with a rating of “A-” or higher from S&P or “A3” or higher by Moody’s or the equivalent of such rating by such rating organization or, if no rating of Moody’s or S&P then exists,
the equivalent of such rating by any other Nationally Recognized Statistical Rating Organization, but excluding any debt securities or instruments constituting loans or advances among the Company and its Subsidiaries; and 

(4) investments in any fund that invests exclusively in investments of the type described in clauses (1), (2) and
(3) above which fund may also hold cash and Cash Equivalents pending investment or distribution. 
 “Investment Grade
Status” shall occur when the Notes receive both of the following: 
 (1) a rating of “BBB-” or higher
from S&P; and 
 (2) a rating of “Baa3” or higher from Moody’s; 

or the equivalent of such rating by either such rating organization or, if no rating of Moody’s or S&P then exists, the equivalent of such rating by
any other Nationally Recognized Statistical Rating Organization. 
 “Issue Date” means January 29, 2013. 

“Issuers” has the meaning ascribed to it in the first introductory paragraph of this Indenture. 

“Junior Secured Obligations” means Other Collateral Secured Obligations which are by their respective terms intended to be
secured on a subordinated basis with the Liens securing the Notes Obligations and the other First Lien Obligations; provided that the holders of such Indebtedness (or their authorized representative) have become bound by the terms of the
Future Intercreditor Agreement pursuant to an amendment, supplement or joinder thereto (or entered into such Future Intercreditor Agreement if not then in effect). 

  
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 “Latex Joint Venture” means any business of the Company and its Restricted
Subsidiaries conducted in the performance of the Company’s obligations pursuant to the Latex Joint Venture Option Agreement, dated as of June 17, 2010, among The Dow Chemical Company, a Delaware corporation, Styron LLC, a Delaware limited
liability company, and Styron Holding B.V., a limited liability company (besloten vennootschap) incorporated under the laws of the Netherlands. 

“Lien” means any mortgage, pledge, security interest, encumbrance, lien or charge of any kind (including any conditional sale
or other title retention agreement or lease in the nature thereof). 
 “Luxembourg Insolvency Event” means, in relation to
any entity incorporated and located in Luxembourg or any of its assets, any corporate action, legal proceedings or other procedure or step in relation to bankruptcy (fail-lite), insolvency, liquidation, composition with creditors
(concordat préventif de faillite), moratorium or reprieve from payment (sursis de paiement), controlled management (gestion contrôlée), fraudulent conveyance (actio pauli-ana), general settlement with
creditors, reorganization or similar laws affecting the rights of creditors generally. 
 “Management Advances” means loans
or advances made to, or Guarantees with respect to loans or advances made to, directors, officers, employees or consultants of any Parent, the Company or any Restricted Subsidiary: 

(1) (a) in respect of travel, entertainment or moving related expenses Incurred in the ordinary course of business or
(b) for purposes of funding any such person’s purchase of Capital Stock (or similar obligations) of the Company, its Subsidiaries or any Parent with (in the case of this sub-clause (b)) the approval of the Board of Directors; 

(2) in respect of moving related expenses Incurred in connection with any closing or consolidation of any facility or office;
or 
 (3) not exceeding $5.0 million in the aggregate outstanding at any time. 

“Material Real Property” means any real property owned by any Issuer or Guarantor that is (i) located in the United
States and has a fair market value in excess of $5,000,000 (at the Issue Date or, with respect to real property acquired after the Issue Date, at the time of acquisition, in each case, as reasonably determined by the Company in good faith) and
(ii) located outside of the United States and has a fair market value in excess of $10,000,000 (at the Issue Date or, with respect to real property acquired after the Issue Date, at the time of acquisition, in each case, as reasonably
determined by the Company in good faith); provided that at no time shall any real property located in the Federal Republic of Germany or Switzerland that is owned by any Issuer or Guarantor be considered Material Real Property. 

“Moody’s” means Moody’s Investors Service, Inc. or any of its successors or assigns that is a Nationally Recognized
Statistical Rating Organization. 
 “Nationally Recognized Statistical Rating Organization” means a nationally recognized
statistical rating organization within the meaning of Rule 436 under the Securities Act. 
 “Net Available Cash” from an
Asset Disposition means cash payments received (including any cash payments received by way of deferred payment of principal pursuant to a note or installment receivable or otherwise and net proceeds from the sale or other disposition of any
securities received as consideration, but only as and when received, but excluding any other consideration received in the form of assumption by the acquiring person of Indebtedness or other obligations relating to the properties or assets that are
the subject of such Asset Disposition or received in any other non-cash form) therefrom, in each case net of: 
 (1) all
legal, accounting, investment banking, title and recording tax expenses, commissions and other fees and expenses Incurred, and all Taxes paid or required to be paid or accrued as a liability under GAAP (after taking into account any available tax
credits or deductions and any tax sharing agreements), as a consequence of such Asset Disposition; 

  
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 (2) all payments made on any Indebtedness which is secured by any assets subject
to such Asset Disposition, in accordance with the terms of any Lien upon such assets, or which by applicable law be repaid out of the proceeds from such Asset Disposition; 

(3) all distributions and other payments required to be made to minority interest holders (other than any Parent, the Company
or any of their respective Subsidiaries) in Subsidiaries or joint ventures as a result of such Asset Disposition; and 
 (4)
the deduction of appropriate amounts required to be provided by the seller as a reserve, on the basis of GAAP, against any liabilities associated with the assets disposed of in such Asset Disposition and retained by the Company or any Restricted
Subsidiary after such Asset Disposition. 
 “Net Cash Proceeds,” with respect to any issuance or sale of Capital Stock,
means the cash proceeds of such issuance or sale net of attorneys’ fees, accountants’ fees, underwriters’ or placement agents’ fees, listing fees, discounts or commissions and brokerage, consultant and other fees and charges
actually Incurred in connection with such issuance or sale and net of taxes paid or payable as a result of such issuance or sale (after taking into account any available tax credit or deductions and any tax sharing arrangements). 

“Non-Guarantor” means any Restricted Subsidiary that is not a Guarantor. 

“Non-U.S. Person” means a Person who is not a U.S. Person (as defined in Regulation S). 

“Note Documents” means the Notes (including Additional Notes), the Guarantees, the Indenture, the Security Documents, the
Intercreditor Agreement and any Future Intercreditor Agreement. 
 “Notes” has the meaning ascribed to it in the first
recital to this Indenture. 
 “Notes Custodian” means the custodian with respect to the Global Notes (as appointed by DTC),
or any successor Person thereto and shall initially be the Trustee. 
 “Notes Obligations” means Obligations in respect of
the Notes, the Guarantees, the Security Documents and this Indenture. 
 “Obligations” means any principal, interest
(including any interest accruing subsequent to the filing of a petition in bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under
applicable state, federal or foreign law), other monetary obligations, penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and banker’s acceptances),
damages and other liabilities, and Guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 

“Offering Memorandum” means the final offering memorandum, dated January 24, 2013, relating to the offering by the
Issuers of $1,325 million principal amount of 8.750% Senior Secured Notes due 2019 and any future offering memorandum relating to Additional Notes. 

“Offering” means the offering of the Notes. 

“Officer” means, with respect to any Person, (1) the Chairman of the Board of Directors, the Chief Executive Officer,
the President, the Chief Financial Officer, any Vice President, the Treasurer, any Managing Director, or the Secretary (a) of such Person or (b) if such Person is owned or managed by a single entity, of such entity, or (2) any other
individual designated as an “Officer” for the purposes of this Indenture by the Board of Directors of such Person. 

  
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 “Officer’s Certificate” means, with respect to any Person, a certificate
signed by one Officer of such Person. 
 “Opinion of Counsel” means a written opinion from legal counsel reasonably
satisfactory to the Trustee. The counsel may be an employee of or counsel to the Company or its Subsidiaries. 
 “Other Collateral
Secured Obligations” means any and all Obligations, (x) secured by a Permitted Lien (other than Payment Priority Obligations), and (y) which are by its terms intended to be secured on a pari passu basis or a subordinated
basis with the Liens securing the Notes Obligations. 
 “Parent” means any Person of which the Company at any time is or
becomes a Subsidiary after the Issue Date and any holding companies established by any Permitted Holder for purposes of holding its investment in any Parent. 

“Parent Expenses” means: 

(1) costs (including all professional fees and expenses) Incurred by any Parent in connection with reporting obligations under
or otherwise Incurred in connection with compliance with applicable laws, rules or regulations of any governmental, regulatory or self-regulatory body or stock exchange, this Indenture or any other agreement or instrument relating to Indebtedness of
the Company or any Restricted Subsidiary, including in respect of any reports filed with respect to the Securities Act, Exchange Act or the respective rules and regulations promulgated thereunder; 

(2) customary indemnification obligations of any Parent owing to directors, officers, employees or other Persons under its
charter or by-laws or pursuant to written agreements with any such Person to the extent relating to the Company and its Subsidiaries; 

(3) obligations of any Parent in respect of director and officer insurance (including premiums therefor) to the extent relating
to the Company and its Subsidiaries; 
 (4) general corporate overhead expenses, including professional fees and expenses and
other operational expenses of any Parent related to the ownership or operation of the business of the Company or any of its Restricted Subsidiaries (including payments under the Advisory Agreements as in effect on the Issue Date or as modified in a
manner that complies with Section 3.8); and 
 (5) expenses Incurred by any Parent in connection with any public
offering or other sale of Capital Stock or Indebtedness: 
 (x) where the net proceeds of such offering or sale are intended
to be received by or contributed to the Company or a Restricted Subsidiary, 
 (y) in a prorated amount of such expenses in
proportion to the amount of such net proceeds intended to be so received or contributed, or 
 (z) otherwise on an interim
basis prior to completion of such offering so long as any Parent shall cause the amount of such expenses to be repaid to the Company or the relevant Restricted Subsidiary out of the proceeds of such offering promptly if completed. 

“Pari Passu Indebtedness” means Indebtedness of the Company which ranks equally in right of payment to the Notes or any
Guarantee if such Guarantee ranks equally in right of payment to the Note Guarantees. 
 “Pari Passu Secured Obligations”
means Other Collateral Secured Obligations which is intended by its terms to be secured on a pari passu basis with the Liens securing the Notes Obligations and the Indenture and the other First Lien Obligations; provided such Lien is
permitted to be incurred under the Indenture, the Credit Agreement and the documents governing any other Pari Passu Secured Obligations then outstanding, such Indebtedness 

  
 -21- 

 
has a stated maturity that is no earlier than the stated maturity of the Notes and the agent or other representative for such Pari Passu Secured Obligations, on behalf of the holders of such Pari
Passu Secured Obligations, is, or has pursuant to a joinder, amendment or supplement thereto become, bound by the terms of the Intercreditor Agreement. 

“Paying Agent” means any Person authorized by the Issuers to pay the principal of (and premium, if any) or interest on any
Note on behalf of the Issuers. 
 “Payment Priority Obligations” means (i) any and all Obligations secured by Liens
permitted by clause (18)(y) of the definition of “Permitted Liens” and (ii) all other Obligations of the Company or any of its Restricted Subsidiaries in respect of Hedging Obligations or obligations in respect of Cash Management
Services in each case owing to a Person that is a holder of Indebtedness described in clause (i) above or an Affiliate of such holder at the time of entry into such Hedging Obligations or obligations in respect of Cash Management Services, so
long as in each case such Obligations, and such Liens, are subject to the Intercreditor Agreement. 
 “Permitted Asset
Swap” means the concurrent purchase and sale or exchange of assets used or useful in a Similar Business or a combination of such assets and cash, Cash Equivalents between the Company or any of its Restricted Subsidiaries and another Person;
provided that any cash or Cash Equivalents received in excess of the value of any cash or Cash Equivalents sold or exchanged must be applied in accordance with Section 3.5 hereof. 

“Permitted Holders” means, collectively, (1) Bain Capital and its Affiliates, (2) any one or more Persons, together
with such Persons’ Affiliates, whose beneficial ownership constitutes or results in a Change of Control in respect of which a Change of Control Offer is made in accordance with the requirements of this Indenture, (3) Senior Management,
(4) any Person who is acting as an underwriter in connection with a public or private offering of Capital Stock of any Parent or the Company, acting in such capacity, and (5) any group (within the meaning of Section 13(d)(3) or
Section 14(d)(2) of the Exchange Act or any successor provision) of which any of the foregoing are members; provided that, in the case of such group and without giving effect to the existence of such group or any other group, Bain
Capital and Senior Management, collectively, have beneficial ownership of more than 50% of the total voting power of the Voting Stock of the Company or any of its Parents held by such group. 

“Permitted Investment” means (in each case, by Holdings or any of its Restricted Subsidiaries): 

(1) Investments in (a) a Restricted Subsidiary (including the Capital Stock of a Restricted Subsidiary) or the Company or
(b) a Person (including the Capital Stock of any such Person) that will, upon the making of such Investment, become a Restricted Subsidiary; 

(2) Investments in another Person if such Person is engaged in any Similar Business and as a result of such Investment such
other Person is merged, consolidated or otherwise combined with or into, or transfers or conveys all or substantially all its assets to, the Company or a Restricted Subsidiary; 

(3) Investments in cash, Cash Equivalents or Investment Grade Securities; 

(4) Investments in receivables owing to the Company or any Restricted Subsidiary created or acquired in the ordinary course of
business; 
 (5) Investments in payroll, travel and similar advances to cover matters that are expected at the time of such
advances ultimately to be treated as expenses for accounting purposes and that are made in the ordinary course of business; 

(6) Management Advances; 

(7) Investments received in settlement of debts created in the ordinary course of business and owing to the Company or any
Restricted Subsidiary or in exchange for any other Investment or accounts receivable held by the Company or any such Restricted Subsidiary, or as a result of foreclosure, perfection or enforcement of any Lien, or in satisfaction of judgments or
pursuant to any plan of reorganization or similar arrangement including upon the bankruptcy or insolvency of a debtor or otherwise with respect to any secured Investment or other transfer of title with respect to any secured Investment in default;

  
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 (8) Investments made as a result of the receipt of non-cash consideration from a
sale or other disposition of property or assets, including an Asset Disposition; 
 (9) Investments existing or pursuant to
agreements or arrangements in effect on the Issue Date and any modification, replacement, renewal or extension thereof; provided that the amount of any such Investment may not be increased except (a) as required by the terms of such
Investment as in existence on the Issue Date or (b) as otherwise permitted under this Indenture; 
 (10) Hedging
Obligations, which transactions or obligations are Incurred in compliance with Section 3.2 hereof; 
 (11)
pledges or deposits with respect to leases or utilities provided to third parties in the ordinary course of business or Liens otherwise described in the definition of “Permitted Liens” or made in connection with Liens permitted under
Section 3.6 hereof; 
 (12) any Investment to the extent made using Capital Stock of the Company (other than
Disqualified Stock) or Capital Stock of any Parent as consideration; 
 (13) any transaction to the extent constituting an
Investment that is permitted and made in accordance with Section 3.8(b) hereof (except those described in Sections 3.8(b)(1), (3), (6), (8), (9), (12) and (14)); 

(14) Investments consisting of purchases and acquisitions of inventory, supplies, materials and equipment or licenses or leases
of intellectual property, in any case, in the ordinary course of business and in accordance with this Indenture; 
 (15)
(i) Guarantees not prohibited by Section 3.2 hereof and (other than with respect to Indebtedness) guarantees, keepwells and similar arrangements in the ordinary course of business, and (ii) performance guarantees with respect
to obligations incurred by the Company or any of its Restricted Subsidiaries that are permitted by this Indenture; 
 (16)
Investments consisting of earnest money deposits required in connection with a purchase agreement, or letter of intent, or other acquisitions to the extent not otherwise prohibited by this Indenture; 

(17) Investments of a Restricted Subsidiary acquired after the Issue Date or of an entity merged into the Company or merged
into or consolidated with a Restricted Subsidiary after the Issue Date to the extent that such Investments were not made in contemplation of or in connection with such acquisition, merger or consolidation and were in existence on the date of such
acquisition, merger or consolidation; 
 (18) Investments consisting of licensing of intellectual property pursuant to joint
marketing arrangements with other Persons; 
 (19) contributions to a “rabbi” trust for the benefit of employees or
other grantor trust subject to claims of creditors in the case of a bankruptcy of the Company; 
 (20) Investments in joint
ventures and Unrestricted Subsidiaries having an aggregate fair market value, when taken together with all other Investments made pursuant to this clause that are at the time outstanding, not to exceed the greater of (a) $75.0 million and
(b) 2.5% of Total Assets at the time of such Investment (with the fair market value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 

  
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 (21) additional Investments having an aggregate fair market value, taken together
with all other Investments made pursuant to this clause (21) that are at that time outstanding, not to exceed the greater of $120.0 million and 4.0% of Total Assets (with the fair market value of each Investment being measured at the time made
and without giving effect to subsequent changes in value) plus the amount of any distributions, dividends, payments or other returns in respect of such Investments (without duplication for purposes of Section 3.3 of any amounts
applied pursuant to Section (a)(iii)); provided that if such Investment is in Capital Stock of a Person that subsequently becomes a Restricted Subsidiary, such Investment shall thereafter be deemed permitted under clause (1) or
(2) above and shall not be included as having been made pursuant to this clause (21); 
 (22) Investments in connection
with the formation of the Latex Joint Venture; 
 (23) any Investment by the Company or a Subsidiary of the Company in
(x) a Securitization Entity or (y) any other Person in connection with a Qualified Securitization Financing, including Investments of funds held in accounts permitted or required by the arrangement governing such Qualified Securitization
Financing or any related Indebtedness; provided that such Investment is in the form of a Purchase Money Obligation, contribution of additional Securitization Assets or equity interests; and 

(24) Investments in connection with the formation of Permitted Styrenics Joint Venture. 

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

(1) Liens on assets or property of a Restricted Subsidiary that is not a Guarantor securing Indebtedness of any Restricted
Subsidiary that is not a Guarantor; 
 (2) pledges, deposits or Liens under workmen’s compensation laws, unemployment
insurance laws, social security laws or similar legislation, or insurance related obligations (including pledges or deposits securing liability to insurance carriers under insurance or self-insurance arrangements), or in connection with bids,
tenders, completion guarantees, contracts (other than for borrowed money) or leases, or to secure utilities, licenses, public or statutory obligations, or to secure surety, indemnity, judgment, appeal or performance bonds, guarantees of government
contracts (or other similar bonds, instruments or obligations), or as security for contested taxes or import or customs duties or for the payment of rent, or other obligations of like nature, in each case Incurred in the ordinary course of business;

 (3) Liens imposed by law, including carriers’, warehousemen’s, mechanics’, landlords’,
materialmen’s and repairmen’s or other like Liens, in each case for sums not yet overdue for a period of more than 60 days or that are bonded or being contested in good faith by appropriate proceedings; 

(4) Liens for taxes, assessments or other governmental charges not yet delinquent or which are being contested in good faith by
appropriate proceedings; provided that appropriate reserves required pursuant to GAAP have been made in respect thereof; 

(5) encumbrances, ground leases, easements (including reciprocal easement agreements), survey exceptions, or reservations of,
or rights of others for, licenses, rights of way, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning, building codes or other restrictions (including minor defects or irregularities in title and similar
encumbrances) as to the use of real properties or Liens incidental to the conduct of the business of the Company and its Restricted Subsidiaries or to the ownership of their properties which do not in the aggregate materially adversely affect the
value of said properties or materially impair their use in the operation of the business of the Company and its Restricted Subsidiaries; 

(6) Liens (a) on assets or property of the Company or any Restricted Subsidiary securing Hedging Obligations or Cash
Management Services permitted under this Indenture provided that the holders of such Obligations (or their representative) are party to, and such Liens are subject to, the Intercreditor Agreement; (b) that are contractual rights of set-off or,
in the case of clause (i) or (ii) below, other bankers’ 

  
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Liens (i) relating to treasury, depository and cash management services or any automated clearing house transfers of funds in the ordinary course of business and not given in connection with
the issuance of Indebtedness, (ii) relating to pooled deposit or sweep accounts to permit satisfaction of overdraft or similar obligations incurred in the ordinary course of business of the Company or any Subsidiary or (iii) relating to
purchase orders and other agreements entered into with customers of the Company or any Restricted Subsidiary in the ordinary course of business; (c) on cash accounts securing Indebtedness incurred under Section 3.2(b)(9)(iii) with
financial institutions; (d) encumbering reasonable customary initial deposits and margin deposits and similar Liens attaching to commodity trading accounts or other brokerage accounts incurred in the ordinary course of business, consistent with
past practice and not for speculative purposes; and/or (e) (i) of a collection bank arising under Section 4-210 of the Uniform Commercial Code on items in the course of collection and (ii) in favor of a banking institution
arising as a matter of law encumbering deposits (including the right of set-off) arising in the ordinary course of business in connection with the maintenance of such accounts and (iii) arising under customary general terms of the account bank
in relation to any bank account maintained with such bank and attaching only to such account and the products and proceeds thereof, which Liens, in any event, do not to secure any Indebtedness; 

(7) leases, licenses, subleases and sublicenses of assets (including real property and intellectual property rights), in each
case entered into in the ordinary course of business; 
 (8) Liens arising out of judgments, decrees, orders or awards not
giving rise to an Event of Default so long as any appropriate legal proceedings which may have been duly initiated for the review of such judgment, decree, order or award have not been finally terminated or the period within which such proceedings
may be initiated has not expired; 
 (9) Liens arising from Uniform Commercial Code financing statement filings (or similar
filings in other applicable jurisdictions) regarding operating leases entered into by the Company and its Restricted Subsidiaries in the ordinary course of business; 

(10) Liens existing on the Issue Date, excluding Liens securing the Credit Agreement; 

(11) Liens on property, other assets or shares of stock of a Person at the time such Person becomes a Restricted Subsidiary (or
at the time the Company or a Restricted Subsidiary acquires such property, other assets or shares of stock, including any acquisition by means of a merger, consolidation or other business combination transaction with or into the Company or any
Restricted Subsidiary); provided, however, that such Liens are not created, Incurred or assumed in anticipation of or in connection with such other Person becoming a Restricted Subsidiary (or such acquisition of such property, other
assets or stock); provided, further, that such Liens are limited to all or part of the same property, other assets or stock (plus improvements, accession, proceeds or dividends or distributions in connection with the original
property, other assets or stock) that secured (or, under the written arrangements under which such Liens arose, could secure) the obligations to which such Liens relate; 

(12) Liens on assets or property of the Company or any Restricted Subsidiary securing Indebtedness or other obligations of the
Company or such Restricted Subsidiary owing to the Company or another Restricted Subsidiary, or Liens in favor of the Company or any Restricted Subsidiary; 

(13) Liens securing Refinancing Indebtedness Incurred to refinance Indebtedness that was previously so secured, and permitted
to be secured under this Indenture; provided that any such Lien is limited to all or part of the same property or assets (plus improvements, accessions, proceeds or dividends or distributions in respect thereof) that secured (or, under
the written arrangements under which the original Lien arose, could secure) the Indebtedness being refinanced or is in respect of property that is or could be the security for or subject to a Permitted Lien hereunder; 

(14) (a) mortgages, liens, security interests, restrictions, encumbrances or any other matters of record that have been
placed by any government, statutory or regulatory authority, developer, landlord or other third party on property over which the Company or any Restricted Subsidiary of the Company has easement rights or on any leased property and subordination or
similar arrangements relating thereto and (b) any condemnation or eminent domain proceedings affecting any real property; 

  
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 (15) any encumbrance or restriction (including put and call arrangements) with
respect to Capital Stock of any joint venture or similar arrangement pursuant to any joint venture or similar agreement; 

(16) Liens arising out of conditional sale, title retention, hire purchase, consignment or similar arrangements for the sale of
goods entered into in the ordinary course of business; 
 (17) Liens on property or assets under construction (and related
rights) in favor of a contractor or developer or arising from progress or partial payments by a third party relating to such property or assets; 

(18) (x) Liens securing the Notes issued on the Issue Date and the Exchange Notes in respect thereof, the Guarantees
relating to such Notes and Exchange Notes and all other Notes Obligations and (y) Liens securing Indebtedness permitted to be Incurred under Credit Facilities, including any letter of credit facility relating thereto, that was permitted by the
terms of this Indenture to be Incurred pursuant to Section 3.2(b)(1); provided that to the extent such Liens are on Collateral, an authorized representative of the holders of such Indebtedness and the Collateral Agent shall be a
party to the Intercreditor Agreement; 
 (19) Liens Incurred to secure Obligations in respect of any Indebtedness permitted
by Section 3.2(b)(8); 
 (20) Liens to secure Indebtedness of any Non-Guarantors permitted by
Section 3.2(b)(12) covering only the assets of such Non-Guarantor Subsidiary; 
 (21) Liens on Capital Stock or
other securities or assets of any Unrestricted Subsidiary that secure Indebtedness of such Unrestricted Subsidiary; 
 (22)
any security granted over the marketable securities portfolio described in clause (9) of the definition of “Cash Equivalents” in connection with the disposal thereof to a third party; 

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

(24) Liens arising by operation of law or contract on insurance policies and the proceeds thereof to secure premiums
thereunder, and Liens, pledges and deposits in the ordinary course of business securing liability for premiums or reimbursement or indemnification obligations of (including obligations in respect of letters of credit or bank guarantees for the
benefits of) insurance carriers; 
 (25) Liens solely on any cash earnest money deposits made in connection with any letter
of intent or purchase agreement permitted hereunder; 
 (26) Liens (i) on cash advances in favor of the seller of any
property to be acquired in an Investment permitted pursuant to Permitted Investments to be applied against the purchase price for such Investment, and (ii) consisting of an agreement to sell any property in an asset sale permitted under
Section 3.5, in each case, solely to the extent such Investment or asset sale, as the case may be, would have been permitted on the date of the creation of such Lien; 

(27) Liens securing Indebtedness and other obligations in an aggregate principal amount not to exceed $50.0 million at any one
time outstanding; 
 (28) Liens Incurred to secure Obligations in respect of any Indebtedness permitted to be Incurred
pursuant to the covenant described under Section 3.2; provided that, with respect to liens securing 

  
 -26- 

 
Obligations permitted under this clause, at the time of Incurrence and after giving pro forma effect thereto, the Consolidated Secured Leverage Ratio would be no greater than (i) on or prior
to August 1, 2015, 4.25 to 1.00 and (ii) thereafter, 3.75 to 1.00; provided that to the extent such Liens are on Collateral (a) an authorized representative of the holders of such Indebtedness shall have executed (i) a
joinder to the Inter-creditor Agreement (in substantially the form attached thereto) as a holder of Pari Passu Secured Obligations or (ii) a Future Intercreditor Agreement pursuant to which, to the extent such Liens are Junior Secured
Obligations, such representative shall agree with the Trustee, the Collateral Agent and other representatives of the First Lien Obligations that the Liens securing such Indebtedness are subordinated to the Lien securing the First Lien Obligations;
and 
 (29) Liens on Securitization Assets and other Liens customarily granted in connection with a Securitization Facility,
in each case in connection with a Qualified Securitization Financing. 
 For purposes of this definition, the term “Indebtedness” shall be deemed
to include interest on such Indebtedness including interest which increases the principal amount of such Indebtedness. 
 “Permitted
Styrenics Joint Venture” means the contribution, transfer or sale of all or a portion of the assets and liabilities of the Company and/or its Restricted Subsidiaries that are used in connection with the operation of the styrenics business
of the Company and its Restricted Subsidiaries to a Person formed for purposes of forming a joint venture with a Person that is not an Affiliate of the Company; provided that: 

(A) after giving effect to such contribution, transfer or sale (in a single transaction or any series of related transactions)
on a pro forma basis, the Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries would be (1) not lower than immediately prior to such transaction or (2) equal to or greater than 2.25:1.00; and 

(B) the Company or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or
by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Investment), as determined in
good faith by the Board of Directors of the Company, of the assets subject to such contribution, transfer or sale. 

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

“Predecessor Note” of any particular Note means every previous Note evidencing all or a portion of the same debt as that
evidenced by such particular Note; and, for the purposes of this definition, any Note authenticated and delivered under Section 2.11 in exchange for or in lieu of a mutilated, destroyed, lost or stolen Note shall be deemed to evidence
the same debt as the mutilated, destroyed, lost or stolen Note. 
 “Post-Closing Guarantors” means Guarantors other than
the Initial Guarantors as contemplated in the offering memorandum. 
 “Post-Petition Interest” means any interest or
entitlement to fees or expenses or other charges that accrue after the commencement of any bankruptcy or insolvency proceeding whether or not allowed or allowable as a claim in any such bankruptcy or insolvency proceeding. 

“Preferred Stock,” as applied to the Capital Stock of any Person, means Capital Stock of any class or classes (however
designated) which is preferred as to the payment of dividends or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of such Person, over shares of Capital Stock of any other class of such Person. 

“Purchase Money Obligations” means any Indebtedness Incurred to finance or refinance the acquisition, leasing, construction
or improvement of property (real or personal) or assets (including Capital Stock), and whether acquired through the direct acquisition of such property or assets or the acquisition of the Capital Stock of any Person owning such property or assets,
or otherwise. 

  
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 “QIB” means any “qualified institutional buyer” as such term is
defined in Rule 144A. 
 “Qualified Equity Offering” means a public sale of Capital Stock of the Company (other than
Disqualified Stock) other than offerings registered on Form S-8 (or any successor form) under the Securities Act or any similar offering in other jurisdictions. 

“Qualified Securitization Financing” means any Securitization Facility of a Securitization Entity that meets the following
conditions: (i) the Board of Directors of the Company shall have determined in good faith that such Qualified Securitization Financing (including financing terms, covenants, termination events and other provisions) is in the aggregate
economically fair and reasonable to the Company and its Restricted Subsidiaries, (ii) all sales of Securitization Assets and related assets by the Company or any Restricted Subsidiary to the Securitization Entity or any other Person are made at
fair market value (as determined in good faith by the Company), (iii) the financing terms, covenants, termination events and other provisions thereof shall be market terms (as determined in good faith by the Company) and may include Standard
Securitization Undertakings and (iv) the Obligations under such Securitization Facility are non-recourse (except for customary representations, warranties, covenants and indemnities made in connection with such facilities) to the Company or any
of its Restricted Subsidiaries (other than a Securitization Entity). The grant of a security interest in any Securitization Assets of the Company or any of its Restricted Subsidiaries (other than a Securitization Entity) to secure Indebtedness under
the Credit Agreement shall not be deemed a Qualified Securitization Financing. 
 “Refinance” means refinance, refund,
replace, renew, repay, modify, restate, defer, substitute, supplement, reissue, resell, extend or increase (including pursuant to any defeasance or discharge mechanism) and the terms “refinances,” “refinanced” and
“refinancing” as used for any purpose in this Indenture shall have a correlative meaning. 
 “Refinancing
Indebtedness” means Indebtedness that is Incurred to refund, refinance, replace, exchange, renew, repay or extend (including pursuant to any defeasance or discharge mechanism) any Indebtedness existing on the date of this Indenture or
Incurred in compliance with this Indenture (including Indebtedness of the Company that refinances Indebtedness of any Restricted Subsidiary and Indebtedness of any Restricted Subsidiary that refinances Indebtedness of the Company or another
Restricted Subsidiary) including Indebtedness that refinances Refinancing Indebtedness; provided, however, that: 

(1) if the Indebtedness being refinanced constitutes Subordinated Indebtedness, the Refinancing Indebtedness has a final
Weighted Average Life to Maturity at the time such Refinancing Indebtedness is Incurred that is the same as or greater than the final Weighted Average Life to Maturity of the Indebtedness being refinanced or, if less, the Notes and such Refinancing
Indebtedness is subordinated to the Notes on terms at least as favorable to the Holders as those contained in the documentation governing the Indebtedness being refinanced; and 

(2) Refinancing Indebtedness shall not include: 

(i) Indebtedness, Disqualified Stock or Preferred Stock of a Subsidiary of the Company that is not a Guarantor that refinances
Indebtedness, Disqualified Stock or Preferred Stock of the Company or a Guarantor; or 
 (ii) Indebtedness, Disqualified
Stock or Preferred Stock of the Company or a Restricted Subsidiary that refinances Indebtedness, Disqualified Stock or Preferred Stock of an Unrestricted Subsidiary. 

Refinancing Indebtedness in respect of any Credit Facility or any other Indebtedness may be Incurred from time to time after the termination,
discharge or repayment of any such Credit Facility or other Indebtedness. 

  
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 “Registration Rights Agreement” means (i) the Registration Rights Agreement
related to the Notes dated as of the Issue Date, among the Issuers, the Guarantors and the Initial Purchasers, as amended or supplemented, and (ii) any other registration rights agreement entered into in connection with the issuance of
Additional Notes in a private offering by the Company after the Issue Date. 
 “Regulation S” means Regulation S under the
Securities Act. 
 “Regulation S-X” means Regulation S-X under the Securities Act. 

“Related Taxes” means any Taxes, including sales, use, transfer, rental, ad valorem, value added, stamp, property,
consumption, franchise, license, capital, registration, business, customs, net worth, gross receipts, excise, occupancy, intangibles or similar Taxes (other than (x) Taxes measured by income and (y) withholding imposed on payments made by
any Parent), required to be paid (provided such Taxes are in fact paid) by any Parent by virtue of its: 
 (a) being
organized or having Capital Stock outstanding (but not by virtue of owning stock or other equity interests of any corporation or other entity other than, directly or indirectly, the Company or any of the Company’s Subsidiaries); 

(b) being a holding company parent, directly or indirectly, of the Company or any of the Company’s Subsidiaries; 

(c) receiving dividends from or other distributions in respect of the Capital Stock of, directly or indirectly, the Company or
any of the Company’s Subsidiaries; or 
 (d) having made any payment in respect to any of the items for which the
Company is permitted to make payments to any Parent pursuant to Section 3.3. 
 “Relevant Taxing Jurisdiction”
means the United States, any jurisdiction in which either Issuer or any Guarantor is incorporated, organized or otherwise resident for tax purposes or from or through which any of the foregoing makes any payment on the Notes or by or within any
department or political subdivision or governmental authority or in any of the foregoing having the power to tax. 
 “Restricted
Investment” means any Investment other than a Permitted Investment. 
 “Restricted Notes” means Initial Notes and
Additional Notes bearing one of the restrictive legends described in Section 2.1(d). 
 “Restricted Notes
Legend” means the legend set forth in Section 2.1(d)(1) and, in the case of the Temporary Regulation S Global Note, the legend set forth in Section 2.1(d)(2). 

“Restricted Subsidiary” means any Subsidiary of the Company other than an Unrestricted Subsidiary. 

“Reversion Date” means, during any period of time during which the Company and the Restricted Subsidiaries are not subject to
Sections 3.2, 3.3, 3.4, 3.5, 3.7, 3.8 and 4.1(a)(3) (collectively, the “Suspended Covenants”) as a result of a Covenant Suspension, the date on which the Notes cease to have
Investment Grade Status or a Default or Event of Default occurs and is continuing, and after which date the Suspended Covenants will thereafter be reinstated as if such covenants had never been suspended and such Suspended Covenants will be
applicable pursuant to the terms of this Indenture (including in connection with performing any calculation or assessment to determine compliance with the terms of this Indenture). 

“Rule 144A” means Rule 144A under the Securities Act. 

“S&P” means Standard & Poor’s Investors Ratings Services or any of its successors or assigns that is a
Nationally Recognized Statistical Rating Organization. 

  
 -29- 

 “Sale and Leaseback Transaction” means any arrangement providing for the leasing
by the Company or any of its Restricted Subsidiaries of any real or tangible personal property, which property has been or is to be sold or transferred by the Company or such Restricted Subsidiary to a third Person in contemplation of such leasing.

 “SEC” means the U.S. Securities and Exchange Commission or any successor thereto. 

“Secured Indebtedness” means any Indebtedness secured by a Lien (including, for the avoidance of doubt, Capitalized Lease
Obligations and other than Indebtedness with respect to Cash Management Services). 
 “Secured Parties” has the meaning set
forth in the Security Agreement. 
 “Securities Act” means the U.S. Securities Act of 1933, as amended, and the rules and
regulations of the SEC promulgated thereunder, as amended. 
 “Securitization Asset” means any accounts receivable, real
estate asset, mortgage receivables or related assets, in each case subject to a Securitization Facility. 
 “Securitization
Entity” means a Subsidiary of the Company or another Person formed for the purposes of engaging in a Qualified Securitization Financing or which is regularly engaged in receivables financings and to which the Company or any of its
Subsidiaries transfers Securitization Assets, and which is designated by the Board of Directors of the Company or of such other Person (as provided below) to be a Securitization Entity (a) no portion of the Indebtedness or any other Obligations
(contingent or otherwise) of which (1) is guaranteed by the Company or any Restricted Subsidiary of the Company (excluding guarantees of Obligations (other than the principal of, and interest on, Indebtedness) pursuant to Standard
Securitization Undertakings), (2) is recourse to or obligates the Company or any Restricted Subsidiary of the Company (other than the Securitization Entity) in any way other than pursuant to Standard Securitization Undertakings or
(3) subjects any property or asset of the Company or any Restricted Subsidiary of the Company (other than Securitization Assets and related assets as provided in the definition of “Qualified Securitization Financing”), directly or
indirectly, contingently or otherwise, to the satisfaction thereof other than pursuant to Standard Securitization Undertakings, (b) with which neither the Company nor any Restricted Subsidiary of the Company has any material contract,
agreement, arrangement or understanding (other than on terms which the Company reasonably believes to be no less favorable to the Company or such Restricted Subsidiary than those that might be obtained at the time from Persons who are not Affiliates
of the Company) other than fees payable in the ordinary course of business in connection with servicing Securitization Assets, and (c) with which neither the Company nor any Restricted Subsidiary of the Company has any obligation to
maintain or preserve such entity’s financial condition or cause such entity to achieve certain levels of operating results. Any such designation by the Board of Directors of the Company or of such other Person will be evidenced to the Trustee
by filing with the Trustee a certified copy of a resolution of the Board of Directors of the Company or of such other Person giving effect to such designation, together with an Officer’s Certificate certifying that such designation complied
with the foregoing conditions. 
 “Securitization Facility” means any of one or more securitization financing facilities as
amended, supplemented, modified, extended, renewed, restated or refunded from time to time, pursuant to which the Company or any of its Restricted Subsidiaries sells its Securitization Assets to either (a) Person that is not a Restricted
Subsidiary or (b) a Securitization Entity that in turn sells Securitization Assets to a person that is not a Restricted Subsidiary. 

“Securitization Fees” means distributions or payments made directly or by means of discounts with respect to any
Securitization Asset or participation interest therein issued or sold in connection with, and other fees paid to a person that is not a Restricted Subsidiary in connection with, any Qualified Securitization Financing. 

“Securitization Repurchase Obligation” means any obligation of a seller of Securitization Assets in a Qualified
Securitization Financing to repurchase Securitization Assets arising as a result of a breach of a representation, warranty or covenant or otherwise, including, without limitation, as a result of a receivable or portion thereof becoming subject to
any asserted defense, dispute, offset or counterclaim of any kind as a result of any action taken by, any failure to take action by or any other event relating to the seller. 

  
 -30- 

 “Security Agreement” means the security agreement dated as of the Issue Date by
and among the Issuers, the Guarantors and the Collateral Agent, as it may be amended from time to time in accordance with this Indenture. 

“Security Documents” means the Security Agreement and all other security agreements, pledge agreements, collateral
assignments, mortgages, and any other instrument and document executed and delivered pursuant to this Indenture or otherwise or any of the foregoing, as the same may be amended, supplemented or otherwise modified from time to time, creating the
security interests in the Collateral as contemplated by this Indenture and the Intercreditor Agreement and any Future Intercreditor Agreement. 

“Senior Management” means the officers, directors, and other members of senior management of the Company or any of their
Subsidiaries, who at any date beneficially own or have the right to acquire, directly or indirectly, Capital Stock of the Company or any of its Subsidiaries. 

“Significant Subsidiary” means any Restricted Subsidiary that would be a “significant subsidiary” as defined in
Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such regulation is in effect on the Issue Date. 

“Similar Business” means (a) any businesses, services or activities engaged in by the Company or any of its Subsidiaries
or any Associates on the Issue Date and (b) any businesses, services and activities engaged in by the Company or any of its Subsidiaries or any Associates that are related, complementary, incidental, ancillary or similar to any of the foregoing
or are extensions or developments of any thereof. 
 “Standard Securitization Undertakings” means representations,
warranties, covenants and indemnities entered into by the Company or any Subsidiary of the Company which the Company has determined in good faith to be customary in a Securitization Facility, including, without limitation, those relating to the
servicing of the assets of a Securitization Entity, it being understood that any Securitization Repurchase Obligation shall be deemed to be a Standard Securitization Undertaking. 

“Stated Maturity” means, with respect to any security, the date specified in such security as the fixed date on which the
payment of principal of such security is due and payable, including pursuant to any mandatory redemption provision, but shall not include any contingent obligations to repay, redeem or repurchase any such principal prior to the date originally
scheduled for the payment thereof. 
 “Subordinated Indebtedness” means, with respect to any person, any Indebtedness
(whether outstanding on the Issue Date or thereafter Incurred) which is expressly subordinated in right of payment to the Notes pursuant to a written agreement. 

“Subsidiary” means, with respect to any Person: 

(1) any corporation, association, or other business entity (other than a partnership, joint venture, limited liability company
or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time of
determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof; or 

(2) any partnership, joint venture, limited liability company or similar entity of which: 

(a) more than 50% of the capital accounts, distribution rights, total equity and voting interests or general or limited
partnership interests, as applicable, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited
partnership interests or otherwise; and 
 (b) such Person or any Subsidiary of such Person is a controlling general partner
or otherwise controls such entity. 

  
 -31- 

 “Taxes” means all present and future taxes, levies, imposts, deductions,
charges, duties and withholdings and any charges of a similar nature (including interest, penalties and other liabilities with respect thereto) that are imposed by any government or other taxing authority. 

“Total Assets” mean, as of any date, the total consolidated assets of the Company and its Restricted Subsidiaries on a
consolidated basis, as shown on the most recent consolidated balance sheet of the Company and its Restricted Subsidiaries, determined on a pro forma basis in a manner consistent with the pro forma basis contained in the definition of
“Fixed Charge Coverage Ratio.” 
 “Treasury Rate” means the yield to maturity at the time of computation of
United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) which has become publicly available at least two Business Days (but not more than five
Business Days) prior to the redemption date (or, if such statistical release is not so published or available, any publicly available source of similar market data selected by the Company in good faith)) most nearly equal to the period from the
redemption date to August 1, 2015; provided, however, that if the period from the redemption date to August 1, 2015 is not equal to the constant maturity of a United States Treasury security for which a weekly average yield
is given, the Treasury Rate shall be obtained by linear interpolation (calculated to the nearest one-twelfth of a year) from the weekly average yields of United States Treasury securities for which such yields are given, except that if the period
from the redemption date to such applicable date is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year shall be used. 

“Trinseo Finance” has the meaning ascribed to it in the introductory paragraph of this Indenture. 

“Trust Indenture Act” or “TIA” means the Trust Indenture Act of 1939, as amended. 

“Trust Officer” shall mean, when used with respect to the Trustee, any vice president, assistant vice president, any trust
officer or any other officer of the Trustee who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is referred because of such
person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture, and when used with respect to the Collateral Agent, any vice president, assistant vice
president, any trust officer or any other officer of the Collateral Agent who customarily performs functions similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter is
referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture and the Security Documents. 

“Trustee” means the party named as such in the introductory paragraph of this Indenture until a successor replaces it and,
thereafter, means the successor. 
 “Uniform Commercial Code” means the Uniform Commercial Code or any successor provision
thereof as the same may from time to time be in effect in the State of New York; provided, however, that, at any time, if by reason of mandatory provisions of law, any or all of the perfection or priority of the Secured Parties’
security interest in any item or portion of the Collateral is governed by the Uniform Commercial Code as in effect in a jurisdiction other than the State of New York, the term “Uniform Commercial Code” shall mean the Uniform Commercial
Code as in effect, at such time, in such other jurisdiction for purposes of the provisions hereof relating to such perfection or priority and for purposes of definitions relating to such provisions. 

“Unrestricted Subsidiary” means: 

(1) any Subsidiary of the Company or Trinseo Finance that at the time of determination is an Unrestricted Subsidiary (as
designated by the Board of Directors of the Company in the manner provided below); and 
 (2) any Subsidiary of an
Unrestricted Subsidiary. 

  
 -32- 

 The Board of Directors of the Company may designate any Subsidiary of the Company (including any newly acquired
or newly formed Subsidiary or a Person becoming a Subsidiary through merger, consolidation or other business combination transaction, or Investment therein) other than the Company or Trinseo Finance, to be an Unrestricted Subsidiary only if: 

(1) such Subsidiary or any of its Subsidiaries does not own any Capital Stock or Indebtedness of, or own or hold any Lien on
any property of, the Company or any other Subsidiary of the Company which is not a Subsidiary of the Subsidiary to be so designated or otherwise an Unrestricted Subsidiary; and 

(2) such designation and the Investment of the Company in such Subsidiary complies with Section 3.3 hereof. 

“U.S. Government Obligations” means securities that are (1) direct obligations of the United States of America for the
timely payment of which its full faith and credit is pledged or (2) obligations of a Person 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 of the United States of America, which, in either case, are not callable or redeemable at the option of the issuer thereof, and 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 such U.S. Government Obligations or a specific payment of principal of or interest on any such U.S. Government Obligations held by such custodian for the account of the
holder of such depositary receipt; 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 Obligations or the specific payment of principal of or interest on the U.S. Government Obligations evidenced by such depositary receipt. 

“Voting Stock” of a Person means all classes of Capital Stock of such Person then outstanding and normally entitled to vote
in the election of directors. 
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified
Stock or Preferred Stock, as the case may be, at any date, the quotient obtained by dividing: 
 (1) the sum of the products
of the number of years from the date of determination to the date of each successive scheduled principal payment of such Indebtedness or redemption or similar payment with respect to such Disqualified Stock or Preferred Stock multiplied by the
amount of such payment, by  
 (2) the sum of all such payments. 

“Wholly Owned Subsidiary” means a Restricted Subsidiary of the Company, all of the Capital Stock of which (other than
directors’ qualifying shares or shares required by any applicable law or regulation to be held by a Person other than the Company or another Wholly Owned Subsidiary) is owned by the Company or another Wholly Owned Subsidiary. 

SECTION 1.2. Other Definitions. 
  

			
	 Term
	  	Defined in
Section
		
	 “Accredited Investor Note”
	  	2.1(b)
	 “Additional Restricted Notes”
	  	2.1(b)
	 “Additional Taxing Jurisdiction”
	  	5.9
	 “Affiliate Transaction”
	  	3.8(a)
	 “After-Acquired Collateral”
	  	3.23
	 “Agent Members”
	  	2.1(e)(2)
	 “Asset Disposition Offer”
	  	3.5(b)

  
 -33- 

			
	 Term
	  	Defined in
Section
		
	 “Authenticating Agent”
	  	2.2
	 “Automatic Exchange”
	  	2.6(e)
	 “Automatic Exchange Date”
	  	2.6(e)
	 “Automatic Exchange Notice”
	  	2.6(e)
	 “Automatic Exchange Notice Date”
	  	2.6(e)
	 “Change in Tax Law”
	  	5.9(b)
	 “Change of Control Offer”
	  	3.9(a)
	 “Change of Control Payment”
	  	3.9(a)
	 “Change of Control Payment Date”
	  	3.9(a)
	 “Clearstream”
	  	2.1(b)
	 “Covenant Defeasance”
	  	8.3
	 “Defaulted Interest”
	  	2.15
	 “Euroclear”
	  	2.1(b)
	 “Event of Default”
	  	6.1
	 “Excess Proceeds”
	  	3.5(b)
	 “Exchange Global Note”
	  	2.1(b)
	 “Global Notes”
	  	2.1(b)
	 “Guaranteed Obligations”
	  	10.1
	 “Initial Agreement”
	  	3.4(b)
	 “Institutional Accredited Investor Global Note”
	  	2.1(b)
	 “Institutional Accredited Investor Notes”
	  	2.1(b)
	 “Issuer Order”
	  	2.2
	 “Legal Defeasance”
	  	8.2
	 “Legal Holiday”
	  	12.8
	 “Notes Document”
	  	9.2
	 “Notes Register”
	  	2.3
	 “Permanent Regulation S Global Note”
	  	2.1(b)
	 “Permitted Debt”
	  	3.2(b)
	 “Permitted Payments”
	  	3.3(b)
	 “protected purchaser”
	  	2.11
	 “Redemption Date”
	  	5.7(a)
	 “Refunding Capital Stock”
	  	3.3(b)
	 “Registrar”
	  	2.3
	 “Regulation S Global Note”
	  	2.1(b)
	 “Regulation S Notes”
	  	2.1(b)
	 “Resale Restriction Termination Date”
	  	2.6(b)
	 “Restricted Global Note”
	  	2.6(e)
	 “Restricted Payment”
	  	3.3(a)
	 “Restricted Period”
	  	2.1(b)
	 “Rule 144A Global Note”
	  	2.1(b)
	 “Rule 144A Notes”
	  	2.1(b)
	 “Special Interest Payment Date”
	  	2.15(a)
	 “Special Record Date”
	  	2.15(a)
	 “Successor Company”
	  	4.1(a)(1)
	 “Successor Guarantor”
	  	4.1(f)(3)
	 “Suspension Period”
	  	3.21
	 “Temporary Regulation S Global Note”
	  	2.1(b)
	 “Unrestricted Global Note”
	  	2.6(e)

  
 -34- 

 SECTION 1.3. Incorporation by Reference of Trust Indenture Act. This Indenture is subject
to the mandatory provisions of the TIA, which are incorporated by reference in and made a part of this Indenture. The following TIA terms have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Notes. 

“indenture security holder” means a Holder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Issuers and any other obligor on the indenture securities.

 All other TIA terms used in this Indenture that are defined by the TIA, defined in the TIA by reference to another statute or defined by
SEC rule have the meanings assigned to them by such definitions. 
 SECTION 1.4. Rules of Construction. Unless the context otherwise
requires: 
 (1) a term has the meaning assigned to it; 

(2) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(3) “or” is not exclusive; 

(4) “including” means including without limitation; 

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

(6) “will” shall be interpreted to express a command; 

(7) whenever in this Indenture there is mentioned, in any context, principal, interest or any other amount payable under or
with respect to any Notes, such mention shall be deemed to include mention of the payment of Additional Interest, to the extent that, in such context, Additional Interest is, was or would be payable in respect thereof pursuant to the Notes;
provided, however, that the Trustee shall not be deemed to have knowledge of the requirement that Additional Interest is due unless the Trustee receives written notice from the Issuers stating that such amounts are due and specifying
the dollar amounts thereof; 
 (8) the principal amount of any non-interest bearing or other discount security at any date
shall be the principal amount thereof that would be shown on a balance sheet of the issuer dated such date prepared in accordance with GAAP; 

(9) the principal amount of any Preferred Stock shall be (i) the maximum liquidation value of such Preferred Stock or
(ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock, whichever is greater; 

(10) all amounts expressed in this Indenture or in any of the Notes in terms of money refer to the lawful currency of the
United States of America; 
 (11) the words “herein,” “hereof” and “hereunder” and other words
of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision; and 

(12) unless otherwise specifically indicated, the term “consolidated” with respect to any Person refers to such
Person consolidated with its Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if such Unrestricted Subsidiary were not an Affiliate of such Person. 

  
 -35- 

 ARTICLE II 

THE NOTES 
 SECTION 2.1.
Form, Dating and Terms. 
 (a) The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture
is unlimited. The Initial Notes issued on the date hereof will be in an aggregate principal amount of $1,325,000,000. In addition, the Issuers may issue, from time to time in accordance with the provisions of this Indenture, Additional Notes (as
provided herein) and Exchange Notes. Furthermore, Notes may be authenticated and delivered upon registration of transfer, exchange or in lieu of other Notes pursuant to Section 2.2, 2.6, 2.11, 2.13, 5.6 or
9.5, in connection with an Asset Disposition Offer pursuant to Section 3.5 or in connection with a Change of Control Offer pursuant to Section 3.9. 

Notwithstanding anything to the contrary contained herein, the Issuers may not issue any Additional Notes, unless such issuance is in
compliance with Sections 3.2 and 3.6. 
 With respect to any Additional Notes, the Issuers shall each set forth in (1) a
Board Resolution and (2) (i) an Officer’s Certificate and (ii) one or more indentures supplemental hereto, the following information: 

(A) the aggregate principal amount of such Additional Notes to be authenticated and delivered pursuant to this Indenture; 

(B) the issue price and the issue date of such Additional Notes, including the date from which interest shall accrue; and 

(C) whether such Additional Notes shall be Restricted Notes. 

In authenticating and delivering Additional Notes, the Trustee shall be entitled to receive and shall be fully protected in relying upon, in
addition to the Opinion of Counsel and Officer’s Certificate required by Section 13.4, an Opinion of Counsel as to the due authorization, execution, delivery, validity and enforceability of such Additional Notes. 

The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of this
Indenture. Holders of the Initial Notes, the Additional Notes and the Exchange Notes will vote and consent together on all matters to which such Holders are entitled to vote or consent as one class, and none of the Holders of the Initial Notes, the
Additional Notes or the Exchange Notes shall have the right to vote or consent as a separate class on any matter to which such Holders are entitled to vote or consent. 

If any of the terms of any Additional Notes are established by action taken pursuant to Board Resolutions of the Issuers, a copy of an
appropriate record of such action shall be certified by the Secretary or any Assistant Secretary of the Issuers and delivered to the Trustee at or prior to the delivery of the Officer’s Certificate or the indenture supplemental hereto setting
forth the terms of the Additional Notes. 
 (b) The Initial Notes are being offered and sold by the Issuers pursuant to a Purchase
Agreement, dated January 24, 2013, among the Issuers, the Initial Guarantors and Deutsche Bank Securities Inc., as representative of the several Initial Purchasers. The Initial Notes and any Additional Notes (if issued as Restricted Notes) (the
“Additional Restricted Notes”) will be resold initially only to (A) QIBs in reliance on Rule 144A and (B) Non-U.S. Persons in reliance on Regulation S. Such Initial Notes and Additional Restricted Notes may thereafter be
transferred to, among others, QIBs, purchasers in reliance on Regulation S, AIs and IAIs in accordance with Rule 501 under the Securities Act, in each case, in accordance with the procedure described herein. Additional Notes offered after the date
hereof may be offered and sold by the Issuers from time to time pursuant to one or more purchase agreements in accordance with applicable law. 

  
 -36- 

 Initial Notes and Additional Restricted Notes offered and sold to QIBs in the United States of
America in reliance on Rule 144A (the “Rule 144A Notes”) shall be issued in the form of a permanent global Note substantially in the form of Exhibit A, which is hereby incorporated by reference and made a part of this
Indenture, including appropriate legends as set forth in Section 2.1(d) (the “Rule 144A Global Note”), deposited with the Trustee, as custodian for DTC, duly executed by the Issuers and authenticated by the Trustee as
hereinafter provided. The Rule 144A Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of
the Rule 144A Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided. 

Initial Notes and any Additional Restricted Notes offered and sold outside the United States of America (the “Regulation S
Notes”) in reliance on Regulation S shall initially be issued in the form of a temporary global Note (the “Temporary Regulation S Global Note”). Beneficial interests in the Temporary Regulation S Global Note will be
exchanged for beneficial interests in a corresponding permanent global Note substantially in the form of Exhibit A, including appropriate legends as set forth in Section 2.1(d) (the “Permanent Regulation S Global
Note” and, together with the Temporary Regulation S Global Note, each a “Regulation S Global Note”), within a reasonable period after the expiration of the Restricted Period (as defined below) upon delivery of the
certification contemplated by Section 2.7. Each Regulation S Global Note will be deposited upon issuance with, or on behalf of, the Trustee as custodian for DTC in the manner described in this Article II for credit to the
respective accounts of the purchasers (or to such other accounts as they may direct), including, but not limited to, accounts at Euroclear Bank S.A./N.V. (“Euroclear”) or Clearstream Banking, société anonyme
(“Clearstream”). Prior to the 40th day after the later of the commencement of the offering of the Initial Notes and the Issue Date (such period through and including such 40th day, the “Restricted Period”),
interests in the Temporary Regulation S Global Note may only be transferred to non-U.S. persons pursuant to Regulation S, unless exchanged for interests in a Global Note in accordance with the transfer and certification requirements described
herein. 
 Investors may hold their interests in the Regulation S Global Note through organizations other than Euro-clear or Clearstream
that are participants in DTC’s system or directly through Euroclear or Clearstream, if they are participants in such systems, or indirectly through organizations which are participants in such systems. If such interests are held through
Euroclear or Clearstream, Euroclear and Clearstream will hold such interests in the applicable Regulation S Global Note on behalf of their participants through customers’ securities accounts in their respective names on the books of their
respective depositaries. Such depositaries, in turn, will hold such interests in the applicable Regulation S Global Note in customers’ securities accounts in the depositaries’ names on the books of DTC. 

The Regulation S Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum
principal amount to be represented by a single certificate. The aggregate principal amount of the Regulation S Global Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its
nominee, as hereinafter provided. 
 Initial Notes and Additional Restricted Notes resold to IAIs (the “Institutional Accredited
Investor Notes”) in the United States of America shall be issued in the form of a permanent global Note substantially in the form of Exhibit A, including appropriate legends as set forth in Section 2.1(d) (the
“Institutional Accredited Investor Global Note”), deposited with the Trustee, as custodian for DTC, duly executed by the Issuers and authenticated by the Trustee as hereinafter provided. The Institutional Accredited Investor Global
Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. The aggregate principal amount of the Institutional Accredited Investor Global
Note may from time to time be increased or decreased by adjustments made on the records of the Trustee, as custodian for DTC or its nominee, as hereinafter provided. 

Initial Notes and Additional Restricted Notes resold to AIs in the United States of America shall be issued in the form of a Definitive Note
substantially in the form of Exhibit A, including the legend as set forth in Section 2.1(d)(4) (an “Accredited Investor Note”). 

Exchange Notes exchanged for interests in the Rule 144A Notes, the Regulation S Notes and the Institutional Accredited Investor Notes will be
issued in the form of a permanent global Note, substantially in the form of 

  
 -37- 

 
Exhibit B, which is hereby incorporated by reference and made a part of this Indenture, deposited with the Trustee as hereinafter provided, including the appropriate legend set forth in
Section 2.1(d) (the “Exchange Global Note”). The Exchange Global Note will be deposited upon issuance with, or on behalf of, the Trustee as custodian for DTC, duly executed by the Issuers and authenticated by the Trustee
as hereinafter provided. The Exchange Global Note may be represented by more than one certificate, if so required by DTC’s rules regarding the maximum principal amount to be represented by a single certificate. 

The Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited Investor Global Note and the Exchange Global Note are
sometimes collectively herein referred to as the “Global Notes.” 
 The principal of (and premium, if any) and interest on
the Notes shall be payable at the office or agency of Paying Agent designated by the Issuers maintained for such purpose (which shall initially be the office of the Trustee maintained for such purpose), or at such other office or agency of the
Issuers as may be maintained for such purpose pursuant to Section 2.3; provided, however, that, at the option of the Paying Agent, each installment of interest may be paid by (i) check mailed to addresses of the
Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes
represented by a Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by DTC. Payments in respect of Notes represented by Definitive Notes (including
principal, premium, if any, and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes 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 15 days immediately preceding the relevant due date for payment (or such
other date as the Trustee may accept in its discretion). 
 The Notes may have notations, legends or endorsements required by law, stock
exchange rule or usage, in addition to those set forth on Exhibit A and Exhibit B and in Section 2.1(d). The Issuers shall approve any notation, endorsement or legend on the Notes. Each Note shall be dated the date of its
authentication. The terms of the Notes set forth in Exhibit A and Exhibit B are part of the terms of this Indenture and, to the extent applicable, the Issuers, the Guarantors and the Trustee, by their execution and delivery of this
Indenture, expressly agree to be bound by such terms. 
 (c) Denominations. The Notes shall be issuable only in minimum denominations
of $2,000 and any integral multiple of $1,000 in excess thereof. 
 (d) Restrictive Legends. Unless and until (i) an Initial
Note or an Additional Note issued as a Restricted Note is sold under an effective registration statement, (ii) an Initial Note or an Additional Note issued as a Restricted Note is exchanged for an Exchange Note in connection with an effective
registration statement, in each case pursuant to the Registration Rights Agreement or a similar agreement or (iii) the Trustee receives an Opinion of Counsel reasonably satisfactory to it stating that neither such legend nor the related
restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act: 
 (1) The
Rule 144A Global Note, the Regulation S Global Note, the Institutional Accredited Investor Global Note and the Accredited Investor Global Note shall bear the following legend on the face thereof: 

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE SECURITIES
LAWS OF ANY STATE OR OTHER JURISDICTION. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH
TRANSACTION IS EXEMPT FROM, OR NOT SUBJECT TO, SUCH REGISTRATION. 

  
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 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF, AGREES ON ITS OWN BEHALF AND ON BEHALF OF
ANY INVESTOR ACCOUNT FOR WHICH IT HAS PURCHASED SECURITIES, TO OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE DATE (THE “RESALE RESTRICTION TERMINATION DATE”) THAT IS [IN THE CASE OF RULE 144A NOTES: ONE YEAR
AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF, THE ORIGINAL ISSUE DATE OF THE ISSUANCE OF ANY ADDITIONAL NOTES AND THE LAST DATE ON WHICH THE ISSUERS OR ANY AFFILIATE OF THE ISSUERS WAS THE OWNER OF THIS SECURITY (OR ANY PREDECESSOR OF SUCH
SECURITY),] [IN THE CASE OF REGULATION S NOTES: 40 DAYS AFTER THE LATER OF THE ORIGINAL ISSUE DATE HEREOF AND THE DATE ON WHICH THIS SECURITY (OR ANY PREDECESSOR OF SUCH SECURITY) WAS FIRST OFFERED TO PERSONS OTHER THAN DISTRIBUTORS (AS
DEFINED IN RULE 902 OF REGULATION S) IN RELIANCE ON REGULATION S], ONLY (A) TO THE COMPANY OR ANY SUBSIDIARY THEREOF, (B) PURSUANT TO A REGISTRATION STATEMENT THAT HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT, (C) FOR SO LONG
AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A THAT PURCHASES FOR ITS
OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (D) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT, (E) TO AN INSTITUTIONAL “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501(a)(1), (2), (3) OR (7) UNDER THE SECURITIES ACT THAT IS NOT A QUALIFIED INSTITUTIONAL BUYER
AND THAT IS PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF ANOTHER INSTITUTIONAL ACCREDITED INVESTOR, IN EACH CASE IN A MINIMUM PRINCIPAL AMOUNT OF SECURITIES OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE COMPANY’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSES (D), (E) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/ OR OTHER INFORMATION SATISFACTORY TO EACH OF THEM. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE RESALE RESTRICTION TERMINATION DATE. 

[IN THE CASE OF REGULATION S NOTES: BY ITS ACQUISITION HEREOF, THE HOLDER HEREOF REPRESENTS THAT IT IS NOT A U.S. PERSON NOR IS IT
PURCHASING FOR THE ACCOUNT OF A U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION IN ACCORDANCE WITH REGULATION S UNDER THE SECURITIES ACT.] 

BY ITS ACQUISITION OF THIS SECURITY, THE HOLDER THEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (1) NO PORTION OF THE
ASSETS USED BY SUCH HOLDER TO ACQUIRE OR HOLD THIS SECURITY CONSTITUTES THE ASSETS OF AN EMPLOYEE BENEFIT PLAN THAT IS SUBJECT TO TITLE I OF THE U.S. EMPLOYEE RETIREMENT INCOME SECURITY ACT OF 1974, AS AMENDED (“ERISA”), OF A PLAN,
INDIVIDUAL RETIREMENT ACCOUNT OR OTHER ARRANGEMENT THAT IS SUBJECT TO SECTION 4975 OF THE U.S. INTERNAL REVENUE CODE OF 1986, AS AMENDED (THE “CODE”) OR PROVISIONS UNDER ANY OTHER FEDERAL, STATE, LOCAL, NON-U.S. OR OTHER LAWS OR
REGULATIONS THAT ARE 

  
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SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (“SIMILAR LAWS”), OR OF AN ENTITY WHOSE UNDERLYING ASSETS ARE CONSIDERED TO INCLUDE “PLAN ASSETS” OF ANY SUCH PLAN,
ACCOUNT OR ARRANGEMENT, OR (2) THE ACQUISITION AND HOLDING OF THIS SECURITY WILL NOT CONSTITUTE A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE OR A SIMILAR VIOLATION UNDER ANY APPLICABLE SIMILAR LAWS.

 THIS NOTE MAY NOT BE OFFERED OR SOLD TO THE PUBLIC IN LUXEMBOURG, DIRECTLY OR INDIRECTLY, AND NEITHER THE INDENTURE NOR ANY OTHER
CIRCULAR, PROSPECTUS, FORM OF APPLICATION, ADVERTISEMENT OR OTHER MATERIAL RELATED TO SUCH OFFER MAY BE DISTRIBUTED, OR OTHERWISE BE MADE AVAILABLE IN OR FROM, OR PUBLISHED IN, LUXEMBOURG EXCEPT IF A PROSPECTUS HAS BEEN DULY APPROVED BY THE
COMMISSION DE SURVEILLANCE DU SECTEUR FINANCIER IN ACCORDANCE WITH THE LAW OF JULY 10, 2005 ON PROSPECTUSES FOR SECURITIES, AS AMENDED BY THE LAW OF JULY 3, 2012 (THE PROSPECTUS LAW) OR THE OFFER BENEFITS FROM AN EXEMPTION TO OR CONSTITUTES A
TRANSACTION OTHERWISE NOT SUBJECT TO THE REQUIREMENT TO PUBLISH A PROSPECTUS FOR THE PURPOSE OF THE PROSPECTUS LAW. 
 (2)
The Temporary Regulation S Global Note shall bear the following additional legend on the face thereof: 
 THIS SECURITY IS A TEMPORARY GLOBAL
NOTE. PRIOR TO THE EXPIRATION OF THE RESTRICTED PERIOD APPLICABLE HERETO, BENEFICIAL INTERESTS HEREIN MAY NOT BE HELD BY ANY PERSON OTHER THAN (1) A NON-U.S. PERSON OR (2) A U.S. PERSON THAT PURCHASED SUCH INTEREST IN A TRANSACTION EXEMPT
FROM REGISTRATION UNDER THE SECURITIES ACT. BENEFICIAL INTERESTS HEREIN ARE NOT EXCHANGEABLE FOR PHYSICAL NOTES OTHER THAN A PERMANENT GLOBAL NOTE IN ACCORDANCE WITH THE TERMS OF THE INDENTURE. TERMS IN THIS LEGEND ARE USED AS USED IN REGULATION S
UNDER THE SECURITIES ACT. 
 (3) Each Global Note, whether or not an Initial Note, shall bear the following legend on the
face thereof: 
 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 ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN
AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS
WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL NOTE SHALL BE
LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE
RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 

  
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 (4) Each Accredited Investor Note shall bear the following legend on the face
thereof: 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR
ANY STATE SECURITIES LAWS. NEITHER THIS SECURITY NOR ANY INTEREST OR PARTICIPATION HEREIN MAY BE REOFFERED, SOLD, ASSIGNED, TRANSFERRED, PLEDGED, ENCUMBERED OR OTHERWISE DISPOSED OF IN THE ABSENCE OF SUCH REGISTRATION OR UNLESS SUCH TRANSACTION IS
EXEMPT FROM, OR NOT SUBJECT TO, REGISTRATION. 
 THE HOLDER OF THIS SECURITY, BY ITS ACCEPTANCE HEREOF (1) REPRESENTS THAT (A) IT
IS A “QUALIFIED INSTITUTIONAL BUYER” (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT), (B) IT IS A NON-U.S. PERSON AND IS ACQUIRING THIS SECURITY IN AN OFFSHORE TRANSACTION WITHIN THE MEANING OF REGULATION S UNDER THE SECURITIES ACT
AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO SUCH PURCHASER IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE OR (C) IT IS AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE SECURITIES ACT AND (2) AGREES TO
OFFER, SELL OR OTHERWISE TRANSFER SUCH SECURITY, PRIOR TO THE EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT, ONLY (A) TO THE ISSUERS OR ANY SUBSIDIARY THEREOF,
(B) FOR SO LONG AS THE SECURITIES ARE ELIGIBLE FOR RESALE PURSUANT TO RULE 144A, TO A PERSON IT REASONABLY BELIEVES IS A “QUALIFIED INSTITUTIONAL BUYER” AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT THAT PURCHASES FOR ITS OWN
ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHICH NOTICE IS GIVEN THAT THE TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (C) PURSUANT TO OFFERS AND SALES TO NON-U.S. PERSONS THAT OCCUR OUTSIDE THE UNITED STATES WITHIN
THE MEANING OF REGULATION S UNDER THE SECURITIES ACT AND IN ACCORDANCE WITH THE LAWS APPLICABLE TO IT IN THE JURISDICTION IN WHICH SUCH PURCHASE IS MADE, (D) TO AN “ACCREDITED INVESTOR” WITHIN THE MEANING OF RULE 501 UNDER THE
SECURITIES ACT THAT IS ACQUIRING THE SECURITY FOR ITS OWN ACCOUNT, OR FOR THE ACCOUNT OF SUCH AN ACCREDITED INVESTOR, FOR INVESTMENT PURPOSES AND NOT WITH A VIEW TO, OR FOR OFFER OR SALE IN CONNECTION WITH, ANY DISTRIBUTION IN VIOLATION OF THE
SECURITIES ACT, (E) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT OR (F) PURSUANT TO ANOTHER AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT, SUBJECT TO THE
ISSUERS’ RIGHT PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (C), (D) OR (F) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION SATISFACTORY TO THE ISSUERS, AND IN EACH OF THE
FOREGOING CASES, A CERTIFICATE OF TRANSFER IN THE FORM APPEARING ON THE OTHER SIDE OF THIS SECURITY IS COMPLETED AND DELIVERED BY THE TRANSFEROR TO THE TRUSTEE OR REGISTRAR. THIS LEGEND WILL BE REMOVED UPON THE REQUEST OF THE HOLDER AFTER THE
EXPIRATION OF THE APPLICABLE HOLDING PERIOD WITH RESPECT TO RESTRICTED SECURITIES SET FORTH IN RULE 144 UNDER THE SECURITIES ACT. 
 BY ITS
ACQUISITION OF THIS SECURITY THE HOLDER AND ANY SUBSEQUENT TRANSFEREE HEREOF WILL BE DEEMED TO HAVE REPRESENTED AND WARRANTED THAT EITHER (I) THE PURCHASER IS NOT ACQUIRING OR HOLDING SUCH NOTE OR AN INTEREST THEREIN WITH THE ASSETS OF

  
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(A) AN “EMPLOYEE BENEFIT PLAN” (AS DEFINED IN SECTION 3(3) OF ERISA) THAT IS SUBJECT TO ERISA, (B) A “PLAN” DESCRIBED IN SECTION 4975 OF THE INTERNAL REVENUE CODE OF
1986, AS AMENDED (THE “CODE”), (C) ANY ENTITY DEEMED TO HOLD “PLAN ASSETS” OF ANY OF THE FOREGOING BY REASON OF AN EMPLOYEE BENEFIT PLAN’S OR PLAN’S INVESTMENT IN SUCH ENTITY OR (D) A GOVERNMENTAL PLAN
OR CHURCH PLAN SUBJECT TO SUCH PROVISIONS THAT ARE SIMILAR TO SUCH PROVISIONS OF ERISA OR THE CODE (COLLECTIVELY, “SIMILAR LAWS”) OR (II) THE ACQUISITION AND HOLDING OF SUCH NOTE BY THE PURCHASER, THROUGHOUT THE PERIOD THAT IT HOLDS
SUCH NOTE AND THE DISPOSITION OF SUCH NOTE OR AN INTEREST THEREIN WILL NOT CONSTITUTE OR RESULT IN A NON-EXEMPT PROHIBITED TRANSACTION UNDER SECTION 406 OF ERISA OR SECTION 4975 OF THE CODE, A BREACH OF FIDUCIARY DUTY UNDER ERISA OR A VIOLATION OF
ANY PROVISIONS OF ANY APPLICABLE SIMILAR LAW. 
 (e) Book-Entry Provisions. This Section 2.1(e) shall apply only to
Global Notes deposited with the Trustee, as custodian for DTC. 
 (1) Each Global Note initially shall (x) be registered
in the name of DTC or the nominee of DTC, (y) be delivered to the Notes Custodian for DTC and (z) bear legends as set forth in Section 2.1(d). Transfers of a Global Note (but not a beneficial interest therein) will be limited
to transfers thereof in whole, but not in part, to the DTC, its successors or its respective nominees, except as set forth in Sections 2.1(e)(4) and 2.1(f). If a beneficial interest in a Global Note is transferred or exchanged for a
beneficial interest in another Global Note, the Notes Custodian will (x) record a decrease in the principal amount of the Global Note being transferred or exchanged equal to the principal amount of such transfer or exchange and (y) record
a like increase in the principal amount of the other Global Note. Any beneficial interest in one Global Note that is transferred to a Person who takes delivery in the form of an interest in another Global Note, or exchanged for an interest in
another Global Note, will, upon transfer or exchange, cease to be an interest in such Global Note and become an interest in the other Global Note and, accordingly, will thereafter be subject to all transfer and exchange restrictions, if any, and
other procedures applicable to beneficial interests in such other Global Note for as long as it remains such an interest. 

(2) Members of, or participants in, DTC (“Agent Members”) shall have no rights under this Indenture with
respect to any Global Note held on their behalf by DTC or by the Notes Custodian as the custodian of DTC or under such Global Note, and DTC may be treated by the Issuers, the Trustee and any agent of the Issuers or the Trustee as the absolute owner
of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Issuers, the Trustee or any agent of the Issuers or the Trustee from giving effect to any written certification, proxy or other
authorization furnished by DTC or impair, as between DTC and its Agent Members, the operation of customary practices of DTC governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

(3) In connection with any transfer of a portion of the beneficial interest in a Global Note pursuant to
Section 2.1(f) to beneficial owners who are required to hold Definitive Notes, the Notes Custodian shall reflect on its books and records the date and a decrease in the principal amount of such Global Note in an amount equal to the
principal amount of the beneficial interest in the Global Note to be transferred, and the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, one or more Definitive Notes of like tenor and amount. 

(4) In connection with the transfer of an entire Global Note to beneficial owners pursuant to Section 2.1(f), such
Global Note shall be deemed to be surrendered to the Trustee for cancellation, and the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, to each beneficial owner identified by DTC in exchange for its
beneficial interest in such Global Note, an equal aggregate principal amount of Definitive Notes of authorized denominations. 

  
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 (5) The registered Holder of a Global Note may grant proxies and otherwise
authorize any Person, including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Holder is entitled to take under this Indenture or the Notes. 

(6) Any Holder of a Global Note shall, by acceptance of such Global Note, agree that transfers of beneficial interests in such
Global Note may be effected only through a book-entry system maintained by (i) the Holder of such Global Note (or its agent) or (ii) any holder of a beneficial interest in such Global Note, and that ownership of a beneficial interest in
such Global Note shall be required to be reflected in a book entry. 
 (f) Definitive Notes. Except as provided below, owners of
beneficial interests in Global Notes will not be entitled to receive Definitive Notes. Definitive Notes shall be transferred to all beneficial owners in exchange for their beneficial interests in a Global Note if (A) DTC notifies the Issuers
that it is unwilling or unable to continue as depositary for such Global Note or DTC ceases to be a clearing agency registered under the Exchange Act, at a time when DTC is required to be so registered in order to act as depositary, and in each case
a successor depositary is not appointed by the Issuers within 90 days of such notice, (B) the Issuers in their sole discretion execute and deliver to the Trustee and Registrar an Officer’s Certificate stating that such Global Note shall be
so exchangeable or (C) an Event of Default has occurred and is continuing and the Registrar has received a written request from DTC. In the event of the occurrence of any of the events specified in the second preceding sentence or in clause
(A), (B) or (C) of the preceding sentence, the Issuers shall promptly make available to the Trustee a reasonable supply of Definitive Notes. In addition, any Note transferred to an affiliate (as defined in Rule 405 under the Securities
Act) of the Issuers or evidencing a Note that has been acquired by an affiliate in a transaction or series of transactions not involving any public offering must, until one year after the last date on which either the Issuers or any affiliate of the
Issuers was an owner of the Note, be in the form of a Definitive Note and bear the legend regarding transfer restrictions in Section 2.1(d). If required to do so pursuant to any applicable law or regulation, beneficial owners may also
obtain Definitive Notes in exchange for their beneficial interests in a Global Note upon written request in accordance with DTC’s and the Registrar’s procedures. 

(1) Any Definitive Note delivered in exchange for an interest in a Global Note pursuant to Section 2.1(e) shall,
except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the Global Note set forth in Section 2.1(d). 

(2) If a Definitive Note is transferred or exchanged for a beneficial interest in a Global Note, the Trustee will
(x) cancel such Definitive Note, (y) record an increase in the principal amount of such Global Note equal to the principal amount of such transfer or exchange and (z) in the event that such transfer or exchange involves less than the
entire principal amount of the canceled Definitive Note, the Issuers shall execute, and the Trustee shall authenticate and make available for delivery to the transferring Holder, a new Definitive Note representing the principal amount not so
transferred. 
 (3) If a Definitive Note is transferred or exchanged for another Definitive Note, (x) the Trustee will
cancel the Definitive Note being transferred or exchanged, (y) the Issuers shall execute, and the Trustee shall authenticate and make available for delivery, one or more new Definitive Notes in authorized denominations having an aggregate
principal amount equal to the principal amount of such transfer or exchange to the transferee (in the case of a transfer) or the Holder of the canceled Definitive Note (in the case of an exchange), registered in the name of such transferee or
Holder, as applicable, and (z) if such transfer or exchange involves less than the entire principal amount of the canceled Definitive Note, the Issuers shall execute, and the Trustee shall authenticate and make available for delivery to the
Holder thereof, one or more Definitive Notes in authorized denominations having an aggregate principal amount equal to the untransferred or unexchanged portion of the canceled Definitive Notes, registered in the name of the Holder thereof. 

(4) Notwithstanding anything to the contrary in this Indenture, in no event shall a Definitive Note be delivered upon exchange
or transfer of a beneficial interest in the Temporary Regulation S Global Note prior to the end of the Restricted Period. 

  
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 SECTION 2.2. Execution and Authentication. One Officer shall sign the Notes for each
Issuer by manual, facsimile or PDF signature. If the Officer whose signature is on a Note no longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless. 

A Note shall not be valid until an authorized officer of the Trustee manually authenticates the Note. The signature of the Trustee on a Note
shall be conclusive evidence that such Note has been duly and validly authenticated and issued under this Indenture. A Note shall be dated the date of its authentication. 

At any time and from time to time after the execution and delivery of this Indenture, the Trustee shall authenticate and make available for
delivery (1) Initial Notes for original issue on the Issue Date in an aggregate principal amount of $1,325,000,000, (2) subject to the terms of this Indenture, Additional Notes for original issue in an unlimited principal amount,
(3) Exchange Notes for issue only in an exchange offer pursuant to the Registration Rights Agreement and only in exchange for Initial Notes or Additional Notes of an equal principal amount and (4) under the circumstances set forth in
Section 2.6(e), Initial Notes in the form of an Unrestricted Global Note, in each case upon a written order of each Issuer signed by one Officer (the “Issuer Order”). Such Issuer Order shall specify whether the Notes
will be in the form of Definitive Notes or Global Notes, the amount of the Notes to be authenticated, the date on which the original issue of Notes is to be authenticated, the Holder of the Notes and whether the Notes are to be Initial Notes,
Additional Notes or Exchange Notes. 
 The Trustee may appoint an agent (the “Authenticating Agent”) reasonably acceptable
to the Issuers to authenticate the Notes. Any such appointment shall be evidenced by an instrument signed by a Trust Officer, a copy of which shall be furnished to the Issuers. Unless limited by the terms of such appointment, any such Authenticating
Agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by the Authenticating Agent. An Authenticating Agent has the same rights as any Registrar, Paying
Agent or agent for service of notices and demands. 
 In case either Issuer or any Guarantor, pursuant to Article IV or
Section 10.2, as applicable, shall be consolidated or merged with or into any other Person or shall convey, transfer, lease or otherwise dispose of its properties and assets substantially as an entirety to any Person, and the successor
Person resulting from such consolidation, or surviving such merger, or into which either Issuer or any Guarantor shall have been merged, or the Person which shall have received a conveyance, transfer, lease or other disposition as aforesaid, shall
have executed an indenture supplemental hereto with the Trustee pursuant to Article IV, any of the Notes authenticated or delivered prior to such consolidation, merger, conveyance, transfer, lease or other disposition may (but shall not be
required), from time to time, at the request of the successor Person, be exchanged for other Notes executed in the name of the successor Person with such changes in phraseology and form as may be appropriate to reflect such successor Person, but
otherwise in substance of like tenor as the Notes surrendered for such exchange and of like principal amount; and the Trustee, upon the Issuer Order of the successor Person, shall authenticate and make available for delivery Notes as specified in
such order for the purpose of such exchange. If Notes shall at any time be authenticated and delivered in any new name of a successor Person pursuant to this Section 2.2 in exchange or substitution for or upon registration of transfer of
any Notes, such successor Person, at the option of the Holders but without expense to them, shall provide for the exchange of all Notes at the time outstanding for Notes authenticated and delivered in such new name. 

SECTION 2.3. Registrar and Paying Agent. The Issuers shall maintain an office or agency where Notes may be presented for registration
of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment. The Registrar shall keep a register of the Notes and of their transfer and exchange (the “Notes
Register”) and, upon written request from either of the Issuers, the Registrar shall provide the Issuers with a copy of the Notes Register to enable them to maintain a register of the Notes at their registered offices. In accordance with
the Luxembourg law of August 10, 1915 on commercial companies (as amended), the Company will maintain a register of Notes at its registered office. The Issuers may have one or more co-registrars and one or more additional paying agents. The
term “Paying Agent” includes any additional paying agent and the term “Registrar” includes any co-registrar. 
 The
Issuers shall advise the Paying Agent in writing five Business Days prior to any interest payment date of any Additional Interest payable pursuant to the Registration Rights Agreement. 

  
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 The Issuers shall enter into an appropriate agency agreement with any Registrar or Paying Agent
not a party to this Indenture, which shall incorporate the terms of the TIA. The agreement shall implement the provisions of this Indenture that relate to such agent. The Issuers shall notify the Trustee in writing of the name and address of each
such agent. If the Issuers fail to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor pursuant to Section 7.7. Either Issuer or any Guarantor may act as Paying
Agent, Registrar or transfer agent. 
 The Issuers initially appoint the Trustee as Registrar and Paying Agent for the Notes. The Issuers
may change any Registrar or Paying Agent without prior notice to the Holders, but upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become effective until
(i) acceptance of any appointment by a successor as evidenced by an appropriate agreement entered into by the Issuers and such successor Registrar or Paying Agent, as the case may be, and delivered to the Trustee and the passage of any waiting
or notice periods required by DTC procedures or (ii) written notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of a successor in accordance with clause (i) above. The Registrar or
Paying Agent may resign at any time upon written notice to the Issuers and the Trustee. 
 SECTION 2.4. Paying Agent to Hold Money in
Trust. By no later than 10:00 a.m. (Eastern time) on the date on which any principal of, premium, if any, or interest on any Note is due and payable, the Issuers shall deposit with the Paying Agent a sum sufficient in immediately available funds
to pay such principal, premium or interest when due. The Issuers shall require each Paying Agent (other than the Trustee) to agree in writing that such Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by such
Paying Agent for the payment of principal of, premium, if any, or interest on the Notes (whether such assets have been distributed to it by the Issuers or other obligors on the Notes), shall notify the Trustee in writing of any Default by the
Issuers or any Guarantor in making any such payment and shall during the continuance of any Default by the Issuers (or any other obligor upon the Notes) in the making of any payment in respect of the Notes, upon the written request of the Trustee,
forthwith deliver to the Trustee all sums held in trust by such Paying Agent for payment in respect of the Notes together with a full accounting thereof. If either Issuer or a Subsidiary of the Company acts as Paying Agent, it shall segregate the
money held by it as Paying Agent and hold it as a separate trust fund. The Issuers at any time may require a Paying Agent (other than the Trustee) to pay all money held by it to the Trustee and to account for any funds or assets disbursed by such
Paying Agent. Upon complying with this Section 2.4, the Paying Agent (if other than the Issuers or a Subsidiary of the Company) shall have no further liability for the money delivered to the Trustee. Upon any bankruptcy, reorganization
or similar proceeding with respect to the Issuers, the Trustee shall serve as Paying Agent for the Notes. 
 SECTION 2.5. Holder
Lists. The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of Holders and shall otherwise comply with TIA Section 312(a). If the Trustee is not the
Registrar, or to the extent otherwise required under the TIA, the Issuers, on their own behalf and on behalf of each of the Guarantors, shall furnish or cause the Registrar to furnish to the Trustee, in writing at least five Business Days before
each interest payment date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Holders and the Issuers shall otherwise comply with
TIA Section 312(a). 
 SECTION 2.6. Transfer and Exchange. 

(a) A Holder may transfer a Note (or a beneficial interest therein) to another Person or exchange a Note (or a beneficial interest therein)
for another Note or Notes of any authorized denomination by presenting to the Trustee a written request therefor stating the name of the proposed transferee or requesting such an exchange, accompanied by any certification, opinion or other document
required by this Section 2.6. The Registrar will promptly register any transfer or exchange that meets the requirements of this Section 2.6 by noting the same in the Notes Register maintained by the Registrar for the purpose,
and no transfer or exchange will be effective until it is registered in such Notes Register. The transfer or exchange of any Note (or a beneficial interest therein) may only be made in accordance with this Section 2.6 and Sections
2.1(e) and 2.1(f), as applicable, and, in the case of a Global Note (or a beneficial interest therein), the applicable rules and procedures of DTC, Euroclear and Clearstream. The Trustee shall refuse to register any requested transfer or
exchange that does not comply with this Section 2.6. 

  
 -45- 

 (b) Transfers of Rule 144A Notes and Institutional Accredited Investor Notes. The
following provisions shall apply with respect to any proposed registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note prior to the date that is one year after the later of the date of its original issue and the last
date on which either Issuer or any Affiliate of the Issuers was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”): 

(1) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to a QIB shall be made upon the representation of the transferee in the form as set forth on the reverse of the Note that it is purchasing for its own account or an account with respect to which it exercises sole investment discretion and
that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A, and is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the
Issuers as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration
provided by Rule 144A; provided that no such written representation or other written certification shall be required in connection with the transfer of a beneficial interest in the Rule 144A Global Note to a transferee in the form of a
beneficial interest in that Rule 144A Global Note in accordance with this Indenture and the applicable procedures of DTC; 

(2) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to an IAI or an AI shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth in Section 2.8 or Section 2.10, respectively, from the proposed transferee and the
delivery of an Opinion of Counsel, certification and/or other information satisfactory to Issuers and the Registrar; and 

(3) a registration of transfer of a Rule 144A Note or an Institutional Accredited Investor Note or a beneficial interest
therein to a Non-U.S. Person shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth in Section 2.9 from the proposed transferee and the delivery of an Opinion of Counsel,
certification and/or other information satisfactory to Issuers and the Registrar. 
 (c) Transfers of Regulation S Notes. The
following provisions shall apply with respect to any proposed transfer of a Regulation S Note prior to the expiration of the Restricted Period: 

(1) a transfer of a Regulation S Note or a beneficial interest therein to a QIB shall be made upon the representation of the
transferee, in the form of assignment on the reverse of the certificate, that it is purchasing the Note for its own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a
“qualified institutional buyer” within the meaning of Rule 144A, is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers as the undersigned has
requested pursuant to Rule 144A or has determined not to request such information and that it is aware that the transferor is relying upon its foregoing representations in order to claim the exemption from registration provided by Rule 144A; 

(2) a transfer of a Regulation S Note or a beneficial interest therein to an IAI or an AI shall be made upon receipt by the
Registrar or its agent of a certificate substantially in the form set forth in Section 2.8 or Section 2.10, respectively, from the proposed transferee and the delivery of an Opinion of Counsel, certification and/or other
information satisfactory to the Issuers and the Registrar; and 
 (3) a transfer of a Regulation S Note or a beneficial
interest therein to a Non-U.S. Person shall be made upon receipt by the Registrar or its agent of a certificate substantially in the form set forth in Section 2.9 hereof from the proposed transferee and receipt by the Registrar or its
agent of an Opinion of Counsel, certification and/or other information satisfactory to the Issuers. 
 After the expiration of the
Restricted Period, interests in the Regulation S Note may be transferred in accordance with applicable law without requiring the certification set forth in Section 2.8, Section 2.9 or Section 2.10 or any
additional certification. 

  
 -46- 

 (d) Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes not
bearing a Restricted Notes Legend, the Registrar shall deliver Notes that do not bear a Restricted Notes Legend. Upon the transfer, exchange or replacement of Notes bearing a Restricted Notes Legend, the Registrar shall deliver only Notes that bear
a Restricted Notes Legend unless (1) Initial Notes are being exchanged for Exchange Notes in an exchange offer pursuant to the Registration Rights Agreement, in which case the Exchange Notes shall not bear a Restricted Notes Legend, (2) an
Initial Note is being transferred pursuant to an effective registration statement, (3) Initial Notes are being exchanged for Notes that do not bear the Restricted Notes Legend in accordance with Section 2.6(e) or (4) there is
delivered to the Registrar an Opinion of Counsel reasonably satisfactory to it stating that neither such legend nor the related restrictions on transfer are required in order to maintain compliance with the provisions of the Securities Act. Any
Additional Notes sold in a registered offering shall not be required to bear the Restricted Notes Legend. 
 (e) Automatic Exchange from
Global Note Bearing Restricted Notes Legend to Global Note Not Bearing Restricted Notes Legend. Upon the Issuers’ satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities
Act, beneficial interests in a Global Note bearing the Restricted Notes Legend (a “Restricted Global Note”) may be automatically exchanged into beneficial interests in a Global Note not bearing the Restricted Notes Legend (an
“Unrestricted Global Note”) without any action required by or on behalf of the Holder (the “Automatic Exchange”) at any time on or after the date that is the 366th calendar day after (1) with respect to the
Notes issued on the Issue Date, the Issue Date or (2) with respect to Additional Notes, if any, the issue date of such Additional Notes or, in each case, if such day is not a Business Day, on the next succeeding Business Day (the
“Automatic Exchange Date”). Upon the Issuers’ satisfaction that the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act, the Issuers shall (i) provide written notice
to DTC and the Trustee at least fifteen (15) calendar days prior to the Automatic Exchange Date, instructing DTC to exchange all of the outstanding beneficial interests in a particular Restricted Global Note to the Unrestricted Global Note,
which the Issuers shall have previously otherwise made eligible for exchange with the DTC, (ii) provide prior written notice (the “Automatic Exchange Notice”) to each Holder at such Holder’s address appearing in the
register of Holders at least fifteen (15) calendar days prior to the Automatic Exchange Date (the “Automatic Exchange Notice Date”), which notice must include (w) the Automatic Exchange Date, (x) the section of this
Indenture pursuant to which the Automatic Exchange shall occur, (y) the “CUSIP” number of the Restricted Global Note from which such Holder’s beneficial interests will be transferred and (z) the “CUSIP” number of
the Unrestricted Global Note into which such Holder’s beneficial interests will be transferred and (iii) on or prior to the Automatic Exchange Date, deliver to the Trustee for authentication one or more Unrestricted Global Notes, duly
executed by the Issuers, in an aggregate principal amount equal to the aggregate principal amount of Restricted Global Notes to be exchanged into such Unrestricted Global Notes. At the Issuers’ written request on no less than five
(5) calendar days’ notice prior to the Automatic Exchange Notice Date, the Trustee shall deliver, in the Issuers’ name and at their expense, the Automatic Exchange Notice to each Holder at such Holder’s address appearing in the
register of Holders; provided that the Issuers have delivered to the Trustee the information required to be included in such Automatic Exchange Notice. 

Notwithstanding anything to the contrary in this Section 2.6(e), during the fifteen (15) calendar day period prior to the
Automatic Exchange Date, no transfers or exchanges other than pursuant to this Section 2.6(e) shall be permitted without the prior written consent of the Issuers. As a condition to any Automatic Exchange, the Issuers shall provide, and
the Trustee shall be entitled to conclusively rely upon, an Officer’s Certificate and Opinion of Counsel to the Issuers to the effect that the Automatic Exchange shall be effected in compliance with the Securities Act and that the restrictions
on transfer contained herein and in the Restricted Notes Legend shall no longer be required in order to maintain compliance with the Securities Act and that the aggregate principal amount of the particular Restricted Global Note is to be transferred
to the particular Unrestricted Global Note by adjustment made on the records of the Trustee, as custodian for the Depositary to reflect the Automatic Exchange. Upon such exchange of beneficial interests pursuant to this Section 2.6(e),
the aggregate principal amount of the Global Notes shall be increased or decreased by adjustments made on the records of the Trustee, as custodian for the Depositary, to reflect the relevant increase or decrease in the principal amount of such
Global Note resulting from the applicable exchange. The Restricted Global Note from which beneficial interests are transferred pursuant to an Automatic Exchange shall be canceled following the Automatic Exchange. 

(f) Retention of Written Communications. The Registrar shall retain copies of all letters, notices and other written communications
received pursuant to Section 2.1 or this Section 2.6. The Issuers shall have the right to inspect and make copies of all such letters, notices or other written communications at any reasonable time upon the giving of
reasonable prior written notice to the Registrar. 

  
 -47- 

 (g) Obligations with Respect to Transfers and Exchanges of Notes. To permit registrations
of transfers and exchanges, the Issuers shall, subject to the other terms and conditions of this Article II, execute and the Trustee shall authenticate Definitive Notes and Global Notes at the Issuers’ and Registrar’s written
request. 
 No service charge shall be made to a Holder for any registration of transfer or exchange, but the Issuers may require the Holder
to pay a sum sufficient to cover any transfer tax assessments or similar governmental charge payable in connection therewith (other than any such transfer taxes, assessments or similar governmental charges payable upon exchange or transfer pursuant
to Sections 2.2, 2.6, 2.11, 2.13, 3.5, 5.6 or 9.5). 
 The Issuers (and the Registrar)
shall not be required to register the transfer of or exchange of any Note (A) for a period beginning (1) 15 calendar days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the
day of such mailing or (2) 15 calendar days before an interest payment date and ending on such interest payment date or (B) called for redemption, except the unredeemed portion of any Note being redeemed in part. 

Prior to the due presentation for registration of transfer of any Note, the Issuers, the Trustee, the Paying Agent or the Registrar may deem
and treat the Person in whose name a Note is registered as the owner of such Note for the purpose of receiving payment of principal of, premium, if any, and (subject to paragraph 2 of the forms of Notes attached hereto as Exhibits A, B
and C) interest on such Note and for all other purposes whatsoever, including without limitation the transfer or exchange of such Note, whether or not such Note is overdue, and none of the Issuers, the Trustee, the Paying Agent or the
Registrar shall be affected by notice to the contrary. 
 Any Definitive Note delivered in exchange for an interest in a Global Note
pursuant to Section 2.1(f) shall, except as otherwise provided by Section 2.6(d), bear the applicable legend regarding transfer restrictions applicable to the Definitive Note set forth in Section 2.1(d). 

All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall be entitled to
the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange. 
 (h) No Obligation of the Trustee.
The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant in, DTC or other Person with respect to the accuracy of the records of DTC or its nominee or of any participant or member
thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial owner or other Person (other than DTC) of any notice (including any notice of redemption or purchase) or the payment
of any amount or delivery of any Notes (or other security or property) under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made to Holders in respect of the Notes shall be given or
made only to or upon the order of the registered Holders (which shall be DTC or its nominee in the case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through DTC subject to the applicable rules and
procedures of DTC. The Trustee may rely and shall be fully protected in relying upon information furnished by DTC with respect to its members, participants and any beneficial owners. 

The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer imposed under
this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among DTC participants, members or beneficial owners in any Global Note) other than to require delivery of such
certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to determine substantial compliance as to form with the express
requirements hereof. Neither the Trustee nor any of its agents shall have any responsibility for any actions taken or not taken by DTC. 

  
 -48- 

 SECTION 2.7. Form of Certificate to Be Delivered upon Termination of Restricted Period.

 [Date] 
 Trinseo Materials Operating S.C.A.

 Trinseo Materials Finance, Inc. 
 c/o Trinseo S.A. 

1000 Chesterbrook Boulevard 
 Suite 300 

Berwyn, PA 19312 
 Attention: Chief Financial Officer 

Wilmington Trust, National Association 
 Corporate Capital
Markets 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN
55402-1544 
 Attention: Trinseo Materials Administrator 

Facsimile: (612) 217-5651 
 with a copy to: 

Kirkland & Ellis LLP 
 601 Lexington Avenue 

New York, New York 10022 
 Attention: Joshua N. Korff 

Facsimile: (212) 446-4900 
  

	Re:	Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (the “Issuers”) 

8.750% Senior Secured Notes due 2019 (the “Notes”) 

Ladies and Gentlemen: 
 This letter relates to
Notes represented by a temporary global Note (the “Temporary Regulation S Global Note”). Pursuant to Section 2.1 of the Indenture dated as of January 29, 2013 relating to the Notes (the
“Indenture”), we hereby certify that the persons who are the beneficial owners of $[            ] principal amount of Notes represented by the Temporary Regulation S Global
Note are persons outside the United States to whom beneficial interests in such Notes could be transferred in accordance with Rule 904 of Regulation S promulgated under the Securities Act of 1933, as amended. Accordingly, you are hereby requested to
issue a Permanent Regulation S Global Note representing the undersigned’s interest in the principal amount of Notes represented by the Temporary Regulation S Global Note, all in the manner provided by the Indenture. We certify that we [are][are
not] an Affiliate of either Issuer. 
 The Trustee and the Issuers are entitled to conclusively rely upon this letter and are irrevocably
authorized to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this letter have the meanings set forth in Regulation
S. 
  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

  
 -49- 

 SECTION 2.8. Form of Certificate to Be Delivered in Connection with Transfers to IAIs.

 [Date] 
 Trinseo Materials Operating S.C.A.

 Trinseo Materials Finance, Inc. 
 c/o Trinseo S.A. 

1000 Chesterbrook Boulevard 
 Suite 300 

Berwyn, PA 19312 
 Attention: Chief Financial Officer 

Wilmington Trust, National Association 
 Corporate Capital
Markets 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN
55402-1544 
 Attention: Trinseo Materials Administrator 

Facsimile: (612) 217-5651 
  

	Re:	Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. 

 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[            ] principal
amount of the 8.750% Senior Secured Notes due 2019 (the “Notes”) of Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (the “Issuers”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

					
	Name:	 	  
	 	

					
			
	Address:	 	  
	 	

					
			
	Taxpayer ID Number:	 	  
	 	

 The undersigned represents and warrants to you that: 

1. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act
of 1933, as amended (the “Securities Act”)) purchasing for our own account or for the account of such an institutional “accredited investor” at least $250,000 principal amount of the Notes, and we are acquiring the Notes
not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. We have such knowledge and experience in financial and business matters as to be capable of evaluating the merits and risk of our
investment in the Notes and we invest in or purchase securities similar to the Notes in the normal course of our business. We and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 

2. We understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. We agree on our own behalf and on behalf of any investor account for which we are purchasing Notes to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of
original issue and the last date on which either Issuer or any affiliate of either Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Issuers or any
Subsidiary thereof, (b) pursuant to an effective registration statement under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person we reasonably believe is a
“qualified institutional buyer” under Rule 144A of the Securities Act (a “QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being

  
 -50- 

 
made in reliance on Rule 144A, (d) pursuant to offers and sales to non-U.S. persons that occur outside the United States within the meaning of Regulation S under the Securities Act,
(e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is purchasing for its own account or for the account of such an institutional “accredited
investor,” in each case in a minimum principal amount of Notes of $250,000 for investment purposes and not with a view to or for offer or sale in connection with any distribution in violation of the Securities Act or (f) pursuant to any
other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that the disposition of our property or the property of such investor account or accounts be at all
times within our or their control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. If any resale or other transfer of the Notes is
proposed to be made pursuant to clause (e) above prior to the Resale Restriction Termination Date, the transferor shall deliver a letter from the transferee substantially in the form of this letter to the Issuers and the Trustee, which shall
provide, among other things, that the transferee is an institutional “accredited investor” (within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act) and that it is acquiring such Notes for investment
purposes and not for distribution in violation of the Securities Act. Each purchaser acknowledges that the Issuers and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the
Notes pursuant to clause (d), (e) or (f) above to require the delivery of an opinion of counsel, certifications and/or other information satisfactory to the Issuers. 

3. We [are][are not] an Affiliate of either Issuer. 

 

			
	TRANSFEREE:	 	  

 
			
		
	BY:	 	  

 SECTION 2.9. Form of Certificate to Be Delivered in Connection with Transfers Pursuant to Regulation
S. 
 [Date] 
 Trinseo Materials Operating
S.C.A. 
 Trinseo Materials Finance, Inc. 
 c/o Trinseo S.A.

 1000 Chesterbrook Boulevard 
 Suite 300 

Berwyn, PA 19312 
 Attention: Chief Financial Officer 

Wilmington Trust, National Association 
 Corporate Capital
Markets 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN
55402-1544 
 Attention: Trinseo Materials Administrator 

Facsimile: (612) 217-5651 
  

	Re:	Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (the “Issuers”) 

8.750% Senior Secured Notes due 2019 (the “Notes”) 

Ladies and Gentlemen: 
 In connection with our
proposed sale of $[            ] aggregate principal amount of the Notes, we confirm that such sale has been effected pursuant to and in accordance with Regulation S under the United States
Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, we represent that: 
 (a) the
offer of the Notes was not made to a person in the United States; 

  
 -51- 

 (b) either (i) at the time the buy order was originated, the transferee was
outside the United States or we and any person acting on our behalf reasonably believed that the transferee was outside the United States or (ii) the transaction was executed in, on or through the facilities of a designated offshore securities
market and neither we nor any person acting on our behalf knows that the transaction has been pre-arranged with a buyer in the United States; 

(c) no directed selling efforts have been made in the United States in contravention of the requirements of Rule 903(a)(2) or
Rule 904(a)(2) of Regulation S, as applicable; and 
 (d) the transaction is not part of a plan or scheme to evade the
registration requirements of the Securities Act. 
 In addition, if the sale is made during a restricted period and the provisions of Rule
903(b)(2), Rule 903(b)(3) or Rule 904(b)(1) of Regulation S are applicable thereto, we confirm that such sale has been made in accordance with the applicable provisions of Rule 903(b)(2), Rule 903(b)(3) or Rule 904(b)(1), as the case may be. 

We also hereby certify that we [are][are not] an Affiliate of either Issuer and, to our knowledge, the transferee of the Notes [is][is not] an
Affiliate of either Issuer. 
 The Trustee and the Issuers are entitled to conclusively rely upon this letter and are irrevocably authorized
to produce this letter or a copy hereof to any interested party in any administrative or legal proceedings or official inquiry with respect to the matters covered hereby. Terms used in this certificate have the meanings set forth in Regulation S.

  

			
	Very truly yours,
	
	[Name of Transferor]
		
	By:	 	  

		 	Authorized Signature

 SECTION 2.10. Form of Certificate to Be Delivered in Connection with Transfers to AIs. 

[Date] 
 Trinseo Materials Operating S.C.A. 

Trinseo Materials Finance, Inc. 
 c/o Trinseo S.A. 

1000 Chesterbrook Boulevard 
 Suite 300 

Berwyn, PA 19312 
 Attention: Chief Financial Officer 

Wilmington Trust, National Association 
 Corporate Capital
Markets 
 50 South Sixth Street, Suite 1290 
 Minneapolis, MN
55402-1544 
 Attention: Trinseo Materials Administrator 

Facsimile: (612) 217-5651 

  
 -52- 

	Re:	Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. 

 Ladies and Gentlemen: 

This certificate is delivered to request a transfer of $[            ] principal
amount of the 8.750% Senior Secured Notes due 2019 (the “Notes”) of Trinseo Materials Operating S.C.A. and Trinseo Materials Finance, Inc. (the “Issuers”). 

Upon transfer, the Notes would be registered in the name of the new beneficial owner as follows: 

 

					
	Name:	 	  
	 	

					
			
	Address:	 	  
	 	

					
			
	Taxpayer ID Number:	 	  
	 	

 The undersigned represents and warrants to you that: 

1. I am an “accredited investor” (as defined in Rule 501(a)(4) under the U.S. Securities Act of 1933, as amended (the
“Securities Act”)) and I am acquiring the Notes not with a view to, or for offer or sale in connection with, any distribution in violation of the Securities Act. I have such knowledge and experience in financial and business matters
as to be capable of evaluating the merits and risk of my investment in the Notes and I invest in or purchase securities similar to the Notes in the normal course of my business. I am able to bear the economic risk of my investment. 

2. I understand that the Notes have not been registered under the Securities Act and, unless so registered, may not be sold except as
permitted in the following sentence. I agree on my own behalf to offer, sell or otherwise transfer such Notes prior to the date that is one year after the later of the date of original issue and the last date on which either Issuer or any affiliate
of either Issuer was the owner of such Notes (or any predecessor thereto) (the “Resale Restriction Termination Date”) only (a) to the Issuers or any Subsidiary thereof, (b) pursuant to an effective registration statement
under the Securities Act, (c) in a transaction complying with the requirements of Rule 144A under the Securities Act, to a person I reasonably believe is a “qualified institutional buyer” under Rule 144A of the Securities Act (a
“QIB”) that is purchasing for its own account or for the account of a QIB and to whom notice is given that the transfer is being made in reliance on Rule 144A, (d) pursuant to offers and sales to non-U.S. persons that occur
outside the United States within the meaning of Regulation S under the Securities Act, (e) to an institutional “accredited investor” within the meaning of Rule 501(a)(1), (2), (3) or (7) under the Securities Act that is
purchasing for its own account or for the account of such an institutional “accredited investor,” in each case in a minimum principal amount of Notes of $200,000 for investment purposes and not with a view to or for offer or sale in
connection with any distribution in violation of the Securities Act or (f) pursuant to any other available exemption from the registration requirements of the Securities Act, subject in each of the foregoing cases to any requirement of law that
the disposition of my property be at all times within my control and in compliance with any applicable state securities laws. The foregoing restrictions on resale will not apply subsequent to the Resale Restriction Termination Date. Each purchaser
acknowledges that the Issuers and the Trustee reserve the right prior to any offer, sale or other transfer prior to the Resale Restriction Termination Date of the Notes pursuant to clauses (d), (e) or (f) above to require the delivery of
an opinion of counsel, certifications and/or other information satisfactory to the Issuers. 
 3. I understand and acknowledge that upon the
issuance thereof, and until such time as the same is no longer required under applicable requirements of the Securities Act or state securities laws, the Notes that I acquire will be certificated Notes that will bear, and all certificates issued in
exchange therefor or in substitution thereof will bear, a restrictive legend set forth in Section 2.1(d) of the Indenture. 

  
 -53- 

 4. I am an Affiliate of the Issuers. 

 

			
	TRANSFEREE:	 	  

 
			
		
	BY:	 	  

		 	

 SECTION 2.11. Mutilated, Destroyed, Lost or Stolen Notes. If a mutilated Note is surrendered to
the Registrar or if the Holder of a Note claims that the Note has been lost, destroyed or wrongfully taken, the Issuers shall issue and the Trustee shall authenticate a replacement Note if the requirements of Section 8-405 of the Uniform
Commercial Code are met, such that the Holder (a) satisfies the Issuers and the Trustee that such Note has been lost, destroyed or wrongfully taken within a reasonable time after such Holder has notice of such loss, destruction or wrongful
taking and the Registrar has not registered a transfer prior to receiving such notification, (b) makes such request to the Issuers and the Trustee prior to the Note being acquired by a protected purchaser as defined in Section 8-303 of the
Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable requirements of the Trustee; provided, however, if after the delivery of such replacement Note, a protected purchaser of the
Note for which such replacement Note was issued presents for payment or registration such replaced Note, the Trustee and/or the Issuers shall be entitled to recover such replacement Note from the Person to whom it was issued and delivered or any
Person taking therefrom, except a protected purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Issuers or the Trustee in connection
therewith. Such Holder shall furnish an indemnity bond sufficient in the judgment of the (i) Trustee to protect the Trustee and (ii) the Issuers to protect the Issuers, the Trustee, the Paying Agent and the Registrar, from any loss which
any of them may suffer if a Note is replaced, and, in the absence of notice to the Issuers, any Guarantor or the Trustee that such Note has been acquired by a protected purchaser, the Issuers shall execute, and upon receipt of an Issuer Order, the
Trustee shall authenticate and make available for delivery, in exchange for any such mutilated Note or in lieu of any such destroyed, lost or stolen Note, a new Note of like tenor and principal amount, bearing a number not contemporaneously
outstanding. 
 In case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuers in
their discretion may, instead of issuing a new Note, pay such Note. 
 Upon the issuance of any new Note under this
Section 2.11, the Issuers may require that such Holder pay 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 counsel and of
the Trustee) in connection therewith. 
 Subject to the proviso in the initial paragraph of this Section 2.11, every new Note
issued pursuant to this Section 2.11, in lieu of any mutilated, destroyed, lost or stolen Note shall constitute an original additional contractual obligation of the Issuers, any Guarantor (if applicable) and any other obligor upon the
Notes, whether or not the mutilated, destroyed, lost or stolen Note shall be at any time enforceable by anyone, and shall be entitled to all benefits of this Indenture equally and proportionately with any and all other Notes duly issued hereunder.

 The provisions of this Section 2.11 are exclusive and shall preclude (to the extent lawful) all other rights and remedies
with respect to the replacement or payment of mutilated, destroyed, lost or stolen Notes. 
 SECTION 2.12. Outstanding Notes. Notes
outstanding at any time are all Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those paid pursuant to Section 2.11 and those described in this Section as not outstanding. A
Note does not cease to be outstanding in the event either Issuer or an Affiliate of either Issuer holds the Note; provided, however, that (i) for purposes of determining which are outstanding for consent or voting purposes
hereunder, the provisions of Section 13.6 shall apply and (ii) in determining whether the Trustee shall be protected in making a determination whether the Holders of the requisite principal amount of outstanding Notes are present at
a meeting of Holders of Notes for quorum purposes or have consented to or voted in favor of any request, demand, authorization, direction, notice, consent, waiver, amendment or modification hereunder, or relying upon any such quorum, consent or
vote, only Notes which a Trust Officer of the Trustee actually knows to be held by either Issuer or an Affiliate of either Issuer shall not be considered outstanding. 

  
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 If a Note is replaced pursuant to Section 2.11 (other than a mutilated Note
surrendered for replacement), it ceases to be outstanding unless the Trustee and the Issuers receive proof satisfactory to them that the replaced Note is held by a protected purchaser. A mutilated Note ceases to be outstanding upon surrender of such
Note and replacement pursuant to Section 2.11. 
 If the Paying Agent segregates and holds in trust, in accordance with this
Indenture, on a Redemption Date or maturity date, money sufficient to pay all principal, premium, if any, and accrued interest payable on that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, and
the Paying Agent is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture, then on and after that date such Notes (or portions thereof) cease to be outstanding and interest on them ceases to
accrue. 
 SECTION 2.13. Temporary Notes. In the event that Definitive Notes are to be issued under the terms of this Indenture,
until such Definitive Notes are ready for delivery, the Issuers may prepare and the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form, and shall carry all rights, of Definitive Notes but may have
variations that the Issuers consider appropriate for temporary Notes. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate Definitive Notes. After the preparation of Definitive Notes, the temporary Notes shall be
exchangeable for Definitive Notes upon surrender of the temporary Notes at any office or agency maintained by the Issuers for that purpose and such exchange shall be without charge to the Holder. Upon surrender for cancellation of any one or more
temporary Notes, the Issuers shall execute, and the Trustee shall, upon receipt of an Issuer Order, authenticate and make available for delivery in exchange therefor, one or more Definitive Notes representing an equal principal amount of Notes.
Until so exchanged, the Holder of temporary Notes shall in all respects be entitled to the same benefits under this Indenture as a Holder of Definitive Notes. 

SECTION 2.14. Cancellation. The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying
Agent shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment or cancellation and
dispose of such Notes in accordance with its internal policies and customary procedures (subject to the record retention requirements of the Exchange Act and the Trustee). If the Issuers or any Guarantor acquire any of the Notes, such acquisition
shall not operate as a redemption or satisfaction of the Indebtedness represented by such Notes unless and until the same are surrendered to the Trustee for cancellation pursuant to this Section 2.14. The Issuers may not issue new Notes
to replace Notes they have paid or delivered to the Trustee for cancellation for any reason other than in connection with a transfer or exchange. 

At such time as all beneficial interests in a Global Note have either been exchanged for Definitive Notes, transferred, redeemed, repurchased
or canceled, such Global Note shall be returned by DTC to the Trustee for cancellation or retained and canceled by the Trustee. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for Definitive Notes,
transferred in exchange for an interest in another Global Note, redeemed, repurchased or canceled, the principal amount of Notes represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee
(if it is then the Notes Custodian for such Global Note) with respect to such Global Note, by the Trustee or the Notes Custodian, to reflect such reduction. 

SECTION 2.15. Payment of Interest; Defaulted Interest. Interest on any Note which is payable, and is punctually paid or duly provided
for, on any interest payment date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the regular record date for such payment at the office or agency of the Issuers
maintained for such purpose pursuant to Section 2.3. 
 Any interest on any Note which is payable, but is not paid when the same
becomes due and payable and such nonpayment continues for a period of 30 days, shall forthwith cease to be payable to the Holder on the regular record date, and such defaulted interest and (to the extent lawful) interest on such defaulted interest
at the rate borne by the Notes (such defaulted interest and interest thereon herein collectively called “Defaulted Interest”) shall be paid by the Issuers, at their election in each case, as provided in clause (a) or
(b) below: 
 (a) The Issuers may elect to make payment of any Defaulted Interest to the Persons in whose names the
Notes (or their respective predecessor Notes) are registered at the close of business on a Special Record Date (as defined below) for the payment of such Defaulted Interest, which shall be fixed in the following

  
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manner. The Issuers shall notify the Trustee in writing of the amount of Defaulted Interest proposed to be paid on each Note and the date (not less than 30 days after such notice) of the proposed
payment (the “Special Interest Payment Date”), and at the same time the Issuers 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
Section 2.15(a). Thereupon the Issuers shall fix a record date (the “Special Record Date”) for the payment of such Defaulted Interest, which date shall be not more than 20 calendar days and not less than 15 calendar days
prior to the Special Interest Payment Date and not less than 10 calendar days after the receipt by the Trustee of the notice of the proposed payment. The Issuers shall promptly notify the Trustee in writing of such Special Record Date, and in the
name and at the expense of the Issuers, the Trustee shall cause notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor to be given in the manner provided for in
Section 13.2, not less than 10 calendar days prior to such Special Record Date. Notice of the proposed payment of such Defaulted Interest and the Special Record Date and Special Interest Payment Date therefor having been so given, such
Defaulted Interest shall be paid on the Special Interest Payment Date to the Persons in whose names the Notes (or their respective predecessor Notes) are registered at the close of business on such Special Record Date and shall no longer be payable
pursuant to the provisions in Section 2.15(b). 
 (b) The Issuers may make payment of any Defaulted Interest in
any other lawful manner not inconsistent with the requirements of any securities exchange on which the Notes may be listed, and upon such notice as may be required by such exchange, if, after written notice given by the Issuers to the Trustee of the
proposed payment pursuant to this Section 2.15(b), such manner of payment shall be deemed practicable by the Trustee. 
 Subject
to the foregoing provisions of this Section 2.15, each Note delivered under this Indenture upon registration of, transfer of or in exchange for or in lieu of any other Note shall carry the rights to interest accrued and unpaid, and to
accrue, which were carried by such other Note. 
 SECTION 2.16. CUSIP and ISIN Numbers. The Issuers in issuing the Notes may use
“CUSIP” and “ISIN” numbers and, if so, the Trustee shall use “CUSIP and “ISIN” numbers in notices of redemption or purchase as a convenience to Holders; provided, however, that any such notice may
state that no representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or purchase and that reliance may be placed only on the other identification numbers printed on
the Notes, and any such redemption or purchase shall not be affected by any defect in or omission of such CUSIP and ISIN numbers. The Issuers shall promptly notify the Trustee in writing of any change in the CUSIP and ISIN numbers. 

ARTICLE III 
 COVENANTS

 SECTION 3.1. Payment of Notes. The Issuers shall promptly pay the principal of, premium, if any, and interest (including
Additional Interest) on the Notes on the dates and in the manner provided in the Notes and in this Indenture. Principal, premium, if any, and interest (including Additional Interest) shall be considered paid on the date due if by 10:00 a.m. Eastern
time on such date the Trustee or the Paying Agent holds in accordance with this Indenture money sufficient to pay all principal, premium, if any, and interest (including Additional Interest) then due and the Trustee or the Paying Agent, as the case
may be, is not prohibited from paying such money to the Holders on that date pursuant to the terms of this Indenture. 
 The Issuers shall
pay interest on overdue principal at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest (including Additional Interest) at the same rate to the extent lawful. 

Notwithstanding anything to the contrary contained in this Indenture, the Issuers may, to the extent they are required to do so by law, deduct
or withhold income or other similar taxes imposed by the United States of America from principal or interest payments hereunder. 

  
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 SECTION 3.2. Limitation on Indebtedness. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, Incur any Indebtedness (including Acquired
Indebtedness); provided, however, that the Company and any of the Restricted Subsidiaries may Incur Indebtedness if on the date of such Incurrence and after giving pro forma effect thereto (including pro forma application
of the proceeds thereof), the Fixed Charge Coverage Ratio for the Company and its Restricted Subsidiaries is greater than 2.00 to 1.00; provided, further, that Non-Guarantors may not Incur Indebtedness under this
Section 3.2(a) if, after giving pro forma effect thereto (including pro forma application of the proceeds thereof), more than an aggregate of $100 million of Indebtedness of Non-Guarantors would be outstanding pursuant to this
Section 3.2(a) at such time. 
 (b) Section 3.2(a) shall not prohibit the Incurrence of the following Indebtedness
(collectively, “Permitted Debt”): 
 (1) Indebtedness Incurred pursuant to any Credit Facility (including
letters of credit or bankers’ acceptances issued or created under any Credit Facility), and any Refinancing Indebtedness in respect thereof and Guarantees in respect of such Indebtedness in a maximum aggregate principal amount at any time
outstanding not exceeding the sum of (i) the sum of (a) $325.0 million, plus (b) up to an additional $75 million; provided that at the time of any Incurrence made pursuant to this clause (i)(b), the Consolidated Secured
Leverage Ratio (for such purpose, (x) assuming that all such Indebtedness constitutes Secured Indebtedness and (y) treating any proposed revolving facility as fully-drawn) would be no greater than 3.75 to 1.00, plus (ii) in the
case of any refinancing of any Indebtedness permitted under this Section 3.2(b)(1) or any portion thereof, the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection with such
refinancing; 
 (2) Indebtedness Incurred pursuant to any Qualified Securitization Financing in respect thereof and
Guarantees in respect of such Indebtedness in a maximum aggregate principal amount at any time outstanding not exceeding (i) $260.0 million plus (ii) in the case of any refinancing of any Indebtedness permitted under this clause or
any portion thereof, the aggregate amount of fees, underwriting discounts, premiums and other costs and expenses Incurred in connection with such refinancing; 

(3) Guarantees by the Company or any Restricted Subsidiary of Indebtedness of the Company or any Guarantor so long as the
Incurrence of such Indebtedness is permitted under the terms of this Indenture; 
 (4) Indebtedness of the Company owing to
and held by any Restricted Subsidiary or Indebtedness of a Restricted Subsidiary owing to and held by the Company or any Restricted Subsidiary; provided, however, that: 

(i) any subsequent issuance or transfer of Capital Stock or any other event which results in any such Indebtedness being
beneficially held by a Person other than the Company or a Restricted Subsidiary of the Company; and 
 (ii) any sale or other
transfer of any such Indebtedness to a Person other than the Company or a Restricted Subsidiary of the Company, 
 shall be deemed, in each
case, to constitute an Incurrence of such Indebtedness by the Company or such Restricted Subsidiary not permitted under this clause (4), as the case may be; 

(5) Indebtedness represented by (i) the Notes (other than any Additional Notes), including any Guarantee thereof,
(ii) any Exchange Notes issued in exchange for such Notes (including any Guarantee thereof), (iii) any Indebtedness (other than Indebtedness incurred pursuant to clauses (1) and (3)) outstanding on the Issue Date,
(iv) Refinancing Indebtedness Incurred in respect of any Indebtedness described in this clause or clause (6) or (11) of this Section 3.2(b) or Incurred pursuant to Section 3.2(a),
and (v) Management Advances; 

  
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 (6) Indebtedness of (x) the Company or any Restricted Subsidiary Incurred or
issued to finance an acquisition or (y) Acquired Indebtedness; provided that after giving effect to such acquisition, merger or consolidation, either: 

(i) the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to the Fixed Charge Coverage
Ratio test set forth in Section 3.2(a); or 
 (ii) the Fixed Charge Coverage Ratio of the Company and the
Restricted Subsidiaries would not be lower than immediately prior to such acquisition, merger or consolidation; 
 (7)
Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes); 
 (8) Indebtedness represented by
Capitalized Lease Obligations or Purchase Money Obligations, in an aggregate outstanding principal amount which, when taken together with the principal amount of all other Indebtedness Incurred pursuant to this clause (8) and then outstanding,
does not exceed the greater of (i) $100.0 million and (ii) 3.5% of Total Assets at the time of Incurrence and any Refinancing Indebtedness in respect thereof; 

(9) Indebtedness in respect of (i) workers’ compensation claims, self-insurance obligations, performance, indemnity,
surety, judgment, appeal, advance payment, customs, value added or other tax or other guarantees or other similar bonds, instruments or obligations and completion Guarantees and warranties provided by the Company or a Restricted Subsidiary or
relating to liabilities, obligations or Guarantees Incurred in the ordinary course of business; (ii) the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary
course of business; provided, however, that such Indebtedness is extinguished within five Business Days of Incurrence; (iii) customer deposits and advance payments received in the ordinary course of business from customers for
goods or services purchased in the ordinary course of business; (iv) letters of credit, bankers’ acceptances, Guarantees or other similar instruments or obligations issued or relating to liabilities or obligations Incurred in the ordinary
course of business; and (v) any customary cash management, cash pooling or netting or setting off arrangements in the ordinary course of business; 

(10) Indebtedness arising from agreements providing for guarantees, indemnification, obligations in respect of earn-outs or
other adjustments of purchase price or, in each case, similar obligations, in each case, Incurred or assumed in connection with the acquisition or disposition of any business or assets or Person or any Capital Stock of a Subsidiary (other than
Guarantees of Indebtedness Incurred by any Person acquiring or disposing of such business or assets or such Subsidiary for the purpose of financing such acquisition or disposition); provided that the maximum liability of the Company and their
Restricted Subsidiaries in respect of all such Indebtedness in connection with a disposition shall at no time exceed the gross proceeds, including the fair market value of non-cash proceeds (measured at the time received and without giving effect to
any subsequent changes in value), actually received by the Company and their Restricted Subsidiaries in connection with such disposition; 

(11) Indebtedness in an aggregate outstanding principal amount which, when taken together with any Refinancing Indebtedness in
respect thereof and the principal amount of all other Indebtedness Incurred pursuant to this clause (11) and then outstanding, will not exceed 100% of the Net Cash Proceeds received by the Company from the issuance or sale (other than to a
Restricted Subsidiary) of their Capital Stock (other than Disqualified Stock, Designated Preferred Stock or an Excluded Contribution) or otherwise contributed to the equity of the Company (other than through the issuance of Disqualified Stock,
Designated Preferred Stock or an Excluded Contribution), in each case, subsequent to the Issue Date; provided, however, that (i) any such Net Cash Proceeds that are so received or contributed shall not increase the amount
available for making Restricted Payments to the extent the Company and its Restricted Subsidiaries Incur Indebtedness in reliance thereon and (ii) any Net Cash Proceeds that are so received or contributed shall be excluded for purposes of
Incurring Indebtedness pursuant to this clause (11) to the extent the Company or any of its Restricted Subsidiaries makes a Restricted Payment; 

  
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 (12) Indebtedness of Non-Guarantors in an aggregate amount not to exceed
(x) the greater of (a) $75.0 million and (b) 2.5% of Total Assets of Non-Guarantors at any time outstanding and any Refinancing Indebtedness in respect thereof and (y) Indebtedness of Non-Guarantors organized in China, Indonesia,
Korea and/or Taiwan constituting working capital facilities in an aggregate principal amount, for all such Non-Guarantors pursuant to this clause (y) collectively, not to exceed $25,000,000 at any time outstanding; 

(13) Indebtedness consisting of promissory notes issued by the Company or any of its Subsidiaries to any current or former
employee, director or consultant of the Company, any of its Subsidiaries or any of its Parents (or permitted transferees, assigns, estates or heirs of such employee, director or consultant), to finance the purchase or redemption of Capital Stock of
the Company or any of its Parents that is permitted by Section 3.3; 
 (14) Indebtedness of the Company or any of
its Restricted Subsidiaries consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case Incurred in the ordinary course of business; and 

(15) Indebtedness in an aggregate outstanding principal amount which, when taken together with any Refinancing Indebtedness in
respect thereof and the principal amount of all other Indebtedness Incurred pursuant to this clause and then outstanding, will not exceed the greater of (a) $150.0 million and (b) 5.0% of Total Assets. 

(c) For purposes of determining compliance with, and the outstanding principal amount of any particular Indebtedness Incurred pursuant to and
in compliance with, this Section 3.2: 
 (1) in the event that Indebtedness meets the criteria of more than one
of the types of Indebtedness described in Sections 3.2(a) and (b), the Company, in its sole discretion, shall classify, and may from time to time reclassify, such item of Indebtedness and only be required to include the amount and type
of such Indebtedness under one of the clauses of Section 3.2(a) or (b); 
 (2) additionally, all or any
portion of any item of Indebtedness may later be classified as having been Incurred pursuant to any type of Indebtedness described in one of the clauses of Section 3.2(a) or (b) so long as such Indebtedness is permitted to be
Incurred pursuant to such provision at the time of reclassification; 
 (3) all Indebtedness outstanding on the Issue Date
under the Credit Agreement shall be deemed initially Incurred on the Issue Date under Section 3.2(b)(1); 
 (4)
Guarantees of, or obligations in respect of letters of credit, bankers’ acceptances or other similar instruments relating to, or Liens securing, Indebtedness that is otherwise included in the determination of a particular amount of Indebtedness
shall not be included; 
 (5) if obligations in respect of letters of credit, bankers’ acceptances or other similar
instruments are Incurred pursuant to any Credit Facility and are being treated as Incurred pursuant to Section 3.2(a) or Section 3.2(b)(1), (b)(2), (b)(8), (b)(11), (b)(12) or (b)(15) and
the letters of credit, bankers’ acceptances or other similar instruments relate to other Indebtedness, then such other Indebtedness shall not be included; 

(6) the principal amount of any Disqualified Stock of the Company or a Restricted Subsidiary, or Preferred Stock of a
Restricted Subsidiary, will be equal to the greater of the maximum mandatory redemption or repurchase price (not including, in either case, any redemption or repurchase premium) or the liquidation preference thereof; 

  
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 (7) Indebtedness permitted by this covenant need not be permitted solely by
reference to one provision permitting such Indebtedness but may be permitted in part by one such provision and in part by one or more other provisions of this covenant permitting such Indebtedness; and 

(8) the amount of Indebtedness issued at a price that is less than the principal amount thereof will be equal to the amount of
the liability in respect thereof determined on the basis of GAAP. 
 Accrual of interest, accrual of dividends, the accretion of accreted
value, the accretion or amortization of original issue discount, the payment of interest in the form of additional Indebtedness, the payment of dividends in the form of additional shares of Preferred Stock or Disqualified Stock or the
reclassification of commitments or obligations not treated as Indebtedness due to a change in GAAP will not be deemed to be an Incurrence of Indebtedness for purposes of this Section 3.2. The amount of any Indebtedness outstanding as of
any date shall be (i) the accreted value thereof in the case of any Indebtedness issued with original issue discount and (ii) the principal amount of the Indebtedness, or liquidation preference thereof, in the case of any other
Indebtedness. 
 If at any time an Unrestricted Subsidiary becomes a Restricted Subsidiary, any Indebtedness of such Subsidiary shall be
deemed to be Incurred by a Restricted Subsidiary of the Company as of such date (and, if such Indebtedness is not permitted to be Incurred as of such date under this Section 3.2, the Company shall be in default of this
Section 3.2). 
 Notwithstanding any other provision of this Section 3.2, the maximum amount of Indebtedness that
the Company or a Restricted Subsidiary may Incur pursuant to this Section 3.2 shall not be deemed to be exceeded solely as a result of fluctuations in the exchange rate of currencies. The principal amount of any Indebtedness Incurred to
refinance other Indebtedness, if Incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such Refinancing Indebtedness is denominated that
is in effect on the date of such refinancing. 
 The Company and the Issuers shall not, and shall not permit any Guarantor to, directly or
indirectly, Incur any Indebtedness (including Acquired Indebtedness and Permitted Debt) that is subordinated or junior in right of payment to any Indebtedness of the Company, the Issuers or such Guarantor, as the case may be, unless such
Indebtedness is expressly subordinated in right of payment to the Notes or such Guarantor’s Guarantee to the extent and in the same manner as such Indebtedness is subordinated to other Indebtedness of the Company, the Issuers or such Guarantor,
as the case may be; provided that for purposes of this Indenture, (1) unsecured Indebtedness shall not be treated as subordinated or junior to Secured Indebtedness merely because it is unsecured and (2) senior Indebtedness shall not
be treated as subordinated or junior to any other senior Indebtedness merely because it has a junior priority with respect to the same collateral or is secured by different collateral. 

SECTION 3.3. Limitation on Restricted Payments. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries, directly or indirectly, to: 

(1) declare or pay any dividend or make any distribution on or in respect of the Company’s or any Restricted
Subsidiary’s Capital Stock (including, without limitation, any payment in connection with any merger or consolidation involving the Company or any of their Restricted Subsidiaries), except: 

(i) dividends or distributions payable in Capital Stock of the Company (other than Disqualified Stock) or in options, warrants
or other rights to purchase such Capital Stock of the Company; and 
 (ii) dividends or distributions payable to the Company
or a Restricted Subsidiary (and, in the case of any such Restricted Subsidiary making such dividend or distribution, to holders of its Capital Stock other than the Company or another Restricted Subsidiary on no more than a pro rata basis);

  
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 (2) purchase, repurchase, redeem, retire or otherwise acquire or retire for value
any Capital Stock of the Company or any Parent of the Company held by Persons other than the Company or a Restricted Subsidiary of the Company; 

(3) purchase, repurchase, redeem, defease or otherwise acquire or retire for value, prior to scheduled maturity, scheduled
repayment or scheduled sinking fund payment, any Subordinated Indebtedness (other than (i) any such purchase, repurchase, redemption, defeasance or other acquisition or retirement in anticipation of satisfying a sinking fund obligation,
principal installment or final maturity, in each case, due within one year of the date of purchase, repurchase, redemption, defeasance or other acquisition or retirement and (ii) any Indebtedness Incurred pursuant to
Section 3.2(b)(4)); or 
 (4) make any Restricted Investment; 

(any such dividend, distribution, purchase, redemption, repurchase, defeasance, other acquisition, retirement or Restricted Investment referred to in clauses
(1) through (4) are referred to herein as a “Restricted Payment”), if at the time the Company or such Restricted Subsidiary makes such Restricted Payment: 

(i) a Default shall have occurred and be continuing (or would result immediately thereafter therefrom); 

(ii) the Company is not able to Incur an additional $1.00 of Indebtedness pursuant to Section 3.2(a) after giving
effect, on a pro forma basis, to such Restricted Payment; or 
 (iii) the aggregate amount of such Restricted Payment
and all other Restricted Payments made subsequent to the Issue Date (including Permitted Payments permitted by Sections 3.3(b)(6), (10), (11) and (17), but excluding all other Restricted Payments permitted by
Section 3.3(b)) would exceed the sum of (without duplication): 
 (A) 50% of Consolidated Net Income for the
period (treated as one accounting period) from January 1, 2013 to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment for which internal consolidated financial statements of the Company are available
(or, in the case such Consolidated Net Income is a deficit, minus 100% of such deficit); 
 (B) 100% of the aggregate Net
Cash Proceeds, and the fair market value of property or assets or marketable securities, received by the Company from the issue or sale of its Capital Stock (other than Disqualified Stock or Designated Preferred Stock) or as a result of a merger or
consolidation (the consideration for which is Capital Stock of the Company) with another Person that is not a Restricted Subsidiary of the Company subsequent to the Issue Date or otherwise contributed to the equity (other than through the issuance
of Disqualified Stock or Designated Preferred Stock) of the Company subsequent to the Issue Date (other than (x) Net Cash Proceeds or property or assets or marketable securities received from an issuance or sale of such Capital Stock to a
Restricted Subsidiary or an employee stock ownership plan or trust established by the Company or any Subsidiary of the Company for the benefit of its employees to the extent funded by the Company or any Restricted Subsidiary, (y) Net Cash
Proceeds or property or assets or marketable securities to the extent that any Restricted Payment has been made from such proceeds in reliance on Section 3.3(b)(6) and (z) Excluded Contributions); 

(C) 100% of the aggregate Net Cash Proceeds, and the fair market value of property or assets or marketable securities,
received by the Company or any Restricted Subsidiary from the issuance or sale (other than to the Company or a Restricted Subsidiary of the Company or an employee stock ownership plan or trust established by the Company or any Subsidiary of the
Company for the benefit of their employees to the extent funded by the Company or any Restricted Subsidiary) by the Company or any Restricted 

  
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Subsidiary subsequent to the Issue Date of any Indebtedness, Disqualified Stock or Designated Preferred Stock that has been converted into or exchanged for Capital Stock of the Company (other
than Disqualified Stock or Designated Preferred Stock) plus, without duplication, the amount of any cash, and the fair market value of property or assets or marketable securities, received by the Company or any Restricted Subsidiary upon such
conversion or exchange; 
 (D) 100% of the aggregate amount received in cash and the fair market value, as determined in
good faith by the Company, of marketable securities or other property received by means of: (a) the sale or other disposition (other than to the Company or a Restricted Subsidiary) of Restricted Investments made by the Company or its Restricted
Subsidiaries and repurchases and redemptions of such Restricted Investments from the Company or its Restricted Subsidiaries and repayments of loans or advances, and releases of guarantees, which constitute Restricted Investments by the Company or
its Restricted Subsidiaries, in each case after the Issue Date or (ii) the sale (other than to the Company or a Restricted Subsidiary) of the stock of an Unrestricted Subsidiary or a distribution from an Unrestricted Subsidiary (other than in
each case to the extent of the amount of the Investment in such Unrestricted Subsidiary made by the Company or a Restricted Subsidiary pursuant Section 3.3(b)(10) or (14) or to the extent of the amount of the Investment that
constituted a Permitted Investment) or a dividend from an Unrestricted Subsidiary after the Issue Date; and 
 (E) in the
case of the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary or the merger or consolidation of an Unrestricted Subsidiary into the Company or a Restricted Subsidiary or the transfer of all or substantially all of the assets of
an Unrestricted Subsidiary to the Company or a Restricted Subsidiary after the Issue Date, the fair market value of the Investment in such Unrestricted Subsidiary (or the assets transferred), as determined in good faith by the Company at the time of
the redesignation of such Unrestricted Subsidiary as a Restricted Subsidiary or at the time of such merger or consolidation or transfer of assets (after taking into consideration any Indebtedness associated with the Unrestricted Subsidiary so
designated or merged or consolidated or Indebtedness associated with the assets so transferred), other than to the extent of the amount of the Investment in such Unrestricted Subsidiary made by the Company or a Restricted Subsidiary pursuant to
Section 3.3(b)(10) or (14) or to the extent of the amount of the Investment that constituted a Permitted Investment. 

(b) Section 3.3(a) will not prohibit any of the following (collectively, “Permitted Payments”): 

(1) the payment of any dividend or distribution within 60 days after the date of declaration thereof, if at the date of
declaration such payment would have complied with the provisions of this Indenture or the redemption, repurchase or retirement of Indebtedness if, at the date of any irrevocable redemption notice, such payment would have complied with the provisions
of this Indenture; 
 (2) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Capital
Stock or Subordinated Indebtedness made by exchange (including any such exchange pursuant to the exercise of a conversion right or privilege in connection with which cash is paid in lieu of the issuance of fractional shares) for, or out of the
proceeds of the substantially concurrent sale of, Capital Stock of the Company (other than Disqualified Stock or Designated Preferred Stock) (“Refunding Capital Stock”) or a substantially concurrent contribution to the equity (other
than through the issuance of Disqualified Stock or Designated Preferred Stock or through an Excluded Contribution) of the Company; provided, however, that to the extent so applied, the Net Cash Proceeds, or fair market value of
property or assets or of marketable securities, from such sale of Capital Stock or such contribution will be excluded from Section 3.3(a)(iii); 

(3) any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Subordinated Indebtedness made by
exchange for, or out of the proceeds of the substantially concurrent sale of, Refinancing Indebtedness permitted to be Incurred pursuant to Section 3.2; 

  
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 (4) any purchase, repurchase, redemption, defeasance or other acquisition or
retirement of Preferred Stock of the Company or a Restricted Subsidiary made by exchange for or out of the proceeds of the substantially concurrent sale of Preferred Stock of the Company or a Restricted Subsidiary, as the case may be, that, in each
case, is permitted to be Incurred pursuant to Section 3.2; 
 (5) any purchase, repurchase, redemption,
defeasance or other acquisition or retirement of Subordinated Indebtedness or Disqualified Stock or Preferred Stock of a Restricted Subsidiary: 

(i) from Net Available Cash to the extent permitted under Section 3.5, but only if the Company shall have first
complied with the terms described under Section 3.5 and purchased all Notes tendered pursuant to any offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or
retiring such Subordinated Indebtedness, Disqualified Stock or Preferred Stock; 
 (ii) to the extent required by the
agreement governing such Subordinated Indebtedness, Disqualified Stock or Preferred Stock, following the occurrence of a Change of Control (or other similar event described therein as a “change of control”), but only if the Company shall
have first complied with Section 3.9 and purchased all Notes tendered pursuant to the offer to repurchase all the Notes required thereby, prior to purchasing, repurchasing, redeeming, defeasing or otherwise acquiring or retiring such
Subordinated Indebtedness, Disqualified Stock or Preferred Stock; or 
 (iii) consisting of Acquired Indebtedness (other than
Indebtedness Incurred (A) to provide all or any portion of the funds utilized to consummate the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was otherwise acquired by the Company
or a Restricted Subsidiary or (B) otherwise in connection with or contemplation of such acquisition); 
 (6) a
Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement for value of Capital Stock (other than Disqualified Stock) of the Company or any of its Parents held by any future, present or former employee, director or
consultant of the Company, any of its Subsidiaries or any of their Parents (or permitted transferees, assigns, estates, trusts or heirs of such employee, director or consultant) either pursuant to any management equity plan or stock option plan or
any other management or employee benefit plan or agreement or upon the termination of such employee, director or consultant’s employment or directorship; provided, however, that the aggregate Restricted Payments made under this
clause (6) do not exceed (i) prior to the consummation of an underwritten public Equity Offering of the common stock or common equity interests of the Company or any Parent, $15.0 million in any calendar year and (ii) following the
consummation of an underwritten public Equity Offering of the common stock or common equity interests of the Company or any Parent, $30.0 million (in each case, with unused amounts in any calendar year being carried over for the two immediately
succeeding calendar years); provided further that such amount in any calendar year may be increased by an amount not to exceed: 

(i) the cash proceeds from the sale of Capital Stock (other than Disqualified Stock or Designated Preferred Stock) of the
Company and, to the extent contributed to the capital of the Company (other than through the issuance of Disqualified Stock or Designated Preferred Stock or an Excluded Contribution), Capital Stock of any of the Company’s Parents, in each case
to members of management, directors or consultants of the Company, any of its Subsidiaries or any of its Parents that occurred after the Issue Date, to the extent the cash proceeds from the sale of such Capital Stock have not otherwise been applied
to the payment of Restricted Payments by virtue of Section 3.3(a)(iii); plus  
 (ii) the cash proceeds of
key man life insurance policies received by the Company and its Restricted Subsidiaries after the Issue Date; less  

(iii) the amount of any Restricted Payments made in previous calendar years pursuant to clauses (i) and (ii) of this
Section 3.3(b)(6); 

  
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 and provided further that cancellation of Indebtedness owing to the Company or any
Restricted Subsidiary from members of management, directors, employees or consultants of the Company, any of the Company’s Parents or any of its Restricted Subsidiaries in connection with a repurchase of Capital Stock of the Company or any of
its Parents will not be deemed to constitute a Restricted Payment for purposes of this covenant or any other provision of this Indenture; 

(7) the declaration and payment of dividends on Disqualified Stock, or Preferred Stock of a Restricted Subsidiary, Incurred in
accordance with Section 3.2; 
 (8) purchases, repurchases, redemptions, defeasances or other acquisitions or
retirements of Capital Stock deemed to occur upon the exercise of stock options, warrants or other rights in respect thereof if such Capital Stock represents a portion of the exercise price thereof; 

(9) dividends, loans, advances or distributions to any Parent or other payments by the Company or any Restricted Subsidiary to
any Parent in amounts equal to (without duplication): 
 (i) the amounts required for any Parent to pay any Parent Expenses
or any Related Taxes; 
 (ii) amounts constituting or to be used for purposes of making payments to the extent specified in
Sections 3.8(b)(2), (3), (5) and (12); or 
 (iii) the amounts required for any common
parent to pay Consolidated Taxes; 
 (10) the declaration and payment by the Company of, dividends on the common stock or
common equity interests of the Company or any Parent following a public offering of such common stock or common equity interests in an amount not to exceed 6% of the proceeds received by or contributed to the Company in or from any public offering
in any fiscal year; 
 (11) payments by the Company, or loans, advances, dividends or distributions to any Parent to make
payments, to holders of Capital Stock of the Company or any Parent in lieu of the issuance of fractional shares of such Capital Stock; provided, however, that any such payment, loan, advance, dividend or distribution shall not be for
the purpose of evading any limitation of this covenant or otherwise to facilitate any dividend or other return of capital to the holders of such Capital Stock (as determined in good faith by the Board of Directors); 

(12) Restricted Payments that are made with Excluded Contributions; 

(13) (i) the declaration and payment of dividends on Designated Preferred Stock of the Company issued after the Issue
Date; and (ii) the declaration and payment of dividends on Refunding Capital Stock that is Preferred Stock; provided, however, that, in the case of clause (i), the amount of all dividends declared or paid pursuant to this clause
shall not exceed the Net Cash Proceeds received by the Company or the aggregate amount contributed in cash to the equity (other than through the issuance of Disqualified Stock or an Excluded Contribution of the Company), from the issuance or sale of
such Designated Preferred Stock; provided further, in the case of clause (ii), that for the most recently ended four fiscal quarters for which internal financial statements are available immediately preceding the date of issuance of such
Designated Preferred Stock, after giving effect to such issuance on a pro forma basis the Company would be permitted to Incur at least $1.00 of additional Indebtedness pursuant to Section 3.2(a); 

(14) dividends or other distributions of Capital Stock of, or Indebtedness owed to the Company or a Restricted Subsidiary by,
Unrestricted Subsidiaries (unless the Unrestricted Subsidiary’s principal asset is cash and Cash Equivalents); 

  
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 (15) distributions or payments of Securitization Fees, sales contributions and
other transfers of Securitization Assets and purchases of Securitization Assets pursuant to a Securitization Repurchase Obligation, in each case in connection with a Qualified Securitization Financing; 

(16) [Reserved]; 

(17) so long as no Default or Event of Default has occurred and is continuing (or would result therefrom), Restricted Payments
(including loans or advances) in an aggregate amount outstanding at the time made not to exceed $75.0 million; and 
 (18) so
long as no Default or Event of Default has occurred and is continuing (or would result therefrom), mandatory redemptions of Disqualified Stock issued as a Restricted Payment permitted to be made under this covenant, or as a Permitted Payment
(excluding this clause (18)) or as consideration for a Permitted Investment; provided that the aggregate amount of such Disqualified Stock redeemed will not, in each case, exceed the amount of such initial Restricted Payment, Permitted
Payment or Permitted Investment. 
 For purposes of determining compliance with this Section 3.3, in the event that a Restricted Payment meets
the criteria of more than one of the categories of Permitted Payments described in clauses (1) through (18) above, or is permitted pursuant to Section 3.3(a), the Company will be entitled to classify such Restricted Payment (or
portion thereof) on the date of its payment or later reclassify such Restricted Payment (or portion thereof) in any manner that complies with this Section 3.3. 

The amount of all Restricted Payments (other than cash) shall be the fair market value on the date of such Restricted Payment of the asset(s)
or securities proposed to be paid, transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to such Restricted Payment. The fair market value of any cash Restricted Payment shall be its face amount, and the
fair market value of any non-cash Restricted Payment, property or assets other than cash shall be determined conclusively by the Board of Directors of the Company acting in good faith. 

Notwithstanding the foregoing provisions of this Section 3.3, the Company will not, and will not permit any of its Restricted
Subsidiaries to, declare or pay any cash dividend or make any cash distribution on or in respect of the Company’s Capital Stock or purchase for cash or otherwise acquire for cash any Capital Stock of the Company or any other direct or indirect
parent of the Company, for the purpose of paying any cash dividend or making any cash distribution to, or acquiring Capital Stock of any direct or indirect parent of the Company for cash from, the Permitted Holders, in each case by means of
utilization of the cumulative Restricted Payment credit provided by the first paragraph of this covenant, unless at the time and after giving effect to such payment, the Consolidated Secured Leverage Ratio of the Company and its Restricted
Subsidiaries would be less than 3.50 to 1.00. 
 SECTION 3.4. Limitation on Restrictions on Distributions from Restricted
Subsidiaries. 
 (a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, create or otherwise cause or
permit to exist or become effective any consensual encumbrance or consensual restriction on the ability of any of its Restricted Subsidiaries to: 

(1) pay dividends or make any other distributions in cash or otherwise on its Capital Stock or pay any Indebtedness or other
obligations owed to the Company or any of its Restricted Subsidiaries; 
 (2) make any loans or advances to the Company or
any Restricted Subsidiary; or 
 (3) sell, lease or transfer any of its property or assets to the Company or any Restricted
Subsidiary; 
 provided that (x) the priority of any Preferred Stock in receiving dividends or liquidating distributions prior to dividends or
liquidating distributions being paid on common stock or other common equity interests and (y) the subordination 

  
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of (including the application of any standstill requirements to) loans or advances made to the Company or any Restricted Subsidiary to other Indebtedness Incurred by the Company or any Restricted
Subsidiary shall not be deemed to constitute such an encumbrance or restriction. 
 (b) Section 3.4(a) shall not prohibit: 

(1) any encumbrance or restriction pursuant to (i) any Credit Facility or (ii) any other agreement or instrument, in
each case, in effect at or entered into on the Issue Date; 
 (2) any encumbrance or restriction pursuant to this Indenture,
the Notes, the Note Guarantees and the Security Documents; 
 (3) any encumbrance or restriction pursuant to applicable law,
rule, regulation or order; 
 (4) any encumbrance or restriction pursuant to an agreement or instrument of a Person or
relating to any Capital Stock or Indebtedness of a Person, entered into on or before the date on which such Person was acquired by or merged, consolidated or otherwise combined with or into the Company or any Restricted Subsidiary, or was designated
as a Restricted Subsidiary or on which such agreement or instrument is assumed by the Company or any Restricted Subsidiary in connection with an acquisition of assets (other than Capital Stock or Indebtedness Incurred as consideration in, or to
provide all or any portion of the funds utilized to consummate, the transaction or series of related transactions pursuant to which such Person became a Restricted Subsidiary or was acquired by the Company or was merged, consolidated or otherwise
combined with or into the Company or any Restricted Subsidiary or entered into in contemplation of or in connection with such transaction) and outstanding on such date; provided that, for the purposes of this clause (4), if another Person is
the Successor Company, any Subsidiary thereof or agreement or instrument of such Person or any such Subsidiary shall be deemed acquired or assumed by the Company or any Restricted Subsidiary when such Person becomes the Successor Company; 

(5) any encumbrance or restriction (i) that restricts in a customary manner the subletting, assignment or transfer of any
property or asset that is subject to a lease, license or similar contract or agreement, or the assignment or transfer of any lease, license or other contract or agreement; (ii) contained in mortgages, pledges, charges or other security
agreements permitted under this Indenture or securing Indebtedness of the Company or a Restricted Subsidiary permitted under this Indenture to the extent such encumbrances or restrictions restrict the transfer or encumbrance of the property or
assets subject to such mortgages, pledges, charges or other security agreements; or (iii) pursuant to customary provisions restricting dispositions of real property interests set forth in any reciprocal easement agreements of the Company or any
Restricted Subsidiary; 
 (6) any encumbrance or restriction pursuant to Purchase Money Obligations and Capitalized Lease
Obligations permitted under this Indenture, in each case, that impose encumbrances or restrictions on the property so acquired; 

(7) any encumbrance or restriction imposed pursuant to an agreement entered into for the direct or indirect sale or disposition
to a Person of all or substantially all the Capital Stock or assets of the Company or any Restricted Subsidiary (or the property or assets that are subject to such restriction) pending the closing of such sale or disposition; 

(8) customary provisions in leases, licenses, joint venture agreements and other similar agreements and instruments; 

(9) encumbrances or restrictions arising or existing by reason of applicable law or any applicable rule, regulation or order,
or required by any regulatory authority; 
 (10) any encumbrance or restriction on cash or other deposits or net worth
imposed by customers under agreements entered into in the ordinary course of business; 

  
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 (11) any encumbrance or restriction pursuant to Hedging Obligations; 

(12) other Indebtedness, Disqualified Stock or Preferred Stock of Foreign Subsidiaries permitted to be Incurred or issued
subsequent to the Issue Date pursuant Section 3.2 that impose restrictions solely on the Foreign Subsidiaries party thereto or their Subsidiaries; 

(13) restrictions created in connection with any Qualified Securitization Financing that, in the good faith determination of
the Company are necessary or advisable to effect such Securitization Facility; 
 (14) any encumbrance or restriction arising
pursuant to an agreement or instrument relating to any Indebtedness permitted to be Incurred subsequent to the Issue Date pursuant to Section 3.2 if (A) the Company determines at the time of issuance of such Indebtedness that such
encumbrances or restrictions will not adversely affect, in any material respect, the Issuers’ ability to make principal or interest payments on the Notes or (B) such encumbrance or restriction applies only during the continuance of a
default relating to such Indebtedness; 
 (15) any encumbrance or restriction existing by reason of any Lien permitted under
Section 3.6; or 
 (16) any encumbrance or restriction pursuant to an agreement or instrument effecting a
refinancing of Indebtedness Incurred pursuant to, or that otherwise refinances, an agreement or instrument referred to in clauses (1) to (15) of this Section 3.4(b) or this clause (16) (an “Initial
Agreement”) or contained in any amendment, supplement or other modification to an agreement referred to in clauses (1) to (15) of this Section 3.4(b) or this clause (16); provided, however, that the
encumbrances and restrictions with respect to such Restricted Subsidiary contained in any such agreement or instrument are no less favorable in any material respect to the Holders taken as a whole than the encumbrances and restrictions contained in
the Initial Agreement or Initial Agreements to which such refinancing or amendment, supplement or other modification relates (as determined in good faith by the Company). 

SECTION 3.5. Limitation on Sales of Assets and Subsidiary Stock. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, make any Asset Disposition unless: 

(1) the Company or such Restricted Subsidiary, as the case may be, receives consideration (including by way of relief from, or
by any other Person assuming responsibility for, any liabilities, contingent or otherwise) at least equal to the fair market value (such fair market value to be determined on the date of contractually agreeing to such Asset Disposition), as
determined in good faith by the Board of Directors of the Company, of the shares and assets subject to such Asset Disposition (including, for the avoidance of doubt, if such Asset Disposition is a Permitted Asset Swap); 

(2) in any such Asset Disposition, or series of related Asset Dispositions (except to the extent the Asset Disposition is a
Permitted Asset Swap), at least 75% of the consideration from such Asset Disposition (including by way of relief from, or by any other Person assuming responsibility for, any liabilities, contingent or otherwise) received by the Company or such
Restricted Subsidiary, as the case may be, is in the form of cash or Cash Equivalents; and 
 (3) an amount equal to 100% of
the Net Available Cash from such Asset Disposition is applied by the Company or any Restricted Subsidiary, as the case may be: 

(i) to the extent such Net Available Cash constitutes proceeds from Collateral, (A) to prepay, repay or purchase any
Payment Priority Obligation (in each case, other than Indebtedness owed to the Company or any Restricted Subsidiary); provided, however, that, in connection with any prepayment, repayment or purchase of Indebtedness pursuant to this
clause (i), the Company or such Restricted Subsidiary will retire such Indebtedness and will cause the related commitment 

  
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(if any) to be reduced in an amount equal to the principal amount so prepaid, repaid or purchased; or (B) to prepay, repay or purchase Pari Passu Secured Obligations at a price of no more
than 100% of the principal amount of such Pari Passu Secured Obligations plus accrued and unpaid interest to the date of such prepayment, repayment or purchase; provided that, to the extent the Company redeems, repays or repurchases Pari
Passu Secured Obligations pursuant to this clause (B), the Issuers shall equally and ratably reduce Obligations under the Notes as provided under Section 5.7, through open market purchases (to the extent such purchases are at or above
100% of the principal amount thereof) or by making an offer (in accordance with the procedures set forth below for an Asset Disposition Offer) to all Holders to purchase their Notes at 100% of the principal amount thereof, plus the amount of accrued
but unpaid interest, if any, on the amount of Notes that would otherwise be prepaid; 
 (ii) if the assets subject to such
Asset Disposition are the property or assets of a Restricted Subsidiary that is not a Guarantor, to permanently reduce Indebtedness of (i) a Restricted Subsidiary that is not a Guarantor, other than Indebtedness owed to an Issuer or any
Restricted Subsidiary, or (ii) an Issuer or a Guarantor; 
 (iii) to the extent the Company or such Restricted
Subsidiary elects to invest in or commit to invest in Additional Assets (including by means of an investment in Additional Assets by a Restricted Subsidiary with Net Available Cash received by the Company or another Restricted Subsidiary) within 365
days from the later of (A) the date of such Asset Disposition and (B) the receipt of such Net Available Cash; provided, that a binding commitment to make an investment of Additional Assets shall be treated as a permitted application
of the Net Available Cash from the date of such commitment; provided further that (x) in the event such binding commitment is later canceled or terminated for any reason before such Net Available Cash is so applied, the Company or such
Restricted Subsidiary may satisfy its obligation as to any Net Available Cash by entering into another binding commitment within 180 days of such cancellation or termination of the prior binding commitment and (y) if such investment is not
consummated within the period set forth in clause (x) or such binding commitment is terminated, the Net Available Cash not so applied will be deemed to be Excess Proceeds (as defined below); provided further (i) that the Company or
such Restricted Subsidiary may only enter into such a commitment under clause (x) one time with respect to each Asset Disposition and (ii) the assets (including Capital Stock) acquired with the Net Available Cash of an Asset Disposition of
Collateral are pledged as Collateral; or 
 (iv) to the extent such Net Available Cash from such Asset Disposition does not
constitute proceeds from Collateral, any of clauses (i), (ii) and (iii) of Section 3.5(a)(3); 

provided that, pending the final application of any such Net Available Cash in accordance with clause (i) or clause
(ii) above, the Company and its Restricted Subsidiaries may temporarily reduce Indebtedness or otherwise use such Net Available Cash in any manner not prohibited by this Indenture. 

(b) Any Net Available Cash from Asset Dispositions that is not applied or invested or committed to be applied or invested as provided in
Section 3.5(a) will be deemed to constitute “Excess Proceeds” under this Indenture. On the 366th day after an Asset Disposition, if the aggregate amount of Excess Proceeds under this Indenture exceeds $50.0 million, the
Company will within 10 Business Days be required to make an offer (“Asset Disposition Offer”) to all Holders of Notes issued under this Indenture and, to the extent the Company elects, to all holders of other outstanding Pari Passu
Secured Obligations, to purchase the maximum principal amount of Notes and any such Pari Passu Secured Obligations to which the Asset Disposition Offer applies that may be purchased out of the Excess Proceeds, at an offer price in respect of the
Notes in an amount equal to 100% of the principal amount of the Notes and Pari Passu Secured Obligations, in each case, plus accrued and unpaid interest, if any, to, but not including, the date of purchase, in accordance with the procedures set
forth in this Indenture or the agreements governing the Pari Passu Indebtedness, as applicable, and, with respect to the Notes, in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof. The Issuers will deliver notice
of such Asset Disposition Offer electronically or by first-class mail, with a copy to the Trustee, to each Holder of Notes at the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC,
describing the transaction or transactions that constitute the Asset Disposition and offering to repurchase the Notes for the specified purchase price on the date specified in the notice, which date will be no earlier than 30 days and no later than
60 days from the date such notice is delivered, pursuant to the procedures required by this Indenture and described in such notice. 

  
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 (c) To the extent that the aggregate amount of Notes and Pari Passu Secured Obligations so
validly tendered and not properly withdrawn pursuant to an Asset Disposition Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for any purpose not prohibited by this Indenture. If the aggregate principal
amount of the Notes surrendered in any Asset Disposition Offer by Holders and other Pari Passu Secured Obligations surrendered by holders or lenders, collectively, exceeds the amount of Excess Proceeds, the Excess Proceeds shall be allocated by the
Company among the Notes and Pari Passu Secured Obligations to be purchased on a pro rata basis on the basis of the aggregate principal amount of tendered Notes and Pari Passu Secured Obligations, subject to adjustments so that no Note in an
unauthorized amount remains outstanding. Upon completion of any Asset Disposition Offer, the amount of Excess Proceeds shall be reset at zero. 

(d) To the extent that any portion of Net Available Cash payable in respect of the Notes is denominated in a currency other than U.S. dollars,
the amount thereof payable in respect of the Notes shall not exceed the net amount of funds in U.S. dollars that is actually received by the Company upon converting such portion into U.S. dollars. 

(e) For the purposes of Section 3.5(a)(2) hereof, the following will be deemed to be cash: 

(1) the assumption by the transferee of Indebtedness or other liabilities contingent or otherwise of the Company or a
Restricted Subsidiary (other than Subordinated Indebtedness, Disqualified Stock of the Company or a Guarantor or Preferred Stock of a Guarantor) and the release of the Company or such Restricted Subsidiary from all liability on such Indebtedness or
other liability in connection with such Asset Disposition; 
 (2) securities, notes or other obligations received by the
Company or any Restricted Subsidiary of the Company from the transferee that are converted by the Company or such Restricted Subsidiary into cash or Cash Equivalents within 180 days following the closing of such Asset Disposition; 

(3) Indebtedness of any Restricted Subsidiary that is no longer a Restricted Subsidiary as a result of such Asset Disposition,
to the extent that the Company and each other Restricted Subsidiary are released from any Guarantee of payment of such Indebtedness in connection with such Asset Disposition; 

(4) consideration consisting of Indebtedness of the Company (other than Subordinated Indebtedness or Disqualified Stock)
received after the Issue Date from Persons who are not the Company or any Restricted Subsidiary; and 
 (5) any Designated
Non-Cash Consideration received by Holdings, the Company or any Restricted Subsidiary in such Asset Dispositions having an aggregate fair market value, taken together with all other Designated Non-Cash Consideration received pursuant to this
covenant that is at that time outstanding, not to exceed the greater of (i) $100.0 million and (ii) 3.5% of Total Assets (with the fair market value of each item of Designated Non-Cash Consideration being measured at the time received and
without giving effect to subsequent changes in value). 
 (f) The Issuers will comply, to the extent applicable, with the requirements of
Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of Notes pursuant to this Section 3.5. To the extent that
the provisions of any securities laws or regulations conflict with the provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in
this Indenture by virtue thereof. 
 SECTION 3.6. Limitation on Liens. The Company shall not, and shall not permit any Restricted
Subsidiary to, directly or indirectly, create, Incur or permit to exist any Lien (other than Permitted Liens) upon any of their property or assets (including Capital Stock of a Restricted Subsidiary of the Company), whether owned on the Issue Date
or acquired after that date, which Lien secures any Indebtedness. 

  
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 Any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the
Incurrence of such Indebtedness shall also be permitted to secure any Increased Amount with respect to such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness as a result of
any accrual of interest, any accretion of accreted value or liquidation preference, any amortization of original issue discount, any fluctuations in the exchange rate of currencies, the payment of interest in the form of additional Indebtedness with
the same terms or the payment of dividends on Preferred Stock in the form of additional shares of Preferred Stock of the same class. 

SECTION 3.7. Limitation on Guarantees. 

(a) The Company shall not permit any of its Wholly Owned Subsidiaries that are Restricted Subsidiaries (and non-Wholly Owned Subsidiaries if
such non-Wholly Owned Subsidiaries guarantee other capital markets debt securities of the Company or any Restricted Subsidiary or guarantee all or a portion of the Credit Agreement), other than a Guarantor, to Guarantee the payment of any
Indebtedness of the Company or any other Guarantor unless: 
 (1) such Restricted Subsidiary within 30 days executes and
delivers a supplemental indenture to this Indenture and joinder or supplement to the Registration Rights Agreement providing for a senior Guarantee by such Restricted Subsidiary, and (i) executes and delivers a supplement or joinder to the
Security Documents, or executes and delivers new Security Documents, and any Intercreditor Agreement and takes all actions required thereunder to perfect the Liens created thereunder; provided that 

(i) if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s
Guarantee, any such Guarantee by such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Guarantee with respect to the Notes substantially to the same extent as such Indebtedness is subordinated
to the Notes or such Guarantor’s Guarantee of the Notes; and 
 (ii) if the Notes or such Guarantor’s Guarantee is
subordinated in right of payment to such Indebtedness, the Guarantee under the supplemental indenture shall be subordinated to such Restricted Subsidiary’s guarantee with respect to such Indebtedness substantially to the same extent as the
Notes or the Guarantor’s Guarantee is subordinated to such Indebtedness; and 
 (2) such Restricted Subsidiary providing
a Note Guarantee in accordance with this covenant will (i) waive and will not in any manner whatsoever claim or take the benefit or advantage of, any rights of reimbursement, indemnity or subrogation or any other rights against the Company or
any other Restricted Subsidiary as a result of any payment by such Restricted Subsidiary under its Guarantee until payment in full of Obligations under this Indenture; and (ii) deliver to the Trustee an Opinion of Counsel to the effect that:

 (i) such Guarantee has been duly executed and authorized; and 

(ii) such Guarantee constitutes a valid, binding and enforceable obligation of such Restricted Subsidiary, except insofar as
enforcement thereof may be limited by bankruptcy, insolvency or similar laws (including, without limitation, all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principals of equity; 

provided that this Section 3.7 shall not be applicable (i) to any guarantee of any Restricted Subsidiary that existed at the time such
Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted Subsidiary, or (ii) in the event that the Guarantee of the Company’s obligations under the Notes or
this Indenture by such Subsidiary would not be permitted by applicable law, rule or regulation. 

  
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 In addition, upon the Guarantee by any Post-Closing Guarantor that was previously prohibited
under applicable law, rule or regulation from Guaranteeing the Company’s obligations under the Notes and this Indenture becoming permissible under all such laws, rules and regulations, such Post-Closing Guarantor will promptly execute and
deliver a supplemental indenture to this Indenture and joinder or supplement to the Registration Rights Agreement providing for a senior Guarantee by such Post-Closing Guarantor and supplement or joinder to the Security Documents. 

(b) The Company may elect, in its sole discretion, to cause any Subsidiary that is not otherwise required to be a Guarantor to become a
Guarantor, in which case such Subsidiary shall only be required to comply with the 30-day period described in Section 3.7(a). 

(c) If any Guarantor becomes an Immaterial Subsidiary, the Company shall have the right, by execution and delivery of a supplemental indenture
to the Trustee, to cause such Immaterial Subsidiary to cease to be a Guarantor, subject to the requirement described in the first paragraph above that such Subsidiary shall be required to become a Guarantor if it ceases to be an Immaterial
Subsidiary (except that if such Subsidiary has been properly designated as an Unrestricted Subsidiary it shall not be so required to become a Guarantor or execute a supplemental indenture). 

SECTION 3.8. Limitation on Affiliate Transactions. 

(a) The Company shall not, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, enter into or conduct any
transaction (including the purchase, sale, lease or exchange of any property or the rendering of any service) with any Affiliate of the Company (an “Affiliate Transaction”) involving aggregate value in excess of $5.0 million unless:

 (1) the terms of such Affiliate Transaction taken as a whole are not materially less favorable to the Company or such
Restricted Subsidiary, as the case may be, than those that could be obtained in a comparable transaction at the time of such transaction or the execution of the agreement providing for such transaction in arm’s length dealings with a Person who
is not such an Affiliate; and 
 (2) in the event such Affiliate Transaction involves an aggregate value in excess of $10.0
million, the terms of such transaction have been approved by a majority of the members of the Board of Directors. 
 Any Affiliate Transaction shall be
deemed to have satisfied the requirements set forth in clause (2) of this Section 3.8(a) if such Affiliate Transaction is approved by a majority of the Disinterested Directors, if any. 

(b) The provisions of clause (a) of Section 3.8 shall not apply to: 

(1) any Restricted Payment permitted to be made pursuant to Section 3.3, or any Permitted Investment; 

(2) any issuance or sale of Capital Stock, options, other equity-related interests or other securities, or other payments,
awards or grants in cash, securities or otherwise pursuant to, or the funding of, or entering into, or maintenance of, any employment, consulting, collective bargaining or benefit plan, program, agreement or arrangement, related trust or other
similar agreement and other compensation arrangements, options, warrants or other rights to purchase Capital Stock of the Company, any Restricted Subsidiary or any Parent, restricted stock plans, long-term incentive plans, stock appreciation rights
plans, participation plans or similar employee benefits or consultants’ plans (including valuation, health, insurance, deferred compensation, severance, retirement, savings or similar plans, programs or arrangements) or indemnities provided on
behalf of officers, employees, directors or consultants approved by the Board of Directors of the Company, in each case in the ordinary course of business; 

(3) any Management Advances and any waiver or transaction with respect thereto; 

  
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 (4) any transaction between or among the Company and any Restricted Subsidiary
(or entity that becomes a Restricted Subsidiary as a result of such transaction), or between or among Restricted Subsidiaries; 

(5) the payment of compensation, reasonable fees and reimbursement of expenses to, and customary indemnities (including under
customary insurance policies) and employee benefit and pension expenses provided on behalf of, directors, officers, consultants or employees of the Company or any Restricted Subsidiary of the Company (whether directly or indirectly and including
through any Person owned or controlled by any of such directors, officers or employees); 
 (6) the entry into and
performance of obligations of the Company or any of its Restricted Subsidiaries under the terms of any transaction arising out of, and any payments pursuant to or for purposes of funding, any agreement or instrument in effect as of or on the Issue
Date, as these agreements and instruments may be amended, modified, supplemented, extended, renewed or refinanced from time to time in accordance with the other terms of this covenant or to the extent not more disadvantageous to the Holders in any
material respect; 
 (7) any customary transaction with a Securitization Entity effected as part of a Qualified
Securitization Financing; 
 (8) transactions with customers, clients, suppliers or purchasers or sellers of goods or
services, in each case in the ordinary course of business, which are fair to the Company or the relevant Restricted Subsidiary in the reasonable determination of the Board of Directors or the senior management of the Company or the relevant
Restricted Subsidiary, or are on terms no less favorable than those that could reasonably have been obtained at such time from an unaffiliated party; 

(9) any transaction between or among the Company or any Restricted Subsidiary and any Affiliate of the Company or an Associate
or similar entity that would constitute an Affiliate Transaction solely because the Company or a Restricted Subsidiary or any Affiliate of the Company or a Restricted Subsidiary or any Affiliate of any Permitted Holder owns an equity interest in or
otherwise controls such Affiliate, Associate or similar entity; 
 (10) issuances or sales of Capital Stock (other than
Disqualified Stock or Designated Preferred Stock) of the Company or options, warrants or other rights to acquire such Capital Stock and the granting of registration and other customary rights in connection therewith or any contribution to capital of
the Company or any Restricted Subsidiary; 
 (11) without duplication in respect of payments made pursuant to clause
(12) hereof, (i) payments by the Company or any Restricted Subsidiary to any Permitted Holder (whether directly or indirectly) of annual management, consulting, monitoring or advisory fees and related expenses and (ii) payments by the
Company or any Restricted Subsidiary to any Permitted Holder (whether directly or indirectly, including through any Parent) for financial advisory, financing, underwriting or placement services or in respect of other investment banking activities,
including in connection with acquisitions or divestitures, in each case pursuant to the Advisory Agreements as in effect on the Issue Date (or any amendment thereto (so long as any such amendment is not disadvantageous, in the good faith judgment of
the Board of Directors to the Holders when taken as a whole as compared to the Advisory Agreements in effect on the Issue Date)); 

(12) payment to any Permitted Holder of all reasonable out of pocket expenses Incurred by such Permitted Holder in connection
with its direct or indirect investment in the Company and its Subsidiaries; 
 (13) the Offering and the payment of all fees
and expenses related to the Offering; 

  
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 (14) transactions in which the Company or any Restricted Subsidiary, as the case
may be, delivers to the Trustee a letter from an Independent Financial Advisor stating that such transaction is fair to the Company or such Restricted Subsidiary from a financial point of view or meets the requirements of
Section 3.8(a)(1); 
 (15) the existence of, or the performance by the Company or any Restricted Subsidiary of
its obligations under the terms of, any equityholders’ agreement (including any registration rights agreement or purchase agreements related thereto) to which it is party as of the Issue Date and any similar agreement that it may enter into
thereafter; provided, however, that the existence of, or the performance by the Company or any Restricted Subsidiary of its obligations under any future amendment to the equityholders’ agreement or under any similar agreement
entered into after the Issue Date will only be permitted under this clause (15) to the extent that the terms of any such amendment or new agreement are not otherwise disadvantageous to the Holders in any material respects; and 

(16) any purchases by the Company’s Affiliates of Indebtedness or Disqualified Stock of the Company or any of its
Restricted Subsidiaries the majority of which Indebtedness or Disqualified Stock is purchased by Persons who are not the Company’s Affiliates; provided that such purchases by the Company’s Affiliates are on the same terms as such
purchases by such Persons who are not the Company’s Affiliates. 
 SECTION 3.9. Change of Control. 

(a) If a Change of Control occurs, unless the Issuers have previously or concurrently mailed a redemption notice with respect to all of the
outstanding Notes as set forth under Section 5.7(a) or Section 5.7(b), the Issuers shall make an offer to purchase all of the Notes pursuant to the offer described below (the “Change of Control Offer”) at a
price in cash (the “Change of Control Payment”) equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, to but excluding the date of repurchase, subject to the right of Holders of the Notes
of record on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, the Company will send notice of such Change of Control Offer electronically or by first class mail,
with a copy to the Trustee, to each Holder of Notes at the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC, with the following information: 

(1) that a Change of Control Offer is being made pursuant to this Section 3.9 and that all Notes properly tendered
pursuant to such Change of Control Offer will be accepted for payment by the Issuers; 
 (2) the purchase price and the
purchase date, which will be no earlier than 30 days nor later than 60 days from the date such notice is delivered (the “Change of Control Payment Date”); 

(3) that any Note not properly tendered will remain outstanding and continue to accrue interest; 

(4) that unless the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to
the Change of Control Offer will cease to accrue interest on the Change of Control Payment Date; 
 (5) that Holders electing
to have any Notes purchased pursuant to a Change of Control Offer will be required to surrender such Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of such Notes completed, to the Paying Agent specified
in the notice at the address specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(6) that Holders will be entitled to withdraw their tendered Notes and their election to require the Issuers to purchase such
Notes; provided that the Paying Agent receives, not later than the close of 

  
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business on the second Business Day prior to the expiration date of the Change of Control Offer, a telegram, facsimile transmission or letter setting forth the name of the Holder of the Notes,
the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(7) that Holders whose Notes are being purchased only in part will be issued new Notes and such new Notes will be equal in
principal amount to the unpurchased portion of the Notes surrendered. The unpurchased portion of the Notes must be equal to at least $2,000 or any integral multiple of $1,000 in excess of $2,000; 

(8) if such notice is delivered prior to the occurrence of a Change of Control, stating that the Change of Control Offer is
conditional on the occurrence of such Change of Control; and 
 (9) the other instructions, as determined by the Issuers,
consistent with this Section 3.9, that a Holder must follow. 
 The Paying Agent will promptly deliver to each Holder of the
Notes tendered the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes
surrendered, if any; provided that each such new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Issuers will publicly announce the results of the Change of Control Offer on or as
soon as practicable after the Change of Control Payment Date. 
 If the Change of Control Payment Date is on or after an interest record
date and on or before the related interest payment date, any accrued and unpaid interest and Additional Interest, if any, will be paid on the relevant interest payment date to the Person in whose name a Note is registered at the close of business on
such record date. 
 (b) On the Change of Control Payment Date, the Issuers will, to the extent permitted by law, 

(1) accept for payment all Notes issued by them or portions thereof properly tendered pursuant to the Change of Control Offer,

 (2) deposit with the Paying Agent an amount equal to the aggregate Change of Control Payment in respect of all Notes or
portions thereof so tendered, and 
 (3) deliver, or cause to be delivered, to the Trustee for cancellation the Notes so
accepted together with an Officer’s Certificate to the Trustee stating that such Notes or portions thereof have been tendered to and purchased by the Issuers. 

(c) The Issuers will not be required to make a Change of Control Offer following a Change of Control if (1) a third party makes the
Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture applicable to a Change of Control Offer made by the Issuers and purchases all Notes validly tendered and not withdrawn
under such Change of Control Offer, or (2) notice of redemption of all outstanding Notes has been given pursuant to this Indenture as described in Section 5.7, unless and until there is a default in the payment of the redemption
price on the applicable Redemption Date or the redemption is not consummated due to the failure of a condition precedent contained in the applicable redemption notice to be satisfied. 

(d) Notwithstanding anything to the contrary in this Section 3.9, a Change of Control Offer may be made in advance of a Change of
Control, conditional upon such Change of Control if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer. 

(e) If Holders of not less than 90% in aggregate principal amount of the outstanding Notes validly tender and do not withdraw such Notes in a
Change of Control Offer and the Issuers, or any third party making a Change of Control Offer in lieu of the Issuers as described in this Section 3.9, purchases all of the Notes validly tendered

  
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and not withdrawn by such Holders, the Issuers or such third party will have the right, upon not less than 30 nor more than 60 days’ prior notice, given not more than 30 days following such
purchase pursuant to the Change of Control Offer, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to 101% of the principal amount thereof plus accrued and unpaid interest to but excluding the date of
redemption. 
 (f) The Issuers will comply with the requirements of Section 14(e) under the Exchange Act and any other securities laws
and regulations thereunder to the extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to a Change of Control Offer. To the extent that the provisions of any securities laws or regulations conflict
with the provisions of this Indenture, the Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in this Indenture by virtue thereof. 

SECTION 3.10. Reports. 

(a) Whether or not required by the SEC, so long as any Notes are outstanding, if not filed electronically with the SEC through the SEC’s
Electronic Data Gathering, Analysis, and Retrieval System (or any successor system), the Company will furnish to the Trustee, within 15 days after the time periods specified below: 

(1) all financial information that would be required to be contained in a filing with the SEC on Forms 10-Q and 10-K (or Form
6-K and Form 20-F if the Company is a “foreign private issuer” as such term is defined under the rules and regulations of the SEC), if the Company were required to file such Forms, including a “Management’s Discussion and
Analysis of Financial Condition and Results of Operations” and, with respect to the annual information only, a report on the annual financial statements by the Company’s certified independent accountants but within 120 days after the end
of each fiscal year and within 60 days after the end of each fiscal quarter; and 
 (2) as promptly as provided in the
SEC’s rules and regulations, all current reports that would be required to be filed with the SEC on Form 8-K (or Form 6-K if the Company is a “foreign private issuer” as such term is defined under the rules and regulations of the SEC)
if the Company were required to file such reports; 
 in each case, in a manner that complies in all material respects with the requirements specified in
such form. Notwithstanding the foregoing, the Company shall not be so obligated to file such reports with the SEC (i) if the SEC does not permit such filing or (ii) prior to the consummation of an exchange offer or the effectiveness of a
shelf registration statement as required by the Registration Rights Agreement, so long as, if clause (i) or (ii) is applicable, the Company makes available such information to prospective purchasers of Notes, in addition to providing such
information to the Trustee and the Holders of the Notes, in each case, at the Company’s expense and by the applicable date the Company would be required to file such information pursuant to the immediately preceding sentence. To the extent any
such information is not so filed or furnished, as applicable, within the time periods specified above and such information is subsequently filed or furnished, as applicable, the Company will be deemed to have satisfied its obligations with respect
thereto at such time and any Default with respect thereto shall be deemed to have been cured; provided that such cure shall not otherwise affect the rights of the Holders under Section 6.1 if Holders of at least 30% in principal
amount of the then total outstanding Notes have declared the principal, premium, if any, interest and any other monetary obligations on all the then outstanding Notes to be due and payable immediately and such declaration shall not have been
rescinded or cancelled prior to such cure. In addition, to the extent not satisfied by the foregoing, the Company will agree that, for so long as any Notes are outstanding, it will furnish to Holders and to securities analysts and prospective
investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4) under the Securities Act. 
 (b)
Substantially concurrently with the furnishing or making such information available to the Trustee pursuant to Section 3.10(a), the Company shall also post copies of such information required by Section 3.10(a) on a website
(which may be nonpublic and may be maintained by the Company or a third party) to which access will be given to Holders, prospective investors in the Notes (which prospective investors shall be limited to “qualified institutional buyers”
within the meaning of Rule 144A of the Securities Act or non-U.S. persons (as defined in Regulation S under the Securities Act) that certify their status as such to the reasonable satisfaction of the Company), and securities analysts and market
making financial institutions that are reasonably satisfactory to the Company. 

  
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 (c) The Company will also hold quarterly conference calls for the Holders of the Notes to discuss
financial information for the previous quarter (it being understood that such quarterly conference call may be the same conference call as with the Company’s equity investors and analysts). The conference call will be following the last day of
each fiscal quarter of the Company and not later than 10 Business Days from the time that the Company distributes the financial information as set forth in Section 3.10(b). No fewer than two days prior to the conference call, the Company
will issue a press release announcing the time and date of such conference call and providing instructions for Holders, securities analysts and prospective investors to obtain access to such call. 

(d) For so long as any direct or indirect parent company of the Company is a guarantor of the Notes, the Company may satisfy its obligations
pursuant to this Section 3.10 with respect to financial information relating to the Company by furnishing financial information relating to such parent; provided that the same is accompanied by consolidating information that
explains in reasonable detail the differences between the information relating to such parent, on the one hand, and the information relating to the Company and its Restricted Subsidiaries on a standalone basis, on the other hand. 

SECTION 3.11. Future Guarantors. 

(a) If on or after the Issue Date (1) a Wholly Owned Subsidiary (other than an Immaterial Subsidiary) that is not a Guarantor Guarantees
the Credit Agreement, or (2) the Company or any of its Restricted Subsidiaries acquires or creates a Wholly Owned Subsidiary (other than an Immaterial Subsidiary) and such Wholly Owned Subsidiary Guarantees the Credit Agreement, then, in each
case, the Company shall cause such Wholly Owned Subsidiary to become a Guarantor and execute and deliver (within five Business Days of guaranteeing the Credit Agreement or becoming a Wholly Owned Subsidiary, as the case may be) to the Trustee a
supplemental indenture substantially in the form of Exhibit C hereto, pursuant to which such Wholly Owned Subsidiary shall unconditionally Guarantee, on a joint and several basis with the other Guarantors, the full and prompt payment of the
principal of, premium, if any, interest and Additional Interest, if any, in respect of the Notes on a senior basis and all other obligations under this Indenture. 

(b) The Company shall not permit any Wholly Owned Subsidiary (other than an Immaterial Subsidiary), directly or indirectly, to Guarantee the
Credit Agreement unless such Wholly Owned Subsidiary (i) is a Guarantor or (ii) within five Business Days executes and delivers (x) to the Trustee a supplemental indenture substantially in the form of Exhibit C hereto, pursuant
to which such Wholly Owned Subsidiary shall unconditionally Guarantee, on a joint and several basis with the other Guarantors, the full and prompt payment of the principal of, premium, if any, interest and Additional Interest, if any, in respect of
the Notes on a senior basis and all other obligations under this Indenture and (y) a supplement or joinder agreement to the applicable Security Documents or new Security Documents, as applicable, providing for a pledge of its assets as
Collateral for the Notes to the same extent as set forth in such Security Documents and take all actions required under such Security Documents to perfect the Liens created under such Security Documents. 

(c) Each Guarantee shall be released in accordance with Article X. 

SECTION 3.12. Maintenance of Office or Agency. The Issuers will maintain an office or agency where the Notes may be presented or
surrendered for payment, where, if applicable, the Notes may be surrendered for registration of transfer or exchange and where notices to or upon the Issuers in respect of the Notes and this Indenture may be delivered. The corporate trust office of
the Trustee, which initially shall be located at Wilmington Trust, National Association, Corporate Capital Markets, 50 South Sixth Street, Suite 1290, Minneapolis, MN 55402-1544, Attention: Trinseo Materials Administrator, shall be such office or
agency of the Issuers, unless the Issuers shall designate and maintain some other office or agency for one or more of such purposes. The Issuers will give prompt written notice to the Trustee of any change in the location of any such office or
agency. If at any time the Issuers shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations and surrenders may be made at the corporate trust office of the Trustee,
and the Issuers hereby appoint the Trustee as their agent to receive all such presentations and surrenders. 
 The Issuers may also from
time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind any such designation. The Issuers will give prompt written notice to the
Trustee of any such designation or rescission and any change in the location of any such other office or agency. 

  
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 SECTION 3.13. Corporate Existence. Except as otherwise provided in this Article
III, Article IV and Section 10.2(b), the Issuers will do or cause to be done all things necessary to preserve and keep in full force and effect their corporate existence and the corporate, partnership, limited liability
company or other existence of each Restricted Subsidiary and the rights (charter and statutory), licenses and franchises of the Issuers and each Restricted Subsidiary; provided, however, that the Issuers shall not be required to
preserve any such right, license or franchise or the corporate, partnership, limited liability company or other existence of any Restricted Subsidiary if the respective Board of Directors or, with respect to a Restricted Subsidiary that is not a
Significant Subsidiary (or group of Restricted Subsidiaries that taken together would not be a Significant Subsidiary), senior management of the Company determines that the preservation thereof is no longer desirable in the conduct of the business
of the Company and each of its Restricted Subsidiaries, taken as a whole, and that the loss thereof is not, and will not be, disadvantageous in any material respect to the Holders. 

SECTION 3.14. Payment of Taxes. The Company shall pay or discharge or cause to be paid or discharged, before the same shall become
delinquent, all material taxes, assessments and governmental charges levied or imposed upon the Company or any Subsidiary; provided, however, that the Company shall not be required to pay or discharge or cause to be paid or discharged
any such tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings and for which appropriate reserves, if necessary (in the good faith judgment of management of the
Company), are being maintained in accordance with GAAP or where the failure to effect such payment will not be disadvantageous to the Holders. 

SECTION 3.15. Payments for Consent. The Company will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay
or cause to be paid any consideration to or for the benefit of any holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture, the Registration Rights Agreement, the Notes or the
Guarantees unless such consideration is offered to be paid and is paid to all holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 

SECTION 3.16. Compliance Certificate. The Issuers shall deliver to the Trustee within 120 days after the end of each fiscal year of the
Issuers an Officer’s Certificate, one of the signers of which shall be the principal executive officer, principal financial officer or principal accounting officer of the Company, stating that in the course of the performance by the signer of
his or her duties as an Officer of the Company he or she would normally have knowledge of any Default or Event of Default and whether or not the signer knows of any Default or Event of Default that occurred during the previous fiscal year;
provided that no such Officer’s Certificate shall be required for any fiscal year ended prior to the Issue Date. If such Officer does have such knowledge, the certificate shall describe the Default or Event of Default, its status and the
action the Issuers are taking or propose to take with respect thereto. The Issuers also shall comply with TIA Section 314(a)(4) and 314(b). 

SECTION 3.17. Further Instruments and Acts. Upon request of the Trustee or as necessary to comply with future developments or
requirements, the Issuers will execute and deliver such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose of this Indenture. 

SECTION 3.18. Conduct of Business. The Issuers will not, and will not permit any of their Restricted Subsidiaries to, engage in any
businesses other than any business conducted or proposed to be conducted by the Issuers and their Restricted Subsidiaries on the Issue Date or any business that is similar, reasonably related, incidental or ancillary thereto or any reasonable
extension thereof. 
 SECTION 3.19. Statement by Officers as to Default. Each Issuer shall deliver to the Trustee, as soon as
possible and in any event within 30 days after the Issuers become aware of the occurrence of any Default or Event of Default, an Officer’s Certificate setting forth the details of such Event of Default or Default, its status and the actions
which the Issuers are taking or propose to take with respect thereto. 
 SECTION 3.20. Designation of Restricted and Unrestricted
Subsidiaries. The Board of Directors of the Company may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not 

  
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cause a Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate fair market value of all outstanding Investments owned by the Company and its Restricted
Subsidiaries in the Subsidiary designated as an Unrestricted Subsidiary will be deemed to be an Investment made as of the time of the designation and will reduce the amount available for Restricted Payments under Section 3.3 or under one
or more clauses of the definition of Permitted Investments, as determined by the Company. That designation will only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an
Unrestricted Subsidiary. The Board of Directors of the Company may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if that redesignation would not cause a Default. 

Any designation of a Subsidiary of the Company as an Unrestricted Subsidiary will be evidenced to the Trustee by filing with the Trustee a
resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate of the Company certifying that such designation complies with the preceding conditions and was permitted by the covenant
described above under Section 3.3. If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of this
Indenture and any Indebtedness of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Company as of such date and, if such Indebtedness is not permitted to be incurred as of such date under the covenant described under
Section 3.2, the Company will be in default of such covenant. 
 The Board of Directors of the Company may at any time designate
any Unrestricted Subsidiary to be a Restricted Subsidiary of the Company; provided that such designation will be deemed to be an Incurrence of Indebtedness by a Restricted Subsidiary of the Company of any outstanding Indebtedness of such
Unrestricted Subsidiary, and such designation will only be permitted if (1) such Indebtedness is permitted under the covenant described under Section 3.2, calculated on a pro forma basis as if such designation had occurred at the
beginning of the applicable reference period; and (2) no Default or Event of Default would be in existence following such designation. 

Any such designation by the Board of Directors of the Company shall be evidenced to the Trustee by filing with the Trustee a certified copy of
a resolution of the Board of Directors of the Company giving effect to such designation and an Officer’s Certificate of the Company certifying that such designation complies with the preceding conditions. 

SECTION 3.21. Suspension of Certain Covenants. Following the first day the Notes have achieved Investment Grade Status and no Default
or Event of Default has occurred and is continuing under this Indenture, then beginning on that day and ending on a Reversion Date (such period a “Suspension Period”), the Issuers and the Company’s Restricted Subsidiaries will
not be subject to Sections 3.2, 3.3, 3.4, 3.5, 3.7, 3.8 and 4.1(a)(3). 
 On each Reversion
Date, all Indebtedness Incurred during the Suspension Period will be classified as having been Incurred pursuant to Section 3.2(a) or one of the clauses of Section 3.2(b) (to the extent such Indebtedness would be permitted to
be Incurred thereunder as of the Reversion Date and after giving effect to the Indebtedness Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such Indebtedness would not be so permitted to be Incurred
pursuant to Section 3.2(a) or (b), such Indebtedness will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted under Section 3.2(b)(5)(iii). On or after the Reversion Date, all
Liens created during the Suspension Period will be considered Permitted Liens. Calculations made after the Reversion Date of the amount available to be made as Restricted Payments under Section 3.3 will be made as though
Section 3.3 had been in effect since the Issue Date and throughout the Suspension Period. Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available to be made as Restricted Payments under
Section 3.3(a). As described above, however, no Default, Event of Default or breach of any kind shall be deemed to have occurred as a result of the Reversion Date occurring on the basis of any actions taken or the continuance of any
circumstances resulting from actions taken or the performance of obligations under agreements entered into by the Issuers or any of the Restricted Subsidiaries during the Suspension Period (other than agreements to take actions after the Reversion
Date that would not be permitted outside of the Suspension Period entered into in contemplation of the Reversion Date). 
 During the
Suspension Period, no Restricted Subsidiary may be designated as an Unrestricted Subsidiary. 

  
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 The Issuers, in an Officer’s Certificate, shall provide the Trustee notice of any Covenant
Suspension or Reversion Date. The Trustee will have no obligation to (i) independently determine or verify if such events have occurred, (ii) make any determination regarding the impact of actions taken during the Suspension Period on the
Issuers’ future compliance with their covenants or (iii) notify the Holders of a Covenant Suspension or Reversion Date. 
 SECTION
3.22. Trinseo Finance. Trinseo Finance shall not hold any material assets, become liable for any material obligations, engage in any trade or business, or conduct any business activity, other than (1) the Incurrence of Indebtedness as
the co-obligor or guarantor, as the case may be, of the Notes and any other Indebtedness that is permitted to be Incurred by the Company under Section 3.2; provided, however, that the net proceeds of such Indebtedness are not retained by
Trinseo Finance and (2) activities incidental thereto. Neither Holdings, the Company nor any of their Restricted Subsidiaries shall engage in any transactions with Trinseo Finance in violation of the immediately preceding sentence. Trinseo
Finance shall be a Wholly-Owned Subsidiary of the Company that is a Domestic Subsidiary at all times. This Indenture also provides that for so long as the Company or any successor obligor under the Notes is a Person that is not incorporated in the
United States of America, any State of the United States or the District of Columbia there will be a co-issuer of the Notes that is a Wholly-Owned Subsidiary of the Company (or such successor thereof) that is a Domestic Subsidiary. 

SECTION 3.23. Further Assurances and After-Acquired Collateral. 

Subject to the applicable limitations set forth in the Security Documents and this Indenture (including with respect to Excluded Assets), the
Issuers and the Guarantors shall execute any and all further documents, financing statements, applications for registration, agreements and instruments, and take all further action that may be required under applicable law, or that the Collateral
Agent may reasonably request, in order to grant, preserve, protect and perfect the validity and priority of the security interest created or intended to be created by the Security Documents in the Collateral. 

From and after the Issue Date, upon the acquisition by an Issuer or any Guarantor of property which constitutes Collateral
(“After-Acquired Collateral”), such Issuer or such Guarantor shall, within 90 days with respect to any Material Real Property, and to the extent required by this Indenture and/or the Security Documents with respect to all other
After-Acquired Collateral, execute and deliver such security instruments, financing statements, certificates and opinions of counsel as shall be necessary to vest in the Collateral Agent a perfected security interest, subject only to Permitted
Liens, in such After-Acquired Collateral and to have such After-Acquired Collateral added to the Collateral, and thereupon all provisions of this Indenture relating to the Collateral shall be deemed to relate to such After-Acquired Collateral to the
same extent and with the same force and effect. The Issuers and the Guarantors may, in their reasonable discretion and in consultation with the Trustee and the Collateral Agent, extend such 90 day time period with respect to any such document to
such longer time period as the such Issuers or such Guarantors reasonably believe in good faith is necessary to deliver such documents; provided that such Issuers and such Guarantors shall provide written notice of any such extension to the Trustee
for the benefit of the Holders of the Notes, which notice shall describe in reasonable detail the Collateral to which the applicable documents apply and the length of such extension. 

SECTION 3.24. Insurance. The Issuers and each Guarantor will: 

(a) keep their respective material insurable properties adequately (as reasonably determined by the Company) insured in all material respects
at all times by financially sound and reputable insurers to such extent and against such risks, including fire and other risks insured against by extended coverage, as is customary with companies in the same or similar businesses operating in the
same or similar locations; and 
 (b) within 60 days of the Issue Date (or such longer period as the Issuers may, in their reasonable
discretion and in consultation with the Trustee and the Collateral Agent, reasonably believe in good faith is necessary) cause all such policies covering any Collateral to be endorsed or otherwise amended to include the Collateral Agent as an
additional insured, loss payee or mortgagee, as applicable, and, to the extent available on commercially reasonable terms, cause each such policy to provide that it shall not be canceled, modified or not renewed (i) by reason of nonpayment of
premium unless not less than 10 days’ prior written notice thereof is given by the insurer to the Collateral Agent (giving the Collateral Agent the right to cure defaults in the payment of premiums) or (ii) for any other reason unless not
less than 30 days’ prior written notice thereof is given by the insurer to the Collateral Agent. 

  
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 SECTION 3.25. Impairment of Security Interest. The Issuers shall not, and shall not permit
any Restricted Subsidiary to (x) take or knowingly or negligently omit to take any action that would have the result of materially impairing the security interest with respect to the Collateral (it being understood, subject to the proviso
below, that the Incurrence of Permitted Liens shall under no circumstances be deemed to materially impair the security interest with respect to the Collateral) for the benefit of the Collateral Agent, the Trustee and the Holders, or (y) grant
to any Person other than the Collateral Agent or, if different, the collateral agent under any Payment Priority Obligations, Pari Passu Secured Obligations or Junior Secured Obligations that are subject to an Intercreditor Agreement, for the benefit
of the Collateral Agent, the Trustee and the Holders and the other beneficiaries described in the Security Documents and any Intercreditor Agreement, and other than with respect to any Permitted Lien, any interest whatsoever in any of the
Collateral, except that (i) the Issuers and the Restricted Subsidiaries may Incur Permitted Liens and the Collateral may be discharged and released in accordance with this Indenture, the applicable Security Documents or any Intercreditor
Agreement and (ii) the applicable Security Documents may be amended from time to time to cure any ambiguity, mistake, omission, defect or inconsistency therein. Each of the Issuers and each Guarantor will, at its sole cost and expense, execute
and deliver all such agreements and instruments as necessary, or as the Trustee or Collateral Agent reasonably requests, to more fully or accurately describe the assets and property intended to be Collateral or the obligations intended to be secured
by the Security Documents. 
 SECTION 3.26. Post-Closing Obligations. The Issuers shall use their reasonable best efforts to deliver
to the Initial Purchasers, the Trustee and the Collateral Agent the documents described in Schedule I within 90 days after the Closing Date. The Issuers may, in their reasonable discretion and in consultation with the Trustee and the
Collateral Agent, extend such 90 day time period with respect to any such document to such longer time period as the Issuers reasonably believe in good faith is necessary to deliver such documents; provided that the Issuers shall provide written
notice of any such extension to the Trustee and the Holders of the Notes, which notice shall describe in reasonable detail the Collateral to which the applicable documents apply and the length of such extension. 

ARTICLE IV 
 SUCCESSOR ISSUER;
SUCCESSOR PERSON 
 SECTION 4.1. Merger and Consolidation. 

(a) Neither Issuer will consolidate with or merge with or into, or convey, transfer or lease all or substantially all its assets to, any
Person, unless: 
 (1) the resulting, surviving or transferee Person (the “Successor Company”) will be a
Person organized and existing under the laws of any member state of the European Union, the United States of America, any State of the United States or the District of Columbia and the Successor Company (if not either of the Issuers) will expressly
assume, by supplemental indenture, amendment or other instrument executed and delivered to the Trustee, in form reasonably satisfactory to the Trustee, all the obligations of the Company under the Notes, this Indenture, the Security Documents and
any Intercreditor Agreement, and the Successor Company shall cause such amendments, supplements or other instruments to be executed, filed and recorded in such jurisdictions as may be required by applicable law to preserve and protect the Lien on
the Collateral owned by or transferred and if such Successor Company is not a corporation, a co-obligor of the Notes is a corporation organized or existing under such laws; 

(2) immediately after giving effect to such transaction (and treating any Indebtedness that becomes an obligation of the
Successor Company or any Subsidiary of the Successor Company as a result of such transaction as having been Incurred by the Successor Company or such Subsidiary at the time of such transaction), no Default or Event of Default shall have occurred and
be continuing; 
 (3) immediately after giving effect to such transaction, either (a) the Successor Company with respect
to such Issuer would be able to Incur at least an additional $1.00 of Indebtedness pursuant to Section 3.2(a) hereof or (b) the Fixed Charge Coverage Ratio would not be lower than it was immediately prior to giving effect to such
transaction; and 

  
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 (4) the Company shall have delivered to the Trustee an Officer’s Certificate
and an Opinion of Counsel, each to the effect that such consolidation, merger or transfer and such supplemental indenture, amendment or other instrument (if any) comply with this Indenture and an Opinion of Counsel to the effect that such
supplemental indenture, amendment or other instrument (if any) has been duly authorized, executed and delivered and is a legal, valid and binding agreement enforceable against the Successor Company (in each case, in form reasonably satisfactory to
the Trustee); provided that in giving an Opinion of Counsel, counsel may rely on an Officer’s Certificate as to any matters of fact, including as to satisfaction of clauses (2) and (3) above. 

(b) For purposes of this Section 4.1, the sale, lease, conveyance, assignment, transfer, or other disposition of all or
substantially all of the properties and assets of one or more Subsidiaries of the Company, which properties and assets, if held by the Company instead of such Subsidiaries, would constitute all or substantially all of the properties and assets of
the Company on a consolidated basis, shall be deemed to be the transfer of all or substantially all of the properties and assets of the Company. 

(c) The Successor Company will succeed to, and be substituted for, and may exercise every right and power of, either Issuer under this
Indenture, the Notes, the Security Documents and any Intercreditor Agreement, but in the case of a lease of all or substantially all its assets, the predecessor company will not be released from its obligations under this Indenture, the Notes, the
Security Documents or any Intercreditor Agreement. 
 (d) Notwithstanding Section 4.1(a)(2), (a)(3) and (a)(4)
(which do not apply to transactions referred to in this sentence), (i) any Restricted Subsidiary of the Company may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to the Company and
(ii) any Restricted Subsidiary may consolidate or otherwise combine with, merge into or transfer all or part of its properties and assets to any other Restricted Subsidiary. Notwithstanding Section 4.1(a)(2) and (a)(3) (which
do not apply to the transactions referred to in this sentence), the Company may consolidate or otherwise combine with or merge into an Affiliate incorporated or organized for the purpose of changing the legal domicile of the Company, reincorporating
the Company in another jurisdiction, or changing the legal form of the Company. 
 (e) The foregoing provisions (other than the requirements
of Section 4.1(a)(2)) shall not apply to the creation of a new Subsidiary as a Restricted Subsidiary of the Company. 
 (f) No
Guarantor may: 
 (1) consolidate with or merge with or into any Person; or 

(2) sell, convey, transfer or dispose of, all or substantially all its assets, in one transaction or a series of related
transactions, to, any Person; or 
 (3) permit any Person to merge with or into the Guarantor, unless: 

(i) the other Person is the Company or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with
the transaction; or 
 (ii) (A) either (x) a Guarantor is the continuing Person or (y) the resulting,
surviving or transferee Person (the “Successor Guarantor”) expressly assumes all of the obligations of the Guarantor under its Guarantee of the Notes and the Security Documents and any Intercreditor Agreement and the Successor
Guarantor shall cause such amendments, supplements or other instruments to be executed, filed and recorded in such jurisdiction as may be required by applicable law to preserve and protect the Lien in the Collateral owned by or transferred to such
Successor Guarantor; and 

  
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 (B) immediately after giving effect to the transaction, no Default has occurred
and is continuing; or 
 (iii) the transaction constitutes a sale or other disposition (including by way of consolidation or
merger) of the Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor (in each case other than to the Company or a Restricted Subsidiary) otherwise permitted by this Indenture. 

ARTICLE V 
 REDEMPTION OF
SECURITIES 
 SECTION 5.1. Notices to Trustee. If the Issuers elect to redeem Notes pursuant to the optional redemption
provisions of Section 5.7 hereof, they must furnish to the Trustee, at least 30 days but not more than 60 days before a redemption date, an Officer’s Certificate setting forth: 

(1) the clause of this Indenture pursuant to which the redemption shall occur; 

(2) the redemption date; 

(3) the principal amount of Notes to be redeemed; and 

(4) the redemption price. 

Any optional redemption referenced in such Officer’s Certificate may be canceled by the Issuers at any time prior to notice of redemption
being sent to any Holder and thereafter shall be null and void. 
 SECTION 5.2. Selection of Notes to Be Redeemed or Purchased. If
less than all of the Notes are to be redeemed pursuant to Section 5.7 or purchased in an Asset Disposition Offer pursuant to Section 3.5 or a redemption pursuant to Section 5.9, the Trustee will select Notes for
redemption or purchase (a) if the Notes are in global form, on a pro rata basis or by lot or such similar method in accordance with the procedures of DTC and (b) if the Notes are in definitive form, on a pro rata basis (subject to
adjustments to maintain the authorized Notes denomination requirements) except: 
 (1) if the Notes are listed on any
national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or 

(2) if otherwise required by law. 

No Notes in an unauthorized denomination or less than $2,000 in aggregate principal amount shall be redeemed in part. In the event of partial
redemption, the particular Notes to be redeemed or purchased will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption or purchase date by the Trustee from the outstanding Notes not previously
called for redemption or purchase. 
 The Trustee will promptly notify the Issuers in writing of the Notes selected for redemption or
purchase and, in the case of any Note selected for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts of $2,000 or whole multiples of $1,000; except that
if all of the Notes of a Holder are to be redeemed or purchased, the entire outstanding amount of Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions
of this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

SECTION 5.3. Notice to Redemption. Except in the case of redemptions due to changes in tax law (for which the time frame will be as set
forth in Section 5.9), at least 30 days but not more than 60 days before a redemption date, the Issuers will send or cause to be delivered electronically or mailed by first class mail postage prepaid, a

  
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notice of redemption to each Holder whose Notes are to be redeemed at its registered address or otherwise in accordance with the procedures of DTC, except that redemption notices may be delivered
electronically or mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article VIII or XI hereof. 

The notice will identify the Notes (including the CUSIP or ISIN number) to be redeemed and will state: 

(1) the redemption date; 

(2) the redemption price; 

(3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and that, after the
redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

(6) that, unless the Issuers default in making such redemption payment, interest and Additional Interest, if any, on Notes
called for redemption ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of
this Indenture pursuant to which the Notes called for redemption are being redeemed; and 
 (8) that no representation is
made as to the correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuers’
request, the Trustee will give the notice of redemption in the Issuers’ name and at its expense; provided, however, that the Issuers have delivered to the Trustee, at least 45 days prior to the redemption date (or such shorter
period as is acceptable to the Trustee), an Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

SECTION 5.4. Effect of Notice of Redemption. Once notice of redemption is sent in accordance with Section 5.3 hereof, Notes
called for redemption become irrevocably due and payable on the redemption date at the redemption price. Notice of redemption may, at the Issuers’ option and discretion, be subject to one or more conditions precedent, including, but not limited
to, completion of an Equity Offering (in the case of redemption pursuant to Section 5.7(b) hereof) or Change of Control (in the case of purchase pursuant to Section 3.9 hereof), as the case may be. 

SECTION 5.5. Deposit of Redemption or Purchase Price. Prior to 10:00 a.m. Eastern Time on the redemption or purchase date, the Issuers
will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption or purchase price of and accrued interest and Additional Interest, if any, on, all Notes to be redeemed or purchased on that date. The Trustee or the
Paying Agent will promptly return to the Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption or purchase price of, and accrued interest and Additional Interest, if
any, on, all Notes to be redeemed or purchased. 
 If the Issuers comply with the provisions of the preceding paragraph, on and after the
redemption or purchase date, interest and Additional Interest, if any, will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after an interest record date but on or
prior to the related interest payment date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such record date. If any Note called for redemption or purchase is not so
paid upon surrender for redemption or purchase because of the failure of the Issuers to comply with the 

  
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preceding paragraph, interest shall be paid on the unpaid principal, from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such
unpaid principal, in each case at the rate provided in the Notes and in Section 3.1 hereof. 
 SECTION 5.6. Notes Redeemed or
Purchased in Part. Upon surrender of a Note that is redeemed or purchased in part, the Issuers will issue and, upon receipt of an Issuer Order, the Trustee will authenticate for the Holder at the expense of the Issuers a new Note equal in
principal amount to the unredeemed or unpurchased portion of the Note surrendered; provided that each such new Note will be in a minimum principal amount of $2,000 or integral multiple of $1,000 in excess thereof. 

SECTION 5.7. Optional Redemption. 

(a) At any time prior to August 1, 2015, the Issuers may redeem the Notes in whole or in part, at their option, upon not less than 30 nor
more than 60 days’ prior notice at a redemption price equal to 100.000% of the principal amount of such Notes plus the relevant Applicable Premium as of, and accrued and unpaid interest and Additional Interest, if any, to the redemption date.

 (b) At any time and from time to time on or after August 1, 2015, the Issuers may redeem the Notes, in whole or in part, upon not
less than 30 nor more than 60 days’ notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the Notes redeemed to the applicable date of redemption, if redeemed
during the twelve-month period beginning on the year indicated below: 
  

					
	 12-month period commencing August 1 in year
	  	Percentage	 
	 2015
	  	 	104.375	% 
	 2016
	  	 	102.188	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c) At any time and from time to time prior to August 1, 2015, the Issuers may redeem Notes with the net
cash proceeds received by the Issuers from any Qualified Equity Offering at a redemption price equal to 108.750% plus accrued and unpaid interest to the redemption date, in an aggregate principal amount for all such redemptions not to exceed 35% of
the original aggregate principal amount of the Notes (including Additional Notes); provided that 
 (1) In each case
the redemption takes place not later than 180 days after the closing of the related Qualified Equity Offering, and 
 (2) not
less than 50% of the original aggregate principal amount of the Notes issued under this Indenture (including any Additional Notes) remains outstanding immediately thereafter (excluding Notes held by the Company or any of its Restricted
Subsidiaries). 
 (d) In addition, at any time and from time to time prior to August 1, 2015, the Issuers may redeem up to 10% of the
original principal amount of the Notes issued under this Indenture (including any Additional Notes) during each twelve-month period commencing with the Issue Date at a redemption price of 103% of the aggregate principal amount thereof plus accrued
and unpaid interest to the redemption date. 
 (e) Unless the Issuers default in the payment of the redemption price, interest will cease to
accrue on the Notes or portions thereof called for redemption on the applicable Redemption Date. 
 (f) Any redemption pursuant to this
Section 5.7 shall be made pursuant to the provisions of Sections 5.1 through 5.6. 
 (g) If the optional
redemption date is on or after an interest record date and on or before the related interest payment date, the accrued and unpaid interest will be paid to the Person in whose name the Note is registered at the close of business on such interest
record date, and no additional interest will be payable to Holders whose Notes will be subject to redemption by the Issuers. 

  
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 SECTION 5.8. Mandatory Redemption. The Issuers are not required to make mandatory
redemption or sinking fund payments with respect to the Notes; provided, however, that under certain circumstances, the Issuers may be required to offer to purchase Notes under Section 3.5 and Section 3.9. The
Issuers may at any time and from time to time purchase Notes in the open market or otherwise. 
 SECTION 5.9. Tax Redemption. The
Issuers may, at their option, redeem the Notes, in whole but not in part, at any time upon not less than 15 days’ nor more than 30 days’ notice to the holders (which notice shall be given in accordance with the procedures described in
Section 5.3), at a redemption price equal to 100% of the principal amount thereof, plus accrued and unpaid interest thereon to the redemption date, premium, if any, and all Additional Amounts, if any, then due and which will become due
on the date of redemption as a result of the redemption or otherwise, if the Issuers determine in good faith that the Issuers or any Guarantor is, or on the next date on which any amount would be payable in respect of the Notes, would be obligated
to pay Additional Amounts in respect of the Notes pursuant to the terms and conditions thereof, which the Issuers or such Guarantor, as the case may be, cannot avoid by the use of reasonable measures available to it (including, without limitation,
making payment through a paying agent located in another jurisdiction), as a result of: 
 (a) any change in, or amendment to, the laws (or
any regulations or rulings promulgated thereunder) of any Relevant Taxing Jurisdiction affecting taxation which becomes effective on or after the Issue Date or, in the case of a Relevant Taxing Jurisdiction that arises after the Issue Date, the date
on which such Relevant Taxing Jurisdiction became a Relevant Taxing Jurisdiction under this Indenture (or, in the case of a successor Person, after the date of assumption by the successor person of the obligations thereunder); or 

(b) any change in the official application, administration, or interpretation of the laws, regulations or rulings of any Relevant Taxing
Jurisdiction (including a holding, judgment, or order by a court of competent jurisdiction), on or after the Issue Date or, in the case of a Relevant Taxing Jurisdiction has changed since the Issue Date, the date on which such Relevant Taxing
Jurisdiction became a Relevant Taxing Jurisdiction under this Indenture (or, in the case of a successor Person, after the date of assumption by the successor person of the obligations thereunder) (each of Section 5.9(a) and (b), a
“Change in Tax Law”). 
 Notwithstanding the foregoing, the Issuers may not redeem the Notes under this
provision if a Relevant Taxing Jurisdiction changes under this Indenture and the Issuers are obligated to pay Additional Amounts as a result of a Change in Tax Law of such Relevant Taxing Jurisdiction which was officially announced at the time the
latter became a Relevant Taxing Jurisdiction. 
 In the case of a Guarantor that becomes a party to this Indenture after the Issue Date or a
successor person (including a surviving entity), the Change in Tax Law must become effective after the date that such entity (or another person organized or resident in the same jurisdiction) becomes a party to the Indenture. In the case of
Additional Amounts required to be paid as a result of the Issuers conducting business in any jurisdiction (an “Additional Taxing Jurisdiction”) other than a Relevant Taxing Jurisdiction, the Change in Tax Law must become effective
after the date the Issuers begin to conduct the business giving rise to the relevant withholding or deduction. 
 Notwithstanding the
foregoing, no such notice of redemption will be given (a) earlier than 90 days prior to the earliest date on which the Issuers or any Guarantor, would be obliged to make such payment of Additional Amounts or withholding if a payment in respect
of the Notes or the relevant Guarantee, as the case may be, were then due and (b) unless at the time such notice is given, the obligation to pay Additional Amounts remains in effect. 

Unless the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes or portions thereof called for
redemption on the applicable redemption date. 

  
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 Prior to the mailing of any notice of redemption pursuant to this Section 5.9, the
Issuers will deliver to the Trustee: 
 (a) an Officer’s Certificate stating that the Issuers are entitled to effect such redemption
and setting forth a statement of facts showing that the conditions precedent to the right of the Issuers so to redeem have occurred (including that such obligation to pay such Additional Amounts cannot be avoided by the Issuers or any Guarantor or
surviving entity taking reasonable measures available to it); and 
 (b) a written opinion of independent legal counsel of recognized
standing qualified under the laws of the Relevant Taxing Jurisdiction and reasonably satisfactory to the Trustee to the effect that the Issuers or a Guarantor or surviving entity, as the case may be, is or would be obligated to pay such Additional
Amounts as a result of a Change in Tax Law. 
 The Trustee will accept, and shall be entitled to rely on, such Officer’s Certificate
and opinion as sufficient evidence of the satisfaction of the conditions precedent described above, without further inquiry. 
 The
foregoing provisions shall apply mutatis mutandis to any successor Person, after such successor Person becomes a party to this Indenture, with respect to a Change in Tax Law occurring after the time such successor person becomes a party to this
Indenture. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 

SECTION 6.1. Events of Default. Each of the following is an “Event of Default”: 

(1) default in any payment of interest, if any, on any Note when due and payable, continued for 30 days; 

(2) default in the payment of the principal amount of or premium, if any, on any Note issued under this Indenture when due at
its Stated Maturity, upon optional redemption, upon required repurchase, upon declaration or otherwise; 
 (3) failure to
comply with the Issuers’ agreements or obligations contained in this Indenture for 60 days after written notice by the Trustee on behalf of the Holders or by the Holders of at least 30% in principal amount of the outstanding Notes; 

(4) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or
evidenced any Indebtedness for money borrowed by the Company or any of its Restricted Subsidiaries (or the payment of which is Guaranteed by the Company or any of its Restricted Subsidiaries), other than Indebtedness owed to the Company or any of
its Restricted Subsidiaries whether such Indebtedness or Guarantee now exists or is created after the date hereof, which default: 

(A) is caused by a failure to pay principal of such Indebtedness, at its stated final maturity (after giving effect to any
applicable grace periods provided in such Indebtedness); or 
 (B) results in the acceleration of such Indebtedness prior to
its stated final maturity; 
 and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any
other such Indebtedness under which there has been a payment default or the maturity of which has been so accelerated, aggregates $75.0 million or more; 

(5) failure by the Issuers or any Significant Subsidiary (or group of Restricted Subsidiaries that together (determined as of
the most recent consolidated financial statements of the Company for a fiscal period end provided as required under Section 3.10) would constitute a Significant Subsidiary), to pay final judgments aggregating in excess of
$75.0 million other than any judgments covered by indemnities provided by, or insurance policies issued by, reputable and creditworthy companies, which final judgments 

  
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remain unpaid, undischarged and unstayed for a period of more than 60 days after such judgment becomes final, and in the event such judgment is covered by insurance, an enforcement proceeding has
been commenced by any creditor upon such judgment or decree which is not promptly stayed; 
 (6) any Note Guarantee ceases to
be in full force and effect, other than in accordance with the terms of this Indenture or a Guarantor denies or disaffirms its obligations under its Note Guarantee, other than in accordance with the terms of this Indenture or upon release of such
Guarantee in accordance with this Indenture; 
 (7) any Security Document shall for any reason (other than pursuant to the
terms thereof including as a result of a transaction not prohibited by this Indenture) cease to create a valid and perfected lien, with the priority required by the Security Documents or any security interest in any material portion of the
Collateral purported to be covered thereby, subject to Permitted Liens, (i) except to the extent that any such perfection or priority is not required pursuant to this Indenture or Security Documents or results from the failure of the Collateral
Agent to maintain possession of certificates actually delivered to it representing securities pledged under the Security Documents and (ii) except as to Collateral consisting of Material Real Property to the extent that such losses are covered
by a lender’s title insurance policy and such insurer has not denied coverage; 
 (8) the failure by the Issuers or any
Guarantor to comply for 60 days after notice with its other agreements contained in the Security Documents, except for a failure that would not be material to the Holders of the Notes and would not materially affect the value of the Collateral taken
as a whole (together with the defaults described in clauses (7) and (8) the “security default provisions”). 

(9) the Issuers or any Guarantor that is Significant Subsidiary or any group of Guarantors that, taken together as of the
latest audited consolidated financial statements for the Company, would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 

(A) commences a voluntary case or proceeding; 

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

(C) consents to the appointment of a Custodian of it or for substantially all of its property; 

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

(E) consents to or acquiesces in the institution of a bankruptcy or an insolvency proceeding against it; or 

(F) takes any comparable action under any foreign laws relating to insolvency; 

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

(A) is for relief against the Company or any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken
together as of the latest audited consolidated financial statements for the Company, would constitute a Significant Subsidiary, in an involuntary case; 

(B) appoints a Custodian of the Company, any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken
together as of the latest audited consolidated financial statements for the Company, would constitute a Significant Subsidiary, for substantially all of its property; 

  
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 (C) orders the winding up or liquidation of the Company, any Guarantor that is a
Significant Subsidiary or any group of Guarantors that, taken together as of the latest audited consolidated financial statements for the Company, would constitute a Significant Subsidiary; 

(D) any similar relief is granted under any foreign laws and the order, decree or relief remains unstayed and in effect for 60
consecutive days; 
 (E) a Luxembourg Insolvency Event occurs in relation to the Company or any Guarantor organized under the
laws of Luxembourg that is a Significant Subsidiary; or 
 (F) a German Insolvency Event occurs in relation to any Guarantor
organized under the laws of the Federal Republic of Germany that is a Significant Subsidiary. 
 SECTION 6.2. Acceleration. If any
Event of Default (other than an Event of Default described in clause (9) or (10) of Section 6.1) occurs and is continuing, the Trustee by notice to the Issuers, or the Holders of at least 30% in principal amount of the
outstanding Notes by written notice to the Issuers and the Trustee, may declare the principal of, premium, if any, and accrued and unpaid interest and Additional Interest, if any, on all the Notes to be immediately due and payable. Upon such a
declaration, such principal, premium and accrued and unpaid interest, including Additional Interest, if any, will be due and payable immediately. 

In the event of any Event of Default specified in clause (4) of Section 6.1, such Event of Default and all consequences
thereof shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders, if within 30 days after such Event of Default arose: 

(1) (x) the Indebtedness that gave rise to such Event of Default shall have been discharged in full; or 

(y) the holders thereof have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such
Event of Default; or 
 (z) if the default that is the basis for such Event of Default has been cured; and 

(2) (a) the annulment of the acceleration of the Notes would not conflict with any judgment or decree of a court of
competent jurisdiction; and 
 (b) all existing Events of Default, except nonpayment of principal, premium or interest,
including Additional Interest, if any, on the Notes that became due solely because of the acceleration of the Notes, have been cured or waived. 

If an Event of Default described in clause (9) or (10) of Section 6.1 occurs and is continuing, the principal of,
premium, if any, and accrued and unpaid interest, including Additional Interest, if any, on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. 

SECTION 6.3. Other Remedies. If an Event of Default occurs and is continuing, the Trustee or Collateral Agent may pursue any available
remedy by proceeding at law or in equity to collect the payment of principal of, or premium, if any, or interest, including Additional Interest, if any, on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee or Collateral Agent may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the
proceeding. A delay or omission by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. No remedy is
exclusive of any other remedy. All available remedies are cumulative. 

  
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 In addition to the right of acceleration set forth in Section 6.2 hereof, if an Event of
Default occurs and is continuing under this Indenture, the Trustee or the Collateral Agent, as applicable, shall, subject to the provisions contained in the Intercreditor Agreement, have the right to exercise remedies with respect to the Collateral
such as foreclosure, as are available under this Indenture, the Security Documents and at law. 
 SECTION 6.4. Waiver of Past
Defaults. The Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of all of the Holders, (a) waive, by their consent (including, without limitation, consents
obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), an existing Default or Event of Default and its consequences under this Indenture or the Security Documents except (i) a Default or Event of Default in
the payment of the principal of, or premium, if any, or interest, including Additional Interest, if any, on a Note or (ii) a Default or Event of Default in respect of a provision that under Section 9.2 cannot be amended without the
consent of each Holder affected and (b) rescind any acceleration with respect to the Notes and its consequences if (1) such rescission would not conflict with any judgment or decree of a court of competent jurisdiction, (2) all
existing Events of Default have been cured or waived except nonpayment of principal, premium, if any, interest or Additional Interest, if any, that has become due solely because of the acceleration, (3) to the extent the payment of such
interest is lawful, interest on overdue installments of interest, Additional Interest, if any, premium, if any, and overdue principal, which has become due otherwise than by such declaration of acceleration, has been paid, (4) the Issuers have
paid the Trustee its compensation and reimbursed the Trustee for its reasonable expenses, disbursements and advances and (5) in the event of the cure or waiver of an Event of Default of the type described in clause (4) of
Section 6.1, the Trustee shall have received an Officer’s Certificate and an Opinion of Counsel stating that such Event of Default has been cured or waived. No such rescission shall affect any subsequent Default or impair any right
consequent thereto. When a Default or Event of Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any consequent right. 

SECTION 6.5. Control by Majority. The Holders of a majority in principal amount of the outstanding Notes may direct the time, method
and place of conducting any proceeding for any remedy available to the Trustee or the Collateral Agent or of exercising any trust or power conferred on the Trustee or the Collateral Agent. However, the Trustee and the Collateral Agent may refuse to
follow any direction that conflicts with law or this Indenture or the Notes or, subject to Sections 7.1 and 7.2, that the Trustee or the Collateral Agent determines is unduly prejudicial to the rights of other Holders or would involve
the Trustee or the Collateral Agent in personal liability; provided, however, that the Trustee or the Collateral Agent may take any other action deemed proper by the Trustee or the Collateral Agent that is not inconsistent with such
direction. Prior to taking any such action hereunder, the Trustee or the Collateral Agent shall be entitled to indemnification satisfactory to it against all fees, losses, liabilities and expenses (including attorney’s fees and expenses) that
may be caused by taking or not taking such action. 
 SECTION 6.6. Limitation on Suits. Subject to Section 6.7, a Holder
may not pursue any remedy with respect to this Indenture, the Notes or the Collateral unless: 
 (1) such Holder has
previously given the Trustee or the Collateral Agent, as applicable, written notice that an Event of Default is continuing; 

(2) Holders of at least 30% in principal amount of the outstanding Notes have requested in writing the Trustee to pursue the
remedy; 
 (3) such Holders have offered in writing the Trustee security or indemnity satisfactory to the Trustee against any
loss, liability or expense; 
 (4) the Trustee has not complied with such request within 60 days after the receipt of the
written request and the offer of security or indemnity; and 
 (5) Holders of a majority in principal amount of the
outstanding Notes have not given the Trustee a written direction that, in the opinion of the Trustee, is inconsistent with such request within such 60-day period. 

  
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 A Holder may not use this Indenture to prejudice the rights of another Holder or to obtain a
preference or priority over another Holder (it being understood that the Trustee does not have an affirmative duty to ascertain whether or not such actions or forbearances are unduly prejudicial to such Holders). 

SECTION 6.7. Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture (including, without
limitation, Section 6.6), the right of any Holder to receive payment of principal of, premium, if any, or interest, including Additional Interest, if any, on the Notes held by such Holder, on or after the respective due dates expressed
or provided for in the Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

SECTION 6.8. Collection Suit by Trustee. If an Event of Default specified in clause (1) or (2) of Section 6.1
occurs and is continuing, the Trustee may recover judgment in its own name and as trustee of an express trust against the Issuers for the whole amount then due and owing (together with interest on any unpaid interest and Additional Interest, if any,
to the extent lawful) and the amounts provided for in Section 7.7. 
 SECTION 6.9. Trustee May File Proofs of Claim. The
Trustee may file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the
Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuers, their Subsidiaries or their respective creditors or properties and, unless prohibited by law or applicable regulations, may be entitled and
empowered to participate as a member of any official committee of creditors appointed in such matter and may vote on behalf of the Holders in any election of a trustee in bankruptcy or other Person performing similar functions, and any Custodian in
any such judicial proceeding is hereby authorized by each Holder to make payments to the Trustee and, in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the
compensation, expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under Section 7.7. 

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

SECTION 6.10. Priorities. 

(a) If the Trustee or Collateral Agent collects any money or property pursuant to this Article VI it shall, subject to the
Intercreditor Agreement, pay out the money or property in the following order: 
 FIRST: to the Trustee or the Collateral
Agent for amounts due to them under Section 7.7; 
 SECOND: to Holders for amounts due and unpaid on the Notes
for principal of, or premium, if any, and interest and Additional Interest, if any, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal of, or premium, if any, and interest
(including Additional Interest), respectively; and 
 THIRD: to the Issuers, or to the extent the Trustee collects any amount
for any Guarantor, to such Guarantor. 
 (b) The Trustee may fix a record date and payment date for any payment to Holders pursuant to this
Section 6.10. At least 15 days before such record date, the Issuers shall send or cause to be sent to each Holder and the Trustee a notice that states the record date, the payment date and amount to be paid. 

SECTION 6.11. Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable
costs, including reasonable attorneys’ fees and expenses, against any party 

  
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litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a
suit by the Issuers, a suit by a Holder pursuant to Section 6.7 or a suit by Holders of more than 10% in outstanding principal amount of the Notes. 

ARTICLE VII 
 TRUSTEE 

SECTION 7.1. Duties of Trustee. 

(a) If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and powers vested in it by this Indenture,
the Notes, the Security Agreement, the Intercreditor Agreement and any other Security Document and use the same degree of care and skill in its exercise as a prudent Person would exercise or use under the circumstances in the conduct of such
person’s own affairs. 
 (b) Except during the continuance of an Event of Default: 

(1) the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (2) in the absence of bad
faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates, opinions or orders furnished to the Trustee and conforming to the requirements of this
Indenture or the Notes, as the case may be. However, in the case of any such certificates or opinions which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such certificates and opinions
to determine whether or not they conform to the requirements of this Indenture or the Notes, as the case may be (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

(c) The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that: 
 (1) this Section 7.1(c) does not limit the effect of clause (b) of this
Section 7.1; 
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Trust
Officer unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; 
 (3) the Trustee shall not
be liable with respect to any action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.5; and 

(4) No provision of this Indenture or the Notes shall require the Trustee to expend or risk its own funds or otherwise incur
financial liability in the performance of any of its duties hereunder or there-under or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such
risk or liability is not reasonably assured to it. 
 (d) Every provision of this Indenture that in any way relates to the Trustee is
subject to clauses (a), (b) and (c) of this Section 7.1. 
 (e) The Trustee shall not be liable for interest on any
money received by it except as the Trustee may agree in writing with the Issuers. 
 (f) Money held in trust by the Trustee need not be
segregated from other funds except to the extent required by law. 
 (g) 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 7.1 and to the provisions of the TIA. 

  
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 SECTION 7.2. Rights of Trustee. Subject to Section 7.1: 

(a) The Trustee may conclusively rely on and shall be fully protected in acting or refraining from acting upon any resolution,
certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by
the proper Person. The Trustee need not investigate any fact or matter stated in the document. The Trustee shall receive and retain financial reports and statements of the Company as provided herein, but shall have no duty to review or analyze such
reports or statements to determine compliance with covenants or other obligations of the Company and shall not be deemed to have knowledge of any matter contained therein. 

(b) Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate and/or an Opinion of Counsel.
The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on an Officer’s Certificate or Opinion of Counsel. 

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

(d) The Trustee shall not be liable for any action it takes or omits to take in good faith which it believes to be authorized
or within its rights or powers conferred upon it by this Indenture. 
 (e) The Trustee may consult with counsel of its
selection, and the advice or opinion of counsel relating to this Indenture or the Notes shall be full and complete authorization and protection from liability in respect of any action taken, omitted or suffered by it hereunder or under the Notes in
good faith and in accordance with the advice or opinion of such counsel. 
 (f) The Trustee shall not be deemed to have
notice of any Default or Event of Default or whether any entity or group of entities constitutes a Significant Subsidiary unless a Trust Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such
a Default or of any such Significant Subsidiary is received by the Trustee at the corporate trust office of the Trustee specified in Section 3.12, and such notice references the Notes and this Indenture. 

(g) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right
to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and to each agent, custodian and other Person employed to act hereunder. 

(h) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture or the
Notes at the request, order or direction of any of the Holders pursuant to the provisions of this Indenture, unless such Holders shall have offered to the Trustee security or indemnity satisfactory to the Trustee against the costs, expenses and
liabilities which may be incurred therein or thereby. 
 (i) The Trustee shall not be deemed to have knowledge of any fact or
matter unless such fact or matter is known to a Trust Officer of the Trustee. 
 (j) Whenever in the administration of this
Indenture or the Notes the Trustee shall deem it desirable that a matter be proved or established prior to taking, suffering or omitting any action hereunder or thereunder, the Trustee (unless other evidence be herein specifically prescribed) may,
in the absence of bad faith or willful misconduct on its part, conclusively rely upon an Officer’s Certificate. 

  
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 (k) The Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, report, notice, request, direction, consent, order, bond, debenture, coupon or other paper or document, but the Trustee, in its discretion, may make such further inquiry or
investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine, during business hours and upon reasonable notice, the books, records and
premises of the Issuers and the Restricted Subsidiaries, personally or by agent or attorney, at the sole cost of the Issuers and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 

(l) The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties
hereunder. 
 (m) The Trustee may request that the Issuers deliver an Officer’s Certificate setting forth the names of
individuals and/or titles of officers authorized at such time to take specified actions pursuant to this Indenture or the Notes. 

(n) In no event shall the Trustee be liable to any Person for special, punitive, indirect, consequential or incidental loss or
damage of any kind whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage. 

(o) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers shall
be sufficient if signed by one Officer of the Issuers. 
 (p) The Trustee shall have no obligation to monitor or verify
compliance by the Issuers or any Guarantor with any other obligation or covenant under this Indenture or the Security Documents. 

(q) The Trustee shall have no duty (i) to cause the maintenance of any insurance, (ii) with respect to the payment or
discharge of any tax, charge or Lien levied against any part of the Collateral, or (iii) with respect to the filing or refiling of any Security Document. 

(r) The Trustee shall be under no obligation to the Holders to ascertain or to inquire as to the observance or performance of
any of the agreements contained in, statements made in, or conditions of any of the Collateral or Security Documents or to inspect the property (including the books and records) of the Issuers. 

(s) The Trustee shall not be responsible for the existence, genuineness or value of any of the Collateral or for the validity,
perfection, priority or enforceability of the Liens upon any of the Collateral, whether impaired by operation of law or by reason of any action or omission to act on its part. 

SECTION 7.3. Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuers, Guarantors or their Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent, Registrar, co-registrar or co-paying agent may do the same with like rights. However, the Trustee
must comply with Sections 7.10 and 7.11. In addition, the Trustee shall be permitted to engage in transactions with the Issuers; provided, however, that if the Trustee acquires any conflicting interest under the TIA, the
Trustee must (i) eliminate such conflict within 90 days of acquiring such conflicting interest, (ii) apply to the SEC for permission to continue acting as Trustee or (iii) resign. 

SECTION 7.4. Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity or
adequacy of this Indenture, the Collateral, the Security Documents or the Notes, shall not be accountable for the Issuers’ use of the proceeds from the sale of the Notes, shall not be responsible for the use or application of any money received
by any Paying Agent other than the Trustee or any money paid to the Issuers pursuant to the terms of this Indenture and shall not be responsible for any statement of the Issuers in this Indenture or in any document issued in connection with the sale
of the Notes or in the Notes other than the Trustee’s certificate of authentication. 

  
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 SECTION 7.5. Notice of Defaults. If a Default or Event of Default occurs and is continuing
and if a Trust Officer has actual knowledge thereof, the Trustee shall send electronically or by first class mail to each Holder at the address set forth in the Notes Register notice of the Default or Event of Default within 60 days after it is
actually known to a Trust Officer. Except in the case of a Default or Event of Default in payment of principal of, or premium, if any, interest or Additional Interest, if any, on any Note (including payments pursuant to the optional redemption or
required repurchase provisions of such Note), the Trustee may withhold the notice if and so long it in good faith determines that withholding the notice is in the interests of Holders. 

SECTION 7.6. Reports by Trustee to Holders. Within 60 days after each January 31 beginning January 31, 2014, the Trustee shall
mail to each Holder a brief report dated as of such January 31 that complies with TIA Section 313(a) if and to the extent required thereby. The Trustee also shall comply with Trust Indenture Act Section 313(b)(2), to the extent
applicable. The Trustee shall also transmit by mail all reports as required by Trust Indenture Act Section 313(c). 
 A copy of each
report at the time of its mailing to Holders shall be filed with the SEC and each stock exchange (if any) on which the Notes are listed. The Issuers agree to notify the Trustee promptly in writing whenever the Notes become listed on any stock
exchange and of any delisting thereof and the Trustee shall comply with TIA Section 313(d). 
 SECTION 7.7. Compensation and
Indemnity. For the purposes of this Section 7.7, the Trustee and the Collateral Agent are referred to collectively as the “Indemnified Parties,” and each as an “Indemnified Party.” The Company shall pay to
the Trustee from time to time such compensation with respect to the Trustee, for its acceptance of this Indenture and services hereunder and, with respect to the Collateral Agent, for its acceptance of the Security Agreement and services thereunder,
as the parties shall agree in writing from time to time. The Trustee’s and the Collateral Agent’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers and the Guarantors, jointly and
severally, shall reimburse the Trustee and the Collateral Agent promptly upon request for all out-of-pocket disbursements, advances and expenses incurred or made by it in addition to the compensation for its services. Such expenses shall include the
reasonable compensation, disbursements and expenses of the Trustee’s and the Collateral Agent’s agents and counsel. 
 The Issuers
and the Guarantors, jointly and severally, shall indemnify each Indemnified Party and its officers, directors, employees, agents and any predecessor trustee or collateral agent and their respective officers, directors, employees and agents for, and
hold each Indemnified Party harmless against, any and all loss, damage, claims, liability or expense (including reasonable attorneys’ fees and expenses) incurred by it in connection with the acceptance or administration of this trust and the
performance of its duties hereunder or under the Security Documents (including the reasonable costs and expenses of enforcing this Indenture or the Security Documents against the Issuers or any of the Guarantors (including this Section 7.7) or
defending itself against any claim whether asserted by any Holder, any Issuer or any Guarantor or any holder of Pari Passu Indebtedness, or liability in connection with the acceptance, exercise or performance of any of its powers or duties hereunder
or under the Security Documents) (but excluding taxes imposed on such Persons in connection with compensation for such administration or performance). Each Indemnified Party shall notify the Company promptly of any claim for which it may seek
indemnity. Failure by such Indemnified Party to so notify the Company shall not relieve the Issuers and the Guarantors of their obligations hereunder. The Company shall defend the claim and each Indemnified Party may have separate counsel and the
Company shall pay the reasonable fees and expenses of such counsel. Neither Issuer nor any Guarantor need reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through the Trustee’s own willful
misconduct, negligence or bad faith or incurred by the Collateral Agent through the Collateral Agent’s own willful misconduct, gross negligence or bad faith, in each case as determined by a final order of a court of competent jurisdiction.
Neither Issuer nor any Guarantor need pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 

The obligations of the Company under this Section 7.7 shall survive the satisfaction and discharge of this Indenture or the earlier
resignation or removal of the Trustee or the Collateral Agent, as applicable. 
 Notwithstanding anything to the contrary in
Section 3.6 hereof, to secure the payment obligations of the Issuers and the Guarantors in this Section 7.7, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except money or
property held in trust to pay principal and interest on particular Notes. Such Lien shall survive the satisfaction and discharge of this Indenture. 

  
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 When the Trustee and Collateral Agent incur expenses or render services after an Event of Default
specified in Section 6.1(9) or Section 6.1(10) hereof occurs, the expenses and the compensation for the services (including the reasonable fees and expenses of its agents and counsel) are intended to constitute expenses of administration
under any Bankruptcy Law. 
 SECTION 7.8. Replacement of Trustee. The Trustee may resign at any time by so notifying the Issuers in
writing not less than 30 days prior to the effective date of such resignation. The Holders of a majority in principal amount of the Notes may remove the Trustee by so notifying the removed Trustee in writing not less than 30 days prior to the
effective date of such removal and may appoint a successor Trustee with the Issuers’ written consent, which consent will not be unreasonably withheld. The Issuers shall remove the Trustee if: 

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

(2) the Trustee is adjudged bankrupt or insolvent; 

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

(4) the Trustee otherwise becomes incapable of acting. 

If the Trustee resigns or is removed by the Issuers or by the Holders of a majority in principal amount of the Notes and such Holders do not
reasonably promptly appoint a successor Trustee as described in the preceding paragraph, or if a vacancy exists in the office of the Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers
shall promptly appoint a successor Trustee. 
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring
Trustee and to the Issuers. Thereupon the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall
mail a notice of its succession to Holders. The retiring Trustee shall, at the expense of the Issuers, promptly transfer all property held by it as Trustee to the successor Trustee, subject to the lien provided for in Section 7.7. 

If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee or the
Holders of at least 10% in principal amount of the Notes may petition, at the Issuers’ expense, any court of competent jurisdiction for the appointment of a successor Trustee. 

If the Trustee fails to comply with Section 7.10, unless the Trustee’s duty to resign is stayed as provided in TIA
Section 310(b), any Holder, who has been a bona fide holder of a Note for at least six months, may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

Notwithstanding the replacement of the Trustee pursuant to this Section 7.8, the Issuers’ obligations under
Section 7.7 shall continue for the benefit of the retiring Trustee. The predecessor Trustee shall have no liability for any action or inaction of any successor Trustee. 

SECTION 7.9. Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation without any further act shall be the successor Trustee. 

In case at the time such successor or successors by merger, conversion or consolidation to the Trustee shall succeed to the trusts created by
this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor trustee, and deliver such Notes so authenticated; and in case at that
time any of the Notes shall not have been authenticated, any successor to the Trustee may authenticate such Notes either in the name of any predecessor hereunder or in the name of the successor to the Trustee; provided that the right to adopt
the certificate of authentication of any predecessor Trustee or authenticate Notes in the name of any predecessor Trustee shall only apply to its successor or successors by merger, consolidation or conversion. 

  
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 SECTION 7.10. Eligibility; Disqualification. This Indenture shall always have a Trustee
that satisfies the requirements of TIA Sections 310(a)(1), (2) and (5) in every respect. The Trustee shall have a combined capital and surplus of at least $100 million as set forth in its most recent published annual report of condition.
The Trustee shall comply with TIA Section 310(b); provided, however, that there shall be excluded from the operation of TIA Section 310(b)(1) any indenture or indentures under which other securities or certificates of
interest or participation in other securities of the Issuers are outstanding if the requirements for such exclusion set forth in TIA Section 310(b)(1) are met. 

SECTION 7.11. Preferential Collection of Claims Against the Issuers. The Trustee shall comply with TIA Section 311(a), excluding
any creditor relationship listed in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

SECTION 7.12. Intercreditor Agreement and the Security Documents. The Trustee is hereby directed and authorized by the Holders to
execute and deliver, or cause the Collateral Agent to execute and deliver, the Inter-creditor Agreement and any other Security Documents to the extent it is named as a party therein. Whether or not so expressly stated therein, in entering into, or
taking (or forbearing from) any action under or pursuant to, the Inter-creditor Agreement or any other Security Document, the Trustee and the Collateral Agent each shall have all of the rights, immunities, indemnities and other protections granted
to it under this Indenture (in addition to those that may be granted to it under the terms of such other agreement or agreements). Each Holder, by its acceptance of a Note, hereby authorizes the Collateral Agent to execute and deliver the
Intercreditor Agreement for the benefit of the Holders and make the representations of such Holder set forth therein, and each Holder agrees to be bound by all of the provisions of the Intercreditor Agreement. In addition, each Holder acknowledges
and agrees that the Collateral Agent has entered into the Intercreditor Agreement and other Security Documents for the benefit of the Holders and agrees to be bound by all of the provisions thereof. 

SECTION 7.13. Trustee’s Application for Instruction from the Issuers. Any application by the Trustee for written instructions from
the Issuers may, at the option of the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The
Trustee shall not be liable for any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date specified in such application (which date shall not be less than three Business Days
after the date any Officer of the Issuers actually receives such application, unless any such Officer shall have consented in writing to any earlier date) unless prior to taking any such action (or the effective date in the case of an omission), the
Trustee shall have received written instructions in response to such application specifying the action to be taken or omitted. 
 ARTICLE
VIII 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

SECTION 8.1. Option to Effect Legal Defeasance or Covenant Defeasance; Defeasance. The Issuers may, at their option and at any time,
elect to have either Section 8.2 or 8.3 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article VIII. 

SECTION 8.2. Legal Defeasance and Discharge. Upon the Issuers’ exercise under Section 8.1 hereof of the option
applicable to this Section 8.2, the Issuers and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be deemed to have been discharged from their obligations with respect
to all outstanding Notes (including the Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuers and the Guarantors will be
deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of Section 8.5 hereof and the
other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all of their other obligations under such Notes, the Guarantees and this Indenture and the Security Documents (and the Trustee, on written
demand of and at the expense of the Issuers, shall execute such instruments as requested by the Issuers acknowledging the same) and to have cured all then existing Events of Default, except for the following provisions which will survive until
otherwise terminated or discharged hereunder: 
 (1) the rights of Holders of Notes issued under this Indenture to receive
payments in respect of the principal of, premium, if any, and interest and Additional Interest, if any, on the Notes when such payments are due solely out of the trust referred to in Section 8.4 hereof; 

  
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 (2) the Issuers’ obligations with respect to the Notes under Article
II concerning issuing temporary Notes, registration of such Notes, mutilated, destroyed, lost or stolen Notes and Section 3.12 hereof concerning the maintenance of an office or agency for payment and money for security payments held
in trust; 
 (3) the rights, powers, trusts, duties and immunities of the Trustee and the Issuers’ or Guarantors’
obligations in connection therewith; and 
 (4) this Article VIII with respect to provisions relating to Legal
Defeasance. 
 SECTION 8.3. Covenant Defeasance. Upon the Issuers’ exercise under Section 8.1 hereof of the option
applicable to this Section 8.3, the Issuers and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, be released from each of their obligations under the covenants
contained in Sections 3.2, 3.3, 3.4, 3.5, 3.6, 3.7, 3.8, 3.9, 3.10, 3.11, 3.16, 3.19, 3.21, 3.24 and 4.1 (except Sections 4.1(a)(1) and
(a)(2)) hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.4 hereof are satisfied (hereinafter, “Covenant Defeasance”), and the Notes will thereafter be deemed
not “outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but will continue to be deemed “outstanding” for all
other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantees, the Issuers and the Guarantors may omit to comply with and shall have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and
such omission to comply shall not constitute a Default or an Event of Default under Section 6.1 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Guarantees will be unaffected thereby. In
addition, upon the Issuers’ exercise under Section 8.1 hereof of the option applicable to this Section 8.3, subject to the satisfaction of the conditions set forth in Section 8.4 hereof, Sections
6.1(3) (other than with respect to Sections 4.1(a)(1) and (a)(2)), 6.1(4), 6.1(5), 6.1(6), 6.1(9) (with respect only to a Guarantor that is a Significant Subsidiary or any group of Guarantors that taken
together would constitute a Significant Subsidiary), and 6.1(10) (with respect only to a Guarantor that is a Significant Subsidiary or any group of Guarantors that taken together would constitute a Significant Subsidiary) hereof shall not
constitute Events of Default. 
 SECTION 8.4. Conditions to Legal or Covenant Defeasance. In order to exercise either Legal
Defeasance or Covenant Defeasance under either Section 8.2 or 8.3 hereof: 
 (1) the Issuers must
irrevocably deposit with the Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of
independent public accountants, to pay the principal of and premium, if any, interest and Additional Interest, if any, due on the Notes issued under this Indenture on the stated maturity date or on the applicable redemption date, as the case may be,
and the Issuers must specify whether such Notes are being defeased to maturity or to a particular redemption date; 
 (2) in
the case of Legal Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United States confirming that, subject to customary assumptions and exclusions; 

(A) the Issuers have received from, or there has been published by, the United States Internal Revenue Service a ruling; or

 (B) since the issuance of such Notes, there has been a change in the applicable U.S. federal income tax law; 

  
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 in either case stating that, and based thereon such Opinion of Counsel in the United States shall
confirm that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Legal Defeasance and will be subject to U.S. federal income tax on the same
amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 

(3) in the case of Covenant Defeasance, the Issuers shall have delivered to the Trustee an Opinion of Counsel in the United
States stating that, subject to customary assumptions and exclusions, the Holders will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such Covenant Defeasance and will be subject to U.S. federal income tax on
the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and the
granting of Liens in connection therewith) shall have occurred and be continuing on the date of such deposit; 
 (5) such
Legal Defeasance or Covenant Defeasance shall not result in a breach or violation of, or constitute a default under the Credit Facilities or any other material agreement or instrument (other than this Indenture) to which either Issuer or any
Guarantor is a party or by which either Issuer or any Guarantor is bound; 
 (6) the Issuers shall have delivered to the
Trustee an Opinion of Counsel stating that, as of the date of such opinion and subject to customary assumptions and exclusions, following the deposit, the trust funds will not be subject to the effect of Sections 547 and 548 of Title 11 of the
United States Code, as amended, or any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally under any applicable U.S. federal or state law; 

(7) the Issuers shall have delivered to the Trustee an Officer’s Certificate stating that the deposit was not made by the
Issuers with the intent of defeating, hindering, delaying, defrauding or preferring any creditors of the Issuers or any Guarantor or others; and 

(8) the Issuers shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel (which Opinion of
Counsel may be subject to customary assumptions and exclusions) each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance, as the case may be, have been complied with. 

SECTION 8.5. Deposited Money and U.S. Government Obligations to Be Held in Trust; Other Miscellaneous Provisions. Subject to
Section 8.6 hereof, all money and U.S. Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.5, the
“Trustee”) pursuant to Section 8.4 hereof in respect of the outstanding Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including an Issuer acting as Paying Agent) as the Trustee may determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium and Additional Interest, if any,
and interest, but such money need not be segregated from other funds except to the extent required by law. 
 The Issuers will pay and
indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or U.S. Government Obligations deposited pursuant to Section 8.4 hereof or the principal and interest received in respect thereof other
than any such tax, fee or other charge which by law is for the account of the Holders of the outstanding Notes. The indemnity contained herein shall survive discharge of the Indenture and any resignation or removal of the Trustee. 

  
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 Notwithstanding anything in this Article VIII to the contrary, the Trustee will deliver or
pay to the Issuers from time to time upon the request of the Issuers any money or U.S. Government Obligations held by it as provided in Section 8.4 hereof which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee (which may be the opinion delivered under Section 8.4(1) hereof), are in excess of the amount thereof that would then be required to be deposited to effect
an equivalent Legal Defeasance or Covenant Defeasance. 
 SECTION 8.6. Repayment to the Issuers. Any money deposited with the Trustee
or any Paying Agent, or then held by the Issuers, in trust for the payment of the principal of, premium or Additional Interest, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium or Additional
Interest, if any, or interest has become due and payable shall be paid to the Issuers on their written request unless an abandoned property law designates another Person or (if then held by the Issuers) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Issuers for payment thereof unless an abandoned property law designates another Person, and all liability of the Trustee or such Paying Agent with respect to such trust money, and
all liability of the Issuers as trustee thereof, will thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, shall at the expense of the Issuers cause to be
published once, in the New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or
publication, any unclaimed balance of such money then remaining will be repaid to the Issuers. 
 SECTION 8.7. Reinstatement. If the
Trustee or Paying Agent is unable to apply any money or U.S. dollars or U.S. Government Obligations in accordance with Section 8.2 or 8.3 hereof, as the case may be, by reason of any order or judgment of any court or Governmental
Authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ and the Guarantors’ obligations under this Indenture and the Notes and the Guarantees will be revived and reinstated as though no deposit had
occurred pursuant to Section 8.2 or 8.3 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.2 or 8.3 hereof, as the case may be;
provided, however, that, if the Issuers make any payment of principal of, premium or Additional Interest, if any, or interest on, any Note following the reinstatement of its obligations, the Issuers will be subrogated to the rights of
the Holders of such Notes to receive such payment from the money or U.S. Government Obligations held by the Trustee or Paying Agent. 

ARTICLE IX 
 AMENDMENTS

 SECTION 9.1. Without Consent of Holders. Notwithstanding Section 9.2 hereof, without the consent of any Holder,
the Issuers, the Trustee and, to the extent applicable, the Collateral Agent may amend or supplement any Note Documents or Security Documents and the Issuers may direct the Trustee and the Collateral Agent, and the Trustee and Collateral Agent
shall, enter into an amendment to the Intercreditor Agreement or any Future Intercreditor Agreement, to: 
 (1) cure any
ambiguity, omission, mistake, defect, error or inconsistency or reduce the minimum denomination of the Notes; 
 (2) provide
for the assumption by a successor Person of the obligations of the Issuers or any Guarantor under any Note Document; 
 (3)
provide for uncertificated Notes in addition to or in place of certificated Notes; 
 (4) add to the covenants or provide for
a Note Guarantee for the benefit of the Holders or surrender any right or power conferred upon the Company or any Restricted Subsidiary; 

(5) make any change that does not adversely affect the rights of any Holder in any material respect; 

  
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 (6) make such provisions as necessary (as determined in good faith by the
Company) for the issuance of Additional Notes in accordance with the terms of this Indenture; 
 (7) provide for any
Restricted Subsidiary to provide a Note Guarantee in accordance with Section 3.2, to add Guarantees with respect to the Notes, to add security to or for the benefit of the Notes, or to confirm and evidence the release, termination,
discharge or retaking of any Guarantee or Lien with respect to or securing the Notes when such release, termination, discharge or retaking is provided for under this Indenture; 

(8) evidence and provide for the acceptance and appointment under this Indenture of a successor Trustee pursuant to the
requirements hereof or to provide for the accession by the Trustee to any Note Document; 
 (9) make any amendment to the
provisions of this Indenture relating to the transfer and legending of Notes as permitted by this Indenture, including, without limitation, to facilitate the issuance and administration of Notes; provided, however, that
(i) compliance with this Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and adversely affect the rights of
Holders to transfer Notes; 
 (10) mortgage, pledge, hypothecate or grant any other Lien in favor of the Trustee or the
Collateral Agent for the benefit of the Collateral Agent, the Trustee, the Holders of the Notes and any holders of Pari Passu Secured Obligations, as additional security for the payment and performance of all or any portion of the Notes Obligations
or any Pari Passu Secured Obligations subject to the Security Documents in any property or assets, including any which are required to be mortgaged, pledged or hypothecated, or in which a Lien is required to be granted to or for the benefit of the
Trustee or the Collateral Agent pursuant to this Indenture, any of the Security Documents or otherwise, in each case as certified in an Officer’s Certificate; 

(11) provide for the release of Collateral from the Lien pursuant to this Indenture, the Security Documents, the Intercreditor
Agreement and any Future Intercreditor Agreement when permitted or required by the Security Documents, this Indenture, the Intercreditor Agreement or any Future Intercreditor Agreement, in each case as certified in an Officer’s Certificate; or

 (12) provide for the succession of parties (other than the Issuers and the Guarantors) to the Security Documents, and
other changes that are ministerial and administrative in nature, in connection with any refinancing, amendment, renewal, extension, substitution, restructuring, replacement, supplement or other modification of any agreement governing Pari Passu
Secured Obligations and to which such parties are bound, in each case solely to the extent not prohibited by this Indenture; or 

(13) conform the text of this Indenture, the Notes, the Note Guarantees, the Security Documents or the Intercreditor Agreement
to any provision under the heading “Description of Notes” in the Offering Memorandum to the extent that such provision under the heading “Description of Notes” in the Offering Memorandum is intended to be a verbatim recitation or
a summary of a provision of this Indenture, the Notes, the Note Guarantees, the Security Documents or the Intercreditor Agreement as certified in an Officer’s Certificate. 

In connection with any amendment, the Trustee shall be entitled to receive an Officer’s Certificate and Opinion of Counsel each stating
that such amendment is authorized or permitted by the terms of this Indenture, the Credit Agreement and each agreement governing any Pari Passu Secured Obligations, as applicable, and that all conditions precedent to such amendment required by this
Indenture, the Credit Agreement and each agreement governing any Pari Passu Secured Obligations, as applicable, have been complied with. 

Subject to Section 9.2, upon the request of the Issuers and upon receipt by the Trustee and Collateral Agent, if applicable, of
the documents described in Sections 9.6 and 13.4 hereof, the Trustee and Collateral Agent, if applicable, 

  
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will join with the Issuers and the Guarantors in the execution of such amended or supplemental indenture or other Notes Document unless such amended or supplemental indenture or other Notes
Document affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but will not be obligated to, enter into such amended or supplemental Indenture. 

After an amendment or supplement under this Section 9.1 becomes effective, the Issuers shall mail to Holders a notice briefly
describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or supplement under this Section 9.1. 

SECTION 9.2. With Consent of Holders. Except as provided below in this Section 9.2, the Issuers, the Guarantors, the
Trustee and, to the extent applicable, the Collateral Agent may amend or supplement this Indenture, any Guarantee, the Notes issued hereunder the Intercreditor Agreement or any Security Document (together, the “Notes Documents”)
with the consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding and issued under this Indenture, including, without limitation, consents obtained in connection with a purchase of, or tender offer or
exchange offer for, Notes, and, subject to Sections 6.4 and 6.7 hereof, any existing Default or Event of Default (other than a Default or Event of Default in the payment of the principal of, premium, if any, and Additional Interest, if
any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes, the Guarantees and the Security Documents may be waived with the consent
of the Holders of a majority in aggregate principal amount of the then outstanding Notes issued under this Indenture (including consents obtained in connection with a purchase of or tender offer or exchange offer for Notes). Section 2.12
hereof and Section 13.6 hereof shall determine which Notes are considered to be “outstanding” for the purposes of this Section 9.2. 

Upon the request of the Issuers accompanied by a resolution of their Boards of Directors authorizing the execution of any such amended or
supplemental indenture or other Notes Document, and upon the filing with the Trustee of evidence of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Sections 9.6 and 13.4
hereof, the Trustee (and the Collateral Agent to the extent a party to the applicable document) will join with the Issuers and the Guarantors in the execution of such amended or supplemental indenture or other Notes Document unless such amended or
supplemental indenture or other Notes Document affects the Trustee’s or the Collateral Agent’s, as applicable, own rights, duties or immunities under this Indenture or other Notes Document or otherwise, in which case the Trustee (and the
Collateral Agent to the extent a party to the applicable document) may in its discretion, but will not be obligated to, enter into such amended or supplemental indenture or other Notes Document. 

Without the consent of each Holder of Notes affected, an amendment, supplement or waiver may not, with respect to any Notes issued thereunder
and held by a nonconsenting Holder: 
 (1) reduce the principal amount of such Notes whose Holders must consent to an
amendment; 
 (2) reduce the stated rate of or extend the stated time for payment of interest on any such Note (other than
provisions relating to Section 3.5 and Section 3.9); 
 (3) reduce the principal of or extend the
Stated Maturity of any such Note; 
 (4) reduce the premium payable upon the redemption of any such Note or change the time
at which any such Note may be redeemed, in each case as set forth in Section 5.7; 
 (5) make any such Note
payable in money other than that stated in such Note; 
 (6) impair the right of any Holder to receive payment of principal
of and interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any such payment on or with respect to such Holder’s Notes; 

  
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 (7) waive a Default or Event of Default with respect to the nonpayment of
principal, premium or interest (except pursuant to a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of such Notes and a waiver of the payment default that resulted from such acceleration);

 (8) make any change in the amendment or waiver provisions which require the Holders’ consent described in this
Section 9.2. 
 In addition, without the consent of the Holders of at least 66 2/3% in principal amount of Notes then
outstanding, no amendment, supplement or waiver may (i) release all or substantially all of the Collateral from the Liens of the Security Documents (except as permitted by the terms of this Indenture and the Security Documents) or
(ii) make any change in this Indenture, any Security Document, the Intercreditor Agreement or any Future Intercreditor Agreement that has the effect of altering the priority of the liens or the application of proceeds of the Collateral in a
manner that would adversely affect the Holders in any material respect. 
 It shall not be necessary for the consent of the Holders under
this Indenture to approve the particular form of any proposed amendment, supplement or waiver, but it shall be sufficient if such consent approves the substance thereof. A consent to any amendment, supplement or waiver under this Indenture by any
Holder of the Notes given in connection with a tender or exchange of such Holder’s Notes will not be rendered invalid by such tender or exchange. 

After an amendment or supplement under this Section 9.2 becomes effective, the Issuers shall mail to Holders a notice briefly
describing such amendment or supplement. The failure to give such notice to all Holders, or any defect therein, shall not impair or affect the validity of an amendment or supplement. 

SECTION 9.3. Compliance with Trust Indenture Act. Every amendment or supplement to this Indenture, any Guarantee and the Notes will be
set forth in an amended or supplemental indenture that complies with the TIA as then in effect. 
 SECTION 9.4. Revocation and Effect of
Consents and Waivers. Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the
same debt as the consenting Holder’s Note, even if notation of the consent or waiver is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent or waiver as to such Holder’s Note or
portion of its Note if the Trustee receives written notice of revocation before the date the amendment, supplement or waiver becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds
every Holder. 
 The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Holders entitled to
give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the immediately preceding paragraph, those Persons who were Holders at such
record date (or their duly designated proxies), and only those Persons, shall be entitled to give such consent or to revoke any consent previously given or to take any such action, whether or not such Persons continue to be Holders after such record
date. No such consent shall be valid or effective for more than 120 days after such record date. 
 SECTION 9.5. Notation on or Exchange
of Notes. The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuers in exchange for all Notes may issue and the Trustee shall, upon receipt of an Issuer Order,
authenticate new Notes that reflect the amendment, supplement or waiver. 
 Failure to make the appropriate notation or issue a new Note
will not affect the validity and effect of such amendment, supplement or waiver. 

  
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 SECTION 9.6. Trustee to Sign Amendments. The Trustee shall sign any amended or
supplemental indenture or amendment to other Notes Document authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Issuers may not sign
an amended or supplemental indenture until the Board of Directors of each Issuer approves it. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Sections 7.1 and 7.2 hereof)
shall be fully protected in conclusively relying upon, in addition to the documents required by Section 13.4 hereof, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental
indenture is authorized or permitted by this Indenture and is valid, binding and enforceable against the Issuers in accordance with its terms. 

ARTICLE X 
 GUARANTEE 

SECTION 10.1. Guarantee. Subject to the provisions of this Article X, each Guarantor hereby fully, unconditionally and
irrevocably guarantees, as primary obligor and not merely as surety, jointly and severally with each other Guarantor, to each Holder of the Notes, and the Trustee the full and punctual payment when due, whether at maturity, by acceleration, by
redemption or otherwise, of the principal of, premium, if any, and interest (including Additional Interest) on the Notes and all other obligations and liabilities of the Issuers under this Indenture (including without limitation interest (including
Additional Interest) accruing after the filing of any petition in bankruptcy, or the commencement of any insolvency, reorganization or like proceeding, relating to the Issuers or any Guarantor whether or not a claim for post-filing or Post-Petition
Interest is allowed in such proceeding and the obligations under Section 7.7), and the Registration Rights Agreement (all the foregoing being hereinafter collectively called the “Guaranteed Obligations”). Each Guarantor
agrees that the Guaranteed Obligations will rank equally in right of payment with other Indebtedness of such Guarantor, except to the extent such other Indebtedness is subordinate to the Guaranteed Obligations, in which case the obligations of the
Guarantors under the Guarantees will rank senior in right of payment to such other Indebtedness. 
 To evidence its Guarantee set forth in
this Section 10.1, each Guarantor hereby agrees that this Indenture shall be executed on behalf of such Guarantor by an Officer of such Guarantor. 

Each Guarantor hereby agrees that its Guarantee set forth in this Section 10.1 shall remain in full force and effect
notwithstanding the absence of the endorsement of any notation of such Guarantee on the Notes. 
 If an Officer whose signature is on this
Indenture no longer holds that office at the time the Trustee authenticates the Note, the Guarantee shall be valid nevertheless. 
 Each
Guarantor further agrees (to the extent permitted by law) that the Guaranteed Obligations may be extended or renewed, in whole or in part, without notice or further assent from it, and that it will remain bound under this Article X
notwithstanding any extension or renewal of any Guaranteed Obligation. 
 Each Guarantor waives presentation to, demand of payment from and
protest to the Issuers of any of the Guaranteed Obligations and also waives notice of protest for nonpayment. Each Guarantor waives notice of any default under the Notes or the Guaranteed Obligations. 

Each Guarantor further agrees that its Guarantee herein constitutes a Guarantee of payment when due (and not a Guarantee of collection) and
waives any right to require that any resort be had by any Holder to any security held for payment of the Guaranteed Obligations. 
 Except
as set forth in Section 10.2, the obligations of each Guarantor hereunder shall not be subject to any reduction, limitation, impairment or termination for any reason (other than payment of the Guaranteed Obligations in full), including
any claim of waiver, release, surrender, alteration or compromise, and shall not be subject to any defense of setoff, counterclaim, recoupment or termination whatsoever or by reason of the invalidity, illegality or unenforceability of the Guaranteed
Obligations or otherwise. Without limiting the generality of the foregoing, the Guaranteed Obligations of each Guarantor herein shall not be discharged or impaired or otherwise affected by 

  
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(a) the failure of any Holder to assert any claim or demand or to enforce any right or remedy against the Issuers or any other person under this Indenture, the Notes or any other agreement or
otherwise; (b) any extension or renewal of any thereof; (c) any rescission, waiver, amendment or modification of any of the terms or provisions of this Indenture, the Notes or any other agreement; (d) the release of any security held
by any Holder for the Guaranteed Obligations; (e) the failure of any Holder to exercise any right or remedy against any other Guarantor; (f) any change in the ownership of an Issuer; (g) any default, failure or delay, willful or
otherwise, in the performance of the Guaranteed Obligations; or (h) any other act or thing or omission or delay to do any other act or thing which may or might in any manner or to any extent vary the risk of any Guarantor or would otherwise
operate as a discharge of such Guarantor as a matter of law or equity. 
 Each Guarantor agrees that its Guarantee herein shall remain in
full force and effect until payment in full of all the Guaranteed Obligations or such Guarantor is released from its Guarantee in compliance with Section 10.2, Article VIII or Article XI. Each Guarantor further agrees that
its Guarantee herein shall continue to be effective or be reinstated, as the case may be, if at any time payment, or any part thereof, of principal of, premium, if any, interest or Additional Interest, if any, on any of the Guaranteed Obligations is
rescinded or must otherwise be restored by any Holder upon the bankruptcy or reorganization of an Issuer or otherwise. 
 In furtherance of
the foregoing and not in limitation of any other right which any Holder has at law or in equity against any Guarantor by virtue hereof, upon the failure of an Issuer to pay any of the Guaranteed Obligations when and as the same shall become due,
whether at maturity, by acceleration, by redemption or otherwise, each Guarantor hereby promises to and will, upon receipt of written demand by the Trustee, forthwith pay, or cause to be paid, in cash, to the Holders or the Trustee on behalf of the
Holders an amount equal to the sum of (i) the unpaid amount of such Guaranteed Obligations then due and owing and (ii) accrued and unpaid interest (including Additional Interest) on such Guaranteed Obligations then due and owing (but only
to the extent not prohibited by law) (including interest accruing after the filing of any petition in bankruptcy or the commencement of any insolvency, reorganization or like proceeding relating to the Issuers or any Guarantor whether or not a claim
for post-filing or Post-Petition Interest is allowed in such proceeding). 
 Each Guarantor further agrees that, as between such Guarantor,
on the one hand, and the Holders, on the other hand, (x) the maturity of the Guaranteed Obligations guaranteed hereby may be accelerated as provided in this Indenture for the purposes of its Guarantee herein, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the Guaranteed Obligations guaranteed hereby and (y) in the event of any such declaration of acceleration of such Guaranteed Obligations, such Guaranteed Obligations
(whether or not due and payable) shall forthwith become due and payable by the Guarantor for the purposes of this Guarantee. 
 Each
Guarantor also agrees to pay any and all fees, costs and expenses (including attorneys’ fees and expenses) incurred by the Trustee, the Collateral Agent or the Holders in enforcing any rights under this Section. 

The Guarantee set forth in this Section 10.1 is a continuing guarantee of payment and shall apply to all Guaranteed Obligations
whenever arising. 
 SECTION 10.2. Limitation on Liability; Termination, Release and Discharge. 

(a) Any term or provision of this Indenture to the contrary notwithstanding, the obligations of each Guarantor hereunder, only to the extent
limited by the provisions of local law applicable to each Guarantor, will be limited to the maximum amount as will, 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 other Guarantor under its Guarantee or pursuant to its contribution obligations under this Indenture, result in the obligations of such Guarantor under its
Guarantee not constituting a fraudulent conveyance or fraudulent transfer under its applicable federal, foreign or state law and not otherwise being void or voidable under any similar laws affecting the rights of creditors generally. 

  
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 (b) Any Note Guarantee of a Guarantor shall be automatically and unconditionally released and
discharged upon: 
 (1) a sale or other disposition (including by way of consolidation or merger) of the Capital Stock of
such Guarantor or the sale or disposition of all or substantially all the assets of the Guarantor (other than to the Issuers or a Restricted Subsidiary) otherwise permitted by this Indenture; 

(2) the designation in accordance with this Indenture of the Guarantor as an Unrestricted Subsidiary or the occurrence of any
event after which the Guarantor is no longer a Restricted Subsidiary; 
 (3) defeasance or discharge of the Notes pursuant to
Article VIII or Article XI; 
 (4) to the extent that such Guarantor is not an Immaterial Subsidiary solely due
to the operation of clause (i) of the definition of “Immaterial Subsidiary,” upon the release of the guarantee referred to in such clause; 

(5) to the extent such Guarantor is also a guarantor or borrower under the Credit Agreement as in effect on the Issue Date and,
at the time of release of its Guarantee, (x) has been released from its guarantee of, and all pledges and security, if any, granted in connection with the Credit Agreement (except a release by or as a result of a payment thereon), (y) is
not an obligor under any Indebtedness (other than Indebtedness permitted to be Incurred pursuant to Section 3.2(b)(3)) and (z) does not guarantee any Indebtedness of the Company or any of the Guarantors; or 

(6) upon the achievement of Investment Grade Status by the Notes; provided that such Note Guarantee shall be reinstated
upon the Reversion Date. 
 (c) To the extent that the jurisdiction of formation of any Guarantor that becomes party to this Indenture
requires additional local law provisions with respect to such new Guarantor’s Guarantee obligations, such provisions shall be set out in the supplemental indenture and shall be deemed incorporated by reference into this
Section 10.2. It being understood that such provisions shall be reasonable and customary as determined by the Issuers and certified as such in an Officer’s Certificate. 

SECTION 10.3. Right of Contribution. Each Guarantor hereby agrees that to the extent that any Guarantor shall have paid more than its
proportionate share of any payment made on the obligations under the Guarantees, such Guarantor shall be entitled to seek and receive contribution from and against the Issuers or any other Guarantor who has not paid its proportionate share of such
payment. The provisions of this Section 10.3 shall in no respect limit the obligations and liabilities of each Guarantor to the Trustee and the Holders and each Guarantor shall remain liable to the Trustee and the Holders for the full
amount guaranteed by such Guarantor hereunder. 
 SECTION 10.4. No Subrogation. Notwithstanding any payment or payments made by each
Guarantor hereunder, no Guarantor shall be entitled to be subrogated to any of the rights of the Trustee or any Holder against the Issuers or any other Guarantor or any collateral security or guarantee or right of offset held by the Trustee or any
Holder for the payment of the Guaranteed Obligations, nor shall any Guarantor seek or be entitled to seek any contribution or reimbursement from the Issuers or any other Guarantor in respect of payments made by such Guarantor hereunder, until all
amounts owing to the Trustee and the Holders by the Issuers on account of the Guaranteed Obligations are paid in full. If any amount shall be paid to any Guarantor on account of such subrogation rights at any time when all of the Guaranteed
Obligations shall not have been paid in full, such amount shall be held by such Guarantor in trust for the Trustee and the Holders, segregated from other funds of such Guarantor, and shall, forthwith upon receipt by such Guarantor, be turned over to
the Trustee in the exact form received by such Guarantor (duly indorsed by such Guarantor to the Trustee, if required), to be applied against the Guaranteed Obligations. 

SECTION 10.5. Execution of Supplemental Indenture for Future Guarantors. Each Subsidiary and other Person which is required to become a
Guarantor pursuant to Section 3.7, subject to Section 10.2 hereof, shall promptly execute and deliver to the Trustee a supplemental indenture in the form of Exhibit D hereto pursuant to which such Subsidiary or other
Person shall become a Guarantor under this Article X and shall guarantee the Guaranteed Obligations. Concurrently with the execution and delivery of such supplemental indenture, the Issuers shall deliver to the Trustee an Officer’s Certificate
stating that such supplemental indenture is authorized or permitted by this Indenture and an Opinion of Counsel to the effect that such supplemental indenture is authorized or permitted by this Indenture and, subject to customary exceptions, is a
legal, valid and binding obligation of such Guarantor, enforceable against such Guarantor in accordance with its terms. 

  
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 ARTICLE XI 

SATISFACTION AND DISCHARGE 

SECTION 11.1. Satisfaction and Discharge. This Indenture will be discharged and will cease to be of further effect as to all Notes
issued hereunder, when: 
 (a) either: 

(1) all Notes that have been authenticated and delivered, except lost, stolen or destroyed Notes that have been replaced or
paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 

(2) all such Notes not theretofore delivered to the Trustee for cancellation (i) have become due and payable by reason of
the making of a notice of redemption or otherwise or (ii) will become due and payable within one year at their Stated Maturity or (iii) 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 Issuers; 
 (b) the Issuers have
irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, U.S. Government Obligations, or a combination thereof, in such amounts as will be sufficient,
without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on such Notes not previously delivered to the Trustee for cancellation, for principal, premium, if any, and interest to the date of deposit (in the
case of Notes that have become due and payable), or to the Stated Maturity or redemption date, as the case may be; 
 (c) no
Default or Event of Default (other than that resulting from borrowing funds to be applied to make such deposit and the granting of Liens in connection therewith) with respect to this Indenture or the Notes issued hereunder shall have occurred and be
continuing on the date of such deposit or shall occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under the Credit Facilities or any other material agreement or instrument (other
than this Indenture) to which an Issuer or any Guarantor is a party or by which an Issuer or any Guarantor is bound; 
 (d)
the Issuers or any Guarantor has paid or caused to be paid all sums payable by the Issuers under this Indenture; and 
 (e)
the Issuers have delivered irrevocable instructions to the Trustee to apply the deposited money toward the payment of such Notes issued hereunder at maturity or the redemption date, as the case may be. 

In addition, the Issuers shall deliver an Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions
precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture, if money
has been deposited with the Trustee pursuant to clause (a)(2) of this Section 11.1, the provisions of Sections 8.6 and 11.2 hereof will survive. 

SECTION 11.2. Application of Trust Money. Subject to the provisions of Section 8.6 hereof, all money deposited with the
Trustee pursuant to Section 11.1 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer acting
as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium and Additional Interest, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need
not be segregated from other funds except to the extent required by law. 

  
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 If the Trustee or Paying Agent is unable to apply any money or U.S. Government Obligations in
accordance with Section 11.1 hereof by reason of any legal proceeding or by reason of any order or judgment of any court or Governmental Authority enjoining, restraining or otherwise prohibiting such application, the Issuers’ and
any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.1 hereof; provided that if the Issuers have made any payment of principal
of, premium or Additional Interest, if any, or interest on, any Notes because of the reinstatement of their obligations, the Issuers shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or U.S.
Government Obligations held by the Trustee or Paying Agent. 
 ARTICLE XII 

SECURITY 
 SECTION 12.1.
Security Documents. 
 (a) The payment of the principal of and interest and premium, if any, on the Notes when due, whether at
maturity, by acceleration, repurchase, redemption or otherwise and whether by the Issuers pursuant to the Notes or by the Guarantors pursuant to the Guarantees, the payment of all other Notes Obligations and the performance of all other Notes
Obligations of the Issuers and the Guarantors under this Indenture, the Notes, the Guarantees and the Security Documents are secured as provided in the Security Documents which the Issuers and the Guarantors have entered into and will be secured by
Security Documents hereafter delivered as required or permitted by this Indenture. The Issuers shall, and shall cause each Guarantor to, and each Guarantor shall, make all filings (including filings of continuation statements and amendments to
Uniform Commercial Code (or other personal property security legislation) financing statements that may be necessary to continue the effectiveness of such Uniform Commercial Code (or other personal property security legislation) financing
statements) and all other actions as are necessary or required by the Security Documents to maintain (at the sole cost and expense of the Issuers and the Guarantors) the security interest created by the Security Documents in the Collateral (other
than with respect to any Collateral the security interest in which is not required to be perfected or maintained under the Security Documents) as a perfected security interest subject only to Liens permitted by Section 3.6. 

(b) Notwithstanding the foregoing, 

(1) the Capital Stock and other securities of the Company or any Subsidiary of the Company that are owned by the Issuers or any
Guarantor shall constitute Collateral only to the extent that such Capital Stock and other securities can secure the Notes and Pari Passu Indebtedness without Rule 3-16 of Regulation S-X under the Securities Act (“Rule 3-16”) (or
any other law, rule or regulation) requiring separate financial statements of such Subsidiary to be filed with the SEC (or any other governmental agency) (the “Rule 3-16 Exception”); 

(2) in the event that Rule 3-16 requires or is amended, modified or interpreted by the SEC to require (or is replaced with
another rule or regulation, or any other law, rule or regulation is adopted, which would require) the filing with the SEC (or any other governmental agency) of separate financial statements of any Subsidiary of the Issuers, due to the fact that such
Subsidiary’s Capital Stock and other securities secure the Notes and/or Pari Passu Indebtedness, then the Capital Stock and other securities of such Subsidiary shall automatically be deemed not to be part of the Collateral (but only to the
extent necessary to not be subject to such requirement) and in such event, the Security Documents may be amended or modified, without the consent of any Holder or a holder of Pari Passu Indebtedness, to the extent necessary to release the security
interests in the shares of Capital Stock and other securities that are so deemed to no longer constitute part of the Collateral; and 

(3) in the event that Rule 3-16 is amended, modified or interpreted by the SEC to permit (or is replaced with another rule or
regulation, or any other law, rule or regulation is adopted, which would permit) the Company’s or such Subsidiary’s Capital Stock and other securities to secure the Notes and/or Pari Passu Indebtedness in excess of the amount then pledged
without the filing with the SEC (or any other governmental agency) of separate financial statements of the Issuer or such Subsidiary, then the Capital Stock and other securities of the Company or of such Subsidiary shall automatically be deemed to
be a part 

  
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of the Collateral (but only to the extent permitted without becoming subject to any such financial statement requirements). In such event, the Security Documents may be amended or modified,
without the consent of any Holder or holders of Pari Passu Lien Indebtedness, to the extent necessary to subject to the Liens under the Security Documents such additional Capital Stock and other securities and the Company or such Subsidiary shall
take all actions necessary to perfect such Liens. 
 Notwithstanding the foregoing, any such Capital Stock excluded as Collateral under the
Rule 3-16 Exception will not be excluded from the collateral securing the Credit Agreement as a result of being excluded as Collateral. 

SECTION 12.2. Collateral Agent. 

(a) The Trustee and each of the Holders by acceptance of the Notes hereby designates and appoints the Collateral Agent as its agent (or, if
applicable, as security trustee in accordance with the terms of any security trustee deed to be entered into in connection with the Security Documents) under this Indenture and the Security Documents and the Trustee and each of the Holders by
acceptance of the Notes hereby irrevocably authorizes the Collateral Agent to take such action on its behalf under the provisions of this Indenture and the Security Documents and to exercise such powers and perform such duties as are expressly
delegated to the Collateral Agent by the terms of this Indenture and the Security Documents, together with such powers as are reasonably incidental thereto. The provisions of this Section 12.2 are solely for the benefit of the Collateral Agent
and none of the Trustee, any of the Holders nor any of the Guarantors shall have any rights as a third party beneficiary of any of the provisions contained herein other than as expressly provided in Section 12.5. Notwithstanding any provision
to the contrary contained elsewhere in this Indenture and the Security Documents, the Collateral Agent shall not have any duties or responsibilities hereunder nor shall the Collateral Agent have or be deemed to have any fiduciary relationship with
the Trustee, any Holder or any Guarantor, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture and the Security Documents or otherwise exist against the Collateral Agent. Without
limiting the generality of the foregoing sentence, the use of the term “agent” in this Indenture with reference to the Collateral Agent is not intended to connote any fiduciary or other implied (or express) obligations arising under agency
doctrine of any applicable law. Instead, such term is used merely as a matter of market custom, and is intended to create or reflect only an administrative relationship between independent contracting parties. The Collateral Agent shall act pursuant
to the instructions of the Holders and the Trustee with respect to the Security Documents and the Collateral. For the avoidance of doubt, the Collateral Agent shall have no discretion under this Indenture, the Intercreditor Agreement or the Security
Documents and shall not be required to make or give any determination, consent, approval, request or direction without the written direction of the Holders of a majority in aggregate principal amount of the then outstanding Notes or the Trustee, as
applicable. After the occurrence of an Event of Default, the Trustee may direct the Collateral Agent in connection with any action required or permitted by this Indenture, the Security Documents or the Intercreditor Agreement. 

(b) None of the Collateral Agent or any of its respective Affiliates shall (i) be liable for any action taken or omitted to be taken by
any of them under or in connection with this Indenture or the transactions contemplated hereby (except for its own gross negligence or willful misconduct) or under or in connection with any Collateral Document or the transactions contemplated
thereby (except for its own gross negligence or willful misconduct), or (ii) be responsible in any manner to any of the Trustee or any Holder for any recital, statement, representation, warranty, covenant or agreement made by the Issuers or any
Guarantor or Affiliate of any Issuer, any Guarantor, or any officer or Affiliate thereof, contained in this or any Indenture, any Security Document or in any certificate, report, statement or other document referred to or provided for in, or
received by the Collateral Agent under or in connection with, this or any other Indenture or the Security Documents, or the validity, effectiveness, genuineness, enforceability or sufficiency of this or any other Indenture or the Security Documents,
or for any failure of any Guarantor or any other party to this Indenture or the Security Documents to perform its obligations hereunder or thereunder. None of the Collateral Agent or any of its respective Affiliates shall be under any obligation to
the Trustee or any Holder to ascertain or to inquire as to the observance or performance of any of the agreements contained in, or conditions of, this or any other Indenture or the Security Documents or to inspect the properties, books, or records
of any Issuer, any Guarantor or any of their Affiliates. 
 (c) The Collateral Agent and its Affiliates may make loans to, issue letters of
credit for the account of, accept deposits from, acquire equity interests in and generally engage in any kind of banking, trust, financial advisory, 

  
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underwriting, or other business with the Issuers, any Guarantor and their Affiliates as though it was not the Collateral Agent hereunder and without notice to or consent of the Trustee. The
Trustee and the Holders acknowledge that, pursuant to such activities, the Collateral Agent or its Affiliates may receive information regarding any Issuer, Guarantor or their respective Affiliates (including information that may be subject to
confidentiality obligations in favor of, any such Issuer, any such Guarantor or such Affiliate) and acknowledge that the Collateral Agent shall not be under any obligation to provide such information to the Trustee or the Holders. Nothing herein
shall impose or imply any obligation on the part of the Collateral Agent to advance funds. 
 (d) The Collateral Agent is authorized and
directed to (i) enter into the Security Documents, (ii) bind the Holders on the terms as set forth in the Security Documents and (iii) perform and observe its obligations under the Security Documents. 

(e) The Trustee agrees that it shall not (and shall not be obligated to), and shall not instruct the Collateral Agent to, unless specifically
requested to do so by a majority of the Holders, take or cause to be taken any action to enforce its rights under this Indenture or against any Guarantor, including the commencement of any legal or equitable proceedings, to foreclose any Lien on, or
otherwise enforce any security interest in, any of the Collateral. 
 If at any time or times the Trustee shall receive (i) by payment,
foreclosure, set-off or otherwise, any proceeds of Collateral or any payments with respect to the Obligations arising under, or relating to, this Indenture, except for any such proceeds or payments received by the Trustee from the Collateral Agent
pursuant to the terms of this Indenture, or (ii) payments from the Collateral Agent in excess of the amount required to be paid to the Trustee pursuant to Article VI, the Trustee shall promptly turn the same over to the Collateral Agent, in
kind, and with such endorsements as may be required to negotiate the same to the Collateral Agent. 
 (f) The Collateral Agent is each
Holder’s agent for the purpose of perfecting the Holders’ security interest in assets which, in accordance with Article 9 of the Uniform Commercial Code (or other personal property security legislation) can be perfected only by possession.
Should the Trustee obtain possession of any such Collateral, upon request from the Issuers, the Trustee shall notify the Collateral Agent thereof, and, promptly upon the Collateral Agent’s request therefor shall deliver such Collateral to the
Collateral Agent or otherwise deal with such Collateral in accordance with the Collateral Agent’s instructions. 
 (g) The Collateral
Agent shall have no obligation whatsoever to the Trustee or any of the Holders to assure that the Collateral exists or is owned by any Issuer, any Guarantor or is cared for, protected, or insured or has been encumbered, or that the Collateral
Agent’s Liens have been properly or sufficiently or lawfully created, perfected, protected, maintained or enforced or are entitled to any particular priority, or to determine whether all or the Issuer or any Guarantor’s property
constituting collateral intended to be subject to the Lien and security interest of the Security Documents has been properly and completely listed or delivered, as the case may be, or the genuineness, validity, marketability or sufficiency thereof
or title thereto, or to exercise at all or in any particular manner or under any duty of care, disclosure, or fidelity, or to continue exercising, any of the rights, authorities, and powers granted or available to the Collateral Agent pursuant to
this Indenture or any Security Document, it being understood and agreed that in respect of the Collateral, or any act, omission, or event related thereto, the Collateral Agent may act in any manner it may deem appropriate, in its sole discretion
given the Collateral Agent’s own interest in the Collateral and that the Collateral Agent shall have no other duty or liability whatsoever to the Trustee or any Holder as to any of the foregoing. 

(h) No provision of this Indenture or any Security Document shall require the Collateral Agent (or 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 thereunder or to take or omit to take any action hereunder or thereunder or take any action at the request or direction of Holders (or the Trustee
in the case of the Collateral Agent) if it shall have reasonable grounds for believing that repayment of such funds is not assured to it. Notwithstanding anything to the contrary contained in this Indenture, the Intercreditor Agreement or the
Security Documents, in the event the Collateral Agent is entitled or required to commence an action to foreclose or otherwise exercise its remedies to acquire control or possession of the Collateral, the Collateral Agent shall not be required to
commence any such action or exercise any remedy or to inspect or conduct any studies of any property under the mortgages or take any such other action if the Collateral Agent has determined that the Collateral Agent may incur personal liability as a
result of the presence at, or release on or from, the Collateral or such property, of any hazardous substances unless the Collateral Agent has received 

  
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security or indemnity from the Holders in an amount and in a form all satisfactory to the Collateral Agent in its sole discretion, protecting the Collateral Agent from all such liability. The
Collateral Agent shall at any time be entitled to cease taking any action described in this clause if it no longer reasonably deems any indemnity, security or undertaking from the Issuers or the Holders to be sufficient. 

(i) The Collateral Agent (i) shall not be liable for any action it takes or omits to take in good faith which it reasonably believes to
be authorized or within its rights or powers, or for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Collateral Agent was grossly negligent in ascertaining the pertinent facts, (ii) shall not be
liable for interest on any money received by it except as the Collateral Agent may agree in writing with the Issuers (and money held in trust by the Collateral Agent need not be segregated from other funds except to the extent required by law),
(iii) the Collateral Agent may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and protection from liability in respect of any action taken, omitted
or suffered by it in good faith and in accordance with the advice or opinion of such counsel. The grant of permissive rights or powers to the Collateral Agent shall not be construed to impose duties to act. 

(j) Neither the Collateral Agent nor the Trustee shall be liable for delays or failures in performance resulting from acts beyond its control.
Such acts shall include but not be limited to acts of God, strikes, lockouts, riots, acts of war, epidemics, governmental regulations superimposed after the fact, fire, communication line failures, computer viruses, power failures, earthquakes or
other disasters. Neither the Collateral Agent nor the Trustee shall be liable for any indirect, special or consequential damages (included but not limited to lost profits) whatsoever, even if it has been informed of the likelihood thereof and
regardless of the form of action. 
 (k) The Collateral Agent may execute any of its duties under this Indenture and the Security Documents
by or through agents, in particular, but not limited to, the Credit Agreement Collateral Agent (as defined in the Intercreditor Agreement) subject to the terms of the Intercreditor Agreement, employees or attorneys-in-fact and shall be entitled to
advice of counsel and other consultants or experts concerning all matters pertaining to such duties. 
 (l) In each case that the Collateral
Agent may or is required hereunder or under any other Notes Document to take any action (an “Action”), including without limitation to make any determination, to give consents, to exercise rights, powers or remedies, to release or sell
Collateral or otherwise to act hereunder or under any other Notes Document, the Collateral Agent may seek direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. The Collateral Agent shall not be liable
with respect to any Action taken or omitted to be taken by it in accordance with the direction from the Holders of a majority in aggregate principal amount of the then outstanding Notes. If the Collateral Agent shall request direction from the
Holders of a majority in aggregate principal amount of the then outstanding Notes with respect to any Action, the Collateral Agent shall be entitled to refrain from such Action unless and until the Collateral Agent shall have received direction from
the Holders of a majority in aggregate principal amount of the then outstanding Notes, and the Collateral Agent shall not incur liability to any Person by reason of so refraining. 

(m) The Collateral Agent shall not be deemed to have knowledge or notice of the occurrence of any Default or Event of Default, unless a Trust
Officer of the Collateral Agent shall have received written notice from the Trustee or the Issuers referring to this Indenture, describing such Default or Event of Default and stating that such notice is a “notice of default.” The
Collateral Agent shall take such action with respect to such Default or Event of Default as may be requested by the Trustee in accordance with Article VI or the Holders of a majority in aggregate principal amount of the Notes subject to this
Section 12.3. 
 (n) To the extent not inconsistent, the Collateral Agent shall be entitled to all of the protections, immunities,
indemnities, rights and privileges of the Trustee set forth in this Indenture. 

  
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 (o) With respect to any Lien, including any Lien on Shared Collateral (as defined in the
Intercreditor Agreement) created under a Security Document which is governed by Swiss law (“Swiss Liens”): 

(i) the Collateral Agent or the Bailee Collateral Agent (as defined in the Intercreditor Agreement) (and each agent or
sub-agent or attorney-in-fact appointed by the Collateral Agent or the Bailee Collateral Agent from time to time pursuant to the terms of the Intercreditor Agreement) shall accept, hold, administer and, as the case may be, enforce or release: 

(A) any Swiss Liens of accessory (akzessorische) nature; 

(B) the benefit of this paragraph; and 

(C) any proceeds of such Swiss Liens, 

acting in its own name and as representative (direkter Stellvertreter) in the name and for account of each Holder and the Trustee; 

(ii) the Collateral Agent or the Bailee Collateral Agent (and each agent or sub-agent or attorney-in-fact appointed by the
Collateral Agent or the Bailee Collateral Agent from time to time pursuant to the terms of the Intercreditor Agreement) shall accept, hold, administer and, as the case may be, enforce or release: 

(A) any Swiss Liens of non-accessory (nicht akzessorische) nature; 

(B) the benefit of this paragraph; and 

(C) any proceeds of such Swiss Liens, 

as fiduciary (treuhänderisch) in its own name but for the benefit of itself, each Holder and the Trustee; 

(iii) each present and future Holder and the Trustee hereby appoints, instructs and authorizes the Collateral Agent or the
Bailee Collateral Agent (and each agent or sub-agent or attorney-in-fact appointed by the Collateral Agent or the Bailee Collateral Agent from time to time pursuant to the terms of the Intercreditor Agreement) to accept, hold, administer and, as the
case may be, enforce or release the Swiss Liens, the benefit of sub-paragraphs (i) and (ii) and any proceeds of such Swiss Liens as set out in sub-paragraphs (i) and (ii) and in the respective Security Document constituting the
Swiss Liens, and the Collateral Agent or the Bailee Collateral Agent (and each agent or sub-agent or attorney-in-fact appointed by the Collateral Agent or the Bailee Collateral Agent from time to time pursuant to the terms of the Intercreditor
Agreement) hereby accepts such appointment; 
 (iv) each present and future Holder and the Trustee hereby instructs and
authorizes the Collateral Agent or the Bailee Collateral Agent (and each agent or sub-agent or attorney-in-fact appointed by the Collateral Agent or the Bailee Collateral Agent from time to time pursuant to the terms of the Intercreditor Agreement)
in its own name and/or in the name of such Holder or the Trustee as its representative (direkter Stellvertreter), as the case may be to give effect to this Section 12.2.(o), to enter into, amend, replace, rescind or terminate any
Security Document or other document constituting the Swiss Liens, to exercise any rights and perform any obligations thereunder and to make and accept all declarations and take all actions it considers necessary or useful in connection with any
Swiss Liens on behalf of such Holder or the Trustee; and 
 (v) this Section 12.2.(o) shall apply mutatis
mutandis to all other provisions of this Notes Documents under which the Collateral Agent or the Bailee Collateral Agent (and each agent or sub-agent or attorney-in-fact appointed by the Collateral Agent or the Bailee Collateral Agent from time
to time pursuant to the terms of the Intercreditor Agreement) and/or Trustee is instructed and authorized (i) to accept, hold, administer and, as the case may be, enforce or release the Swiss Liens and/or (ii) to enter into, amend,
replace, rescind or terminate any Security Document or other document constituting the Swiss Liens and to exercise any rights and perform any obligations thereunder. 

SECTION 12.3. Recordings and Opinions. The Issuers shall comply with the provisions of § 314(b) of the Trust Indenture Act
following qualification of this Indenture pursuant to the Trust Indenture Act, except to the 

  
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extent not required as set forth in any SEC regulation or interpretation (including any no-action letter issued by the Staff of the SEC, whether issued to the Issuers or any other Person),
subject to the requirements of the Trust Indenture Act. Following such qualification, to the extent the Issuers are required to furnish to the Trustee an Opinion of Counsel pursuant to Trust Indenture Act Section 314(b)(2), the Issuers shall
furnish such opinion as required by such Section. 
 SECTION 12.4. Authorization of Actions To Be Taken. 

(a) Each Holder of Notes, by its acceptance thereof, consents and agrees to the terms of each Security Document and the Intercreditor
Agreement, as originally in effect and as amended, restated, amended and restated, renewed, modified, supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture, authorizes and directs the Trustee to
authorize the Collateral Agent to enter into the Security Documents to which it is a party, authorizes and empowers the Trustee and the Collateral Agent to enter into the Intercreditor Agreement and any Future Intercreditor Agreement and authorizes
and empowers the Trustee and the Collateral Agent to bind the Holders of Notes pursuant to the terms of the Intercreditor Agreement and any Future Intercreditor Agreement, make the representations of the Holders set forth therein and to perform
their respective obligations and exercise their respective rights and powers under the Security Documents ; provided, however, that if any of the provisions of the Security Documents limit, qualify or conflict with the duties imposed
by the provisions of the Trust Indenture Act, the Trust Indenture Act shall control. 
 (b) The Trustee is authorized and empowered to
receive for the benefit of the Holders of Notes any funds collected or distributed under the Security Documents to which the Trustee is entitled pursuant to the terms of the Intercreditor Agreement and to make further distributions of such funds to
the Holders of Notes according to the provisions of this Indenture. 
 (c) Subject to the Intercreditor Agreement, the Trustee is authorized
and empowered to institute and maintain, or direct the Collateral Agent to institute and maintain, such suits and proceedings as it may deem expedient to protect or enforce the Liens of the Security Documents or to prevent any impairment of
Collateral by any acts that may be unlawful or in violation of the Security Documents. 
 SECTION 12.5. Release of Collateral. 

(a) Collateral may be released from the Lien and security interest created by the Security Documents to secure the Obligations at any time or
from time to time as required by the terms of the Intercreditor Agreement or any Future Intercreditor Agreement and this Section 12.5. The applicable assets included in the Collateral shall be automatically released from the Liens
securing the Notes Obligations under any one or more of the following circumstances: 
 (1) in part, in connection with any
sale or other disposition of Collateral to a Person that is not a Restricted Subsidiary, an Issuer or a Guarantor (but excluding any transaction subject to Section 4.1), if such sale or other disposition does not violate the covenant
described under Section 3.5 or is otherwise permitted in accordance with this Indenture; 
 (2) in part, in the
case of a Guarantor that is released from its Note Guarantee pursuant to Section 10.2, the release of the Capital Stock, of such Guarantor; 

(3) in part, as permitted under Section 9.1 or 9.2; 

(4) in whole, upon payment in full of principal, interest and all other obligations on the Notes or defeasance or discharge of
the Notes as provided in Sections 8.1 and 11.1; 
 (5) in part, if the Company designates any Restricted
Subsidiary to be an Unrestricted Subsidiary in accordance with Section 3.20, the release of the Capital Stock of such Unrestricted Subsidiary; 

  
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 (6) in part, as to any property constituting Collateral (A) that constitutes
an “Excluded Asset” pursuant to a transaction permitted by this Indenture; or (B) as described in the first sentence of this Section 12.5(a) in accordance with the Intercreditor Agreement or any Future Intercreditor
Agreement; and 
 (7) as otherwise permitted in accordance with this Indenture. 

In addition, the Liens on the Collateral securing the Notes and the Guarantees also will be released upon (i) payment in full of the
principal of, together with accrued and unpaid interest on, the Notes and all other Notes Obligations that are due and payable at or prior to the time such principal, together with accrued and unpaid interest, is paid or (ii) a Legal Defeasance
or Covenant Defeasance under Article VIII or a discharge in accordance with Article XI. 
 Upon the receipt of an Officer’s Certificate
from the Issuers, as described in Section 12.5(b) below and any necessary or proper instruments of termination, satisfaction or release prepared by the Issuers, the Collateral Agent shall execute, deliver or acknowledge such instruments
or releases to evidence the release of any Collateral permitted to be released pursuant to this Indenture, the Security Documents, the Intercreditor Agreement or any Future Intercreditor Agreement. 

(b) Notwithstanding anything herein to the contrary, the Collateral Agent shall not be required to execute, deliver or acknowledge any
instruments of termination, satisfaction or release unless, in each case, an Officer’s Certificate certifying that all conditions precedent, including, without limitation, this Section 12.5 and § 314(d) of the Trust Indenture
Act, have been met and stating under which of the circumstances set forth in Section 12.5(a) above the Collateral is being released have been delivered to the Collateral Agent. The Trustee shall be entitled to receive and rely on
Officer’s Certificates delivered to the Collateral Agent under this Section 12.5(b). 
 (c) Notwithstanding any other
provision in this Indenture, the release prior to the unconditional and irrevocable repayment and discharge of the First Lien Obligations (as defined in the Intercreditor Agreement) of any Collateral subject to a Security Document governed by
Swedish law will always be subject to the prior written consent of the Collateral Agent and the Credit Agreement Collateral Agent (as defined in the Intercreditor Agreement), such consent to be granted at the Collateral Agent’s and the Credit
Agreement Collateral Agent’s (as defined in the Intercreditor Agreement) sole discretion. Each Holder authorizes the Collateral Agent and the Credit Agreement Collateral Agent (as defined in the Intercreditor Agreement) to release such
Collateral at its discretion without notification or further reference to the Holders. 
 SECTION 12.6. Permitted Releases Not to Impair
Lien; Trust Indenture Act Requirements. 
 (a) To the extent applicable, the Issuers shall cause § 313(b) of the Trust Indenture
Act, relating to reports, and § 314(d) of the Trust Indenture Act, relating to the release of property or securities subject to the Lien of the Security Documents, to be complied with. 

(b) Any release of Collateral permitted by Section 12.5 hereof shall be deemed not to impair the Liens under this Indenture and
the Security Documents in contravention thereof and any Person that is required to deliver a certificate or opinion under this Indenture or any Collateral Document shall be entitled to rely upon the foregoing as a basis for delivery of such
certificate or opinion. Any certificate or opinion required by § 314(d) of the Trust Indenture Act may be made by an officer or legal counsel, as applicable, of the Issuers except in cases where § 314(d) of the Trust Indenture Act requires
that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected by or reasonably satisfactory to the Trustee. 

(c) Notwithstanding anything to the contrary in this Section 12.6, the Issuers shall not be required to comply with all or any
portion of § 314(d) of the Trust Indenture Act if it determines, in good faith based on the written advice of counsel, a copy of which written advice shall be provided to the Trustee, that under the terms of § 314(d) of the Trust Indenture
Act or any interpretation or guidance as to the meaning thereof of the SEC and its staff, including “no action” letters or exemptive orders, all or any portion of § 314(d) of the Trust Indenture Act is inapplicable to any release or
series of releases of Collateral 

  
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 SECTION 12.7. Powers Exercisable by Receiver or Trustee. In case the Collateral shall be
in the possession of a receiver or trustee, lawfully appointed, the powers conferred in this Article XII upon the Issuers with respect to the release, sale or other disposition of such property may be exercised by such receiver or trustee, and an
instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuers or of any officer or officers thereof required by the provisions of this Article XII; and if the Trustee or the Collateral Agent
shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee or the Collateral Agent, as the case may be. 

SECTION 12.8. No Fiduciary Duties: Collateral. Neither the Trustee nor the Collateral Agent shall be deemed to owe any fiduciary duty
to any holder of Pari Passu Secured Obligations and neither shall be liable to any such holder of Pari Passu Secured Obligations if the Trustee shall in good faith mistakenly pay over or distribute to Holders of Notes or to the Issuers or to any
other person cash, property or securities to which any holder of Pari Passu Secured Obligations shall be entitled by virtue of this Article or otherwise. With respect to the holder of Pari Passu Secured Obligations, the Trustee and the Collateral
Agent undertake to perform or to observe only such of its covenants or obligations as are specifically set forth in this Article and the Intercreditor Agreement and no implied covenants or obligations with respect to the holder of Pari Passu Secured
Obligations shall be read into this Indenture against the Trustee or the Collateral Agent. 
 Beyond the exercise of reasonable care in the
custody thereof, neither the Trustee nor the Collateral Agent shall have any duty as to any Collateral in its possession or control or in the possession or control of any agent or bailee or any income thereon or as to preservation of rights against
prior parties or any other rights pertaining thereto and neither the Trustee nor the Collateral Agent shall be responsible for filing any financing or continuation statements or recording any documents or instruments in any public office at any time
or times or otherwise perfecting or maintaining the perfection of any security interest in the Collateral. Each of the Trustee and the Collateral Agent shall be deemed to have exercised reasonable care in the custody of the Collateral in its
possession if the Collateral is accorded treatment substantially equal to that which it accords its own property and shall not be liable or responsible for any loss or diminution in the value of any of the Collateral, by reason of the act or
omission of any carrier, forwarding agency or other agent or bailee selected by the Trustee or the Collateral Agent, as applicable, in good faith. 

SECTION 12.9. Intercreditor Agreement Controls. Notwithstanding anything herein to the contrary, (i) the liens and security
interests granted to the Collateral Agent pursuant to the Security Documents and all rights and obligations of the Trustee hereunder are expressly subject to the Intercreditor Agreement and any Future Intercreditor Agreement and (ii) the
exercise of any right or remedy by the Trustee hereunder is subject to the limitations and provisions of the Intercreditor Agreement and any Future Intercreditor Agreement. In the event of any conflict or inconsistency between the terms of the
Intercreditor Agreement or any Future Intercreditor Agreement and the terms of this Indenture, the terms of the Intercreditor Agreement or such Future Intercreditor Agreement shall govern. 

ARTICLE XIII 
 MISCELLANEOUS

 SECTION 13.1. Trust Indenture Act Controls. If and to the extent that any provision of this Indenture limits, qualifies or
conflicts with another provision which is required to be included in this Indenture by the TIA, the provision required by the TIA shall control. Each Guarantor in addition to performing its obligations under its Guarantee shall perform such other
obligations as may be imposed upon it with respect to this Indenture under the TIA. 

  
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 SECTION 13.2. Notices. Any notice, request, direction, consent or communication made
pursuant to the provisions of this Indenture or the Notes shall be in writing and delivered in person, sent by facsimile, sent by electronic mail in PDF format, delivered by commercial courier service or mailed by first-class mail, postage prepaid,
addressed as follows: 
 if to the Issuers or to any Guarantor: 

Trinseo Materials Operating S.C.A. 

Attention: its general partner 

Fax: +352 26 78 62 64 
 9A, rue
Gabriel Lippmann, L-5365 Munsbach 
 Grand Duchy of Luxembourg 

with a copy to: 
 Trinseo S.A.

 Attention: its board of directors 

Fax: +352 26 78 62 64 
 9A, rue
Gabriel Lippmann, L-5365 Munsbach 
 Grand Duchy of Luxembourg 

with a copy to: 
 Trinseo S.A.

 Attention: Chief Financial Officer 

Fax: (601) 240-3308 
 1000
Chesterbrook Boulevard 
 Suite 300 

Berwyn, Pennsylvania 19312 
 with
a copy to: 
 Kirkland & Ellis LLP 

601 Lexington Ave 
 New York, New
York 10022 
 Facsimile:   (212) 446-4900 

Attention:    Joshua N. Korff 

if to the Trustee, at its corporate trust office, which corporate trust office for purposes of this Indenture is at the date hereof located at:

 Wilmington Trust, National Association 

Corporate Capital Markets 
 50
South Sixth Street, Suite 1290 
 Minneapolis, MN 55402-1544 

Attention:    Trinseo Materials Administrator 

Facsimile:   (612) 217-5651 

The Issuers or the Trustee by written notice to the other may designate additional or different addresses for subsequent notices or
communications. 
 Any notice or communication to the Issuers or the Guarantors shall be deemed to have been given or made as of the date so
delivered if personally delivered or if delivered electronically, in PDF format; when receipt is acknowledged, if telecopied; and seven calendar days after mailing if sent by registered or certified mail, postage prepaid (except that a notice of
change of address shall not be deemed to have been given until actually received by the addressee). Any notice or communication to the Trustee shall be deemed delivered upon receipt. 

Any notice or communication sent to a Holder shall be mailed to the Holder at the Holder’s address as it appears in the Notes Register
and shall be sufficiently given if so sent within the time prescribed. 

  
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 Failure to mail a notice or communication to a Holder or any defect in it shall not affect its
sufficiency with respect to other Holders. If a notice or communication is sent in the manner provided above, it is duly given, whether or not the addressee receives it, except that notices to the Trustee shall be effective only upon receipt. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption or purchase) to a Holder of a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC (or its designee) pursuant to the standing instructions from DTC or its designee.

 SECTION 13.3. Communication by Holders with Other Holders. Holders may communicate pursuant to TIA Section 312(b) with other
Holders with respect to their rights under this Indenture or the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 

SECTION 13.4. Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuers or any of the
Guarantors to the Trustee to take or refrain from taking any action under this Indenture, the Issuers or such Guarantor, as the case may be, shall furnish to the Trustee: 

(1) an Officer’s Certificate in substance satisfactory to the Trustee (which shall include the statements set forth in
Section 13.5 hereof) stating that, in the opinion of the signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in substance satisfactory to the Trustee (which shall include the statements set forth in
Section 13.5 hereof) stating that, in the opinion of such counsel, all such conditions precedent have been satisfied and all covenants have been complied with. 

SECTION 13.5. Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture (other than a Certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 

(1) a statement that the individual making such certificate or opinion has read such covenant or condition; 

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

(4) a statement as to whether or not, in the opinion of such individual, such covenant or condition has been complied with.

 In giving such Opinion of Counsel, counsel may rely as to factual matters on an Officer’s Certificate or on certificates of public
officials. 
 SECTION 13.6. When Notes Disregarded. In determining whether the Holders of the required aggregate principal amount of
Notes have concurred in any direction, waiver or consent, Notes owned by the Issuers, any Guarantor or any Affiliate of them shall be disregarded and deemed not to be outstanding, except that, for the purpose of determining whether the Trustee shall
be protected in relying on any such direction, waiver or consent, only Notes which a Trust Officer of the Trustee actually knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes outstanding at the time shall be
considered in any such determination. 
 SECTION 13.7. Rules by Trustee, Paying Agent and Registrar. The Trustee may make reasonable
rules for action by, or at meetings of, Holders. The Registrar and the Paying Agent may make reasonable rules for their functions. 

  
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 SECTION 13.8. Legal Holidays. A “Legal Holiday” is a Saturday, a Sunday
or other day on which commercial banking institutions are authorized or required to be closed in New York, New York or the state of the place of payment. If a payment date is a Legal Holiday, payment shall be made on the next succeeding day that is
not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 

SECTION 13.9. Governing Law. THIS INDENTURE, THE NOTES AND THE GUARANTEES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. THE APPLICATION OF THE PROVISIONS SET OUT IN ARTICLES 86 TO 94-8 OF THE LUXEMBOURG LAW ON COMMERCIAL COMPANIES DATED AUGUST 10, 1915 IS EXCLUDED. 

SECTION 13.10. Jurisdiction. The Issuers and the Guarantors agree that any suit, action or proceeding against the Issuers or any
Guarantor brought by any Holder or the Trustee arising out of or based upon this Indenture, the Guarantee or the Notes may be instituted in any state or Federal court in the Borough of Manhattan, New York, New York, and any appellate court from any
thereof, and each of them irrevocably submits to the non-exclusive jurisdiction of such courts in any suit, action or proceeding. The Issuers and the Guarantors irrevocably waive, to the fullest extent permitted by law, any objection to any suit,
action, or proceeding that may be brought in connection with this Indenture, the Guarantee or the Notes, including such actions, suits or proceedings relating to securities laws of the United States of America or any state thereof, in such courts
whether on the grounds of venue, residence or domicile or on the ground that any such suit, action or proceeding has been brought in an inconvenient forum. The Issuers and the Guarantors agree that final judgment in any such suit, action or
proceeding brought in such court shall be conclusive and binding upon the Issuers or the Guarantors, as the case may be, and may be enforced in any court to the jurisdiction of which the Issuers or the Guarantors, as the case may be, are subject by
a suit upon such judgment. 
 SECTION 13.11. Waivers of Jury Trial. EACH OF THE ISSUERS, THE GUARANTORS AND THE TRUSTEE HEREBY
IRREVOCABLY AND UNCONDITIONALLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE GUARANTEES AND FOR ANY
COUNTERCLAIM THEREIN.  
 SECTION 13.12. USA PATRIOT Act. The parties hereto acknowledge that in accordance with Section 326
of the USA PATRIOT Act, the Trustee, like all financial institutions and in order to help fight the 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. The parties to this Indenture agree that they will provide the Trustee with such information as it may request in order to satisfy the requirements of the USA PATRIOT Act. 

SECTION 13.13. No Recourse Against Others. No director, officer, employee, incorporator or shareholder of the Issuers or any of their
Subsidiaries or Affiliates, or such (other than the Issuers and the Guarantors), shall have any liability for any obligations of the Issuers or the Guarantors under the Notes, the Guarantees, this Indenture or the Security Documents or for any claim
based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not
be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

SECTION 13.14. Successors. All agreements of the Issuers and each Guarantor in this Indenture and the Notes shall bind their respective
successors. All agreements of the Trustee in this Indenture shall bind its successors. 
 SECTION 13.15. Multiple Originals. The
parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 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. 

  
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 SECTION 13.16. Qualification of Indenture. The Issuers have agreed to qualify this
Indenture under the TIA in accordance with the terms and conditions of the Registration Rights Agreement and to pay all reasonable costs and expenses (including attorneys’ fees and expenses for the Issuers, the Trustee and the Holders) incurred
in connection therewith, including, but not limited to, costs and expenses of qualification of this Indenture and the Notes and printing this Indenture and the Notes. The Trustee shall be entitled to receive from the Issuers any such Officer’s
Certificates, Opinions of Counsel or other documentation as it may reasonably request in connection with any such qualification of this Indenture under the TIA. 

SECTION 13.17. Table of Contents; Headings. The table of contents, cross-reference table and headings of the Articles and Sections of
this Indenture have been inserted for convenience of reference only, are not intended to be considered a part hereof and shall not modify or restrict any of the terms or provisions hereof. 

SECTION 13.18. 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, without limitation, 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 best efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 SECTION 13.19.
Severability. In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 

SECTION 13.20. Jurisdiction. The Issuers consent to the exclusive jurisdiction of the United States District Court for the Southern
District of New York and any appellate court from thereof. Each of the Issuers and the Guarantors appoint CT Corporation System, located at 111 Eighth Avenue, 13th Floor, New York, New York as its authorized agent upon which service of process may
be served in any action or proceeding brought in the United States District Court for the Southern District of New York or any U.S. Federal court sitting in The City of New York in connection with either this Indenture or the Notes. 

SECTION 13.21. Waiver of Immunities. To the extent that the Issuers may in any jurisdiction claim for itself or its assets immunity
from a suit, execution, attachment, whether in aid of execution, before judgment or otherwise, or other legal process in connection with and as set out in this Indenture and the Notes and to the extent that in any jurisdiction there may be immunity
attributed to the Issuers or the Issuers’ assets, whether or not claimed, the Issuers hereby irrevocably agree for the benefit of the Trustee and the Holders not to claim, and irrevocably waive, the immunity to the full extent permitted by law.

 SECTION 13.22. Currency Rate Indemnity. The Issuers agree that, if a judgment or order made by any court for the payment of any
amount in respect of any Notes is expressed in a currency other than U.S. dollars, the Issuers will indemnify the Trustee and the relevant Holder against any deficiency arising from any variation in rates of exchange between the date as of which the
U.S. dollars currency is notionally converted into the judgment currency for the purposes of the judgment or order and the date of actual payment. This indemnity constitutes a separate and independent obligation from the Issuers’ other
obligations under this Indenture, gives rise to a separate and independent cause of action, applies irrespective of any indulgence granted from time to time and will continue in full force and effect notwithstanding any judgment or order for a
liquidated sum or sums in respect of amounts due under this Indenture or the Notes. 
 SECTION 13.23. Interest Act (Canada). For
purposes of the Interest Act (Canada), whenever any interest payable by the Issuers on the Notes is calculated using a rate based on a year of 360 days, such rate used pursuant to such calculation, when expressed as an annual rate, is
equivalent to (x) the applicable rate based on a year of 360 days, (y) multiplied by the actual number of days in the calendar year in which the period for which such interest is payable (or compounded) ends, and (z) divided by 360.
The principle of deemed reinvestment of interest does not apply to any interest calculation on the Notes with respect to the Issuers, and the rates of interest stipulated in this Notes payable by the Issuers are intended to be nominal rates and not
effective rates or yields. 
 [Signatures on following pages] 

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

					
	TRINSEO MATERIALS OPERATING S.C.A.
	acting through its general partner Trinseo Materials S.à r.l.
		
	By:	 	 

  

		 	Name:	 	John A. Feenan
		 	Title:	 	Chief Financial Officer and authorized signatory
	
	TRINSEO MATERIALS FINANCE, INC.
		
	By:	 	 

  

		 	Name:	 	John A. Feenan
		 	Title:	 	Chief Financial Officer
	
	STYRON LLC
		
	By:	 	 

  

		 	Name:	 	John A. Feenan
		 	Title:	 	Executive Vice President and Chief Financial Officer
	
	STYRON US HOLDING, INC.
		
	By:	 	 

  

		 	Name:	 	John A. Feenan
		 	Title:	 	Executive Vice President and Chief Financial Officer

 [Signature Page to the Indenture] 

 
					
	WILMINGTON TRUST, NATIONAL ASSOCIATION,
	as Trustee and as Collateral Agent
		
	By:	 	 

  

		 	Name:	 	Jane Y. Schweiger
		 	Title:	 	Vice President

 [Signature page to the Indenture] 

 SCHEDULE I 

POST-CLOSING OBLIGATIONS 

Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 

(a) Guarantors. Each entity identified as a Post-Closing Guarantor on Schedule II to the Purchase Agreement (the
“Post-Closing Guarantors”) shall become a signatory to the Purchase Agreement pursuant to a joinder agreement, a party to the Registration Rights Agreement pursuant to a joinder agreement and a party to a supplemental
indenture substantially in the form of Exhibit C to the Indenture (the “Supplemental Indenture”) and the applicable Security Documents, subject to exceptions and limitations otherwise set forth in the Indenture and the
Security Documents (to the extent appropriate in the applicable jurisdiction) and shall have taken all actions to perfect the Liens created by the Security Documents to which it is a party, other than any actions that are not required by such
Security Documents. 
 (b) Foreign Counsel Collateral Documentation. The Issuers shall, and shall cause each of the Guarantors and
the Post-Closing Guarantors to deliver (to the extent not required to be delivered on the Closing Date pursuant to the Indenture and the Security Documents), in each case, in form and substance satisfactory to the Initial Purchasers, duly executed
instruments, documents and agreements to effect the granting and perfection of a security interest in favor of the Collateral Agent for the benefit of the Holders of the Notes on the assets of the Issuers and the Guarantors (other than Styron France
S.A.S. and Styron Spain S.L.) that have been pledged as collateral securing the loans under the Credit Agreement. 
 (c) Foreign Local
Counsel Opinions. The Issuers shall have taken those steps necessary for issuing written opinions of local counsel in the following jurisdictions in form and substance reasonably satisfactory to the Initial Purchasers and which opinions shall
expressly be permitted to be relied upon by the Trustee: 
  

	 	•	 	Australia 

  

	 	•	 	Belgium 

  

	 	•	 	Canada 

  

	 	•	 	England and Wales 

  

	 	•	 	France 

  

	 	•	 	Germany 

  

	 	•	 	Hong Kong 

  

	 	•	 	Ireland 

  

	 	•	 	Italy 

  

	 	•	 	Luxembourg 

  

	 	•	 	Netherlands 

  

	 	•	 	People’s Republic of China 

  

	 	•	 	Singapore 

  

	 	•	 	Spain 

  

	 	•	 	Sweden 

  

	 	•	 	Switzerland 

 (d) Mortgaged Properties. With respect to each Mortgaged Property, the
Issuers and the Guarantors shall deliver to the Collateral Agent the following documents, in each case in form and substance satisfactory to the Initial Purchasers and the Trustee: 

(i) counterparts of a Mortgage with respect to such Mortgaged Property duly executed and delivered by the record owner of such
property in form suitable for filing or recording in the appropriate filing or recording offices in order to create a valid and subsisting perfected lien on the property and/or rights described therein in favor of the Collateral Agent for its
benefit and the benefit of the Trustee and the Holders of the Notes, and evidence that all filing and recording taxes and fees have been paid or otherwise provided for (it being understood that if a mortgage tax will be owed on the entire amount of
the indebtedness incurred pursuant to the Indenture and the Notes, then the amount secured by the Mortgage shall be limited to 100% of the fair market value of the property at the time the Mortgage is entered into if such limitation results in such
mortgage tax being calculated based upon such fair market value); 

 (ii) other than with respect to Mortgaged Properties located in Australia,
Belgium, England and Wales, Germany, Hong Kong (unless the Initial Purchasers determine, in their reasonable opinion, there to be a defect in such title), Italy, Luxembourg, The Netherlands, Singapore, Spain, Sweden, Switzerland and any other
jurisdiction, as reasonably determined by the Initial Purchasers and/or the Trustee, in which title insurance is not customary, fully paid policies of title insurance (or marked-up title insurance commitments having the effect of policies of title
insurance) on the Mortgaged Property naming the Collateral Agent as the insured for its benefit and the benefit of the Trustee and the Holders of the Notes (the “Mortgage Policies”) issued by a nationally recognized title insurance
company reasonably acceptable to the Initial Purchasers in form and substance and in an amount reasonably acceptable to the Initial Purchasers (not to exceed 100% of the fair market value of the real properties covered thereby), insuring the
Mortgages to be valid subsisting liens on the property described therein, pari passu with the liens of the mortgages securing the obligations pursuant to the Credit Agreement and otherwise, free and clear of all liens other than liens
permitted under the Indenture and other liens reasonably acceptable to the Initial Purchasers, each of which shall (A) to the extent reasonably necessary, include such reinsurance arrangements (with provisions for direct access, if reasonably
necessary) as shall be reasonably acceptable to the Initial Purchasers, (B) contain a “tie-in” or “cluster” endorsement, if available under applicable law (i.e., policies which insure against losses regardless of
location or allocated value of the insured property up to a stated maximum coverage amount) and (C) have been supplemented by such endorsements (or where such endorsements are not available, opinions of special counsel, architects or other
professionals reasonably acceptable to the Initial Purchasers) as shall be reasonably requested by the Initial Purchasers (which may include endorsements on matters relating to usury, first loss, last dollar, zoning, contiguity), doing business,
public road access, survey, variable rate, environmental lien, subdivision, mortgage recording tax, address, separate tax lot and so-called comprehensive coverage over covenants and restrictions, in each case only if available after the Company uses
commercially reasonable efforts); provided, however, the Issuers and the Guarantors shall not be obligated to obtain a “creditor’s rights” endorsement); 

(iii) customary legal opinions (as determined with reference to any applicable jurisdiction), addressed to the Trustee, the
Collateral Agent, the Initial Purchasers and the Holders of the Notes, reasonably acceptable to the Initial Purchasers and the Trustee as to such matters as the Initial Purchasers and the Trustee may reasonably request; 

(iv) in the case of any such Mortgaged Property located in the United States and, if reasonably requested by the Initial
Purchasers, to the extent customary in any other jurisdiction in which a Mortgaged Property is located, a survey or express map of such Mortgaged Property certified to the Collateral Agent for its benefit and for the benefit of the Trustee and the
Holders of the Notes sufficient in form to delete the standard survey exception in the Mortgage Policies and to provide the Collateral Agent with endorsements to such policy as shall be reasonably requested by the Initial Purchasers; 

(v) in the case of any such Mortgaged Property located in the United States, a completed “life of loan” Federal
Emergency Management Agency Standard Flood Hazard Determination with respect to such Mortgaged Property (together with a notice about special flood hazard area status and flood disaster assistance duly executed by the Issuers and each Guarantor
relating thereto); 
 (vi) in the case of any such Mortgaged Property located in the United States or to the extent customary
in the jurisdiction of where such Mortgaged Property is located, a copy of a certificate as to coverage under the insurance policies required by the Indenture and the Security Documents including, without limitation, flood insurance policies, each
of which shall be endorsed or otherwise amended to include a “Standard” or “New York” lender’s loss payable or mortgage endorsement (as applicable) and shall name the Collateral Agent, for its benefit and the benefit of the
Trustee and the Holders of the Notes, as additional insured, in form and substance satisfactory to the Initial Purchasers; and 

(vii) to the extent reasonably requested by the Initial Purchasers, copies of, or counterparts addressed to or in favor of the
Collateral Agent for its benefit and the benefit of the Trustee and the Holders of the Notes of, any other documents, instruments or other items delivered to the Administrative Agent in connection with the collateral securing the obligations
pursuant to the Credit Agreement. 

  
 -2- 

 (e) Definitions. As used in this Schedule I, the following terms shall have the
meanings set forth below: 
 “Designated Real Property” means any real property owned or leased by the
Issuers or any Guarantor as of the Closing Date that is located in the Federal Republic of Germany or Switzerland. 

“Material Real Property” means any real property owned by the Issuers or any Guarantor that is
(i) located in the United States and has a fair market value in excess of $5,000,000 (at the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in each case, as reasonably determined by
the Issuers in good faith) and (ii) located outside of the United States and has a fair market value in excess of $10,000,000 (at the Closing Date or, with respect to real property acquired after the Closing Date, at the time of acquisition, in
each case, as reasonably determined by the Issuers in good faith); provided that at no time shall any real property located in the Federal Republic of Germany or Switzerland that is owned or leased by the Issuers or any Guarantor (including any
Designated Real Property) be considered Material Real Property. 
 “Mortgage” means collectively, the deeds
of trust, trust deeds, debentures, hypothecs and mortgages made by the Issuers and the Guarantors in favor or for the benefit of the Collateral Agent for its benefit and the benefit of the Trustee and the Holders of the Notes creating and evidencing
a lien on a Mortgaged Property in form and substance reasonably satisfactory to the Initial Purchasers and the Trustee, and any other mortgages executed and delivered pursuant to the Indenture or the Security Documents. 

“Mortgaged Property” shall mean (i) any Material Real Property and (ii) any real property owned or
leased by the Issuers or any Guarantor which is subject to a lien in favor of the Administrative Agent securing the obligations pursuant to the Credit Agreement. 

“Purchase Agreement” shall mean the purchase agreement dated January 24, 2013 by and among the Issuers
and Deutsche Bank Securities Inc. and Barclays Capital Inc., as representatives for the several Initial Purchasers. 

  
 -3- 

 EXHIBIT A 

[FORM OF FACE OF GLOBAL RESTRICTED NOTE] 

[Applicable Restricted Notes Legend] 

[Depository Legend, if applicable] 

[OID Legend, if applicable] 

[Temporary Regulation S Legend, if applicable] 
  

			
	No. [    ]	  	Principal Amount $[            ] [as revised by the
		  	Schedule of Increases or Decreases in Global Notes attached hereto]1
		  	CUSIP NO.                     

 TRINSEO MATERIALS OPERATING S.C.A 

TRINSEO MATERIALS FINANCE, INC. 

8.750% Senior Secured Notes due 2019 

Trinseo Materials Operating S.C.A., a company (société en commandite par actions) organized and existing under the laws
of the Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 153586, and Trinseo Materials Finance, Inc., a Delaware corporation (together, the “Issuers”), promise to pay to
[Cede & Co.],1 or its registered assigns, the principal sum of              Dollars, [as revised by the Schedule of Increases
or Decreases in Global Notes attached hereto],1 on February 1, 2019. 
 Interest
Payment Dates: February 1 and August 1, commencing on August 1, 2013 
 Record Dates: January 15 and July 15 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	1 	Insert in Global Notes only. 

  
 A-1 

 IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly executed. 

 

			
	TRINSEO MATERIALS OPERATING S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:
	
	TRINSEO MATERIALS FINANCE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE CERTIFICATE OF AUTHENTICATION 

This Note is one of the 8.750% Senior Secured Notes due 2019 referred to in the within-mentioned Indenture. 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 A-2 

 [FORM OF REVERSE SIDE OF NOTE] 

TRINSEO MATERIALS OPERATING S.C.A. 

TRINSEO MATERIALS FINANCE, INC. 

8.750% SENIOR SECURED NOTES DUE 2019 

Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 

 

	1.	Interest 

 Trinseo Materials Operating S.C.A., a company (société en
commandite par actions) organized and existing under the laws of the Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 153586, and Trinseo Materials Finance, Inc., a Delaware corporation
(such companies, and their successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuers”), promise to pay interest on the principal amount of this Note at 8.750% per annum from
January 29, 2013 until maturity and shall pay Additional Interest, if any, payable pursuant to the Registration Rights Agreement referred to below. The Issuers will pay interest semi-annually in arrears every February 1 and August 1
of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no
interest has been paid, from the date of issuance; provided, that the first Interest Payment Date shall be August 1, 2013. The Issuers shall pay interest on overdue principal at the rate specified herein, and they shall pay interest
(including Post-Petition Interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (including Additional Interest) (without regard to any applicable grace period) at the same rate to the extent lawful. Interest on the
Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 
 In addition to the rights provided to Holders of
the Notes under the Indenture, Holders of Registrable Notes (as defined in the Registration Rights Agreement) shall have all rights set forth in the Registration Rights Agreement, dated as of January 29, 2013, among the Issuers, the Guarantors
named therein and the other parties named on the signature pages thereto (the “Registration Rights Agreement”), including the right to receive Additional Interest in certain circumstances. If applicable, Additional Interest shall be
paid to the same Persons, in the same manner and at the same times as regular interest. 
  

	2.	Method of Payment 

 By no later than 10:00 a.m. (New York City time) on the date on which
any principal of, premium, if any, interest or Additional Interest, if any, on any Note is due and payable, the Issuers shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium, interest and
Additional Interest when due. Interest on any Note which is payable, and is timely paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the
close of business on the preceding January 15 and July 15 at the office or agency of the Issuers maintained for such purpose pursuant to Section 2.3 of the Indenture. The principal of (and premium, if any) and interest (and
Additional Interest, if any) on the Notes shall be payable at the office or agency of the Paying Agent or Registrar designated by the Issuers maintained for such purpose (which shall initially be the office of the Trustee maintained for such
purpose), or at such other office or agency of the Issuers as may be maintained for such purpose pursuant to Section 2.3 of the Indenture; provided, however, that, at the option of the Paying Agent, each installment of
interest may be paid by (i) check mailed to addresses of the Persons entitled thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to
the last sentence of this paragraph. Payments in respect of Notes represented by a Global Note (including principal, premium, if any, interest and Additional Interest, if any) will be made by wire transfer of immediately available funds to the
accounts specified by The Depository Trust Company or any successor depository. Payments in respect of Notes represented by Definitive Notes (including principal, premium, if any, interest and Additional Interest, if any) held by a Holder of at
least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes 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 15 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). If an
Interest Payment Date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not
be affected. 

  
 A-3 

	3.	Paying Agent and Registrar 

 The Issuers initially appoint Wilmington Trust, National
Association (the “Trustee”) as Registrar and Paying Agent for the Notes. The Issuers may change any Registrar or Paying Agent without prior notice to the Holders. Either Issuer or any Guarantor may act as Paying Agent, Registrar or
transfer agent. 
  

	4.	Indenture 

 The Issuers issued the Notes under an Indenture dated as of January 29,
2013 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuers, the Guarantors from time to time party thereto and the Trustee. The terms of the Notes include
those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). The Notes are subject to all
terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a statement of those terms. 
 The Notes
are senior obligations of the Issuers. The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is unlimited. This Note is one of the 8.750% Senior Secured Notes due 2019 referred to in the Indenture. The
Notes include (i) $1,325,000,000 principal amount of the Issuers’ 8.750% Senior Secured Notes due 2019 issued under the Indenture on January 29, 2013 (the “Initial Notes”), (ii) if and when issued, additional
Notes that may be issued from time to time under the Indenture subsequent to January 29, 2013 (the “Additional Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued, the
Issuers’ 8.750% Senior Secured Notes due 2019 that may be issued from time to time under the Indenture in exchange for Initial Notes or Additional Notes in an offer registered under the Securities Act as provided in the Registration Rights
Agreement (herein called “Exchange Notes”). The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of the Indenture. 

 

	5.	Guarantees 

 To guarantee the due and punctual payment of the principal, premium, if any,
interest and Additional Interest, if any (including post-filing or Post-Petition Interest) on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes when and as the same shall be due and payable, whether at
maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantors will unconditionally guarantee (and future guarantors, jointly and severally with the Guarantors, will fully and unconditionally Guarantee)
such obligations on a senior basis pursuant to the terms of the Indenture. 
  

	6.	Redemption 

 (f) At any time prior to August 1, 2015, the Issuers may redeem the
Notes in whole or in part, at their option, upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to 100.000% of the principal amount of such Notes redeemed plus the Applicable Premium as of, and accrued and
unpaid interest and Additional Interest, if any, to the redemption date. 
 (g) At any time and from time to time on or after August 1,
2015, the Issuers may redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest, if any, on the
Notes redeemed to the applicable date of redemption, if redeemed during the twelve-month period beginning on the year indicated below: 
  

					
	 12-month period commencing August 1 in year
	  	Percentage	 
	 2015
	  	 	104.375	% 
	 2016
	  	 	102.188	% 
	 2017 and thereafter
	  	 	100.000	% 

  
 A-4 

 (h) At any time and from time to time prior to August 1, 2015, the Issuers may redeem Notes
with the net cash proceeds received by the Issuers from any Qualified Equity Offering at a redemption price equal to 108.750% plus accrued and unpaid interest to the redemption date, in an aggregate principal amount for all such redemptions not to
exceed 35% of the original aggregate principal amount of the Notes (including Additional Notes); provided that 
 (1)
In each case the redemption takes place no more than 180 days after the closing of the related Qualified Equity Offering, and 

(2) not less than 50% of the original aggregate principal amount of the Notes issued under the Indenture (including any
Additional Notes) remains outstanding immediately thereafter (excluding Notes held by the Company or any of its Restricted Subsidiaries). 

(i) In addition, at any time and from time to time prior to August 1, 2015, the Issuers may redeem up to 10% of the original principal
amount of the Notes issued under the Indenture (including any Additional Notes) during each twelve-month period commencing with the Issue Date at a redemption price of 103% of the aggregate principal amount thereof plus accrued and unpaid interest
to the redemption date. 
 (e) Unless the Issuers default in the payment of the redemption price, interest will cease to accrue on the Notes
or portions thereof called for redemption on the applicable Redemption Date. 
 (f) Any redemption pursuant to this paragraph 6 shall be
made pursuant to the provisions of Sections 5.1 through 5.6 of the Indenture. 
 The Issuers are not required to make
mandatory redemption or sinking fund payments with respect to the Notes. 
  

	7.	Repurchase Provisions 

 If a Change of Control occurs, each Holder will have the right to
require the Issuers to repurchase from each Holder all or any part (equal to a minimum $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest and Additional Interest, if any, to but excluding the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date as provided in, and subject to the terms of, the Indenture. 
 Upon certain Asset Dispositions, the Issuers may be required to use the
Excess Proceeds from such Asset Dispositions to offer to purchase the maximum aggregate principal amount of Notes (that is a minimum $2,000 or an integral multiple of $1,000 in excess thereof) and, at the Issuers’ option, Pari Passu
Indebtedness that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest and Additional Interest, if any, to the date fixed for the closing
of such offer, in accordance with the procedures set forth in Section 3.5 and in Article V of the Indenture. 
  

	8.	Collateral and Intercreditor 

 These Notes and any Guarantee are secured by a security
interest in the Collateral pursuant to the Security Documents. The Lien securing the Notes and the Guarantees is subject to the terms of the Intercreditor Agreement. 
  

	9.	Denominations; Transfer; Exchange 

 The Notes shall be issuable only in fully registered
form in minimum denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period
beginning 

  
 A-5 

 
(1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment
Date and ending on such Interest Payment Date or (B) called for redemption, except the unredeemed portion of any Note being redeemed in part. 
  

	10.	Persons Deemed Owners 

 The registered Holder of this Note may be treated as the owner of
it for all purposes. 
  

	11.	Unclaimed Money 

 If money for the payment of principal, premium, if any, interest or
Additional Interest, if any, remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuers at their written request unless an abandoned property law designates another Person to receive such money. After any
such payment, Holders entitled to the money must look only to the Issuers and not to the Trustee for payment as general creditors unless an abandoned property law designates another person for payment. 

 

	12.	Discharge and Defeasance 

 Subject to certain exceptions and conditions set forth in the
Indenture, the Issuers at any time may terminate some or all of their obligations under the Notes and the Indenture if the Issuers deposit with the Trustee cash in U.S. dollars or U.S. Government Obligations for the payment of principal, premium, if
any, interest and Additional Interest, if any on the Notes to redemption or maturity, as the case may be. 
  

	13.	Amendment, Supplement, Waiver 

 Subject to certain exceptions contained in the Indenture,
the Indenture and the Notes may be amended, or a Default thereunder may be waived, with the consent of the Holders of a majority in aggregate principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Issuers, the
Guarantors and the Trustee may amend or supplement the Indenture and the Notes as provided in the Indenture. 
  

	14.	Defaults and Remedies 

 If an Event of Default (other than an Event of Default relating
to certain events of bankruptcy, insolvency or reorganization of an Issuer or certain Guarantors) occurs and is continuing, the Trustee by notice to the Issuers, or the Holders of at least 30% in principal amount of the outstanding Notes by notice
to the Issuers and the Trustee, may declare the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest, if any), and any other monetary obligations on all the Notes to be due and payable immediately. Upon the
effectiveness of such declaration, such principal, premium, interest, Additional Interest, if any, and other monetary obligations will be due and payable immediately. If a bankruptcy, insolvency or reorganization of an Issuer or certain Guarantors
occurs and is continuing, the principal of, premium, if any, and accrued and unpaid interest (including Additional Interest) and any other monetary obligations on all the Notes will become and be immediately due and payable without any declaration
or other act on the part of the Trustee or any Holders. Under certain circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 

 

	15.	Trustee Dealings with the Issuers 

 Subject to certain limitations set forth in the
Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, Guarantors or their Affiliates with the same rights it would have if it were not Trustee. In addition,
the Trustee shall be permitted to engage in transactions with the Issuers; provided, however, that if the Trustee acquires any conflicting interest under the TIA, the Trustee must (i) eliminate such conflict within 90 days of
acquiring such conflicting interest, (ii) apply to the Commission for permission to continue acting as Trustee or (iii) resign. 

  
 A-6 

	16.	No Recourse Against Others 

 No director, officer, employee, incorporator or shareholder
of the Issuers or any of their Subsidiaries or Affiliates, as such (other than the Issuers and the Guarantors), shall have any liability for any obligations of the Issuers or the Guarantors under the Notes, the Guarantees or the Indenture or for any
claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver
may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 
  

	17.	Authentication 

 This Note shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 
  

	18.	Abbreviations 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

 

	19.	CUSIP and ISIN Numbers 

 The Issuers have caused CUSIP and ISIN numbers, if applicable,
to be printed on the Notes and have directed the Trustee to use CUSIP and ISIN numbers, if applicable, in notices of redemption or purchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other identification numbers placed thereon. 
  

	20.	Governing Law 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. THE APPLICATION OF THE PROVISIONS SET OUT IN ARTICLES 86 TO 94-8 OF THE LUXEMBOURG LAW ON COMMERCIAL COMPANIES DATED AUGUST 10, 1915 IS EXCLUDED. 

The Issuers will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture and the Registration
Rights Agreement. Requests may be made to: 
 Trinseo S.A. 

Attention: Chief Financial Officer 

Fax: (610) 240-3308 
 1000
Chesterbrook Boulevard 
 Suite 300 

Berwyn, Pennsylvania 19312 

  
 A-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to: 
  

			
	  

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

	(Insert assignee’s Social Security or tax I.D. no.)
		
	and irrevocably appoint              agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for him.	  	

  

							
	Date:	 		 	Your Signature:	 	  

		
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)
	
	  

 Sign exactly as your name appears on the other side of this Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
 The undersigned hereby certifies that it  ̈ is /  ̈ is not an Affiliate of the Issuers and that, to its knowledge, the proposed transferee  ̈ is /  ̈ is not an Affiliate of the Issuers. 
 In connection with any transfer or exchange of any of the
Notes evidenced by this certificate occurring prior to the date that is one year after the later of the date of original issuance of such Notes and the last date, if any, on which such Notes were owned by the Issuers or any Affiliate of the Issuers,
the undersigned confirms that such Notes are being: 
 CHECK ONE BOX BELOW: 
  

					
	(1)	  	 ̈	  	acquired for the undersigned’s own account, without transfer; or
			
	(2)	  	 ̈	  	transferred to the Issuers; or
			
	(3)	  	 ̈	  	transferred pursuant to and in compliance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”); or
			
	(4)	  	 ̈	  	transferred pursuant to an effective registration statement under the Securities Act; or
			
	(5)	  	 ̈	  	transferred pursuant to and in compliance with Regulation S under the Securities Act; or
			
	(6)	  	 ̈	  	transferred to an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act) or an “accredited investor” (as defined in Rule 501(a)(4) under the Securities Act),
that has furnished to the Trustee a signed letter containing certain representations and agreements (the form of which letter appears as Section 2.8 or 2.10 of the Indenture, respectively); or
			
	(7)	  	 ̈	  	transferred pursuant to another available exemption from the registration requirements of the Securities Act of 1933, as amended.

  
 A-8 

 Unless one of the boxes is checked, the Trustee will refuse to register any of the Notes evidenced by this
certificate in the name of any person other than the registered Holder thereof; provided, however, that if box (5), (6) or (7) is checked, the Issuers may require, prior to registering any such transfer of the Notes, in their
sole discretion, such legal opinions, certifications and other information as the Issuers may reasonably request to confirm that such transfer is being made pursuant to an exemption from, or in a transaction not subject to, the registration
requirements of the Securities Act of 1933, as amended, such as the exemption provided by Rule 144 under such Act. 
  

					
		 		 	  

		 		 	Signature
			
	Signature Guarantee:	 		 	
			
	  
	 		 	  

	(Signature must be guaranteed)	 		 	Signature

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 
 TO BE COMPLETED BY
PURCHASER IF BOX (1) OR (3) ABOVE IS CHECKED. 
 The undersigned represents and warrants that it is purchasing this Note for its
own account or an account with respect to which it exercises sole investment discretion and that it and any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, as amended, and
is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding the Issuers as the undersigned has requested pursuant to Rule 144A or has determined not to request such information
and that it is aware that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration provided by Rule 144A. 

 

	
	  

	Dated:

  
 A-9 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES 

The following increases or decreases in this Global Note have been made: 

 

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

  
 A-10 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Issuers pursuant to Section 3.5 or 3.9 of the Indenture, check either box:

 Section 3.5
 ̈            Section 3.9  ̈ 

If you want to elect to have only part of this Note purchased by the Issuers pursuant to Section 3.5 or 3.9 of the
Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$                                         and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification,
one such Note will be issued for the portion not being repurchased):                     . 

 

							
	Date:	  	  
	  	Your Signature	  	  

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

  

					
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 A-11 

 EXHIBIT B 

[FORM OF FACE OF EXCHANGE GLOBAL NOTE] 

[Depository Legend, if applicable] 

[OID Legend, if applicable] 
  

			
	No. [    ]	  	Principal Amount $[            ] [as revised by the
		  	Schedule of Increases or Decreases in Global Notes attached hereto]2
		  	CUSIP NO.                     

 TRINSEO MATERIALS OPERATING S.C.A. 

TRINSEO MATERIALS FINANCE, INC. 

8.750% Senior Secured Notes due 2019 

Trinseo Materials Operating S.C.A., a company (société en commandite par actions) organized and existing under the laws
of the Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 153586, and Trinseo Materials Finance, Inc., a Delaware corporation (together, the “Issuers”), promise to pay to
[Cede & Co.],2 or its registered assigns, the principal sum of              Dollars [as revised by the Schedule of Increases or Decreases in Global Notes attached hereto],2 on February 1, 2019. 
 Interest Payment Dates: February 1 and August 1,
commencing on August 1, 2013 
 Record Dates: January 15 and July 15 

Additional provisions of this Note are set forth on the other side of this Note. 

 

	2 	Insert in Global Notes only. 

  
 B-1 

 IN WITNESS WHEREOF, the Issuers have caused this instrument to be duly executed. 

 

			
	TRINSEO MATERIALS OPERATING S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:
	
	TRINSEO MATERIALS FINANCE, INC.
		
	By:	 	  

		 	Name:
		 	Title:

 TRUSTEE CERTIFICATE OF AUTHENTICATION 

This Note is one of the 8.750% Senior Secured Notes due 2019 referred to in the within-mentioned Indenture. 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

  

			
	Dated:	 	  

  
 B-2 

 [FORM OF REVERSE SIDE OF NOTE] 

TRINSEO MATERIALS OPERATING S.C.A. 

TRINSEO MATERIALS FINANCE, INC. 

8.750% SENIOR SECURED NOTES DUE 2019 

Capitalized terms used herein and not defined herein have the meanings ascribed thereto in the Indenture. 

 

	1.	Interest 

 Trinseo Materials Operating S.C.A., a company (société en
commandite par actions) organized and existing under the laws of the Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 153586, and Trinseo Materials Finance, Inc., a Delaware corporation
(such companies, and their successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuers”), promise to pay interest on the principal amount of this Note at 8.750% per annum from
January 29, 2013 until maturity. The Issuers will pay interest semi-annually in arrears every February 1 and August 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an
“Interest Payment Date”). Interest on the Notes shall accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided, that the first Interest Payment
Date shall be August 1, 2013. The Issuers shall pay interest on overdue principal at the rate specified herein, and they shall pay interest (including Post-Petition Interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest (without regard to any applicable grace period) at the same rate to the extent lawful. Interest on the Notes will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

 

	2.	Method of Payment 

 By no later than 10:00 a.m. (New York City time) on the date on which
any principal of, premium, if any, or interest on any Note is due and payable, the Issuers shall deposit with the Paying Agent a sum sufficient in immediately available funds to pay such principal, premium, and interest when due. Interest on any
Note which is payable, and is timely paid or duly provided for, on any Interest Payment Date shall be paid to the Person in whose name such Note (or one or more Predecessor Notes) is registered at the close of business on the preceding
January 15 and July 15 at the office or agency of the Issuers maintained for such purpose pursuant to Section 2.3 of the Indenture. The principal of (and premium, if any) and interest on the Notes shall be payable at the office
or agency of the Paying Agent or Registrar designated by the Issuers maintained for such purpose (which shall initially be the office of the Trustee maintained for such purpose), or at such other office or agency of the Issuers as may be maintained
for such purpose pursuant to Section 2.3 of the Indenture; provided, however, that, at the option of the Paying Agent, each installment of interest may be paid by (i) check mailed to addresses of the Persons entitled
thereto as such addresses shall appear on the Notes Register or (ii) wire transfer to an account located in the United States maintained by the payee, subject to the last sentence of this paragraph. Payments in respect of Notes represented by a
Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by The Depository Trust Company or any successor depository. Payments in respect of Notes
represented by Definitive Notes (including principal, premium, if any, and interest) held by a Holder of at least $1,000,000 aggregate principal amount of Notes represented by Definitive Notes 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 15 days immediately preceding
the relevant due date for payment (or such other date as the Trustee may accept in its discretion). If an Interest Payment Date is a Legal Holiday, payment shall be made on the next succeeding day that is not a Legal Holiday, and no interest shall
accrue for the intervening period. If a regular record date is a Legal Holiday, the record date shall not be affected. 
  

	3.	Paying Agent and Registrar 

 The Issuers initially appoint Wilmington Trust, National
Association (the “Trustee”) as Registrar and Paying Agent for the Notes. The Issuers may change any Registrar or Paying Agent without prior notice to the Holders. Either Issuer or any Guarantor may act as Paying Agent, Registrar or
transfer agent. 

  
 B-3 

	4.	Indenture 

 The Issuers issued the Notes under an Indenture dated as of January 29,
2013 (as it may be amended or supplemented from time to time in accordance with the terms thereof, the “Indenture”), among the Issuers, the Guarantors from time to time party thereto and the Trustee. The terms of the Notes include
those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb) as in effect on the date of the Indenture (the “Act”). The Notes are subject to all
terms and provisions of the Indenture, and Holders are referred to the Indenture and the Act for a statement of those terms. 
 The Notes are
senior obligations of the Issuers. The aggregate principal amount of Notes that may be authenticated and delivered under the Indenture is unlimited. This Note is one of the 8.750% Senior Secured Notes due 2019 referred to in the Indenture. The Notes
include (i) $1,325,000,000 principal amount of the Issuers’ 8.750% Senior Secured Notes due 2019 issued under the Indenture on January 29, 2013 (the “Initial Notes”), (ii) if and when issued, additional Notes
that may be issued from time to time under the Indenture subsequent to January 29, 2013 (the “Additional Notes”) as provided in Section 2.1(a) of the Indenture and (iii) if and when issued, the Issuers’
8.750% Senior Secured Notes due 2019 that may be issued from time to time under the Indenture in exchange for Initial Notes or Additional Notes in an offer registered under the Securities Act as provided in the Registration Rights Agreement (herein
called “Exchange Notes”). The Initial Notes, the Additional Notes and the Exchange Notes shall be considered collectively as a single class for all purposes of the Indenture. 

 

	5.	Guarantees 

 To guarantee the due and punctual payment of the principal, premium, if any,
and interest (including post-filing or Post-Petition Interest) on the Notes and all other amounts payable by the Issuers under the Indenture and the Notes when and as the same shall be due and payable, whether at maturity, by acceleration or
otherwise, according to the terms of the Notes and the Indenture, the Guarantors will unconditionally guarantee (and future guarantors, jointly and severally with the Guarantors, will fully and unconditionally Guarantee) such obligations on a senior
basis pursuant to the terms of the Indenture. 
  

	6.	Redemption 

 (a) (a) At any time prior to August 1, 2015, the Issuers may
redeem the Notes in whole or in part, at their option, upon not less than 30 nor more than 60 days’ prior notice at a redemption price equal to 100.000% of the principal amount of such Notes redeemed plus the Applicable Premium as of, and
accrued and unpaid interest and Additional Interest, if any, to the redemption date. 
 (b) At any time and from time to time on or after
August 1, 2015, the Issuers may redeem the Notes, in whole or in part, upon not less than 30 nor more than 60 days’ notice at a redemption price equal to the percentage of principal amount set forth below plus accrued and unpaid interest,
if any, on the Notes redeemed to the applicable date of redemption, if redeemed during the twelve-month period beginning on the year indicated below: 
  

					
	 12-month period commencing August 1 in year
	  	Percentage	 
	 2015
	  	 	104.375	% 
	 2016
	  	 	102.188	% 
	 2017 and thereafter
	  	 	100.000	% 

 (c) At any time and from time to time prior to August 1, 2015, the Issuers may redeem Notes with the net
cash proceeds received by the Issuers from any Qualified Equity Offering at a redemption price equal to 108.750% plus accrued and unpaid interest to the redemption date, in an aggregate principal amount for all such redemptions not to exceed 35% of
the original aggregate principal amount of the Notes (including Additional Notes); provided that 
 (1) In each case
the redemption takes place no more than 180 days after the closing of the related Qualified Equity Offering, and 
 (2) not
less than 50% of the original aggregate principal amount of the Notes issued under the Indenture (including any Additional Notes) remains outstanding immediately thereafter (excluding Notes held by the Company or any of its Restricted Subsidiaries).

  
 B-4 

 (d) In addition, at any time and from time to time prior to August 1, 2015, the Issuers may
redeem up to 10% of the original principal amount of the Notes issued under the Indenture (including any Additional Notes) during each twelve-month period commencing with the Issue Date at a redemption price of 103% of the aggregate principal amount
thereof plus accrued and unpaid interest to the redemption date. 
 (e) Unless the Issuers default in the payment of the redemption price,
interest will cease to accrue on the Notes or portions thereof called for redemption on the applicable Redemption Date. 
 (f) Any
redemption pursuant to this paragraph 6 shall be made pursuant to the provisions of Sections 5.1 through 5.6 of the Indenture. 

The Issuers are not required to make mandatory redemption or sinking fund payments with respect to the Notes. 

 

	7.	Repurchase Provisions 

 If a Change of Control occurs, each Holder will have the right to
require the Issuers to repurchase from each Holder all or any part (equal to a minimum of $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal
amount thereof plus accrued and unpaid interest to but excluding the date of purchase, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date as provided in, and subject to
the terms of, the Indenture. 
 Upon certain Asset Dispositions, the Issuers may be required to use the Excess Proceeds from such Asset
Dispositions to offer to purchase the maximum aggregate principal amount of Notes (that is a minimum of $2,000 or an integral multiple of $1,000 in excess thereof) and, at the Issuers’ option, Pari Passu Indebtedness that may be purchased out
of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the date fixed for the closing of such offer, in accordance with the procedures set forth in
Section 3.5 and in Article V of the Indenture. 
  

	8.	Collateral and Intercreditor 

 These Notes and any Guarantee are secured by a security
interest in the Collateral pursuant to the Security Documents. The Lien securing the Notes and the Guarantees is subject to the terms of the Intercreditor Agreement. 
  

	9.	Denominations; Transfer; Exchange 

 The Notes shall be issuable only in fully registered
form in minimum denominations of principal amount of $2,000 and any integral multiple of $1,000 in excess thereof. A Holder may transfer or exchange Notes in accordance with the Indenture. The Registrar may require a Holder, among other things, to
furnish appropriate endorsements or transfer documents and to pay a sum sufficient to cover any tax and fees required by law or permitted by the Indenture. The Registrar need not register the transfer of or exchange of any Note (A) for a period
beginning (1) 15 days before the mailing of a notice of an offer to repurchase or redeem Notes and ending at the close of business on the day of such mailing or (2) 15 days before an Interest Payment Date and ending on such Interest
Payment Date or (B) called for redemption, except the unredeemed portion of any Note being redeemed in part. 
  

	10.	Persons Deemed Owners 

 The registered Holder of this Note may be treated as the owner of
it for all purposes. 

  
 B-5 

	11.	Unclaimed Money 

 If money for the payment of principal, premium, if any, or interest if
any remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back to the Issuers at their written request unless an abandoned property law designates another Person to receive such money. After any such payment, Holders
entitled to the money must look only to the Issuers and not to the Trustee for payment as general creditors unless an abandoned property law designates another person for payment. 

 

	12.	Discharge and Defeasance 

 Subject to certain exceptions and conditions set forth in the
Indenture, the Issuers at any time may terminate some or all of their obligations under the Notes and the Indenture if the Issuers deposit with the Trustee money or U.S. Government Obligations for the payment of principal, premium, if any, and
interest on the Notes to redemption or maturity, as the case may be. 
  

	13.	Amendment, Supplement, Waiver 

 Subject to certain exceptions contained in the Indenture,
the Indenture and the Notes may be amended, or a Default thereunder may be waived, with the consent of the Holders of a majority in aggregate principal amount of the outstanding Notes. Without notice to or the consent of any Holder, the Issuers, the
Guarantors and the Trustee may amend or supplement the Indenture and the Notes as provided in the Indenture. 
  

	14.	Defaults and Remedies 

 If an Event of Default (other than an Event of Default relating
to certain events of bankruptcy, insolvency or reorganization of an Issuer or certain Guarantors) occurs and is continuing, the Trustee by notice to the Issuers, or the Holders of at least 30% in principal amount of the outstanding Notes by notice
to the Issuers and the Trustee, may, declare the principal of, premium, if any, and accrued and unpaid interest, and any other monetary obligations on all the Notes to be due and payable immediately. Upon the effectiveness of such declaration, such
principal, premium, interest, Additional Interest, if any, and other monetary obligations will be due and payable immediately. If a bankruptcy, insolvency or reorganization of an Issuer or certain Guarantors occurs and is continuing, the principal
of, premium, if any, and accrued and unpaid interest and any other monetary obligations on all the Notes will become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holders. Under certain
circumstances, the Holders of a majority in principal amount of the outstanding Notes may rescind any such acceleration with respect to the Notes and its consequences. 
  

	15.	Trustee Dealings with the Issuers 

 Subject to certain limitations set forth in the
Indenture, the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers, Guarantors or their Affiliates with the same rights it would have if it were not Trustee. In addition,
the Trustee shall be permitted to engage in transactions with the Issuers; provided, however, that if the Trustee acquires any conflicting interest under the TIA, the Trustee must (i) eliminate such conflict within 90 days of
acquiring such conflicting interest, (ii) apply to the Commission for permission to continue acting as Trustee or (iii) resign. 
  

	16.	No Recourse Against Others 

 No director, officer, employee, incorporator or shareholder
of the Issuers or any of their Subsidiaries or Affiliates, as such (other than the Issuers and the Guarantors), shall have any liability for any obligations of the Issuers or the Guarantors under the Notes, the Guarantees or the Indenture or for any
claim based on, in respect of, or by reason of such obligations or their creation. Each Holder by accepting a note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver
may not be effective to waive liabilities under the federal securities laws and it is the view of the SEC that such a waiver is against public policy. 

  
 B-6 

	17.	Authentication 

 This Note shall not be valid until an authorized signatory of the
Trustee (or an authenticating agent acting on its behalf) manually signs the certificate of authentication on the other side of this Note. 
  

	18.	Abbreviations 

 Customary abbreviations may be used in the name of a Holder or an
assignee, such as TEN COM (= tenants in common), TEN ENT (= tenants by the entirety), JT TEN (= joint tenants with rights of survivorship and not as tenants in common), CUST (= custodian) and U/G/M/A (= Uniform Gift to Minors Act). 

 

	19.	CUSIP and ISIN Numbers 

 The Issuers have caused CUSIP and ISIN numbers, if applicable,
to be printed on the Notes and have directed the Trustee to use CUSIP and ISIN numbers, if applicable, in notices of redemption or purchase as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed
on the Notes or as contained in any notice of redemption or purchase and reliance may be placed only on the other identification numbers placed thereon. 
  

	20.	Governing Law 

 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. THE APPLICATION OF THE PROVISIONS SET OUT IN ARTICLES 86 TO 94-8 OF THE LUXEMBOURG LAW ON COMMERCIAL COMPANIES DATED AUGUST 10, 1915 IS EXCLUDED. 

The Issuers will furnish to any Holder upon written request and without charge to the Holder a copy of the Indenture and the Registration
Rights Agreement. Requests may be made to: 
 Trinseo S.A. 

Attention: Chief Financial Officer 

Fax: (610) 240-3308 
 1000
Chesterbrook Boulevard 
 Suite 300 

Berwyn, Pennsylvania 19312 

  
 B-7 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 

I or we assign and transfer this Note to: 
  

			
	  

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

	(Insert assignee’s Social Security or tax I.D. no.)
	
	and irrevocably appoint              agent to transfer this Note on the books of the Issuers. The agent may substitute another to act for
him.

  

							
	Date:	 		 	Your Signature:	 	  

		
	Signature Guarantee:	 	  

		 	(Signature must be guaranteed)
	
	  

 Sign exactly as your name appears on the other side of this Note. 

The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations and credit unions with
membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 B-8 

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTES 

The following increases or decreases in this Global Note have been made: 

 

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

  
 B-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you elect to have this Note purchased by the Issuers pursuant to Section 3.5 or 3.9 of the Indenture, check either box:

 Section 3.5
 ̈            Section 3.9  ̈ 

If you want to elect to have only part of this Note purchased by the Issuers pursuant to Section 3.5 or 3.9 of the
Indenture, state the amount in principal amount (must be in denominations of $2,000 or an integral multiple of $1,000 in excess thereof):
$                                         and
specify the denomination or denominations (which shall not be less than the minimum authorized denomination) of the Notes to be issued to the Holder for the portion of the within Note not being repurchased (in the absence of any such specification,
one such Note will be issued for the portion not being repurchased):                     . 

 

							
	Date:	  	  
	  	Your Signature	  	  

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

  

					
	Signature Guarantee:	  	  

		  	(Signature must be guaranteed)

 The signature(s) should be guaranteed by an eligible guarantor institution (banks, stockbrokers, savings and loan associations
and credit unions with membership in an approved signature guarantee medallion program), pursuant to Exchange Act Rule 17Ad-15. 

  
 B-10 

 EXHIBIT C 

FORM OF SUPPLEMENTAL INDENTURE TO ADD GUARANTORS 

SUPPLEMENTAL INDENTURE, (this “Supplemental Indenture”) dated as of
[            ], 20[    ], by and among the parties that are signatories hereto as Guarantors (the “Guaranteeing Subsidiary”), Trinseo Materials
Operating S.C.A, a company (société en commandite par actions) organized and existing under the laws of the Grand Duchy of Luxembourg and registered with the Luxembourg Trade and Companies Register under number B 153586 (the
“Company”), Trinseo Materials Finance, Inc., a Delaware corporation (“Trinseo Finance” and, together with the Company, the “Issuers”), the other Guarantors (as defined in the Indenture referred to
herein) and Wilmington Trust, National Association, as Trustee under the Indenture referred to below. 
 W I T N
E S S E T H: 
 WHEREAS, each of the Issuers, the Guarantors and the Trustee have heretofore
executed and delivered an indenture dated as of January 29, 2013 (as amended, supplemented, waived or otherwise modified, the “Indenture”), providing for the issuance of an aggregate principal amount of $1,325.0 million of
8.750% Senior Secured Notes due 2019 of the Issuers (the “Notes”); 
 WHEREAS, the Indenture provides that under certain
circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture to which the Guaranteeing Subsidiary shall unconditionally guarantee, on a joint and several basis with the other Guarantors, all of the
Issuers’ Obligations under the Notes and the Indenture on the terms and conditions set forth herein and under the Indenture (the “Guarantee”); and 

WHEREAS, pursuant to Section 9.1 of the Indenture, the Issuers, any Guarantor and the Trustee are authorized to execute and
deliver this Supplemental Indenture to amend or supplement the Indenture, without the consent of any Holder; 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary, the Issuers, the other Guarantors and the Trustee mutually covenant and agree for the equal and
ratable benefit of the Holders of the Notes as follows: 
 ARTICLE I 

DEFINITIONS 
 SECTION 1.1.
Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recitals hereto are used herein as therein defined. The words “herein,” “hereof” and “hereby” and other
words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular section hereof. 

ARTICLE II 
 AGREEMENT TO BE
BOUND; GUARANTEE 
 SECTION 2.1. Agreement to Be Bound. [Subject to Section 2.3, the] [The] Guaranteeing Subsidiary
hereby becomes a party to the Indenture as a Guarantor and as such will have all of the rights and be subject to all of the obligations and agreements of a Guarantor under the Indenture. 

SECTION 2.2. Guarantee. [Subject to Section 2.3, the] [The] Guaranteeing Subsidiary agrees, on a joint and several basis
with all the existing Guarantors, to fully, unconditionally and irrevocably Guarantee to each Holder of the Notes and the Trustee the Guaranteed Obligations pursuant to Article X of the Indenture on a senior basis. 

  
 C-1 

 [SECTION 2.3 Limitation for Swiss Guarantors. 

(a) To the extent that (i) the Guaranteeing Subsidiary becomes, under Article X of the Indenture or under any other provision of
any Notes Document, the Registration Rights Agreement or the Purchase Agreement (together the “Transaction Document”), liable for Guaranteed Obligations of its Affiliates (other than those of its direct or indirect wholly owned
Subsidiaries) or otherwise obliged to grant economic benefits to its Affiliates (other than its direct or indirect wholly owned Subsidiaries), including, for the avoidance of doubt, any joint liability and/or restrictions of the Guaranteeing
Subsidiary’s rights of set-off and/or subrogation or its duties to subordinate or waive claims and (ii) complying with such obligations would constitute a repayment of capital (Einlagerückgewähr), a violation of the
legally protected reserves (gesetzlich geschützte Reserven) or the payment of a (constructive) dividend (Gewinnausschüttung) by the Guaranteeing Subsidiary or would otherwise be restricted under Swiss corporate law then
applicable (the “Restricted Obligations”), the aggregate liability of the Guaranteeing Subsidiary for Restricted Obligations shall be limited to the amount of unrestricted equity capital surplus (including the unrestricted portion
of general and statutory reserves, other free reserves, retained earnings and current net profits) available for distribution as dividends to the shareholders of the Guaranteeing Subsidiary at the time the Guaranteeing Subsidiary is required to
perform under any Transaction Document, provided that this is a requirement under applicable Swiss law at that time and further provided that such limitation shall not discharge the Guaranteeing Subsidiary from its obligations in
excess thereof, but merely postpone the performance date therefore until such times as performance is again permitted notwithstanding such limitation. Any and all indemnities and guarantees contained in the Transaction Documents shall be construed
in a manner consistent with the provisos herein contained. 
 (b) In respect of Restricted Obligations, the Guaranteeing Subsidiary shall:

 (1) if and to the extent required by applicable law in force at the relevant time use its best efforts to mitigate to the
extent possible any obligation with respect to withholding tax in accordance with the Federal Act on Anticipatory Tax of 13 October 1965, as amended (Bundesgesetz über die Verrechnungssteuer) (“Swiss Withholding
Tax”) to be levied on the Restricted Obligations (and cause its parent and other relevant Affiliates to fully cooperate in any mitigating efforts), in particular through the notification procedure, and promptly notify the Trustee thereof
or, if such a notification procedure is not applicable: 
 (A) deduct Swiss Withholding Tax at the rate of 35 per cent.
(or such other rate as in force from time to time) from any payment made by it in respect of Restricted Obligations; 
 (B)
pay any such deduction to the Swiss Federal Tax Administration; and 
 (C) notify (and the Issuers shall ensure that the
Guaranteeing Subsidiary will notify) the Trustee that such a deduction has been made and provide the Trustee with evidence that such a deduction has been paid to the Swiss Federal Tax Administration; and 

(2) to the extent such a deduction is made, not be obliged to pay Additional Amounts in relation to any such payment made by it
in respect of Restricted Obligations unless such payment is permitted under the laws of Switzerland then in force (it being understood that this shall not in any way limit any obligations of any other Guarantor or the Issuers under any Transaction
Document to indemnify the Holders of the Notes and the Trustee in respect of the deduction of the Swiss Withholding Tax). The Guaranteeing Subsidiary shall use its commercially reasonable efforts to ensure that any Person which is, as a result of a
deduction of Swiss Withholding Tax, entitled to a full or partial refund of the Swiss Withholding Tax, will, as soon as possible after the deduction of the Swiss Withholding Tax, (i) request a refund of the Swiss Withholding Tax under any
applicable law (including double tax treaties) and (ii) promptly upon receipt, pay to the Trustee (or to any such other Person as directed by the Trustee) any amount so refunded for application as a further payment of the Guaranteeing
Subsidiary under and pursuant to the relevant Transaction Document. 

  
 C-2 

 (c) If and to the extent requested by the Trustee and if and to the extent this is from time to
time required under Swiss law (restricting profit distributions), in order to allow the Holders of the Notes and the Trustee to obtain a maximum benefit under Article X of the Indenture, the Guaranteeing Subsidiary shall, and any parent
company of the Guaranteeing Subsidiary being a party to the Indenture shall procure that the Guaranteeing Subsidiary will, promptly implement all such measures and/or promptly procure the fulfillment of all prerequisites allowing it to promptly make
the (requested) payment(s) hereunder from time to time, including the following: 
 (1) preparation of an up-to-date audited
balance sheet of the Guaranteeing Subsidiary; 
 (2) confirmation of the auditors of the Guaranteeing Subsidiary that the
relevant amount represents (the maximum of) freely distributable profits and; 
 (3) conversion of restricted reserves into
profits and reserves freely available for the distribution as dividends (if and to the extent permitted by mandatory Swiss law); 

(4) revaluation of hidden reserves (if and to the extent permitted by mandatory Swiss law); 

(5) approval by a shareholders’ meeting of the Guaranteeing Subsidiary of the (resulting) profit distribution; and 

(6) all such other measures necessary or useful to allow the Guaranteeing Subsidiary to make the payments agreed hereunder with
a minimum of limitations. 
 (d) Any Collateral granted by the Guaranteeing Subsidiary under any Security Document shall, by inclusion of
respective language in such Security Document(s), also be made subject to the limitations set out in this Section 2.3.]3 

[SECTION 2.3 Limitation for German Guarantors. 

(a) The restrictions in this Section 2.03 shall apply to any Guaranty and indemnity (the “German Guaranty”)
granted by a Guarantor (a “German Guarantor”) incorporated under the laws of Germany as a limited liability company (“GmbH”) for liabilities of its direct or indirect shareholder(s) (upstream) or an entity
affiliated with such shareholder (verbundenes Unternehmen) within the meaning of section 15 of the German Stock Corporation Act (Aktiengesetz) (cross-stream) (excluding, for clarification purposes any direct or indirect Subsidiary of
such Guarantor). 
 (b) The restrictions in this Section 2.03 shall not apply to the extent the German Guarantor secures any
indebtedness under the Notes to the extent they are on-lent or otherwise (directly or indirectly) passed on to the relevant German Guarantor or its Subsidiaries and such amount on-lent or otherwise passed on is not repaid for as long as such amounts
on-lent or otherwise (directly or indirectly) passed on as set out above have not been the subject of an adjustment in the calculation of the relevant German Guarantor’s Net Assets in accordance with Section 2.03(d) below. 

(c) Restrictions on Payment. 

(i) The parties to this Guaranty agree that if payment under the German Guaranty would (A) cause the amount of a German
Guarantor’s net assets, as calculated pursuant to Section 2.03 (d) below, to fall below the amount of its registered share capital (Stammkapital) or increase an existing shortage of its registered share capital in each
case in violation of section 30 of the German Limited Liability Company Act (“GmbHG”) (such event is hereinafter referred to as a “Capital Impairment”) or (B) deprive the German Guarantor of the liquidity
necessary to fulfill its financial liabilities to its creditors a (“Liquidity Impairment”), then the Trustee shall, subject to Section 2.03(c)(i) and (ii), demand payment under the German Guaranty from such German
Guarantor only to the extent such Capital Impairment or Liquidity Impairment would not occur. 
  

	3 	To be inserted for Swiss Guarantors. 

  
 C-3 

 (ii) The restrictions set out in Section 2.03(c) in relation to a
Liquidity Impairment shall cease to apply, if, at the time a demand for payment under the German Guaranty is made against a German Guarantor, such German Guarantor is unable to pay its debts as they fall due (zahlungsunfähig) or
(ii) insolvency proceedings (Insolvenzverfahren) over any of such German Guarantor’s assets have been opened. 

(iii) If the relevant German Guarantor does not notify the Trustee in writing (the “Management Notification”)
within fifteen (15) Business Days after the Trustee notified such German Guarantor in writing of its intention to demand payment under the German Guaranty that a Capital Impairment or Liquidity Impairment would occur (setting out in reasonable
detail to what extent a Capital Impairment or Liquidity Impairment would occur in the form of a management balance sheet (including explanations with regard to the Liquidity Impairment) and providing prima facie evidence that a realization or
other measures undertaken in accordance with the mitigation provisions set out in Section 2.03(e) would not prevent such Capital Impairment and/or Liquidity Impairment), then the restrictions set forth in clause (i) of this
Section 2.03(c) shall not apply. 
 (iv) If the relevant German Guarantor does not provide an Auditors’
Determination (as defined in Section 2.03(f)) within thirty (30) Business Days from the date on which the Trustee received the Management Notification, then the restrictions set out in clause (i) of this
Section 2.03(c) shall not apply and the Trustee shall not be obliged to assign or make available to the German Guarantor any net proceeds realized. 

(d) Net Assets. The calculation of net assets (the “Net Assets”) shall only take into account the sum of the values of
the assets of the relevant German Guarantor determined in accordance with applicable law and court decisions and, if there is no positive going concern (positive Fortführungsprognose) based on the lower of book value (Buchwert)
and liquidation value (Liquidationswert) (consisting of all assets which correspond to those items listed in section 266 subsection (2) A, B and C of the German Commercial Code (“HGB”)) less the relevant German
Guarantor’s liabilities (consisting of all liabilities and liability reserves which correspond to those items listed in accordance with section 266 subsection (3) B, C and D of the HGB). For the purposes of calculating the Net Assets, the
following balance sheet items shall be adjusted as follows: 
 (i) the amount of any increase in the registered share capital
of the relevant German Guarantor which was carried out after the relevant German Guarantor became a party to this Guaranty without the prior written consent of the Trustee shall be deducted from the amount of the registered share capital of the
relevant German Guarantor; 
 (ii) any funds received by any Issuer under the issuance of the Notes which have been or are
on-lent or otherwise passed on to the relevant German Guarantor or to any Subsidiary of such German Guarantor and have not yet been repaid at the time when payment under the German Guaranty is demanded, shall be disregarded for as long as no demand
has been made in relation to such amounts on-lent or otherwise (directly or indirectly) passed on as set out above under the Guarantee by the relevant German Guarantor in accordance with Section 2.03(b) above; and 

(iii) loans or other contractual liabilities incurred by the relevant German Guarantor in gross-negligent or willful breach of
Notes Documents or the shall not be taken into account as liabilities. 
 (e) Mitigation. 

(i) The relevant German Guarantor shall realize, to the extent legally permitted and commercially justifiable in a situation
where it does not have sufficient Net Assets to maintain its registered share capital, all of its assets that are shown in the balance sheet with a book value (Buchwert) that is significantly lower than the market value of the assets but only
if the relevant asset is not necessary for the German Guarantor’s business (betriebsnotwendig). 
 (ii) The
limitations on demanding payment under this German Guaranty set out in this Section 2.03(e) shall not apply if and to the extent that the relevant German Guarantor is legally permitted to

  
 C-4 

 
dissolve hidden reserves or setting-off claims to avoid demanding payment under the German Guaranty causing a Capital Impairment of the relevant German Guarantor provided that it is commercially
justifiable to take such measures. 
 (f) Auditors’ Determination. 

(i) If the relevant German Guarantor claims that a Capital Impairment or Liquidity Impairment would occur on payment under this
German Guaranty and the Trustee has requested an Auditors’ Determination (as defined below), the German Guarantor shall (at its own cost and expense) arrange for the preparation of a balance sheet by a firm of recognized auditors (the
“Auditors”) in order to have such Auditors determine whether (and if so, to what extent) any payment under this German Guaranty would cause a Capital Impairment or Liquidity Impairment (the “Auditors’
Determination”). 
 (ii) The Auditors’ Determination shall be prepared, taking into account the adjustments set
out in Section 2.03(d) above, by applying the generally accepted accounting principles applicable from time to time in Germany (Grundsätze ordnungsmäßiger Buchführung) based on the same principles and
evaluation methods as constantly applied by the relevant German Guarantor in the preparation of its financial statements, in particular in the preparation of its most recent annual balance sheet, and taking into consideration applicable court
rulings of German courts. Subject to SECTION 2.03 (h) below, such Auditors’ Determination shall be binding on the relevant German Guarantor and the Trustee. 

(iii) Even if the relevant German Guarantor arranges for the preparation of an Auditors’ Determination, the relevant
German Guarantor’s obligations under the mitigation provisions set out in Section 2.03(e) above shall continue to exist. 

(g) Improvement of Financial Condition. If, after it has been provided with an Auditors’ Determination which prevented it from
demanding any or only partial payment under this German Guaranty, the Trustee ascertains in good faith that the financial condition of the relevant German Guarantor as set out in the Auditors’ Determination has substantially improved (in
particular, if the relevant German Guarantor has taken any action in accordance with the mitigation provisions set out in Section 2.03(e)), the Trustee may, at the relevant German Guarantor’s cost and expense, arrange for the
preparation of an updated balance sheet of the relevant German Guarantor by applying the same principles (unless a change of law or court practice requires otherwise) that were used for the preparation of the Auditors’ Determination by the
Auditors who prepared the Auditors’ Determination pursuant to clause (i) of Section 2.03(f) above in order for such Auditors to determine whether (and, if so, to what extent) the Capital Impairment or Liquidity Impairment has
been cured as a result of the improvement of the financial condition of the relevant German Guarantor. The Trustee may demand payment under this German Guaranty to the extent that the Auditors determine that the Capital Impairment or Liquidity
Impairment has been cured. 
 (h) No Waiver. Nothing in this Section 2.03 shall limit the enforceability, legality or
validity of this German Guaranty nor shall it prevent the Trustee from claiming in court that the provision of this German Guaranty by and/or demanding payment under this German Guaranty against the relevant German Guarantor does not fall within the
scope of section 30 of the GmbHG. The Trustee’s rights to any remedies it may have against the relevant German Guarantor shall not be limited if it is ascertained by a final court decision that section 30 of the GmbHG did not apply. The
agreement of the Trustee to abstain from demanding any or part of the payment under this German Guaranty in accordance with the provisions above shall not constitute a waiver (Verzicht) of any right granted under this Indenture or any other
Notes Document to the Trustee, the Collateral Agent or any Secured Party.]4 
  

	4 	To be inserted for German Guarantors. 

  
 C-5 

 [SECTION 2.3 Dutch Parallel Debt Provisions. 

(a) Each Guarantor which is party to any Security Document governed by Dutch law (the “Dutch Guarantors”) hereby irrevocably
and unconditionally undertakes to pay to the Collateral Agent as creditor in its own right and not as a representative of the other Secured Parties amounts equal to any amounts owing from time to time by that Guarantor to any Secured Party under any
Notes Document as and when those amounts are due for payment under the relevant Notes Document. 
 (b) Each Dutch Guarantor and the
Collateral Agent acknowledge that the obligations of each Dutch Guarantor under Section 2.3(a) are several and are separate and independent from, and shall not in any way limit or affect, the corresponding obligations of that Dutch
Guarantor to any Secured Party under any Notes Document (its “Corresponding Debt”) nor shall the amounts for which each Dutch Guarantor is liable under Section 2.3(a)) (its “Parallel Debt”) be limited or
affected in any way by its Corresponding Debt provided that: (i) the Parallel Debt of each Dutch Guarantor shall be decreased to the extent that its Corresponding Debt has been irrevocably paid or (in the case of guarantee obligations)
discharged and (ii) the Corresponding Debt of each Dutch Guarantor shall be decreased to the extent that its Parallel Debt has been irrevocably paid or (in the case of guarantee obligations) discharged. 

(c) The Collateral Agent acts in its own name and not as a trustee, and its claims in respect of the Parallel Debt shall not be held on trust.
The Security Documents governed by Dutch law granted under the Senior Secured Notes Documents to the Collateral Agent to secure the Parallel Debt is granted to the Collateral Agent in its capacity as creditor of the Parallel Debt and shall not be
held on trust. 
 (d) All monies received or recovered by the Collateral Agent pursuant to this Section 2.3, and all amounts
received or recovered by the Notes Documents from or by the enforcement of any Security Documents governed by Dutch law granted to secure the Parallel Debt, shall be applied in accordance with this Agreement. 

(e) Without limiting or affecting the Collateral Agent’s rights against the Dutch Guarantors (whether under this Section 2.3
or under any other provision of the Notes Documents), each Dutch Guarantor acknowledges that: (i) nothing in this Section 2.3 shall impose any obligation on the Collateral Agent to advance any sum to any Dutch Guarantor or otherwise
under any Notes Document, except in its capacity as lender (as applicable) and (ii) for the purpose of any vote taken under any Notes Document, the Collateral Agent shall not be regarded as having any participation or commitment other than
those which it has in its capacity as a lender (as applicable).]5 
 [SECTION 2.3
Limitation for Swedish Guarantors. The obligations of any Guarantor incorporated in Sweden in its capacity as a Guarantor (each a “Swedish Guarantor”) shall be limited if (and only if) and to the extent required by an
application of the provision of the Swedish Companies Act (Sw. Aktiebolagslagen (2005:551)) (or its equivalent from time to time) regulating distribution of assets (including profits and dividends and any other form of transfer or value)
(Chapter 17, Section 1-3 (or its equivalent from time to time)) and it is understood that the liability of each Swedish Guarantor under this Indenture only applies to the extent permitted by the above mentioned provisions of the Swedish
Companies Act, provided that all steps available to the Swedish Guarantors and their respective shareholder to authorize their obligations under the Indenture have been taken.]6 

 

	5 	To be inserted for Dutch Guarantors. 

	6 	To be inserted for Swedish Guarantors. 

  
 C-6 

 [SECTION 2.3 Limitation for Belgian Guarantors. 

(a) The guarantee in this Article II does not apply to any liability of any Belgian Guarantor to the extent that such liability would
result in the guarantee constituting unlawful financial assistance within the meaning of the Belgian Company Code. A “Belgian Guarantor” for the purposes of this Article II shall be any Guarantor with its main establishment
(“voornaamste vestiging/établissement principal”) in Belgium. 
 (b) Further, the obligations of any Belgian
Guarantor under the guarantee in this Article [    ] shall in all events be limited to a maximum aggregate amount equal to the greater of: 

(1) an amount equal to 95 % of the greater of: 

(A) the Net Assets (as defined below) of the Belgian Guarantor calculated on the basis of the last financial statements
available on the date hereof; 
 (B) the Net Assets (as defined below) of the Belgian Guarantor calculated on the basis of
the last audited financial statements or audited interim financial statements available on the date of the demand for payment by the Belgian Guarantor under the guarantee in this Article II; and 

(C) the arithmetic mean of the Net Assets (as defined below) of such Belgian Guarantor on the basis of the last five audited
financial statements of such Belgian Guarantor at the date a demand for payment is made under the guarantee in this Article II. 

minus the amount paid or payable by such Belgian Guarantor pursuant to its guarantee obligations under the Credit
Agreement. 
 For the purpose of this Article II, “Net Assets” means the aggregate amount of the
assets of the Belgian Guarantor as shown in the audited financial statements referred to above: 
 (i) less the
aggregate amount of all financial indebtedness (schulden/dettes) referred to in Article 320 or 617 of the Belgian Company Code, owed by the Belgian Guarantor; 

(ii) less the aggregate amount of the provisions (voorzieningen/provisions) referred to in Article 320 or 617 of
the Belgian Company Code; 
 (iii) plus the aggregate amount of all financial indebtedness (schulden/dettes)
referred to in Article 320 or 617 of the Belgian Company Code that are owed by the Belgian Guarantor to another member of the Group as a result of any on-lending by that member to the Belgian Guarantor of proceeds drawn under this Agreement, 

and 
 (2) the
aggregate amount (plus any accrued interest thereon, expenses and fees) of: 
 (A) the amounts received by the Belgian
Guarantor and by any Subsidiary of the Belgian Guarantor under [this Agreement], outstanding at any given time until the demand for payment by the Belgian Guarantor under this Agreement; and 

(B) any intra-group loans or facilities made available to the Belgian Guarantor and to any Subsidiary of the Belgian Guarantor
by any other member of the Group using directly or indirectly all or part of the proceeds made available pursuant to this Agreement.]7 

 

	7 	To be inserted for Swiss Guarantors. 

  
 C-7 

 [SECTION 2.3 Limitation for Irish Guarantors. The Guarantee does not apply to any
liability to the extent that it would result in the Guarantee constituting unlawful financial assistance within the meaning of, in respect of a Guarantor incorporated under the laws of Ireland, section 60 of the Companies Act 1963 of Ireland.]8 
 ARTICLE III 

MISCELLANEOUS 
 SECTION 3.1.
Notices. All notices and other communications to the Guarantor shall be given as provided in the Indenture to the Guarantor, at its address set forth below, with a copy to the Issuers as provided in the Indenture for notices to the Issuers.

 SECTION 3.2. Merger and Consolidation. The Guaranteeing Subsidiary shall not sell or otherwise dispose of all or substantially all
of its assets to, or consolidate with or merge with or into another Person (other than an Issuer or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction) except in accordance with
Section 4.1(f) of the Indenture. 
 SECTION 3.3. Release of Guarantee. This Guarantee shall be released in accordance
with Section 10.2 of the Indenture. 
 SECTION 3.4. Parties. Nothing expressed or mentioned herein is intended or shall
be construed to give any Person, firm or corporation, other than the Holders and the Trustee, any legal or equitable right, remedy or claim under or in respect of this Supplemental Indenture or the Indenture or any provision herein or therein
contained. 
 SECTION 3.5. Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE
LAWS OF THE STATE OF NEW YORK. THE APPLICATION OF THE PROVISIONS SET OUT IN ARTICLES 86 TO 94-8 OF THE LUXEMBOURG LAW ON COMMERCIAL COMPANIES DATED AUGUST 10, 1915 IS EXCLUDED. 

SECTION 3.6. Severability. In case any provision in this Supplemental Indenture 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 and such provision shall be ineffective only to the extent of such invalidity, illegality or unenforceability. 

SECTION 3.7. Benefits Acknowledged. The Guaranteeing Subsidiary’s Guarantee is subject to the terms and conditions set forth in
the Indenture. The Guaranteeing Subsidiary acknowledges that it will receive direct and indirect benefits from the financing arrangements contemplated by the Indenture and this Supplemental Indenture and that the guarantee and waivers made by it
pursuant to this Guarantee are knowingly made in contemplation of such benefits. 
 SECTION 3.8. Ratification of Indenture; Supplemental
Indentures Part of Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture
shall form a part of the Indenture for all purposes, and every Holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 

 

	8 	To be inserted for Irish Guarantors. 

  
 C-8 

 SECTION 3.9. The Trustee. The Trustee makes no representation or warranty as to the
validity or sufficiency of this Supplemental Indenture or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 

SECTION 3.10. Counterparts. The parties hereto may sign any number of copies of this Supplemental Indenture. Each signed copy shall be
an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Supplemental
Indenture as to the parties hereto and may be used in lieu of the original Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes.

 SECTION 3.11. Execution and Delivery. The Guaranteeing Subsidiary agrees that the Guarantee shall remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of any such Guarantee. 
 SECTION 3.12. Headings. The headings of the
Articles and the Sections in this Supplemental Indenture are for convenience of reference only and shall not be deemed to alter or affect the meaning or interpretation of any provisions hereof. 

  
 C-9 

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

			
	TRINSEO MATERIALS OPERATING S.C.A.
		
	By:	 	  

		 	Name:
		 	Title:
	
	TRINSEO MATERIALS FINANCE, INC.
		
	By:	 	  

		 	Name:
		 	Title:
	
	 [SUBSIDIARY GUARANTOR],

as a Guarantor

		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Supplemental Indenture] 

 
			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Name:
		 	Title:

 [Signature Page to Supplemental Indenture] 

 EXHIBIT D 

[Form of Intercreditor Agreement]

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