Document:

Indenture

 Exhibit 4.1 
  

 INDENTURE 
  
 Among 
  
 HUGHES SUPPLY, INC., 
  
 THE SUBSIDIARY GUARANTORS PARTIES HERETO 
  
 and 
  
 U.S. Bank National Association, as Trustee 
  
 5.50% SENIOR NOTES DUE 2014 
  
 Dated as of October 12, 2004 
  

 CROSS-REFERENCE TABLE* 
  

			
	 Trust Indenture Act 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)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(1)
	  	N.A.
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 12.02
	       (d)
	  	7.06
	 314(a)
	  	4.03; 12.02; 12.05
	       (b)
	  	N.A.
	       (c)(1)
	  	12.04
	       (c)(2)
	  	12.04
	       (c)(3)
	  	N.A.
	       (d)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	7.01
	       (b)
	  	7.05; 12.02
	       (c)
	  	7.01
	       (d)
	  	7.01
	       (e)
	  	6.11
	 316(a) (last sentence)
	  	2.09
	       (a)(1)(A)
	  	6.05
	       (a)(1)(B)
	  	6.04
	       (a)(2)
	  	N.A.
	       (b)
	  	6.07
	       (c)
	  	2.12
	 317(a)(1)
	  	6.08
	       (a)(2)
	  	6.09
	       (b)
	  	2.04
	 318(a)
	  	12.01
	       (b)
	  	N.A.
	       (c)
	  	12.01

 N.A. means not applicable. 

	*	This Cross Reference Table is not part of the Indenture. 

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	ARTICLE 1.	  	 
	DEFINITIONS AND INCORPORATION	  	 
	BY REFERENCE	  	 
			
	Section 1.01	  	Definitions.	  	1
	Section 1.02	  	Other Definitions.	  	9
	Section 1.03	  	Incorporation by Reference of Trust Indenture Act.	  	9
	Section 1.04	  	Rules of Construction.	  	10
		
	ARTICLE 2.	  	 
	THE NOTES	  	 
			
	Section 2.01	  	Form and Dating.	  	10
	Section 2.02	  	Execution and Authentication.	  	11
	Section 2.03	  	Registrar and Paying Agent.	  	11
	Section 2.04	  	Paying Agent to Hold Money in Trust.	  	11
	Section 2.05	  	Holder Lists.	  	12
	Section 2.06	  	Transfer and Exchange.	  	12
	Section 2.07	  	Replacement Notes.	  	23
	Section 2.08	  	Outstanding Notes.	  	24
	Section 2.09	  	Treasury Notes.	  	24
	Section 2.10	  	Temporary Notes.	  	24
	Section 2.11	  	Cancellation.	  	24
	Section 2.12	  	Defaulted Interest.	  	25
		
	ARTICLE 3.	  	 
	REDEMPTION AND PREPAYMENT	  	 
			
	Section 3.01	  	Optional Redemption.	  	25
	Section 3.02	  	Notices to Trustee.	  	25
	Section 3.03	  	Selection of Notes to Be Redeemed.	  	25
	Section 3.04	  	Notice of Redemption.	  	26
	Section 3.05	  	Effect of Notice of Redemption.	  	27
	Section 3.06	  	Deposit of Redemption Price.	  	27
	Section 3.07	  	Notes Redeemed in Part.	  	27
		
	ARTICLE 4.	  	 
	COVENANTS	  	 
			
	Section 4.01	  	Payment of Notes.	  	27
	Section 4.02	  	Maintenance of Office or Agency.	  	28
	Section 4.03	  	Reports.	  	28
	Section 4.04	  	Compliance Certificate.	  	29
	Section 4.05	  	Taxes.	  	29
	Section 4.06	  	Stay, Extension and Usury Laws.	  	29
	Section 4.07	  	Limitation on Liens.	  	30
	Section 4.08	  	Limitation on Sales and Leasebacks.	  	30
	Section 4.09	  	Corporate Existence.	  	31
	Section 4.10	  	Payments for Consent.	  	31
	Section 4.11	  	Additional Subsidiary Guarantees.	  	31

  

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	ARTICLE 5.	  	 
	SUCCESSORS	  	 
			
	Section 5.01	  	Merger, Consolidation, or Sale of Assets.	  	32
	Section 5.02	  	Successor Corporation Substituted.	  	32
		
	ARTICLE 6.	  	 
	DEFAULTS AND REMEDIES	  	 
			
	Section 6.01	  	Events of Default.	  	33
	Section 6.02	  	Acceleration.	  	34
	Section 6.03	  	Other Remedies.	  	35
	Section 6.04	  	Waiver of Past Defaults.	  	35
	Section 6.05	  	Control by Majority.	  	35
	Section 6.06	  	Limitation on Suits.	  	35
	Section 6.07	  	Rights of Holders of Notes to Receive Payment.	  	36
	Section 6.08	  	Collection Suit by Trustee.	  	36
	Section 6.09	  	Trustee May File Proofs of Claim.	  	36
	Section 6.10	  	Priorities.	  	36
	Section 6.11	  	Undertaking for Costs.	  	37
	Section 6.12	  	Restoration of Rights and Remedies.	  	37
		
	ARTICLE 7.	  	 
	TRUSTEE	  	 
			
	Section 7.01	  	Duties of Trustee.	  	37
	Section 7.02	  	Rights of Trustee.	  	38
	Section 7.03	  	Individual Rights of Trustee.	  	39
	Section 7.04	  	Trustee’s Disclaimer.	  	40
	Section 7.05	  	Notice of Defaults.	  	40
	Section 7.06	  	Reports by Trustee to Holders of the Notes.	  	40
	Section 7.07	  	Compensation and Indemnity.	  	40
	Section 7.08	  	Replacement of Trustee.	  	41
	Section 7.09	  	Successor Trustee by Merger, etc.	  	42
	Section 7.10	  	Eligibility; Disqualification.	  	42
	Section 7.11	  	Preferential Collection of Claims Against Company.	  	42
		
	ARTICLE 8.	  	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	  	 
			
	Section 8.01	  	Option to Effect Legal Defeasance or Covenant Defeasance.	  	42
	Section 8.02	  	Legal Defeasance and Discharge.	  	42
	Section 8.03	  	Covenant Defeasance.	  	43
	Section 8.04	  	Conditions to Legal or Covenant Defeasance.	  	44
	Section 8.05	  	Deposited Money and Government Securities to be Held in Trust; Other Miscellaneous Provisions.	  	45
	Section 8.06	  	Repayment to Company.	  	45
	Section 8.07	  	Reinstatement.	  	46
		
	ARTICLE 9.	  	 
	AMENDMENT, SUPPLEMENT AND WAIVER	  	 
			
	Section 9.01	  	Without Consent of Holders of Notes.	  	46
	Section 9.02	  	With Consent of Holders of Notes.	  	47
	Section 9.03	  	Compliance with Trust Indenture Act.	  	48

  

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	Section 9.04	  	Revocation and Effect of Consents.	  	48
	Section 9.05	  	Notation on or Exchange of Notes.	  	48
	Section 9.06	  	Trustee to Sign Amendments, etc.	  	48
		
	ARTICLE 10.	  	 
	SUBSIDIARY GUARANTEES	  	 
			
	Section 10.01	  	Subsidiary Guarantee.	  	49
	Section 10.02	  	Limitation on Guarantor Liability.	  	50
	Section 10.03	  	Execution and Delivery of Subsidiary Guarantee.	  	50
	Section 10.04	  	Termination, Release and Discharge Upon Merger or Consolidation.	  	51
		
	ARTICLE 11.	  	 
	SATISFACTION AND DISCHARGE	  	 
			
	Section 11.01	  	Satisfaction and Discharge.	  	51
	Section 11.02	  	Application of Trust Money.	  	52
		
	ARTICLE 12.	  	 
	MISCELLANEOUS	  	 
			
	Section 12.01	  	Trust Indenture Act Controls.	  	52
	Section 12.02	  	Notices.	  	52
	Section 12.03	  	Communication by Holders of Notes with Other Holders of Notes.	  	54
	Section 12.04	  	Certificate and Opinion as to Conditions Precedent.	  	54
	Section 12.05	  	Statements Required in Certificate or Opinion.	  	54
	Section 12.06	  	Rules by Trustee and Agents.	  	54
	Section 12.07	  	No Personal Liability of Directors, Officers, Employees and Stockholders.	  	54
	Section 12.08	  	Governing Law.	  	55
	Section 12.09	  	No Adverse Interpretation of Other Agreements.	  	55
	Section 12.10	  	Successors.	  	55
	Section 12.11	  	Severability.	  	55
	Section 12.12	  	Counterpart Originals.	  	55
	Section 12.13	  	Table of Contents, Headings, etc.	  	55
		
	EXHIBITS	  	 
			
	Exhibit A	  	FORM OF NOTE	  	 
	Exhibit B	  	FORM OF CERTIFICATE OF TRANSFER	  	 
	Exhibit C	  	FORM OF CERTIFICATE OF EXCHANGE	  	 
	Exhibit D	  	FORM OF CERTIFICATE OF ACQUIRING INSTITUTIONAL ACCREDITED INVESTOR	  	 
	Exhibit E	  	FORM OF SUBSIDIARY GUARANTEE	  	 
	Exhibit F	  	FORM OF SUPPLEMENTAL INDENTURE	  	 

  

 iii 

 INDENTURE, dated as of October 12, 2004, among Hughes Supply, Inc., a Florida corporation, having its
principal office at One Hughes Way, Orlando, Florida 32805 (the “Company”), the guarantors from time to time parties hereto and described below (collectively, the “Guarantors”) and U.S. Bank National Association, a
national banking association, as Trustee (the “Trustee”), having its principal corporate trust office at 500 W. Cypress Creek Rd., Fort Lauderdale, Florida 33309. 
  
 The Company, the Guarantors and the Trustee agree as follows for the benefit of each other and for the equal and ratable
benefit of the Holders (as defined) of (i) $300,000,000 of the Company’s 5.50% Senior Notes due 2014 (the “Initial Notes”), (ii) if and when issued, the Company’s additional 5.50% Senior Notes due 2014 that may be offered
from time to time subsequent to the date hereof (the “Additional Notes”) and (iii) if and when issued in exchange for the Initial Notes as provided for in the Registration Rights Agreement (as hereinafter defined), the
Company’s 5.50% Senior Notes due 2014 (the “Exchange Notes” and, together with the Initial Notes and the Additional Notes, the “Notes”): 
  
 ARTICLE 1. 
 DEFINITIONS AND INCORPORATION 
 BY REFERENCE 
  

Section 1.01 Definitions. 
  
 “144A Global Note” means a Restricted Global Note issued in a denomination equal to the outstanding principal amount of the Notes sold in
reliance on Rule 144A. 
  
 “Additional Notes” has
the meaning assigned to it in the preamble to this Indenture and are Notes (other than the Initial Notes) issued under this Indenture in accordance with Section 2.02 hereof, as part of the same series as the Initial Notes. 
  
 “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 purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or
indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms
“controlling,” “controlled by” and “under common control with” have correlative meanings. 
  
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
  
 “Applicable Procedures” means, with respect to any transfer
or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary, Euroclear and Clearstream that apply to such transfer or exchange. 
  
 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors.

  
 “Beneficial Owner” has the meaning assigned
to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will
be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a
subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
  

 1 

 “Board of Directors” means: 
  
 (1) with respect to a corporation, the board of directors of the corporation; 
  
 (2) with respect to a partnership, the board of directors of
the general partner of the partnership; and 
  
 (3) with respect to any other Person, the board or committee of such Person serving a similar function. 
  
 “Broker-Dealer” has the meaning set forth in the Registration Rights Agreement. 
  
 “Business Day” means any day other than a Legal Holiday.

  
 “Capital Lease Obligation” means, at the time
any determination is to be made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 
  
 “Capital Stock” means: 
  
 (1) in the case of a corporation, corporate stock;

  
 (2) in the case of an association or business
entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock; 
  
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited); and

  
 (4) any other interest or participation that
confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
  
 “Captive Subsidiary” means Hughes Insurance Company, Ltd., a Bermuda insurance company. 
  
 “Clearstream” means Clearstream Banking, S.A. 
  
 “Commission” means Securities and Exchange Commission.

  
 “Company” means Hughes Supply, Inc., and any
and all successors thereto. 
  
 “Consolidated Net
Worth” means the stockholders’ equity of the Company and its consolidated Subsidiaries, as shown on the audited consolidated balance sheet of the Company’s latest annual report to stockholders, prepared in accordance with
GAAP. 
  
 “Corporate Trust Office of the
Trustee” will be at the principal address of the Trustee specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Company. 
  
 “Custodian” means the Trustee, as custodian with respect to the Notes in global form, or any successor
entity thereto. 
  
 “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. 
  

 2 

 “Definitive Note” means a certificated Note registered in the name of the Holder thereof
and issued in accordance with Section 2.06 hereof, substantially in the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
  
 “Depositary” means, with
respect to the Notes issuable or issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having
become such pursuant to the applicable provision of this Indenture. 
  
 “Euroclear” means Euroclear Bank S.A./N.V., as operator of the Euroclear system. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
  
 “Exchange Notes” has the meaning assigned to it in the preamble to this Indenture and are Notes issued in
the Exchange Offer pursuant to Section 2.06(f) hereof and having substantially identical terms as the Notes (except that the Exchange Notes will not contain terms with respect to transfer restrictions) pursuant to a registered Exchange Offer as
provided in the Registration Rights Agreement. 
  
 “Exchange Offer” has the meaning set forth in the Registration Rights Agreement.  
  
 “Exchange Offer Registration Statement” has the meaning set forth in the Registration Rights Agreement. 
  
 “Existing Indebtedness” means Indebtedness under (i) the
Revolving Credit Agreement, dated as of June 14, 2004, as may be amended from time to time, among the Company, as borrower, certain of its Subsidiaries, as guarantors, the several lenders party thereto and SunTrust Bank, as administrative agent,
(ii) the Note Purchase Agreement, dated December 21, 2000, among the Company, as issuer, certain of its subsidiaries, as guarantors, and the purchasers listed therein relating to the Company’s 8.27% Series B Senior Notes due 2005 and 8.42%
Series C Senior Notes due 2007, (iii) the Note Purchase Agreement, dated May 29, 1996, among the Company, as issuer, certain of its subsidiaries, as guarantors, and the purchasers listed therein relating to the Company’s 7.96% Senior Notes due
2011, (iv) the Note Purchase Agreement, dated August 28, 1997, among the Company, as issuer, certain of its subsidiaries, as guarantors, and the purchasers listed therein relating to the Company’s 7.14% Series A Senior Notes due 2012 and 7.19%
Series B Senior Notes due 2012 and (v) the Note Purchase Agreement, dated May 5, 1998, among the Company, as issuer, certain of its subsidiaries, as guarantors, and the purchasers listed therein relating to the Company’s 6.74% Senior Notes due
2013. 
  
 “GAAP” means generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such
other statements by such other entity as have been approved by a significant segment of the accounting profession, as in effect from time to time; provided, however, that any change in GAAP that would cause the Company to record an
existing item as a liability upon that entity’s balance sheet, which item was not previously required by GAAP to be so recorded, shall not constitute an incurrence of Indebtedness for purposes of this Indenture. 
  
 “Global Notes” means, individually and collectively, each of
the Restricted Global Notes and the Unrestricted Global Notes, substantially in the form of Exhibit A hereto issued in accordance with Sections 2.01 or 2.06 hereof. 
  

 3 

 “Global Note Legend” means the legend set forth in Section 2.06(g)(2). 
  
 “Government Securities” means direct obligations of, or
obligations Guaranteed by, the United States of America, and the payment for which the United States pledges its full faith and credit. 
  
 “Guarantee” means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business,
direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in respect thereof, of all or any part of any Indebtedness. 
  
 “Guarantors” means: 
  
 (1) each Subsidiary of the Company (other than a Subsidiary
which is not an Other Senior Indebtedness Guarantor) in existence on the date of this Indenture; and 
  
 (2) any other Subsidiary of the Company that is required to guarantee the Notes under the terms of this Indenture; 
  
 and their respective successors and assigns. 
  
 “Holder” means a Person in whose name a Note is registered.

  
 “IAI Global Note” means a Restricted Global
Note issued in a denomination equal to the outstanding principal amount of the Notes sold to Institutional Accredited Investors. 
  
 “Indebtedness” means, with respect to any specified Person, any indebtedness of such Person, whether or not contingent: 
  
 (1) in respect of borrowed money; 
  
 (2) evidenced by bonds, notes, debentures or similar
instruments or letters of credit (or reimbursement agreements in respect thereof); 
  
 (3) in respect of banker’s acceptances; 
  
 (4) representing Capital Lease Obligations; or 
  

(5) representing the balance deferred and unpaid of the purchase price of any property, except any such balance that constitutes an
accrued expense or trade payable, 
  
 if and to the extent any of the preceding
items (other than letters of credit) would appear as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on
any asset of the specified Person, the amount of such Indebtedness being deemed to be the lesser of the fair market value of such property or the amount of the Indebtedness so secured (whether or not such Indebtedness is assumed by the specified
Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any indebtedness of any other Person. 
  
 The amount of any Indebtedness outstanding as of any date shall be: 
  
 (1) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; and 
  

 4 

 (2) the principal amount of the Indebtedness, together with any interest on the
Indebtedness that is more than 30 days past due, in the case of any other Indebtedness. 
  
 “Indenture” means this Indenture, as amended or supplemented from time to time. 
  
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
  
 “Initial Notes” means the first $300,000,000 aggregate
principal amount of Notes issued under this Indenture on the date hereof. 
  
 “Initial Purchasers” means Lehman Brothers Inc., Banc of America Securities LLC, SunTrust Capital Markets, Inc. and Wells Fargo Securities, LLC. 
  
 “Institutional Accredited Investor” means an institution
that is an “accredited investor” as defined in Rule 501(a)(1), (2), (3) or (7) under the Securities Act, and that is not also a QIB. 
  
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions in the City of New York or at a place of payment are
authorized by law, regulation or executive order to remain closed. 
  
 “Letter of Transmittal” means the letter of transmittal to be prepared by the Company and sent to all Holders of the Notes for use by such Holders in connection with the Exchange Offer. 
  
 “Lien” means, with respect to any asset, any mortgage, lien,
pledge, charge, security interest or encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the
nature thereof, any option or other agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 
  
 “Liquidated Damages” means all liquidated damages then owing
pursuant to Section 2 of the Registration Rights Agreement. 
  
 “Non-U.S. Person” means a Person who is not a U.S. Person. 
  
 “Notes” has the meaning assigned to it in the preamble to this Indenture. The Initial Notes and the Additional Notes shall be treated as a single class for all purposes under this Indenture, and
unless the context otherwise requires, all references to the Notes shall include the Initial Notes and any Additional Notes. 
  
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities payable
under the documentation governing any Indebtedness. 
  
 “Officer” means, with respect to any Person, the Chairman of the Board, the Chief Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Treasurer, any Assistant Treasurer, the
Controller, the Secretary, any Assistant Secretary or any Vice-President of such Person, or, with respect to a Guarantor, any general partner, manager or officer thereof or other Person performing functions similar to those performed by the
foregoing officers. 
  

 5 

 “Officers’ Certificate” means a certificate signed on behalf of the Company by two
Officers of the Company, one of whom must be the principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company, that meets the requirements of Section 12.05 hereof. 
  
 “Opinion of Counsel” means an opinion from legal counsel who
is reasonably acceptable to the Trustee, that meets the requirements of Section 12.05 hereof. The counsel may be an employee of or counsel to the Company or any Subsidiary of the Company. 
  
 “Other Senior Indebtedness” means senior unsecured Indebtedness of the Company and its Subsidiaries other
than the Notes (including, without limitation, Existing Indebtedness) and any renewal, extension, refunding, replacement or refinancing thereof. 
  
 “Other Senior Indebtedness Guarantor” means every Subsidiary of the Company that is a guarantor under any of the Other Senior
Indebtedness from time to time; provided that, to the extent that any or all of such Subsidiaries cease to be guarantors under all the Other Senior Indebtedness, such Subsidiaries shall cease to be Other Senior Indebtedness Guarantors.

  
 “Participant” means, with respect to the
Depositary, Euroclear or Clearstream, a Person who has an account with the Depositary, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
  
 “Permitted Liens” means: 
  
 (1) Liens existing on the date of this Indenture;

  
 (2) any Lien on any property or assets
created at the time of acquisition of such property or assets or within six months after such time to secure all or a portion of the purchase price for such property or Indebtedness incurred to finance such purchase price, whether such Indebtedness
was incurred prior to, at the time of or within six months after the date of such acquisition; or any Lien upon any property or assets to secure all or part of the cost of construction or improvement thereof or to secure Indebtedness incurred prior
to, at the time of, or within six months after completion of such construction or improvement or the commencement of full operations thereof (whichever is later), to provide funds for such purpose; 
  
 (3) landlord’s, materialmen’s, carriers’,
workmen’s, repairmen’s and other like Liens arising in the ordinary course of business in respect of obligations which are not overdue or which are being contested in good faith in appropriate proceedings; 
  
 (4) Liens on property or assets of any Person existing at
the time such Person became or becomes a Subsidiary of the Company (provided that the Lien has not been created or assumed in contemplation of such Person becoming a Subsidiary of the Company); 
  
 (5) Liens securing Indebtedness of a Subsidiary to the
Company or to one or more of its Subsidiaries; 
  
 (6) rights of set-off over deposits of the Company or a Subsidiary held by financial institutions; 
  
 (7) Liens in favor of the United States of America, or any State or agency thereof or of any foreign country, or any agency, department or
other instrumentality thereof, to secure progress, advance or other payments or obligations pursuant to any contract or provision of any statute; 
  

 6 

 (8) Liens incurred or deposits made in the ordinary course of business in connection with
self-insurance, workers’ compensation insurance, unemployment insurance, social security or similar matters; 
  
 (9) Liens arising by reason of any judgment, decree or order of any court, so long as any appropriate legal proceedings which may have
been initiated for the review of such judgment, decree or order shall not have been finally terminated or so long as the period within which such proceedings may be initiated shall not have expired; any deposit or pledge with any surety company or
clerk of any court, or in escrow, as collateral in connection with, or in lieu of, any bond on appeal from any judgment or decree against the Company or any Subsidiary, or in connection with other proceedings or actions at law or in equity by or
against the Company or any Subsidiary; 
  
 (10)
any extension, renewal, substitution or replacement (or successive extensions, renewals, substitutions or replacements), as a whole or in part, of any Lien referred to in the foregoing clauses (1) to (9), inclusive, or the Indebtedness secured
thereby; provided, however, that (i) the principal amount of Indebtedness secured thereby and not otherwise authorized by said clauses (1) to (9), inclusive, shall not exceed the principal amount of Indebtedness so secured at the time
of such extension, renewal, substitution or replacement; and (ii) any such extension, renewal, substitution or replacement Lien shall be limited to the property covered by the Lien extended, renewed, substituted or replaced. 
  
 “Person” means any individual, corporation, partnership,
joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 
  
 “Private Placement Legend” means the legend set forth in Section 2.06(g)(1) to be placed on all Notes issued under this Indenture except
where otherwise permitted by the provisions of this Indenture. 
  
 “QIB” means a “qualified institutional buyer” as defined in Rule 144A. 
  
 “Registration Rights Agreement” means the Registration Rights Agreement, dated as of October 12, 2004, among the Company, the Guarantors
and the other parties named on the signature pages thereof, as such agreement may be amended, modified or supplemented from time to time and, with respect to any Additional Notes, one or more registration rights agreements among the Company, the
Guarantors and the other parties thereto, as such agreement(s) may be amended, modified or supplemented from time to time, relating to rights given by the Company and the Guarantors to the purchasers of Additional Notes to register such Additional
Notes under the Securities Act. 
  
 “Regulation
S” means Regulation S promulgated under the Securities Act. 
  
 “Regulation S Global Note” means a Restricted Global Note issued in a denomination equal to the outstanding principal amount of the Notes initially sold in reliance on Rule 903 of Regulation S. 
  
 “Responsible Officer,” when used with respect to the
Trustee, means any vice president, any assistant vice president, any senior trust officer or assistant trust officer, any trust officer, or any other officer associated with the corporate trust department of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of such person’s knowledge of and
familiarity with the particular subject. 
  

 7 

 “Restricted Definitive Note” means a Definitive Note bearing the Private Placement
Legend. 
  
 “Restricted Global Note” means a
Global Note bearing the Private Placement Legend. 
  
 “Restricted Period” means the 40-day distribution compliance period as defined in Regulation S. 
  
 “Rule 144” means Rule 144 promulgated under the Securities Act. 
  
 “Rule 144A” means Rule 144A promulgated under the Securities Act. 
  
 “Rule 903” means Rule 903 promulgated under the Securities
Act. 
  
 “Rule 904” means Rule 904 promulgated
the Securities Act. 
  
 “Sale-Leaseback
Transaction” means the sale or transfer by the Company or any Significant Subsidiary of any property to a Person and the taking back by the Company or any Significant Subsidiary, as the case may be, of a lease of such property.

  
 “Securities Act” means the Securities Act of
1933, as amended. 
  
 “Shelf Registration
Statement” means the Shelf Registration Statement as defined in the Registration Rights Agreement. 
  
 “Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in Regulation S-X,
promulgated pursuant to the Securities Act, as such Regulation is in effect on the date of this Indenture. 
  
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on which the
payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to the date
originally scheduled for the payment thereof. 
  
 “Subsidiary” means, with respect to any specified Person: 
  
 (1) any corporation, association or other business 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 of the corporation, association or other business entity is at the time owned or controlled, directly or indirectly, by that
Person or one or more of the other Subsidiaries of that Person (or a combination thereof); and 
  
 (2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a Subsidiary of such Person or
(b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 
  
 “Subsidiary Guarantee” means any Guarantee of the Notes to be executed by any Subsidiary of the Company pursuant to the covenants
described in Sections 4.11 and 10.01. Each such Subsidiary Guarantee by any Subsidiary created or acquired by the Company after the date of this Indenture will be in the form of Exhibit F to this Indenture or such other form as shall be satisfactory
to the Trustee. 
  

 8 

 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in
effect on the date on which this Indenture is qualified under the TIA. 
  
 “Trustee” means the party named as such in the preamble to this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder.

  
 “Unrestricted Definitive Note” means one or
more Definitive Notes that do not bear and are not required to bear the Private Placement Legend. 
  
 “Unrestricted Global Note” means a Global Note that does not bear the Private Placement Legend. 
  
 “U.S. Person” means a U.S. Person as defined in Rule 902(o)
under the Securities Act. 
  
 Section 2.00 Other Definitions. 

 

			
	 Term

	 	 Defined in
 Section

	 
	 “Authentication Order”
	 	2.02
	 “Covenant Defeasance”
	 	8.03
	 “DTC”
	 	2.03
	 “Event of Default”
	 	6.01
	 “Legal Defeasance”
	 	8.02
	 “Paying Agent”
	 	2.03
	 “Registrar”
	 	2.03

  
 Section 1.03 Incorporation by
Reference of Trust Indenture Act. 
  
 Whenever this Indenture
refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 
  
 The following TIA terms used in this Indenture have the following meanings: 
  
 “indenture securities” means the Notes; 
  
 “indenture security Holder” means a Holder of a Note; 
  
 “indenture to be qualified” means this Indenture;

  
 “indenture trustee” or “institutional
trustee” means the Trustee; and 
  
 “obligor” on the Notes and the Subsidiary Guarantees means the Company and the Guarantors, respectively, and any successor obligor upon the Notes and the Subsidiary Guarantees, respectively. 
  
 All other terms used in this Indenture that are defined by the TIA, defined
by TIA reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 
  

 9 

 Section 1.04 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) words in the singular include the plural,
and in the plural include the singular; 
  
 (5)
“will” shall be interpreted to express a command; 
  
 (6) provisions apply to successive events and transactions; and 
  
 (7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement or successor sections or
rules adopted by the Commission from time to time. 
  
 ARTICLE
2. 
 THE NOTES 
  
 Section 2.01 Form and Dating. 
  
 (a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A hereto. The Notes may
have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $5,000 and integral multiples of $1,000 in excess thereof.

  
 The terms and provisions contained in the Notes will
constitute, and are hereby expressly made, a part of this Indenture and the Company, the Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to
the extent any provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
  

(b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A attached hereto (including the Global Note Legend
thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A attached hereto (but without the Global Note Legend thereon and
without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the aggregate
principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and
redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee,
in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  

 10 

 (1) Euroclear and Clearstream Procedures Applicable. The provisions of the
“Operating Procedures of the Euroclear System” and “Terms and Conditions Governing Use of Euroclear” and the “General Terms and Conditions of Clearstream Banking” and “Customer Handbook” of Clearstream will be
applicable to transfers of beneficial interests in the Regulation S Global Notes that are held by Participants through Euroclear or Clearsteam. 
  
 Section 2.02 Execution and Authentication. 
  
 Two Officers must sign the Notes for the Company by manual or facsimile signature. 
  
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will
nevertheless be valid. 
  
 A Note will not be valid until
authenticated by the manual signature of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 The Trustee shall, upon receipt of a written order of the Company signed by two Officers (an “Authentication Order”), authenticate the
Initial Notes for original issue up to $300,000,000 in aggregate principal amount and, upon receipt of an Authentication Order in accordance with this Section 2.02, at any time and from time to time thereafter, the Trustee shall authenticate
Additional Notes and Exchange Notes for original issue in an aggregate principal amount specified in such Authentication Order. 
  
 The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Notes. An authenticating agent may authenticate Notes whenever
the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders or an Affiliate of the Company. 

 
 Section 2.03 Registrar and Paying Agent. 
  
 The Company will maintain an office or agency where Notes may be presented
for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and
exchange. The Company may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Company
may change any Paying Agent or Registrar without notice to any Holder. The Company will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Company fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Company or any of its Subsidiaries may act as Paying Agent or Registrar. 
  
 The Company initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 
  
 The Company initially appoints the Trustee to act as the Registrar and Paying
Agent and to act as Custodian with respect to the Global Notes. 
  
 Section 2.04
Paying Agent to Hold Money in Trust. 
  
 The Company will
require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or Liquidated Damages,
if any, or interest on the Notes, and will notify the Trustee of any default by the Company in making any such payment. While any such 
  

 11 

 default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any
time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary) will have no further liability for the money. If the Company or a Subsidiary
acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Company, the Trustee will serve as
Paying Agent for the Notes. 
  
 Section 2.05 Holder Lists. 
  
 The Trustee will preserve in as current a form as is reasonably practicable
the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company will furnish to the Trustee at least seven 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 the Holders of Notes and the Company shall otherwise
comply with TIA § 312(a). 
  
 Section 2.06 Transfer and Exchange.

  
 (a) Transfer and Exchange of Global Notes. A Global
Note may not be transferred as a whole except by the Depositary to a nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor
Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by the Company for Definitive Notes if: 
  
 (1) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that
it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Company within 90 days after the date of such notice from the Depositary; or 
  
 (2) the Company, at its option, determines that the Global
Notes (in whole but not in part) should be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee; or 
  
 (3) there has occurred and is continuing a Default or Event of Default with respect to the Notes. 
  
 Upon the occurrence of any of the preceding events in (1), (2) or (3) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10 hereof. Except as provided in this Section
2.06(a), every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a
Global Note. A Global Note may not be exchanged for another Note other than as provided in this Section 2.06(a); however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c) or (f) hereof.

  

 12 

 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange
of beneficial interests in the Global Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial interests in the Restricted Global Notes will be subject to
restrictions on transfer comparable to those set forth herein to the extent required by the Securities Act. Transfers of beneficial interests in the Global Notes also will require compliance with either subparagraph (1) or (2) below, as applicable,
as well as one or more of the other following subparagraphs, as applicable: 
  
 (1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Restricted Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in
the same Restricted Global Note in accordance with the transfer restrictions set forth in the Private Placement Legend; provided, however, that prior to the expiration of the Restricted Period, transfers of beneficial interests in the
Regulation S Global Note may not be made to a U.S. Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Beneficial interests in any Unrestricted Global Note may be transferred to Persons who take delivery thereof
in the form of a beneficial interest in an Unrestricted Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b)(1). 
  
 (2) All Other Transfers and Exchanges of Beneficial
Interests in Global Notes. In connection with all transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 
  
 (A) both: 
  
 (i) a written order from a Participant or an Indirect
Participant given to the Depositary in accordance with the Applicable Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred
or exchanged; and 
  
 (ii) instructions given in
accordance with the Applicable Procedures containing information regarding the Participant account to be credited with such increase; or 
  
 (B) both: 
  
 (i) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable Procedures
directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 
  
 (ii) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such Definitive Note
shall be registered to effect the transfer or exchange referred to in (1) above. 
  
 Upon consummation of an Exchange Offer by the Company in accordance with Section 2.06(f) hereof, the requirements of this Section 2.06(b)(2) shall be deemed to have been satisfied upon receipt by the Registrar of the
instructions contained in the Letter of Transmittal delivered by the Holder of such beneficial interests in the Restricted Global Notes. Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in Global Notes
contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h) hereof. 
  
 (3) Transfer of Beneficial Interests to Another Restricted
Global Note. A beneficial interest in any Restricted Global Note may be transferred to a Person who takes delivery thereof in the form of a beneficial interest in another Restricted Global Note if the transfer complies with the requirements of
Section 2.06(b)(2) above and the Registrar receives the following: 
  
 (A) if the transferee will take delivery in the form of a beneficial interest in the 144A Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in
item (1) thereof; 
  

 13 

 (B) if the transferee will take delivery in the form of a beneficial interest in the
Regulation S Global Note, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the certifications in item (2) thereof; and 
  

(C) if the transferee will take delivery in the form of a beneficial interest in the IAI Global Note, then the transferor must deliver
a certificate in the form of Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  
 (4) Transfer and Exchange of Beneficial Interests in a Restricted Global Note for Beneficial Interests in an Unrestricted Global
Note. A beneficial interest in any Restricted Global Note may be exchanged by any holder thereof for a beneficial interest in an Unrestricted Global Note or transferred to a Person who takes delivery thereof in the form of a beneficial interest
in an Unrestricted Global Note if the exchange or transfer complies with the requirements of Section 2.06(b)(2) above and: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the
holder of the beneficial interest to be transferred, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the
distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a beneficial
interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(a) thereof; or 
  
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a beneficial interest in an Unrestricted Global Note, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  
 and, in each such case set forth in this subparagraph (D), if
the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably 
  

 14 

 acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the
Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  
 If any such transfer is effected pursuant to subparagraph (B) or (D) above at a time when an Unrestricted Global Note has
not yet been issued, the Company shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the
aggregate principal amount of beneficial interests transferred pursuant to subparagraph (B) or (D) above. 
  
 Beneficial interests in an Unrestricted Global Note cannot be exchanged for, or transferred to Persons who take delivery thereof in the form of, a
beneficial interest in a Restricted Global Note. 
  
 (c)
Transfer or Exchange of Beneficial Interests for Definitive Notes. 
  
 (1) Beneficial Interests in Restricted Global Notes to Restricted Definitive Notes. If any holder of a beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a
Restricted Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Restricted Definitive Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the holder of such beneficial interest in a
Restricted Global Note proposes to exchange such beneficial interest for a Restricted Definitive Note, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (2)(a) thereof; 
  
 (B) if such beneficial interest is being transferred to a
QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such beneficial interest is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or Rule
904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  
 (D) if such beneficial interest is being transferred pursuant to an exemption from the registration requirements of the Securities Act in
accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  
 (E) if such beneficial interest is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable; 
  
 (F) if such
beneficial interest is being transferred to the Company or any of its Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
  

 15 

 (G) if such beneficial interest is being transferred pursuant to an effective
registration statement under the Securities Act, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
  

the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and the Company
shall execute and the Trustee shall authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global
Note pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and
the Participant or Indirect Participant. The Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest in a Restricted Global Note
pursuant to this Section 2.06(c)(1) shall bear the Private Placement Legend and shall be subject to all restrictions on transfer contained therein. 
  
 (2) Beneficial Interests in Restricted Global Notes to Unrestricted Definitive Notes. A holder of a beneficial interest in a
Restricted Global Note may exchange such beneficial interest for an Unrestricted Definitive Note or may transfer such beneficial interest to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement and the holder of such beneficial interest, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is
not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf Registration Statement in accordance with the
Registration Rights Agreement; 
  
 (C) such
transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the holder of such beneficial interest in a Restricted Global Note proposes to exchange such beneficial interest for a Definitive
Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit C hereto, including the certifications in item (1)(b) thereof; or 
  
 (ii) if the holder of such beneficial interest in a Restricted Global Note proposes to transfer such
beneficial interest to a Person who shall take delivery thereof in the form of a Definitive Note that does not bear the Private Placement Legend, a certificate from such holder in the form of Exhibit B hereto, including the certifications in item
(4) thereof; 
  
 and, in each such case set forth in this
subparagraph (D), if the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and
that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  

 16 

 (3) Beneficial Interests in Unrestricted Global Notes to Unrestricted Definitive
Notes. If any holder of a beneficial interest in an Unrestricted Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a
Definitive Note, then, upon satisfaction of the conditions set forth in Section 2.06(b)(2) hereof, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(h) hereof, and
the Company will execute and the Trustee will authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to
this Section 2.06(c)(3) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the Depositary and the
Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c)(3) will
not bear the Private Placement Legend. 
  
 (d) Transfer and
Exchange of Definitive Notes for Beneficial Interests. 
  
 (1) Restricted Definitive Notes to Beneficial Interests in Restricted Global Notes. If any Holder of a Restricted Definitive Note proposes to exchange such Note for a beneficial interest in a Restricted Global Note or to transfer
such Restricted Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Restricted Global Note, then, upon receipt by the Registrar of the following documentation: 
  
 (A) if the Holder of such Restricted Definitive Note
proposes to exchange such Note for a beneficial interest in a Restricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (2)(b) thereof; 
  
 (B) if such Restricted Definitive Note is being transferred
to a QIB in accordance with Rule 144A, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (C) if such Restricted Definitive Note is being transferred to a Non-U.S. Person in an offshore transaction in accordance with Rule 903 or
Rule 904, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (2) thereof; 
  
 (D) if such Restricted Definitive Note is being transferred pursuant to an exemption from the registration requirements of the Securities
Act in accordance with Rule 144, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(a) thereof; 
  
 (E) if such Restricted Definitive Note is being transferred to an Institutional Accredited Investor in reliance on an exemption from the
registration requirements of the Securities Act other than those listed in subparagraphs (B) through (D) above, a certificate to the effect set forth in Exhibit B hereto, including the certifications, certificates and Opinion of Counsel required by
item (3) thereof, if applicable; 
  

 17 

 (F) if such Restricted Definitive Note is being transferred to the Company or any of its
Subsidiaries, a certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(b) thereof; or 
  
 (G) if such Restricted Definitive Note is being transferred pursuant to an effective registration statement under the Securities Act, a
certificate to the effect set forth in Exhibit B hereto, including the certifications in item (3)(c) thereof, 
  
 the Trustee will cancel the Restricted Definitive Note, increase or cause to be increased the aggregate principal amount of, in the case of clause (A)
above, the appropriate Restricted Global Note, in the case of clause (B) above, the 144A Global Note, in the case of clause (C) above, the Regulation S Global Note, and in all other cases, the IAI Global Note. 
  
 (2) Restricted Definitive Notes to Beneficial Interests
in Unrestricted Global Notes. A Holder of a Restricted Definitive Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Restricted Definitive Note to a Person who takes delivery thereof in the form
of a beneficial interest in an Unrestricted Global Note only if: 
  
 (A) such exchange or transfer is effected pursuant to the Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer,
certifies in the applicable Letter of Transmittal that it is not (i) a Broker-Dealer, (ii) a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) such transfer is effected pursuant to the Shelf
Registration Statement in accordance with the Registration Rights Agreement; 
  
 (C) such transfer is effected by a Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the Holder of such Definitive Notes proposes to
exchange such Notes for a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(c) thereof; or 
  
 (ii) if the Holder of such Definitive Notes proposes to
transfer such Notes to a Person who shall take delivery thereof in the form of a beneficial interest in the Unrestricted Global Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof;

  
 and, in each such case set forth in this subparagraph (D), if
the Registrar so requests or if the Applicable Procedures so require, an Opinion of Counsel in form reasonably acceptable to the Registrar to the effect that such exchange or transfer is in compliance with the Securities Act and that the
restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the Securities Act. 
  

 18 

 Upon satisfaction of the conditions of any of the subparagraphs in this Section
2.06(d)(2), the Trustee will cancel the Definitive Notes and increase or cause to be increased the aggregate principal amount of the Unrestricted Global Note. 
  

(3) Unrestricted Definitive Notes to Beneficial Interests in Unrestricted Global Notes. A Holder of an Unrestricted Definitive
Note may exchange such Note for a beneficial interest in an Unrestricted Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in an Unrestricted Global Note at any time. Upon
receipt of a request for such an exchange or transfer, the Trustee will cancel the applicable Unrestricted Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Unrestricted Global Notes. 
  
 If any such exchange or transfer from a Definitive Note to a
beneficial interest is effected pursuant to subparagraphs (2)(B), (2)(D) or (3) above at a time when an Unrestricted Global Note has not yet been issued, the Company will issue and, upon receipt of an Authentication Order in accordance with Section
2.02 hereof, the Trustee will authenticate one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
  
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and
such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender
to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting
Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following provisions of this Section 2.06(e). 
  
 (1) Restricted Definitive Notes to Restricted Definitive Notes. Any Restricted Definitive Note may be
transferred to and registered in the name of Persons who take delivery thereof in the form of a Restricted Definitive Note if the Registrar receives the following: 
  
 (A) if the transfer will be made pursuant to Rule 144A under the Securities Act, then the transferor must
deliver a certificate in the form of Exhibit B hereto, including the certifications in item (1) thereof; 
  
 (B) if the transfer will be made pursuant to Rule 903 or Rule 904, then the transferor must deliver a certificate in the form of Exhibit B
hereto, including the certifications in item (2) thereof; and 
  
 (C) if the transfer will be made pursuant to any other exemption from the registration requirements of the Securities Act, then the transferor must deliver a certificate in the form of Exhibit B hereto, including the
certifications, certificates and Opinion of Counsel required by item (3) thereof, if applicable. 
  

 19 

 (2) Restricted Definitive Notes to Unrestricted Definitive Notes. Any Restricted
Definitive Note may be exchanged by the Holder thereof for an Unrestricted Definitive Note or transferred to a Person or Persons who take delivery thereof in the form of an Unrestricted Definitive Note if: 
  
 (A) such exchange or transfer is effected pursuant to the
Exchange Offer in accordance with the Registration Rights Agreement and the Holder, in the case of an exchange, or the transferee, in the case of a transfer, certifies in the applicable Letter of Transmittal that it is not (i) a broker-dealer, (ii)
a Person participating in the distribution of the Exchange Notes or (iii) a Person who is an affiliate (as defined in Rule 144) of the Company; 
  
 (B) any such transfer is effected pursuant to the Shelf Registration Statement in accordance with the Registration Rights Agreement;

  
 (C) any such transfer is effected by a
Broker-Dealer pursuant to the Exchange Offer Registration Statement in accordance with the Registration Rights Agreement; or 
  
 (D) the Registrar receives the following: 
  
 (i) if the Holder of such Restricted Definitive Notes proposes to exchange such Notes for an Unrestricted Definitive Note, a certificate
from such Holder in the form of Exhibit C hereto, including the certifications in item (1)(d) thereof; or 
  
 (ii) if the Holder of such Restricted Definitive Notes proposes to transfer such Notes to a Person who shall take delivery thereof in the
form of an Unrestricted Definitive Note, a certificate from such Holder in the form of Exhibit B hereto, including the certifications in item (4) thereof; 
  
 and, in each such case set forth in this subparagraph (D), if the Registrar so requests, an Opinion of Counsel in form reasonably acceptable to the
Company to the effect that such exchange or transfer is in compliance with the Securities Act and that the restrictions on transfer contained herein and in the Private Placement Legend are no longer required in order to maintain compliance with the
Securities Act. 
  
 (3) Unrestricted
Definitive Notes to Unrestricted Definitive Notes. A Holder of Unrestricted Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of an Unrestricted Definitive Note. Upon receipt of a request to register
such a transfer, the Registrar shall register the Unrestricted Definitive Notes pursuant to the instructions from the Holder thereof. 
  
 (f) Exchange Offer. Upon the occurrence of the Exchange Offer in accordance with the Registration Rights Agreement, the Company will issue and,
upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee will authenticate: 
  
 (1) one or more Unrestricted Global Notes in an aggregate principal amount equal to the principal amount of the beneficial interests in
the Restricted Global Notes tendered into the Exchange Offer by Persons that certify in the applicable Letters of Transmittal that (A) they are not Broker-Dealers, (B) they are not participating in a distribution of the Exchange Notes and (z) they
are not affiliates (as defined in Rule 144) of the Company; and 
  
 (2) Unrestricted Definitive Notes in an aggregate principal amount equal to the principal amount of the Restricted Definitive Notes accepted for exchange in the Exchange Offer. 
  

 20 

 Concurrently with the issuance of such Notes, the Trustee will cause the aggregate principal amount of
the applicable Restricted Global Notes to be reduced accordingly, and the Company will execute and the Trustee will authenticate and deliver to the Persons designated by the Holders of Definitive Notes so accepted Unrestricted Definitive Notes in
the appropriate principal amount. 
  
 (g) Legends. The
following legends will appear on the face of all Global Notes and Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 
  
 (1) Private Placement Legend. 
  
 (A) Except as permitted by subparagraph (B) below, each
Global Note and each Definitive Note (and all Notes issued in exchange therefor or substitution thereof) shall bear the legend in substantially the following form: 
  
 “THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”). THE HOLDER
HEREOF, BY PURCHASING THIS SECURITY, AGREES FOR THE BENEFIT OF THE COMPANY THAT THIS SECURITY MAY NOT BE RESOLD, PLEDGED OR OTHERWISE TRANSFERRED OTHER THAN (A)(1) TO THE COMPANY, (2) IN A TRANSACTION ENTITLED TO AN EXEMPTION FROM REGISTRATION
PROVIDED BY RULE 144 UNDER THE SECURITIES ACT, (3) SO LONG AS THIS SECURITY IS ELIGIBLE FOR RESALE PURSUANT TO RULE 144A UNDER THE SECURITIES ACT (“RULE 144A”), TO A PERSON WHOM THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER WITHIN THE MEANING OF RULE 144A PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER TO WHOM NOTICE IS GIVEN THAT THE RESALE, PLEDGE OR OTHER TRANSFER IS BEING MADE IN RELIANCE ON RULE 144A, (4) PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT TO AN INSTITUTIONAL ACCREDITED INVESTOR THAT IS PURCHASING NOTES IN AN AGGREGATE PRINCIPAL AMOUNT OF AT LEAST $100,000 AND THAT, PRIOR TO SUCH TRANSFER, FURNISHES TO THE REGISTRAR A SIGNED LETTER
CONTAINING CERTAIN REPRESENTATIONS, WARRANTIES AND AGREEMENTS RELATING TO THE RESTRICTIONS ON TRANSFER OF THE SECURITY EVIDENCED HEREBY (THE FORM OF LETTER CAN BE OBTAINED FROM THE TRUSTEE), (5) IN ACCORDANCE WITH ANOTHER APPLICABLE EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT (AND BASED UPON AN OPINION OF COUNSEL ACCEPTABLE TO THE COMPANY) OR (6) PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BEEN DECLARED EFFECTIVE UNDER THE SECURITIES ACT AND (B) IN EACH CASE IN
ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF EACH STATE OF THE UNITED STATES. AN INSTITUTIONAL ACCREDITED INVESTOR HOLDING THIS SECURITY AGREES IT WILL FURNISH TO THE COMPANY, THE TRUSTEE AND THE REGISTRAR SUCH CERTIFICATES AND OTHER
INFORMATION AS THEY MAY REASONABLY REQUIRE TO CONFIRM THAT ANY TRANSFER BY IT OF THIS SECURITY COMPLIES WITH THE FOREGOING RESTRICTIONS. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF THE COMPANY THAT IT IS
(1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A OR (2) AN INSTITUTION THAT IS AN “ACCREDITED INVESTOR” AS DEFINED IN RULE 501(A)(1),(2),(3) OR (7) UNDER THE SECURITIES ACT AND THAT IT IS HOLDING THIS SECURITY FOR
INVESTMENT PURPOSES AND NOT FOR DISTRIBUTION.” 
  
 (B) Notwithstanding the foregoing, any Global Note or Definitive Note issued pursuant to subparagraphs (b)(4), (c)(2), (c)(3), (d)(2), (d)(3), (e)(2), (e)(3) or (f) of this Section 2.06 (and all Notes issued in exchange therefor or
substitution thereof) will not bear the Private Placement Legend. 
  

 21 

 (2) Global Note Legend. Each Global Note will bear a legend in substantially the
following form: 
  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE AND (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE INDENTURE. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”) TO THE
COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO
CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO.,
HAS AN INTEREST HEREIN.” 
  
 (h) Cancellation and/or
Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such
Global Note will be returned to or retained and canceled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will
take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note
by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in
another Global Note, such other Global Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 
  
 (i) General Provisions Relating to Transfers and Exchanges.

  
 (1) To permit registrations of transfers and
exchanges, the Company will execute and the Trustee will authenticate Global Notes and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 
  

 22 

 (2) No service charge will be made to a Holder of a Global Note or to a Holder of a
Definitive Note for any registration of transfer or exchange, but the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Sections 2.10, 3.07 and 9.05 hereof). 
  
 (3) The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part,
except the unredeemed portion of any Note being redeemed in part. 
  
 (4) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Company, evidencing the same debt, and entitled
to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (5) The Company will not be required: 
  
 (A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the
day of any selection of Notes for redemption under Section 3.03 hereof and ending at the close of business on the day of selection; 
  
 (B) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any
Note being redeemed in part; or 
  
 (C) to
register the transfer of or to exchange a Note between a record date and the next succeeding interest payment date. 
  
 (6) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Company may deem and treat the
Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Company shall be
affected by notice to the contrary. 
  
 (7) The
Trustee will authenticate Global Notes and Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
  
 (8) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this Section 2.06 to
effect a registration of transfer or exchange may be submitted by facsimile. 
  
 Section 2.07 Replacement Notes. 
  
 If any
mutilated Note is surrendered to the Trustee or the Company and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company will issue and the Trustee, upon receipt of an Authentication Order, will
authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Company, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Company to protect the
Company, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Company may charge for its expenses in replacing a Note. 
  

 23 

 Every replacement Note is an additional obligation of the Company and will be entitled to all of the
benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
  
 Section 2.08 Outstanding Notes. 
  
 The Notes outstanding at any time are all the Notes authenticated by the Trustee except for those canceled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in
accordance with the provisions hereof, and those described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note does not cease to be outstanding because the Company or an Affiliate of the Company holds the
Note.  
  
 If a Note is replaced pursuant to Section
2.07 hereof, it ceases to be outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
  
 If the principal amount of any Note is considered paid under Section 4.01 hereof, it ceases to be outstanding and interest on it ceases to accrue.

  
 If the Paying Agent (other than the Company, a Subsidiary or
an Affiliate of any thereof) holds, on a redemption date or maturity date, money sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest.

  
 Section 2.09 Treasury Notes. 
  
 In determining whether the Holders of the required principal amount of Notes
have concurred in any direction, waiver or consent, Notes owned by the Company, or by any Person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company, will be considered as though not
outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee knows are so owned will be so disregarded.

  
 Section 2.10 Temporary Notes. 
  
 Until certificates representing Notes are ready for delivery, the Company
may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Company considers appropriate for
temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Company will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 
  
 Holders of temporary Notes will be entitled to all of the benefits of this
Indenture. 
  
 Section 2.11 Cancellation. 
  
 The Company at any time may deliver Notes to the Trustee for cancellation.
The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange,
payment, replacement or cancellation and will treat such cancelled Notes in accordance with its document retention policies and applicable laws. Certification of the destruction of all canceled Notes will be delivered to the Company. The Company may
not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  

 24 

 Section 2.12 Defaulted Interest. 
  
 If the Company defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus,
to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Company will notify the Trustee in
writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Company will fix or cause to be fixed each such special record date and payment date, provided that no such special record
date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Company (or, upon the written request of the Company, the Trustee in the name and at the expense of the
Company) will mail or cause to be mailed to Holders a notice that states the special record date, the related payment date and the amount of such interest to be paid. 
  
 ARTICLE 3. 
 REDEMPTION AND PREPAYMENT 
  
 Section 3.01 Optional
Redemption. 
  
 The Notes may be redeemed, as a whole
or from time to time in part, subject to the conditions and at the redemption prices specified in the form of Notes set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, together with
accrued and unpaid interest to the redemption date. 
  
 Section 3.02 Notices to
Trustee. 
  
 If the Company elects to redeem Notes pursuant
to the optional redemption provisions of Section 3.01 hereof, it must furnish to the Trustee, upon not later than the earlier of the date that is 30 days (45 days if less than all of the Notes are to be redeemed) prior to the redemption date fixed
by the Company or the date on which notice is given to the Holders, unless a shorter notice shall be satisfactory to the Trustee, an Officers’ Certificate setting forth: 
  
 (1) the paragraph of the Notes or the Section of this Indenture pursuant to which the redemption shall
occur; 
  
 (2) the redemption date; 

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

  
 (4) the redemption price; and 
  
 (5) the CUSIP number. 
  
 Section 3.03 Selection of Notes to Be Redeemed. 
  
 If less than all of the Notes are to be redeemed at any time, the Trustee
will select Notes for redemption as follows: 
  
 (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 
  

 25 

 (2) if the Notes are not listed on any national securities exchange, on a pro rata
basis, by lot or by such method as the Trustee shall deem fair and appropriate. 
  
 In the event of partial redemption by lot, the particular Notes to be redeemed will be selected, unless otherwise provided herein, not less than 30 nor more than 60 days prior to the redemption date by the Trustee
from the outstanding Notes not previously called for redemption. 
  
 The Trustee will promptly notify the Company in writing of the Notes selected for redemption and, in the case of any Note selected for partial redemption, the principal amount thereof to be redeemed. Notes and portions of Notes selected
will be in amounts of $5,000 or whole multiples of $1,000 in excess thereof; provided, however, that no such partial redemption shall reduce the portion of the principal amount of a Note not redeemed to less than $5,000. Except as
provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption. 
  
 Section 3.04 Notice of Redemption. 
  
 At least 30 days but not more than 60 days before a redemption date, the Company will mail or cause to be mailed, by first
class mail, a notice of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a
defeasance of the Notes or a satisfaction and discharge of this Indenture pursuant to Article 8 of this Indenture. 
  
 The notice will identify the Notes to be redeemed and will state: 
  
 (1) the redemption date; 
  
 (2) the redemption price; 
  
 (3) the principal amount of the Notes to be redeemed; 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 Company defaults in making such redemption payment, interest 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; 
  
 (8) the CUSIP number; and 
  
 (9) 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. 
  

 26 

 At the Company’s request, the Trustee will give the notice of redemption in the Company’s name
and at its expense; provided, however, that the Company has delivered to the Trustee, at least 45 days prior to the redemption date, an Officers’ 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 3.05 Effect of Notice of Redemption. 
  
 Once notice of redemption is mailed in accordance with Section 3.04 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. A notice of redemption may not
be conditional. 
  
 Section 3.06 Deposit of
Redemption Price. 
  
 On or before the redemption price date,
the Company will deposit with the Trustee or with the Paying Agent money sufficient to pay the redemption price of and accrued interest and Liquidated Damages, if any, on all Notes to be redeemed on that date. The Trustee or the Paying Agent will
promptly return to the Company any money deposited with the Trustee or the Paying Agent by the Company in excess of the amounts necessary to pay the redemption price of, and accrued interest and Liquidated Damages, if any, on, all Notes to be
redeemed. 
  
 If the Company complies with the provisions of the
preceding paragraph, on and after the redemption date, interest will cease to accrue on the Notes or the portions of Notes called for redemption. If a Note is redeemed 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 is not so paid upon surrender for redemption
because of the failure of the Company to comply with the preceding paragraph, interest shall be paid on the unpaid principal, from the redemption 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 4.01 hereof. 
  
 Section 3.07 Notes Redeemed in Part. 
  
 Upon surrender of a Note that is redeemed in part, the Company will issue and, upon receipt of an Authentication Order, the Trustee will authenticate for
the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
  
 ARTICLE 4. 
 COVENANTS 
  
 Section 4.01 Payment of Notes. 
  
 The Company shall pay or cause to be paid the principal of, premium, if any,
and interest and Liquidated Damages, if any, on the Notes on the dates and in the manner provided in the Notes. Principal, premium, if any, and interest and Liquidated Damages, if any shall be considered paid on the date due if the Paying Agent, if
other than the Company or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Company in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest
then due. The Company shall pay all Liquidated Damages, if any, in the same manner on the dates and in the amounts set forth in the Registration Rights Agreement. 
  

 27 

 The Company shall pay interest (including post-petition interest in any proceeding under any Bankruptcy
Law) on overdue principal at the rate equal to the then applicable interest rate on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of
interest and Liquidated Damages (without regard to any applicable grace period) at the same rate to the extent lawful. 
  
 If a payment date is not a Business Day at a place of payment, payment may be made at that place on the next succeeding day that is a Business Day, and no
interest shall accrue on such payment for the intervening period. 
  
 Section 4.02 Maintenance of Office or Agency. 
  
 The Company shall maintain in the Borough of Manhattan, the City of New York, an office or agency (which may be an office of the Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be
surrendered for registration of transfer or for exchange and where notices and demands to or upon the Company in respect of the Notes and this Indenture may be served. The Company shall give prompt written notice to the Trustee of the location, and
any change in the location, of such office or agency. If at any time the Company fails to maintain any such required office or agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may
be made or served at the Corporate Trust Office of the Trustee. 
  
 The Company 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 such designations; provided,
however, that no such designation or rescission will in any manner relieve the Company of its obligation to maintain an office or agency in the Borough of Manhattan, the City of New York for such purposes. The Company shall give prompt written
notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 The Company hereby designates the Corporate Trust Office of the Trustee as one such office or agency of the Company in accordance with Section 2.03
hereof. 
  
 Section 4.03 Reports.

  
 (a) If the Company ceases to be subject to the reporting
requirements of the Exchange Act, so long as any Notes are outstanding, the Company shall furnish to the Holders of Notes, within the time periods specified in the Commission’s rules and regulations: 
  
 (1) all quarterly and annual financial information that
would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K 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; and 
  
 (2) all current reports that would be required to be filed with the Commission on Form 8-K if the Company
were required to file such reports. 
  
 In addition, following the
consummation of the Exchange Offer contemplated by the Registration Rights Agreement, whether or not required by the Commission, the Company shall file a copy of all of the information and reports referred to in clauses (1) and (2) above with the
Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing) and make such information available to securities analysts and prospective
investors upon request. The Company shall at all times comply with TIA § 314(a). 
  

 28 

 (b) For so long as any Notes remain outstanding, the Company and the Guarantors shall furnish to the
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 so long as the Notes are not freely transferable under the Securities
Act. 
  
 Delivery of such reports, information and documents to
the Trustee is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to conclusively rely exclusively on Officers Certificates). 
  
 Section 4.04 Compliance Certificate. 
  
 (a) The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days after the
end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Company and its Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a view to
determining whether the Company has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate, that to the best of his or her knowledge the Company has kept,
observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has
occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Company is taking or proposes to take with respect thereto) and that to the best of his or her knowledge no event has occurred and
remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and what action the Company is taking or proposes to take with
respect thereto. 
  
 (b) So long as any of the Notes are
outstanding, the Company shall deliver to the Trustee, promptly upon any Officer becoming aware of any Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Company is taking or
proposes to take with respect thereto. 
  
 Section 4.05 Taxes. 
  
 The Company shall pay,
and shall cause each of its Subsidiaries to pay, prior to delinquency, all material taxes, assessments, and governmental levies except such as are contested in good faith and by appropriate proceedings or where the failure to effect such payment is
not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.06 Stay, Extension and Usury Laws. 
  
 The Company and each of the Guarantors covenants (to the extent that it may lawfully do so) that it will not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any
stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Company and each of the Guarantors (to the extent that it may lawfully do so) hereby
expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will suffer and permit the execution of every
such power as though no such law has been enacted. 
  

 29 

 Section 4.07 Limitation on Liens. 
  
 The Company shall not, and shall not permit any Significant Subsidiary to,
directly or indirectly, create, incur, assume or suffer to exist any Lien, other than a Permitted Lien, upon any of its property or assets (including any shares of Capital Stock or Indebtedness of any Significant Subsidiary), whether owned or leased
on the date of this Indenture or hereafter acquired, to secure any Indebtedness incurred by the Company or any Significant Subsidiary, without in any such case making effective provision whereby all of the Notes outstanding (together with, if the
Company so determines, any other Indebtedness by the Company or any such Subsidiary ranking equally with the Notes or the Subsidiary Guarantees) shall be secured equally and ratably with, or prior to, such Indebtedness for so long as such
Indebtedness shall be so secured unless, after giving effect to such Lien, the aggregate amount of secured Indebtedness then outstanding (excluding Indebtedness secured solely by Permitted Liens) plus the value (as defined in Section 4.08) of all
Sale-Leaseback Transactions (other than those described in paragraph (1) or paragraph (2) of Section 4.08) then outstanding would not exceed 15% of the Company’s Consolidated Net Worth. 
  
 Section 4.08 Limitation on Sales and Leasebacks.

  
 The Company will not, and will not permit any Significant
Subsidiary to, enter into any Sale-Leaseback Transaction after the date of this Indenture unless: 
  
 (1) the Sale-Leaseback Transaction: 
  
 (A) involves a lease for a period, including renewals, of not more than three years; 
  
 (B) involves newly constructed property and the sale or
transfer occurs within 120 days after the completion of construction and commencement of full operation thereof; provided, however, that if the Sale-Leaseback Transaction involves new construction on real property acquired by the Company more
than 120 days prior to the date of the Sale-Leaseback Transaction, then such Sale-Leaseback Transaction shall be deemed a permissible Sale-Leaseback Transaction under this clause (B) but only to the extent of the value of the newly constructed
property; 
  
 (C) occurs within 120 days from the
date of the acquisition of the property subject thereto; or 
  
 (D) is with the Company or one of its Subsidiaries; or 
  
 (2) the Company or any Subsidiary, within 120 days after the Sale-Leaseback Transaction shall have occurred, applies or causes to be
applied an amount equal to the value of the property so sold and leased back at the time of entering into such arrangement to the prepayment, repayment, redemption, reduction or retirement of any Indebtedness of the Company or any Subsidiary that is
not subordinated to the Notes and that has a Stated Maturity of more than twelve months; or 
  

 30 

 (3) the Company or such Significant Subsidiary would be entitled pursuant to Section 4.07
to create, incur, issue or assume Indebtedness secured by a Lien, other than a Permitted Lien, on the property without equally and ratably securing the Notes. 
  

As used in this Section 4.08, the term “value” shall mean, with respect to a Sale-Leaseback Transaction, as of any particular time an amount
equal to the greater of (i) the net proceeds of sale of the property leased pursuant to such Sale-Leaseback Transaction, or (ii) the fair value of such property at the time of entering into such Sale-Leaseback Transaction as determined by the Board
of Directors of the Company, in each case multiplied by a fraction of which the numerator is the number of full years of remaining term of the lease (without regard to renewal options) and the denominator is the full years of the full term of the
lease (without regard to renewal options). 
  
 Section 4.09 Corporate Existence. 
  
 Subject to
Article 5 hereof, the Company shall do or cause to be done all things necessary to preserve and keep in full force and effect: 
  
 (1) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the
respective organizational documents (as the same may be amended from time to time) of the Company or any such Subsidiary; and 
  
 (2) the rights (charter and statutory), licenses and franchises of the Company and its Subsidiaries; 
  
 provided, however, that the Company shall not be required to preserve any such right,
license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries, if the Board of Directors shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Company and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes. 
  
 Section 4.10 Payments for Consent. 
  
 The Company shall not, and shall 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 or the Notes 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 4.11 Additional Subsidiary Guarantees. 
  
 Subject to Article 10 hereof, the Company will cause each Subsidiary which, after the date of this Indenture, becomes an
Other Senior Indebtedness Guarantor to execute and deliver to the Trustee a Subsidiary Guarantee pursuant to which such Subsidiary will unconditionally guarantee, jointly and severally, to each Holder and the Trustee the full and prompt payment of
the principal, premium or Liquidated Damages, if any, or interest on the Notes, when and as the same become due and payable, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the
Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder and thereunder. 
  

 31 

 ARTICLE 5. 
 SUCCESSORS 
  
 Section 5.01 Merger, Consolidation, or Sale of Assets. 
  
 The Company shall not, directly or indirectly, consolidate or merge with or into another Person (whether or not the Company is the surviving corporation), or sell, lease, assign, transfer, convey or otherwise dispose of all or substantially
all of the properties or assets of the Company, in a single transaction or in a series of transactions, to another Person, unless: 
  
 (1) either: 
  
 (A) the Company is the surviving corporation; or 
  

(B) the Person formed by or surviving any such consolidation or merger (if other than the Company) or to which such sale, lease,
assignment, transfer, conveyance or other disposition has been made is a corporation organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 
  
 (2) the Person formed by or surviving any such consolidation
or merger (if other than the Company) or the Person to which such sale, lease, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Company under the Notes, this Indenture and the Registration Rights
Agreement pursuant to a supplemental indenture or agreements reasonably satisfactory to the Trustee; 
  
 (3) immediately after such transaction, no Default or Event of Default exists; and 
  
 (4) the Company delivers to the Trustee prior to such
proposed transaction(s) an Officers’ Certificate and an Opinion of Counsel stating that the transaction(s) and such supplemental indenture or agreements comply with this Indenture and that all conditions precedent to the consummation of the
transaction(s) under this Indenture have been met. 
  
 Section 5.02 Successor Corporation Substituted. 
  
 Upon any consolidation or merger, or any sale, lease, assignment, transfer, conveyance or other disposition of all or substantially all of the assets of the Company in a transaction that is subject to, and that complies with the provisions
of, Section 5.01 hereof, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, assignment, transfer, conveyance or other disposition is made shall succeed to, and be
substituted for (so that from and after the date of such consolidation, merger, sale, lease, transfer, conveyance or other disposition, the provisions of this Indenture referring to the “Company” shall refer instead to the successor
corporation and not to the Company), and may exercise every right and power of the Company under this Indenture with the same effect as if such successor Person had been named as the Company herein; provided, however, that the predecessor
Company shall not be relieved from the obligation to pay the principal of and interest on the Notes except in the case of a sale of all of the Company’s assets in a transaction that is subject to, and that complies with the provisions of,
Section 5.01 hereof. 
  

 32 

 ARTICLE 6. 
 DEFAULTS AND REMEDIES 
  
 Section 6.01 Events
of Default. 
  
 Each of the following is an “Event of
Default”: 
  
 (1) default for 30 days in the
payment when due of interest on, or Liquidated Damages with respect to, the Notes; 
  
 (2) default in the payment when due of the principal of, or premium, if any, on the Notes, whether at maturity, upon redemption, by
declaration or otherwise; 
  
 (3) failure by the
Company or any Guarantor for 60 days after written notice from the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes to comply with any other covenant, representation, warranty or other agreement in this
Indenture or the 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 Subsidiaries (or the payment of which is Guaranteed by the Company or
any of its Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date of this Indenture, if that default: 
  
 (A) is caused by a failure to pay principal of, or interest or premium, if any, on such Indebtedness prior to the expiration of the grace
period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
  
 (B) results in the acceleration of such Indebtedness prior to its express 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 is a Payment Default or the maturity of which has been so accelerated, aggregates $15.0 million or more; 
  
 (5) a final judgment or final judgments for the payment of money are entered by a court or courts of
competent jurisdiction against the Company or any of its Subsidiaries, which judgment or judgments are not paid, discharged or stayed for a period of 60 days; provided that the aggregate of all such unpaid, undischarged and unstayed judgments
exceeds $15.0 million; 
  
 (6) except as
permitted by this Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any
Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; 
  
 (7) the Company or any of its Subsidiaries that is a Significant Subsidiary, or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary, pursuant to or within the meaning of any Bankruptcy Law: 
  
 (A) commences a voluntary case, 
  
 (B) consents to the entry of an order for relief against it in an involuntary case, 
  

 33 

 (C) consents to the appointment of a custodian of it or for all or substantially all of
its property, 
  
 (D) makes a general assignment
for the benefit of its creditors, or 
  
 (E)
generally is not paying its debts as they become due; and 
  
 (8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (A) is for relief against the Company or any of its Subsidiaries that is a Significant Subsidiary, or any group of Subsidiaries that,
taken as a whole, would constitute a Significant Subsidiary, in an involuntary case; 
  
 (B) appoints a custodian of the Company or any of its Subsidiaries that is a Significant Subsidiary, or any group of Subsidiaries that,
taken as a whole, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Company or any of its Subsidiaries that is a Significant Subsidiary, or any group of Subsidiaries that, taken as a whole, would
constitute a Significant Subsidiary; or 
  
 (C)
orders the liquidation of the Company or any of its Subsidiaries that is a Significant Subsidiary, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; 
  
 and the order or decree remains unstayed and in effect for 60 consecutive
days. 
  
 Section 6.02 Acceleration. 
  
 In the case of an Event of Default specified in clause (7) or (8) of Section
6.01 hereof, with respect to the Company, any Subsidiary that is a Significant Subsidiary, or any group of Subsidiaries that, taken together, would constitute a Significant Subsidiary, the principal, together with the premium, Liquidated Damages and
accrued and unpaid interest, if any, on the Notes will become due and payable immediately without further action or notice. If any other Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the
then outstanding Notes may declare the principal, together with the premium, Liquidated Damages and accrued and unpaid interest, if any, on the Notes to be due and payable immediately. 
  
 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 rescind an acceleration and its consequences if the rescission would not conflict with any judgment or decree and if all existing Events of Default (except nonpayment of principal, interest or premium that has become
due solely because of the acceleration) have been cured or waived. 
  
 In the case of any Event of Default occurring by reason of any willful action or inaction taken or not taken by or on behalf of the Company with the intention of avoiding payment of the premium that the Company would have had to pay if the
Company then had elected to redeem the Notes pursuant to the optional redemption provisions of this Indenture, an equivalent premium will also become and be immediately due and payable to the extent permitted by law upon the acceleration of the
Notes. 
  

 34 

 Section 6.03 Other Remedies. 
  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of
principal, premium and Liquidated Damages, if any, and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 
  
 The Trustee 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 of a Note 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. All remedies are cumulative to the
extent permitted by law. 
  
 Section 6.04 Waiver of Past Defaults.

  
 Holders of not less than a majority in aggregate principal
amount of the then outstanding Notes by notice to the Trustee may on behalf of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the
payment of the principal of, premium and Liquidated Damages, if any, or interest on, the Notes; provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration. Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of
this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 
  
 Section 6.05 Control by Majority. 
  
 Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the time, method and place of conducting any proceeding for
exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the Trustee determines may be unduly prejudicial
to the rights of other Holders of Notes or that may involve the Trustee in personal liability. 
  
 Section 6.06 Limitation on Suits. 
  
 A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 
  
 (1) the Holder of a Note gives to the Trustee written notice of a continuing Event of Default; 
  
 (2) the Holders of at least 25% in principal amount of the
then outstanding Notes make a written request to the Trustee to pursue the remedy; 
  
 (3) such Holder of a Note or Holders of Notes offer and, if requested, provide to the Trustee indemnity satisfactory to the Trustee
against any loss, liability or expense; 
  
 (4)
the Trustee does not comply with the request within 60 days after receipt of the request and the offer and, if requested, the provision of indemnity; and 
  
 (5) during such 60-day period the Holders of a majority in principal amount of the then outstanding Notes do not give the Trustee a
direction inconsistent with the request. 
  

 35 

 A Holder of a Note may not use this Indenture to prejudice the rights of another Holder of a Note or to
obtain a preference or priority over another Holder of a Note. 
  
 Section 6.07
Rights of Holders of Notes to Receive Payment. 
  
 Notwithstanding any other provision of this Indenture, the right of any Holder of a Note to receive payment of principal, premium and Liquidated Damages, if any, and interest on the Note, on or after the respective due dates expressed in
the Note, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 
  
 Section 6.08 Collection Suit by Trustee. 
  
 If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal of, premium and Liquidated Damages, if any, and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful, interest and such
further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  
 Section 6.09 Trustee May File Proofs of Claim. 
  
 The Trustee is authorized to 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 of the Notes
allowed in any judicial proceedings relative to the Company (or any other obligor upon the Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or
deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such 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 to it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the
payment of any such compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason,
payment of the same shall be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under
any plan of reorganization or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

Section 6.10 Priorities. 
  
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for
amounts due under Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  

 36 

 Second: to Holders of Notes for amounts due and unpaid on the Notes for principal,
premium and Liquidated Damages, if any, and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium and Liquidated Damages, if any and interest, respectively; and

  
 Third: to the Company or to such party
as a court of competent jurisdiction shall direct. 
  
 The Trustee
may fix a record date and payment date for any payment to Holders of Notes pursuant to this Section 6.10. 
  
 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 a 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 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 a Holder of a Note pursuant to Section 6.07 hereof, or a suit by Holders of more than 10%
in principal amount of the then outstanding Notes. 
  
 Section 6.12 Restoration
of Rights and Remedies. 
  
 If the Trustee or any Holder has
instituted any proceeding to enforce any right or remedy under this Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case,
subject to any determination in such proceeding, the Company, the Trustee, and the Holders will be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders will
continue as though no such proceeding had been instituted. 
  
 ARTICLE 7. 
 TRUSTEE 
  
 Section 7.01 Duties of Trustee. 
  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, 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 duties of the Trustee shall be determined solely by the express provisions of this Indenture and the
Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or 
  

 37 

 opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the
Trustee shall examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
  
 (1) this paragraph does not limit the
effect of paragraph (b) of this Section 7.01; 
  
 (2) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b), and (c) of this Section 7.01. 
  
 (e) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder or
Holders have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
  
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Company. Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  
 Section 7.02 Rights of Trustee. 
  
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an
Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with
counsel and the advice of such counsel or any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon.

  
 (c) The Trustee may act through its attorneys and agents and
shall not be responsible for the misconduct or negligence of any agent appointed with due care. 
  
 (d) The Trustee shall not be liable for any action it takes or omits to take in good faith that it believes to be authorized or within the rights or
powers conferred upon it by this Indenture. 
  
 (e) Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Company shall be sufficient if signed by an Officer of the Company. 
  

 38 

 (f) The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this
Indenture at the request or direction of any of the Holders unless such Holders have offered to the Trustee security or indemnity reasonably satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance
with such request or direction. 
  
 (g) The Trustee is not
required to take notice or deemed to have notice of any default or Event of Default hereunder, except Events of Default under Section 6.01(1) and (2), unless a Responsible Officer of the Trustee has actual knowledge thereof or has received notice in
writing of such default or Event of Default from the Company or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, and in the absence of any such notice, the Trustee may conclusively assume that no such default
or Event of Default exists. 
  
 (h) The Trustee is not required to
give any bond or surety with respect to the performance of its duties or the exercise of its powers under this Indenture. 
  
 (i) In the event the Trustee receives inconsistent or conflicting requests and indemnity from two or more groups of Holders of Notes, each representing
less than a majority in aggregate principal amount of the Notes Outstanding, pursuant to the provisions of this Indenture, the Trustee, in its sole discretion, may determine what action, if any, shall be taken or may file a bill of interpleader with
a court of competent jurisdiction. 
  
 (j) The Trustee’s
immunities and protections from liability and its right to indemnification in connection with the performance of its duties under this Indenture shall extend to the Trustee’s officers, directors, agents, attorneys and employees. Such immunities
and protections and right to indemnification, together with the Trustee’s right to compensation, shall survive the Trustee’s resignation or removal, the defeasance or discharge of this Indenture and final payment of the Notes. 

 
 (k) The permissive right of the Trustee to take the actions permitted by
this Indenture shall not be construed as an obligation or duty to do so. 
  
 (l) Except for information provided by the Trustee concerning the Trustee, the Trustee shall have no responsibility for any information in any offering memorandum or other disclosure material distributed with respect
to the Notes, and the Trustee shall have no responsibility for compliance with any state or federal securities laws in connection with the Notes. 
  
 (m) The Trustee may request that the Company deliver an Officers’ Certificate setting forth the names of individuals and/or titles of officers
authorized at such time to take specified actions pursuant to this Indenture, which Officers’ Certificate may be signed by any person authorized to sign an Officers’ Certificate, including any person specified as so authorized in any such
certificate previously delivered and not superseded. 
  
 Section 7.03
Individual Rights of Trustee. 
  
 The Trustee or any
Affiliate of the Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. However, in
the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the Commission for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee
is also subject to Sections 7.10 and 7.11 hereof. 
  

 39 

 Section 7.04 Trustee’s Disclaimer. 
  
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the
Notes, it shall not be accountable for the Company’s use of the proceeds from the Notes or any money paid to the Company or upon the Company’s direction under any provision of this Indenture, it shall not be responsible for the use or
application of any money received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or
pursuant to this Indenture other than its certificate of authentication. 
  
 Section 7.05 Notice of Defaults. 
  
 If a Default
or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs. Except in the case of a Default or Event of
Default in payment of principal of, premium or Liquidated Damages, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that withholding the notice is
in the interests of the Holders of the Notes. 
  
 Section 7.06 Reports by
Trustee to Holders of the Notes. 
  
 (a) Within 60 days after
each May 15 beginning with the May 15 following the date of this Indenture, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders of the Notes a brief report dated as of such reporting date that complies with TIA §
313(a) (but if no event described in TIA § 313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall comply with TIA § 313(b)(2). The Trustee shall also transmit by
mail all reports as required by TIA § 313(c). 
  
 (b) A copy
of each report at the time of its mailing to the Holders of Notes shall be mailed by the Trustee to the Company and filed by the Trustee with the Commission and each stock exchange, if any, on which the Notes are listed in accordance with TIA §
313(d). The Company shall promptly notify the Trustee if and when the Notes are listed on any stock exchange. 
  
 Section 7.07 Compensation and Indemnity. 
  
 (a) The Company shall pay to the Trustee from time to time such reasonable compensation for its acceptance of this Indenture and services hereunder as the parties shall agree from time to time. The Trustee’s
compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee promptly upon request for all reasonable 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 agents and counsel. 
  
 (b) The Company and the Guarantors shall indemnify the Trustee against any and all losses, liabilities or expenses
(including taxes, other than taxes based upon the income of the Trustee) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this
Indenture against the Company and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Company, the Guarantors or any Holder or any other Person) or liability in connection with the exercise or
performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence or willful misconduct. The Trustee shall notify the 
  

 40 

 Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not
relieve the Company or any of the Guarantors of their obligations hereunder. The Company or such Guarantor shall defend the claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the
reasonable fees and expenses of such counsel. Neither the Company nor any Guarantor need pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 
  
 (c) The obligations of the Company and the Guarantors under this Section 7.07 shall survive the satisfaction and discharge
of this Indenture. 
  
 (d) To secure the Company’s payment
obligations in this Section 7.07, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture. 
  
 (e) When the
Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(7) or (8) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law. 
  
 (f) The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 
  
 Section 7.08 Replacement of Trustee. 
  
 (a) A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of appointment as provided in this Section 7.08. 

 
 (b) The Trustee may resign in writing at any time and be discharged from
the trust hereby created by so notifying the Company. The Holders of a majority in principal amount of the then outstanding Notes may remove the Trustee by so notifying the Trustee and the Company in writing. The Company may remove the Trustee if:

  
 (1) the Trustee fails to comply with Section
7.10 hereof; 
  
 (2) the Trustee is adjudged a
bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (3) a custodian or public officer takes charge of the Trustee or its property; or 
  
 (4) the Trustee becomes incapable of acting. 
  
 (c) If the Trustee resigns or is removed or if a vacancy exists in the office
of Trustee for any reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Notes may appoint a successor Trustee
to replace the successor Trustee appointed by the Company. 
  
 (d)
If a successor Trustee does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee (at the expense of the Company), the Company, or the Holders of at least 10% in principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  

 41 

 (e) If the Trustee, after written request by any Holder who has been a Holder for at least six months,
fails to comply with Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 (f) A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Company.
Thereupon, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its
succession to Holders. The retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien provided for in Section
7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  
 Section 7.09 Successor Trustee by Merger, etc. 
  
 If the Trustee consolidates, merges or converts into, or transfers all or
substantially all of its corporate trust business to, another Person, the successor corporation without any further act shall be the successor Trustee. 
  
 Section 7.10 Eligibility; Disqualification. 
  
 There shall at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of America or of
any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $50.0 million as set
forth in its most recent published annual report of condition. 
  
 This Indenture shall always have a Trustee who satisfies the requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 
  
 Section 7.11 Preferential Collection of Claims Against Company. 
  
 The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who
has resigned or been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
  
 ARTICLE 8. 
 LEGAL DEFEASANCE AND COVENANT DEFEASANCE 
  
 Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 
  
 The Company may, at the option of its Board of Directors evidenced by a
resolution set forth in an Officers’ Certificate, at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all outstanding Notes upon compliance with the conditions set forth below in this Article 8. 
  
 Section 8.02 Legal Defeasance and Discharge. 
  
 Upon the Company’s exercise under Section 8.01 hereof of the option
applicable to this Section 8.02, the Company and each of the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be deemed to have been discharged from their obligations with respect to all outstanding
Notes (including the Subsidiary Guarantees) on the date the conditions set forth below are 
  

 42 

 satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Company
and the Guarantors will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Subsidiary Guarantees), which will thereafter be deemed to be “outstanding” only for the purposes of
Section 8.05 hereof and the other Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, the Subsidiary Guarantees and this Indenture (and the Trustee, on demand of
and at the expense of the Company, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 
  
 (1) the rights of Holders of outstanding Notes to receive
payments in respect of the principal of, or interest or premium and Liquidated Damages, if any, on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
  
 (2) the Company’s obligations with respect to the Notes
concerning issuing Temporary Notes, registration of Notes, mutilated, destroyed, lost or stolen Notes and the maintenance of an office or agency for payment and money for security payments held in trust provided under Article 2 and Section 4.02
hereof; 
  
 (3) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and the Company’s and the Guarantors’ obligations in connection therewith; and 
  
 (4) under the provisions of this Article 8. 
  
 Subject to compliance with this Article 8, the Company may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option
under Section 8.03 hereof. 
  
 Section 8.03
Covenant Defeasance. 
  
 Upon the Company’s exercise
under Section 8.01 hereof of the option applicable to this Section 8.03, the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, be released from each of their obligations under the
covenants contained in Sections 4.07, 4.08, 4.10 and 4.11 hereof and clause (4) of Section 5.01 hereof with respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter,
“Covenant Defeasance”), and the Notes shall 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 (it being understood that such Notes will not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means
that, with respect to the outstanding Notes and Subsidiary Guarantees, the Company and the Guarantors may omit to comply with and will 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 will not constitute a Default or an
Event of Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes and Subsidiary Guarantees will be unaffected thereby. In addition, upon the Company’s exercise under Section 8.01 hereof
of the option applicable to this Section 8.03 hereof, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Section 6.01(3), Section 6.01(4) and Section 6.01(5) hereof will not constitute Events of Default. 
  

 43 

 Section 8.04 Conditions to Legal or Covenant Defeasance. 
  
 In order to exercise either Legal Defeasance or Covenant Defeasance under
either Section 8.02 or 8.03 hereof: 
  
 (1) the
Company must irrevocably deposit (and in the case of Legal Defeasance such deposit must be made 123 days prior to Legal Defeasance) with the Trustee, in trust, for the benefit of the Holders of the Notes, cash in U.S. dollars, non-callable
Government Securities, 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, or interest and premium and Liquidated Damages, if
any, on the outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or to a particular redemption date;

  
 (2) in the case of an election under Section
8.02 hereof, the Company has delivered to the Trustee an Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that: 
  
 (A) the Company has received from, or there has been published by, the Internal Revenue Service a ruling; or 
  
 (B) since the date of this Indenture, there has been a
change in the applicable federal income tax law, 
  
 in either
case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be
subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
  
 (3) in the case of an election under Section 8.03 hereof, the Company has delivered to the Trustee an
Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and
will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 
  
 (4) the Company must deliver to the Trustee an Opinion of Counsel in the United States reasonably acceptable
to the Trustee to the effect that (A) the Notes and (B) assuming no intervening bankruptcy of the Company between the date of deposit and the 123rd day following the deposit and that no Holder of the Notes is an insider of the Company, after the
123rd day following the deposit, the trust funds will not be subject to the effect of any applicable bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally; 
  
 (5) the Company must deliver to the Trustee an Opinion of
Counsel in the United States reasonably acceptable to the Trustee to the effect that the trust resulting from the deposit does not constitute, or is qualified as, a regulated investment company under the Investment Company Act of 1940; 

 
 (6) no Default or Event of Default shall have occurred
and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be 
  

 44 

 applied to such deposit) and no Default or Event of Default under clause (7) or (8) of Section 6.01 above
shall occur and be continuing, at any time during the period ending on the 123rd day after the date of such deposit (it being understood that this condition shall not be deemed satisfied until the expiration of such period); 
  
 (7) such Legal Defeasance or Covenant Defeasance will not
result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the Company or any of its Subsidiaries is a party or by which the Company or any of its Subsidiaries is
bound; 
  
 (8) the Company must deliver to the
Trustee an Officers’ Certificate stating that the deposit was not made by the Company with the intent of preferring the Holders of Notes over the other creditors of the Company or with the intent of defeating, hindering, delaying or defrauding
any other creditors of the Company or others; and 
  
 (9) the Company must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied
with. 
  
 Section 8.05 Deposited Money and
Government Securities to be Held in Trust; Other Miscellaneous Provisions. 
  
 Subject to Section 8.06 hereof, all money and non-callable Government Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section
8.05, the “Trustee”) pursuant to Section 8.04 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 the Company 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 Liquidated Damages, if any, and
interest, but such money need not be segregated from other funds except to the extent required by law. 
  
 The Company will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government
Securities deposited pursuant to Section 8.04 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. 
  
 Notwithstanding anything in this Article 8 to the contrary, the Trustee will
deliver or pay to the Company from time to time upon the request of the Company any money or non-callable Government Securities held by it as provided in Section 8.04 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 8.04(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 8.06 Repayment to Company. 
  
 Any money
deposited with the Trustee or any Paying Agent, or then held by the Company, in trust for the payment of the principal of, premium or Liquidated Damages, if any, or interest on any Note and remaining unclaimed for two years after such principal,
premium or Liquidated Damages, if any, or interest has become due and payable shall be paid to the Company on its request or (if then held by the Company) will be discharged from such trust; and the Holder of such Note will thereafter be permitted
to 
  

 45 

 look only to the Company for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such
trust money, and all liability of the Company as trustee thereof, will thereupon cease. In the absence of a written request from the Company to return unclaimed funds to the Company, the Trustee shall from time to time deliver all unclaimed funds to
or as directed by applicable escheat authorities, in accordance with the customary practices and procedures of the Trustee. Any unclaimed funds held by the Trustee pursuant to this Section 8.06 shall be held uninvested and without any liability for
interest. 
  
 Section 8.07 Reinstatement.

  
 If the Trustee or Paying Agent is unable to apply any United
States dollars or non-callable Government Securities in accordance with Section 8.02 or 8.03 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 Company’s and the Guarantor’s obligations under this Indenture and the Notes and the Subsidiary Guarantees will be revived and reinstated as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until
such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided, however, that, if the Company makes any payment of principal of, premium or Liquidated
Damages, if any, or interest on any Note following the reinstatement of its obligations, the Company will be subrogated to the rights of the Holders of such Notes to receive such payment from the money held by the Trustee or Paying Agent.

  
 ARTICLE 9. 
 AMENDMENT, SUPPLEMENT AND WAIVER 
  
 Section 9.01 Without Consent of Holders of Notes. 
  
 Notwithstanding Section 9.02 of this Indenture, the Company, the Guarantors and the Trustee may amend or supplement this
Indenture, the Subsidiary Guarantees or the Notes without the consent of any Holder of a Note: 
  
 (1) to cure any ambiguity, defect or inconsistency; 
  
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 
  
 (3) to provide for the assumption of the Company’s or a
Guarantor’s Obligations to the Holders of the Notes by a successor to the Company or a Guarantor pursuant to Article 5 or Article 10 hereof; 
  
 (4) to make any change that would provide any additional rights or benefits to the Holders of the Notes or that does not adversely affect
the legal rights under this Indenture of any Holder of Notes; 
  
 (5) to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA; 
  
 (6) to provide for the issuance of Additional Notes in accordance with the limitations set forth in this
Indenture as of the date hereof; or 
  
 (7) to
allow any Guarantor to execute a supplemental indenture and/or a Subsidiary Guarantee with respect to the Notes. 
  

 46 

 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the
execution of any such amended or supplemental Indenture, and upon receipt by the Trustee of the documents described in Sections 7.02(b) and 9.06 hereof, the Trustee will join with the Company and the Guarantors in the execution of any amended or
supplemental Indenture authorized or permitted by the terms of this Indenture and to make any further appropriate agreements and stipulations that may be therein contained, but the Trustee will not be obligated to enter into any such amended or
supplemental Indenture that affects its own rights, duties or immunities under this Indenture or otherwise. 
  
 Section 9.02 With Consent of Holders of Notes. 
  
 Except as provided below in this Section 9.02, the Company and the Trustee may amend or supplement this Indenture, the
Subsidiary Guarantees and the Notes with the consent of the Holders of at least a majority in principal amount of the Notes (including, without limitation, Additional Notes, if any) then outstanding voting as a single class (including, without
limitation, consents obtained in connection with a tender offer or exchange offer for, or purchase of, the Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or Event of Default in
the payment of the principal of, premium or Liquidated Damages, 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 Subsidiary
Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes voting as a single class (including consents obtained in connection with a tender offer or exchange offer for, or
purchase of, the Notes). Sections 2.08 and 2.09 hereof shall determine which Notes are considered to be “outstanding” for purposes of this Section 9.02. 
  
 Upon the request of the Company accompanied by a resolution of its Board of Directors authorizing the execution of any such
amended or supplemental Indenture, and upon the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Sections 7.02(b) and
9.06 hereof, the Trustee will join with the Company in the execution of such amended or supplemental Indenture unless such amended or supplemental Indenture directly 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. 
  
 It is not be necessary for the consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver,
but it is sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Company
to mail such notice, or any defect therein, will not, however, in any way impair or affect the validity of any such amended or supplemental Indenture or waiver. Subject to Sections 6.04 and 6.07 hereof, the Holders of a majority in aggregate
principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Company with any provision of this Indenture or the Notes. However, without the consent of each Holder affected, an
amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
  
 (1) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver; 
  
 (2) reduce the principal of or change the fixed maturity of
any Note; 
  

 47 

 (3) reduce the rate of or change the time for payment of interest, including default
interest, on any Note; 
  
 (4) reduce the premium
payable upon the redemption of any Note or change the time at which any Note may or shall be redeemed; 
  
 (5) make any Note payable in money other than that stated in the Notes, or change the place of payment of principal of, or interest or
premium or Liquidated Damages, if any, on the Notes; 
  
 (6) impair the right of any Holder to receive payment of principal of, or premium or Liquidated Damages, if any, or interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any
payment on or with respect to such Holder’s Notes; 
  
 (7) release any Guarantor from any of its obligations under its Subsidiary Guarantee or this Indenture, or modify the Subsidiary Guarantees in any manner adverse to the Holders, except in accordance with the terms of
this Indenture; or 
  
 (8) make any change in the
foregoing amendment and waiver provisions. 
  
 Section 9.04 Compliance with Trust Indenture Act. 
  
 Every amendment or supplement to this Indenture or the Notes will be set forth in a amended or supplemental Indenture that complies with the TIA as then in effect. 
  
 Section 9.04 Revocation and Effect of Consents. 
  
 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 is not made on any
Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment,
supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 
  
 Section 9.05 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 Company in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication 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. 
  
 Section 9.06 Trustee
to Sign Amendments, etc. 
  
 The Trustee will sign any
amended or supplemental Indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Company may not sign an amendment or supplemental
Indenture until the Board of Directors approves it. In executing any amended or supplemental indenture, the Trustee will be entitled 
  

 48 

 to receive and (subject to Section 7.01 hereof) will be fully protected in relying upon, in addition to the documents
required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental Indenture is authorized or permitted by this Indenture. 
  
 ARTICLE 10. 
 SUBSIDIARY GUARANTEES 
  
 Section 10.01 Subsidiary Guarantee. 
  
 (a) Subject to this Article 10, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its
successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes or the obligations of the Company hereunder or thereunder, that: 
  
 (1) the principal of, premium and Liquidated Damages, if any, and interest on the Notes will be promptly
paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee
hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (2) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 
  
 Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
  
 (b) Subject to this Article 10, the Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity
or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the Company, any
action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor. Each Guarantor hereby waives diligence, presentment, demand of payment, filing of claims with a court in
the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that this Subsidiary Guarantee will not be discharged except by complete
performance of the obligations contained in the Notes and this Indenture. 
  
 (c) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the Guarantors or any custodian, trustee, liquidator or other similar official acting in relation to either the Company
or the Guarantors, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore discharged, will be reinstated in full force and effect. 
  
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of
any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of the
obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of this Subsidiary Guarantee, notwithstanding 
  

 49 

 any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby,
and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Subsidiary
Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Subsidiary Guarantee. 
  
 Section 10.02 Limitation on Guarantor Liability.

  
 Each Guarantor, and by its acceptance of Notes, each Holder,
hereby confirms that it is the intention of all such parties that the Subsidiary Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of any Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform
Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any Subsidiary Guarantee. To effectuate the foregoing intention, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor
shall be limited to the maximum amount that will, after giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights
to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations of such Guarantor under its Subsidiary Guarantee not
constituting a fraudulent transfer or conveyance. 
  
 Notwithstanding any other provision of this Indenture, in no event or circumstance shall any Holder or other obligee under the Subsidiary Guarantees be entitled to recover from the Captive Subsidiary any amount that would cause the
statutory assets of the Captive Subsidiary to fail to exceed its statutory liabilities by the greatest of (a) $120,000, (b) 20% of net premiums written up to $6,000,000 plus 10% of net premiums written over $6,000,000, and (c) 10% of loss and other
insurance reserves, all as determined under the insurance laws of Bermuda. All obligations of the Captive Subsidiary under the Notes, the Subsidiary Guarantees and this Indenture are expressly limited in accordance with the preceding sentence.

  
 Section 10.03 Execution and Delivery of
Subsidiary Guarantee. 
  
 To evidence its Subsidiary
Guarantee set forth in Section 10.01, each Guarantor hereby agrees that a notation of such Subsidiary Guarantee substantially in the form attached as Exhibit E hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and
delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers. 
  
 Each Guarantor hereby agrees that its Subsidiary Guarantee set forth in Section 10.01 will remain in full force and effect notwithstanding any failure to
endorse on each Note a notation of such Subsidiary Guarantee. 
  
 If an Officer whose signature is on this Indenture or on the Subsidiary Guarantee no longer holds that office at the time the Trustee authenticates the Note on which a Subsidiary Guarantee is endorsed, the Subsidiary Guarantee will be valid
nevertheless. 
  
 The delivery of any Note by the Trustee, after
the authentication thereof hereunder, will constitute due delivery of the Subsidiary Guarantee set forth in this Indenture on behalf of the Guarantors. 
  
 In the event that the Company creates or acquires any Subsidiary, after the date of this Indenture, if required by Section 4.11 hereof, the Company will
cause such Subsidiary to comply with the provisions of Section 4.11 hereof and this Article 10, to the extent applicable. 
  

 50 

 Section 10.04 Termination, Release and Discharge Upon Merger or Consolidation.

  
 (a) Each Guarantor may consolidate with or merge into or
transfer or sell its assets to the Company or another Guarantor without limitation. Each Guarantor may consolidate with or merge into or transfer or sell all or substantially all its assets to a Person other than the Company or another Guarantor
(whether or not affiliated with the Guarantor), except that if the surviving Person of any such merger or consolidation, or the Person to whom such sale is made, will be an Other Senior Indebtedness Guarantor, such Person shall execute a Subsidiary
Guarantee. Upon the sale or disposition of a Guarantor (by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its assets) and whether or not the Guarantor is the surviving corporation in such transaction
to a Person (whether or not an Affiliate of the Guarantor) which is not an Other Senior Indebtedness Guarantor of the Company, such Guarantor will be released from all its obligations under this Indenture and its Subsidiary Guarantee and such
Subsidiary Guarantee will terminate; provided, however, that any such termination will occur only to the extent that each such Guarantor will be released from obligations under its Subsidiary Guarantee if all the obligations of such Guarantor
under the Other Senior Indebtedness and related documentation terminate upon consummation of such transaction. 
  
 (b) Upon termination for any reason of all of the Obligations of the Guarantor under the Other Senior Indebtedness (including, without limitation, upon
payment in full of the Other Senior Indebtedness, upon agreement of the lenders or noteholders thereunder or upon replacement thereof with a credit facility or other Indebtedness not requiring such Guarantees or upon such Guarantor ceasing to be a
Subsidiary) and the delivery of the Company to the Trustee of an Officers’ Certificate and Opinion of Counsel with respect to the foregoing matters, such Guarantor, subject to Section 4.11 hereof, will be deemed released from all its
obligations under this Indenture and its Subsidiary Guarantee and such Subsidiary Guarantee will terminate. 
  
 ARTICLE 11. 
 SATISFACTION AND DISCHARGE 
  
 Section 11.01 Satisfaction and Discharge. 

 
 This Indenture will be discharged and will cease to be of further effect
as to all Notes issued hereunder, when: 
  
 (1)
either: 
  
 (a) all Notes that have been
authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company, have been delivered to the Trustee for
cancellation; or 
  
 (b) all Notes that have not
been delivered to the Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Company or any Guarantor has 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, non-callable Government Securities, 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 the Notes not delivered to the Trustee for cancellation for principal, premium and Liquidated Damages, if any, and accrued interest to the date of maturity or redemption;

  

 51 

 (2) no Default or Event of Default has occurred and is continuing on the date of such
deposit or will occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Company or any Guarantor is a party or by which the Company or any
Guarantor is bound; 
  
 (3) the Company or any
Guarantor has paid or caused to be paid all sums payable by it under this Indenture; and 
  
 (4) the Company has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money toward the payment
of the Notes at maturity or the redemption date, as the case may be. 
  
 In
addition, the Company must deliver an Officers’ 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 subclause (b) of clause (1) of this Section, the provisions of Section 11.02 and Section 8.06 will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of
Section 7.07 hereof, that, by their terms, survive the satisfaction and discharge of this Indenture. 
  
 Section 11.02 Application of Trust Money. 
  
 Subject to the provisions of Section 8.06, all money deposited with the Trustee pursuant to Section 11.01 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 the Company acting as its own Paying Agent) as the Trustee may determine, to the
Persons entitled thereto, of the principal (and premium, 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. 

 
 If the Trustee or Paying Agent is unable to apply any money or Government
Securities in accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s and any
Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01; provided that if the Company has made any payment of principal of, premium, if any,
or interest on any Notes because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or Government Securities held by the Trustee or Paying Agent.

  
 ARTICLE 12. 
 MISCELLANEOUS 
  
 Section 12.01 Trust Indenture Act Controls. 
  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(c), the imposed
duties will control. 
  
 Section 12.02
Notices. 
  
 Any notice or communication by the Company,
any Guarantor or the Trustee to the others is duly given if in writing and delivered in Person or mailed by first class mail (registered or certified, return 
  

 52 

 receipt requested), telecopier or overnight air courier guaranteeing next day delivery, to the others’ address:

  
 If to the Company and/or any Guarantor: 
  
 Hughes Supply, Inc. 
 One Hughes Way 
 Orlando, Florida 32805

 Attention: Jay Clark, Vice President - Treasurer 
 Telecopy No.: (407) 648-9898 
 Email: jay.clark@hughessupply.com 
  
 With a copy to: 
  
 Holland & Knight LLP 
 50 North Laura Street 
 Suite 3900 
 Jacksonville, Florida 32202 
 Attention: T.
Malcolm Graham, Esq. 
 Telecopier No.: (904) 358-1872 
 Email: mal.graham@hklaw.com 
  
 If
to the Trustee: 
  
 U.S. Bank National Association 
 Attn: Peter Fowler 
 Corporate Trust Services

 500 W. Cypress Creek Rd., Suite 560 
 Fort Lauderdale, Florida 33309 
 Phone No.: (954) 776-2225 
 Telecopier No.: (954) 776-2629 
 Email:
peter.fowler@usbank.com 
  
 The Company, any Guarantor or the
Trustee, by notice to the others may designate additional or different addresses for subsequent notices or communications. 
  
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time delivered by hand, if personally
delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next
day delivery. Notwithstanding the foregoing, notices to the Trustee shall be effective only upon receipt. 
  
 Any notice or communication to a Holder will be mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier
guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice
or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it. 
  

 53 

 If the Company mails a notice or communication to Holders, it will mail a copy to the Trustee and each
Agent at the same time. 
  
 Section 12.03 Communication by Holders of Notes
with Other Holders of Notes. 
  
 Holders may communicate
pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 
  
 Section 12.04 Certificate and Opinion as to Conditions Precedent. 
  
 Upon any request or application by the Company to the Trustee to take any
action under this Indenture, the Company shall furnish to the Trustee: 
  
 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all
conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 
  
 (2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set forth in
Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 
  
 Section 12.05 Statements Required in Certificate or Opinion. 
  
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
  
 (1) a statement that the Person making such certificate or opinion has read such covenant or condition; 
  
 (2) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable him or
her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 
  
 (4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 
  
 Section 12.06 Rules by Trustee and Agents. 
  
 The Trustee may make reasonable rules for action by or at a meeting of
Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 
  
 Section 12.07 No Personal Liability of Directors, Officers, Employees and Stockholders. 
  
 No past, present or future director, officer, employee, incorporator or stockholder of the Company or any Guarantor, as
such, will have any liability for any obligations of the Company or the Guarantors under the Notes, this Indenture, the Subsidiary Guarantees, or for any claim based on, in respect of, or by 
  

 54 

 reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such
liability. The waiver and release are part of the consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
  
 Section 12.08 Governing Law. 
  
 THE LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE SUBSIDIARY GUARANTEES. 
  
 Section 12.09 No Adverse Interpretation of Other Agreements. 
  
 This Indenture may not be used to interpret any other indenture, loan or
debt agreement of the Company or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
  
 Section 12.10 Successors. 
  
 All agreements of the Company in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will bind its
successors. All agreements of each Guarantor in this Indenture and the Subsidiary Guarantees will bind its successors, except as otherwise provided in Section 10.05. 
  
 Section 12.11 Severability. 
  
 In case any provision in this Indenture, the Notes or the Subsidiary Guarantees is invalid, illegal or unenforceable, the validity, legality and
enforceability of the remaining provisions will not in any way be affected or impaired thereby. 
  
 Section 12.12 Counterpart Originals. 
  
 The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same agreement. 
  
 Section 12.13 Table of Contents, Headings, etc. 
  
 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 to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 
  
 [Signatures on following page] 
  

 55 

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

					
	 	 	HUGHES SUPPLY, INC.
			
	 	 	By:	 	 /s/ David Bearman

	 	 	Name:	 	 David Bearman

	 	 	Title:	 	 Executive Vice President and Chief Financial Officer

		
	 	 	GUARANTORS:
	Address:	 	 	 	 
	One Hughes Way	 	CAROLINA PUMP & SUPPLY CORP.
	Orlando, FL 32805	 	CENTURY MAINTENANCE SUPPLY, INC.
	 	 	DOUGLAS LEONHART & ASSOCIATES, INC.
	 	 	ELECTRIC LABORATORIES AND SALES CORPORATION
	 	 	GILLELAND CONCRETE PRODUCTS, INC.
	 	 	HSI ACQUISITION CORPORATION
	 	 	HSI FUSION SERVICES, INC.
	 	 	HSI PROPERTIES, LLC
	 	 	HUGHES AVIATION, INC.
	 	 	HUGHES CANADA, INC.
	 	 	HUGHES MRO, INC.
	 	 	HUGHES SUPPLY MANAGEMENT SERVICES, INC.
	 	 	HUGHES SUPPLY SHARED SERVICES, INC
	 	 	HUGHES SUPPLY (VA), INC.
	 	 	HUGHES WATER & SEWER COMPANY
	 	 	JUNO INDUSTRIES, INC.
	 	 	KAMEN SUPPLY COMPANY, INC.
	 	 	KINGSTON PIPE INDUSTRIES, INC.
	 	 	MEREX CORPORATION
	 	 	METALS INCORPORATED
	 	 	METALS INC.- GULF COAST DIVISION
	 	 	MILLS & LUPTON SUPPLY COMPANY
	 	 	MOORE ELECTRIC SUPPLY, INC.
	 	 	MOUNTAIN COUNTRY SUPPLY, INC.
	 	 	NATIONAL POWERX, INC.
	 	 	OLANDER & BROPHY, INCORPORATED
	 	 	ONE STOP SUPPLY, INC.
	 	 	PAINE SUPPLY OF JACKSON, INC.
	 	 	PANHANDLE PIPE & SUPPLY CO., INC.
	 	 	REACTION SUPPLY CORPORATION
	 	 	SCOTT-PARISH ELECTRICAL SUPPLY COMPANY
	 	 	SHRADER HOLDING COMPANY, INC.
	 	 	STAINLESS TUBULAR PRODUCTS, INC.
	 	 	STANDARD WHOLESALE SUPPLY COMPANY
	 	 	TODD PIPE & SUPPLY – EL MONTE, INC.

  

 56 

					
	 	 	TODD PIPE & SUPPLY – ESCONDIDO, INC.
	 	 	TODD PIPE & SUPPLY – GARDEN GROVE, INC.
	 	 	TODD PIPE & SUPPLY – HAWTHORNE, INC.
	 	 	TODD PIPE & SUPPLY – LAS VEGAS, INC.
	 	 	TODD PIPE & SUPPLY – RIVERSIDE, INC.
	 	 	TODD PIPE & SUPPLY – SAN DIEGO, INC.
	 	 	TODD PIPE & SUPPLY – SEPULVEDA, INC.
	 	 	U.S. FUSION SERVICES, INC.
	 	 	USCO INCORPORATED
	 	 	UTILISERVE, INC.
	 	 	UTILISERVE HOLDINGS, INC.
	 	 	WARNER WATERWORKS SALES COMPANY OF WYOMING
	 	 	WATERWORKS HOLDING COMPANY
	 	 	WATERWORKS SALES COMPANY
	 	 	WCC MERGER CORPORATION
	 	 	WIDE-WORLD TRAVEL NETWORK, INC.
	 	 	Z&L ACQUISITION CORP.
			
	 	 	By:	 	 /s/ Jay K. Clark

	 	 	Name:	 	Jay K. Clark
	 	 	Title:	 	Assistant Treasurer
			
	Address:	 	 	 	 
	One Hughes Way	 	SOUTHWEST STAINLESS, L.P.
	Orlando, FL 32805	 	HUGHES MRO, LP
		
	 	 	By: Z&L ACQUISITION CORP, General Partner
			
	 	 	By:	 	 /s/ Jay K. Clark

	 	 	Name:	 	Jay K. Clark
	 	 	Title:	 	Assistant Treasurer
			
	Address:	 	 	 	 
	One Hughes Way	 	PRO VALUE, LLC
	Orlando, FL 32805	 	 	 	 
	 	 	By: HUGHES SUPPLY SHARED SERVICES, INC., Manager
			
	 	 	By:	 	 /s/ Jay K. Clark

	 	 	Name:	 	Jay K. Clark
	 	 	Title:	 	Assistant Treasurer

  

 57 

					
	Address:	 	 	 	 
	1403 Foulk Road, Suite 102	 	HUGHES SUPPLY IP, INC.
	Wilmington, DE 19803	 	L & T OF DELAWARE, INC.
	 	 	SWS ACQUISITION, LLC
	 	 	SWS FUNDING, LLC
			
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Assistant Secretary
			
	Address:	 	 	 	 
	Harbor Centre	 	HSI FUNDING, LLC
	Fourth Floor	 	HHH, LLC
	George Town	 	HSI HOLDINGS, INC.
	Grand Cayman, Cayman Islands	 	HSI IP, INC.
			
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Assistant Secretary
			
	Address:	 	 	 	 
	One Hughes Way	 	HSI NORTH CAROLINA, LLC
	Orlando, FL 32805	 	HUGHES SUPPLY CA, LLC
			
	 	 	By:	 	 /s/ Jay K. Clark

	 	 	Name:	 	Jay K. Clark
	 	 	Title:	 	Assistant Treasurer
			
	Address:	 	 	 	 
	One Hughes Way	 	HSI INDIANA, LLC
	Orlando, FL 32805	 	 
	 	 	By: ELECTRIC LABORATORIES AND SALES
	 	 	CORPORATION, Manager
			
	 	 	By:	 	 /s/ Jay K. Clark

	 	 	Name:	 	Jay K. Clark
	 	 	Title:	 	Assistant Treasurer

  

 58 

					
	Address:	 	 
	One Hughes Way	 	HUGHES MRO #1, LLC
	Orlando, FL 32805	 	 	 	 
		
	 	 	By: HUGHES MRO, INC., Manager
			
	 	 	By:	 	 /s/ Jay K. Clark

	 	 	Name:	 	Jay K. Clark
	 	 	Title:	 	Assistant Treasurer
			
	Address:	 	 	 	 
	One Hughes Way	 	CENTURY MAINTENANCE MANAGEMENT, LLC
	Orlando, FL 32805	 	By: CENTURY AIR SUPPLY, INC., Manager
			
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Secretary
			
	Address:	 	 	 	 
	One Hughes Way	 	CENTURY GP MANAGEMENT, L.L.C.
	Orlando, FL 32805	 	CENTURY LP INVESTMENTS, L.L.C.
		
	 	 	 By: CENTURY MAINTENANCE MANAGEMENT, LLC,
         Manager

		
	 	 	By: CENTURY AIR SUPPLY, INC., Manager
			
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Secretary
			
	Address:	 	 	 	 
	One Hughes Way	 	HUGHES MRO #2, LLC
	Orlando, FL 32805	 	 	 	 
		
	 	 	By: CENTURY MAINTENANCE L.P., Manager
		
	 	 	 By: CENTURY MAINTENANCE MANAGEMENT, LLC,
         General Partner

		
	 	 	By: CENTURY AIR SUPPLY, INC., Manager
			
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Secretary

  

 59 

					
			
	Address:	 	 	 	 
	One Hughes Way	 	CENTURY MAINTENANCE, L.P.
	Orlando, FL 32805	 	CENTURY MAINTENANCE (HOUSTON), L.P.
	 	 	CENTURY SERVICES, L.P.
		
	 	 	 By: CENTURY MAINTENANCE MANAGEMENT, LLC,
         General Partner

		
	 	 	By: CENTURY AIR SUPPLY, INC., Manager
			
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Secretary
			
	Address:	 	 	 	 
	One Hughes Way	 	CENTURY AIR SUPPLY, INC.
	Orlando, FL 32805	 	CENTURY MAINTENANCE SUPPLY-S CAL, INC.
			
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Secretary
			
	Address:	 	 	 	 
	1403 Foulk Road, Suite 102	 	HUGHES INSURANCE HOLDINGS, INC.
	Wilmington, DE 19803	 	 	 	 
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Secretary
			
	Address:	 	 	 	 
	Clarendon House	 	HUGHES INSURANCE COMPANY, LTD.
	2 Church Street	 	 	 	 
	Hamilton HM 11	 	 	 	 
	 	 	By:	 	 /s/ John Z. Paré

	 	 	Name:	 	John Z. Paré
	 	 	Title:	 	Secretary

  

 60 

					
		
	Address:	 	 
	1202-B Col. Las America	 	MEREX DE MEXICO, S.A. DE C.V.
	Tampico, MX 89329	 	MEREX DIESEL POWER, S.A. DE C.V.
			
	 	 	By:	 	 /s/ Hernan Gustavo Jofre Rodriguez

	 	 	Name:	 	Hernan Gustavo Jofre Rodriguez
	 	 	Title:	 	Administrator
		
	 	 	U.S. BANK NATIONAL ASSOCIATION, AS TRUSTEE AND NOT IN ITS INDIVIDUAL CAPACITY
			
	 	 	By:	 	 /s/ Scott A. Schuhle

	 	 	Name:	 	Scott A. Schuhle
	 	 	Title:	 	Vice President

  

 61 

 EXHIBIT A 
  
 [Face of Note] 
  
 CUSIP/CINS                      
  
 5.50% Senior Notes due 2014 
  

	 No.          
	 $                    

 HUGHES SUPPLY, INC. 
  
 Hughes Supply, Inc., a Florida corporation, promises to pay to CEDE & CO., or registered assigns, the principal sum of
                                        
                     Dollars on
[                    ]. 
  
 Interest Payment Dates: April 15 and October 15 
  
 Record Dates: March 31 and September 30 
  
 Dated: 
  

			
	HUGHES SUPPLY, INC.
		
	By:	 	  

	Name:	 	 
	Title:	 	 
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  

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

	 U.S. Bank National Association,
as Trustee

		
	By:	 	  

	 	 	Authorized Signatory

 Back of Note 
 5.50% Senior Notes due 2014 
  
 [Insert the
Global Note Legend, if applicable pursuant to the provisions of the Indenture] 
  
 [Insert the Private Placement Legend, if applicable pursuant to the provisions of the Indenture] 
  
 Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
  
 (1) INTEREST. Hughes
Supply, Inc., a Florida corporation (the “Company”), promises to pay interest on the principal amount of this Note at 5.50% per annum from
[                            ] until maturity and shall pay the Liquidated Damages, if any, payable
pursuant to Section 2 of the Registration Rights Agreement referred to below. The Company will pay interest and Liquidated Damages, if any, semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day,
on the next succeeding Business Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance;
provided that if there is no existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such
next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date shall be April 15, 2005. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue
principal and premium, if any, from time to time on demand at the rate then in effect; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest and Liquidated Damages, if
any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year composed of twelve 30-day months. 
  
 (2) METHOD OF
PAYMENT. The Company will pay interest on the Notes (except defaulted interest) and Liquidated Damages, if any, to the Persons who are registered Holders of Notes at the close of business on the last day of the
month preceding October 15 and April 15, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be
payable as to principal, premium and Liquidated Damages, if any, and interest at the office or agency of the Company maintained for such purpose within or without the City and State of New York. Such payment will be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and private debts. 
  
 (3) PAYING AGENT AND REGISTRAR. Initially, U.S. Bank
National Association, the Trustee under the Indenture, will act as Paying Agent and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in any such capacity.

  
 (4)
INDENTURE. The Company issued the Notes under an Indenture dated as of October 12, 2004 (the “Indenture”) among the Company, the subsidiaries of the Company party thereto (the “Guarantors”)
and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all
such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling. The Notes are unsecured obligations of the Company. 
  

 A-2 

 (5) OPTIONAL REDEMPTION. The Notes will be
redeemable, as a whole or in part, at the Company’s option, at any time or from time to time, on at least 30 days’, but not more than 60 days’, prior notice mailed to the registered address of each Holder of Notes. The redemption
prices will be equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the Remaining Scheduled Payments (as defined below) discounted to the date of redemption, on a semiannual
basis (assuming a 360-day year consisting of twelve 30-day months), at a rate equal to the sum of the Treasury Rate (as defined below) and 25 basis points. In the case of each of clauses (1) and (2), accrued interest will be payable to the
redemption date. 
  
 For purposes of determining the redemption
price, the following definitions are applicable: 
  
 “Comparable Treasury Issue” means the United States Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term of the Notes to be redeemed that would be utilized, at the
time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes. 
  
 “Comparable Treasury Price” means, with respect to any redemption date, (1) the average of the Reference Treasury
Dealer Quotations for such redemption date after excluding the highest and lowest of such Reference Treasury Dealer Quotations or (2) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average
of all such quotations. 
  
 “Independent Investment
Banker” means one of the Reference Treasury Dealers appointed by the Company. 
  
 “Reference Treasury Dealer” means each of Lehman Brothers Inc. and Banc of America Securities LLC and their respective successors and three other primary U.S. Government securities dealers (each a
“Primary Treasury Dealer”) selected by the Company. If any of the foregoing shall cease to be a Primary Treasury Dealer, the Company shall substitute another nationally recognized investment banking firm that is a Primary Treasury Dealer.

  
 “Reference Treasury Dealer Quotations” means, with
respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Independent Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its
principal amount) quoted in writing to the Independent Investment Banker by such Reference Treasury Dealer at 3:30 p.m., New York City time, on the third business day preceding such redemption date. 
  
 “Remaining Scheduled Payments” means, with respect to each Note to
be redeemed, the remaining scheduled payments of principal of and interest on such Note that would be due after the related redemption date but for such redemption. If such redemption date is not an Interest Payment Date with respect to such Note,
the amount of the next succeeding scheduled interest payment on such Note will be reduced by the amount of interest accrued on such Note to such redemption date. 
  

 A-3 

 “Treasury Rate” means, with respect to any redemption date, the rate per annum equal to the
semiannual equivalent yield to maturity (computed as of the second business day immediately preceding such redemption date) of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of its
principal amount) equal to the Comparable Treasury Price for such redemption date. 
  
 On and after the redemption date, interest will cease to accrue on the Notes or any portion of the Notes called for redemption (unless the Company defaults in the payment of the redemption price and accrued interest).
On or before the redemption date, the Company will deposit with a Paying Agent (or the Trustee) money sufficient to pay the redemption price of and accrued interest on the Notes to be redeemed on such date. If less than all of the Notes are to be
redeemed, selection of the Notes for redemption will be made by the Trustee in compliance with the requirements of the principal national securities exchange, if any, in which the Notes are listed or, if the Notes are not listed, then on a pro rata
basis, by lot or by such other method as the Trustee shall deem fair and appropriate. The repayment price of any Note redeemed at maturity will equal the principal amount of the Note. The terms of the Notes do not prevent the Company from purchasing
Notes on the open market. 
  
 (6)
NOTICE OF REDEMPTION. Notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder whose Notes are to be redeemed at its
registered address. Notes in denominations larger than $5,000 may be redeemed in part but only in whole multiples of $1,000 in excess thereof. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for
redemption. 
  
 (7)
DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in denominations of $5,000 and integral multiples of $1,000 in excess thereof. The transfer of
Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder
to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in
part. Also, the Company need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
  
 (8) PERSONS DEEMED
OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 
  
 (9) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain
exceptions, the Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then outstanding Notes and Additional Notes, if any, voting as a
single class, and any existing default or compliance with any provision of the Indenture, the Subsidiary Guarantees or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then outstanding Notes and
Additional Notes, if any, voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Subsidiary Guarantees or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency, to provide for
uncertificated Notes in addition to or in place of certificated Notes, to provide for the assumption of the Company’s or any Guarantor’s obligations to Holders of the Notes in case of a merger or consolidation, to make any change that
would provide any additional rights or benefits to the Holders of the Notes or that does not adversely 
  

 A-4 

 affect the legal rights under the Indenture of any such Holder, to comply with the requirements of the
Commission in order to effect or maintain the qualification of the Indenture under the Trust Indenture Act, to provide for the issuance of Additional Notes in accordance with the limitations set forth in the Indenture, or to allow any Guarantor to
execute a supplemental indenture to the Indenture and/or a Subsidiary Guarantee with respect to the Notes. 
  
 (10) DEFAULTS AND REMEDIES. Events of Default include: (i) default for
30 days in the payment when due of interest on, or Liquidated Damages with respect to, the Notes; (ii) default in payment when due of principal of or premium, if any, on the Notes, whether at maturity, upon redemption, by declaration or otherwise;
(iii) failure by the Company or any Guarantor for 60 days after written notice by the Trustee or the Holders of 25% of the then outstanding principal amount of the Notes to comply with any other covenant, representation, warranty or other agreement
in the Indenture or the Notes; (iv) 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 Subsidiaries (or
the payment of which is Guaranteed by the Company or any of its Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the date of the Indenture, if that default: (A) is caused by a failure to pay principal of, or
interest or premium, if any, on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or (B) results in the acceleration of such Indebtedness prior to
its express 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 $15.0 million or more; (v) a final judgment or final judgments for the payment of money are entered by a court or courts of competent jurisdiction against the Company or any of its Subsidiaries, which judgments are not paid, discharged or
stayed for a period of 60 days; provided that the aggregate of all such unpaid, undischarged and unstayed judgments exceeds $15.0 million; (vi) except as permitted by the Indenture, any Subsidiary Guarantee shall be held in any judicial proceeding
to be unenforceable or invalid or shall cease for any reason to be in full force and effect or any Guarantor, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee; and (vii) certain
events of bankruptcy or insolvency described in the Indenture with respect to the Company or any Subsidiary of the Company that is a Significant Subsidiary, or any group of Subsidiaries of the Company that, taken together, would constitute a
Significant Subsidiary. In the case of an Event of Default arising from certain events of bankruptcy or insolvency, all outstanding Notes will become due and payable without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject
to certain limitations, Holders of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or
Event of Default (except a Default or Event of Default relating to the payment of principal or interest) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then
outstanding by notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest
or Liquidated Damages on, or the principal of, the Notes. In the case of any Event of Default occurring by reason of any willful action or inaction taken or not taken by or on behalf of the Company with the intention of avoiding payment of the
premium that the Company would have had to pay if the Company then had elected to redeem the Notes pursuant to the optional redemption provisions of the Indenture, an equivalent premium will also become and be 
  

 A-5 

 immediately due and payable to the extent permitted by law upon the acceleration of the Notes. The
Company is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Company is required upon becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such
Default or Event of Default. 
  
 (11)
TRUSTEE DEALINGS WITH COMPANY. The Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Company or
its Affiliates, and may otherwise deal with the Company or its Affiliates, as if it were not the Trustee. 
  
 (12) NO RECOURSE AGAINST OTHERS. A director, officer,
employee, incorporator or stockholder, of the Company or any of the Guarantors, as such, will not have any liability for any obligations of the Company or such Guarantor under the Notes, the Subsidiary 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 the issuance of the Notes. 
  
 (13) AUTHENTICATION.
This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 
  
 (14) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such
as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 
  
 (15) ADDITIONAL RIGHTS
OF HOLDERS OF RESTRICTED GLOBAL NOTES AND RESTRICTED DEFINITIVE NOTES. In
addition to the rights provided to Holders of Notes under the Indenture, Holders of Restricted Global Notes and Restricted Definitive Notes will have all the rights set forth in the Registration Rights Agreement dated as of October 12, 2004 among
the Company, the Guarantors and the other parties named on the signature pages thereof or, in the case of Additional Notes, Holders of Restricted Global Notes and Restricted Definitive Notes will have the rights set forth in one or more registration
rights agreements, if any, among the Company, the Guarantors and the other parties thereto, relating to rights given by the Company and the Guarantors to the purchasers of any Additional Notes (collectively, the “Registration Rights
Agreement”). 
  
 (16)
CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the Notes and the
Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed
only on the other identification numbers placed thereon. 
  
 The
Company will furnish to any Holder upon written request and without charge a copy of the Indenture and/or the Registration Rights Agreement. Requests may be made to: 
  

	
	Hughes Supply, Inc.
	One Hughes Way
	Orlando, Florida 32805
	Attention: Jay Clark, Vice President - Treasurer

  

 A-6 

 ASSIGNMENT FORM 
  
 To assign this Note, fill in the form below: 
  

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

	 	 	(Insert assignee’s legal name)

  

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

  

  

  

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

			
	 and irrevocably appoint 
  
	 	

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

  
 Date:
                     
  

			
	 Your Signature:
	 	

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

	
	Signature Guarantee*:
                                        
    

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

  

 A-7 

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

									
	 Date of Exchange

	 	 Amount of decrease in
Principal Amount 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
officer of Trustee or
Custodian

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

  

 A-8 

 EXHIBIT B 
  
 FORM OF CERTIFICATE OF TRANSFER 
  
 Hughes Supply, Inc. 
 One Hughes Way 
 Orlando, Florida 32805 
  
 U.S. Bank National Association 
  
 Re: 5.50% Senior Notes due 2014 
  
 Reference is hereby
made to the Indenture, dated as of October 12, 2004 (the “Indenture”), among Hughes Supply, Inc., as issuer (the “Company”), the Guarantors named on the signature pages thereto and U.S. Bank National Association, as
trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
                             , (the “Transferor”) owns and proposes to
transfer the Note[s] or interest in such Note[s] specified in Annex A hereto, in the principal amount of $             in such Note[s] or interests (the “Transfer”),
to                              (the “Transferee”), as further specified in Annex A
hereto. In connection with the Transfer, the Transferor hereby certifies that: 
  
 [CHECK ALL THAT APPLY] 
  
 1.
 ̈ Check if Transferee will take delivery of a beneficial interest in the 144A Global Note or a Definitive Note Pursuant to Rule
144A. The Transfer is being effected pursuant to and in accordance with Rule 144A under the Securities Act of 1933, as amended (the “Securities Act”), and, accordingly, the Transferor hereby further certifies that the
beneficial interest or Definitive Note is being transferred to a Person that the Transferor reasonably believed and believes is purchasing the beneficial interest or Definitive Note for its own account, or for one or more accounts with respect to
which such Person exercises sole investment discretion, and such Person and each such account is a “qualified institutional buyer” within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A and such Transfer is
in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be
subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the 144A Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
  
 2.  ̈ Check if
Transferee will take delivery of a beneficial interest in the Regulation S Global Note or a Definitive Note pursuant to Regulation S. The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities
Act and, accordingly, the Transferor hereby further certifies that (i) the Transfer is not being made to a Person in the United States and (x) at the time the buy order was originated, the Transferee was outside the United States or such Transferor
and any Person acting on its behalf reasonably believed and believes that the Transferee was outside the United States or (y) the transaction was executed in, on or through the facilities of a designated offshore securities market and neither such
Transferor nor any Person acting on its behalf knows that the transaction was prearranged with a buyer in the United States, (ii) no directed selling efforts have been 
  

 B-1 

 made in contravention of the requirements of Rule 903(b) or Rule 904(b) of Regulation S under the Securities Act (iii)
the transaction is not part of a plan or scheme to evade the registration requirements of the Securities Act and (iv) if the proposed transfer is being made prior to the expiration of the Restricted Period, the transfer is not being made to a U.S.
Person or for the account or benefit of a U.S. Person (other than an Initial Purchaser). Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will be subject
to the restrictions on Transfer enumerated in the Private Placement Legend printed on the Regulation S Global Note and/or the Definitive Note and in the Indenture and the Securities Act. 
  
 3.  ̈ Check
and complete if Transferee will take delivery of a beneficial interest in the IAI Global Note or a Definitive Note pursuant to any provision of the Securities Act other than Rule 144A or Regulation S. The Transfer is being effected in
compliance with the transfer restrictions applicable to beneficial interests in Restricted Global Notes and Restricted Definitive Notes and pursuant to and in accordance with the Securities Act and any applicable blue sky securities laws of any
state of the United States, and accordingly the Transferor hereby further certifies that (check one): 
  
 (a)  ̈ such Transfer is being
effected pursuant to and in accordance with Rule 144 under the Securities Act; 
  
 or 
  
 (b)
 ̈ such Transfer is being effected to the Company or a subsidiary thereof; 
  
 or 
  
 (c)  ̈ such Transfer is being
effected pursuant to an effective registration statement under the Securities Act and in compliance with the prospectus delivery requirements of the Securities Act; 
  
 or 
  
 (d)  ̈ such Transfer is being
effected to an Institutional Accredited Investor and pursuant to an exemption from the registration requirements of the Securities Act other than Rule 144A, Rule 144 or Rule 904, and the Transferor hereby further certifies that it has not engaged in
any general solicitation within the meaning of Regulation D under the Securities Act and the Transfer complies with the transfer restrictions applicable to beneficial interests in a Restricted Global Note or Restricted Definitive Notes and the
requirements of the exemption claimed, which certification is supported by (1) a certificate executed by the Transferee in the form of Exhibit D to the Indenture and (2) an Opinion of Counsel provided by the Transferor or the Transferee (a copy of
which the Transferor has attached to this certification), to the effect that such Transfer is in compliance with the Securities Act. Upon consummation of the proposed transfer in accordance with the terms of the Indenture, the transferred beneficial
interest or Definitive Note will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the IAI Global Note and/or the Definitive Notes and in the Indenture and the Securities Act. 
  
 4.  ̈ Check if Transferee will take delivery of a beneficial interest in an Unrestricted Global Note or of an Unrestricted Definitive Note. 
  
 (a)  ̈ Check if
Transfer is pursuant to Rule 144. (i) The Transfer is being effected pursuant to and in accordance with Rule 144 under the Securities Act and in compliance with the transfer 
  

 B-2 

 restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and
(ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the
Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the
Indenture. 
  
 (b)  ̈ Check if Transfer is Pursuant to Regulation S. (i) The Transfer is being effected pursuant to and in accordance with Rule 903 or Rule 904 under the Securities Act and in
compliance with the transfer restrictions contained in the Indenture and any applicable blue sky securities laws of any state of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are
not required in order to maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will no longer be subject to the
restrictions on transfer enumerated in the Private Placement Legend printed on the Restricted Global Notes, on Restricted Definitive Notes and in the Indenture. 
  

(c)  ̈ Check if Transfer is Pursuant to
Other Exemption. (i) The Transfer is being effected pursuant to and in compliance with an exemption from the registration requirements of the Securities Act other than Rule 144, Rule 903 or Rule 904 and in compliance with the transfer
restrictions contained in the Indenture and any applicable blue sky securities laws of any State of the United States and (ii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to
maintain compliance with the Securities Act. Upon consummation of the proposed Transfer in accordance with the terms of the Indenture, the transferred beneficial interest or Definitive Note will not be subject to the restrictions on transfer
enumerated in the Private Placement Legend printed on the Restricted Global Notes or Restricted Definitive Notes and in the Indenture. 
  
 This certificate and the statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	

	[Insert Name of Transferor]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Dated:                     
  

 B-3 

 ANNEX A TO CERTIFICATE OF TRANSFER 
  

									
	1. The Transferor owns and proposes to transfer the following:
		
	 	 	 [CHECK ONE OF (a) OR (b)]

					
	 	 	(a)	 	 	 	 	 	  ̈    a beneficial interest in
the:

					
	 	 	 	 	(i)	 	 ̈	 	144A Global Note (CUSIP                 ), or
					
	 	 	 	 	(ii)	 	 ̈	 	Regulation S Global Note (CUSIP                 ), or
					
	 	 	 	 	(iii)	 	 ̈	 	IAI Global Note (CUSIP                 ); or
			
	 	 	(b)	 	 ̈     a Restricted Definitive Note.
	
	2. After the Transfer the Transferee will hold:
		
	 	 	[CHECK ONE]
			
	 	 	(a)	 	 ̈     a beneficial interest in the:
					
	 	 	 	 	(i)	 	 ̈	 	144A Global Note (CUSIP                 ), or
					
	 	 	 	 	(ii)	 	 ̈	 	Regulation S Global Note (CUSIP                 ), or
					
	 	 	 	 	(iii)	 	 ̈	 	IAI Global Note (CUSIP                  ); or
					
	 	 	 	 	(iv)	 	 ̈	 	Unrestricted Global Note (CUSIP                 ); or
			
	 	 	(b)	 	 ̈     a Restricted Definitive Note;
or
			
	 	 	(c)	 	 ̈     an Unrestricted Definitive
Note,
		
	 	 	in accordance with the terms of the Indenture.

  

 B-4 

 EXHIBIT C 
  
 FORM OF CERTIFICATE OF EXCHANGE 
  
 Hughes Supply, Inc. 
 One Hughes Way 
 Orlando, Florida 32805 
  
 U.S. Bank National Association 
 [Insert Address of Trustee] 
  

			
	Re:	 	5.50% Senior Notes due 2014

  
 (CUSIP
                    ) 
  
 Reference is hereby made to the Indenture, dated as of October 12, 2004 (the “Indenture”), among Hughes Supply, Inc., as issuer (the
“Company”), the Guarantors named on the signature pages thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein shall have the meanings given to them in the Indenture. 
  
                                 , (the “Owner”) owns and
proposes to exchange the Note[s] or interest in such Note[s] specified herein, in the principal amount of $                 in such Note[s] or interests (the
“Exchange”). In connection with the Exchange, the Owner hereby certifies that: 
  
 1. Exchange of Restricted Definitive Notes or Beneficial Interests in a Restricted Global Note for Unrestricted Definitive Notes or Beneficial
Interests in an Unrestricted Global Note 
  
 (a)
 ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to beneficial interest in an Unrestricted Global Note. In
connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for a beneficial interest in an Unrestricted Global Note in an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being
acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Global Notes and pursuant to and in accordance with the Securities Act of 1933, as
amended (the “Securities Act”), (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the beneficial interest
in an Unrestricted Global Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 (b)  ̈ Check if Exchange is from beneficial
interest in a Restricted Global Note to Unrestricted Definitive Note. In connection with the Exchange of the Owner’s beneficial interest in a Restricted Global Note for an Unrestricted Definitive Note, the Owner hereby certifies (i) the
Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with
the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the Definitive Note is being acquired in compliance
with any applicable blue sky securities laws of any state of the United States. 
  
 (c)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in an Unrestricted Global
Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for a beneficial interest in an Unrestricted Global Note, the Owner hereby certifies (i) the beneficial interest is 
  

 C-1 

 being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with
the transfer restrictions applicable to Restricted Definitive Notes and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order
to maintain compliance with the Securities Act and (iv) the beneficial interest is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 (d)  ̈ Check if Exchange is from Restricted Definitive Note to Unrestricted Definitive Note. In connection with the Owner’s Exchange of a Restricted Definitive Note for an Unrestricted Definitive Note, the Owner
hereby certifies (i) the Unrestricted Definitive Note is being acquired for the Owner’s own account without transfer, (ii) such Exchange has been effected in compliance with the transfer restrictions applicable to Restricted Definitive Notes
and pursuant to and in accordance with the Securities Act, (iii) the restrictions on transfer contained in the Indenture and the Private Placement Legend are not required in order to maintain compliance with the Securities Act and (iv) the
Unrestricted Definitive Note is being acquired in compliance with any applicable blue sky securities laws of any state of the United States. 
  
 2. Exchange of Restricted Definitive Notes or Beneficial Interests in Restricted Global Notes for Restricted Definitive Notes or Beneficial
Interests in Restricted Global Notes 
  
 (a)  ̈ Check if Exchange is from beneficial interest in a Restricted Global Note to Restricted Definitive Note. In connection with the Exchange of the
Owner’s beneficial interest in a Restricted Global Note for a Restricted Definitive Note with an equal principal amount, the Owner hereby certifies that the Restricted Definitive Note is being acquired for the Owner’s own account without
transfer. Upon consummation of the proposed Exchange in accordance with the terms of the Indenture, the Restricted Definitive Note issued will continue to be subject to the restrictions on transfer enumerated in the Private Placement Legend printed
on the Restricted Definitive Note and in the Indenture and the Securities Act. 
  
 (b)  ̈ Check if Exchange is from Restricted Definitive Note to beneficial interest in a Restricted Global
Note. In connection with the Exchange of the Owner’s Restricted Definitive Note for a beneficial interest in the [CHECK ONE]  ̈ 144A
Global Note,  ̈ Regulation S Global Note,  ̈ IAI Global Note with an equal principal amount, the Owner hereby certifies (i) the beneficial interest is being acquired for the Owner’s own account without transfer and (ii) such Exchange has been effected in compliance with the
transfer restrictions applicable to the Restricted Global Notes and pursuant to and in accordance with the Securities Act, and in compliance with any applicable blue sky securities laws of any state of the United States. Upon consummation of the
proposed Exchange in accordance with the terms of the Indenture, the beneficial interest issued will be subject to the restrictions on transfer enumerated in the Private Placement Legend printed on the relevant Restricted Global Note and in the
Indenture and the Securities Act. 
  
 This certificate and the
statements contained herein are made for your benefit and the benefit of the Company. 
  

			
	  

	[Insert Name of Transferor]
		
	By:	 	  

	Name:	 	 
	Title:	 	 

  
 Dated:
                         
  

 C-2 

 EXHIBIT D 
  
 FORM OF CERTIFICATE FROM 
 ACQUIRING
INSTITUTIONAL ACCREDITED INVESTOR 
  
 Hughes
Supply, Inc. 
 One Hughes Way 
 Orlando, Florida 32805 
  
 U.S. Bank National Association 
 [Insert Address of Trustee] 
  
 Re: 5.50% Senior Notes due 2014 
  
 Reference is hereby made to the Indenture, dated as of October 12, 2004 (the
“Indenture”), among Hughes Supply, Inc., as issuer (the “Company”), the Guarantors named on the signature pages thereto and U.S. Bank National Association, as trustee. Capitalized terms used but not defined herein
shall have the meanings given to them in the Indenture. 
  
 In
connection with our proposed purchase of $             aggregate principal amount of: 
  

						
	 (a)
	 	 ̈	 	  	a beneficial interest in a Global Note, or
			
	 (b)
	 	 ̈	 	  	a Definitive Note,

  
 we confirm that:

  
 1. We understand that any subsequent transfer of the Notes or
any interest therein is subject to certain restrictions and conditions set forth in the Indenture and the undersigned agrees to be bound by, and not to resell, pledge or otherwise transfer the Notes or any interest therein except in compliance with,
such restrictions and conditions and the Securities Act of 1933, as amended (the “Securities Act”). 
  
 2. We understand that the offer and sale of the Notes have not been registered under the Securities Act, and that the Notes and any interest therein may
not be offered or sold except as permitted in the following sentence. We agree, on our own behalf and on behalf of any accounts for which we are acting as hereinafter stated, that if we should sell the Notes or any interest therein, we will do so
only (A) to the Company or any subsidiary thereof, (B) in accordance with Rule 144A under the Securities Act to a “qualified institutional buyer” (as defined therein), (C) to an institutional “accredited investor” (as defined
below) that, prior to such transfer, furnishes (or has furnished on its behalf by a U.S. broker-dealer) to you and to the Company a signed letter substantially in the form of this letter and an Opinion of Counsel in form reasonably acceptable to the
Company to the effect that such transfer is in compliance with the Securities Act, (D) outside the United States in accordance with Rule 904 of Regulation S under the Securities Act, (E) pursuant to the provisions of Rule 144(k) under the Securities
Act or (F) pursuant to an effective registration statement under the Securities Act, and we further agree to provide to any Person purchasing the Definitive Note or beneficial interest in a Global Note from us in a transaction meeting the
requirements of clauses (A) through (E) of this paragraph a notice advising such purchaser that resales thereof are restricted as stated herein. 
  

 D-1 

 3. We understand that, on any proposed resale of the Notes or beneficial interest therein, we will be
required to furnish to you and the Company such certifications, legal opinions and other information as you and the Company may reasonably require to confirm that the proposed sale complies with the foregoing restrictions. We further understand that
the Notes purchased by us will bear a legend to the foregoing effect. 
  
 4. We are an institutional “accredited investor” (as defined in Rule 501(a)(1), (2), (3) or (7) of Regulation D under the Securities Act) and have such knowledge and experience in financial and business matters as to be capable of
evaluating the merits and risks of our investment in the Notes, and we and any accounts for which we are acting are each able to bear the economic risk of our or its investment. 
  
 5. We are acquiring the Notes or beneficial interest therein purchased by us for our own account or for one or more accounts
(each of which is an institutional “accredited investor”) as to each of which we exercise sole investment discretion. 
  
 You and the Company are entitled to 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. 
  
  

			
	

	[Insert Name of Accredited Investor]
		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  
 Dated:                       
  

 D-2 

 EXHIBIT E 
  
 [FORM OF NOTATION OF GUARANTEE] 
  
 For value received, each Guarantor (which term includes any successor Person under the Indenture defined below) has, jointly and severally,
unconditionally guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of October 12, 2004 (the “Indenture”; unless otherwise defined herein, capitalized terms used herein shall
have the meaning assigned to them in the Indenture) among Hughes Supply, Inc. (the “Company”), the subsidiaries of the Company named on the signature pages thereto and U.S. Bank National Association, as trustee (the
“Trustee”), (a) the due and punctual payment of the principal of, premium and Liquidated Damages, if any, and interest on the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of
interest on overdue principal of and interest on the Notes, if any, if lawful, and the due and punctual performance of all other obligations of the Company to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in
case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated
maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee pursuant to the Subsidiary Guarantee and the Indenture are expressly set forth in Article 10 of the Indenture and reference is
hereby made to the Indenture for the precise terms of the Subsidiary Guarantee. 
  

			
	 [Guarantor(s)]

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 

  

 E-1 

 EXHIBIT F 
  
 [FORM OF SUPPLEMENTAL INDENTURE 
 TO BE
DELIVERED BY SUBSEQUENT GUARANTORS] 
  
 SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of
                    , 200    , among
                     (the “Guaranteeing Subsidiary”), a subsidiary of Hughes Supply, Inc. (or its permitted successor), a
Florida corporation (the “Company”), the Company, the other Guarantors (as defined in the Indenture referred to herein) and U.S. Bank National Association, as trustee under the indenture referred to below (the
“Trustee”). 
  
 W I T N E S S E T H 
  
 WHEREAS, the Company has heretofore executed and delivered to the Trustee an
indenture (the “Indenture”), dated as of October 12, 2004 providing for the issuance of 5.50% Senior Notes due 2014 (the “Notes”); 
  
 WHEREAS, the Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to
the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally Guarantee all of the Company’s Obligations under the Notes and the Indenture on the terms and conditions set forth herein (the
“Subsidiary Guarantee”); and 
  
 WHEREAS,
pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 
  
 NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the parties
mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 
  
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned to them in the
Indenture. 
  
 2. AGREEMENT TO
GUARANTEE. The Guaranteeing Subsidiary hereby agrees as follows: 
  
 (a) Along with all Guarantors named in the Indenture, to jointly and severally Guarantee to each Holder of a Note authenticated and
delivered by the Trustee and to the Trustee and its successors and assigns, the Notes or the obligations of the Company hereunder or thereunder, that: 
  
 (i) the principal of, and premium and Liquidated Damages, if any, and interest on the Notes will be promptly paid in full when due,
whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Company to the Holders or the Trustee hereunder or thereunder will
be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
  
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid
in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. Failing payment when due of any amount so Guaranteed or any performance so Guaranteed for whatever
reason, the Guarantors shall be jointly and severally obligated to pay the same immediately. 
  

 F-1 

 (b) Subject to Article 10 of the Indenture, the obligations hereunder shall be
unconditional, irrespective of the validity, regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or
thereof, the recovery of any judgment against the Company, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. 
  
 (c) The following is hereby waived: diligence, presentment,
demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever. 
  
 (d) This Subsidiary Guarantee shall not be discharged except
by complete performance of the obligations contained in the Notes and the Indenture, and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 
  
 (e) If any Holder or the Trustee is required by any court or otherwise to return to the Company, the
Guarantors, or any custodian, trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by either to the Trustee or such Holder, this Subsidiary Guarantee, to the extent theretofore
discharged, shall be reinstated in full force and effect. 
  
 (f) The Guaranteeing Subsidiary shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations Guaranteed hereby until payment in full of all obligations Guaranteed
hereby. 
  
 (g) As between the Guarantors,
on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations Guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Subsidiary Guarantee, notwithstanding
any stay, injunction or other prohibition preventing such acceleration in respect of the obligations Guaranteed hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such
obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the purpose of this Subsidiary Guarantee. 
  
 (h) The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not
impair the rights of the Holders under the Subsidiary Guarantee. 
  
 (i) Pursuant to Section 10.02 of the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy or fraudulent conveyance laws,
and after giving effect to any collections from, rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, this new Subsidiary
Guarantee shall be limited to the maximum amount permissible such that the obligations of such Guarantor under this Subsidiary Guarantee will not constitute a fraudulent transfer or conveyance. 
  

 F-2 

 3. EXECUTION AND DELIVERY. Each Guaranteeing Subsidiary
agrees that the Subsidiary Guarantees shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Subsidiary Guarantee. 
  
 4. TERMINATION, RELEASE AND DISCHARGE UPON
MERGER OR CONSOLIDATION. 
  
 (a) Each Guarantor may consolidate with or merge into or transfer or sell its assets to the Company or another Guarantor without limitation. Each Guarantor may consolidate with or merge into or transfer or sell all or
substantially all its assets to a Person other than the Company or another Guarantor (whether or not affiliated with the Guarantor), except that if the surviving Person of any such merger or consolidation, or the Person to whom such sale is made,
will be an Other Senior Indebtedness Guarantor, such Person shall execute a Subsidiary Guarantee. Upon the sale or disposition of a Guarantor (by merger, consolidation, the sale of its Capital Stock or the sale of all or substantially all of its
assets) and whether or not the Guarantor is the surviving corporation in such transaction to a Person (whether or not an Affiliate of the Guarantor) which is not an Other Senior Indebtedness Guarantor of the Company, such Guarantor will be released
from all its obligations under the Indenture and its Subsidiary Guarantee and such Subsidiary Guarantee will terminate; provided, however, that any such termination will occur only to the extent that each such Guarantor will be released from
obligations under its Subsidiary Guarantee if all the obligations of such Guarantor under the Other Senior Indebtedness and related documentation terminate upon consummation of such transaction. 
  
 (b) Upon termination for any reason of all of the
obligations of the Guarantor under the Other Senior Indebtedness (including, without limitation, upon payment in full of the Other Senior Indebtedness, upon agreement of the lenders or noteholders thereunder or upon replacement thereof with a credit
facility or other indebtedness not requiring such Guarantees or upon such Guarantor ceasing to be a Subsidiary) and the delivery of the Company to the Trustee of an Officers’ Certificate and Opinion of Counsel with respect to the foregoing
matters, such Guarantor, subject to Section 4.11 of the Indenture, will be deemed released from all its obligations under the Indenture and its Subsidiary Guarantee and such Subsidiary Guarantee will terminate. 
  
 5. NO RECOURSE AGAINST
OTHERS. No past, present or future director, officer, employee, incorporator, stockholder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Company or any Guaranteeing Subsidiary
under the Notes, any Subsidiary Guarantees, the Indenture or this Supplemental Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases
all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is
against public policy. 
  
 6. NEW YORK LAW TO GOVERN. THE LAW OF
THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE. 
  
 7. COUNTERPARTS. The parties 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. 
  
 8. EFFECT OF HEADINGS. The
Section headings herein are for convenience only and shall not affect the construction hereof. 
  

 F-3 

 9. THE TRUSTEE. The Trustee shall not be responsible in any manner
whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Company. 
  

 F-4 

 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed, all
as of the date first above written. 
  
 Dated:
                    , 20         
  

			
	[GUARANTEEING SUBSIDIARY]
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	HUGHES SUPPLY, INC.
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	[EXISTING GUARANTORS]
		
	By:	 	  

	Name:	 	 
	Title:	 	 
	
	 U.S. BANK NATIONAL ASSOCIATION,
     as Trustee

		
	By:	 	  

	 	 	Authorized Signatory

  

 F-5Huron Consulting Group Inc. 2004 Omnibus Stock Plan

 Exhibit 10.5 
  
 HURON CONSULTING GROUP INC. 
 2004 OMNIBUS STOCK PLAN 
  

	1.	Purpose; Establishment. 

  
 The Huron Consulting Group Inc. 2004 Omnibus Stock Plan (the “Plan”) is intended to attract and retain employees, non-employee directors and independent contractors of the Company, to motivate them to
achieve long-term Company goals and to further align their interests with those of the Company’s stockholders. The Plan was adopted and approved by the Board of Directors effective as of October 12, 2004, and was approved by the stockholders of
the Company. 
  

	2.	Definitions. 

  
 As used in the Plan, the following definitions apply to the terms indicated below: 
  

	 	(a)	“Administrative Actions” shall have the meaning set forth in Section 4(b). 

  

	 	(b)	“Affiliate” means any entity if, at the time of granting of an Award (1) the Company, directly or indirectly, owns at least 50% of the combined voting power of all classes
of stock of such entity or at least 50% of the ownership interests in such entity or (2) such entity, directly or indirectly, owns at least 50% of the combined voting power of all classes of stock of the Company. 

  

	 	(c)	“Agreement” shall mean the written agreement between the Company and a Participant evidencing an Award or a notice of an Award delivered to a Participant by the Company in
hard copy paper form, electronically via the Internet or through other electronic means. 

  

	 	(d)	“Award” shall mean any Option, Stock Appreciation Right, Restricted Stock, Phantom Stock, Stock Bonus or Other Award granted pursuant to the terms of the Plan.

  

	 	(e)	“Board of Directors” shall mean the Board of Directors of the Company. 

  

	 	(f)	“Business Criteria” shall mean (1) return on total stockholder equity; (2) earnings or book value per share of Company Stock; (3) net income (before or after taxes); (4)
earnings before all or any interest, taxes, depreciation and/or amortization (“EBIT”, “EBITA” or “EBITDA”); (5) return on assets, capital or investment; (6) market share; (7) cost reduction goals; (8) earnings from
continuing operations; (9) levels of expense, costs or liabilities; (10) department, division or business unit level performance; (11) operating profit; (12) sales or revenues; (13) stock price appreciation; (14) total stockholder return; (15)
implementation or completion of critical projects or processes; or (16) any combination of the foregoing. Where applicable, Business Criteria may be expressed in terms of attaining a 

 specified level of the particular criteria or the attainment of a percentage increase or decrease in the
particular criteria, and may be applied to one or more of the Company, an Affiliate, or a department, division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market index, a group of
other companies or a combination thereof, all as determined by the Committee. The Business Criteria may be subject to a threshold level of performance below which no payment will be made (or no vesting will occur), levels of performance at which
specified payments will be made (or specified vesting will occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur). Each of the Business Criteria shall be determined, where
applicable, in accordance with generally accepted accounting principles and shall be subject to certification by the Committee; provided that the Committee shall have the authority to make equitable adjustments to the Business Criteria in
recognition of unusual or non-recurring events affecting the Company or any Affiliate or the financial statements of the Company or any Affiliate, in response to changes in applicable laws or regulations, or to account for items of gain, loss or
expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal of a segment of a business or related to a change in accounting principles. 
  

	 	(g)	“Cause” shall mean, unless otherwise defined in the Participant’s Agreement, employment agreement, senior management agreement or other written agreement describing
the Participant’s terms of employment with the Company, termination of the Participant’s employment or service by the Company if, in the reasonable determination of the Company, the Participant (i) engages in conduct that violates written
policies of the Company, (ii) fails to perform the essential functions of his or her job (except for a failure resulting from a bona fide illness or incapacity), (iii) fails to carry out the Company’s reasonable directions, issued through its
Chief Executive Officer, Board, other appropriate senior employee responsible for the Participant’s business unit or area, or the Participant’s supervisor, (iv) engages in embezzlement, misappropriation of corporate funds, any act
of fraud, dishonesty or self-dealing, or the commission of a felony or any significant violation of any statutory or common law duty of loyalty to the Company, (v) commits an act or omission that could adversely and materially affect the
Company’s business or reputation or involves moral turpitude, or (vi) breaches a material provision of this Plan or the Agreement evidencing an Award. 

  

	 	(h)	“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time, and any regulations promulgated thereunder. 

  

	 	(i)	“Committee” shall mean a committee of the Board of Directors, which shall consist of two or more persons, each of whom shall qualify as an “outside director”
within the meaning of Section 162(m) of the Code, a “nonemployee director” within the meaning of Rule 16b-3 and an “independent director” within the meaning of the NASD Rule 4350(c)(1). 

  

 2 

	 	(j)	“Company” shall mean Huron Consulting Group Inc., a Delaware corporation, and, where appropriate, each of its Affiliates. 

  

	 	(k)	“Company Stock” shall mean the Class A common stock of the Company, par value $.01 per share (which Class A common stock will be renamed “Common Stock” pursuant
to the Company’s certificate of incorporation upon a Fundamental Change, a Change of Control or immediately prior to the closing of a Qualified Public Offering (each as defined in the Company’s certificate of incorporation)).

  

	 	(l)	“Covered Employee” shall have the meaning set forth in Section 162(m) of the Code. 

  

	 	(m)	“Effective Date” shall mean October 12, 2004. 

  

	 	(n)	“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time. 

  

	 	(o)	“Fair Market Value” of the Company Stock shall be calculated as follows: (i) if the Company Stock is listed on a national securities exchange or traded on the NASDAQ
National Market or the NASDAQ SmallCap Market and sale prices are regularly reported for the Company Stock, then the Fair Market Value shall be the closing selling price for the Company Stock reported on the applicable composite tape or other
comparable reporting system on the applicable date, or if the applicable date is not a trading day, on the most recent trading day immediately prior to the applicable date; or (ii) if closing selling prices are not regularly reported for the Company
Stock as described in clause (i) above but bid and asked prices for the Company Stock are regularly reported, then the Fair Market Value shall be the arithmetic mean between the closing or last bid and asked prices for the Company Stock on the
applicable date or, if the applicable date is not a trading day, on the most recent trading day immediately prior to the applicable date; or (iii) if prices are not regularly reported for the Company Stock as described in clause (i) or (ii) above,
then the Fair Market Value shall be determined in good faith by the Committee in its sole discretion or under procedures established by the Committee, whose determination shall be conclusive and binding. 

  

	 	(p)	“Incentive Stock Option” shall mean an Option that qualifies as an “incentive stock option” within the meaning of Section 422 of the Code, or any successor
provision, and which is designated by the Committee as an Incentive Stock Option. 

  

	 	(q)	“Nonqualified Stock Option” shall mean an Option other than an Incentive Stock Option. 

  

 3 

	 	(r)	“Option” shall mean an option to purchase shares of Company Stock granted pursuant to Section 7 hereof. 

  

	 	(s)	“Other Award” shall mean an Award granted pursuant to Section 12 hereof. 

  

	 	(t)	“Participant” shall mean an employee, non-employee director or consultant of the Company to whom an Award is granted pursuant to the Plan. 

 

	 	(u)	“Phantom Stock” shall mean the right, granted pursuant to Section 10 hereof, to receive in cash or shares the Fair Market Value of a share of Company Stock.

  

	 	(v)	“Restricted Stock” shall mean a share of Company Stock which is granted pursuant to the terms of Section 9 hereof and which is subject to restrictions as set forth in
Section 9(d). 

  

	 	(w)	“Rule 16b-3” shall mean the Rule 16b-3 promulgated under the Exchange Act, as amended from time to time. 

  

	 	(x)	“Securities Act” shall mean the Securities Act of 1933, as amended from time to time. 

  

	 	(y)	“Stock Appreciation Right” shall mean the right to receive, upon exercise of the right, the applicable amounts as described in Section 8 hereof. 

 

	 	(z)	“Stock Bonus” shall mean a bonus payable in shares of Company Stock granted pursuant to Section 11 hereof. 

  

	 	(aa)	“Subsidiary” shall mean a “subsidiary corporation” of the Company within the meaning of Section 424(f) of the Code. 

  

	3.	Stock Subject to the Plan. 

  

	 	(a)	Shares Available for Awards. The maximum number of shares of Company Stock reserved for issuance under the Plan shall be 2,141,000 shares (subject to adjustment as provided herein).
Such shares may be authorized but unissued shares of Company Stock or authorized and issued shares of Company Stock held in the Company’s treasury. 

  

	 	(b)	Individual Limitation; Limitation on Certain Awards; Limitation on Incentive Stock Options. The maximum number of shares of Company Stock to which Awards relate that may be granted
to any Participant during any calendar year shall not exceed 500,000 shares (subject to adjustment as provided herein). The maximum number of shares of Company Stock to which Incentive Stock Options relate that may be granted under the Plan shall be
325,000 (subject to adjustment as provided herein). 

  

 4 

	 	(c)	Adjustment for Change in Capitalization. In the event that any dividend or other distribution is declared (whether in the form of cash, Company Stock, or other property), or there
occurs any recapitalization, stock split, reverse stock split, reorganization, merger, consolidation, spin-off, combination, repurchase, share exchange or other similar corporate transaction or event, the Committee shall equitably adjust, in its
sole and absolute discretion, (1) the number and kind of shares of stock which may thereafter be issued in connection with Awards, (2) the number and kind of shares of stock or other property issued or issuable in respect of outstanding Awards, (3)
the exercise price, grant price or purchase price relating to any Award, and (4) the limitations set forth in Sections 3(a) and 3(b); provided that, with respect to Incentive Stock Options, such adjustment shall be made in accordance with Section
424 of the Code and any regulations thereunder. 

  

	 	(d)	Reuse of Shares. Except to the extent that to do so would prevent the grant of Incentive Stock Options hereunder, the following shares of Company Stock shall again become available
for Awards: (1) any shares subject to an Award that remain unissued upon the cancellation, surrender, exchange or termination of such Award without having been exercised or settled; (2) any shares subject to an Award that are retained by the Company
as payment of the exercise price or tax withholding obligations with respect to an Award; and (3) a number of shares equal to the number of previously owned shares of Company Stock surrendered to the Company as payment of the exercise price of an
Option or to satisfy tax withholding obligations with respect to an Award. In addition, (x) to the extent an Award is paid or settled in cash, the number of shares of Company Stock with respect to which such payment or settlement is made shall again
be available for grants of Awards pursuant to the Plan and (y) in the event of the exercise of a Stock Appreciation Right granted in relation to an Option, the excess of the number of shares subject to the Stock Appreciation Right over the number of
shares delivered upon the exercise of the Stock Appreciation Right shall again be available for grants of Awards pursuant to the Plan. 

  

	4.	Administration of the Plan. 

  

	 	(a)	General. The Plan shall be administered by the Committee. The Committee shall have the authority in its sole discretion, subject to and not inconsistent with the express provisions
of the Plan, to administer the Plan and to exercise all the powers and authorities either specifically granted to it under the Plan or necessary or advisable in the administration of the Plan, including, without limitation, the authority to grant
Awards; to determine the persons to whom and the time or times at which Awards 

  

 5 

 shall be granted; to determine the type and number of Awards to be granted, the number of shares of
Company Stock or cash or other property to which an Award may relate and the terms, conditions, restrictions and performance criteria relating to any Award; to determine whether, to what extent, and under what circumstances an Award may be settled,
cancelled, forfeited, exchanged, or surrendered; to construe and interpret the Plan and any Award; to prescribe, amend and rescind rules and regulations relating to the Plan; to determine the terms and provisions of Agreements; and to make all other
determinations deemed necessary or advisable for the administration of the Plan. The Committee may, in its sole and absolute discretion, without amendment to the Plan, (1) accelerate the date on which any Option or Stock Appreciation Right becomes
exercisable, (2) waive or amend the operation of Plan provisions respecting exercise after termination of employment (provided that the term of an Option or Stock Appreciation Right may not be extended beyond ten years from the date of grant), (3)
accelerate the vesting date, or waive any condition imposed hereunder, with respect to any share of Restricted Stock, Phantom Stock, Stock Bonus or Other Award, and (4) otherwise adjust any of the terms applicable to any such Award in a manner
consistent with the terms of the Plan. 
  

	 	(b)	Indemnification. No member of the Committee (or a delegate of the Committee), and no officer of the Company, shall be liable for any action taken or omitted to be taken by such
individual or by any other member of the Administrator or officer of the Company in connection with the performance of duties under this Plan, except for such individual’s own willful misconduct or as expressly provided by law (the
“Administrative Actions”). Further, the Committee (and all delegates of the Committee), in addition to such other rights of indemnification as they may have as members of the Board or officers of the Company or an affiliate, any individual
serving as a Committee member shall be indemnified and held harmless by the Company to the fullest extent allowed by law against all costs and expenses reasonably incurred by them in connection with any action, suit or proceeding to which they or
any of them may be party by reason of any Administrative Action. 

  

	 	(c)	Awards to non-employee directors. Notwithstanding anything in the Plan to the contrary, the powers and authority of the Committee shall be exercised by the Board of Directors in the
case of Awards made to non-employee directors. 

  

	5.	Eligibility. 

  
 The persons who shall be eligible to receive Awards pursuant to the Plan shall be such employees of the Company (including officers of the Company, whether or not they are directors of the Company), independent
contractors to the Company and non-employee directors of the Company, in each case as the Committee (or, in the case of non-employee 
  

 6 

 directors, the Board of Directors) shall select from time to time. The grant of an Award hereunder to any
employee, non-employee director or independent contractor shall impose no obligation on the Company or any Subsidiary to continue the employment or service of a Participant and shall not lessen or affect the Company’s or such
Subsidiary’s right to terminate the employment or service of such Participant. No Participant or other person shall have any claim to be granted any Award, and there is no obligation for uniformity of treatment of Participants, or holders or
beneficiaries of Awards, or of multiple Awards granted to a Participant. The terms and conditions of Awards and the Committee’s determinations and interpretations with respect thereto need not be the same with respect to each Participant
(whether or not such Participants are similarly situated). 
  

	6.	Awards Under the Plan; Agreement. 

  
 The Committee may grant Options, Stock Appreciation Rights, Restricted Stock, Phantom Stock, Stock Bonuses and Other Awards in such amounts and with such terms and
conditions as the Committee shall determine, subject to the provisions of the Plan. Each Award granted under the Plan (except an unconditional Stock Bonus) shall be evidenced by an Agreement which shall contain such provisions as the Committee may
in its sole discretion deem necessary or desirable and which are not in conflict with the terms of the Plan. By accepting an Award, a Participant shall be deemed to agree that the Award shall be subject to all of the terms and provisions of the Plan
and the applicable Agreement. 
  

	7.	Options. 

  

	 	(a)	Identification of Options. Each Option shall be clearly identified in the applicable Agreement as either an Incentive Stock Option or a Nonqualified Stock Option. All Options shall
be non-transferable, except by will or the laws of descent and distribution or except as otherwise determined by the Committee with respect to a Nonqualified Stock Option. 

  

	 	(b)	Exercise Price. Each Agreement with respect to an Option shall set forth the amount per share (the “option exercise price”) payable by the Participant to the Company upon
exercise of the Option. 

  

	 	(c)	Term and Exercise of Options. 

  

	 	(i)	Each Option shall become exercisable at the time determined by the Committee and set forth in the applicable Agreement. At the time of grant of an Option, the Committee may impose
such restrictions or conditions to the exercisability of the Option as it, in its absolute discretion, deems appropriate, including, but not limited to, achievement of performance goals based on one or more Business Criteria. Subject to Section 7(d)
hereof, the Committee shall determine the expiration date of each Option, which shall be no later than the tenth anniversary of the date of grant of the Option. 

  

 7 

	 	(ii)	An Option shall be exercised by delivering the form of notice of exercise provided by the Company. Payment for shares of Company Stock purchased upon the exercise of an Option shall
be made on the effective date of such exercise by one or a combination of the following means: (A) in cash or by personal check, certified check, bank cashier’s check or wire transfer; (B) in shares of Company Stock owned by the Participant for
at least six months prior to the date of exercise and valued at their Fair Market Value on the effective date of such exercise; or (C) by any such other methods (including broker assisted cashless exercise via a broker selected by the Committee) as
the Committee may from time to time authorize; provided, however, that in the case of a Participant who is subject to Section 16 of the Exchange Act, the method of making such payment shall be in compliance with applicable law. Any payment in shares
of Company Stock shall be effected by the delivery of such shares to the Secretary of the Company or his or her designee, duly endorsed in blank or accompanied by stock powers duly executed in blank, together with any other documents and evidences
as the Secretary of the Company or his or her designee shall require. 

  

	 	(iii)	Certificates for shares of Company Stock purchased upon the exercise of an Option shall be issued in the name of or for the account of the Participant or other person entitled to
receive such shares and delivered to the Participant or such other person, in a manner determined by the Committee (including via book entry), as soon as practicable following the effective date on which the Option is exercised.

  

	 	(d)	Provisions Relating to Incentive Stock Options. Incentive Stock Options may only be granted to employees of the Company and its Affiliates, in accordance with the provisions of
Section 422 of the Code. The option exercise price for each Incentive Stock Options shall be equal to or greater than the Fair Market Value of a share of Company Stock on the date of grant. To the extent that the aggregate Fair Market Value of
shares of Company Stock with respect to which Incentive Stock Options are exercisable for the first time by a Participant during any calendar year under the Plan and any other stock option plan of the Company or a Subsidiary shall exceed $100,000,
such Options shall be treated as Nonqualified Stock Options. For purposes of this Section 7(d), Fair Market Value shall be determined as of the date on which each such Incentive Stock Option is granted. No Incentive Stock Option may be granted to an
individual if, at the time of the proposed grant, such individual owns (or is deemed to own under the Code) stock possessing more than ten percent of the total combined voting power of all classes of stock of the Company unless (A) the exercise
price of such Incentive Stock Option is at least 110% of the Fair Market Value of a share of 

  

 8 

 Company Stock at the time such Incentive Stock Option is granted and (B) such Incentive Stock Option is
not exercisable after the expiration of five years from the date such Incentive Stock Option is granted. 
  

	 	(e)	Effect of Termination of Employment (or Provision of Services). Unless otherwise provided by the Committee, in the event that the employment of a Participant with the Company (or
the Participant’s service to the Company) shall terminate for any reason other than Cause, death, disability or, retirement, (i) each Option granted to such Participant, to the extent that it is exercisable at the time of such termination,
shall remain exercisable for the 90 day period following such termination, but in no event following the expiration of its term, and (ii) each Option that remains unexercisable as of the date of such a termination shall be terminated at the time of
such termination. In the event that the employment of a Participant with the Company (or the Participant’s service to the Company) shall terminate on account of the death, disability or, retirement of the Participant, treatment of each Option
granted to such Participant that is outstanding as of the date of such termination shall be determined by the Committee, in its sole discretion. In the event that the employment of a Participant with the Company (or the Participant’s service to
the Company) shall terminate on account of Cause, each Option that is outstanding as of the date of such termination, whether or not then exercisable, shall be terminated at the time of such termination. 

  

	8.	Stock Appreciation Rights. 

  

	 	(a)	A Stock Appreciation Right may be granted in connection with an Option, either at the time of grant or, with respect to a Nonqualified Stock Option, at any time thereafter during
the term of the Option, or may be granted unrelated to an Option. At the time of grant of a Stock Appreciation Right, the Committee may impose such restrictions or conditions to the exercisability of the Stock Appreciation Right as it, in its
absolute discretion, deems appropriate, including, but not limited to, achievement of performance goals based on one or more Business Criteria. The term of a Stock Appreciation Right granted without relationship to an Option shall not exceed ten
years from the date of grant. 

  

	 	(b)	A Stock Appreciation Right related to an Option shall require the holder, upon exercise, to surrender such Option with respect to the number of shares as to which such Stock
Appreciation Right is exercised, in order to receive payment of any amount computed pursuant to Section 8(d). Such Option will, to the extent surrendered, then cease to be exercisable. 

  

	 	(c)	Subject to Section 8(h) and to such rules and restrictions as the Committee may impose, a Stock Appreciation Right granted in connection with an Option will be exercisable at such
time or times, and only to the extent that a related Option is exercisable, and will not be transferable except to the extent that such related Option may be transferable. 

  

 9 

	 	(d)	Upon the exercise of a Stock Appreciation Right related to an Option, the holder will be entitled to receive payment of an amount determined by multiplying:

  

	 	(i)	the excess of the Fair Market Value of a share of Company Stock on the date of exercise of such Stock Appreciation Right over the option exercise price specified in the related
Option, by 

  

	 	(ii)	the number of shares as to which such Stock Appreciation Right is exercised. 

  

	 	(e)	A Stock Appreciation Right granted without relationship to an Option will entitle the holder, upon exercise of the Stock Appreciation Right, to receive payment of an amount
determined by multiplying: 

  

	 	(i)	the excess of (1) the Fair Market Value of a share of Company Stock on the date of exercise of such Stock Appreciation Right over (2) the greater of the Fair Market Value of a share
of Company Stock on the date the Stock Appreciation Right was granted or such greater amount as may be set forth in the applicable Agreement, by 

  

	 	(ii)	the number of shares as to which such Stock Appreciation Right is exercised. 

  

	 	(f)	Notwithstanding subsections (d) and (e) above, the Committee may place a limitation on the amount payable upon exercise of a Stock Appreciation Right. Any such limitation must be
determined as of the date of grant and noted in the applicable Agreement. 

  

	 	(g)	Payment of the amount determined under subsections (d) and (e) above may be made solely in whole shares of Company Stock valued at their Fair Market Value on the date of exercise of
the Stock Appreciation Right or alternatively, in the sole discretion of the Committee, solely in cash or a combination of cash and shares. If the Committee decides that payment will be made in shares of Company Stock, and the amount payable results
in a fractional share, payment for the fractional share will be made in cash. 

  

	 	(h)	Unless otherwise provided by the Committee, in the event that the employment of a Participant with the Company (or the Participant’s service to the Company) shall terminate for
any reason other than Cause, death, disability or, retirement, (i) each Stock Appreciation Right granted to such Participant, to the extent that it is exercisable at the time of such termination, shall remain exercisable for the 90 day period
following such termination, but in no event following the expiration of its term, and (ii) 

  

 10 

 each Stock Appreciation Right that remains unexercisable as of the date of such a termination shall be
terminated at the time of such termination. In the event that the employment of a Participant with the Company (or the Participant’s service to the Company) shall terminate on account of the death, disability or, retirement of the Participant,
treatment of each Stock Appreciation Right granted to such Participant that is outstanding as of the date of such termination shall be determined by the Committee, in its sole discretion. In the event that the employment of a Participant with the
Company (or the Participant’s service to the Company) shall terminate on account of Cause, each Stock Appreciation Right that is outstanding as of the date of such termination, whether or not then exercisable, shall be terminated at the time of
such termination. 
  

	9.	Restricted Stock. 

  

	 	(a)	Price. At the time of the grant of shares of Restricted Stock, the Committee shall determine the price, if any, to be paid by the Participant for each share of Restricted Stock
subject to the Award. 

  

	 	(b)	Vesting Date. At the time of the grant of shares of Restricted Stock, the Committee shall establish a vesting date or vesting dates with respect to such shares. The Committee may
divide such shares into classes and assign a different vesting date for each class. Provided that all conditions to the vesting of a share of Restricted Stock are satisfied, and subject to Section 9(h), upon the occurrence of the vesting date with
respect to a share of Restricted Stock, such share shall vest and the restrictions of Section 9(d) shall lapse. 

  

	 	(c)	Conditions to Vesting. At the time of the grant of shares of Restricted Stock, the Committee may impose such restrictions or conditions to the vesting of such shares as it, in its
absolute discretion, deems appropriate, including, but not limited to, achievement of performance goals based on one or more Business Criteria. The Committee may also provide that the vesting or forfeiture of shares of Restricted Stock may be based
upon the achievement of, or failure to achieve, certain levels of performance and may provide for partial vesting of Restricted Stock in the event that the maximum level of performance is not met if the minimum level of performance has been equaled
or exceeded. 

  

	 	(d)	Restrictions on Transfer Prior to Vesting. Prior to the vesting of a share of Restricted Stock, such Restricted Stock may not be transferred, assigned or otherwise disposed of, and
no transfer of a Participant’s rights with respect to such Restricted Stock, whether voluntary or involuntary, by operation of law or otherwise, shall be permitted. Immediately upon any attempt to transfer such rights, such shares, and all of
the rights related thereto, shall be forfeited by the Participant. 

  

 11 

	 	(e)	Dividends on Restricted Stock. The Committee in its discretion may require that any dividends paid on shares of Restricted Stock be held in escrow until all restrictions on such
shares have lapsed. 

  

	 	(f)	Issuance of Certificates. The Committee may, upon such terms and conditions as it determines, provide that (1) a certificate or certificates representing the shares underlying a
Restricted Stock award shall be registered in the Participant’s name and bear an appropriate legend specifying that such shares are not transferable and are subject to the provisions of the Plan and the restrictions, terms and conditions set
forth in the applicable Agreement, (2) such certificate or certificates shall be held in escrow by the Company on behalf of the Participant until such shares become vested or are forfeited or (3) subject to applicable law, the Participant’s
ownership of the Restricted Stock shall be registered by the Company in book entry form. 

  

	 	(g)	Consequences of Vesting. Upon the vesting of a share of Restricted Stock pursuant to the terms hereof, the restrictions of Section 9(d) shall lapse with respect to such share.
Following the date on which a share of Restricted Stock vests, the Company shall cause to be delivered to the Participant to whom such shares were granted, in a manner determined by the Committee (including via book entry), a certificate evidencing
such shares, which may bear a restrictive legend, if the Committee determines such a legend to be appropriate. 

  

	 	(h)	Effect of Termination of Employment (or Provision of Services). Except as may otherwise be provided in the applicable Agreement, and subject to the Committee’s authority under
Section 4 hereof, upon the termination of a Participant’s employment (or upon cessation of such Participant’s services to the Company) for any reason other than death, disability or, retirement, any and all shares to which restrictions on
transferability apply shall be immediately forfeited by the Participant and transferred to, and reacquired by, the Company. In the event of a forfeiture of shares pursuant to this section, the Company shall repay to the Participant (or the
Participant’s estate) any amount paid by the Participant for such shares. In the event that the Company requires a return of shares, it shall also have the right to require the return of all dividends paid on such shares, whether by termination
of any escrow arrangement under which such dividends are held or otherwise. In the event that the employment of a Participant with the Company (or the Participant’s service to the Company) shall terminate on account of the death, disability or,
retirement of the Participant, treatment of any and all shares to which restrictions on transferability apply as of the date of such termination shall be determined by the Committee, in its sole discretion. 

  

 12 

	10.	Phantom Stock. 

  

	 	(a)	Vesting Date. At the time of the grant of shares of Phantom Stock, the Committee shall establish a vesting date or vesting dates with respect to such shares. The Committee may
divide such shares into classes and assign a different vesting date for each class. Provided that all conditions to the vesting of a share of Phantom Stock imposed pursuant to Section 10(c) are satisfied, and subject to Section 10(d), upon the
occurrence of the Vesting Date with respect to a share of Phantom Stock, such share shall vest. 

  

	 	(b)	Benefit Upon Vesting. Unless otherwise provided in an Agreement, upon the vesting of a share of Phantom Stock, the Participant shall be paid, within 30 days of the date on which
such share vests, an amount, in cash and/or shares of Company Stock, as determined by the Committee, equal to the sum of (1) the Fair Market Value of a share of Company Stock on the date on which such share of Phantom Stock vests and (2) the
aggregate amount of cash dividends paid with respect to a share of Company Stock during the period commencing on the date on which the share of Phantom Stock was granted and terminating on the date on which such share vests.

  

	 	(c)	Conditions to Vesting. At the time of the grant of shares of Phantom Stock, the Committee may impose such restrictions or conditions to the vesting of such shares as it, in its
absolute discretion, deems appropriate, including, but not limited to, achievement of performance goals based on one or more Business Criteria. 

  

	 	(d)	Effect of Termination of Employment (or Provision of Services). Except as may otherwise be provided in the applicable Agreement, and subject to the Committee’s authority under
to Section 4 hereof, upon the termination of a Participant’s employment (or upon cessation of such Participant’s services to the Company) for any reason other than Cause, death, disability or, retirement, any and all shares of Phantom
Stock that have not vested, together with any dividends credited on such shares, shall be forfeited upon the Participant’s termination of employment (or upon cessation of such Participant’s services to the Company). In the event that the
employment of a Participant with the Company (or the Participant’s service to the Company) shall terminate on account of the death, disability or, retirement of the Participant, treatment of any and all shares of Phantom Stock shall be
determined by the Committee, in its sole discretion. In the event that the employment of a Participant with the Company (or the Participant’s service to the Company) shall terminate on account of Cause, any and all shares of Phantom Stock that
are outstanding as of the date of such termination, whether or not then vested, shall be terminated at the time of such termination. 

  

 13 

	11.	Stock Bonuses. 

  
 In the event that the Committee grants a Stock Bonus, a certificate for the shares of Company Stock constituting such Stock Bonus shall be issued in the name of the Participant to whom such grant was made and
delivered to such Participant, in a manner determined by the Committee (including via book entry), as soon as practicable after the date on which such Stock Bonus is payable. 
  

	12.	Other Awards. 

  
 Other forms of Awards (“Other Awards”) valued in whole or in part by reference to, or otherwise based on, Company Stock may be granted either alone or in addition to other Awards under the Plan. Subject to
the provisions of the Plan, the Committee shall have sole and complete authority to determine the persons to whom and the time or times at which such Other Awards shall be granted, the number of shares of Company Stock to be granted pursuant to such
Other Awards, or the conditions to the vesting and/or payment of such Other Awards (which may include, but not be limited to, achievement of performance goals based on one or more Business Criteria) and all other terms and conditions of such Other
Awards. 
  

	13.	Special Provisions Regarding Certain Awards. 

  
 The Committee may make Awards hereunder to Covered Employees (or to individuals whom the Committee believes may become Covered Employees) that are intended to qualify as
performance-based compensation under Section 162(m) of the Code. The exercisability and/or payment of such Awards may be subject to the achievement of performance goals based upon one or more Business Criteria and to certification of such
achievement in writing by the Committee. Such performance goals shall be established in writing by the Committee not later than the time period prescribed under Section 162(m) and the regulations thereunder. All provisions of such Awards which are
intended to qualify as performance-based compensation shall be construed in a manner to so comply. 
  

	14.	Rights as a Stockholder. 

  
 No person shall have any rights as a stockholder with respect to any shares of Company Stock covered by or relating to any Award until the date of issuance of a stock certificate with respect to such shares. Except
for adjustments provided in Section 3(c), no adjustment to any Award shall be made for dividends or other rights for which the record date occurs prior to the date such stock certificate is issued. 
  

	15.	No Employment Rights; No Right to Award. 

  
 Nothing contained in the Plan or any Agreement shall confer upon any Participant any right with respect to the continuation of employment by or provision of services to
the Company or interfere in any way with the right of the Company, subject to the terms of any separate agreement to the contrary, at any time to terminate such employment or service or to increase or decrease the compensation of the Participant. No
person shall 
  

 14 

 have any claim or right to receive an Award hereunder. The Committee’s granting of an Award to a Participant at any
time shall neither require the Committee to grant any other Award to such Participant or other person at any time nor preclude the Committee from making subsequent grants to such Participant or any other person. 
  

	16.	Securities Matters. 

  

	 	(a)	Notwithstanding anything herein to the contrary, the Company shall not be obligated to cause to be issued or delivered any certificates evidencing shares of Company Stock pursuant
to the Plan unless and until the Company is advised by its counsel (which may be the Company’s in-house counsel) that the issuance and delivery of such certificates is in compliance with all applicable laws, regulations of governmental
authority and the requirements of any securities exchange on which shares of Company Stock are traded. The Committee may require, as a condition of the issuance and delivery of certificates evidencing shares of Company Stock pursuant to the terms
hereof, that the recipient of such shares make such agreements and representations, and that such certificates bear such legends, as the Committee, in its sole discretion, deems necessary or advisable. 

  

	 	(b)	The transfer of any shares of Company Stock hereunder shall be effective only at such time as counsel to the Company (which may be the Company’s in-house counsel) shall have
determined that the issuance and delivery of such shares is in compliance with all applicable laws, regulations of governmental authority and the requirements of any securities exchange on which shares of Company Stock are traded. The Committee may,
in its sole discretion, defer the effectiveness of any transfer of shares of Company Stock hereunder in order to allow the issuance of such shares to be made pursuant to registration or an exemption from registration or other methods for compliance
available under federal or state securities laws. The Committee shall inform the Participant in writing of its decision to defer the effectiveness of a transfer. During the period of such deferral in connection with the exercise of an Option, the
Participant may, by written notice, withdraw such exercise and obtain the refund of any amount paid with respect thereto. 

  

	17.	Withholding Taxes. 

  
 Whenever cash is to be paid pursuant to an Award, the Company shall have the right to deduct therefrom an amount sufficient to satisfy any federal, state and local withholding tax requirements related thereto.
Whenever shares of Company Stock are to be delivered pursuant to an Award, the Company shall have the right to require the Participant to remit to the Company in cash an amount sufficient to satisfy any federal, state and local withholding tax
requirements related thereto. With the approval of the Committee, a Participant may satisfy the foregoing requirement by electing to have the Company withhold from delivery shares of Company Stock having a value equal to the amount of 
  

 15 

 tax required to be withheld, as determined by the Committee. Such shares shall be valued at their Fair Market Value on
the date of which the amount of tax to be withheld is determined. Fractional share amounts shall be settled in cash. Such a withholding election may be made with respect to all or any portion of the shares to be delivered pursuant to an Award.

  

	18.	Notification of Election Under Section 83(b) of the Code. 

  
 If any Participant shall, in connection with the acquisition of shares of Company Stock under the Plan, make the election permitted under Section 83(b) of the Code, such
Participant shall notify the Company of such election within 10 days of filing notice of the election with the Internal Revenue Service. 
  

	19.	Notification Upon Disqualifying Disposition Under Section 421(b) of the Code. 

  

Each Agreement with respect to an Incentive Stock Option shall require the Participant to notify the Company of any disposition of shares of Company Stock issued
pursuant to the exercise of such Option under the circumstances described in Section 421(b) of the Code (relating to certain disqualifying dispositions), within 10 days of such disposition. 
  

	20.	Amendment or Termination of the Plan. 

  
 The Board of Directors may, at any time, suspend or terminate the Plan or revise or amend it in any respect whatsoever; provided, however, that stockholder approval shall
be required for any such amendment if and to the extent such approval is required in order to comply with applicable law (including, but not limited to, the incentive stock options regulations and any amendments thereto), or stock exchange or
automated quotation system listing requirement. Nothing herein shall restrict the Committee’s ability to exercise its discretionary authority pursuant to Sections 3 and 4, which discretion may be exercised without amendment to the Plan. No
action hereunder may, without the consent of a Participant, reduce the Participant’s rights under any outstanding Award. 
  

	21.	Transfers Upon Death. 

  
 Upon the death of a Participant, outstanding Awards granted to such Participant may be exercised only by the executor or administrator of the Participant’s estate or by a person who shall have acquired the right
to such exercise by will or by the laws of descent and distribution. No transfer of an Award by will or the laws of descent and distribution shall be effective to bind the Company unless the Committee shall have been furnished with (a) written
notice thereof and with a copy of the will and/or such evidence as the Committee may deem necessary to establish the validity of the transfer and (b) an agreement by the transferee to comply with all the terms and conditions of the Award that are or
would have been applicable to the Participant and to be bound by the acknowledgments made by the Participant in connection with the grant of the Award. 
  

 16 

	22.	Transfers to Immediate Family Members 

  
 During a Participant’s lifetime, the Committee may, in its sole discretion, pursuant to the provisions set forth in this Section 22, permit the transfer, assignment
or other encumbrance of an outstanding Option, unless such Option is an Incentive Stock Option and the Committee and the Participant intends that it shall retain such status. Subject to the approval of the Committee and to any conditions that the
Committee may prescribe, a Participant may, upon providing written notice to the Company, elect to transfer any or all Options granted to such Participant pursuant to the Plan to members of his or her immediate family, including, but not limited to,
children, grandchildren and spouse or to trusts for the benefit of such immediate family members or to partnerships in which such family members are the only partners; provided, however, that no such transfer by any Participant may be made in
exchange for consideration. Any such transferee must agree, in writing, to be bound by all provisions of the Plan. 
  

	23.	Leaves of Absence. 

  
 In the case of any Participant on an approved leave of absence, the Committee may make such provisions respecting the continuance of Awards while such Participant is in the employ or service of the Company as it may
deem equitable, except that in no event may any Option or Stock Appreciation Right be exercised after the expiration of its term. 
  

	24.	Expenses and Receipts. 

  
 The expenses of the Plan shall be paid by the Company. Any proceeds received by the Company in connection with any Award may be used for general corporate purposes. 
  

	25.	Effective Date and Term of Plan. 

  
 The Plan shall be subject to the requisite approval of the stockholders of the Company. In the absence of such approval, any Awards shall be null and void. Unless earlier
terminated by the Board of Directors, the right to grant Awards under the Plan shall terminate on the tenth anniversary of the Effective Date. Awards outstanding at Plan termination shall remain in effect according to their terms and the provisions
of the Plan. 
  

	26.	Applicable Law. 

  
 Except to the extent preempted by any applicable federal law, the Plan shall be construed and administered in accordance with the laws of the State of Delaware without reference to its principles of conflicts of law.

  

	27.	Participant Rights. 

  
 No Participant shall have any claim to be granted any award under the Plan, and there is no obligation for uniformity of treatment for Participants. 
  

 17 

	28.	Unfunded Status of Awards. 

  
 The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation. With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan
or any Agreement shall give any such Participant any rights that are greater than those of a general creditor of the Company. 
  

	29.	No Fractional Shares. 

  
 No fractional shares of Company Stock shall be issued or delivered pursuant to the Plan. The Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional
shares or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated. 
  

	30.	Beneficiary. 

  
 A Participant may file with the Committee a written designation of a beneficiary on such form as may be prescribed by the Committee and may, from time to time, amend or revoke such designation. If no designated
beneficiary survives the Participant, the executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary. 
  

	31.	Severability. 

  
 If any provision of the Plan is held to be invalid or unenforceable, the other provisions of the Plan shall not be affected but shall be applied as if the invalid or unenforceable provision had not been included in
the Plan. 
  

 18 

 HURON CONSULTING GROUP INC. 
 2004 OMNIBUS STOCK PLAN 
 STOCK OPTION AGREEMENT 
  
 This STOCK OPTION AGREEMENT (the “Stock Option Agreement”),
is made and entered into as of                  (the “Date of Grant”), by and between Huron Consulting Group Inc., a Delaware corporation (the
“Company”) and                  (the “Optionee”). 
  
 WHEREAS, the Board of Directors of the Company (the “Board”), or the Compensation Committee of the Board,
has approved the grant of an Option pursuant to the Huron Consulting Group Inc. 2004 Omnibus Stock Plan (the “Plan”), as hereinafter defined, to the Optionee as set forth below; 
  
 NOW, THEREFORE, in consideration of the covenants and agreements herein
contained, and intending to be legally bound hereby, the parties agree as follows: 
  
 1. Definitions. Capitalized terms which are not defined herein shall have the meaning set forth in the Plan. 
  
 2. Number of Shares and Exercise Price. The Company hereby grants to the Optionee an option (the “Option”), subject to the terms
and conditions set forth herein, to purchase                  shares of Company Stock at a price (the “Exercise Price”) of
$                 per share. The Option is intended to be a Nonqualified Stock Option. 
  
 3. Term of Option and Conditions of Exercise. 
  
 (a) Term of Option. Unless the Option is earlier terminated pursuant to this Stock Option Agreement or in accordance
with the terms of the Plan, the term of the Option shall commence on the Date of Grant and terminate upon the expiration of ten (10) years from the Date of Grant. Upon the termination of the Option, all rights of the Optionee hereunder shall cease.

  
 (b) Vesting. The Option shall become vested and
exercisable upon the schedule set forth on Exhibit A hereto. 
  
 4. Nontransferability of Option. Unless otherwise determined by the Committee pursuant to Section 22 of the Plan, the Option shall not be assignable or transferable otherwise than by will or by the laws of descent and distribution
and the 

 
Option may be exercised, during the lifetime of the Optionee, only by the Optionee or the Optionee’s legal representative. 
  
 5. Exercise of Option. The Option may be exercised by the written
notice pursuant to form provided by the Company, delivered to the Vice President of Human Resources or his or her designee, specifying the portion of the Option to be exercised and accompanied by payment therefor. The Exercise Price for any shares
of Company Stock purchased pursuant to the exercise of the Option shall be paid in full upon such exercise by one or a combination of the following means: (a) in cash or by personal check, certified check, bank cashier’s check or wire transfer;
(b) in shares of Company Stock owned by the Optionee for at least six months prior to the date of exercise and valued at their Fair Market Value on the effective date of such exercise; or (c) by any such other methods as the Committee may from time
to time authorize. 
  
 6. Undertakings by Optionee. The
Optionee hereby agrees to take whatever additional actions and execute whatever additional documents the Committee may, in its discretion, deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions
imposed on the Optionee pursuant to the express provisions of this Stock Option Agreement and the Plan. 
  
 7. Notices. Any notice required or permitted under this Stock Option Agreement shall be deemed given when delivered personally, or when deposited
in a United States Post Office, postage prepaid, addressed, as appropriate, to the Optionee either at the Optionee’s address as last known by the Company or such other address as the Optionee may designate in writing to the Company. 

 
 8. Incorporation of Plan; Acknowledgment. The Plan is hereby
incorporated herein by reference and made a part hereof, and the Option and this Stock Option Agreement are subject to all terms and conditions of the Plan. In the event of any inconsistency between the Plan and this Stock Option Agreement, the
provisions of the Plan shall govern. By signing this Stock Option Agreement, the Optionee acknowledges having received and read a copy of the Plan. 
  
 9. Governing Law. This Stock Option Agreement shall be governed by and construed according to the laws of the State of Delaware, without regard to
the conflicts of law rules thereof. 
  
 IN WITNESS WHEREOF, the
parties hereto have executed and 
  

 2 

 
delivered this Stock Option Agreement on the day and year first above written. 
  

			
		
	 	 	 
	 	 	 Huron Consulting Group Inc.
 By:
 Title:

		
	 	 	 
	 	 	 [NAME]:

  

 3 

 EXHIBIT A 
  

			
	 Number of Shares of Common Stock

	  	 Vesting Date(s)

	 [NUMBER]
	  	[DATE]
	 [NUMBER]
	  	[DATE]
	 [NUMBER]
	  	[DATE]
	 [NUMBER]
	  	[DATE]

  

 4 

 HURON CONSULTING GROUP INC. 
 2004 OMNIBUS STOCK PLAN 
 RESTRICTED STOCK AGREEMENT 
  
 This RESTRICTED STOCK AGREEMENT (this “Restricted Stock
Agreement”) is made and entered into as of                  (the “Date of Grant”), by and between Huron Consulting Group Inc., a
Delaware corporation (the “Company”) and                  (the “Recipient”). 
  
 WHEREAS, the Board of Directors of the Company (the
“Board”), or the Compensation Committee of the Board, has approved the grant of Restricted Stock pursuant to the Huron Consulting Group Inc. 2004 Omnibus Stock Plan (the “Plan”), as hereinafter defined, to the
Recipient as set forth below; 
  
 NOW, THEREFORE, in consideration
of the covenants and agreements herein contained, and intending to be legally bound hereby, the parties agree as follows: 
  
 1. Definitions. Capitalized terms which are not defined herein shall have the meaning set forth in the Plan. 
  
 2. Grant of Restricted Stock. The Company hereby grants to the
Recipient                  restricted shares of Company Stock (the “Restricted Stock”), subject to all of the terms and conditions of this
Restricted Stock Agreement. The Recipient’s grant and record of share ownership shall be kept on the books of the Company, until the restrictions on transfer have lapsed pursuant to Section 3 below. Shares that have become vested pursuant to
Section 3 below may be evidenced by stock certificates, at the request of the Recipient, which certificates shall be registered in the name of the Recipient and delivered to Recipient within five (5) days of such request. 
  
 3. Lapse of Restrictions. All Restricted Stock shall be unvested
unless and until they become Vested Shares in accordance with this Section 3. Except as otherwise provided below, if the Participant is employed by the Company or any Subsidiary as of the applicable anniversary date set forth below, the Restricted
Stock shall become “Vested Shares” according to the percentage set forth opposite such date: 
  

 1 

				
	 Date

	  	Cumulative Percentage Vested

	 
	 [DATE]
	  	[NUMBER	]%
	 [DATE]
	  	[NUMBER	]%
	 [DATE]
	  	[NUMBER	]%

  
 4. Restrictions on
Transfer. Shares of Restricted Stock may not be transferred or otherwise disposed of by the Recipient prior to become Vested Shares, including by way of sale, assignment, transfer, pledge or otherwise except by will or the laws of descent and
distribution. 
  
 5. Rights as a Stockholder. The Company
shall hold in escrow all dividends, if any, that are paid with respect to the shares of Restricted Stock until all restrictions on such shares have lapsed. Recipient agrees that the right to vote any shares for which the restrictions on transfer set
forth in Section 3 hereof have not yet lapsed (the “Unvested Shares”) will be held by the Company and, accordingly, shall execute an irrevocable proxy in favor of the Company for all shares of Restricted Stock in the form supplied
by the Company. 
  
 6. Notices. Any notice required or
permitted under this Restricted Stock Agreement shall be deemed given when delivered personally, or when deposited in a United States Post Office, postage prepaid, addressed, as appropriate, to the Recipient either at the Recipient’s address as
last known by the Company or such other address as the Recipient may designate in writing to the Company. 
  
 7. Securities Laws Requirements. The Company shall not be obligated to transfer any shares of Company common stock from the Recipient to another
party, if such transfer, in the opinion of counsel for the Company, would violate the Securities Act of 1933, as amended from time to time (or any other federal or state statutes having similar requirements as may be in effect at that time).
Further, the Company may require as a condition of transfer of any shares to the Recipient that the Recipient furnish a written representation that he or she is holding the shares for investment and not with a view to resale or distribution to the
public. 
  
 8. Protections Against Violations of Restricted
Stock Agreement. No purported sale, assignment, mortgage, hypothecation, transfer, pledge, encumbrance, gift, transfer in trust (voting or other) or other disposition of, or creation of a security interest in or lien on, any of the shares of
Restricted Stock by any holder thereof in violation of the provisions of this Restricted Stock Agreement 
  

 2 

 or the Certificate of Incorporation or the By-Laws of the Company, shall be valid, and the Company will not transfer any
of said shares of Restricted Stock on its books nor will any of said shares of Restricted Stock be entitled to vote, nor will any dividends be paid thereon, unless and until there has been full compliance with said provisions to the satisfaction of
the Company. The foregoing restrictions are in addition to and not in lieu of any other remedies, legal or equitable, available to enforce said provisions. 
  
 9. Taxes. The Recipient understands that he or she (and not the Company) shall be responsible for any tax obligation that may arise as a result of
the transactions contemplated by this Restricted Stock Agreement and shall pay to the Company the amount determined by the Company to be such tax obligation at the time such tax obligation arises. If the Recipient fails to make such payment, the
number of shares necessary to satisfy the tax obligations shall be forfeited. The Recipient shall promptly notify the Company of any election made pursuant to Section 83(b) of the Internal Revenue Code of 1986, as amended from time to time (the
“Code”). 
  
 THE RECIPIENT ACKNOWLEDGES THAT IT
IS THE RECIPIENT’S SOLE RESPONSIBILITY AND NOT THE COMPANY’S TO FILE TIMELY THE ELECTION UNDER SECTION 83(b) OF THE CODE, IN THE EVENT THAT THE RECIPIENT DESIRES TO MAKE THE ELECTION. 
  
 10. Legend. The Company’s Secretary shall, or shall instruct the
Company’s transfer agent to, provide stop transfer instructions in the Company’s stock records to prevent any transfer of the Restricted Stock for any purpose until the stock is vested. Any certificate that the Secretary or the transfer
agent deems necessary to issue to represent shares of Restricted Stock shall, until all restrictions lapse and new certificates are issued, bear the following legend: 
  
 THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO CERTAIN VESTING REQUIREMENTS AND MAY BE SUBJECT TO
REACQUISITION BY THE COMPANY UNDER THE TERMS OF THAT CERTAIN RESTRICTED STOCK AGREEMENT BY AND BETWEEN HURON CONSULTING GROUP INC. (THE “COMPANY”) AND THE HOLDER OF THE SECURITIES. PRIOR TO VESTING OF OWNERSHIP IN THE SECURITIES, THEY MAY
NOT BE, 
  

 3 

 DIRECTLY OR INDIRECTLY, OFFERED, TRANSFERRED, SOLD, ASSIGNED, PLEDGED, HYPOTHECATED OR OTHERWISE DISPOSED
OF UNDER ANY CIRCUMSTANCES. COPIES OF THE ABOVE REFERENCED AGREEMENT ARE ON FILE AT THE OFFICES OF THE COMPANY AT 550 WEST VAN BUREN STREET, CHICAGO, ILLINOIS 60607. 
  
 11. Failure to Enforce Not a Waiver. The failure of the Company to enforce at any time any provision of this
Restricted Stock Agreement shall in no way be construed to be a waiver of such provision or of any other provision hereof. 
  
 12. Governing Law. This Restricted Stock Agreement shall be governed by and construed according to the laws of the State of Delaware without regard
to its principles of conflict of laws. 
  
 13. Amendments.
Except as otherwise provide in Section 17, this Restricted Stock Agreement may be amended or modified at any time only by an instrument in writing signed by each of the parties hereto. 
  
 14. Survival of Terms. This Restricted Stock Agreement shall apply to and bind the Recipient and the Company and
their respective permitted assignees and transferees, heirs, legatees, executors, administrators and legal successors. 
  
 15. Agreement Not a Contract for Services. Neither the grant of Restricted Stock, this Restricted Stock Agreement nor any other action taken
pursuant to this Restricted Stock Agreement shall constitute or be evidence of any agreement or understanding, express or implied, that the Recipient has a right to continue to provide services as an officer, director, employee or consultant of the
Company for any period of time or at any specific rate of compensation. 
  
 16. Severability. If a provision of this Restricted Stock Agreement is held invalid by a court of competent jurisdiction, the remaining provisions will nonetheless be enforceable according to their terms. Further, if any provision is
held to be over broad as written, that provision shall be amended to narrow its application to the extent necessary to make the provision enforceable according to applicable law and enforced as amended. 
  
 17. Plan. The Restricted Stock is granted pursuant to the Plan, and
the Restricted Stock and this Restricted Stock Agreement are in all respects governed by the Plan and subject to all of the terms and provisions thereof, whether such terms and provisions are incorporated in this Restricted Stock Agreement by
reference or are expressly cited. 
  

 4 

 IN WITNESS WHEREOF, the parties hereto have executed and delivered this Restricted Stock Agreement on the
day and year first above written. 
  
  

	
	 
	 Huron Consulting Group Inc.
 By:
 Title:

	
	 
	 [NAME]:

  

 5 

 IRREVOCABLE PROXY 
  
 I, the undersigned, hereby irrevocably authorize and empower
                 (the “Proxy”) to represent me with respect of any and all Unvested Shares (as such term is defined in the Restricted Stock
Agreement (the “Restricted Stock Agreement”) by and between Huron Consulting Group Inc. (the “Company”) and [            ], at any and all general
meetings of the shareholders of the Company. 
  
 The Proxy is
irrevocably authorized and empowered to receive, in my stead, any and all notices of and invitations to the Company’s general meetings, and to participate in all such general meetings; and the Proxy is authorized and empowered to vote all such
Unvested Shares in such manner as the Proxy shall, in the Proxy’s sole discretion, deem to be in the best interests of the Company. 
  
 This proxy shall remain in full force and effect until the shares of Restricted Stock granted to me pursuant to the Restricted Stock Agreement have vested
in accordance with the terms of the Restricted Stock Agreement, unless otherwise determined by the Company. 
  
 NAME:
                                        
                                        
                   
  
 DATE:
                                        
                                        
                    
  
 SIGNATURE:
                                        
                                        
      
  

 6

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