Document:

EX-10.1

 Exhibit 10.1 

Execution Version 

Hercules Offshore, Inc. 

$300,000,000 6.750% Senior Notes due 2022 

PURCHASE AGREEMENT 

March 12, 2014 
 New
York, New York 
 Deutsche Bank Securities Inc. 
 Credit
Suisse Securities (USA) LLC 
 Goldman, Sachs & Co. 

UBS Securities LLC 
 Capital One Securities, Inc. 

c/o Deutsche Bank Securities Inc. 
 Attn: High Yield Capital
Markets 
 60 Wall Street 
 New York, New York 10005 

Ladies and Gentlemen: 
 Hercules Offshore,
Inc., a Delaware corporation (the “Company”) and each of the Guarantors (as defined herein) agree with you as follows: 

1. Issuance of Notes. The Company proposes to issue and sell to Deutsche Bank Securities Inc., Credit Suisse Securities (USA)
LLC, Goldman, Sachs & Co., UBS Securities LLC, and Capital One Securities, Inc. (the “Representatives”) and the other entities listed on Schedule I hereto (together with the Representatives, the “Initial
Purchasers”) $300,000,000 aggregate principal amount of 6.750% Senior Notes due 2022 (the “Notes”). The Company’s obligations under the Notes and the Indenture (as defined below) will be, jointly and severally,
unconditionally guaranteed (the “Guarantees”), on a senior unsecured basis, by each of the Subsidiaries (as defined below) listed on the signature pages hereto (collectively, the “Guarantors,” and, together with the
Company, the “Issuers”). The Notes and the Guarantees are referred to herein as the “Securities.” The Notes and Guarantees will be issued pursuant to an indenture (the “Indenture”), to be dated the
Closing Date (as defined herein), by and between the Issuers and U.S. Bank National Association, as trustee (the “Trustee”). 

The Securities will be offered and sold to the Initial Purchasers pursuant to an exemption from the registration requirements under the
Securities Act of 1933, as amended (the “Act”). The Issuers have prepared a preliminary offering memorandum, dated as of March 12, 2014 (together with the documents incorporated by reference therein, the “Preliminary
Offering Memorandum”), and a pricing supplement thereto dated the date hereof and attached as Exhibit B hereto (the “Pricing Supplement”). The Preliminary Offering Memorandum and the Pricing Supplement are herein
referred to as the “Pricing Disclosure Package.” Promptly after the execution of this Purchase Agreement (this “Agreement”), the Issuers will prepare a final offering memorandum dated the date hereof (together with the
documents incorporated by reference therein, the “Final Offering Memorandum”). Unless stated to the contrary, any references herein to the terms “Pricing Disclosure Package” and “Final Offering Memorandum” 

 
shall be deemed to refer to and include any information filed under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), prior to the date hereof and
incorporated by reference therein, and any references herein to the terms “amend,” “amendment” or “supplement” with respect to the Final Offering Memorandum shall be deemed to refer to and include any information filed
under the Exchange Act subsequent to the date hereof that is incorporated by reference therein. All references in this Agreement to financial statements and schedules and other information which is “contained,” “included” or
“stated” (or other references of like import) in the Pricing Disclosure Package (including the Preliminary Offering Memorandum) or Final Offering Memorandum shall be deemed to mean and include all such financial statements and schedules
and other information which are incorporated by reference in the Pricing Disclosure Package or Final Offering Memorandum, as the case may be. 

The Initial Purchasers have advised the Issuers that the Initial Purchasers intend, as soon as they deem practicable after this
Agreement has been executed and delivered, to resell (the “Exempt Resales”) the Securities in private sales exempt from registration under the Act on the terms set forth in the Pricing Disclosure Package, solely to (i) persons
whom the Initial Purchasers reasonably believe to be “qualified institutional buyers” (“QIBs”), as defined in Rule 144A under the Act (“Rule 144A”), in accordance with Rule 144A and (ii) other
eligible purchasers pursuant to offers and sales that occur outside the United States within the meaning of Regulation S under the Act (“Regulation S”) in accordance with Regulations S (the persons specified in clauses (i) and
(ii), the “Eligible Purchasers”). 
 This Agreement, the Notes, the Guarantees and the Indenture are
hereinafter sometimes referred to collectively as the “Note Documents.” The issuance and sale of the Securities is referred to as the “Offering.” 

2. Agreements to Sell and Purchase. On the basis of the representations, warranties and covenants contained in this Agreement, the
Issuers agree to issue and sell to the Initial Purchasers, and on the basis of the representations, warranties and covenants contained in this Agreement, and subject to the terms and conditions contained in this Agreement, each of the Initial
Purchasers, severally and not jointly, agrees to purchase from the Issuers, the aggregate principal amount of the Securities set forth opposite its name on Schedule I attached hereto. The purchase price for the Notes shall be 98.642% of their
principal amount. 
 3. Delivery and Payment. Delivery of, and payment of the purchase price for, the Securities shall be made at
9:00 a.m., New York time, on March 26, 2014 (such date and time, the “Closing Date”) at the offices of Vinson & Elkins L.L.P., 1001 Fannin, Houston, Texas 77002. The Closing Date and the location of delivery of and the
form of payment for the Securities may be varied by mutual agreement between the Initial Purchasers and the Company. 
 The
Securities shall be delivered by the Issuers to the Initial Purchasers (or as the Initial Purchasers direct) through the facilities of The Depository Trust Company (“DTC”) against payment by the Initial Purchasers of the purchase
price therefor by means of wire transfer of immediately available funds to such account or accounts specified by the Company in accordance with Section 8(h) on or prior to the Closing Date, or by such means as the parties hereto shall agree
prior to the Closing Date. The Securities shall be evidenced by one or more certificates in global form registered in such names as the Initial Purchasers may request upon at least one business day’s notice prior to the Closing Date and having
an aggregate principal amount corresponding to the aggregate principal amount of the Securities. 

  
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 4. Agreements of the Issuers. The Issuers jointly and severally, covenant and agree with
the Initial Purchasers as follows: 
 (a) To furnish the Initial Purchasers and those persons identified by the Initial Purchasers, without
charge, as many copies of the Preliminary Offering Memorandum, the Pricing Supplement, any Issuer Written Communication (as defined below) and the Final Offering Memorandum, and any amendments or supplements thereto, as the Initial Purchasers may
reasonably request. The Issuers consent to the use of the Preliminary Offering Memorandum, the Pricing Supplement and the Final Offering Memorandum, and any amendments or supplements thereto, by the Initial Purchasers in connection with Exempt
Resales. 
 (b) As promptly as practicable following the execution and delivery of this Agreement and in any event not later than the second
business day following the date hereof, to prepare and deliver to the Initial Purchasers the Final Offering Memorandum, which shall consist of the Preliminary Offering Memorandum as modified only by the information contained in the Pricing
Supplement. Not to amend or supplement the Preliminary Offering Memorandum or the Pricing Supplement without the written consent of the Representatives. Not to amend or supplement the Final Offering Memorandum prior to the Closing Date unless the
Initial Purchasers shall previously have been advised of such proposed amendment or supplement at least two business days prior to the proposed use, and shall not have objected to such amendment or supplement. 

(c) Subject to Section 4(p), if, prior to the later of (x) the Closing Date and (y) the time that the Initial Purchasers have
completed their distribution of the Securities, any event shall occur that, in the judgment of the Issuers or in the judgment of counsel to the Initial Purchasers, makes any statement of a material fact in the Final Offering Memorandum, as then
amended or supplemented, untrue or that requires the making of any additions to or changes in the Final Offering Memorandum in order to make the statements in the Final Offering Memorandum, as then amended or supplemented, in the light of the
circumstances under which they are made, not misleading, or if it is necessary to amend or supplement the Final Offering Memorandum to comply with all applicable laws, the Issuers shall promptly notify the Initial Purchasers of such event and
(subject to Section 4(b)) prepare an appropriate amendment or supplement to the Final Offering Memorandum so that (i) the statements in the Final Offering Memorandum, as amended or supplemented, will not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the statements therein, in light of the circumstances at the Closing Date and at the time of the sale of Securities, not misleading and (ii) the Final Offering
Memorandum will comply with applicable law. 
 (d) To qualify or register the Securities under the securities laws of such jurisdictions as
the Initial Purchasers may request and to continue such qualification in effect so long as required for the Exempt Resales. Notwithstanding the foregoing, no Issuer shall be required to qualify as a foreign corporation in any jurisdiction in which
it is not so qualified or to execute a general consent to service of process in any such jurisdiction or subject itself to taxation in excess of a nominal dollar amount in any such jurisdiction where it is not then so subject. 

  
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 (e) To advise the Initial Purchasers promptly, and if requested by the Initial Purchasers, to
confirm such advice in writing, of the issuance by any securities commission of any stop order suspending the qualification or exemption from qualification of any of the Securities for offering or sale in any jurisdiction, or the initiation of any
proceeding for such purpose by any securities commission or other regulatory authority. The Issuers shall use their reasonable best efforts to prevent the issuance of any stop order or order suspending the qualification or exemption of any of the
Securities under any securities laws, and if at any time any securities commission or other regulatory authority shall issue an order suspending the qualification or exemption of any of the Securities under any securities laws, the Issuers shall use
their reasonable best efforts to obtain the withdrawal or lifting of such order at the earliest possible time. 
 (f) Whether or not the
transactions contemplated by this Agreement are consummated, to pay all costs, expenses, fees and disbursements (including fees and disbursements of counsel and accountants for the Issuers) incurred and stamp, documentary or similar taxes incident
to and in connection with: (i) the preparation, printing and distribution of the Preliminary Offering Memorandum, the Pricing Supplement, any Issuer Written Communication (as defined below) and the Final Offering Memorandum and any amendments
and supplements thereto, (ii) the costs and expenses of the Company relating to investor presentations on any “road show” undertaken in connection with the marketing of the offering of the Notes, including, without limitation,
expenses associated with the preparation or dissemination of any electronic road show, expenses associated with the production of road show slides and graphics, fees and expenses of any consultants engaged in connection with the road show
presentations with the prior approval of the Company, travel and lodging expenses of the representatives and officers of the Company and any such consultants; provided, however, that the Company is obligated to pay only fifty percent (50%) of
the cost and expense of any aircraft chartered in connection with the road show, (iii) the preparation, notarization (if necessary) and delivery of the Note Documents and all other agreements, memoranda, correspondence and documents prepared
and delivered in connection with this Agreement and with the Exempt Resales, (iv) the issuance, transfer and delivery of the Securities by the Issuers to the Initial Purchasers, (v) the qualification or registration of the Securities for
offer and sale under the securities laws of the several states of the United States or provinces of Canada (including, without limitation, the cost of printing and mailing preliminary and final Blue Sky or legal investment memoranda and fees and
disbursements of counsel (including local counsel) to the Initial Purchasers relating thereto), (vi) the inclusion of the Securities in the book-entry system of DTC, (vii) the rating of the Securities by rating agencies, (viii) the
fees and expenses of the Trustee and its counsel and (ix) the performance by the Company of its other obligations under the Note Documents. 

(g) To use the proceeds from the sale of the Notes in the manner described in the Preliminary Offering Memorandum under the caption “Use
of Proceeds.” 

  
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 (h) To do and perform all things required to be done and performed under this Agreement by them
prior to or after the Closing Date and to satisfy all conditions precedent on their part to the delivery of the Securities. 
 (i) Not to,
and not to permit any Subsidiary to, sell, offer for sale or solicit offers to buy any security (as defined in the Act) that would be integrated with the sale of the Securities in a manner that would require the registration under the Act of the
sale of the Securities to the Initial Purchasers or any Eligible Purchasers. 
 (j) Not to, and to cause its affiliates (as defined in Rule
144 under the Act) not to, resell any of the Securities that have been reacquired by any of them. 
 (k) Not to engage, not to allow any
Subsidiary to engage, and to cause its other affiliates and any person acting on their behalf (other than, in any case, the Initial Purchasers and any of their affiliates, as to whom the Issuers make no covenant) not to engage, in any form of
general solicitation or general advertising (within the meaning of Regulation D under the Act) in connection with any offer or sale of the Securities in the United States. 

(l) Not to engage, not to allow any Subsidiary to engage, and to cause its other affiliates and any person acting on their behalf (other than,
in any case, the Initial Purchasers and any of their affiliates, as to whom the Issuers make no covenant) not to engage, in any directed selling effort with respect to the Securities, and to comply with the offering restrictions requirement of
Regulation S. Terms used in this Section 4(l) have the meanings given to them by Regulation S. 
 (m) From and after the Closing Date,
for so long as any of the Securities remain outstanding and are “restricted securities” within the meaning of Rule 144(a)(3) under the Act and during any period in which the Company is not subject to Section 13 or 15(d) of the
Exchange Act, to make available upon request the information required by Rule 144A(d)(4) under the Act to (i) any holder or beneficial owner of Securities in connection with any sale of such Securities and (ii) any prospective purchaser of
such Securities from any such holder or beneficial owner designated by the holder or beneficial owner. The Company will pay the expenses of preparing, printing and distributing such documents. 

(n) To comply with their obligations under the letter of representations to DTC relating to the approval of the Securities by DTC for
“book entry” transfer and to use their best efforts to obtain approval of the Securities by DTC for “book entry” transfer. 

(o) Prior to the Closing Date, to furnish without charge to the Initial Purchasers, (i) all other reports and other communications
(financial or otherwise) that the Company mails or otherwise makes available to its security holders and (ii) such other information as the Initial Purchasers shall reasonably request. 

(p) Not to, and not to permit any of its affiliates or anyone acting on its or its affiliates’ behalf to (other than the Initial
Purchasers and their affiliates), distribute prior to the Closing Date any offering material in connection with the offer and sale of the Securities other than the Preliminary Offering Memorandum, the Pricing Supplement, any electronic roadshow and
the Final Offering Memorandum. Before making, preparing, using, authorizing, approving or 

  
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referring to any Issuer Written Communication (as defined below), the Company will furnish to the Representatives and counsel for the Initial Purchasers a copy of such written communication for
review and will not make, prepare, use, authorize, approve or refer to any such written communication to which the Representatives reasonably object. 

(q) During the period of one year after the Closing Date or, if earlier, until such time as the Securities are no longer restricted securities
(as defined in Rule 144 under the Act), not to be or become a closed end investment company required to be registered, but not registered, under the Investment Company Act of 1940. 

(r) In connection with the offering, until the Initial Purchasers shall have notified the Company of the completion of the distribution of the
Securities, not to, and not to permit any of its affiliates (as such term is defined in Rule 501(b) of Regulation D under the Act) to, either alone or with one or more other persons, bid for or purchase for any account in which it or any of its
affiliates has a beneficial interest, for the purpose of creating actual or apparent active trading in, or of raising the price of, the Securities. 

(s) During the period from the date hereof through and including the date that is 90 days after the date hereof, without the prior written
consent of Deutsche Bank Securities Inc., offer, sell, contract to sell or otherwise dispose of any debt securities issued or guaranteed by the Company or any Subsidiary and having a tenor of more than one year. 

5. Representations and Warranties. 

(a) The Issuers represent and warrant to the Initial Purchasers that, as of the date hereof and as of the Closing Date (references in this
Section 5 to the “Offering Memorandum” are to (x) the Pricing Disclosure Package in the case of representations and warranties made as of the date hereof and (y) the Final Offering Memorandum in the case of
representations and warranties made as of the Closing Date): 
 (i) Neither the Pricing Disclosure Package, as of the date
hereof or as of the Closing Date, nor the Final Offering Memorandum, as of its date or (as amended or supplemented in accordance with Section 4(b), if applicable) as of the Closing Date, includes any untrue statement of a material fact or omits
to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. The preceding sentence does not apply to statements in or omissions from the Pricing Disclosure
Package, the Final Offering Memorandum or any amendment or supplement thereto based upon written information furnished to the Company by any Initial Purchaser through the Representatives specifically for use therein, it being understood and agreed
that the only such information is that described in Section 9. No order preventing the use of the Preliminary Offering Memorandum, the Pricing Supplement or the Final Offering Memorandum, or any amendment or supplement thereto, or any order
asserting that any of the transactions contemplated by this Agreement are subject to the registration requirements of the Act, has been issued or, to the knowledge of the Issuers, has been threatened. 

  
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 (ii) The Company (including its agents and representatives, other than the
Initial Purchasers in their capacity as such) has not prepared, made, used, authorized, approved or referred to and will not prepare, make, use, authorize, approve or refer to any written communication that constitutes an offer to sell or
solicitation of an offer to buy the Securities (each such communication by the Company or its agents and representatives an “Issuer Written Communication”) other than (i) the Pricing Disclosure Package, (ii) the Final
Offering Memorandum, (iii) the documents listed on Annex A hereto, including a term sheet substantially in the form of Exhibit B hereto and (iv) any electronic road show or other written communications, in each case used in
accordance with Section 4(p). Each such Issuer Written Communication, when taken together with the Pricing Disclosure Package, did not, and at the Closing Date will not, contain any untrue statement of a material fact or omit to state a
material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading. 

(iii) Each document filed or to be filed pursuant to the Exchange Act and incorporated by reference in the Offering Memorandum
at the time they were or hereafter are filed with the Commission complied or will comply in all material respects with the Exchange Act and the rules and regulations of the Commission (the “Rules and Regulations”). 

(iv) There are no securities of the Issuers that are listed on a national securities exchange registered under Section 6
of the Exchange Act or that are quoted in a United States automated interdealer quotation system of the same class within the meaning of Rule 144A as the Securities. 

(v) The capitalization of the Company as of the Closing Date will be as set forth in the as adjusted column under the heading
“Capitalization” in the Offering Memorandum. All of the issued and outstanding equity interests of the Company have been duly authorized and are validly issued, fully paid and nonassessable and were not issued in violation of any
preemptive or similar right. Attached as Schedule II is a true and complete list of each entity in which the Company has a direct or indirect majority equity or voting interest (each, a “Subsidiary” and, together, the
“Subsidiaries”), their jurisdictions of organization, name of its equityholder(s) and percentage of outstanding equity owned of record by each equityholder. All of the issued and outstanding equity interests of each Subsidiary have
been duly authorized and validly issued in accordance with the organizational documents of such Subsidiary and are fully paid (to the extent required under the applicable Subsidiary’s organizational documents) and nonassessable (except as such
nonassessability may be affected by Section 18-607 of the Delaware Limited Liability Company Act (the “Delaware LLC Act”), in the case of limited liability company interests in a Delaware limited liability company, and any
similar foreign law), were not issued in violation of any preemptive or similar right and the equity interests of each Subsidiary owned by the Company, directly or indirectly through Subsidiaries, are owned free and clear of all liens, encumbrances
and defects, except to the extent that such equity interests are subject to (A) transfer restrictions imposed by the Act, the securities or Blue Sky laws of certain jurisdictions or (B) a lien or encumbrance in connection with the Credit
Agreement dated as of April 3, 2012 as amended, (the 

  
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“Credit Agreement”), among the Company, as borrower, the Subsidiaries party thereto, as guarantors, Deutsche Bank Trust Company Americas, as issuing bank, administrative agent
and collateral agent and the other lenders party thereto or, to the extent not retired with the proceeds from the Notes, a lien or encumbrance granted pursuant to the indenture (the “Secured Indenture”) governing the Company’s
7.125% Senior Secured Notes due April 2017 (the “Secured Notes”) and the security agreements, ship mortgages and other collateral documents and related agreements creating the security interests securing the Secured Notes as contemplated
by the Secured Indenture (collectively, the “Security Documents”) pertaining thereto. Except as set forth in the Offering Memorandum, there are no outstanding options, warrants or other rights to acquire or purchase, or instruments
convertible into or exchangeable for, any equity interests of the Company or any of the Subsidiaries. 
 (vi) The Company and
each Subsidiary is a corporation, limited liability company, or other entity duly organized and validly existing in good standing under the laws of the jurisdiction of its organization, with power and authority (limited liability, corporate and
other) necessary to own its properties and conduct its business as described in the Offering Memorandum. The Company is duly qualified to do business as a foreign entity in all other jurisdictions in which its ownership or lease of property or the
conduct of its business requires such qualification, except where the failure to be so qualified or in good standing would not, individually or in the aggregate, have a Material Adverse Effect. A “Material Adverse Effect” means
(x) a material adverse effect on the condition (financial or other), business, properties, results of operations or prospects of the Company and its Subsidiaries, taken as a whole or (y) a material adverse effect on the ability of the
Issuers to consummate the Offering on a timely basis. Each Subsidiary is duly qualified or has made the necessary filing requirements and received the necessary approvals, as the case may be, to do business as a foreign limited liability company or
corporation, as applicable, in good standing in all other jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to be so qualified or in good standing would
not, individually or in the aggregate, have a Material Adverse Effect. 
 (vii) Each Issuer has all requisite corporate,
limited liability company or other power and authority to execute, deliver and perform all of its obligations under the Note Documents to which it is a party and to consummate the transactions contemplated hereby, and, without limitation, the
Company has all requisite corporate power and authority to issue, sell and deliver and perform its obligations under the Notes. 

(viii) This Agreement has been duly authorized, executed and delivered by the Issuer. 

(ix) The Indenture has been duly authorized by each Issuer and, when duly executed and delivered by the Issuers (assuming the
due authorization, execution and delivery thereof by the Trustee), will be a legally binding and valid obligation of each such Issuer, enforceable against it in accordance with its terms, except as the enforcement thereof may be limited by
bankruptcy, insolvency, reorganization, fraudulent conveyance, moratorium or similar laws affecting the enforcement of creditors’ rights 

  
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generally and by general principles of equity and the discretion of the court before which any proceeding therefor may be brought (the “Bankruptcy Exceptions”). The Indenture,
when executed and delivered, will conform in all material respects to the description thereof in the Offering Memorandum. 

(x) The Notes have been duly authorized for issuance and sale to the Initial Purchasers by the Company, and when authenticated
by the Trustee and issued and delivered by the Company against payment therefor by the Initial Purchasers in accordance with the terms of this Agreement and the Indenture, the Notes will be legally binding and valid obligations of the Company,
entitled to the benefits of the applicable Indenture and enforceable against the Company in accordance with their terms, except as the enforcement thereof may be limited by the Bankruptcy Exceptions. The Notes, when issued, authenticated and
delivered, will conform in all material respects to the description thereof in the Offering Memorandum. 
 (xi) The
Guarantees have been duly authorized by each of the Guarantors and, when the Notes are authenticated by the Trustee and issued and delivered by the Company against payment by the Initial Purchasers in accordance with the terms of this Agreement and
the Indenture, will be legally binding and valid obligations of the Guarantors, enforceable against each of them in accordance with their terms, except that enforceability thereof may be limited by the Bankruptcy Exceptions. The Guarantees, when the
Notes have been authenticated by the Trustee and issued and delivered by the Company in accordance with the terms of this Agreement and the Indenture, will conform in all material respects to the description thereof in the Offering Memorandum. 

(xii) Each of the representations and warranties of the Company or any Subsidiary in any other Note Document is true and
correct in all material respects. 
 (xiii) Neither the Company nor any Subsidiary is (A) in violation of its charter,
bylaws or other organizational documents, (B) in default (or, with notice or lapse of time or both, would be in default) in the performance or observance of any obligation, agreement, covenant or condition contained in any bond, debenture,
note, indenture, mortgage, deed of trust, loan or credit agreement, lease, license, franchise agreement, authorization, permit, certificate or other agreement or instrument to which the Company or any Subsidiary is a party or by which any of them is
bound or to which any of their assets or properties is subject (collectively, “Agreements and Instruments”), or (C) in violation of any law, statute, rule or regulation or any judgment, order or decree of any domestic or
foreign court or other governmental or regulatory authority, agency or other body with jurisdiction over any of them or any of their assets or properties (“Governmental Authority”), except, other than in the case of clause (A), for
such defaults or violations that would not have, individually or in the aggregate, a Material Adverse Effect. 
 (xiv) The
execution, delivery and performance of the Note Documents and the consummation of the Offering does not and will not (i) violate the charter, bylaws or other organizational documents of the Company or any Subsidiary, (ii) conflict with or
constitute a breach of or a default under (or an event that with notice or the lapse of time, 

  
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or both, would constitute a default), or require consent under, or result in a Repayment Event (as defined below), or the creation or imposition of a lien, charge or encumbrance on any property
or assets of the Company or any Subsidiary or any under any of the Agreements and Instruments or (iii) result in a breach or violation of any of the terms and provisions of, or constitute a default under, any statute, any rule or regulation,
including, without limitation, Regulation T, U or X of the Board of Governors of the Federal Reserve System, or any judgment, order or decree of any Governmental Authority, except (other than in the case of clause (i)) for such defaults or
violations that would not have, individually or in the aggregate, a Material Adverse Effect. As used herein, a “Repayment Event” means any event or condition which gives the holder of any note, debenture or other evidence of
indebtedness (or any person acting on such holder’s behalf) the right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any Subsidiary. 

(xv) Assuming the accuracy of the representations and warranties of the Initial Purchasers in Section 5(b) of this
Agreement, no consent, approval, authorization or order of, or filing, registration, qualification, license or permit of or with, any Governmental Authority is required to be obtained or made by the Company or any Subsidiary for the execution,
delivery and performance by the Company or any Subsidiary of the Note Documents and the consummation of the Offering, except (A) such consents, approvals and similar authorizations as may be required under any applicable state securities or
“Blue Sky” laws in connection with the purchase and distribution of the Securities by the Initial Purchasers and (B) such consents, which if not obtained, would not, individually or in the aggregate, have a Material Adverse
Effect. No consents or waivers from any other person or entity are required for the execution, delivery and performance of the Note Documents and the consummation of the Offering, other than such consents and waivers as have been obtained or will be
obtained prior to the Closing Date and will be in full force and effect. 
 (xvi) The financial statements included or
incorporated by reference in the Offering Memorandum (including the notes thereto) present fairly the financial position of the Company, its consolidated subsidiaries and Seahawk Drilling, Inc. (“Seahawk”) as of the dates shown and
their results of operations and cash flows for the periods shown, and such financial statements have been prepared in conformity with the generally accepted accounting principles in the United States (“GAAP”) applied on a consistent
basis and in compliance with Regulation S-X under the Exchange Act, except that the interim financial statements do not include full footnote disclosure. The pro forma financial information incorporated by reference in the Offering Memorandum and
the Pricing Disclosure Package (including the notes thereto) comply as to form in all material respects with the applicable accounting requirements of Rule 11-02 of Regulation S-X of the Commission, and the pro forma adjustments therein have been
properly applied to the historical amounts in the compilation of such pro forma information. The information set forth under the caption “Offering Memorandum Summary — Summary Condensed Consolidated Financial Data” included in the
Offering Memorandum have been prepared on a basis consistent with that of the audited financial statements of the Company. 

  
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 (xvii) Except as disclosed in the Offering Memorandum, since the date of the
latest audited financial statements included in the Offering Memorandum (A) there has been no material adverse change, nor any development or event involving a prospective material adverse change, in the condition (financial or other),
business, properties or results of operations of the Company and its Subsidiaries taken as a whole, (B) there has been no dividend or distribution of any kind declared, paid or made by the Company on any class of its capital stock and
(C) there has not been any change in the long term debt of the Company or any Subsidiary. 
 (xviii) The assumptions
used in the preparation of the pro forma and adjusted financial information included in the Offering Memorandum are reasonable, and the adjustments used therein are appropriate to give effect to the transactions or circumstances referred to therein
in the manner referred to therein. 
 (xix) The statistical and market related data and forward looking statements included
in the Offering Memorandum are based on or derived from sources that the Issuers believe to be reliable and accurate in all material respects and represent their good faith estimates that are made on the basis of data derived from such sources. The
Company has obtained the written consent to the use of such data from such sources to the extent required or as would be required if the offering of the Securities was being registered pursuant to the rules and regulations of the Commission. 

(xx) As of the date hereof and as of the Closing Date, immediately prior to and immediately following the consummation of the
Offering, the Issuer is and will be Solvent. As used herein, “Solvent” shall mean, for any person on a particular date, that on such date (A) the fair value of the property of such person is greater than the total amount of
liabilities, including, without limitation, contingent liabilities, of such person, (B) the present fair salable value of the assets of such person is not less than the amount that will be required to pay the probable liability of such person
on its debts as they become absolute and matured, (C) such person does not intend to, and does not believe that it will, incur debts and liabilities beyond such person’s ability to pay as such debts and liabilities mature, (D) such
person is not engaged in a business or a transaction, and is not about to engage in a business or a transaction, for which such person’s property would constitute an unreasonably small capital and (E) such person is able to pay its debts
as they become due and payable. 
 (xxi) No Subsidiary of the Company is currently prohibited, directly or indirectly, from
paying any dividends to the Company, from making any other distribution on such Subsidiary’s capital stock, from repaying to the Company any loans or advances to such Subsidiary from the Company or from transferring any of such
Subsidiary’s property or assets to the Company or any other Subsidiary of the Company, except as described in or contemplated in the Pricing Disclosure Package or the Final Offering Memorandum. 

  
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 (xxii) Except as disclosed in the Offering Memorandum, there are no pending, or,
to the Company’s knowledge, threatened actions, suits or proceedings against the Company, any of its Subsidiaries or to which any of their respective properties are subject that, if determined adversely to the Company or any of its
Subsidiaries, would individually or in the aggregate have a Material Adverse Effect. 
 (xxiii) No labor dispute, strike or
work stoppage with or by the employees of the Company or any Subsidiary exists or, to the knowledge of the Company, is imminent that would have a Material Adverse Effect. 

(xxiv) Except as disclosed in the Offering Memorandum or where such matters would not individually or in the aggregate have a
Material Adverse Effect, neither the Company nor any of its Subsidiaries, is in violation of any Environmental Laws; owns or operates any real property contaminated with any Hazardous Materials or is subject to or knows of any circumstances or
conditions which would reasonably be expected to give rise to any Environmental Liability. 
 For purposes of this Agreement,
“Environment” means ambient air, surface water, groundwater, drinking water, soil, surface and subsurface strata, and natural resources such as wetlands, flora and fauna. “Environmental Laws” means the common law
and all federal, state, local and foreign laws or regulations, ordinances, orders, decrees, judgments and injunctions issued, promulgated or entered thereunder, relating to pollution or protection of the Environment or human health (to the extent
relating to the exposure to Hazardous Materials), including without limitation, those relating to (i) the release or threatened release of Hazardous Materials; and (ii) the manufacture, processing, distribution, use, generation, treatment,
storage, transport, handling or recycling of Hazardous Materials. “Environmental Liability” means any claim, enforcement proceeding, notices of violation, notice of potential responsible party status, notice of governmental
investigation or claim for natural resource damages, issued or made pursuant to any Environmental Laws. “Hazardous Materials” means any substance, material, pollutant or contaminant, chemical, waste, compound, or constituent, in any
form regulated under or which would reasonably be expected to give rise to liability under any Environmental Law, including without limitation, petroleum and petroleum products. 

(xxv) The Company and its Subsidiaries possess adequate certificates, authorities or permits issued by appropriate Governmental
Authorities necessary to conduct the business now operated by them, except where the lack thereof would not, individually or in the aggregate, have a Material Adverse Effect, and have not received any notice of proceedings relating to the revocation
or modification of any such certificate, authority or permit that, if determined adversely to the Company or any of its Subsidiaries, would individually or in the aggregate have a Material Adverse Effect. 

(xxvi) Except as disclosed in the Offering Memorandum, the Company and its Subsidiaries (A) have good and indefeasible
title to all real property and good title to all other properties and assets owned by them, in each case free from liens, encumbrances and defects that would affect the value thereof or interfere with the use made or to be made thereof by them and,
(B) hold any leased real or personal property under valid, subsisting and enforceable leases with no exceptions that would interfere with the use made or to be made thereof by them, except, in each case, for such liens, encumbrances, defects or
exceptions that would not have a Material Adverse Effect. 

  
 - 12 - 

 (xxvii) The Company and its Subsidiaries own, possess, license or can acquire on
reasonable terms, adequate trademarks, trade names and other rights to inventions, know-how, patents, copyrights, confidential information and other intellectual property (collectively, “intellectual property rights”) necessary to
conduct the business now operated by them, or presently employed by them, except where the lack thereof would not, individually or in the aggregate, have a Material Adverse Effect, and have not received any notice of infringement of or conflict with
asserted rights of others with respect to any intellectual property rights that, if determined adversely to the Company or any of its Subsidiaries, would individually or in the aggregate have a Material Adverse Effect. 

(xxviii) All tax returns required to be filed by the Company or any Subsidiary have been timely filed in all jurisdictions
where such returns are required to be filed; and all taxes, including withholding taxes, value added and franchise taxes, penalties and interest, assessments, fees and other charges due or claimed to be due from such entities or that are due and
payable have been paid, other than those being contested in good faith and for which reserves have been provided in accordance with GAAP or those currently payable without penalty or interest and except where the failure to make such required
filings or payments would not, individually or in the aggregate, have a Material Adverse Effect. 
 (xxix) Neither the
Company nor any Subsidiary has (i) any liability for any prohibited transaction or (ii) failed to satisfy the minimum funding standard (within the meaning of Section 412 of the Internal Revenue Code) or any complete or partial
withdrawal liability with respect to any pension, profit sharing or other plan which is subject to the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), to which the Company or any Subsidiary makes or ever has
made a contribution and in which any employee of the Company or any Subsidiary is or has ever been a participant. With respect to such plans, the Company and each Subsidiary is in compliance in all material respects with all applicable provisions of
ERISA. 
 (xxx) Neither the Company nor any Subsidiary is, or after giving effect to the offering and sale of the Notes and
the application of the proceeds thereof as described in the Offering Memorandum will be, required to register as an “investment company” as defined in the Investment Company Act of 1940, as amended. 

(xxxi) Each Note Document conforms in all material respects to the description thereof contained in each of the Pricing
Disclosure Package and the Offering Memorandum. 
 (xxxii) The statements in the Preliminary Offering Memorandum and the
Final Offering Memorandum under the headings “Description of the Notes,” “Certain United States federal income tax considerations” and “Legal Matters” and under the subheading “Business—Regulation” in the
Company’s annual report on Form 10-K for the year ended December 31, 2013 fairly summarize the matters therein described in all material respects. 

  
 - 13 - 

 (xxxiii) The operations of the Company and its Subsidiaries are and have been
conducted at all times in material compliance with all applicable financial recordkeeping and reporting requirements, including those of the Bank Secrecy Act, as amended by Title III of the Uniting and Strengthening America by Providing Appropriate
Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act), and the applicable anti-money laundering statutes of jurisdictions where the Company and its Subsidiaries conduct business, the rules and regulations thereunder and
any related or similar rules, regulations or guidelines, issued, administered or enforced by any governmental agency (collectively, the “Anti-Money Laundering Laws”), and no action, suit or proceeding by or before any Governmental
Authority or any arbitrator involving the Company or any of its Subsidiaries with respect to the Anti-Money Laundering Laws is pending or, to the best knowledge of the Company, threatened. 

(xxxiv) (A) Neither the Company nor any of its Subsidiaries (collectively, the “Entity”) or, to the knowledge
of the Entity, any director, officer, employee, agent, affiliate or representative of the Entity, is an individual or entity (“Person”) that is, or is owned or controlled by a Person that is: (1) the subject of any sanctions
administered or enforced by the U.S. Department of Treasury’s Office of Foreign Assets Control (“OFAC”), the United Nations Security Council (“UNSC”), the European Union (“EU”), Her
Majesty’s Treasury (“HMT”), or other relevant sanctions authority (collectively, “Sanctions”), nor (2) located, organized or resident in a country or territory that is the subject of Sanctions (including,
without limitation, Burma/Myanmar, Cuba, Iran, North Korea, Sudan and Syria). 
 (B) The Entity represents and covenants that
it will not, directly or indirectly, use the proceeds of the offering, or lend, contribute or otherwise make available such proceeds to any subsidiary, joint venture partner or other Person: (i) to fund or facilitate any activities or business
of or with any Person or in any country or territory that, at the time of such funding or facilitation, is the subject of Sanctions; or (ii) in any other manner that will result in a violation of Sanctions by any Person (including any Person
participating in the offering, whether as underwriter, advisor, investor or otherwise). 
 (C) The Entity represents and
covenants that, for the past five years, it has not engaged in, is not now engaged in, and will not engage in, any dealings or transactions with any Person, or in any country or territory, that at the time of the dealing or transaction is or was the
subject of Sanctions. 
 (D) The Entity has not and, to the knowledge of the Entity, no director, officer, agent,
representative, employee or affiliate of the Entity is aware of or has taken any action, directly or indirectly, that would result in a violation by such persons of the Foreign Corrupt Practices Act of 1977, as amended, and the rules and regulations
thereunder (collectively, the “FCPA”) or other applicable anti-corruption laws, including, without limitation, taking any action in furtherance of any offer, payment, promise to pay or authorization of the payment of any money, or
other property, gift, promise to give, or authorization of the giving of anything of value to any “foreign official” (as such term is defined in the FCPA) or any 

  
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foreign political party or official thereof or any candidate for foreign political office, or any person or entity acting for or on behalf of any such person, in contravention of the FCPA, and
the Entity and, to the knowledge of the Entity, its affiliates, directors, officers, agents, representatives and employees have conducted their businesses in compliance with the FCPA and other applicable anti-corruption laws and, the Entity and its
affiliates have instituted and maintain policies and procedures designed to ensure, and which are reasonably expected to continue to promote and ensure, continued compliance therewith. 

(xxxv) The Company and its Subsidiaries maintain systems of internal accounting controls sufficient to provide reasonable
assurance that (A) transactions are executed in accordance with management’s general or specific authorizations; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with GAAP and to
maintain asset accountability; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable
intervals and appropriate action is taken with respect to any differences. 
 (xxxvi) The Company has established and
maintains disclosure controls and procedures (as such term is defined in Rules 13a-15 and 15d-14 under the Exchange Act); such disclosure controls and procedures are designed to ensure that material information relating to the Company and the
Subsidiaries is made known to the chief executive officer and chief financial officer of the Company by others within the Company or any Subsidiary, and such disclosure controls and procedures are reasonably effective to perform the functions for
which they were established subject to the limitations of any such control system; the Company’s auditors and the audit committee of the board of directors of the Company have been advised of: (A) any significant deficiencies in the design
or operation of internal controls which could adversely affect the Company’s ability to record, process, summarize, and report financial data; and (B) any fraud, whether or not material, that involves management or other employees who have
a role in the Company’s internal controls; and since the date of the most recent evaluation of such disclosure controls and procedures, there have been no significant changes in internal controls or in other factors that could significantly
affect internal controls, including any corrective actions with regard to significant deficiencies and material weaknesses. 

(xxxvii) Neither the Company nor any of its affiliates (as defined in Rule 501(b) of Regulation D under the Act) has, directly
or through any person acting on its or their behalf (other than any Initial Purchaser, as to which no representation is made), (A) taken, directly or indirectly, any action that is designed to or that has constituted or that would reasonably be
expected to cause or result in the stabilization or manipulation of the price of any security of the Company to facilitate the sale or resale of the Securities, (B) sold, bid for, purchased or paid any person any compensation for soliciting
purchases of the Securities in a manner that would require registration of the Securities under the Act or paid or agreed to pay to any person any compensation for soliciting another to purchase any other securities of any Issuer in a manner that
would require registration of the Securities under the Act, (C) sold, offered for sale, contracted to sell, pledged, solicited offers to buy or otherwise disposed of or negotiated in respect of any security

  
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(as defined in the Act) that is currently or will be integrated with the sale of the Securities in a manner that would require the registration of the Securities under the Act or (D) engaged
in any directed selling effort (as defined by Regulation S) with respect to the Securities, and each of them has complied with the offering restrictions requirement of Regulation S. 

(xxxviii) No form of general solicitation or general advertising (prohibited by the Act in connection with offers or sales such
as the Exempt Resales) was used by the Company or any person acting on its behalf (other than any Initial Purchaser, as to which no representation is made) in connection with the offer and sale of any of the Securities or in connection with Exempt
Resales, including, but not limited to, articles, notices or other communications published in any newspaper, magazine or similar medium or broadcast over television or radio or the Internet, or any seminar or meeting whose attendees have been
invited by any general solicitation or general advertising within the meaning of Regulation D under the Act. Neither the Company nor any of its affiliates has entered into, or will enter into, any contractual arrangement with respect to the
distribution of the Securities except for this Agreement. 
 (xxxix) Neither the issuance, sale and delivery of the
Securities nor the application of the proceeds thereof by the Company as described in each of the Pricing Disclosure Package and the Offering Memorandum will violate Regulation T, U or X of the Board of Governors of the Federal Reserve System or any
other regulation of such Board of Governors. 
 (xl) No forward-looking statement (within the meaning of Section 27A of
the Securities Act and Section 21E of the Exchange Act) contained in any of the Pricing Disclosure Package or the Offering Memorandum has been made or reaffirmed without a reasonable basis or has been disclosed other than in good faith. 

(xli) Except as described in the sections entitled “Private Placement” and “Notice to Investors” in the
Offering Memorandum, there are no contracts, agreements or understandings between the Company or any Subsidiary and any person that would give rise to a valid claim against the Company, any Subsidiary or any of the Initial Purchasers for a brokerage
commission, finder’s fee or other like payment in connection with the issuance, purchase and sale of the Securities. 

(xlii) There is and has been no failure on the part of the Company and any of the Company’s directors or officers, in
their capacities as such, to comply with any provision of the Sarbanes Oxley Act of 2002 and the rules and regulations promulgated in connection therewith, including Section 402 related to loans and Sections 302 and 906 related to
certifications. 
 (xliii) Ernst & Young LLP, who have certified certain financial statements of the Company and its
subsidiaries, are independent public accountants with respect to the Company and its subsidiaries within the applicable rules and regulations adopted by the Commission and the Public Company Accounting Oversight Board (United States)
(“PCAOB”) as required by the Securities Act. 

  
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 (xliv) KPMG LLP, who have certified certain financial statements of Seahawk, were
as of July 7, 2011, independent public accountants with respect to Seahawk within the applicable rules and regulations adopted by the Commission and the PCAOB as required by the Securities Act. 

Each certificate signed by any officer of any Issuer and delivered to the Initial Purchasers or counsel for the Initial Purchasers pursuant
to, or in connection with, this Agreement shall be deemed to be a representation and warranty by the Issuers to the Initial Purchasers as to the matters covered by such certificate. 

The Company acknowledges that the Initial Purchasers and, for purposes of the opinions to be delivered to the Initial Purchasers pursuant to
Section 8 of this Agreement, counsel to the Company and counsel to the Initial Purchasers will rely upon the accuracy and truth of the foregoing representations and the Company hereby consents to such reliance. 

(b) Each Initial Purchaser represents that it is an “accredited investor” (as defined in Rule 501(a) of Regulation D under the Act)
and acknowledges that it is purchasing the Securities pursuant to a private sale exemption from registration under the Act, and that the Securities have not been registered under the Act and may not be offered or sold within the United States or to,
or for the account or benefit of, U.S. persons except pursuant to an exemption from the registration requirements of the Act. Each Initial Purchaser, severally and not jointly, represents, warrants and covenants to the Issuers that: 

(i) Neither it, nor any person acting on its behalf, has or will solicit offers for, or offer or sell, the Securities by any
form of general solicitation or general advertising (as those terms are used in Regulation D under the Act) or in any manner involving a public offering within the meaning of Section 4(2) of the Act, and it has and will solicit offers for the
Securities only from, and will offer and sell the Securities only to, (1) persons whom such Initial Purchaser reasonably believes to be QIBs or, if any such person is buying for one or more institutional accounts for which such person is acting
as fiduciary or agent, only when such person has represented to such Initial Purchaser that each such account is a QIB to whom notice has been given that such sale or delivery is being made in reliance on Rule 144A, and, in each case, in reliance on
the exemption from the registration requirements of the Act pursuant to Rule 144A, or (2) persons other than U.S. persons outside the United States in reliance on, and in compliance with, the exemption from the registration requirements of the
Act provided by Regulation S. 
 (ii) With respect to offers and sales outside the United States, such Initial Purchaser has
offered the Securities and will offer and sell the Securities (1) as part of its distribution at any time and (2) otherwise until 40 days after the later of the commencement of the offering of the Securities and the Closing Date, only in
accordance with Rule 903 of Regulation S or another exemption from the registration requirements of the Act. Accordingly, neither such Initial Purchasers nor any person acting on their behalf has engaged or will engage in any directed selling
efforts (within the meaning of Regulation S) with respect to the Securities, and any such persons have complied and will comply with the offering restrictions requirements of Regulation S. Terms used in this Section 5(b)(ii) have the meanings
given to them by Regulation S. 

  
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 Each Initial Purchaser severally agrees that, at or prior to confirmation of a sale of Securities
pursuant to Regulation S it will have sent to each distributor, dealer or person receiving a selling concession, fee or other remuneration that purchases Securities from it or through it during the restricted period a confirmation or notice to
substantially the following effect: 
 “The Securities covered hereby have not been registered under the United States Securities Act
of 1933, as amended (the “Securities Act”), and may not be offered or sold within the United States or to or for the account or benefit of, U.S. persons (ii) as part of their distribution at any time and (iii) otherwise until
forty days after the later of the date upon which the offering of the Securities commenced and the date of closing, except in either case in accordance with Regulation S or Rule 144A under the Securities Act. Terms used above have the meaning given
to them by Regulation S.” 
 The Initial Purchasers understand that the Issuers and, for purposes of the opinions to be delivered to
them pursuant to Section 8 hereof, counsel to the Issuers and counsel to the Initial Purchasers will rely upon the accuracy and truth of the foregoing representations, and each Initial Purchaser hereby consents to such reliance. 

6. Indemnification. 
 (a)
The Issuers, jointly and severally, agree to indemnify and hold harmless the Initial Purchasers, each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, the
agents, employees, officers and directors of any Initial Purchaser and the agents, employees, officers and directors of any such controlling person from and against any and all losses, liabilities, claims, damages and expenses whatsoever (including,
but not limited, to reasonable attorneys’ fees and any and all reasonable expenses whatsoever incurred in investigating, preparing or defending against any litigation, commenced or threatened, or any claim whatsoever, and any and all reasonable
amounts paid in settlement of any claim or litigation) (collectively, “Losses”) to which they or any of them may become subject under the Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Pricing Disclosure Package, any Issuer Written Communication (including, but not limited to, any electronic roadshow), the Final
Offering Memorandum, or in any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under
which they were made, not misleading; provided that none of the Issuers will be liable in any such case to the extent, but only to the extent, that any such Loss arises out of or is based upon any such untrue statement or alleged untrue statement or
omission or alleged omission relating to an Initial Purchaser made therein in reliance upon and in conformity with written information furnished to the Company by or on behalf of such Initial Purchaser through the Representatives expressly for use
therein. This indemnity agreement will be in addition to any liability that the Issuers may otherwise have, including, but not limited to, liability under this Agreement. 

  
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 (b) Each Initial Purchaser, severally, and not jointly, agrees to indemnify and hold harmless the
Issuers, and each person, if any, who controls any of the Issuers within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act, the agents, employees, officers and directors of any of the Issuers and the agents,
employees, officers and directors of any such controlling person from and against any and all Losses to which they or any of them may become subject under the Act, the Exchange Act or otherwise insofar as such Losses (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement of a material fact contained in the Pricing Disclosure Package or the Final Offering Memorandum, or in any amendment or supplement thereto, or arise out of or are based
upon the omission or alleged omission to state therein a material fact necessary to make the statements therein, in the light of the circumstances under which they were made, not misleading, in each case to the extent, but only to the extent, that
any such Loss arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission relating to such Initial Purchaser made therein in reliance upon and in conformity with information furnished in writing to
the Company by or on behalf of such Initial Purchaser through the Representatives expressly for use therein. 
 (c) Promptly after
receipt by an indemnified party under subsection 6(a) or 6(b) above of notice of the commencement of any action, suit or proceeding (collectively, an “action”), such indemnified party shall, if a claim in respect thereof is to be
made against the indemnifying party under such subsection, notify each party against whom indemnification is to be sought in writing of the commencement of such action (but the failure so to notify an indemnifying party shall not relieve such
indemnifying party from any liability that it may have under this Section 6 except to the extent that it has been prejudiced in any material respect by such failure and shall not, in any event, relieve such indemnifying party from any liability
otherwise than under this Section 6). In case any such action is brought against any indemnified party, and it notifies an indemnifying party of the commencement of such action, the indemnifying party will be entitled to participate in such
action, and to the extent it may elect by written notice delivered to the indemnified party promptly after receiving the aforesaid notice from such indemnified party, to assume the defense of such action with counsel satisfactory to such indemnified
party. Notwithstanding the foregoing, the indemnified party or parties shall have the right to employ its or their own counsel in any such action, but the reasonable fees and expenses of such counsel shall be at the expense of such indemnified party
or parties unless (i) the employment of such counsel shall have been authorized in writing by the indemnifying parties in connection with the defense of such action, (ii) the indemnifying parties shall not have employed counsel to take
charge of the defense of such action within a reasonable time after notice of commencement of the action, or (iii) the named parties to such action (including any impleaded parties) include such indemnified party and the indemnifying parties
(or such indemnifying parties have assumed the defense of such action), and such indemnified party or parties shall have reasonably concluded that there may be defenses available to it or them that are different from or additional to those available
to one or all of the indemnifying parties (in which case the indemnifying parties shall not have the right to direct the defense of such action on behalf of the indemnified party or parties), in any of which events such reasonable fees and expenses
of counsel shall be borne by the indemnifying parties. In no event shall the indemnifying parties be liable for the fees and expenses of more than one counsel (together with appropriate local counsel) at any time for all indemnified parties in
connection with any one action or separate but substantially similar or related actions arising in the same jurisdiction out of the same general allegations or circumstances. An indemnifying party shall not be liable for any settlement of any claim
or action effected without its written consent, which consent may not  

  
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be unreasonably withheld. No indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened proceeding in respect of
which any indemnified party is or could have been a party and indemnity could have been sought hereunder by such indemnified party, unless such settlement (x) includes an unconditional release of such indemnified party from all liability on
claims that are the subject matter of such proceeding and (y) does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 

7. Contribution. In order to provide for contribution in circumstances in which the indemnification provided for in Section 6 of
this Agreement is for any reason held to be unavailable from the indemnifying party, or is insufficient to hold harmless a party indemnified under Section 6 of this Agreement, each indemnifying party shall contribute to the amount paid or
payable by such indemnified party as a result of such aggregate Losses (i) in such proportion as is appropriate to reflect the relative benefits received by the Issuers, on the one hand, and the Initial Purchasers, on the other hand, from the
offering of the Securities or (ii) if such allocation is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits referred to above but also the relative fault of the Issuers, on the one
hand, and the Initial Purchasers, on the other hand, in connection with the statements or omissions that resulted in such Losses, as well as any other relevant equitable considerations. The relative benefits received by the Issuers, on the one hand,
and the Initial Purchasers, on the other hand, shall be deemed to be in the same proportion as (x) the total proceeds from the offering of Securities (net of discounts and commissions but before deducting expenses) received by the Issuers are
to (y) the total discount and commissions received by the Initial Purchasers. The relative fault of the Issuers, on the one hand, and the Initial Purchasers, on the other hand, shall be determined by reference to, among other things, whether
the untrue or alleged untrue statement of a material fact or the omission or alleged omission to state a material fact relates to information supplied by an Issuer or the Initial Purchasers and the parties’ relative intent, knowledge, access to
information and opportunity to correct or prevent such statement or omission or alleged statement or omission. 
 The Issuers and the
Initial Purchasers agree that it would not be just and equitable if contribution pursuant to this Section 7 were determined by pro rata allocation or by any other method of allocation that does not take into account the equitable considerations
referred to above. Notwithstanding the provisions of this Section 7, (i) in no case shall any Initial Purchaser be required to contribute any amount in excess of the amount by which the total discount and commissions applicable to the
Securities purchased by such Initial Purchaser pursuant to this Agreement exceeds the amount of any damages that such Initial Purchaser has otherwise been required to pay by reason of any untrue or alleged untrue statement or omission or alleged
omission and (ii) no person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Act) shall be entitled to contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of
this Section 7, each person, if any, who controls any Initial Purchaser within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act shall have the same rights to contribution as the Initial Purchasers, and each
person, if any, who controls an Issuer within the meaning of Section 15 of the Act or Section 20(a) of the Exchange Act and each director, officer, employee and agent of an Issuer shall have the same rights to contribution as the Issuers.
Any party entitled to contribution will, promptly after receipt of notice of commencement of any action against such party in respect of which a 

  
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claim for contribution may be made against another party or parties under this Section 7, notify such party or parties from whom contribution may be sought, but the omission to so notify
such party or parties shall not relieve the party or parties from whom contribution may be sought from any obligation it or they may have under this Section 7 or otherwise, except to the extent that it has been prejudiced in any material
respect by such failure; provided, however, that no additional notice shall be required with respect to any action for which notice has been given under Section 6 for purposes of indemnification. Anything in this section to the contrary
notwithstanding, no party shall be liable for contribution with respect to any action or claim settled without its written consent; provided, however, that such written consent was not unreasonably withheld. 

8. Conditions of Initial Purchasers’ Obligations. The obligations of the Initial Purchasers to purchase and pay for the
Securities, as provided for in this Agreement, shall be subject to satisfaction of the following conditions prior to or concurrently with such purchase: 

(a) All of the representations and warranties of the Issuers contained in this Agreement shall be true and correct on the date of this
Agreement and on the Closing Date. The Issuers shall have performed or complied with all of the agreements and covenants contained in this Agreement and required to be performed or complied with by them at or prior to the Closing Date. The Initial
Purchasers shall have received a certificate, dated the Closing Date, signed by the chief executive officer and chief financial officer of the Company, certifying as to the foregoing and to the effect in Section 8(c). 

(b) The Final Offering Memorandum shall have been printed and copies distributed to the Initial Purchasers as required by Section 4(b). No
stop order suspending the qualification or exemption from qualification of the Securities in any jurisdiction shall have been issued and no proceeding for that purpose shall have been commenced or shall be pending or threatened. 

(c) Since the execution of this Agreement, there shall not have been any decrease in the rating of any debt or preferred stock of the Company
or any Subsidiary by any nationally recognized rating organization, or any notice given of any intended or potential decrease in any such rating or of a possible change in any such rating that does not indicate the direction of the possible change.

 (d) The Initial Purchasers shall have received on the Closing Date opinions dated the Closing Date, addressed to the Initial Purchasers,
of (i) Andrews Kurth LLP, counsel to the Company and (ii) Beau M. Thompson, general counsel of the Company, substantially in the form of Exhibit A-1 and A-2, respectively, attached hereto. 

(e) The Initial Purchasers shall have received on the Closing Date an opinion dated the Closing Date of Vinson & Elkins L.L.P.,
counsel to the Initial Purchasers, in form and substance satisfactory to the Representatives. Such counsel shall have been furnished with such certificates and documents as they may reasonably request to enable them to review or pass upon the
matters referred to in this Section 8 and in order to evidence the accuracy, completeness or satisfaction in all material respects of any of the representations, warranties or conditions contained in this Agreement. 

  
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 (f) On the date hereof, the Initial Purchasers shall have received “comfort letters”
from each of Ernst & Young LLP and KPMG LLP, the independent public accountants for the Company, dated the date of this Agreement, addressed to the Initial Purchasers and in form and substance satisfactory to the Representatives and counsel
to the Initial Purchasers, covering certain of the financial and accounting information in the Preliminary Offering Memorandum and the Pricing Supplement. In addition, the Initial Purchaser shall have received a “bring down comfort letter”
from Ernst & Young LLP, dated as of the Closing Date, addressed to the Initial Purchasers and addressing the matters in the “comfort letter” delivered on the date hereof pursuant to the preceding sentence, except that (i) the
“bring-down comfort letter” shall cover the financial and accounting information in the Final Offering Memorandum and any amendment or supplement thereto and (ii) procedures shall be brought down to a date no more than 5 days prior to
the Closing Date, and otherwise in form and substance satisfactory to the Initial Purchasers and counsel to the Initial Purchasers. 
 (g)
The Issuers and the Trustee shall have executed and delivered the Indenture, to which it is a party, and the Initial Purchasers shall have received copies thereof. 

(h) The Initial Purchasers shall have been furnished with wiring instructions for the application of the proceeds of the Securities in
accordance with this Agreement and such other information as they may reasonably request. 
 (i) All agreements set forth in the blanket
representation letter of the Company to DTC relating to the approval of the Notes by DTC for “book entry” transfer shall have been complied with. 

If any of the conditions specified in this Section 8 shall not have been fulfilled when and as required by this Agreement to be fulfilled
(or waived by the Initial Purchasers), this Agreement may be terminated by the Initial Purchasers on notice to the Company at any time at or prior to the Closing Date, and such termination shall be without liability of any party to any other party.

 The documents required to be delivered by this Section 8 will be delivered at the office of counsel for the Initial Purchasers on
the Closing Date. 
 9. Initial Purchasers Information. The Company and the Initial Purchasers severally acknowledge that, for all
purposes (including Sections 5(a)(i) and 6), the statements set forth in the fifth, fifteenth and eighteenth paragraphs under “Private Placement” in the Preliminary Offering Memorandum and the Final Offering Memorandum constitute the only
information furnished in writing by or behalf of any Initial Purchaser expressly for use in the Pricing Disclosure Package or the Final Offering Memorandum. 

10. Survival of Representations and Agreements. All representations and warranties, covenants and agreements contained in this
Agreement, including the agreements contained in Sections 4(f) and 11(d), the indemnity agreements contained in Section 6 and the contribution agreements contained in Section 7, shall remain operative and in full force and effect
regardless of any investigation made by or on behalf of the Initial Purchasers or any controlling person thereof or by or on behalf of the Company or any controlling person thereof, and shall survive delivery of and payment for the Notes to and by
the Initial Purchasers. The agreements contained in Sections 4(f), 6, 7, 9 and 11(d) shall survive the termination of this Agreement, including pursuant to Section 11. 

  
 - 22 - 

 11. Effective Date of Agreement; Termination. 

(a) This Agreement shall become effective upon execution and delivery of a counterpart hereof by each of the parties hereto. 

(b) The Initial Purchasers shall have the right to terminate this Agreement at any time prior to the Closing Date by notice to the Company from
the Initial Purchasers, without liability (other than with respect to Sections 6 and 7) on the Initial Purchasers’ part to the Company or any affiliate thereof if, on or prior to such date, (i) the Company shall have failed, refused or
been unable to perform any agreement on its part to be performed under this Agreement when and as required; (ii) any other condition to the obligations of the Initial Purchasers under this Agreement to be fulfilled by the Issuers pursuant to
Section 8 is not fulfilled when and as required in any material respect; (iii) trading in any securities of the Company shall be suspended or limited by the Commission or The NASDAQ Global Select Market, or (iv) trading in securities
generally on the New York Stock Exchange, the American Stock Exchange or the Nasdaq Global Select Market shall have been suspended or materially limited, or minimum prices shall have been established thereon by the Commission, or by such exchange or
other regulatory body or governmental authority having jurisdiction; (v) a general moratorium shall have been declared by either Federal, New York State, or Texas State authorities or a material disruption in commercial banking or securities
settlement or clearance services in the United States shall have occurred; (vi) there is an outbreak or escalation of hostilities or national or international calamity in any case involving the United States, on or after the date of this
Agreement, or if there has been a declaration by the United States of a national emergency or war or other national or international calamity or crisis (economic, political, financial or otherwise) which affects the U.S. and international markets,
making it, in the judgment of Deutsche Bank Securities Inc., impracticable to proceed with the offering or delivery of the Securities on the terms and in the manner contemplated in the Pricing Disclosure Package; or (vii) there shall have been
such a material adverse change in general economic, political or financial conditions or the effect (or potential effect if the financial markets in the United States have not yet opened) of international conditions on the financial markets in the
United States shall be such as, in the judgment of Deutsche Bank Securities Inc., to make it inadvisable or impracticable to proceed with the offering or delivery of the Securities on the terms and in the manner contemplated in the Pricing
Disclosure Package. 
 (c) Any notice of termination pursuant to this Section 11 shall be given at the address specified in
Section 12 below by telephone or facsimile, confirmed in writing by letter. 
 (d) If this Agreement shall be terminated pursuant to
Section 11(b) (other than solely pursuant to clauses (iv), (v), (vi) or (vii) thereof), or if the sale of the Securities provided for in this Agreement is not consummated because of any refusal, inability or failure on the part of the
Issuers to satisfy any condition to the obligations of the Initial Purchasers set forth in this Agreement to be satisfied or because of any refusal, inability or failure on the part of the Issuers to perform any agreement in this Agreement or comply
with any provision of this Agreement, 

  
 - 23 - 

 
the Issuers, jointly and severally, will reimburse the Initial Purchasers for all of their reasonable out of pocket expenses (including, without limitation, the fees and expenses of the Initial
Purchasers’ counsel) incurred in connection with this Agreement and the transactions contemplated hereby. 
 (e) If any one or more
Initial Purchasers shall fail to purchase and pay for any of the Securities agreed to be purchased by such Initial Purchaser hereunder and such failure to purchase shall constitute a default in the performance of its or their obligations under this
Agreement, the remaining Initial Purchasers shall be obligated severally to take up and pay for (in the respective proportions which the principal amount of Securities set forth opposite their names in Schedule I hereto bears to the aggregate
principal amount of Securities set forth opposite the names of all the remaining Initial Purchasers) the Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase; provided, however, that in the event that
the aggregate principal amount of Securities which the defaulting Initial Purchaser or Initial Purchasers agreed but failed to purchase shall exceed 10% of the aggregate principal amount of Securities set forth in Schedule I hereto, the remaining
Initial Purchasers shall have the right to purchase all, but shall not be under any obligation to purchase any, of the Securities, and if such nondefaulting Initial Purchasers do not purchase all the Securities, this Agreement will terminate without
liability to any nondefaulting Initial Purchaser or the Company. In the event of a default by any Initial Purchaser as set forth in this Section 11(e), the Closing Date shall be postponed for such period, not exceeding seven Business Days, as
Deutsche Bank Securities Inc. shall determine in order that the required changes in the Final Offering Memorandum or in any other documents or arrangements may be effected. Nothing contained in this Agreement shall relieve any defaulting Initial
Purchaser of its liability, if any, to the Company or any nondefaulting Initial Purchaser for damages occasioned by its default hereunder. 

12. Notice. All communications with respect to or under this Agreement, except as may be otherwise specifically provided in this
Agreement, shall be in writing and, if sent to the Initial Purchasers, shall be mailed, delivered or telecopied and confirmed in writing to c/o Deutsche Bank Securities Inc., 60 Wall Street, New York, New York 10005 (fax number: 212-797-4877),
Attention: High Yield Capital Markets, with a copy for information purposes only to Deutsche Bank Securities Inc., 60 Wall Street- 44th Floor, New York, New York 10005 (fax number: 212-797-4561), Attention: Legal and Compliance Department; and if
sent to the Issuers, shall be mailed, delivered or telecopied and confirmed in writing to Hercules Offshore, Inc. 9 Greenway Plaza, Suite 2200 Houston, Texas (fax: 713-350-5105), Attention: Chief Financial Officer. 

All such notices and communications shall be deemed to have been duly given: when delivered by hand, if personally delivered; five business
days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged by telecopier machine, if telecopied; and one business day after being timely delivered to a next day air courier. 

13. Parties. This Agreement shall inure solely to the benefit of, and shall be binding upon, the Initial Purchasers, the Issuers and
the other indemnified parties referred to in Sections 6 and 7, and their respective successors and assigns, and no other person shall have or be construed to have any legal or equitable right, remedy or claim under or in respect of or by virtue of
this Agreement or any provision herein contained. The term “successors and assigns” shall not include a purchaser, in its capacity as such, of Notes from the Initial Purchasers. 

  
 - 24 - 

 14. Construction. This Agreement shall be construed in accordance with the internal laws
of the State of New York (without giving effect to any provisions thereof relating to conflicts of law). 
 15. Submission to
Jurisdiction; Waiver of Jury Trial. No proceeding related to this Agreement or the transactions contemplated hereby may be commenced, prosecuted or continued in any court other than the courts of the State of New York located in the City and
County of New York or in the United States District Court for the Southern District of New York, which courts shall have jurisdiction over the adjudication of such matters, and the Issuers hereby consent to the jurisdiction of such courts and
personal service with respect thereto. The Issuers hereby waive all right to trial by jury in any proceeding (whether based upon contract, tort or otherwise) in any way arising out of or relating to this Agreement. The Issuers agree that a final
judgment in any such proceeding brought in any such court shall be conclusive and binding upon the Issuers and may be enforced in any other courts in the jurisdiction of which the Issuers are or may be subject, by suit upon such judgment. 

16. Captions. The captions included in this Agreement are included solely for convenience of reference and are not to be considered a
part of this Agreement. 
 17. Counterparts. This Agreement may be executed in various counterparts that together shall constitute
one and the same instrument. 
 18. No Fiduciary Relationship. The Issuers hereby acknowledge that the Initial Purchasers are acting
solely as initial purchasers in connection with the purchase and sale of the Securities. The Issuers further acknowledge that each of the Initial Purchasers is acting pursuant to a contractual relationship created solely by this Agreement entered
into on an arm’s length basis and in no event do the parties intend that any Initial Purchaser act or be responsible as a fiduciary to the Issuers, their management, stockholders, creditors or any other person in connection with any activity
that such Initial Purchaser may undertake or has undertaken in furtherance of the purchase and sale of the Securities, either before or after the date hereof. The Initial Purchasers hereby expressly disclaim any fiduciary or similar obligations to
the Issuers, either in connection with the transactions contemplated by this Agreement or any matters leading up to such transactions, and the Issuers hereby confirm their understanding and agreement to that effect. The Issuers and each Initial
Purchaser agree that they are each responsible for making their own independent judgments with respect to any such transactions, and that any opinions or views expressed by any Initial Purchaser to the Issuers regarding such transactions, including
but not limited to any opinions or views with respect to the price or market for the Securities, do not constitute advice or recommendations to the Issuers. The Issuers hereby waive and release, to the fullest extent permitted by law, any claims
that such Issuers may have against the Initial Purchasers with respect to any breach or alleged breach of any fiduciary or similar duty to the Issuers in connection with the transactions contemplated by this Agreement or any matters leading up to
such transactions. 

  
 - 25 - 

 19. Patriot Act. In accordance with the requirements of the USA Patriot Act (Title III of
Pub. L. 107-56 (signed into law October 26, 2001)), the underwriters are required to obtain, verify and record information that identifies their respective clients, including the Company, which information may include the name and address of
their respective clients, as well as other information that will allow the underwriters to properly identify their respective clients. 

[Signature Pages Follow] 

  
 - 26 - 

 If the foregoing Purchase Agreement correctly sets forth the understanding among the Issuers and
the Initial Purchasers, please so indicate in the space provided below for the purpose, whereupon this letter and your acceptance shall constitute a binding agreement among the Issuers and the Initial Purchasers. 

 

			
	 HERCULES OFFSHORE, INC.

		
	By:	 	/s/ Stephen M. Butz
		 	  

		 	Name: Stephen M. Butz
		 	Title: Executive Vice President and Chief Financial Officer
	  
 CLIFFS DRILLING COMPANY

CLIFFS DRILLING TRINIDAD L.L.C.
 FDT LLC

FDT HOLDINGS LLC
 HERCULES DRILLING COMPANY, LLC

HERCULES LIFTBOAT COMPANY, LLC

HERCULES OFFSHORE LIFTBOAT COMPANY LLC

HERCULES OFFSHORE SERVICES LLC
 THE OFFSHORE DRILLING COMPANY

THE ONSHORE DRILLING COMPANY
 TODCO AMERICAS INC.

TODCO INTERNATIONAL INC.
 HERO HOLDINGS, INC.

SD DRILLING LLC
  

	By:	 	/s/ Stephen M. Butz
		 	  

		 	Name: Stephen M. Butz
		 	Title: Vice President

 Signature Page to Purchase Agreement 

 Confirmed and accepted as of the date first above written: 

 

			
	 Deutsche Bank Securities Int.

Credit Suisse Securities (USA) LLC

Goldman, Sachs & Co.

UBS Securities LLC

Capital One Securities, Inc.
  

	 By:
	 	DEUTSCHE BANK SECURITIES INC.
		 	CREDIT SUISSE SECURITIES (USA) LLC
		 	GOLDMAN, SACHS & CO.
		 	UBS SECURITIES LLC
		 	CAPITAL ONE SECURITIES, INC., as Representatives of the several Initial Purchasers
	  
 DEUTSCHE BANK
SECURITIES INC.
  

	 By:
	 	/s/ William Frauen
		 	  

		 	Name: William Frauen
		 	Title: Managing Director
	  
 By:
	 	/s/ Kevin Gibbs
		 	  

		 	Name: Kevin Gibbs
		 	Title: Director

 [Signature Page—Purchase Agreement] 

			
	 CREDIT SUISSE SECURITIES (USA) LLC

 

	By:	 	/s/ Max Lipkind
		 	  

		 	Name: Max Lipkind
		 	Title: Director

  

  
 [Signature
Page—Purchase Agreement] 

			
	 GOLDMAN, SACHS & CO.

 

	By:	 	/s/ Michael Hickey
		 	  

		 	Name: Michael Hickey
		 	Title: Managing Director

  

  
 [Signature
Page—Purchase Agreement] 

			
	 UBS SECURITIES LLC

 

	By:	 	/s/ John Stroll
		 	  

		 	Name: John Stroll
		 	Title: Director
		
	By:	 	/s/ Luke Bartolone
		 	  

		 	Name: Luke Bartolone
		 	Title: Director

  

  
 [Signature
Page—Purchase Agreement] 

			
	 CAPITAL ONE SECURITIES, INC.

 

	By:	 	/s/ James R. McBride
		 	  

		 	Name: James R. McBride
		 	Title: Managing Director

  

  
 [Signature
Page—Purchase Agreement] 

 Annex A 

Term sheet containing the terms of the securities, substantially in the form of Exhibit B. 

 Schedule I 
  

					
	Initial Purchasers	  	Aggregate Principal
Amount of
Securities to be
Purchased	 
	 Deutsche Bank Securities Inc.
	  	$	100,515,000	  
	 Credit Suisse Securities (USA) LLC
	  	 	40,206,000	  
	 Goldman, Sachs & Co
	  	 	32,475,000	  
	 UBS Securities LLC.
	  	 	29,382,000	  
	 Capital One Securities, Inc.
	  	 	20,104,000	  
	 Comerica Securities, Inc.
	  	 	12,372,000	  
	 Cowen and Company, LLC.
	  	 	9,278,000	  
	 IBERIA Capital Partners L.L.C.
	  	 	9,278,000	  
	 Pareto Securities AS
	  	 	9,278,000	  
	 RS Platou Markets AS.
	  	 	9,278,000	  
	 Scotia Capital (USA) Inc.
	  	 	9,278,000	  
	 Stephens Inc.
	  	 	9,278,000	  
	 Tudor, Pickering, Holt & Co. Securities, Inc.
	  	 	9,278,000	  
		
	 Total
	  	$	300,000,000	  

 Schedule I 

 Schedule II 
  

					
	 Subsidiary
	  	 Jurisdiction of
Organization
	  	 Equity Holder and % Held by Each

	 Cliffs Drilling (Barbados) Holdings SRL
	  	Barbados	  	Cliffs Drilling Company (99.99%); Cliffs Drilling Trinidad L.L.C. (0.01%)
	 Cliffs Drilling (Barbados) SRL
	  	Barbados	  	Cliffs Drilling (Barbados) Holdings SRL (99.99%); Cliffs Drilling Trinidad L.L.C. (0.01%)
	 Cliffs Drilling Company
	  	Delaware	  	Hercules Offshore, Inc. (100%)
	 Cliffs Drilling Trinidad L.L.C.
	  	Delaware	  	Cliffs Drilling Company (100%)
	 Cliffs Drilling Trinidad Offshore Limited
	  	Trinidad and Tobago	  	Cliffs Drilling (Barbados) SRL (100%)
	 FDT Holdings LLC
	  	Delaware	  	THE Offshore Drilling Company (100%)
	 FDT LLC
	  	Delaware	  	FDT Holdings LLC (100%)
	 Hercules Drilling Company, LLC
	  	Delaware	  	HERO Holdings, Inc. (100%)
	 Hercules International Asset Company, Ltd.
	  	Cayman Islands	  	Hercules Oilfield Services Ltd. (100%)
	 Hercules International Drilling Ltd.
	  	Cayman Islands	  	Hercules International Management Company Ltd. (100%)
	 Hercules International Finance Company, Ltd.
	  	Cayman Islands	  	Hercules Offshore Services LLC (100%)
	 Hercules International Holdings, Ltd.
	  	Cayman Islands	  	Hercules Offshore Services LLC (100%)
	 Hercules International Management Company Ltd.
	  	Cayman Islands	  	Hercules Oilfield Services Ltd. (100%)
	 Hercules International Offshore, Ltd.
	  	Cayman Islands	  	Hercules Oilfield Services Ltd. (100%)
	 Hercules Liftboat Company, LLC
	  	Delaware	  	HERO Holdings, Inc. (100%)
	 Hercules Marketing International, Ltd.
	  	Cayman Islands	  	Hercules Oilfield Services Ltd. (100%)
	 Hercules Offshore (Nigeria) Limited
	  	Nigeria	  	Hercules Offshore International, LLC (100%)
	 Hercules Offshore Arabia, Ltd.
	  	Cayman Islands	  	Hercules Offshore Middle East Ltd. (100%)
	 Hercules Offshore Disaster Relief Fund
	  	Texas	  	No shareholders
	 Hercules Offshore Holdings Ltd.
	  	Cayman Islands	  	Hercules Offshore Services LLC (100%)
	 Hercules Offshore International, LLC
	  	Delaware	  	Hercules Oilfield Services Ltd. (100%)
	 Hercules Offshore Labuan Corporation
	  	Malaysia	  	Hercules International Drilling Ltd. (100%)
	 Hercules Offshore Liftboat Company, LLC
	  	Delaware	  	HERO Holdings, Inc. (100%)
	 Hercules Offshore Middle East Ltd.
	  	Cayman Islands	  	Hercules Offshore Holdings Ltd. (100%)
	 Hercules Offshore Norway Ltd.
	  	Cayman Islands	  	Hercules Offshore Services LLC (100%)
	 Hercules Offshore Services LLC
	  	Delaware	  	HERO Holdings, Inc. (100%)
	 Hercules Offshore UK Limited
	  	England & Wales	  	Hercules International Holdings, Ltd. (100%)
	 Hercules Oilfield Services Ltd.
	  	Cayman Islands	  	Hercules International Holdings, Ltd. (100%)
	 Hercules Tanjung Asia Sdn. Bhd.
	  	Malaysia	  	Hercules International Drilling Ltd. (100%)
	 HERO Holdings, Inc.
	  	Delaware	  	Hercules Offshore, Inc. (100%)
	 HERO Offshore de Mexico, S. de R.L. de C.V.
	  	Mexico	  	Hercules International Holdings, Ltd. (99%); Hercules International Drilling Ltd. (1%)
	 HQ Ltd.
	  	Cayman Islands	  	Hercules Oilfield Services Ltd. (100%)
	 SD Drilling LLC
	  	Delaware	  	HERO Holdings, Inc. (100%)
	 THE Offshore Drilling Company
	  	Delaware	  	Hercules Offshore, Inc. (100%)
	 THE Onshore Drilling Company
	  	Delaware	  	Cliffs Drilling Company (100%)
	 TODCO Americas Inc.
	  	Delaware	  	Cliffs Drilling Company (100%)
	 TODCO International Inc.
	  	Delaware	  	Hercules Offshore, Inc. (100%)
	 TODCO Trinidad Ltd.
	  	Cayman Islands	  	Cliffs Drilling Company (100%)
	 Hercules Discovery Ltd.
	  	Cayman Islands	  	Hercules Offshore, Inc. (100%)

  
 Schedule II 

					
	 Subsidiary
	  	 Jurisdiction of
Organization
	  	 Equity Holder and % Held by Each

	 Discovery Offshore S.A.
	  	Luxembourg	  	Hercules Discovery Ltd. (67.95%); Hercules International Holdings, Ltd. (31.30%); Hercules Offshore, Inc. (0.75%)
			
	 Discovery Offshore (Gibraltar) Limited
	  	Gibraltar	  	Discovery Offshore S.A. (100%)
			
	 Discovery Offshore Drilling UK Ltd.
	  	Cayman Islands	  	Discovery Offshore (Gibraltar) Limited (100%)
			
	 Discovery Offshore Services Ltd.
	  	Cayman Islands	  	Discovery Offshore (Gibraltar) Limited (100%)

  
 Schedule II 

 Exhibit A-1 

FORM OF OPINION OF COMPANY COUNSEL 

The opinion of Andrews Kurth LLP, counsel for the Issuers (capitalized terms not otherwise defined herein shall have the meanings provided in
the Purchase Agreement, to which this is an Exhibit), to be delivered pursuant to Section 8(d) of the Purchase Agreement shall be to the effect that: 

We have acted as special counsel to Hercules Offshore, Inc., a Delaware corporation (the “Issuer”), in connection with the
Purchase Agreement dated March 12, 2014 (the “Purchase Agreement”) among (i) the Issuer, (ii) the subsidiaries of the Issuer named therein as parties thereto and as guarantors of the Securities (as defined below), and
(iii) Deutsche Bank Securities Inc., as representative of the several initial purchasers named therein (the “Initial Purchasers”), relating to the sale by the Issuer to the Initial Purchasers of $300,000,000 aggregate principal
amount of the Issuer’s 6.750% Senior Notes due 2022 (the “Securities”). The Issuer and the Guarantors are referred to collectively herein as the “Obligors.” 

The Securities are being issued under an Indenture dated as of March
[            ], 2014 (the “Indenture”) among the Issuer, the guarantors parties thereto (the “Guarantors”) and U.S. Bank National Association, as trustee
(the “Trustee”). 
 We are furnishing this opinion letter to you pursuant to Section 8(d) of the Purchase Agreement.

 In rendering the opinions set forth herein, we have examined and relied on originals or copies, certified or otherwise identified to our
satisfaction, of the following: 
 (a) the Issuer’s Preliminary Offering Memorandum dated March 12, 2014 (the “Preliminary
Offering Memorandum”) relating to the Securities; 
 (b) the Issuer’s Offering Memorandum dated March
[            ], 2014 (the “Offering Memorandum”) relating to the Securities; 

(c) the Issuer’s pricing term sheet dated March 12, 2014 (the “Pricing Term Sheet”, such document, together with the
Preliminary Offering Memorandum, being referred to herein as the “Disclosure Package”); 
 (d) each of the Issuer’s
reports that have been filed with the SEC and are incorporated by reference in the Offering Memorandum (the “Incorporated Documents”); 

(e) the Indenture; 
 (f) the form
of the Securities; 
 (g) the global note executed by the Issuer pursuant to the Indenture, in the aggregate principal amount of
$[            ], representing the Securities purchased and sold pursuant to the Purchase Agreement with a view toward resale in reliance on Rule 144A under the Securities Act; 

  
 Exhibit A-1 Page 1 

 (h) the global note executed by the Issuer pursuant to the Indenture, in the aggregate principal
amount of $[            ], representing the Securities purchased and sold pursuant to the Purchase Agreement with a view toward resale in reliance on Regulation S under the Securities Act;

 (i) the Purchase Agreement; 

(j) the Certificate of Incorporation of the Issuer, certified by the Secretary of State of the State of Delaware as in effect on March
[            ], 2014, and certified by the Secretary of the Issuer as in effect on each of the dates of the adoption of the resolutions specified in paragraph (l) below, the date of
the Purchase Agreement and the date hereof (the “Issuer Certificate of Incorporation”); 
 (k) the Second Amended and
Restated Bylaws of the Issuer, certified by the Secretary of the Issuer as in effect on each of the date of the adoption of the resolutions specified in paragraph (l) below, the date of the Purchase Agreement and the date hereof (the
“Issuer Bylaws”); 
 (l) resolutions of the Board of Directors of the Issuer dated March
[            ], 2014, and resolutions of the Pricing Committee of the Board of Directors of the Issuer dated March
[            ], 2014, in each case, certified by the Secretary of the Issuer; 

(m) the Certificate of Formation of Hercules Drilling Company, LLC, certified by the Secretary of State of the State of Delaware as in effect
on March [            ], 2014, and certified by the Secretary of Hercules Drilling Company, LLC, as in effect on each of the date of the adoption of the resolutions specified in paragraph
(o) below, the date of the Purchase Agreement and the date hereof; 
 (n) the Limited Liability Company Agreement of Hercules Drilling
Company, LLC, certified by the Secretary of Hercules Drilling Company, LLC as in effect on each of the date of the adoption of the resolutions specified in paragraph (o) below, the date of the Purchase Agreement and the date hereof; 

(o) resolutions of the managers of Hercules Drilling Company, LLC dated March
[            ], 2014, certified by the Secretary of Hercules Drilling Company, LLC; 

(p) the Certificate of Formation of Hercules Liftboat Company, LLC, certified by the Secretary of State of the State of Delaware as in effect
on March [            ], 2014, and certified by the Secretary of Hercules Liftboat Company, LLC, as in effect on each of the date of the adoption of the resolutions specified in paragraph
(r) below, the date of the Purchase Agreement and the date hereof; 
 (q) the Limited Liability Company Agreement of Hercules Liftboat
Company, LLC, certified by the Secretary of Hercules Liftboat Company, LLC as in effect on each of the date of the adoption of the resolutions specified in paragraph (r) below, the date of the Purchase Agreement and the date hereof; 

  
 Exhibit A-1 Page 2 

 (r) resolutions of the managers of Hercules Liftboat Company, LLC dated March
[            ], 2014, certified by the Secretary of Hercules Liftboat Company, LLC; 

(s) the Certificate of Formation of Hercules Offshore Services LLC, certified by the Secretary of State of the State of Delaware as in effect
on March [            ], 2014, and certified by the Secretary of Hercules Offshore Services LLC, as in effect on each of the date of the adoption of the resolutions specified in paragraph
(u) below, the date of the Purchase Agreement and the date hereof; 
 (t) the Limited Liability Company Agreement of Hercules Offshore
Services LLC, certified by the Secretary of Hercules Offshore Services LLC as in effect on each of the date of the adoption of the resolutions specified in paragraph (u) below, the date of the Purchase Agreement and the date hereof; 

(u) resolutions of the managers of Hercules Offshore Services LLC dated March
[            ], 2014, certified by the Secretary of Hercules Offshore Services LLC; 

(v) the Certificate of Incorporation of THE Offshore Drilling Company, certified by the Secretary of State of the State of Delaware as in
effect on March [            ], 2014, and certified by the Secretary of THE Offshore Drilling Company, as in effect on each of the date of the adoption of the resolutions specified in
paragraph (x) below, the date of the Purchase Agreement and the date hereof; 
 (w) the Bylaws of THE Offshore Drilling Company,
certified by the Secretary of THE Offshore Drilling Company as in effect on each of the date of the adoption of the resolutions specified in paragraph (x) below, the date of the Purchase Agreement and the date hereof; 

(x) resolutions of the Board of Directors of THE Offshore Drilling Company dated March
[            ], 2014, certified by the Secretary of THE Offshore Drilling Company; 

(y) the Certificate of Incorporation of Cliffs Drilling Company, certified by the Secretary of State of the State of Delaware as in effect on
March [            ], 2014, and certified by the Secretary of Cliffs Drilling Company, as in effect on each of the date of the adoption of the resolutions specified in paragraph (aa) below,
the date of the Purchase Agreement and the date hereof; 
 (z) the Bylaws of Cliffs Drilling Company, certified by the Secretary of Cliffs
Drilling Company as in effect on each of the date of the adoption of the resolutions specified in paragraph (aa) below, the date of the Purchase Agreement and the date hereof; 

(aa) resolutions of the Board of Directors of Cliffs Drilling Company dated March
[            ], 2014, certified by the Secretary of Cliffs Drilling Company; 

(bb) the Certificate of Incorporation of TODCO Americas Inc., certified by the Secretary of State of the State of Delaware as in effect on
March [            ], 2014, and certified by the Secretary of TODCO Americas Inc., as in effect on each of the date of the adoption of the resolutions specified in paragraph (dd) below, the
date of the Purchase Agreement and the date hereof; 

  
 Exhibit A-1 Page 3 

 (cc) the Bylaws of TODCO Americas Inc., certified by the Secretary of TODCO Americas Inc. as in
effect on each of the date of the adoption of the resolutions specified in paragraph (dd) below, the date of the Purchase Agreement and the date hereof; 

(dd) resolutions of the Board of Directors of TODCO Americas Inc. dated March
[            ], 2014, certified by the Secretary of TODCO Americas Inc.; 
 (ee)
the Certificate of Incorporation of TODCO International Inc., certified by the Secretary of State of the State of Delaware as in effect on March [            ], 2014, and certified by the
Secretary of TODCO International Inc., as in effect on each of the date of the adoption of the resolutions specified in paragraph (gg) below, the date of the Purchase Agreement and the date hereof; 

(ff) the Bylaws of TODCO International Inc., certified by the Secretary of TODCO International Inc. as in effect on each of the date of the
adoption of the resolutions specified in paragraph gg) below, the date of the Purchase Agreement and the date hereof; 
 (gg) resolutions of
the Board of Directors of TODCO International Inc. dated March [            ], 2014, certified by the Secretary of TODCO International Inc.; 

(hh) the Certificate of Formation of Cliffs Drilling Trinidad L.L.C., certified by the Secretary of State of the State of Delaware as in effect
on March [            ], 2014, and certified by the Secretary of Cliffs Drilling Trinidad L.L.C., as in effect on each of the date of the adoption of the resolutions specified in paragraph
(jj) below, the date of the Purchase Agreement and the date hereof; 
 (ii) the Limited Liability Company Agreement of Cliffs Drilling
Trinidad L.L.C., certified by the Secretary of Cliffs Drilling Trinidad L.L.C. as in effect on each of the date of the adoption of the resolutions specified in paragraph (jj) below, the date of the Purchase Agreement and the date hereof; 

(jj) resolutions of the sole member of Cliffs Drilling Trinidad L.L.C. dated March
[            ], 2014, certified by the Secretary of Cliffs Drilling Trinidad L.L.C.; 

(kk) the Certificate of Incorporation of THE Onshore Drilling Company, certified by the Secretary of State of the State of Delaware as in
effect on March [            ], 2014, and certified by the Secretary of THE Onshore Drilling Company, as in effect on each of the date of the adoption of the resolutions specified in
paragraph (mm) below, the date of the Purchase Agreement and the date hereof; 
 (ll) the Bylaws of THE Onshore Drilling Company, certified
by the Secretary of THE Onshore Drilling Company as in effect on each of the date of the adoption of the resolutions specified in paragraph (mm) below, the date of the Purchase Agreement and the date hereof; 

  
 Exhibit A-1 Page 4 

 (mm) resolutions of the Board of Directors of THE Onshore Drilling Company dated March
[            ], 2014, certified by the Secretary of THE Onshore Drilling Company; 

(nn) the Certificate of Formation of Hercules Offshore Liftboat Company LLC, certified by the Secretary of State of the State of Delaware as in
effect on March [            ], 2014, and certified by the Secretary of Hercules Offshore Liftboat Company LLC, as in effect on each of the date of the adoption of the resolutions specified
in paragraph (pp) below, the date of the Purchase Agreement and the date hereof; 
 (oo) the Limited Liability Company Agreement of Hercules
Offshore Liftboat Company LLC, certified by the Secretary of Hercules Offshore Liftboat Company LLC as in effect on each of the date of the adoption of the resolutions specified in paragraph (pp) below, the date of the Purchase Agreement and the
date hereof; 
 (pp) resolutions of the managers of Hercules Offshore Liftboat Company LLC dated March
[            ], 2014, certified by the Secretary of Hercules Offshore Liftboat Company LLC; 

(qq) the Certificate of Formation of FDT Holdings LLC, certified by the Secretary of State of the State of Delaware as in effect on March
[            ], 2014, and certified by the Secretary of FDT Holdings LLC, as in effect on each of the date of the adoption of the resolutions specified in paragraph (ss) below, the date of
the Purchase Agreement and the date hereof; 
 (rr) the Limited Liability Company Agreement of FDT Holdings LLC, certified by the Secretary
of FDT Holdings LLC as in effect on each of the date of the adoption of the resolutions specified in paragraph (r) below, the date of the Purchase Agreement and the date hereof; 

(ss) resolutions of the managers of FDT Holdings LLC dated March [            ],
2014, certified by the Secretary of FDT Holdings LLC; 
 (tt) the Certificate of Formation of FDT LLC, certified by the Secretary of State of
the State of Delaware as in effect on March [            ], 2014, and certified by the Secretary of FDT LLC, as in effect on each of the date of the adoption of the resolutions specified in
paragraph (vv) below, the date of the Purchase Agreement and the date hereof; 
 (uu) the Limited Liability Company Agreement of FDT
LLC, certified by the Secretary of FDT LLC as in effect on each of the date of the adoption of the resolutions specified in paragraph (vv) below, the date of the Purchase Agreement and the date hereof; 

(vv) resolutions of the managers of FDT LLC dated March [            ], 2014,
certified by the Secretary of FDT LLC; 
 (ww) the Certificate of Incorporation of HERO Holdings, Inc., certified by the Secretary of State
of the State of Delaware as in effect on March [            ], 2014, and certified by the Secretary of HERO Holdings, Inc., as in effect on each of the date of the adoption of the
resolutions specified in paragraph (yy) below, the date of the Purchase Agreement and the date hereof; 

  
 Exhibit A-1 Page 5 

 (xx) the Bylaws of HERO Holdings, Inc., certified by the Secretary of HERO Holdings, Inc. as in
effect on each of the date of the adoption of the resolutions specified in paragraph (yy) below, the date of the Purchase Agreement and the date hereof; 

(yy) resolutions of the Board of Directors of HERO Holdings, Inc. dated March
[            ], 2014, certified by the Secretary of HERO Holdings, Inc.; 
 (zz)
the Certificate of Formation of SD Drilling LLC, certified by the Secretary of State of the State of Delaware as in effect on March [            ], 2014, and certified by the Secretary of
SD Drilling LLC, as in effect on each of the date of the adoption of the resolutions specified in paragraph (bbb) below, the date of the Purchase Agreement and the date hereof; 

(aaa) the Limited Liability Company Agreement of SD Drilling LLC, certified by the Secretary of SD Drilling LLC as in effect on each of the
date of the adoption of the resolutions specified in paragraph (bbb) below, the date of the Purchase Agreement and the date hereof; 
 (bbb)
resolutions of the managers of SD Drilling LLC dated March [            ], 2014, certified by the Secretary of SD Drilling LLC; 

(ccc) a certificate from the Secretary of State of the State of Delaware dated March
[            ], 2014, as to the good standing and legal existence under the laws of the State of Delaware of the Issuer; 

(ddd) certificates from the Secretary of State of the State of Delaware dated March
[            ], 2014, as to the good standing and legal existence under the laws of the State of Delaware of each of the Guarantors (as defined below); 

(eee) a certificate dated the date hereof (the “Opinion Support Certificate”), executed by the Senior Vice President and Chief
Financial Officer and the Senior Vice President, General Counsel, Chief Compliance Officer and Secretary of the Issuer, a copy of which is attached hereto as Exhibit A; and 

(fff) each of the Applicable Agreements (as defined below). 

We have also examined originals or copies, certified or otherwise identified to our satisfaction, of such records of the Obligors and such
agreements, certificates of public officials, certificates of officers or other representatives of the Obligors and others, and such other documents, certificates and records, as we have deemed necessary or appropriate as a basis for the opinions
set forth herein. In our examination, we have assumed the legal capacity of all natural persons, the genuineness of all signatures, the authenticity of all documents submitted to us as originals, and the conformity to authentic original documents of
all documents submitted to us as certified or photostatic copies. As to any facts material to the opinions and statements expressed herein that we did not independently establish or verify, we have relied, to the extent we deem appropriate, upon
(i) oral or written statements and representations of officers and other representatives of the Obligors (including without limitation the facts certified in the Opinion Support Certificate), (ii) representations made by the Obligors and
representations made by the Initial Purchasers in the Purchase Agreement and (iii) statements and certifications of public officials and others. 

  
 Exhibit A-1 Page 6 

 As used herein the following terms have the respective meanings set forth below: 

“Applicable Agreements” means those agreements and other instruments identified on Schedule 1 to the Opinion Support
Certificate, which have been certified by officers of the Issuer as being every indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease or other agreement that is material in relation to the business, operations, affairs,
financial condition, assets, or properties of the Issuer and its subsidiaries, considered as a single enterprise. 
 “Applicable
Obligor Organizational Documents” means, collectively, the following instruments, each in the form reviewed by us, as indicated above: (i) the Issuer Certificate of Incorporation, (ii) the Issuer Bylaws, and (iii) the
certificates of incorporation and certificates of formation and the bylaws and limited liability company agreements of the Guarantors. 

“Applicable Orders” means those orders or decrees, if any, of governmental authorities identified on Schedule 2 to the
Opinion Support Certificate, which have been certified by officers of the Issuer as being every order or decree of any governmental authority by which the Issuer or any of its subsidiaries or any of their respective properties is bound, that is
material in relation to the business, operations, affairs, financial condition, assets, or properties of the Issuer and its subsidiaries, considered as a single enterprise. However, officers of the Issuer have certified in the Opinion Support
Certificate that there are no Applicable Orders. 
 “Bankruptcy Code” means Title 11 of the United States Code. 

“Incorporated Documents” means each of the Issuer’s reports that have been filed with the Securities and Exchange
Commission and are incorporated by reference in the Offering Memorandum. 
 “Person” means a natural person or a legal
entity organized under the laws of any jurisdiction. 
 “Transaction Documents” means collectively, the Purchase Agreement,
the Indenture and the Securities. 
 Based upon the foregoing and subject to the limitations, qualifications, exceptions and assumptions set
forth herein, we are of the opinion that: 
 1. The Issuer is validly existing as a corporation and in good standing under the laws of the
State of Delaware. Each of the Guarantors is validly existing as a corporation or limited liability company as indicated in Exhibit B and in good standing under the laws of the State of Delaware. 

2. The Issuer has the corporate power and authority under the laws of the State of Delaware to (i) execute and deliver, and incur and
perform all of its obligations under, the Transaction Documents and (ii) carry on its business and own, lease and operate its properties as described in the Offering Memorandum. Each of the Guarantors has the corporate or limited liability
company power and authority under the laws of the State of Delaware to (i) execute and deliver, and to incur and perform all of its obligations under, the Transaction Documents to which it is a party and (ii) carry on its business and own,
lease and operate its properties as described in the Offering Memorandum. 

  
 Exhibit A-1 Page 7 

 3. Each of the Purchase Agreement, the Securities and the Indenture has been duly authorized,
executed and delivered by the Issuer. Each of the Purchase Agreement and the Indenture has been duly authorized, executed and delivered by each of the Guarantors that is a party thereto. 

4. None of (i) the execution and delivery of, or the incurrence or performance by the Obligors of their respective obligations under, each
of the Transaction Documents to which it is a party, each in accordance with its terms, (ii) the offering, issuance, sale and delivery of the Securities pursuant to the Purchase Agreement or (iii) the issuance of the guaranties of the
Securities by the Guarantors, (A) constituted, constitutes or will constitute a violation of the Applicable Obligor Organizational Documents, (B) constituted, constitutes or will constitute a breach or violation of, or a default (or an
event which, with notice or lapse of time or both, would constitute such a default), or permitted, permits or will permit the holder of any note, debenture or other evidence of indebtedness (or any person acting on such holder’s behalf) the
right to require the repurchase, redemption or repayment of all or a portion of such indebtedness by the Company or any Subsidiary, under any Applicable Agreement, (C) resulted, results or will result in the creation of any security interest
in, or lien upon, any of the property or assets of any Obligor pursuant to any Applicable Agreement, (D) resulted, results or will result in any violation of (i) applicable laws of the State of New York, (ii) applicable laws of the
State of Texas, (iii) applicable laws of the United States of America, (iv) the General Corporation Law of the State of Delaware (“DGCL”), (v) the Delaware Limited Liability Company Act (“DLLCA”) or
(vi) Regulation T, U or X of the Board of Governors of the Federal Reserve System, or (E) resulted, results or will result in the contravention of any Applicable Order. 

5. No Governmental Approval is required to authorize, or is required for (i) the execution and delivery by each of the Obligors of, the
Transaction Documents to which it is a party or the incurrence or performance of its obligations thereunder, or the enforceability of any of such Transaction Documents against any of the Obligors that is a party thereto, or (ii) the offering,
issuance, sale and delivery of the Securities. As used in this paragraph, “Governmental Approval” means any consent, approval, license, order, authorization or validation of, or filing, recording or registration with, any executive,
legislative, judicial, administrative or regulatory body of the State of New York, the State of Texas, the State of Delaware or the United States of America, pursuant to (i) applicable laws of the State of New York, (ii) applicable laws of
the State of Texas, (iii) applicable laws of the United States of America or (iv) the DGCL or the DLLCA. 
 6. The statements under
the caption “Description of the Notes” in the Preliminary Offering Memorandum, as supplemented by the Pricing Term Sheet, and the Offering Memorandum, insofar as such statements purport to constitute a summary of the terms of the
Securities, fairly summarize in all material respects the terms of the Securities, subject to the qualifications and assumptions stated therein. 

  
 Exhibit A-1 Page 8 

 7. The statements in the Preliminary Offering Memorandum and the Offering Memorandum under the
caption “Certain United States federal income tax considerations,” insofar as they purport to summarize the United States federal tax laws and regulations referred to therein or legal conclusions with respect thereto, fairly summarize the
matters referred to therein in all material respects, subject to the qualifications and assumptions stated therein. 
 8. The Indenture
constitutes a valid and binding obligation of each of the Obligors, enforceable against each of them in accordance with its terms, under applicable laws of the State of New York. 

9. When authenticated by the Trustee in the manner provided in the Indenture and delivered to and paid for by the Initial Purchasers in
accordance with the Purchase Agreement, the Securities will constitute valid and binding obligations of the Issuer, entitled to the benefits of the Indenture and enforceable against the Issuer in accordance with their terms, under applicable laws of
the State of New York. 
 10. When the Securities have been authenticated by the Trustee in the manner provided in the Indenture and
delivered to and paid for by the Initial Purchasers in accordance with the Purchase Agreement, the guarantee of the Securities included in the Indenture will constitute a valid and binding obligation of the Guarantors, enforceable against the
Guarantors in accordance with the terms of the Indenture, under applicable laws of the State of New York. 
 11. Assuming (i) the
accuracy of the representations and warranties of the Obligors set forth in Sections 5(a)(xxxvii) and 5(a)(xxxviii) of the Purchase Agreement, (ii) the due performance by the Obligors and the Initial Purchasers of the covenants and agreements
set forth in the Purchase Agreement, (iii) the compliance by the Initial Purchasers with the offering and transfer procedures and the restrictions described in the Offering Memorandum, (iv) the accuracy of the representations and
warranties of the Initial Purchasers set forth in Section 5(b) of the Purchase Agreement, (v) the accuracy of the representations and warranties made or deemed to be made in accordance with the Purchase Agreement and the Offering
Memorandum by purchasers to whom the Initial Purchasers initially resell the Securities, and (vi) that purchasers to whom the Initial Purchasers initially resell the Securities have been made aware of the information set forth in the Offering
Memorandum under the caption “Transfer Restrictions,” (A) the offer, issue, sale and delivery of the Securities (and the guaranties thereof by the Guarantors) to the Initial Purchasers and the initial resale of the Securities (and the
guaranties thereof by the Guarantors) by the Initial Purchasers, each in the manner contemplated by the Purchase Agreement and the Offering Memorandum, do not require registration under the Securities Act, provided, however, that we express no
opinion as to any subsequent resale of any Security (and the guaranties thereof by the Guarantors). 
 12. The Issuer and each Guarantor is
not, and immediately after giving effect to the issuance and sale of the Securities and the application of proceeds therefrom as described in the Disclosure Package and the Offering Memorandum, will not be, an “investment company” within
the meaning of the Investment Company Act of 1940, as amended. 
 In addition, we have participated in conferences with officers and other
representatives of the Obligors, the independent registered public accounting firm for the Obligors, your counsel and your representatives at which the contents of the Disclosure Package and the Offering Memorandum (including the Incorporated
Documents) and related matters were discussed and, 

  
 Exhibit A-1 Page 9 

 although we have not independently verified and are not passing upon, and do not assume any responsibility for,
the accuracy, completeness or fairness of the statements contained or incorporated by reference in the Disclosure Package and the Offering Memorandum (except as and to the extent set forth in paragraphs 6, 7 and 8 above), on the basis of the
foregoing (relying with respect to factual matters to the extent we deem appropriate upon statements by officers and other representatives of the Obligors), no facts have come to our attention that have led us to believe that (i) the Disclosure
Package (including the Incorporated Documents), as of [ ] p.m. (Eastern Time) on March [            ], 2014 (which you have informed us is a time prior to the time of the first sale of the
Securities by any Initial Purchaser), contained an untrue statement of a material fact or omitted to state any material fact necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading,
or (ii) the Offering Memorandum (including the Incorporated Documents), as of its date and as of the date hereof, contained or contains an untrue statement of a material fact or omitted or omits to state any material fact necessary in order to
make the statements therein, in light of the circumstances under which they were made, not misleading, it being understood that we express no opinion, statement or belief in this letter with respect to (i) the financial statements and related
schedules, including the notes and schedules thereto and the auditor’s report thereon and (ii) any other financial or accounting data, included or incorporated or deemed incorporated by reference in, or excluded from, the Offering
Memorandum or the Disclosure Package. 
 Without limiting the foregoing, we call to your attention that (i) the Offering Memorandum has
been prepared in the context of a Rule 144A transaction and not as part of a registration statement under the Securities Act, and (ii) the Offering Memorandum does not contain all information that would be required in a registration statement
under the Securities Act. 
 We express no opinion as to the laws of any jurisdiction other than (i) applicable laws of the State of
New York, (ii) applicable laws of the State of Texas, (iii) applicable laws of the United States of America, (iv) certain other specified laws of the United States of America to the extent referred to specifically herein, (v) the
DGCL, and (vi) the DLLCA. References herein to “applicable laws” mean those laws, rules and regulations that, in our experience, are normally applicable to transactions of the type contemplated by the Transaction Documents, without
our having made any special investigation as to the applicability of any specific law, rule or regulation, and that are not the subject of a specific opinion herein referring expressly to a particular law or laws; provided however, that such
references (including without limitation those appearing in paragraphs 4 and 5 above) do not include any municipal or other local laws, rules or regulations, or any antifraud, environmental, labor, securities, tax, insurance or antitrust, laws,
rules or regulations. 
 Our opinions expressed herein are subject to the following additional assumptions and qualifications: 

(i) The opinions set forth in paragraph 1 above as to the valid existence and good standing of the Issuer and the other entities mentioned in
such paragraph are based solely upon our review of certificates and other communications from the appropriate public officials. 

  
 Exhibit A-1 Page 10 

 (ii) In rendering the opinions set forth in paragraph 4 above regarding Applicable Agreements, we
do not express any opinion, however, as to any matters dependent on or related to financial ratio or test or any aspect of the financial condition or results of operation of any of the Obligors. 

(iii) The opinion set forth in paragraph 7 above with respect to United States federal income tax consequences is based upon our
interpretations of current United States federal income tax law, including court authority and existing final and temporary U.S. Treasury regulations, which are subject to change both prospectively and retroactively, and upon the assumptions and
qualifications discussed herein. We note that such opinion represents merely our best legal judgment on the matters presented and that others may disagree with our conclusion. Such opinion is not binding upon the Internal Revenue Service or courts,
and there is no guarantee that the Internal Revenue Service will not successfully challenge our conclusions. No assurance can be given that future legislative, judicial or administrative changes, on either a prospective or retroactive basis, would
not adversely affect the accuracy of our conclusions. 
 (iv) Treasury Circular 230 Disclosure. This disclosure is provided to comply
with Treasury Circular 230. The opinion set forth in paragraph 7 of this letter is not intended or written to be used, and cannot be used, by any person for the purpose of avoiding tax penalties that may be imposed on the person. Such opinion was
written to support the promoting, marketing or recommending of the transactions or matters addressed by this written advice, and the taxpayer should seek advice based on the taxpayer’s particular circumstances from an independent tax advisor.
No limitation has been imposed by our firm on disclosure of the tax treatment or tax structure of the transaction. 
 (v) Our opinions in
paragraphs 8, 9 and 10 above: 
 (1) may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
fraudulent conveyance or transfer or other similar laws relating to or affecting the rights of creditors generally; 
 (2)
may be subject to the application of general principles of equity (regardless of whether considered in a proceeding in equity or at law), including, without limitation, the possible unavailability of specific performance, injunctive relief or any
other equitable remedy and concepts of materiality, reasonableness, good faith and fair dealing. 
 (vi) We express no opinion as to the
validity, effect or enforceability of any provisions: 
 (1) purporting to establish evidentiary standards or limitations
periods for suits or proceedings to enforce such documents or otherwise, to establish certain determinations (including determinations of contracting parties and judgments of courts) as conclusive or conclusive absent manifest error, to commit the
same to the discretion of any Person or permit any Person to act in its sole judgment or to waive rights to notice; 
 (2)
providing that the assertion or employment of any right or remedy shall not prevent the concurrent assertion or employment of any other right or remedy, or that each and every remedy shall be cumulative and in addition to every other remedy or that
any delay or omission to exercise any right or remedy shall not impair any other right or remedy or constitute a waiver thereof; 

  
 Exhibit A-1 Page 11 

 (3) relating to severability or separability; 

(4) purporting to limit the liability of, or to exculpate, any Person, including without limitation any provision that purports
to waive liability for violation of securities laws; 
 (5) purporting to waive damages; 

(6) that constitute an agreement to agree in the future on any matter; 

(7) that relate to indemnification, contribution or reimbursement obligations to the extent any such provisions (i) would
purport to require any Person to provide indemnification, contribution or reimbursement in respect of the negligence, recklessness, willful misconduct or unlawful or wrongful behavior of any Person, (ii) violate any law, rule or regulation
(including any federal or state securities law, rule or regulation) or (iii) are determined to be contrary to public policy; 

(8) purporting to establish any obligation of any party as absolute or unconditional regardless of the occurrence or
non-occurrence or existence or non-existence of any event or other state of facts; 
 (9) purporting to obligate any party to
conform to a standard that may not be objectively determinable or employing items that are vague or have no commonly accepted meaning in the context in which used; 

(10) purporting to require that all amendments, waivers and terminations be in writing or the disregard of any course of
dealing or usage of trade; 
 (11) relating to consent to jurisdiction insofar as such provisions purport to confer subject
matter jurisdiction upon any court that does not have such jurisdiction, whether in respect of bringing suit, enforcement of judgments or otherwise; 

(12) purporting to require disregard of mandatory choice of law principles that could require application of a law other than
the law expressly chosen to govern the instrument in which such provisions appear; 
 (13) purporting to appoint an
attorney-in-fact or relating to powers of attorney; 
 (14) purporting to modify rules of construction; or 

(15) purporting to waive rights to trial by jury or rights to object to jurisdiction based on inconvenient forum. 

  
 Exhibit A-1 Page 12 

 (vii) In making our examination of executed documents, we have assumed (except to the extent that
we expressly opine above) (1) the valid existence and good standing of each of the parties thereto, (2) that such parties had the power and authority, corporate, partnership, limited liability company or other, to enter into and to incur
and perform all their obligations thereunder, (3) the due authorization by all requisite action, corporate, partnership, limited liability company or other, and the due execution and delivery by such parties of such documents and (4) to
the extent such documents purport to constitute agreements, that each of such documents constitutes the legal, valid and binding obligation of each party thereto, enforceable against such party in accordance with its terms. In this paragraph (vii),
all references to parties to documents shall be deemed to mean and include each of such parties, and each other person (if any) directly or indirectly acting on its behalf. 

(viii) Except to the extent that we expressly opine above, we have assumed that the execution and delivery of the Transaction Documents, and
the incurrence and performance of the obligations thereunder of the parties thereto do not and will not contravene, breach, violate or constitute a default under (with the giving of notice, the passage of time or otherwise) (a) the certificate
or articles of incorporation, certificate of formation, charter, bylaws, limited liability company agreement, limited partnership agreement or similar organic document of any such party, (b) any contract, indenture, mortgage, loan agreement,
note, lease or other agreement or instrument, (c) any statute, law, rule, or regulation, (d) any judicial or administrative order or decree of any governmental authority, or (e) any consent, approval, license, authorization or
validation of, or filing, recording or registration with, any governmental authority, in each case, to which any party to the Transaction Documents or any of its subsidiaries or any of their respective properties may be subject, or by which any of
them may be bound or affected. Further, we have assumed the compliance by each such party, other than the Obligors, with all laws, rules and regulations applicable to it, as well as the compliance by the each of the Obligors, and each other person
(if any) directly or indirectly acting on its behalf, with all laws, rules and regulations that may be applicable to it by virtue of the particular nature of the business conducted by it or any goods or services produced or rendered by it or
property owned, operated or leased by it, or any other facts pertaining specifically to it. In this paragraph (viii), all references to parties to the Transaction Documents, other than the first such reference, shall be deemed to mean and include
each of such parties, and each other person (if any) directly or indirectly acting on its behalf. 
 (ix) Without limiting the generality of
our qualification in clause (1) of paragraph (v) above, we express no opinion as to the applicability or effect of any preference, fraudulent transfer or conveyance, or similar law (including, without limitation, Section 548 of the
Bankruptcy Code or Article 10 of the New York Debtor Creditor Law) on the Transaction Documents or any transactions contemplated thereby or any opinion expressed herein. 

(x) We express no opinion as to the effect of the laws of any jurisdiction in which any holder of any Security is located (other than the State
of New York) that limit the interest, fees or other charges such holder may impose for the loan or use of money or other credit. 
 (xi)
Except to the extent that we expressly opine above, we have assumed that no authorization, consent or other approval of, notice to or registration, recording or filing with any governmental authority or regulatory body (other than routine
informational filings, filings under 

  
 Exhibit A-1 Page 13 

 
the Securities Act and filings under the Securities Exchange Act of 1934, as amended) is required to authorize, or is required in connection with the transactions contemplated by the Transaction
Documents, the execution or delivery thereof by or on behalf of any party thereto or the incurrence or performance by any of the parties thereto of its obligations thereunder. 

(xii) We point out that the submission to the jurisdiction of the United States District Court for the Southern District of New York and the
waivers of objection to venue contained in the Indenture cannot supersede a federal court’s discretion in determining whether to transfer an action to another court. 

(xiii) We express no opinion as to provisions of the Transaction Documents to the effect that a guarantor is liable as a primary obligor, and
not as a surety. Furthermore, we advise you that certain of the guaranty and surety waivers contained in the Indenture may be unenforceable in whole or in part. 

(xiv) We have assumed that the sale of Securities pursuant to Regulation S under the Securities Act is not a part of a plan or scheme to evade
the registration provisions of the Securities Act, and furthermore, we have assumed that each of the Initial Purchasers is an “accredited investor” as defined in Rule 501 under the Securities Act. 

This opinion is being furnished only to you in connection with the sale of the Securities under the Purchase Agreement occurring today and is
solely for your benefit and is not to be used, circulated, quoted or otherwise referred to for any other purpose or relied upon by any other Person, including any purchaser of any Security from you and any subsequent purchaser of any Security,
without our express written permission. The opinions expressed herein are as of the date hereof only and are based on laws, orders, contract terms and provisions, and facts as of such date, and we disclaim any obligation to update this opinion
letter after such date or to advise you of changes of facts stated or assumed herein or any subsequent changes in law. 

Very truly yours, 

  
 Exhibit A-1 Page 14 

 Exhibit A-2 

FORM OF OPINION OF GENERAL COUNSEL 
 The
opinion of Beau M. Thompson, general counsel for the Company (capitalized terms not otherwise defined herein shall have the meanings provided in the Purchase Agreement, to which this is an Exhibit), to be delivered pursuant to Section 8(d) of
the Purchase Agreement shall be to the effect that: 
 The Company has been duly incorporated under the laws of the State of Delaware and is duly qualified
to do business as a foreign corporation in good standing in all jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to so qualify would not, singularly or in
the aggregate, have a Material Adverse Effect. 
 Each of Cliffs Drilling Company, Cliffs Drilling Trinidad L.L.C., Hercules Drilling Company, LLC, Hercules
Liftboat Company, LLC, Hercules Offshore Liftboat Company LLC, Hercules Offshore Services LLC, THE Offshore Drilling Company, THE Onshore Drilling Company, TODCO Americas Inc., TODCO International Inc., FDT LLC, HERO Holdings, Inc., SD Drilling LLC
and FDT Holdings LLC (collectively, the “Delaware Subsidiaries”) has been duly organized and is an existing corporation or limited liability company, as applicable, in good standing under the laws of the State of Delaware, with corporate
or limited liability company power and authority, as applicable, to own its properties and conduct its business as described in the Pricing Disclosure Package; and each Delaware Subsidiary is duly qualified to do business as a foreign corporation or
limited liability company, as applicable, in good standing in each of the jurisdictions in which its ownership or lease of property or the conduct of its business requires such qualification, except where the failure to so qualify or have such power
or authority would not, singularly or in the aggregate, have a Material Adverse Effect; all of the issued and outstanding equity interests of each Delaware Subsidiary have been duly authorized and validly issued in accordance with the organizational
documents of such Subsidiary and the Delaware General Corporate Law or the Delaware LLC Act, as applicable, and are fully paid (to the extent required under the applicable Delaware Subsidiary’s organizational documents) and nonassessable
(except as such nonassessability may be affected by Section 18-607 of the Delaware LLC Act), and the equity interests of each Delaware Subsidiary are owned by the Company, directly or through Subsidiaries, free from liens, encumbrances, defects
or adverse claims (a) in respect of which a financing statement under the Uniform Commercial Code of the State of Delaware naming the Company or one of its Subsidiaries as debtor is on file as of a recent date in the office of the Secretary of
State of the State of Delaware or (b) otherwise known to such counsel, without independent investigation, in each case other than liens, encumbrances and adverse claims created by or arising under the Delaware General Corporate Law, the
Delaware LLC Act, the organizational documents of such Delaware Subsidiary, the Indenture or the Credit Agreement. 
 Except as disclosed in the Pricing
Disclosure Package, there are no contracts, agreements or understandings known to such counsel between the Issuer and any other person granting such person the right to require the Issuer to file a registration statement under the Act with respect
to any securities of the Issuer owned or to be owned by such person or to require the Issuer to include such securities in the securities registered pursuant to any other registration statement filed by the Issuer under the Act that have not been
validly waived or satisfied prior to the Closing Date. 

  
 Exhibit A-2 Page 1 

 Except as disclosed in the Pricing Disclosure Package, to the knowledge of such counsel (i) there are no
legal or governmental proceedings by or before any court or governmental agency, authority or body to which the Company or any of its subsidiaries is a party or to which any of their respective properties is subject of a character required to be
described in the Pricing Disclosure Package (if this offering were registered under the Securities Act) which are not described as required, and (ii) there are no contracts or documents of a character required to be described in the Pricing
Disclosure Package (if this offering were registered under the Securities Act) or to be filed as exhibits to the Company’s reports that have been filed with the SEC and are incorporated by reference in the Pricing Disclosure Package or the
Offering Memorandum (the “Incorporated Documents”) which are not described or filed as required. 
 The statements under the caption
“Description of other indebtedness” in the Pricing Disclosure Package and the Offering Memorandum, insofar as such statements purport to summarize certain provisions of documents referred to therein, fairly summarize such provisions in all
material respects, subject to the qualifications and assumptions stated therein. 
 I have participated in conferences with officers and other
representatives of the Company, the independent registered public accounting firm for the Issuers, with representatives of Company counsel and with representatives of and counsel for the Initial Purchasers, at which the contents of the Pricing
Disclosure Package and the Offering Memorandum, including each of the Incorporated Documents, and related matters were discussed, and although I did not independently verify such information, and am not passing upon and do not assume any
responsibility for, the accuracy, completeness or fairness of the statements contained in the Pricing Disclosure Package and the Offering Memorandum, on the basis of the foregoing, no facts have come to my attention that lead me to believe that the
Pricing Disclosure Package, as of the pricing date, or that the Offering Memorandum, as of its date or as of the date hereof, contained or contains any untrue statement of a material fact or omitted or omits to state any material fact necessary in
order to make the statements therein, in the light of the circumstances under which they were made, not misleading (it being understood that I have not been requested to and do not make any comment with respect to the financial statements and
related schedules, including the notes and schedules thereto and the auditors’ report thereon and any other financial or accounting data included in, or excluded from, the Pricing Disclosure Package or the Offering Memorandum). 

  
 Exhibit A-2 Page 2 

 Exhibit B 

PRICING SUPPLEMENT 
 Supplement Dated
March 12, 2014 to 
 Preliminary Offering Memorandum Dated March 12, 2014 

$300,000,000 
 Hercules
Offshore, Inc. 
 $300,000,000 6.750% Senior Notes due 2022 

This Supplement is qualified in its entirety by reference to the Preliminary Offering Memorandum. The information in this Supplement supplements the
Preliminary Offering Memorandum and supersedes the information in the Preliminary Offering Memorandum to the extent inconsistent with the information in the Preliminary Offering Memorandum. 

The Notes and the guarantees thereof have not been registered under the Securities Act of 1933 or the securities laws of any state and are being offered only
to (1) “qualified institutional buyers” as defined in Rule 144A under the Securities Act and (2) outside the United States to non-U.S. persons in compliance with Regulation S under the Securities Act. 

Terms Applicable to the 6.750% Senior Notes due 2022 
  

			
	 Aggregate Principal Amount:
	  	$300,000,000
	 Title of Securities:
	  	6.750% Senior Notes due 2022
	 Final Maturity Date:
	  	April 1, 2022
	 Issue Price:
	  	100.000%, plus accrued interest from the issue date, if any
	 Coupon:
	  	6.750%
	 Yield Per Annum:
	  	6.750%
	 Interest Payment Dates:
	  	April 1 and October 1
	 Record Dates:
	  	March 15 and September 15
	 First Interest Payment Date:
	  	October 1, 2014
	 Make-Whole Redemption:
	  	Prior to April 1, 2017, we may redeem all or part of the senior notes at a price equal to 100% of the aggregate principal amount of the senior notes to be redeemed, plus the applicable premium and accrued and unpaid interest, if
any, to the redemption date.
	 Optional Redemption
	  	On or after April 1, 2017, we may redeem the senior notes, in whole or in part, at the redemption prices below, plus accrued and unpaid interest, if any, to the redemption date, if redeemed during the 12-month period beginning
April 1 of the years indicated:

  
 Exhibit B Page 1 

			
		  	2017                             105.063%
		  	2018                             103.375%
		  	2019                             101.688%
		  	2020 and thereafter      100.000%
	Optional Redemption Upon Certain Equity Offerings:	  	Up to 35% prior to April 1, 2017 at 106.750% plus accrued and unpaid interest, if any
	 Change of Control:
	  	101%
	 Joint Book-Running Managers:
	  	Deutsche Bank Securities Inc. Credit Suisse Securities (USA) LLC Goldman, Sachs & Co. UBS Securities LLC Capital One Securities, Inc.
	 Co-Managers:
	  	 Comerica Securities, Inc.
 Cowen and Company,
LLC
 IBERIA Capital Partners L.L.C.
 Pareto Securities AS RS
Platou Markets AS
 Scotia Capital (USA) Inc.
 Stephens Inc.

Tudor, Pickering, Holt & Co. Securities, Inc.

		
	 Trade Date:
	  	March 12, 2014
	 Settlement Date:
	  	March 26, 2014 (T + 10)
	 Distribution:
	  	144A/Regulation S without registration rights as set forth in the Preliminary Offering Memorandum
	 CUSIP/ISIN Numbers:
	  	144A CUSIP: 427093 AJ8
		  	144A ISIN: US427093AJ85
		  	Regulation S CUSIP: U42714 AF9
		  	Regulation S ISIN: USU42714AF96

 We expect that delivery of the notes will be made against payment therefor on or about the closing date specified on the
cover page of this offering memorandum, which will be the tenth business day following the date of pricing of the notes (this settlement cycle being referred to as “T+10”). Under Rule 15c6-1 of the U.S. Securities and Exchange Commission
under the Exchange Act, trades in the secondary market generally are required to settle in three business days, unless the parties to that trade expressly agree otherwise. Accordingly, purchasers who wish to trade notes on the date of pricing or the
next succeeding six business days will be required, by virtue of the fact that the notes initially will settle in T+10, to specify an alternate settlement cycle at the time of any such trade to prevent a failed settlement and should consult their
own advisor. 
 Other information presented in the Preliminary Offering Memorandum is deemed to have changed to the extent affected by the changes
described herein. 

  
 Exhibit B Page 2 

 This material is confidential and is for your information only and is not intended to be used by anyone other
than you. This information does not purport to be a complete description of these securities or the offering. Please refer to the Offering Memorandum for a complete description. 

This communication is being distributed in the United States solely to Qualified Institutional Buyers, as defined in Rule 144A under the Securities Act of
1933, and outside the United States solely to non-U.S. persons as defined under Regulation S. 
 This communication does not constitute an offer to
sell or the solicitation of an offer to buy any securities in any jurisdiction to any person to whom it is unlawful to make such offer or solicitation in such jurisdiction. 

  
 Exhibit B Page 3EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

TESORO CORPORATION 
 5.125%
SENIOR NOTES DUE 2024 
 INDENTURE 

Dated as of March 18, 2014 

U.S. Bank National Association 

Trustee 
  

 
  

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
			
		 	ARTICLE I	  			
			
		 	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	 SECTION 1.01.
	 	Definitions	  	 	1	  
	 SECTION 1.02.
	 	Other Definitions	  	 	14	  
	 SECTION 1.03.
	 	Incorporation by Reference of Trust Indenture Act	  	 	15	  
	 SECTION 1.04.
	 	Rules of Construction	  	 	15	  
			
		 	 ARTICLE II
	  			
			
		 	 THE NOTES
	  			
	 SECTION 2.01.
	 	Form and Dating	  	 	16	  
	 SECTION 2.02.
	 	Execution and Authentication	  	 	16	  
	 SECTION 2.03.
	 	Registrar and Paying Agent	  	 	17	  
	 SECTION 2.04.
	 	Paying Agent to Hold Money in Trust	  	 	17	  
	 SECTION 2.05.
	 	Holder Lists	  	 	17	  
	 SECTION 2.06.
	 	Transfer and Exchange	  	 	18	  
	 SECTION 2.07.
	 	Replacement Notes	  	 	22	  
	 SECTION 2.08.
	 	Outstanding Notes	  	 	22	  
	 SECTION 2.09.
	 	Treasury Notes	  	 	23	  
	 SECTION 2.10.
	 	Temporary Notes	  	 	23	  
	 SECTION 2.11.
	 	Cancellation	  	 	23	  
	 SECTION 2.12.
	 	Defaulted Interest	  	 	23	  
	 SECTION 2.13.
	 	Additional Notes	  	 	23	  
	 SECTION 2.14.
	 	One Class of Notes	  	 	24	  
	 SECTION 2.15.
	 	CUSIP Numbers	  	 	24	  
			
		 	ARTICLE III	  			
			
		 	REDEMPTION AND PREPAYMENT	  			
			
	 SECTION 3.01.
	 	Notices to Trustee	  	 	24	  
	 SECTION 3.02.
	 	Selection of Notes to Be Redeemed	  	 	24	  
	 SECTION 3.03.
	 	Notice of Redemption	  	 	25	  
	 SECTION 3.04.
	 	Effect of Notice of Redemption	  	 	26	  
	 SECTION 3.05.
	 	Deposit of Redemption Price	  	 	26	  
	 SECTION 3.06.
	 	Notes Redeemed in Part	  	 	27	  
	 SECTION 3.07.
	 	Optional Redemption	  	 	27	  
	 SECTION 3.08.
	 	Mandatory Redemption	  	 	28	  
			
		 	ARTICLE IV	  			
			
		 	COVENANTS	  			
			
	 SECTION 4.01.
	 	Payment of Notes	  	 	28	  

  
 -i- 

							
	 	 	 	  	Page	 
	 SECTION 4.02.
	 	Maintenance of Office or Agency	  	 	28	  
	 SECTION 4.03.
	 	Reports	  	 	29	  
	 SECTION 4.04.
	 	Compliance Certificate	  	 	30	  
	 SECTION 4.05.
	 	Taxes	  	 	30	  
	 SECTION 4.06.
	 	Waiver of Stay, Extension and Usury Laws	  	 	30	  
	 SECTION 4.07.
	 	[Reserved]	  	 	30	  
	 SECTION 4.08.
	 	[Reserved]	  	 	30	  
	 SECTION 4.09.
	 	Secured Indebtedness	  	 	30	  
	 SECTION 4.10.
	 	[Reserved]	  	 	31	  
	 SECTION 4.11.
	 	[Reserved]	  	 	31	  
	 SECTION 4.12.
	 	[Reserved]	  	 	31	  
	 SECTION 4.13.
	 	[Reserved]	  	 	31	  
	 SECTION 4.14.
	 	Corporate Existence	  	 	31	  
	 SECTION 4.15.
	 	Offer to Repurchase Upon Change of Control Triggering Event	  	 	31	  
	 SECTION 4.16.
	 	Additional Subsidiary Guarantees	  	 	33	  
			
		 	ARTICLE V	  			
			
		 	SUCCESSORS	  			
			
	 SECTION 5.01.
	 	Merger, Consolidation, or Sale of Assets	  	 	33	  
	 SECTION 5.02.
	 	Successor Corporation Substituted	  	 	33	  
			
		 	ARTICLE VI	  			
			
		 	DEFAULTS AND REMEDIES	  			
			
	 SECTION 6.01.
	 	Events of Default	  	 	34	  
	 SECTION 6.02.
	 	Acceleration.	  	 	35	  
	 SECTION 6.03.
	 	Other Remedies	  	 	36	  
	 SECTION 6.04.
	 	Waiver of Past Defaults	  	 	36	  
	 SECTION 6.05.
	 	Control by Majority	  	 	36	  
	 SECTION 6.06.
	 	Limitation on Suits	  	 	36	  
	 SECTION 6.07.
	 	Rights of Holders of Notes to Receive Payment	  	 	37	  
	 SECTION 6.08.
	 	Collection Suit by Trustee	  	 	37	  
	 SECTION 6.09.
	 	Trustee May File Proofs of Claim	  	 	37	  
	 SECTION 6.10.
	 	Priorities	  	 	38	  
	 SECTION 6.11.
	 	Undertaking for Costs	  	 	38	  
			
		 	ARTICLE VII	  			
			
		 	TRUSTEE	  			
			
	 SECTION 7.01.
	 	Duties of Trustee	  	 	38	  
	 SECTION 7.02.
	 	Rights of Trustee	  	 	39	  
	 SECTION 7.03.
	 	Individual Rights of Trustee	  	 	40	  
	 SECTION 7.04.
	 	Trustee’s Disclaimer	  	 	40	  
	 SECTION 7.05.
	 	Notice of Defaults	  	 	41	  
	 SECTION 7.06.
	 	Reports by Trustee to Holders of the Notes	  	 	41	  
	 SECTION 7.07.
	 	Compensation and Indemnity	  	 	41	  
	 SECTION 7.08.
	 	Replacement of Trustee	  	 	42	  

  
 -ii- 

							
	 	 	 	  	Page	 
	 SECTION 7.09.
	 	Successor Trustee by Merger, Etc.	  	 	43	  
	 SECTION 7.10.
	 	Eligibility; Disqualification	  	 	43	  
	 SECTION 7.11.
	 	Preferential Collection of Claims Against Company	  	 	43	  
			
		 	ARTICLE VIII	  			
			
		 	SATISFACTION AND DISCHARGE; DEFEASANCE	  			
			
	 SECTION 8.01.
	 	Satisfaction and Discharge of Indenture	  	 	43	  
	 SECTION 8.02.
	 	Application of Trust Money	  	 	45	  
	 SECTION 8.03.
	 	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	45	  
	 SECTION 8.04.
	 	Legal Defeasance and Discharge	  	 	45	  
	 SECTION 8.05.
	 	Covenant Defeasance	  	 	45	  
	 SECTION 8.06.
	 	Conditions to Legal or Covenant Defeasance	  	 	46	  
	 SECTION 8.07.
	 	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	 	47	  
	 SECTION 8.08.
	 	Repayment to Company	  	 	47	  
	 SECTION 8.09.
	 	Reinstatement	  	 	47	  
			
		 	ARTICLE IX	  			
			
		 	AMENDMENT, SUPPLEMENT AND WAIVER	  			
			
	 SECTION 9.01.
	 	Without Consent of Holders of Notes	  	 	48	  
	 SECTION 9.02.
	 	With Consent of Holders of Notes	  	 	49	  
	 SECTION 9.03.
	 	Compliance with Trust Indenture Act	  	 	50	  
	 SECTION 9.04.
	 	Revocation and Effect of Consents	  	 	50	  
	 SECTION 9.05.
	 	Notation on or Exchange of Notes	  	 	50	  
	 SECTION 9.06.
	 	Trustee to Sign Amendments, Etc.	  	 	51	  
			
		 	ARTICLE X	  			
			
		 	GUARANTEES	  			
			
	 SECTION 10.01.
	 	Subsidiary Guarantees	  	 	51	  
	 SECTION 10.02.
	 	Execution and Delivery of Additional Subsidiary Guarantee or Supplemental Indenture; Notation of Subsidiary Guarantee	  	 	52	  
	 SECTION 10.03.
	 	[Reserved]	  	 	53	  
	 SECTION 10.04.
	 	Releases	  	 	53	  
	 SECTION 10.05.
	 	Limitation on Guarantor Liability; Contribution	  	 	53	  
	 SECTION 10.06.
	 	Trustee to Include Paying Agent	  	 	54	  
			
		 	ARTICLE XI	  			
			
		 	MISCELLANEOUS	  			
			
	 SECTION 11.01.
	 	Trust Indenture Act Controls	  	 	54	  
	 SECTION 11.02.
	 	Notices	  	 	54	  
	 SECTION 11.03.
	 	Communication by Holders of Notes with Other Holders of Notes	  	 	55	  
	 SECTION 11.04.
	 	Certificate and Opinion as to Conditions Precedent	  	 	55	  
	 SECTION 11.05.
	 	Statements Required in Certificate or Opinion	  	 	56	  

  
 -iii- 

							
	 	 	 	  	Page	 
	 SECTION 11.06.
	 	Rules by Trustee and Agents	  	 	56	  
	 SECTION 11.07.
	 	No Personal Liability of Directors, Officers, Employees and Stockholders	  	 	56	  
	 SECTION 11.08.
	 	Governing Law	  	 	56	  
	 SECTION 11.09.
	 	No Adverse Interpretation of Other Agreements	  	 	56	  
	 SECTION 11.10.
	 	Successors	  	 	56	  
	 SECTION 11.11.
	 	Severability	  	 	57	  
	 SECTION 11.12.
	 	Counterpart Originals	  	 	57	  
	 SECTION 11.13.
	 	Table of Contents, Headings, Etc.	  	 	57	  

  

							
	 EXHIBIT A
	 	Form of Note	  	 	A-1	  
	 EXHIBIT B
	 	Form of Supplemental Indenture –– Additional Subsidiary Guarantees	  	 	B-1	  

  
 -iv- 

 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)
	  	11.03
	 (c)
	  	11.03
	 313(a)
	  	7.06
	 (b)(2)
	  	7.06, 7.07
	 (c)
	  	7.06, 14.02
	 (d)
	  	7.06
	 314(a)
	  	4.03
	 (a)(4)
	  	11.04
	 (c)(1)
	  	N.A.
	 (c)(2)
	  	N.A.
	 (c)(3)
	  	N.A.
	 (e)
	  	14.05
	 (f)
	  	N.A.
	 315(a)
	  	7.01
	 (b)
	  	7.05
	 (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)
	  	6.09
	 (a)(2)
	  	6.09
	 (b)
	  	2.04
	 318(a)
	  	11.01
	 (b)
	  	11.01
	 (c)
	  	11.01
	N.A. means not applicable.	  	

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

 INDENTURE dated as of March 18, 2014, by and among Tesoro Corporation, a Delaware
corporation (the “Company”), the Guarantors (as defined herein), and U.S. Bank National Association, as trustee (the “Trustee”). 

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 of the Initial Notes and the Additional Notes (as defined herein): 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	SECTION 1.01.	Definitions. 

 “Acquired Debt” means, with respect to any specified
Person, (1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, including, without limitation, Indebtedness incurred in connection with, or
in contemplation of, such other Person merging with or into or becoming a Restricted Subsidiary of such specified Person and (2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person, but excluding, in any
event, Indebtedness that is extinguished, retired or repaid in connection with such Person merging with or becoming a Restricted Subsidiary of such specified Person. 

“Additional Notes” means the 5.125% Senior Notes due 2024 issued in compliance with and under this Indenture after the Issue
Date. 
 “Adjusted Net Assets” of a Guarantor at any date means the lesser of the amount by which (i) the fair value
of the property of such Guarantor exceeds the total amount of liabilities, including contingent liabilities (after giving effect to all other fixed and contingent liabilities incurred or assumed on such date), but excluding liabilities under its
Subsidiary Guarantee, of such Guarantor at such date and (ii) the present fair salable value of the assets of such Guarantor at such date exceeds the amount that shall be required to pay the probable liability of such Guarantor on its debts
(after giving effect to all other fixed and contingent liabilities incurred or assumed on such date and after giving effect to any collection from any Subsidiary of such Guarantor in respect of the obligations of such Subsidiary under such
Subsidiary Guarantee), excluding debt in respect of such Subsidiary Guarantee, as they become absolute and matured. 
 “Adjusted
Treasury Rate” means, with respect to any redemption date, (i) the yield, under the heading which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated
“H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on actively traded United States Treasury securities adjusted to constant maturity
under the caption “Treasury Constant Maturities” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after April 1, 2019, yields for the two published maturities most
closely corresponding to the Comparable Treasury Issue shall be determined and the Adjusted Treasury Rate shall be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (ii) if such release
(or any successor release) is not published during the week preceding the calculation date or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue (expressed as a
percentage of its principal amount) equal to the Comparable Treasury Price for such redemption date, in each case calculated on the third Business Day immediately preceding the redemption date, plus, in the case of each of clause (i) and (ii),
0.50%. 

 “Affiliate” of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean 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. 

“Agent” means any Registrar, Paying Agent or authenticating agent. 

“Applicable Premium” means, with respect to any Notes on any redemption date, the excess, if any, of (A) the present
value at such redemption date of (i) the redemption price of such Notes on April 1, 2019 (such redemption price being set forth in the table in Section 3.07), plus (ii) all required interest payments due on such Notes
through April 1, 2019 (excluding accrued and unpaid interest to the redemption date), computed using a discount rate equal to the Adjusted Treasury Rate; over (B) the principal amount of such Notes. 

“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
Code” means Title 11, U.S. Code, as amended, or any similar federal or state law for the relief of debtors. 
 “Board of
Directors” means the Board of Directors of the Company or any committee thereof duly authorized to act on behalf of such Board. 

“Borrowing Base” means, as of any date, an amount equal to: 

(1) 90% of the face amount of all accounts receivable owned by the Company and its Subsidiaries as of the end of the most
recent fiscal quarter preceding such date that were not more than 90 days past due; plus 
 (2) 85% of the book value (before
any reduction from current cost to LIFO cost) of all inventory owned by the Company and its Subsidiaries as of the end of the most recent fiscal quarter preceding such date; plus 

(3) 100% of the cash and Cash Equivalents owned by the Company and its Subsidiaries as of the end of the most recent fiscal
quarter preceding such date. 
 “Business Day” means any day other than a Legal Holiday. 

“Capital Lease Obligations” means an obligation that is required to be classified and accounted for as a capital lease for
financial reporting purposes in accordance with GAAP, and the amount of Indebtedness represented by such obligation shall be, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would
at such time be required to be capitalized on a balance sheet in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent or any other amount due under such lease prior to the first date upon which such
lease may be prepaid by the lessee without payment of a penalty; provided that any obligations of the Company or its Restricted Subsidiaries, or of a special purpose or other entity not consolidated with the Company and its Restricted
Subsidiaries (i) that were not or would not have been included on the consolidated balance sheet of the Company as capital lease obligations on the Issue Date and (ii) that are subsequently

  
 -2- 

 
recharacterized as lease obligations or, in the case of such a special purpose or other entity becoming consolidated with the Company and its Restricted Subsidiaries, due to a change in
accounting treatment or otherwise after the Issue Date, may, in the Company’s sole discretion, be deemed not to be treated as Capital Lease Obligations or Indebtedness. 

“Capital Stock” means (i) in the case of a corporation, corporate stock, (ii) in the case of an association or
business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, (iii) in the case of a partnership or limited liability company, partnership interests (whether general or
limited) or membership interests and (iv) 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, but excluding from all of the
foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

“Cash Equivalents” means (i) United States dollars, Canadian dollars and the Euro; (ii) securities issued or
directly and fully guaranteed or insured by the United States government or any agency or instrumentality thereof having maturities of not more than one year from the date of acquisition; (iii) certificates of deposit, time deposits and
Eurodollar time deposits with maturities of not more than one year from the date of acquisition, bankers’ acceptances with maturities of not more than one year from the date of acquisition and overnight bank deposits, in each case, with any
domestic commercial bank having capital and surplus in excess of $500.0 million and $100.0 million (or the U.S. dollar equivalent as of the date of determination) in the case of non-U.S. banks; (iv) repurchase obligations for underlying
securities of the types described in clauses (ii) and (iii) above entered into with any financial institution meeting the qualifications specified in clause (iii) above; (v) commercial paper rated at least P-1 by Moody’s or
at least A-1 by S&P with maturities of not more than one year from the date of acquisition; (vi) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P,
respectively (or, if at any time neither Moody’s nor S&P shall be rating such obligations, an equivalent rating from another Rating Agency) and in each case with maturities of not more than two years from the date of acquisition;
(vii) investment funds investing 95% of their assets in securities of the types described in clauses (i) through (vi) above and (viii) through (x) below; (viii) readily marketable direct obligations issued by any state,
commonwealth or territory of the United States or any political subdivision or taxing authority thereof having an Investment Grade Rating from either Moody’s or S&P with maturities of not more than two years from the date of acquisition;
(ix) Indebtedness or preferred stock issued by Persons with a rating of “A” or higher from S&P or “A2” or higher from Moody’s with maturities of one year or less from the date of acquisition; and
(x) investments with average maturities of 12 months or less from the date of acquisition in money market funds rated AAA- (or the equivalent thereof) or better by S&P or Aaa3 (or the equivalent thereof) or better by Moody’s.
Notwithstanding the foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clause (i) above, provided that such amounts are converted into any currency listed in clause (i) as
promptly as practicable and in any event within ten Business Days following the receipt of such amounts. 
 “Change of
Control” means the occurrence of one or more of the following events: (i) any sale, lease or other transfer (in one transaction or a series of related transactions) other than by way of merger or consolidation of all or substantially
all of the assets of the Company and its Subsidiaries taken as a whole to any “person” (as such term is used in Section 13(d) of the Exchange Act) unless immediately following such sale, lease or other transfer in compliance with this
Indenture such assets are owned, directly or indirectly, by (A) the Company or a Subsidiary of the Company or (B) a Person controlled by the Company or a Subsidiary of the Company; or (ii) the acquisition in one or more transactions,
of beneficial ownership (within the meaning of Rule l3d-3 under the Exchange Act) of Voting Stock of the Company by any Person or Group that beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or indirectly, at
least a majority of the total voting power of the Company’s then outstanding Voting Stock; provided, however, that a transaction in which the Company becomes a Subsidiary 

  
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of another Person (other than a Person that is an individual) shall not constitute a Change of Control if (a) the shareholders of the Company immediately prior to such transaction
“beneficially own” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly through one or more intermediaries, at least a majority of the total voting power of the outstanding Voting Stock of such other
Person, immediately following the consummation of such transaction or (b) immediately following the consummation of such transaction, no “person” (as such term is defined above), other than a holding company satisfying the
requirements of this clause, “beneficially owns” (as such term is defined above), directly or indirectly through one or more intermediaries, a majority of the total voting power of the outstanding Voting Stock of such Person.
Notwithstanding the foregoing, a Change of Control shall not be deemed to occur upon the consummation of any actions undertaken by the Company or any of its Subsidiaries solely for the purpose of changing the legal structure of the Company or such
Subsidiary. 
 “Change of Control Triggering Event” means the occurrence of both a Change of Control and a Rating Decline
with respect to the Notes. 
 “Clearstream” means Clearstream Banking, sociètè anonyme. 

“Commodity Hedging Agreements” means agreements or arrangements designed to protect such Person against fluctuations in the
price of (i) crude oil, natural gas, or other hydrocarbons, including refined hydrocarbon products; (ii) electricity and other sources of energy or power used in the Company’s refining or processing operations; or (iii) any other
commodity; in each case, in connection with the conduct of its business and not for speculative purposes. 
 “Commodity Hedging
Obligations” means, with respect to any Person, the net payment Obligations of such Person under Commodity Hedging Agreements. 

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

“Comparable Treasury Issue” means the United States Treasury security selected by the Quotation Agent as having a maturity
comparable to the remaining term from the redemption date to April 1, 2019, that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of a maturity
most nearly equal to April 1, 2019. 
 “Comparable Treasury Price” means, with respect to any redemption date, if
clause (ii) of the Adjusted Treasury Rate is applicable, the average of three, or such lesser number as is obtained by the Trustee, Reference Treasury Dealer Quotations for the redemption date. 

“Consolidated Net Tangible Assets” means, with respect to any Person at any date of determination, the aggregate amount of
total assets included in such Person’s most recent fiscal quarter for which internal financial statements are available, less (a) all current liabilities reflected in such balance sheet, and (b) all goodwill, trademarks, patents,
unamortized debt discounts and expenses and other like intangibles reflected in such balance sheet, in each case, giving pro forma effect to (i) any incurrence, guarantee, repayment, repurchase, redemption, defeasance or discharge of any
Indebtedness (other than revolving borrowings under any Credit Facility), or issuance, repurchase or redemption of Disqualified Equity and the use of proceeds therefrom and (2) acquisitions that have been made by the specified Person or any of
its Subsidiaries, including through mergers, asset purchase transactions or consolidations and including any related financing transactions. 

  
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 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee
specified in Section 11.02 hereof or such other address as to which the Trustee may give notice to the Company. 

“Credit Facilities” means, with respect to the Company or any of its Restricted Subsidiaries, one or more debt facilities
(including, without limitation, the Senior Secured Credit Facilities) or other financing arrangements with respect to any obligations in respect of Indebtedness, including, without limitation, commercial paper facilities, indentures or Debt
Issuances with banks, investment banks, insurance companies, mutual funds, other institutional lenders, institutional investors or any of the foregoing providing for revolving credit loans, term loans, receivables financing (including through the
sale of receivables to such lenders, other financiers or to special purpose entities formed to borrow from (or sell such receivables to) such lenders or other financiers against such receivables), letters of credit, bankers’ acceptances, other
borrowings or Debt Issuances, in each case, as amended, restated, modified, renewed, extended, refunded, replaced or refinanced (in each case, without limitation as to amount), in whole or in part, from time to time (including through one or more
Debt Issuances) and any agreements and related documents governing Indebtedness or Obligations incurred to refinance amounts then outstanding or permitted to be outstanding, whether or not with the original administrative agent, lenders, investment
banks, insurance companies, mutual funds, other institutional lenders, institutional investors or any of the foregoing and whether provided under the original agreement, indenture or other documentation relating thereto. 

“Currency Exchange Protection Obligations” mean, in respect of a Person, any foreign exchange contract, currency swap
agreement, currency option or other similar agreement or arrangement designed to protect such Person against fluctuations in currency exchange rates. 

“Custodian” means any receiver, trustee, assignee, liquidator, sequester or similar official under the Bankruptcy Code. 

“Debt Issuances” means, with respect to the Company or any Restricted Subsidiary, one or more issuances after the Issue Date
of Indebtedness evidenced by notes, debentures, bonds or other similar securities or instruments. 
 “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. 
 “Definitive
Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06 hereof, 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. 
 “Disqualified Equity” means,
with respect to any person, any Equity Interest that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Equity Interest), or upon the
happening of any event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Equity Interest, in whole or in part, on or prior to the date that is 91 days after
the date on which the Notes mature, except such Equity Interest that is solely redeemable with, or solely exchangeable for, any Equity Interest of such Person that is not Disqualified Equity. 

  
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 “Domestic Subsidiary” means any Subsidiary of the Company that was formed under
the laws of the United States or any state of the United States or the District of Columbia. 
 “Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock (but excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 

“Equity Offering” means any public or private sale of Equity Interests of the Company (other than Disqualified Equity) made
for cash after the Issue Date. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as amended from time
to time, and any successor thereto. 
 “Euroclear” means Euroclear Bank S.A./N.V. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“Existing Senior Notes” means the Company’s (i) 4.250% senior notes due 2017 ($450 million aggregate principal
amount outstanding) and (ii) 5.375% senior notes due 2022 ($475 million aggregate principal amount outstanding). 
 “Fair
Market Value” means, with respect to consideration received or to be received, or given or to be given, pursuant to any transaction by the Company or any Restricted Subsidiary, the fair market value of such consideration as determined in
good faith by the Board of Directors of the Company, whose determination shall be conclusive. 
 “Financial Hedging
Agreements” means (i) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements and (ii) other agreements or arrangements designed to protect such Person against fluctuations in interest
rates, currency exchange rates or commodity prices and not for speculative purposes. 
 “Financial Hedging Obligations”
means, with respect to any Person, the net payment Obligations of such Person under Financial Hedging Agreements. 
 “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, which are in effect from time to time. 

“Global Note Legend” means the legend set forth in Section 2.06(g)(ii) hereof, which is required to be placed on
all Global Notes issued under this Indenture. 
 “Global Notes” means, individually and collectively, each of the Notes
issued or issuable in the global form of Exhibit A hereto issued in accordance with Section 2.01 or 2.06(d)(iv) hereof. 

“Government Securities” means securities that are: (1) direct obligations of the United States of America for the timely
payment of which its full faith and credit is pledged; or (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally
guaranteed as a full faith and credit obligation by the United States of America, which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in
Section 3(a)(2) of the Securities 

  
 -6- 

 
Act), as custodian with respect to any such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the
holder of such depository receipt; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in
respect of the Government Securities or the specific payment of principal of or interest on the Government Securities evidenced by such depository receipt. 

“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, letters of credit and reimbursement agreements in respect thereof or pledging assets to secure), of all or any part of any Indebtedness. 

“Guarantors” means: 

(i) each of Carson Cogeneration Company, Gold Star Maritime Company, Tesoro Alaska Company, Tesoro Aviation Company, Tesoro
Companies, Inc., Tesoro Environmental Resources Company, Tesoro Far East Maritime Company, Tesoro Insurance Holding Company, Tesoro Maritime Company, Tesoro Northstore Company, Tesoro Refining & Marketing Company LLC, Tesoro Renewables
Company LLC, Tesoro Sierra Properties, LLC, Tesoro SoCal Cogen Company LLC, Tesoro South Coast Company, LLC, Tesoro Trading Company, Tesoro Wasatch, LLC, Tesoro West Coast Company, LLC, Trans-Foreland Pipeline Company LLC, Treasure Franchise Company
LLC and Uinta Express Pipeline Company LLC; 
 (ii) each of the Company’s Subsidiaries that becomes a guarantor of the
Notes pursuant to Section 4.16; and 
 (iii) each of the Company’s Subsidiaries executing a supplemental
indenture in which such Subsidiary agrees to be bound by the terms of this Indenture; 
 provided that any Person constituting a Guarantor as
described above shall cease to constitute a Guarantor when its respective Subsidiary Guarantee is released in accordance with the terms thereof. 

“Hedging Obligations” means, with respect to any Person, collectively, the Commodity Hedging Obligations of such Person, the
Currency Exchange Protection Obligations of such Person and the Financial Hedging Obligations of such Person. 
 “Holder”
means a Person in whose name a Note is registered. 
 “Indebtedness” means, with respect to any Person, without
duplication, (1) the principal of and premium, if any, with respect to indebtedness of such Person for borrowed money or evidenced by bonds, notes, debentures or similar instruments; (2) reimbursement obligations of such Person for letters
of credit or banker’s acceptances; (3) Capital Lease Obligations of such Person; (4) obligations of such Person for the payment of the balance deferred and unpaid of the purchase price of any property except any such balance that
constitutes (a) an accrued expense, (b) a trade payable or (c) an earn-out obligation until, after 30 days of becoming due and payable, such earn-out obligation has not been paid and becomes a liability on the balance sheet of such
Person in accordance with GAAP; (5) Hedging Obligations (the amount of which at any time of determination shall be equal to the termination value of such agreement or arrangement giving rise to such Hedging Obligation that would be payable at
such time); or (6) preferred stock of a Subsidiary that is not a Subsidiary Guarantor (but excluding, in each case, any accrued dividends). In the case of the foregoing clauses (1) through (5), if and to the extent any of the foregoing
obligations or indebtedness (other than letters of credit, banker’s acceptances and Hedging Obligations), but 

  
 -7- 

 
excluding amounts recorded in accordance with Accounting Standards Codification No. 815, would appear as a liability upon a balance sheet of such Person prepared in accordance with GAAP. In
the case of clause (6), the amount of Indebtedness attributable to such preferred stock shall be the repurchase price calculated in accordance with the terms of such preferred stock as if the preferred stock were repurchased on the date on which
Indebtedness is required to be determined pursuant to this Indenture; provided that if the preferred stock is not then permitted to be repurchased, the amount of Indebtedness shall be the greater of the liquidation preference and the book
value of the preferred stock. In addition, the term “Indebtedness” includes, without duplication, to the extent not otherwise included, the guarantee by such Person of any obligations or indebtedness of others of the type referred to in
the foregoing clauses (1) through (6), whether or not such guarantee is contingent, and whether or not such guarantee appears on the balance sheet of such Person. 

“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 $300.0 million aggregate principal amount of 5.125% Senior Notes due 2024 issued by the Company on
the Issue Date. 
 “Investment Grade Rating” means a rating equal to or higher than Baa3 (or the equivalent) by
Moody’s or BBB- (or the equivalent) by S&P. 
 “Issue Date” means March 18, 2014. 

“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. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday, and no interest
shall accrue for the intervening period. 
 “Lien” means any mortgage, pledge, security interest or other lien or
encumbrance. 
 “Moody’s” means Moody’s Investors Service, Inc., or any successor to the rating agency business
thereof. 
 “Note Custodian” means the Trustee, as custodian for the Depositary with respect to the Notes in global form,
or any successor entity thereto. 
 “Notes” means the Initial Notes and any Additional Notes issued under this Indenture.

 “Obligations” means any principal, premium (if any), interest and interest accruing on or after the filing of any
petition in bankruptcy or for reorganization relating to the Company or its Restricted Subsidiaries whether or not a claim for post-filing interest is allowed in such proceeding), penalties, fees, charges, expenses, indemnifications, reimbursement
obligations, damages, guarantees (including the Subsidiary Guarantees) and other liabilities or amounts payable under the documentation governing any Indebtedness or in respect thereof. 

“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 or any Vice-President of such Person. 

  
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 “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 11.05 hereof.

 “Opinion of Counsel” means an opinion from legal counsel who is reasonably acceptable to the Trustee, that meets the
requirements of Section 11.05 hereof. The counsel may be an employee of or counsel to the Company, any Subsidiary of the Company or the Trustee. 

“Participant” means, with respect to DTC, Euroclear or Clearstream, a Person who has an account with DTC, Euroclear or
Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Permitted Business”
means, with respect to the Company and its Subsidiaries, the businesses of (i) the acquisition, development, operation and disposition of interests in oil, gas and other hydrocarbon properties, (ii) the acquisition, gathering, treating,
processing, storage and transportation of production from such interests or properties and related logistics activities, (iii) the acquisition, processing, marketing, refining, distilling, storage and/or transportation of hydrocarbons and/or
royalty or other interests in crude oil or refined or associated products related thereto, (iv) the acquisition, operation, improvement, leasing and other use of convenience stores, retail service stations, truck stops and other public
accommodations in connection therewith, (v) the marketing and distribution of petroleum and marine products and the provision of logistical services to marine and offshore exploration and production industries, (vi) any business engaged in
by the Company or its Subsidiaries on the Issue Date, (vii) any other business that generates gross income at least 90% of which constitutes “qualifying income” under Section 7704 (d) of the Internal Revenue Code of 1986, as
amended; and (viii) any activity or business that is a reasonable extension, development or expansion of, or reasonably related to, any of the foregoing. 

“Permitted Liens” means: 

(1) Liens securing Indebtedness incurred under the Senior Secured Credit Facilities and all Obligations and Hedging Obligations
relating to such Indebtedness, in an aggregate amount not to exceed at any time outstanding the greater of (A) the greater of (i) $3.5 billion and (ii) the amount of the Borrowing Base at the time of incurrence and (B) 15% of
Consolidated Net Tangible Assets; 
 (2) Liens other than Liens permitted by clause (1) of this definition of
“Permitted Liens” granted in favor of the Company or the Guarantors; 
 (3) Liens to secure Indebtedness (including
Capital Lease Obligations, Synthetic Lease Obligations, mortgage financings or purchase money obligations (including Acquired Debt)), in each case, incurred in connection with the purchase of, or for the purpose of financing the purchase of, the
cost of construction, improvement or development of, property, plant or equipment used or useful in the Permitted Business (including, without limitation, oil and gas properties) of the Company or a Restricted Subsidiary of the Company or incurred
to extend, refinance, renew, replace, defease or refund any such purchase price or cost of construction, improvement or development, provided that any such Liens cover only the assets acquired, constructed, improved or developed with, or
secured by, such Indebtedness; 
 (4) Liens existing on the Issue Date (other than Liens described in clause (1) above);

  
 -9- 

 (5) Liens for taxes, assessments or governmental charges or claims that are not
yet delinquent or that are being contested in good faith by appropriate proceedings diligently pursued, provided that any reserve or other appropriate provision as is required in conformity with GAAP has been made therefor; 

(6) [reserved]; 

(7) Liens on the Retail Properties; 

(8) carriers’, warehousemen’s, mechanics’, materialmen’s, landlord’s, repairman’s or other like
Liens arising in the ordinary course of business; 
 (9) pledges or deposits in connection with workers’ compensation,
unemployment insurance, statutory obligations and other types of social security; 
 (10) deposits to secure the performance
of bids, trade contracts (other than for borrowed money), reimbursement obligations owed to insurers, leases, surety and appeal bonds, bids, performance bonds and other obligations of a like nature incurred in the ordinary course of business
(including Liens to secure letters of credit issued to assure payment of such obligations); 
 (11) easements, rights of way,
survey exceptions, reservations of, or rights of others for, licenses, sewers, electric lines, telegraph and telephone lines and other similar purposes, or zoning or other restrictions and other similar encumbrances incurred in the ordinary course
of business that, in the aggregate, do not materially interfere with the ordinary conduct of the business of the Company or any of its Subsidiaries; 

(12) any interest or title of a lessor under any lease entered into by the Company or any of its Subsidiaries in the ordinary
course of its business and covering only the assets so leased; 
 (13) any Lien securing Indebtedness, neither assumed nor
guaranteed by the Company or any of its Subsidiaries nor on which it customarily pays interest, existing upon real estate or rights in or relating to real estate acquired by the Company for substation, metering station, pump station, storage,
gathering line, transmission line, transportation line, distribution line or for right-of-way purposes, any Liens reserved in leases for rent and for compliance with the terms of the leases in the case of leasehold estates, to the extent that any
such Lien referred to in this clause (13) does not materially impair the use of the property covered by such Lien for the purposes of which such property is held by the Company or any of its Subsidiaries; 

(14) inchoate Liens arising under ERISA; 

(15) any obligations or duties affecting any of the property of the Company or its Subsidiaries to any municipality or public
authority with respect to any franchise, grant, license or permit which do not materially impair the use of such property for the purposes for which it is held; 

(16) defects, irregularities and deficiencies in title of any rights of way or other property of the Company or any of its
Subsidiaries which, in the aggregate, do not materially impair the use of such rights of way or other property for the purposes for which such rights of way and other property are held by the Company or any of its Subsidiaries and defects,
irregularities and deficiencies in title to any property of the Company or any of its Subsidiaries, which defects, irregularities or deficiencies have been cured by possession under applicable statutes of limitation; 

  
 -10- 

 (17) Liens in favor of collecting or payor banks having a right of setoff,
revocation, refund or chargeback with respect to money or instruments of the Company or any of its Subsidiaries on deposit with or in possession of such bank; 

(18) Liens to secure obligations of the Company and its Subsidiaries in respect of Commodity Hedging Agreements and Financial
Hedging Agreements, in each case not entered into for speculative purposes, and Liens with respect to hedging accounts maintained with dealers of NYMEX or similar contracts which require the maintenance of cash margin account balances; 

(19) Liens on property of a Person existing at the time (a) such Person is merged with or into or consolidated with the
Company or any Restricted Subsidiary, (b) such Person becomes a Restricted Subsidiary or (c) such property is otherwise acquired by the Company or a Restricted Subsidiary; provided that such Liens were in existence prior to the
contemplation of such merger, consolidation or other acquisition and do not extend to any assets other than those of the Person merged into or consolidated with the Company or the Restricted Subsidiary in the case of a merger or consolidation
pursuant to clause (a) or such property in the case of such other acquisition in the case of clause (b) or (c); 

(20) Liens to secure any extension, renewal, replacement or refinancing of Indebtedness secured by a Lien permitted by any of
the foregoing clauses (4), (13), (18) and (19); provided that (a) the new Lien shall be limited to all or part of the same property and assets that secured or, under the written agreements pursuant to which the original Lien arose,
could secure the original Lien (plus improvements and accessions to, such property or proceeds or distributions thereof) and (b) the Indebtedness secured by the new Lien is not increased to any amount greater than the sum of (x) the
outstanding principal amount, or, if greater, the committed amount, of the Indebtedness being extended, renewed, replaced or refinanced and (y) an amount necessary to pay accrued interest on such Indebtedness and any fees and expenses,
including premiums, related to such renewal, refunding, refinancing, replacement, defeasance or discharge; 
 (21) Liens upon
specific items of inventory, accounts receivables or other goods and proceeds of the Company or any Restricted Subsidiary securing such Person’s obligations in respect of banker’s acceptances or receivables securitizations issued or
created for the account of such Person to facilitate the purchase, shipment or storage of such inventory, accounts receivables or other goods and proceeds; 

(22) any Lien resulting from the deposit of money or other Cash Equivalents or other evidence of indebtedness in trust for the
purpose of defeasing Indebtedness of the Company or any Restricted Subsidiary; 
 (23) any Liens securing industrial
development, pollution control or similar bonds; 
 (24) Liens incurred by the Company or any Subsidiary of the Company with
respect to obligations that at any one time outstanding do not exceed the greater of (a) $175.0 million or (b) 2.5% of Consolidated Net Tangible Assets of the Company; 

(25) Liens arising by reason of deposits necessary to obtain standby letters of credit in the ordinary course of business; and

  
 -11- 

 (26) Liens relating to future escrow arrangements securing Indebtedness. 

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

“preferred stock” means any Capital Stock of a Person, however designated, which entitles the holder thereof to a preference
with respect to dividends, distributions or liquidation proceeds of such Person over the holders of the other Capital Stock issued by such Person. 

“Principal Property” means any refinery and any related core refining asset having a Fair Market Value in excess of the
greater of (a) $250.0 million and (b) 2.5% of Consolidated Net Tangible Assets (unless the Board of Directors determines that any such property is not material to the Company and its subsidiaries taken as a whole), owned by the Company or
any of its Restricted Subsidiaries. 
 “Prospectus” means the Prospectus, dated March 4, 2014, relating to the
issuance and sale of the Initial Notes. 
 “Quotation Agent” means the Reference Treasury Dealer selected by the Trustee
after consultation with the Company. 
 “Rating Agency” means each of S&P and Moody’s, or if S&P or
Moody’s or both shall not make a rating on the Notes publicly available, a nationally recognized statistical rating agency or agencies, as the case may be, selected by the Company (as certified by a resolution of the Board of Directors) which
shall be substituted for S&P or Moody’s, or both, as the case may be. 
 “Rating Decline” means the occurrence of
a decrease in the rating of the Notes by one or more gradations by each of Moody’s and S&P (including gradations within the rating categories, as well as between categories), within 60 days before or after the earlier of (x) a Change
of Control, (y) the date of public notice of the occurrence of a Change of Control or (z) public notice of the intention of the Company to effect a Change of Control (which 60-day period shall be extended so long as the rating of the Notes
is under publicly announced consideration for possible downgrade by either Moody’s or S&P); provided, however, that a Rating Decline otherwise arising by virtue of a particular reduction in rating will not be deemed to have
occurred in respect of a particular Change of Control (and thus will not be deemed a Rating Decline for purposes of the definition of Change of Control Triggering Event) unless each of Moody’s and S&P making the reduction in rating to which
this definition would otherwise apply announces or publicly confirms or informs the Trustee in writing at the Company’s or its request that the reduction was the result, in whole or in part, of any event or circumstance comprised of or arising
as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating Decline). 

“Reference Treasury Dealer” means any three nationally recognized investment banking firms selected by the Company that are
primary dealers of Government Securities. 
 “Reference Treasury Dealer Quotations” means, with respect to each Reference
Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue with respect to the Notes, expressed in each case as a percentage of its principal amount, quoted in
writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business Day immediately preceding the redemption date. 

  
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 “Responsible Officer,” when used with respect to the Trustee, means any officer,
including, without limitation, any vice president, assistant vice president, assistant treasurer or secretary within the Corporate Trust Administration of the Trustee (or any successor group of the Trustee) or any other officer of the Trustee
customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to particular corporate trust matter, any other officer or employee to whom such matter is referred because of his
knowledge of and familiarity with the particular subject. 
 “Restricted Subsidiary” means any Subsidiary that owns
Principal Property; provided that, for the avoidance of doubt, Tesoro Logistics LP and Tesoro Logistics GP, LLC and each of their respective subsidiaries shall not be Restricted Subsidiaries. 

“Retail Properties” means all assets directly related to the retail sale of gasoline and diesel fuel in retail markets in the
United States, including, without limitation, all related gas stations, convenience stores, merchandise items, tow trucks, auto maintenance facilities, oil change facilities, and car washes; provided that such assets shall not include any
assets relating to the sale of petroleum products in bulk and wholesale markets. 
 “S&P” means Standard &
Poor’s Ratings Group, Inc., or any successor to the rating agency business thereof. 
 “SEC” means the Securities and
Exchange Commission. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Senior Revolving Credit Facility” means that certain Sixth Amended and Restated Credit Agreement, dated as of
January 4, 2013, as amended, supplemented or amended and restated from time to time, among the Company, JPMorgan Chase Bank, National Association, as Administrative Agent, and the financial institutions from time to time party thereto, and
including any related notes, guarantees, collateral documents, instruments and agreements executed in connection therewith. 

“Senior Secured Credit Facilities” means the Senior Revolving Credit Facility and the Senior Term Loan Credit Facility and
any agreements and related documents governing Indebtedness or Obligations incurred to refinance amounts then outstanding or permitted to be outstanding, whether or not with the original administrative agent, lenders, investment banks, insurance
companies, mutual funds, other institutional lenders, institutional investors or any of the foregoing and whether provided under the original agreement or other documentation relating thereto. 

“Senior Term Loan Credit Facility” means that certain Credit Agreement, dated as of January 28, 2013, as amended,
supplemented or amended and restated from time to time, among the Company, JPMorgan Chase Bank, National Association, as Administrative Agent, and the financial institutions from time to time party thereto, and including any related notes,
guarantees, collateral documents, instruments and agreements executed in connection therewith. 
 “Significant Subsidiary”
means any Subsidiary that would be a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date. 

“Stated Maturity” means, with respect to any installment of interest or principal, or sinking fund or mandatory redemption of
principal, on any series of Indebtedness, the date on which such payment of interest or principal was scheduled to be paid or made, as applicable, 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. 

  
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 “Subsidiary” means, with respect to any Person, (i) 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 thereof is at
the time owned or controlled, directly or indirectly, by such Person and (ii) any partnership (a) the sole general partner or the managing general partner of which is such Person or an entity described in clause (i) and related to
such Person or (b) the only general partners of which are such Person or of one or more entities described in clause (i) and related to such Person (or any combination thereof). 

“Subsidiary Guarantee” means the guarantee of the Notes by each of the Guarantors pursuant to Article X hereof and, if
applicable, in the related form of guarantee notation endorsed on the form of Note attached hereto as Exhibit A and any additional guarantee of the Notes to be executed by any Domestic Subsidiary of the Company pursuant to
Section 4.16. 
 “Synthetic Lease Obligation” means the monetary obligation of a Person under (a) a
so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating obligations that do not appear on the balance sheet of
such Person but which, upon the application of any bankruptcy, insolvency, reorganization or similar laws affecting creditors’ rights generally to such Person, would be characterized as the indebtedness of such Person (without regard to
accounting treatment). 
 “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 of
this Indenture until a successor replaces it in accordance with the applicable provisions of this Indenture and thereafter means the successor serving hereunder. 

“U.S.” means the United States of America. 

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

	SECTION 1.02.	Other Definitions. 

  

					
	 Term
	  	Defined
in Section	 
	 “Change of Control Offer”
	  	 	4.15	  
	 “Change of Control Payment”
	  	 	4.15	  
	 “Change of Control Payment Date”
	  	 	4.15	  
	 “Covenant Defeasance”
	  	 	8.05	  
	 “DTC”
	  	 	2.03	  
	 “Event of Default”
	  	 	6.01	  
	 “Funding Guarantor”
	  	 	10.05	  
	 “Legal Defeasance”
	  	 	8.04	  
	 “Paying Agent”
	  	 	2.03	  
	 “Payment Default”
	  	 	6.01	  
	 “Registrar”
	  	 	2.03	  

  
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	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 means the Company and any successor obligor upon the Notes. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under
the TIA have the meanings so assigned to them. 
  

	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, and “including” means “including without limitation,” “including
but not limited to” or words of similar import; 
 (4) The word “will” shall be construed to have the same
meaning and effect as the word “shall”; 
 (5) words in the singular include the plural, and in the plural include
the singular; 
 (6) provisions apply to successive events and transactions; 

(7) references to sections of or rules under the Securities Act shall be deemed to include substitute, replacement of successor
sections or rules adopted by the SEC from time to time; 
 (8) references to “Sections,” “clauses,”
“Articles,” “Exhibits” and “Schedules” shall be to Sections, clauses, Articles, Exhibits and Schedules, respectively, of this Indenture unless otherwise specifically provided; 

(9) the use in this Indenture of the words “herein,” “hereof and “hereunder,” and words of similar
import, shall be construed to refer to this Indenture in its entirety and not to any particular provision hereof; and 

  
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 (10) this Indenture, the Notes, the Subsidiary Guarantees and any documents or
instruments delivered pursuant hereto shall be construed without regard to the identity of the party who drafted the various provisions of the same. Each and every provision of this Indenture and instruments and documents entered into and delivered
in connection therewith shall be construed as though the parties participated equally in the drafting of the same. Consequently, each of the parties acknowledges and agrees that any rule of construction that a document is to be construed against the
drafting party shall not be applicable either to this Indenture, the Notes, the Subsidiary Guarantees and instruments and documents entered into and delivered in connection therewith. 

ARTICLE II 
 THE NOTES 

 

	SECTION 2.01.	Form and Dating. 

 The Notes and the Trustee’s certificate of authentication shall
be substantially in the form of Exhibit A hereto. The Notes may have notations, legends or endorsements required by law, stock exchange role or usage. Each Note shall be dated the date of its authentication. The Notes shall be in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. Subject to Sections 4.16 and 10.02 hereof, the Notes may bear notations of Subsidiary Guarantees. 

The terms and provisions contained in the Notes shall constitute, and are hereby expressly made, a part of this Indenture, and the Company 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 or any notation of Subsidiary Guarantees thereon conflicts with
the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
 Notes issued in global form
shall be substantially in the form of Exhibit A attached hereto (including the Global Note Legend and the “Schedule of Exchanges in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the
form of Exhibit A attached hereto (but without the Global Note Legend and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such aggregate principal amount of the
outstanding Notes as shall be specified therein and each shall provide that it shall represent 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 shall be made by the Trustee, the Depositary or the Note Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof.

  

	SECTION 2.02.	Execution and Authentication. 

 One Officer shall sign the Notes for the Company by
manual or facsimile signature. If an Officer of the Company whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note shall nevertheless be valid. A Note shall not be valid until authenticated by the
manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 

The aggregate principal amount of Notes that may be authenticated and delivered under this Indenture is unlimited. The Trustee shall
authenticate (i) the Initial Notes for original issue on the Issue Date in the aggregate principal amount of $300.0 million and (ii) Additional Notes for original issue from 

  
 -16- 

 
time to time after the Issue Date in such principal amounts as may be set forth in a written order of the Company described in this sentence; provided that the issuance of such Additional
Notes shall be subject to Section 2.13 hereof, upon a written order of the Company signed by one Officer, which written order shall specify (a) the amount of Notes to be authenticated and the date of original issue thereof,
(b) whether the Notes are Initial Notes or Additional Notes and (c) the amount of Notes to be issued in global form or definitive form. 

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 shall maintain an office or agency within the
City and State of New York 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
shall 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 shall promptly 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 Trustee has been appointed by DTC to act as Note Custodian with respect to the Global Notes. 
 The Company initially appoints the
Trustee to act as the Registrar and Paying Agent. 
  

	SECTION 2.04.	Paying Agent to Hold Money in Trust. 

 The Company shall require each Paying Agent other
than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal of, or premium or interest on the Notes, and shall notify the
Trustee of any default by the Company in making any such payment. While any such 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) shall have no further liability for the money. If the Company or an Affiliate of the Company (including any Subsidiary)
acts as Paying Agent, it shall 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 shall serve as
Paying Agent for the Notes. 
  

	SECTION 2.05.	Holder Lists. 

 The Trustee shall preserve in as current a form as is reasonably
practicable the most recent list available to it of the names and addresses of all Holders and shall otherwise comply with TIA § 312(a). If the Trustee is not the Registrar, the Company shall provide to a Responsible Officer of 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). 

  
 -17- 

	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 shall be exchanged by the Company for Definitive Notes if (i) the Company delivers to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as
Depositary for the Global Notes 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,
(ii) an Event of Default has occurred and is continuing under this Indenture or (iii) the Company in its sole discretion notifies the Trustee in writing that it elects to cause issuance of the Notes in certificated form. Upon the
occurrence of either of the preceding events in (i) or (ii) 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 2.11 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to Section 2.07 or 2.11 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), or (c) hereof. 
 (b) Transfer and Exchange of Beneficial Interests in the
Global Notes. The transfer and exchange of beneficial interests in any Global Note shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in
any Global Note also shall require compliance with either subparagraph (i) or (ii) below, as applicable, as well as one or more of the other following subparagraphs as applicable: 

(i) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in any Global Note may be transferred
only to Persons who take delivery thereof in the form of a beneficial interest in such Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfer described in this Section
2.06(b)(i). 
 (ii) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with
all transfers and exchanges of beneficial interests (other than a transfer of a beneficial interest in a Global Note to a Person who takes delivery thereof in the form of a beneficial interest in the same Global Note), the transferor of such
beneficial interest must deliver to the Registrar (A) (1) 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 (2) instructions given in accordance with the Applicable Procedures containing information regarding the
Participant account to be credited with such increase or (B) (1) 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 (2) 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 notification from the Registrar that all of the requirements for transfer or exchange of beneficial interests in Global Notes contained in this Indenture, the
Notes and otherwise applicable under the Securities Act have been satisfied, the Trustee shall adjust the principal amount of the relevant Global Notes pursuant to Section 2.06(h) hereof. 

  
 -18- 

 (iii) [Reserved]. 

(iv) [Reserved]. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(i) [Reserved]. 
 (ii) [Reserved].

 (iii) If any holder of a beneficial interest in a 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 notice by the Registrar of satisfaction of the conditions set forth in Section 2.06(b)(ii) hereof, 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 make available for delivery 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)(iii) 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 make available for
delivery such Definitive Notes to the Persons in whose names such Notes are so registered. 
 (d) Transfer and Exchange of Definitive
Notes for Beneficial Interests. 
 (i) [Reserved]. 

(ii) [Reserved]. 
 (iii) A Holder
of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Note to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. Upon receipt of a
request for such an exchange or transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 

(iv) If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to subparagraph (iii) above at
a time when a 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 Global Notes in an aggregate
principal amount equal to the principal amount of beneficial interests transferred pursuant to subparagraph (iii) above. 
 (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 shall register the transfer
or exchange of Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder shall 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 his attorney, duly authorized in writing. In addition, the requesting Holder shall provide any additional certifications, documents and information, as applicable, pursuant to the
provisions of this Section 2.06(e). 

  
 -19- 

 (f) [Reserved]. 

(g) Legends. The following legends shall 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. 
 (i) [Reserved]. 

(ii) Global Note Legend. Each Global Note shall 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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO ARTICLE II OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE
EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE
TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF TESORO CORPORATION OR ANY SUCCESSOR THERETO.” 

(iii) OID Legend. Each Note issued hereunder that has more than a de minimis amount of original issue discount
for U.S. federal income tax purposes shall bear a legend in substantially the following form: 
 “THIS NOTE IS ISSUED WITH ORIGINAL
ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR
SUCH INFORMATION TO THE COMPANY AT THE FOLLOWING ADDRESS: 19100 RIDGEWOOD PARKWAY, SAN ANTONIO, TEXAS 78259, ATTENTION: G. SCOTT SPENDLOVE.” 

Additionally, for so long as DTC is the Depositary with respect to any Global Note, each such Global Note shall also bear a legend in
substantially the following form: 
 “UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AS DEFINED IN THE
INDENTURE GOVERNING THIS NOTE), TO TESORO CORPORATION OR ANY SUCCESSOR THERETO OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS
REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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.” 

  
 -20- 

 (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 shall 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 shall 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 shall be reduced accordingly and an endorsement shall be made on such Global Note, by the Trustee, the Note Custodian
or 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 shall take delivery thereof in the form of a beneficial interest in another Global
Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note, by the Trustee, the Note Custodian or by the Depositary at the direction of the Trustee, to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, subject to Section 2.06, the Company shall execute and, upon the
Company’s written order, signed by one or more Officers of the Company, the Trustee shall authenticate Global Notes and Definitive Notes at the Registrar’s request. 

(ii) No service charge shall be made to a holder of a beneficial interest in 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 3.06, 4.15 and 9.05 hereof). 
 (iii) The Registrar shall not be
required to register the transfer or exchange of any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part. 

(iv) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall be
the valid obligations of the Company, evidencing the same debt, and entitled to the same benefits under this Indenture and the Subsidiary Guarantees, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange.

 (v) The Company and the Registrar shall not be required (A) to issue, to register the transfer of or to exchange Notes during a
period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection, (B) to register the transfer of or to
exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part, (C) to register the transfer of or to exchange a Note between a record date and the next succeeding Interest
Payment Date or (D) to register the transfer of a Note other than in denominations of $2,000 or multiple integrals of $1,000 in excess thereof. 

(vi) 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. 

  
 -21- 

 (vii) The Trustee shall authenticate Global Notes and Definitive Notes in accordance with the
provisions of Section 2.02 hereof. 
 (viii) All certifications, certificates and Opinions of Counsel required to be submitted to
the Registrar pursuant to this Section 2.06 to effect a 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,
or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Company shall issue and the Trustee, upon the written order of the Company signed by one Officer of the Company, shall 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 and
any Agent from any loss that any of them may suffer if a Note is replaced. The Company and the Trustee may charge for their respective expenses in replacing a Note. If, after the delivery of such replacement Note, a bona fide purchaser of the
original Note in lieu of which such replacement Note was issued presents for payment or registration such original Note, the Trustee shall be entitled to recover such replacement Note from the Person to whom it was delivered or any Person taking
therefrom, except a bona fide purchaser, and shall be entitled to recover upon the security or indemnity provided therefor to the extent of any loss, damage, cost or expense incurred by the Company, the Trustee and any Agent in connection therewith.

 Subject to the provisions of the final sentence of the preceding paragraph of this Section 2.07, every replacement Note is an
additional obligation of the Company and shall 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 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 bona fide 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 of the Company 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 shall be deemed to be no longer outstanding
and shall cease to accrue interest. 

  
 -22- 

	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, shall be considered as though not
outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that a Responsible Officer of the Trustee actually knows are so owned shall be so
disregarded. Notwithstanding the foregoing, Notes that the Company, a Subsidiary of the Company or an Affiliate of the Company offers to purchase or acquires pursuant to an offer, exchange offer, tender offer or otherwise shall not be deemed to be
owned by the Company, such Subsidiary or such Affiliate until legal title to such Notes passes to the Company, such Subsidiary or such Affiliate, as the case may be. 
  

	SECTION 2.10.	Temporary Notes. 

 Until Definitive Notes are ready for delivery, the Company may prepare
and the Trustee shall authenticate temporary Notes upon a written order of the Company signed by one Officer of the Company. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Company considers
appropriate for temporary Notes and as shall be reasonably acceptable to the Trustee. Without unreasonable delay, the Company shall prepare and the Trustee shall authenticate Definitive Notes in exchange for temporary Notes. 

Holders of temporary Notes shall 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 shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else shall cancel all Notes surrendered for registration of transfer,
exchange, payment, replacement or cancellation and shall return such canceled Notes 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. 

 

	SECTION 2.12.	Defaulted Interest. 

 If the Company defaults in a payment of interest on the Notes, it
shall 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 shall promptly 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 shall fix or cause to be fixed each such
special record date and payment date, provided that no such special record date shall 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) shall 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. 
  

	SECTION 2.13.	Additional Notes. 

 The Company shall be entitled to issue Additional Notes under this
Indenture which shall have identical terms as the applicable Initial Notes issued on the Issue Date, other than with respect to the date of issuance and issue price and first payment of interest. With respect to any Additional Notes, the Company

  
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shall set forth in a resolution of the Board of Directors and an Officers’ Certificate, a copy of each which shall be delivered to the Trustee, the following information: (a) the
aggregate principal amount at maturity of such Additional Notes to be authenticated and delivered pursuant to this Indenture; and (b) the issue price, the issue date and the CUSIP number and corresponding ISIN of such Additional Notes. 

 

	SECTION 2.14.	One Class of Notes. 

 The Initial Notes issued on the Issue Date and any Additional Notes
shall be treated as a single class for all purposes under this Indenture. 
  

	SECTION 2.15.	CUSIP Numbers. 

 The Company in issuing the Notes may use “CUSIP”
numbers (if then generally in use), and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption or repurchase, as the case may be, as a convenience to Holders; provided that any such notice may state that no
representation is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption or repurchase, as the case may be, and that reliance may be placed only on the other identification numbers
printed on the Notes, and any such redemption or repurchase, as the case may be, shall not be affected by any defect in or omission of such numbers. The Company shall promptly notify the Trustee of any change in the “CUSIP” numbers.

 ARTICLE III 
 REDEMPTION
AND PREPAYMENT 
  

	SECTION 3.01.	Notices to Trustee. 

 If the Company elects to redeem Notes pursuant to the optional
redemption provisions of Section 3.07 hereof, it shall furnish to the Trustee, at least two (2) Business Days (unless a shorter notice period shall be agreed to by the Trustee and which notice may be conditional with respect to such
two (2) Business Day period but not with respect to such not less than 10 but not greater than 60 day notice period, except as otherwise specified herein) before notice of redemption is required to be mailed or caused to be mailed to Holders
pursuant to Section 3.03 hereof but not more than 60 days before a redemption date, an Officers’ Certificate setting forth (i) the clause of this Indenture pursuant to which the redemption shall occur, (ii) the redemption
date, (iii) the principal amount of Notes to be redeemed, (iv) the redemption price or, in the case of a redemption pursuant to clauses (a) or (d) of Section 3.07 hereof, the manner of the calculation of the
redemption price, and (v) that the redemption price shall be deposited with the Trustee in immediately available funds no later than 10:00 a.m., New York City time, on the redemption date. 

 

	SECTION 3.02.	Selection of Notes to Be Redeemed. 

 If less than all of the Notes are to be repurchased
or redeemed at any time, selection of such Notes for repurchase or redemption shall be made by the Trustee (1) in compliance with the requirements of the principal national securities exchange, if any, on which the Notes are listed, (2) on
a pro rata basis to the extent practicable and in accordance with the procedures of the Depositary or (3) by lot or in such other similar method in accordance with the procedures of the Depositary; provided that no Notes of $2,000 or
less shall be repurchased or redeemed in part. In the event of partial redemption by lot, the particular Notes to be redeemed shall be selected, unless otherwise provided herein, not less than 10 days, but except as set forth in
Section 3.04, nor more than 60 days prior to the redemption date by the Trustee from the outstanding Notes not previously called for redemption. 

  
 -24- 

 The Trustee shall 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 shall be in amounts of $1,000 or whole multiples of $ 1,000. 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. 

The provisions of the two preceding paragraphs of this Section 3.02 shall not apply with respect to any redemption affecting only
a Global Note, whether such Global Note is to be redeemed in whole or in part. In case of any such redemption in part, the unredeemed portion of the principal amount of the Global Note shall be in an authorized denomination. 

 

	SECTION 3.03.	Notice of Redemption. 

 At least 10 days but not more than 60 days before a redemption
date, the Company shall (x) deliver electronically, (y) mail or cause to be mailed, by first class mail, or (z) provide otherwise in accordance with the procedures of the Depositary, a notice of redemption to each Holder whose Notes
are to be redeemed at its registered address, except that a notice of redemption may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with satisfaction and discharge of this Indenture or Legal Defeasance
or Covenant Defeasance, in each case pursuant to Article VIII hereof. 
 The notice shall identify the Notes (including CUSIP
numbers) to be redeemed and shall state: 
 (a) the redemption date; 

(b) the redemption price or, in the case of a redemption pursuant to clause (a) of Section 3.07 hereof, the
manner of the calculation of the redemption price; 
 (c) 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 shall be issued upon cancellation of the original Note; 

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

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

(f) 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; 
 (g) the paragraph of the Notes and the Section of this Indenture pursuant to
which the Notes called for redemption are being redeemed; 
 (h) 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; and 
 (i) any condition precedent to
which the redemption or notice of redemption is subject. 

  
 -25- 

 If any of the Notes to be redeemed is in the form of a Global Note, then the Company shall modify
such notice to the extent necessary to accord with the Applicable Procedures of the Depositary applicable to such redemption. 
 At the
Company’s request, the Trustee shall give the notice of redemption in the Company’s name and at its expense; provided, however, that the Company shall have delivered to the Trustee, at least two (2) Business Days (which
notice may be conditional with respect to such two (2) Business Day period but not with respect to such not less than 10 but not greater than 60 day notice period, except as otherwise specified herein) before notice of redemption is required to
be mailed or caused to be mailed to Holders pursuant to this Section 3.03 (unless a shorter notice period shall be agreed to by the Trustee), 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 3.04.	Effect of Notice of Redemption. 

 Once notice of redemption is mailed in accordance with
Section 3.03 hereof, Notes called for redemption become irrevocably due and payable on the redemption date at the redemption price. Notwithstanding the foregoing, notice of any redemption of the notes (including upon an Equity Offering
pursuant to Section 3.07(c) or in connection with a transaction (or series of related transactions) that constitute a Change of Control) may, at the Company’s discretion, be given prior to the completion thereof and be subject to
one or more conditions precedent, including, but not limited to, completion of the related Equity Offering or Change of Control. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state
that, in the Company’s discretion, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such
conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of the Company’s obligations with
respect to such redemption may be performed by another Person. The Company shall notify the Trustee in writing promptly upon the satisfaction or failure of any condition precedent to any redemption or notice of redemption. 

 

	SECTION 3.05.	Deposit of Redemption Price. 

 No later than 10:00 a.m. New York City Time on the
redemption date, the Company shall deposit with the Trustee or with the Paying Agent immediately available funds sufficient to pay the redemption price of and accrued interest, if any, on all Notes to be redeemed on that date. The Trustee or the
Paying Agent shall 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, 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 shall cease to accrue
on the Notes or the portions of such 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 accrued and unpaid interest, if any, 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 shall not be 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 such Notes and in
Section 4.01 hereof. 

  
 -26- 

	SECTION 3.06.	Notes Redeemed in Part. 

 Upon surrender of a Note that is redeemed in part, the Company
shall issue and, upon the Company’s written request, the Trustee shall authenticate for the Holder at the expense of the Company a new Note equal in principal amount to the unredeemed portion of such Note surrendered. 

 

	SECTION 3.07.	Optional Redemption. 

 (a) At any time and from time to time prior to April 1, 2019,
the Company may, at its option, redeem all or a portion of the Notes, upon notice pursuant to Section 3.03 hereof at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium with respect to the Notes
plus accrued and unpaid interest, if any, thereon to, but excluding the redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. The notice need not set
forth the Applicable Premium but only the manner of calculation of the redemption price. If any Notes are called for redemption pursuant to this Section 3.07(a), the Company shall notify the Trustee of the Applicable Premium with respect
to such Notes promptly after the calculation and the Trustee shall not be responsible for such calculation. 
 (b) On or after April 1,
2019, the Notes shall be subject to redemption at any time and from time to time at the option of the Company, in whole or in part, upon notice pursuant to Section 3.03 hereof, at the redemption prices (expressed as percentages of
principal amount of the Notes to be redeemed) set forth below plus accrued and unpaid interest, if any, thereon, to but excluding the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive
interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on April 1 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2019
	  	 	102.563	% 
	 2020
	  	 	101.708	% 
	 2021
	  	 	100.854	% 
	 2022 and thereafter
	  	 	100.000	% 

 (c) In addition, at any time and from time to time before April 1, 2017, the Company may, upon notice
pursuant to Section 3.03 hereof, on any one or more occasions redeem up to 35% of the aggregate principal amount of the outstanding Notes (which amount includes Additional Notes) issued under this Indenture at a redemption price equal to
105.125% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, thereon, to but excluding the redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the
relevant interest payment date, with the net cash proceeds of any one or more Equity Offerings; provided that at least 65% of the aggregate principal amount of the Notes issued under this Indenture on the Issue Date (which amount excludes
Additional Notes) remains outstanding immediately after each such redemption; and provided, further, that each such redemption shall occur within 180 days of the date of the closing of such Equity Offering. 

(d) [reserved]. 
 (e) Any
redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

  
 -27- 

	SECTION 3.08.	Mandatory Redemption. 

 The Company shall not be required to make mandatory redemption or
sinking fund payments. However, pursuant to Section 4.15 hereof, under certain circumstances, the Company may be required to offer to purchase the Notes. 

ARTICLE IV 
 COVENANTS 

 

	SECTION 4.01.	Payment of Notes. 

 The Company shall pay or cause to be paid the principal of, and
premium, if any, and interest on the Notes on the dates and in the manner provided in the Notes. Any principal, premium and interest 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. New York City 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, if any, then due. 

The Company shall pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue principal at the rate
home on the Notes to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of interest, if any, (without regard to any applicable grace period) at the same
rate to the extent lawful. 
  

	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 presented or surrendered for payment, 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 shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be
made or served at the Corporate Trust Office of the Trustee. 
 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 shall 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 office of the Trustee at 100 Wall Street, 16th
Floor, New York, New York 10005, as one such office or agency of the Company in accordance with Section 2.03 hereof. 

  
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	SECTION 4.03.	Reports. 

 (a) Whether or not required by the SEC’s rules and regulations, so long
as any Notes are outstanding, the Company shall furnish (whether through hard copy or internet-accessible data) to the Holders of Notes and the Trustee, within the time periods specified in the SEC’s rules and regulations, (i) all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Company were required to file such reports, and (ii) all current reports that would be required to be filed with the SEC on Form 8-K if
the Company were required to file such reports. 
 (b) All such reports shall be prepared in all material respects in accordance with all of
the rules and regulations applicable to such reports. Each annual report on Form 10-K shall include a report on the Company’s consolidated financial statements by the Company’s independent registered public accounting firm. In addition,
the Company shall file a copy of each of the reports referred to in clauses (a)(i) and (a)(ii) above with the SEC for public availability within the time periods specified in the rules and regulations applicable to such reports (unless the SEC will
not accept such a filing) and make such information available to securities analysts and prospective investors upon request. 
 (c) If at any
time, the Company is no longer subject to the periodic reporting requirements of the Exchange Act for any reason, the Company shall nevertheless continue filing the reports specified in clauses (a) and (b) with the SEC within the time
periods specified above unless the SEC will not accept such a filing; provided that, for so long as the Company is not subject to the periodic reporting requirements of the Exchange Act for any reason, the time period for filing reports on Form 8-K
shall be ten Business Days after the event giving rise to the obligation to file such report. The Company agrees that it shall not take any action for the purpose of causing the SEC not to accept any such filings. If, notwithstanding the foregoing,
the SEC will not accept the Company’s filings for any reason, the Company shall post the reports referred to in the preceding paragraph on its website within the time periods that would apply if the Company were required to file those reports
with the SEC, subject to the above proviso. 
 (d) The Company and the Guarantors agree that, for so long as any Notes remain outstanding, at
any time they are not required to file the reports required by the preceding paragraphs with the SEC, they shall furnish to the Holders of the Notes 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. 
 (e) Delivery of such reports, information and documents to the
Trustee is for informational purposes only, and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s
compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers’ Certificates). 

(f) The Company shall be deemed to have furnished such reports to the Trustee and the Holders of Notes pursuant to this
Section 4.03, if it has filed such reports with the SEC using the EDGAR filing system (or any successor thereto) and such reports are publicly available. 

(g) In the event that any direct or indirect parent company of the Company becomes a Guarantor of the notes, the obligations under this
Section 4.03 may be satisfied by such parent company; provided that the same is accompanied by consolidating information that explains in reasonable detail the differences between the information relating to such parent company,
on the one hand, and the information relating to the Company and its subsidiaries on a standalone basis, on the other hand. 

  
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	SECTION 4.04.	Compliance Certificate. 

 (a) The Company 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 shall
have 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) The Company shall, so long as any of the Notes are outstanding, deliver to the Trustee, forthwith upon any
executive Officer having knowledge that an event or circumstance constitutes a Default or an Event of Default and that such event or circumstance has occurred and is existing, 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, charges, assessments, and governmental levies except such as are contested in good faith and, if required, 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.	Waiver of Stay, Extension and Usury Laws. 

 Each of the Company and the Guarantors
covenants (to the extent that it may lawfully do so) that it shall 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 each of the Company and 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 shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been enacted. 

 

	SECTION 4.07.	[Reserved]. 

  

	SECTION 4.08.	[Reserved]. 

  

	SECTION 4.09.	Secured Indebtedness. 

 If the Company or any Restricted Subsidiary incurs any
Indebtedness secured by a Lien (other than a Permitted Lien) on any Principal Property or on any share of stock or Indebtedness of a Restricted Subsidiary, the Company or such Restricted Subsidiary, as the case may be, will secure the Notes equally
and ratably with (or, at its option, prior to) the Indebtedness so secured until such time as such Indebtedness is no longer secured by a Lien. 

  
 -30- 

	SECTION 4.10.	[Reserved]. 

  

	SECTION 4.11.	[Reserved]. 

  

	SECTION 4.12.	[Reserved]. 

  

	SECTION 4.13.	[Reserved]. 

  

	SECTION 4.14.	Corporate Existence. 

 Subject to Article V hereof, the Company shall do or cause
to be done all things necessary to preserve and keep in full force and effect its corporate existence, and the corporate, partnership or other existence of each of its Restricted Subsidiaries, in accordance with the respective organizational
documents (as the same may be amended from time to time) of the Company or any such Restricted Subsidiary; provided, however, that the Company shall not be required to preserve the existence of any of its Restricted 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 Restricted Subsidiaries, taken as a whole. 

 

	SECTION 4.15.	Offer to Repurchase Upon Change of Control Triggering Event. 

 (a) Upon the occurrence of
a Change of Control Triggering Event, all Holders shall have the right to require the Company to repurchase all or any part of such Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”) at an
offer price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon, to, but excluding, the date of purchase (the “Change of Control Payment”), subject to the right of
Holders of the Notes of record on the relevant record date, to receive interest due on the relevant interest payment date. 
 Within 30 days
following any Change of Control Triggering Event, the Company shall send to each Holder a notice by first class mail, with a copy to the Trustee, or otherwise in accordance with the procedures of the Depositary stating: (i) the description of
the transaction or transactions that constitute the Change of Control Triggering Event, that the Change of Control Offer is being made pursuant to this Section 4.15, and that all Notes validly tendered and not withdrawn shall be accepted
for payment; (ii) the purchase price and the purchase date, which shall be no earlier than 20 Business Days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); (iii) that
any Note not tendered shall continue to accrue interest; (iv) that, unless the Company defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue
interest after the Change of Control Payment Date; (v) that Holders electing to have any Notes purchased pursuant to a Change of Control Offer shall be required to surrender the Notes properly endorsed, with the form entitled “Option of
Holder to Elect Purchase” on the reverse of the Notes properly completed, together with other customary documents as the Company may reasonably request, to the Paying Agent at the address specified in the notice prior to the close of business
on the third Business Day preceding the Change of Control Payment Date; (vi) that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the
Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the
Notes purchased; and (vii) that Holders whose Notes are being purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion must be equal to $2,000 in
principal amount or an integral multiple of $1,000 in excess thereof. If any of the Notes subject to a Change of Control Offer are in the form of a Global Note, then the Company shall modify such notice to the extent necessary to accord with the
Applicable Procedures of the Depositary applicable to repurchases. 

  
 -31- 

 (b) On the Change of Control Payment Date, the Company shall, to the extent lawful,
(i) accept for payment all Notes or portions thereof properly tendered pursuant to the Change of Control Offer and (ii) deposit with the Paying Agent in immediately available funds an amount equal to the aggregate Change of Control Payment
in respect of all Notes or portions thereof properly tendered pursuant to the Change of Control Offer. The Paying Agent shall promptly mail to each Holder of Notes properly tendered pursuant to the Change of Control Offer the Change of Control
Payment for such Notes (or, if all the Notes are then in global form, it shall make such payment through the facilities of the Depositary) and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder
a new Note equal in principal amount to any unpurchased portion of the Notes surrendered by the Holder; provided that each such new Note shall be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Company shall
publicly announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
 (c)
The Change of Control provisions described above shall be applicable whether or not any other provisions of this Indenture are applicable, except as set forth in Article VIII hereof. 

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

(e) The Company shall not be required to make a Change of Control Offer upon a Change of Control Triggering Event if (i) a third party
makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Indenture that are applicable to a Change of Control Offer made by the Company and purchases all Notes validly tendered
and not withdrawn under such Change of Control Offer or (ii) the Company has previously or concurrently mailed a redemption notice with respect to all the outstanding Notes that is unconditional (except for consummation of the Change of Control
and any related financing transactions) as described under Section 3.07. A Change of Control Offer may be made in advance of a Change of Control Triggering Event, and conditional upon the occurrence of such Change of Control Triggering
Event, if a definitive agreement for the Change of Control is in place at the time of making of the Change of Control Offer. 
 (f) If
Holders of not less than 90% in aggregate principal amount of the outstanding Notes tender and do not withdraw such Notes in a Change of Control Offer and the Company, or any third party making a Change of Control Offer in lieu of the Company as
described in the immediately preceding paragraph, purchases all of the Notes validly tendered and not withdrawn by such Holders, the Company or such third party shall have the right, upon not less than 10 nor more than 60 days’ prior notice,
given not more than 30 days following such purchase pursuant to the Change of Control Offer, to redeem all Notes that remain outstanding following such purchase at a price in cash equal to the Change of Control Payment plus, to the extent not
included in the Change of Control Payment, accrued and unpaid interest, if any, thereon, to the date of redemption, subject to the right of Holders of Notes of record on the relevant record date to receive interest due on the relevant interest
payment date. 

  
 -32- 

	SECTION 4.16.	Additional Subsidiary Guarantees. 

 If, after the Issue Date, any Domestic Subsidiary
that is not already a Guarantor (whether or not acquired or created by the Company or a Subsidiary after the Issue Date) guarantees Indebtedness of the Company or becomes an obligor, in each case, under any Senior Secured Credit Facility or under
any capital markets securities with respect to which the Company or a Guarantor is an obligor or a guarantor, then such Domestic Subsidiary shall become a Guarantor with respect to the Notes issued thereunder by executing and delivering a
supplemental indenture, in the form provided for herein, to the Trustee within 180 days of the date on which it guarantees such Indebtedness. Notwithstanding the preceding, any Subsidiary Guarantee of a Subsidiary that was incurred pursuant to this
Section 4.16 shall be released in the circumstances described under Section 10.04 hereof. 
 ARTICLE V 

SUCCESSORS 
  

	SECTION 5.01.	Merger, Consolidation, or Sale of Assets. 

 The Company shall not consolidate or merge
with or into (whether or not the Company is the surviving corporation), or sell, assign, transfer, convey, lease or otherwise dispose of all or substantially all of its properties or assets in one or more related transactions, to another Person,
unless the Company is the resulting, transferee or surviving Person or the resulting, transferee or surviving Person (if other than the Company) is a corporation, limited liability company or limited partnership organized and existing under the laws
of the United States or any state thereof or the District of Columbia and such resulting, transferee or surviving Person assumes, pursuant to a supplemental indenture and other documentation in form and substance reasonably satisfactory to the
Trustee, all of the obligations and covenants of the Company under this Indenture and the Notes; provided that, unless such resulting, transferee or surviving Person is a corporation, a corporate co-issuer of the Notes shall be added to this
Indenture by such supplemental indenture. 
 This Section 5.01 shall not apply to a sale, assignment, transfer, conveyance or
other disposition of assets between or among the Company and any of the Guarantors. 
  

	SECTION 5.02.	Successor Corporation Substituted. 

 Upon any consolidation or merger, or any sale,
assignment, transfer, conveyance or other disposition of all or substantially all of the assets of the Company in accordance with Section 5.01 hereof, the successor Person formed by such consolidation or into or with which the Company is
merged or to whom such sale, assignment, transfer, lease, 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, conveyance or other disposition, the
provisions of this Indenture referring to the “Company” shall refer instead to such successor Person and not to the Person previously defined as Company), and may exercise every right and power of, the Company under this Indenture and the
Notes with the same effect as if such successor Person originally had been named as the Company herein; and when such successor corporation duly assumes all of the obligations and covenants of the Company pursuant to the Notes and hereto, the
predecessor Person shall be relieved of all such obligations. The successor Person thereupon may cause to be signed, and may issue either in its own name or in the name of the predecessor Person, any or all the Notes issuable hereunder which
theretofore shall not have been signed by the predecessor Person and delivered to the Trustee; and, upon the order of the successor Person, instead of the predecessor Person, and subject to all the terms, conditions and limitations in this Indenture
prescribed, the Trustee shall authenticate and shall deliver any Notes which previously shall have been signed and delivered by the officers of the predecessor 

  
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Person to the Trustee for authentication, and any Notes which the successor Person thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall
in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all such Notes had been issued at the date of the execution hereof. 

In case of such consolidation, merger, sale, assignment, transfer, conveyance or other disposition, such changes in phraseology and form (but
not in substance) may be made in the Notes thereafter to be issued as may be appropriate. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 
  

	SECTION 6.01.	Events of Default. 

 An “Event of Default” occurs if: 

(a) the Company defaults in the payment when due of interest on the Notes and such default continues for a period of 30 days;

 (b) the Company defaults in the payment when due of principal of or premium, if any, on the Notes; 

(c) the Company fails to comply with any of the provisions of Sections 4.15 and 5.01 hereof and such failure
continues for 30 days after written notice is given to the Company as provided herein with respect to the Notes; 
 (d) the
Company fails to comply with Section 4.03 hereof and such failure continues for 120 days after written notice is given to the Company as provided below with respect to the Notes; 

(e) the Company or any of its Restricted Subsidiaries fail to comply with any other agreement in this Indenture or the Notes
(other than a failure that is subject to clause (a), (b), (c) or (d) above) and such failure continues for 90 days after written notice is given to the Company as provided herein with respect to the Notes; 

(f) a default occurs 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 Guarantor (or the payment of which is guaranteed by the Company or any Guarantor), whether such Indebtedness or guarantee now exists, or is created after the Issue Date,
which default (i) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness prior to the expiration of the grace period provided in such Indebtedness (a “Payment Default”) or
(ii) 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 without duplication $100.0 million or more, and such default shall not have been cured or waived or any such acceleration rescinded, or such Indebtedness is repaid,
within ten Business Days after the running of such grace period or the occurrence of such acceleration; 

  
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 (g) [reserved]; 

(h) the Company or any of the Guarantors that are Significant Subsidiaries or any group of Guarantors that, when taken
together, would constitute a Significant Subsidiary pursuant to or within the meaning of the Bankruptcy Code: (i) commences a voluntary case, (ii) consents to the entry of an order for relief against it in an involuntary case,
(iii) consents to the appointment of a custodian of it or for all or substantially all of its property, (iv) makes a general assignment for the benefit of its creditors, or (v) generality is not paying its debts as they become due;

 (i) a court of competent jurisdiction enters an order or decree under the Bankruptcy Code that (i) is for relief
against the Company or any of the Guarantors that are Significant Subsidiaries or any group of Guarantors that, when taken together, would constitute a Significant Subsidiary, in an involuntary case; (ii) appoints a custodian of the Company or
any of the Guarantors that are Significant Subsidiaries or any group of Guarantors that, when taken together, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Company or any of the Guarantors that are
Significant Subsidiaries or any group of Guarantors that, when taken together, would constitute a Significant Subsidiary; or (iii) orders the liquidation of the Company or any of the Guarantors that are Significant Subsidiaries or any group of
Guarantors that, when taken together, would constitute a Significant Subsidiary; and the order or decree remains unstayed and in effect for 60 consecutive days; and 

(j) except as permitted by this Indenture, any Subsidiary Guarantee of a Significant Subsidiary 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 that is a Significant Subsidiary, or any Person acting on behalf of any such Guarantor, shall deny or disaffirm its obligations
under its Subsidiary Guarantee (other than by reason of the termination of this Indenture or the release of any such Subsidiary Guarantee in accordance with this Indenture). 

A Default under clause (c), (d) or (e) above shall not constitute an Event of Default until the Trustee or the Holders of not less
than 25% in the aggregate principal amount of the then outstanding Notes provides written notice to the Company of the Default and the Company does not cure such Default within the specified time after receipt of such notice. 

 

	SECTION 6.02.	Acceleration. 

 If any Event of Default occurs and is continuing, the Trustee or the
Holders of at least 25% in aggregate principal amount of the then outstanding Notes, voting as a single class, may declare all the Notes to be due and payable immediately. Upon any such declaration, the Notes shall become due and payable immediately
without further action or notice, subject to the provisions of this Indenture. Notwithstanding the foregoing, if an Event of Default specified in clause (h) or (i) of Section 6.01 hereof occurs with respect to the Company or
any Guarantor that is a Significant Subsidiary or any group of Guarantors that, taken together, would constitute a Significant Subsidiary, all outstanding Notes shall be due and payable immediately without further action or notice, subject to the
provisions of this Indenture. The Holders of at least 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 or interest that has become due solely because of the acceleration) have been cured or waived. 

  
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	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, 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. 

 In the case of an Event of Default specified in clause
(f) of the first paragraph under Section 6.01, an Event of Default and all consequences thereof (excluding, however, any resulting payment default) shall be annulled, waived and rescinded with respect to the Notes, automatically and
without any action by the Trustee or the Holders, if within 60 days after such Event of Default first arose the Company delivers an Officers’ Certificate to the Trustee stating that (i) the Indebtedness or guarantee that is the basis for
such Event of Default has been discharged or (ii) the holders of the Indebtedness have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or (iii) the default that is the basis
for such Event of Default has been cured; provided, however, that in no event shall an acceleration of the principal amount of the Notes pursuant to Section 6.02 hereof be annulled, waived or rescinded upon the happening of
any such events. 
 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 (I) waive any existing Default or Event of Default and its consequences under this Indenture, except a continuing Default or Event of Default in the payment of interest, if any, on, or the
principal of or premium on, the Notes and (2) 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 or interest that
has become due solely because of the acceleration) have been cured or waived. Upon any such waiver, such Default or Event of 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 Event of 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. 

 Except to enforce the right to receive payment of principal,
premium, if any, or interest, if any, when due, no Holder of a Note may pursue a remedy with respect to this Indenture or the Notes unless: 

(a) the Holder of a Note has previously given to the Trustee written notice of a continuing Event of Default; 

  
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 (b) the Holders of at least 25% in aggregate principal amount of the then
outstanding Notes have made a written request to the Trustee to pursue the remedy; 
 (c) such Holder of a Note or Holders of
Notes offers to the Trustee security or indemnity reasonably satisfactory to the Trustee against any loss, liability or expense; 

(d) the Trustee has not complied with the request within 60 days after receipt of the request and the offer of security or
indemnity; and 
 (e) during such 60-day period the Holders of a majority in aggregate principal amount of the then
outstanding Notes do not give the Trustee a direction inconsistent with the request. 
 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 or to enforce any right under this Indenture, except in the manner herein provided and for the equal and ratable benefit of all of such Holders.

  

	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, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase or
redemption), 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(a) hereof 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 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 

  
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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, 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, expense, and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes for amounts due and unpaid on the Notes for principal, premium and interest, ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium 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 cost 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 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. 

ARTICLE VII 
 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: 

(i) The Trustee need perform only those duties that are specifically set forth in this Indenture and the TIA and no others, and
no implied covenants or obligations shall be read into this Indenture against the Trustee. To the extent of any conflict between the duties of the Trustee hereunder and under the TIA, the TIA shall control. 

  
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 (ii) In the absence of bad faith on its part, the Trustee may conclusively rely,
as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall examine the certificates
and opinions to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of mathematical calculations or other facts stated therein). 

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

(ii) 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 
 (iii) 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. 
 (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 or direction of any Holders, unless such Holder shall have offered to the Trustee security or
indemnity reasonably 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 (whether in
its original or facsimile form) 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 of its selection 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. 

  
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 (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. 
 (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 shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and
liabilities (including fees and expenses of its agents and counsel) that might be incurred by it in compliance with such request or direction. 

(g) The Trustee shall not be bound to make any investigation into the facts or matters stated in any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness of other paper or document, but the Trustee, in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the Company, personally or by agent or attorney at the sole
cost of the Company and shall incur no liability or additional liability of any kind by reason of such inquiry or investigation. 
 (h) The
Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is received by the Trustee
at the Corporate Trust Office of the Trustee, and such notice references the Notes and this Indenture. 
 (i) The rights, privileges,
protections, immunities and benefits given to the Trustee, including, without limitation, its right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other
Person employed to act hereunder. 
 (j) 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, 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 SEC 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. 

 

	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. 

  
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	SECTION 7.05.	Notice of Defaults. 

 If a Default or Event of Default occurs and is continuing and if it
is actually known to a Responsible Officer of the Trustee, the Trustee shall mail to Holders of Notes a notice of the Default or Event of Default within 90 days after the later of (a) the date the Default or Event of Default shall have occurred
and (b) the date such Responsible Officer first had such actual knowledge. Except in the case of a Default or Event of Default in payment of principal of, 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. 

 Within 60 days after each April 15
beginning with the April 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). 
 A copy of each report at the time of its mailing to the Holders of Notes shall be
mailed to the Company and filed with the SEC and each stock exchange on which the Notes are listed in accordance with TIA § 313(d). The Company shall promptly notify the Trustee when the Notes are listed on any stock exchange or delisted
therefrom. 
  

	SECTION 7.07.	Compensation and Indemnity. 

 The Company shall pay to the Trustee from time to time such
compensation for its acceptance of this Indenture and services hereunder as such parties shall agree in writing 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. 
 The Company and the Guarantors shall indemnify each of the Trustee
and any predecessor Trustee against any and all losses, liabilities, claims, damages or expenses 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 (including this Section 7.07) and defending itself against any claim (whether asserted by the Company 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, claim, damage or expense may be attributable to its negligence, bad faith or willful misconduct. The Trustee shall notify the Company
promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the claim, and the Trustee shall cooperate in the defense.
The Trustee may have separate counsel, and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which consent shall not be unreasonably withheld. 

  
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 The obligations of the Company under this Section 7.07 shall survive the satisfaction
and discharge of this Indenture. 
 To secure the Company’s payment obligations in this Section, 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. 

When the Trustee incurs expenses or renders services after an Event of Default specified in Section 6.01(g) or
(h) 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 the Bankruptcy Code. 

The Trustee shall comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

 

	SECTION 7.08.	Replacement of Trustee. 

 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. 

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
Notes 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: 

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

(b) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with respect to the Trustee under the
Bankruptcy Code; 
 (c) a Custodian takes charge of the Trustee or its property; or 

(d) the Trustee becomes incapable of acting. 

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. 

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 Notes of at least 10% in principal amount of the then outstanding Notes may petition any court of competent jurisdiction (in the case of the Trustee, at the expense of the Company) for the
appointment of a successor Trustee. 
 If the Trustee, after written request by any Holder of a Note who has been a Holder of a Note for at
least six months, fails to comply with Section 7.10 hereof, such Holder of a Note may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

  
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 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 of the Notes. 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 corporation, the successor corporation without any further act shall be the successor Trustee. As soon as practicable, the successor Trustee shall mail a notice of its
succession to the Company and the Holders of the Notes. 
  

	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 VIII 
 SATISFACTION AND
DISCHARGE; DEFEASANCE 
  

	SECTION 8.01.	Satisfaction and Discharge of Indenture. 

 This Indenture shall upon delivery of a
written request of an Officer of the Company to the Trustee cease to be of further effect with respect to the Notes (except as to any surviving rights of registration of transfer or exchange of Notes herein expressly provided for), and the Trustee,
at the expense of the Company, shall execute proper instruments acknowledging satisfaction and discharge of this Indenture with respect to the Notes, when: 

(a) either 

(i) all such Notes theretofore authenticated and delivered (other than (1) such Notes which have been destroyed, lost or
stolen and which have been replaced or paid as provided in Section 2.07 hereof and (2) such Notes for whose payment money has been deposited in trust or segregated and held in trust by the Company and thereafter repaid to the
Company or discharged from such trust, as provided in Section 8.08 hereof) have been delivered to the Trustee for cancellation; or 

  
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 (ii) all such Notes not theretofore delivered to the Trustee for cancellation

 (1) have become due and payable by reason of the making of a notice of redemption or otherwise, 

(2) will become due and payable at their final Stated Maturity within one year, or 

(3) are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of
redemption by the Trustee in the name, and at the expense of, the Company, 
 and the Company, in the case of (ii)(1), (ii)(2) or (ii)(3)
above, has deposited or caused to be deposited with the Trustee as trust funds, in trust solely for the purpose and the benefit of the Holders of such Notes, an amount of U.S. dollars or non-callable Government Securities, or a combination thereof,
sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation, for principal and any premium and interest to the date of such
deposit (in the case of such Notes which have become due and payable), the Stated Maturity or the redemption date (as the case may be) of the principal of the Notes; 

(b) no Default or Event of Default with respect to this Indenture or the Notes 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 applied to such deposit) or shall occur as a result of such deposit (other than a Default or Event of Default resulting from the incurrence of
Indebtedness or the grant of Liens securing such Indebtedness, all or a portion of the proceeds of which shall be used to defease all of the outstanding Notes pursuant to this Article VIII concurrently with such incurrence or within 30 days
thereof), and such deposit shall not result in a breach or violation of, or constitute a default under, any material instrument to which the Company or any Subsidiary Guarantor is a party or by which the Company or any Subsidiary Guarantor is bound;

 (c) the Company or any Subsidiary Guarantor has paid or caused to be paid all other sums payable hereunder by the Company
with respect to such Notes; and 
 (d) the Company has delivered to the Trustee (i) irrevocable instructions under this
Indenture to apply the deposited funds toward the payment of such Notes at their Stated Maturity or on the redemption date, as the case may be, and (ii) an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent herein provided for relating to the satisfaction and discharge of this Indenture have been complied with; provided that such Opinion of Counsel with respect to clause (b) of this Section 8.01 may be to the knowledge
of such counsel. 
 Notwithstanding the satisfaction and discharge of this Indenture with respect to the Notes, the obligations of the
Company to the Trustee under Section 7.07 hereof, and, if U.S. dollars or Government Securities shall have been deposited with the Trustee pursuant to subclause (ii) of clause (a) of this Section, the obligations of the Company
or Trustee under Section 8.02 hereof and Section 8.08 hereof shall survive. 

  
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	SECTION 8.02.	Application of Trust Money. 

 Subject to the provisions of Section 8.08
hereof, all money and Government Securities deposited with the Trustee pursuant to Section 8.01 hereof shall be held in trust and applied by it, in accordance with the provisions of the Notes and this Indenture, to the payment, either
directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal and any premium and interest for whose payment such money or Government
Securities has been deposited with the Trustee. 
  

	SECTION 8.03.	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, exercise its right under either Section 8.04 or 8.05 hereof with respect to all outstanding Notes upon compliance with
the conditions set forth below in this Article VIII. 
  

	SECTION 8.04.	Legal Defeasance and Discharge. 

 Upon the Company’s exercise under
Section 8.03 hereof of the option applicable to this Section 8.04, each of the Company and the Guarantors shall, subject to the satisfaction of the conditions set forth in Section 8.06 hereof, be deemed to have
discharged its obligations with respect to all outstanding Notes and, as applicable, its Subsidiary Guarantees on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal
Defeasance means that each of the Company and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes, and to the extent applicable, represented by the Subsidiary Guarantees, which in
each case shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.07 hereof and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all its other
obligations under such Notes or 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 shall
survive until otherwise terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.06 hereof, and as more fully set forth in such Section, payments
in respect of the principal of, and premium, if any, and interest, if any, on, such Notes when such payments are due (but not the Change of Control Payment), (b) the Company’s obligations with respect to such Notes under Sections
2.03, 2.04, 2.07, 2.10 and 4.02 hereof, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Company’s obligations in connection therewith and (d) this Article
VIII. Subject to compliance with this Article VIII, the Company may exercise its option under this Section 8.04 notwithstanding the prior exercise of its option under Section 8.05 hereof. 

 

	SECTION 8.05.	Covenant Defeasance. 

 Upon the Company’s exercise under Section 8.03
hereof of the option applicable to this Section 8.05, each of the Company and the Guarantors shall, with respect to the Notes, subject to the satisfaction of the conditions set forth in Section 8.06 hereof, be released from
its obligations under the covenants contained in Article IV hereof (other than those in Sections 4.01, 4.02, 4.06 and 4.14), Article V hereof on and after the date the conditions set forth below 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 shall continue to be deemed “outstanding” for all other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose,
Covenant Defeasance means that, with respect to the outstanding Notes, the Company may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by
reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document, and such omission to comply shall not constitute a Default or an Event of
Default under Section 6.01 hereof, but, except as specified above, the remainder of this Indenture and such Notes shall be unaffected thereby. In addition, upon the Company’s exercise under Section 8.03 hereof of the
option applicable to this Section 8.05 hereof, subject to the satisfaction of the conditions set forth in Section 8.06 hereof, Sections 6.01(c) through 6.01(p) and Section 6.01(1) hereof shall not
constitute Events of Default. 

  
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	SECTION 8.06.	Conditions to Legal or Covenant Defeasance. 

 The following shall be the conditions to
the application of either Section 8.04 or 8.05 hereof in order to exercise either Legal Defeasance or Covenant Defeasance with respect to the outstanding Notes: 

(a) the Company must irrevocably deposit 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 shall be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal
of, and premium, if any, and interest, if any, on, the outstanding Notes on the stated maturity or on the applicable repurchase or redemption date, as the case may be, and the Company must specify whether the Notes are being defeased to maturity or
to a particular repurchase or redemption date; 
 (b) in the case of an election under Section 8.04 hereof, the
Company shall have 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
shall not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and shall 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; 
 (c) in the case of an election under Section 8.05 hereof, the Company
shall have 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 shall not recognize income, gain or loss for federal income tax purposes as a
result of such Covenant Defeasance and shall 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; 

(d) no Default or Event of Default with respect to the Notes shall have occurred and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the incurrence of Indebtedness or borrowing of funds or the grant of Liens securing such Indebtedness or other borrowing, all or a portion of the proceeds of which shall be applied to such
deposit); 
 (e) such deposit shall 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 Guarantor is a party or by which the Company or any Guarantor is bound, or if such breach, violation or default would occur, which is not waived as of, and for all
purposes, on and after, the date of such deposit; 
 (f) the Company shall have delivered 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 creditors of the Company
or others; and 

  
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 (g) the Company shall have delivered 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 8.07.	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 

Subject to Section 8.08 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 8.07, the “Trustee”) pursuant to Section 8.06 hereof in respect of the outstanding Notes shall 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, if any, and interest, if any, but such money need not be segregated from other funds except to the extent required by law. 

The Company shall pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable
Government Securities deposited pursuant to Section 8.06 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. 
 Anything in this Article VIII to the contrary notwithstanding, the Trustee shall 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 8.06 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 8.06(a) 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 8.08.	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, or premium, if any, or interest, if any, on, any Note and remaining unclaimed for two years after such principal, and premium, if any, or interest, if any, has become due and
payable shall be paid to the Company on its request or (if then held by the Company) shall be discharged from such trust; and the Holder of such Note shall thereafter, as a secured creditor, look only to the Company for payment thereof, and all
liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Company as trustee thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required
to make any such repayment, may at the expense of the Company cause to be published once, in The New York Times and The Wall Street Journal (national edition), notice that such money remains unclaimed and that, after a date specified
therein, which shall not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining shall be repaid to the Company. 

 

	SECTION 8.09.	Reinstatement. 

 If the Trustee or Paying Agent is unable to apply any U.S. dollars or
non-callable Government Securities in accordance with Section 8.04 or 8.05 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 obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.04 or 8.05 hereof until such time as the

  
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Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.04 or 8.05 hereof, as the case may be; provided, however, that, if the
Company makes any payment of principal of, or premium, if any, or interest, if any, on, any Note following 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 held by the Trustee or Paying Agent. 
 ARTICLE IX 

AMENDMENT, SUPPLEMENT AND WAIVER 
  

	SECTION 9.01.	Without Consent of Holders of Notes. 

 Notwithstanding Section 9.02 hereof,
the Company and the Trustee may amend or supplement this Indenture, the Notes or the Subsidiary Guarantees without the consent of any Holder of a Note: 

(a) to cure any ambiguity, defect or inconsistency; 

(b) to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the provisions of
Article II hereof (including the related definitions) in a manner that does not materially adversely affect any Holder; 

(c) to provide for the assumption of the Company’s or any Guarantor’s obligations to the Holders of the Notes in the
case of a merger, consolidation or sale of all or substantially all assets of the Company pursuant to Article V hereof or of any Guarantor pursuant to Article X hereof or to add any Person as a Guarantor hereunder or to release any
Guarantor or otherwise comply with Article X, including the addition of any required co-issuer of the Notes; 
 (d) 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 hereunder of any such Holder; 

(e) to comply with requirements of the SEC in order to effect or maintain the qualification of this Indenture under the TIA;

 (f) to allow any Guarantor to Guarantee the Notes or to release any Guarantor from any of its obligations under its
Guarantee or this Indenture pursuant to Section 10.04; 
 (g) to evidence or provide for the acceptance of
appointment of a successor Trustee pursuant to Sections 7.08 or 7.09 hereof; 
 (h) to add any additional
Events of Default; 
 (i) to secure the Notes and/or the Subsidiary Guarantees; 

(j) to conform the text of this Indenture, the Notes, the Subsidiary Guarantees to any provision of the Description of the
Notes section of the Prospectus to the extent that such provision in the Description of the Notes was intended to be a recitation of a provision of this Indenture, the Notes or the Subsidiary Guarantees; 

(k) to provide for the issuance of Additional Notes and related Subsidiary Guarantees; or 

  
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 (l) to comply with the rules of any applicable securities depository. 

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 a Responsible Officer of the Trustee of an Officers’ Certificate and an Opinion of Counsel, the Trustee shall join with the Company 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 shall not be obligated to enter into such amended or supplemental indenture that affects its
own rights, duties, liabilities 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 (including Section 4.15 hereof), the Notes or the Subsidiary Guarantees with the consent of the Holders, with respect to the Notes, of at least
a majority in aggregate principal amount of the Notes then outstanding (including consents obtained in connection with the purchase of, or a tender offer or exchange offer for, the Notes), and, subject to Sections 6.04 and 6.07 hereof,
any existing Default, Event of Default or compliance with any provision of this Indenture, the Notes or the related Subsidiary Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then
outstanding Notes (including consents obtained in connection with a purchase of or tender offer or exchange offer for such Notes). 
 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 a Responsible Officer of the Trustee of an Officers’ Certificate and an Opinion of Counsel, the Trustee shall join with the Company in the execution of such amended or supplemental
indenture unless such amended or supplemental indenture affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion, but shall not be obligated to, enter
into such amended or supplemental indenture. 
 It shall 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 shall be sufficient if such consent approves the substance thereof. 

After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Company shall 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, shall 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 may waive compliance in a particular instance by the Company with any provision of
this Indenture, the Notes, or the Subsidiary Guarantees. However, without the consent of each Holder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder): 

(a) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver under any provision
of this Indenture, Notes or any Subsidiary Guarantee; 
 (b) reduce the principal of or change the fixed maturity of any Note
or alter or waive in any manner that adversely affects the rights of any Holder of Notes any of the provisions with respect to the redemption of the Notes except as provided above with respect to Section 4.15 hereof and the related
definitions; 

  
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 (c) reduce the rate of or change the time for payment of interest, including
default interest, if any, on any Note; 
 (d) waive a Default or Event of Default in the payment of principal of or premium,
if any, or interest, if any, on the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then outstanding Notes and a waiver of the payment default that resulted from such
acceleration); 
 (e) make any Note payable in currency other than that stated in such Note; 

(f) make any change that adversely affects the rights of any Holder of Notes in the provisions of this Indenture relating to
waivers of past Defaults or make any change to the rights of Holders of Notes to receive payments of principal of, or premium, if any, or interest, if any, on the Notes (except as permitted by clause (g) of this Section 9.02); 

(g) waive a redemption payment with respect to any Note (other than a payment required by Section 4.15 hereof); or

 (h) make any change in Section 6.04 or 6.07 hereof or in the foregoing amendment and waiver provisions.

  

	SECTION 9.03.	Compliance with Trust Indenture Act. 

 Every amendment or supplement to this Indenture or
the Notes shall be set forth in an 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 authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or waiver.

  
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	SECTION 9.06.	Trustee to Sign Amendments, Etc. 

 The Trustee shall sign any amended or supplemental
indenture authorized pursuant to this Article IX if the amendment or supplement does not adversely affect the rights, duties, liabilities or immunities of the Trustee. The Trustee may, but shall not be obligated to, enter into any such
supplemental indenture which affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise. 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 shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon, 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. Notwithstanding the foregoing, neither an Opinion of Counsel nor an Officers’ Certificate, nor a board resolution, shall be required for the
Trustee to execute any supplemental indenture to this Indenture, the form of which is attached as Exhibit B hereto, adding a new Guarantor under this Indenture. 

ARTICLE X 
 GUARANTEES 

 

	SECTION 10.01.	Subsidiary Guarantees. 

 Subject to this Article X, each Guarantor hereby, jointly
and severally, unconditionally guarantees on a senior basis 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 held thereby and the Obligations of the Company hereunder and thereunder, that: 
 (a) the principal of, and premium,
if any, interest, if any, on, the Notes shall be promptly paid in full when due, subject to any applicable grace period, whether at Stated Maturity, by acceleration, upon repurchase or redemption or otherwise, and interest on the overdue principal
of, and premium, if any, (to the extent permitted by law) interest, if any, on, the Notes, and all other payment Obligations of the Company to the Holders or the Trustee hereunder or thereunder shall be promptly paid in full and performed, all in
accordance with the terms hereof and thereof; and 
 (b) in case of any extension of time of payment or renewal of any Notes
or any of such other Obligations, the same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, subject to any applicable grace period, whether at Stated Maturity, by acceleration, upon
repurchase or redemption or otherwise. 
 Failing payment when so 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. An Event of Default under this Indenture or the Notes shall constitute an event of default under the Subsidiary Guarantees, and shall entitle the
Holders to accelerate the Obligations of the Guarantors hereunder and under the Notes in the same manner and to the same extent as the Obligations of the Company hereunder and under the Notes. The Guarantors hereby agree that their Obligations
hereunder shall be unconditional, irrespective of the validity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder 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 (other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor, to
the extent permitted by law, hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy 

  
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of the Company, any right to require a proceeding first against the Company, protest, notice and all demands whatsoever and covenants that its Subsidiary Guarantee shall not be discharged except
by complete performance of the Obligations contained in the Notes and this Indenture or upon the release of such Subsidiary Guarantee pursuant to Section 10.04 hereof. If any Holder or the Trustee is required by any court or otherwise to
return to the Company, the Guarantors, or any Note Custodian, Trustee, liquidator or other similar official acting in relation to either the Company or the Guarantors, any amount paid by the Company or any Guarantor to the Trustee or such Holder,
the Subsidiary Guarantees, to the extent theretofore discharged, shall be reinstated in full force and effect. Each Guarantor agrees that it shall not be entitled to, and hereby waives, any right to exercise any right of subrogation in relation to
the Holders in respect of any Obligations guaranteed hereby, except as provided under Section 10.05 hereof. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other
hand, (i) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Article VI hereof for the purposes of its Subsidiary Guarantee, notwithstanding any stay, injunction or other prohibition preventing such
acceleration in respect of the Obligations guaranteed thereby, and (ii) in the event of any declaration of acceleration of such Obligations as provided in Article VI hereof, such Obligations (whether or not due and payable) shall
forthwith become due and payable by each Guarantor for the purpose of its Subsidiary Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor pursuant to Section 10.05 hereof after the Notes and
the Obligations hereunder shall have been paid in full to the Holders under the Subsidiary Guarantees. 
  

	SECTION 10.02.	Execution and Delivery of Additional Subsidiary Guarantee or Supplemental Indenture; Notation of Subsidiary Guarantee. 

To effect any additional Subsidiary Guarantee set forth in Section 10.01 hereof, any future Guarantor shall execute and deliver a
supplemental indenture substantially in the form of Exhibit B hereto, which supplemental indenture shall be entered into in accordance with Section 4.16 hereof and shall be executed on behalf of such Guarantor, by manual or
facsimile signature, by an Officer of such Guarantor. 
 To evidence its Subsidiary Guarantee set forth in Section 10.01 hereof,
each Guarantor of a Note hereby agrees that a notation of such Subsidiary Guarantee substantially in the form set forth on Exhibit A hereof shall be endorsed by manual or facsimile signature of an Officer of such Guarantor or of the Company
as attorney-in fact for such Guarantor on each such Note authenticated and delivered by the Trustee, and that this Indenture shall be executed on behalf of such Guarantor, by manual or facsimile signature, by an Officer of such Guarantor. For so
long as a Subsidiary Guarantee of such Guarantor remains in full force and effect, each Guarantor hereby irrevocably appoints the Company as its attorney-in-fact for the purpose of executing in the name and on behalf of such Guarantor any
endorsement of a notation of a Subsidiary Guarantee on any Note. If an Officer of the Company 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 shall be valid nevertheless. 
 Each Guarantor hereby agrees that its Subsidiary
Guarantee set forth in Section 10.01 hereof shall remain in full force and effect notwithstanding any failure to endorse on each or any Note a notation of such Subsidiary Guarantee. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Subsidiary Guarantee
set forth in this Indenture on behalf of the Guarantors. 
 For so long as a Subsidiary Guarantee of such Guarantor remains in full force
and effect, each Guarantor hereby irrevocably appoints the Company as its attorney-in-fact for the purpose of executing in the name and on behalf of such Guarantor any supplemental indenture to this Indenture, or consent to any such supplemental
indenture, which the Company and the Trustee are authorized to enter into pursuant to Section 9.01 or 9.02 of this Indenture. 

  
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	SECTION 10.03.	[Reserved]. 

  

	SECTION 10.04.	Releases. 

 The Subsidiary Guarantee of a Guarantor shall be released: 

(a) in connection with any sale or other disposition of all or substantially all of the properties or assets of such Guarantor
(including by way of merger or consolidation) to a Person that is not (either before or after giving effect to such transaction) the Company or a Guarantor; 

(b) in connection with any sale or other disposition of all of the Capital Stock of such Guarantor to a Person that is not
(either before or after giving effect to such transaction) the Company or a Guarantor; 
 (c) upon the release or discharge
of a Guarantor’s guarantee of the Senior Secured Credit Facilities and the Existing Senior Notes, except as a result of payment under such guarantee; 

(d) upon Legal Defeasance or Covenant Defeasance or satisfaction and discharge of this Indenture in accordance with Article
VIII hereof; 
 (e) upon the release or discharge of a Guarantor’s guarantee or its obligation of any Indebtedness
that resulted in its obligation to provide a Subsidiary Guarantee with respect to the Notes; or 
 (f) upon the liquidation
or dissolution of such Guarantor, provided that no Default or Event of Default has occurred and is continuing. 
 Upon delivery by
the Company to the Trustee of an Officers’ Certificate to the effect that any of the conditions set forth in clauses (a) through (f) of the immediately preceding paragraph has occurred, the Trustee shall execute any documents
reasonably required in order to evidence the release of any Guarantor from its Obligation under its Subsidiary Guarantee and this Indenture. Any Guarantor not released from its Obligations under its Subsidiary Guarantee shall remain liable for the
full amount of principal of, and premium, if any, and interest, if any, on the Notes and for the other Obligations of such Guarantor under this Indenture as provided in this Article X. 

 

	SECTION 10.05.	Limitation on Guarantor Liability; Contribution. 

 For purposes hereof, each
Guarantor’s liability under its Subsidiary Guarantee shall be limited to the lesser of (i) the aggregate amount of the Obligations of the Company under the Notes and this Indenture and (ii) the amount, if any, which would not have
(A) rendered such Guarantor “insolvent” (as such term is defined in the Bankruptcy Code and in the Debtor and Creditor Law of the State of New York) or (B) left such Guarantor with unreasonably small capital at the time its
Subsidiary Guarantee of the Notes was entered into; provided that it shall be a presumption in any lawsuit or other proceeding in which a Guarantor is a party that the amount guaranteed pursuant to its Subsidiary Guarantee is the amount set
forth in clause (i) above unless any creditor, or representative of creditors of such Guarantor, or debtor in possession or trustee in bankruptcy of such Guarantor, otherwise proves in such a lawsuit that the aggregate liability of such
Guarantor is the amount set forth in clause (ii) above. In making any determination as to solvency or sufficiency of capital of a Guarantor in accordance with the previous sentence, the right of such Guarantor to contribution from other
Guarantors as set forth below, and any other rights such Guarantor may have, contractual or otherwise, shall be taken into account. 

  
 -53- 

 In order to provide for just and equitable contribution among the Guarantors, the Guarantors
shall agree, inter se, that in the event any payment or distribution is made by any Guarantor (a “Funding Guarantor”) under its Subsidiary Guarantee, such Funding Guarantor shall be entitled to a contribution from all other
Guarantors in a pro rata amount based on the Adjusted Net Assets of each Guarantor (including the Funding Guarantor) for all payments, damages and expenses incurred by that Funding Guarantor in discharging the Company’s obligations with
respect to the Notes or any other Guarantor’s Obligations with respect to its Subsidiary Guarantee. 
  

	SECTION 10.06.	Trustee to Include Paying Agent. 

 In case at any time any Paying Agent other than the
Trustee shall have been appointed by the Company and be then acting hereunder, the term “Trustee” as used in this Article XI shall in each case (unless the context shall otherwise require) be construed as extending to and
including such Paying Agent within its meaning as fully and for all intents and purposes as if such Paying Agent were named in this Article XI in place of the Trustee. 

ARTICLE XI 
 MISCELLANEOUS 

 

	SECTION 11.01.	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 shall control. 
  

	SECTION 11.02.	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 receipt requested), telecopier or overnight air courier guaranteeing next-day delivery, to the others’ address: 

If to the Company or any Guarantor: 

Tesoro Corporation 
 19100
Ridgewood Parkway 
 San Antonio, Texas 78259 

Attention: Corporate Secretary 

With a copy to: 
 Simpson
Thacher & Bartlett LLP 
 425 Lexington Avenue 

New York, New York 10017 

Attention: Kenneth Wallach, Esq. 

  
 -54- 

 If to the Trustee: 

U.S. Bank National Association 

535 Griswold, Suite 550 
 Detroit,
Michigan 48226 
 Fax No.: (313) 963-9428 

Attention: Corporate Trust Administration 

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) shall 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 answered back; when receipt acknowledged, if faxed; and the next Business Day after timely delivery to the courier, if
sent by overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder shall 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 shall 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 shall 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. 
 If the Company mails a notice or communication to Holders, it shall mail a copy to the Trustee and each Agent at the same
time. 
  

	SECTION 11.03.	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 11.04.	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: 
 (a) an
Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 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 
 (b) an Opinion
of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 11.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have
been satisfied. 

  
 -55- 

	SECTION 11.05.	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)) shall comply with the provisions of TIA § 314(e) and shall include: 

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

(b) 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; 
 (c) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

 

	SECTION 11.06.	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 11.07.	No Personal Liability of Directors, Officers, Employees and Stockholders. 

 No past,
present or future director, officer, employee, manager, incorporator, member, partner or stockholder or other owner of Capital Stock of the Company or any of its Subsidiaries, or of any member, partner or stockholder of any such entity, as such,
shall have any liability for any obligations of the Company or any Guarantor under the Notes, this Indenture, or the Subsidiary Guarantees or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder by
accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. 
  

	SECTION 11.08.	Governing Law. 

 THIS INDENTURE, THE SUBSIDIARY GUARANTEES AND THE NOTES SHALL BE
GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 
  

	SECTION 11.09.	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 11.10.	Successors. 

 All agreements of the Company in this Indenture and the Notes shall bind
its successors. All agreements of each Guarantor in this Indenture and the Subsidiary Guarantees shall bind its successors. All agreements of the Trustee in this Indenture shall bind its successors. 

  
 -56- 

	SECTION 11.11.	Severability. 

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

	SECTION 11.12.	Counterpart Originals. 

 The parties may sign any number of copies of this Indenture, and
each party hereto may sign any number of separate copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 
  

	SECTION 11.13.	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 shall in no way modify or restrict any of the terms or provisions hereof. 

[Remainder of Page Intentionally Left Blank] 
  

  
 -57- 

 
					
	TESORO CORPORATION
		
	By:	 	/s/ G. Scott Spendlove
		 	Name:	 	G. Scott Spendlove
		 	Title:	 	Senior Vice President and Chief Financial Officer
	
	CARSON COGENERATION COMPANY
	GOLD STAR MARITIME COMPANY
	TESORO ALASKA COMPANY
	TESORO AVIATION COMPANY
	TESORO COMPANIES, INC.
	TESORO ENVIRONMENTAL RESOURCES COMPANY
	TESORO FAR EAST MARITIME COMPANY
	TESORO INSURANCE HOLDING COMPANY
	TESORO MARITIME COMPANY
	TESORO NORTHSTORE COMPANY
	TESORO REFINING & MARKETING COMPANY LLC
	TESORO RENEWABLES COMPANY LLC
	TESORO SIERRA PROPERTIES, LLC
	TESORO SOCAL COGEN COMPANY LLC
	TESORO SOUTH COAST COMPANY, LLC
	TESORO TRADING COMPANY
	TESORO WASATCH, LLC
	TESORO WEST COAST COMPANY, LLC
	TRANS-FORELAND PIPELINE COMPANY LLC
	TREASURE FRANCHISE COMPANY LLC
	UINTA EXPRESS PIPELINE COMPANY LLC
		
	By:	 	/s/ G. Scott Spendlove
		 	Name:	 	G. Scott Spendlove
		 	Title:	 	Senior Vice President and Chief Financial Officer

 
			
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	/s/ James Kowalski
		 	 Name: James Kowalski
 Title:   Vice
President

 EXHIBITS 
  

			
		
	Exhibit A	  	FORM OF NOTE
		
	Exhibit B	  	FORM OF SUPPLEMENTAL INDENTURE – ADDITIONAL SUBSIDIARY GUARANTEES

 Exhibit-1 

 EXHIBIT A 

[Insert the Global Note Legends, if applicable, pursuant to the provisions of the Indenture] 

[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 (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO ARTICLE II OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE
BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY
WITH THE PRIOR WRITTEN CONSENT OF TESORO CORPORATION OR ANY SUCCESSOR THERETO. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE), TO TESORO CORPORATION OR ANY SUCCESSOR THERETO OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO.
OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY), 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.] 

[Insert the OID Legend, if applicable, pursuant to the provisions of the Indenture] 

[THIS NOTE IS ISSUED WITH ORIGINAL ISSUE DISCOUNT FOR PURPOSES OF SECTION 1271 ET SEQ. OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED. A
HOLDER MAY OBTAIN THE ISSUE PRICE, AMOUNT OF ORIGINAL ISSUE DISCOUNT, ISSUE DATE AND YIELD TO MATURITY FOR SUCH NOTE BY SUBMITTING A REQUEST FOR SUCH INFORMATION TO THE COMPANY AT THE FOLLOWING ADDRESS: TESORO CORPORATION, 19100 RIDGEWOOD PARKWAY,
SAN ANTONIO, TEXAS 78259, ATTENTION: G. SCOTT SPENDLOVE.] 

  
 A-1 

 (Face of Note) 

CUSIP: 881609 BA8 
 ISIN:
US881609BA88 
 5.125% Senior Notes due 2024 

No.                      

Principal Amount at Maturity: U.S.
$                     
 TESORO
CORPORATION 
 Tesoro Corporation, a Delaware corporation (the “Company”), promises to pay to
                    , or registered assigns, the principal sum of Dollars on April 1, 2024 [or such greater or lesser amount as may be indicated
on Schedule A hereto].1 
 Interest Payment Dates: April 1 and October 1, commencing on
[            ]. 
 Record Dates: March 15 and September 15. 

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

 

			
	TESORO CORPORATION
		
	By:	 	 
		 	Name:
		 	Title:

  

									
	This is one of the Global Notes referredto in the within-mentioned Indenture:	 		 		 	
				
	U.S. BANK NATIONAL ASSOCIATION, as Trustee	 		 		 	
					
	By:	 	  
	 		 	Dated:	 	  

		 	Authorized Signatory	 		 		 	

  

	1 	If this Note is a Global Note, include this provision. 

  
 A-2 

 (Back of Note) 

5.125% Senior Notes due 2024 
 Capitalized terms
used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 
 1. Interest.
Tesoro Corporation, a Delaware corporation (the “Company”), promises to pay interest on the principal amount of this Note at 5.125% per annum until maturity. The Company will pay interest semi-annually in arrears on
April 1 and October 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which
interest has been paid or, if no interest has been paid, from the date of original 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, except in the case of the original issuance of Notes, in which case interest shall accrue from date of authentication;
provided, further, that the first Interest Payment Date shall be [            ]. The Company shall pay interest (including post-petition interest in any proceeding under the
Bankruptcy Code) on overdue principal and premium, if any, from time to time on demand at the rate borne on the Notes; it shall pay interest (including post-petition interest in any proceeding under the Bankruptcy Code) on overdue installments of
interest, if any, (without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

2. Method of Payment. The Company will pay interest on the Notes (except defaulted interest) to the Persons who are registered
Holders of Notes at the close of business on the March 15 and September 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in
Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and interest at the office or agency of the Company maintained for such purpose within the City and State of New York,
or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds will be
required with respect to principal of, and interest and premium on, all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Company or the Paying Agent. Such payment shall 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 March 18, 2014 (“Indenture”)
among the Company, the Guarantors and the Trustee, as the same may be amended, modified or supplemented from time to time. 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-3 

 5. Optional Redemption. 

(a) At any time and from time to time prior to April 1, 2019, the Company may, at its option, redeem all or a portion of the Notes, upon
Notice pursuant to Section 3.03 of the Indenture at a redemption price equal to 100% of the principal amount thereof plus the Applicable Premium with respect to the Notes plus accrued and unpaid interest, if any, thereon, to, but
excluding the redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. 

(b) On or after April 1, 2019, the Notes shall be subject to redemption at any time and from time to time at the option of the Company, in
whole or in part, upon notice pursuant to Section 3.03 of the Indenture, at the redemption prices (expressed as percentages of principal amount of the Notes to be redeemed) set forth below plus accrued and unpaid interest, if any,
thereon, to but excluding the applicable redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on
April 1 of each of the years indicated below: 
  

					
	 Year
	  	Percentage	 
	 2019
	  	 	102.563	% 
	 2020
	  	 	101.708	% 
	 2021
	  	 	100.854	% 
	 2022 and thereafter
	  	 	100.000	% 

 In addition, at any time and from time to time before April 1, 2017, the Company may, upon notice
pursuant to Section 3.03 of the Indenture, on any one or more occasions redeem up to 35% of the aggregate principal amount of the outstanding Notes (which amount includes Additional Notes) issued under the Indenture at a redemption price
equal to 105.125% of the aggregate principal amount thereof, plus accrued and unpaid interest, if any, thereon, to but excluding the redemption date, subject to the right of Holders of record on the relevant record date to receive interest due on
the relevant interest payment date, with the net cash proceeds of any one or more Equity Offerings; provided that at least 65% of the aggregate principal amount of the Notes issued under the Indenture on the Issue Date (which amount excludes
Additional Notes) remains outstanding immediately after each such redemption; and provided, further, that each such redemption shall occur within 180 days of the date of the closing of such Equity Offering. 

Once notice of redemption is mailed in accordance with Section 3.03 of the Indenture, Notes called for redemption become
irrevocably due and payable on the redemption date at the redemption price. Notwithstanding the foregoing, notice of any redemption of the notes (including upon an Equity Offering pursuant to Section 3.07(c) of the Indenture or in
connection with a transaction (or series of related transactions) that constitute a Change of Control) may, at the Company’s discretion, be given prior to the completion thereof and be subject to one or more conditions precedent, including, but
not limited to, completion of the related Equity Offering or Change of Control. In addition, if such redemption is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the Company’s discretion, the
redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the
redemption date, or by the redemption date so delayed. In addition, the Company may provide in such notice that payment of the redemption price and performance of the Company’s obligations with respect to such redemption may be performed by
another Person. The Company shall notify the Trustee in writing promptly upon the satisfaction or failure of any condition precedent to any redemption or notice of redemption. 

  
 A-4 

 6. Mandatory Redemption. The Company shall not be required to make mandatory
redemption payments with respect to the Notes. 
 7. Repurchase at Option of Holder. Upon the occurrence of a Change of
Control Triggering Event, each Holder of Notes will have the right to require the Company to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of such Holder’s Notes pursuant to a Change of Control
Offer described in the Indenture at an offer price in cash equal to 101% of the aggregate principal amount thereof plus accrued and unpaid interest, if any, thereon, to the date of purchase (the “Change of Control Payment”), subject
to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control Triggering Event, the Company shall send to each Holder a notice setting
forth the procedures governing such Change of Control Offer as required by the Indenture. 
 8. Notice of Redemption.
Notice of redemption will be mailed at least 10 days but except as set forth in Section 3.04 of the Indenture 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 $2,000 may be redeemed in part in whole multiples of $1,000; provided that the unredeemed principal amount of such Notes is not less than $2,000. On and after the redemption date, interest ceases to accrue on
Notes or portions thereof called for redemption. 
 9. Denominations, Transfer, Exchange. The Notes are in
registered form without coupons in denominations of $2,000 and integral multiples of $ 1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may
require a Holder, among other things, to furnish appropriate endorsements and transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not exchange or register
the transfer of any Note or portion of a Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, it need not exchange or register the transfer of any Notes for a period of 15 days before a selection
of Notes to be redeemed or during the period between a record date and the corresponding Interest Payment Date. 
 10. Persons
Deemed Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 11. Amendment, Supplement and
Waiver. Subject to certain exceptions, the Indenture, the Notes or the related Subsidiary Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding
Notes, and any existing default or compliance with any provision of the Indenture or the Notes or the related Subsidiary Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the then outstanding
Notes. Without the consent of any Holder of a Note, the Indenture, the Notes or the related Subsidiary Guarantees 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 Notes in the case of a merger or consolidation or sale of all or substantially all of the Company’s or such
Guarantor’s assets, including the addition of any required co-issuer of Notes; to make any change that would provide any additional rights or benefits to the Holders of Notes or that does not adversely affect the legal rights of any Holders
under the Indenture; to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; to add any additional Guarantor or to release any Guarantor from its Subsidiary Guarantee, to evidence or
provide for the acceptance of appointment of a successor Trustee or to add any additional Events of Default; to secure the Notes and/or the Subsidiary Guarantees; to conform the text of the Indenture, the Notes or the Subsidiary Guarantees to any
provision of the Description of the 

  
 A-5 

 
Notes section of the Prospectus to the extent that such provision in the Description of the Notes was intended to be a recitation of a provision of the Indenture, the Notes or the Subsidiary
Guarantees; to provide for Additional Notes and related Subsidiary Guarantees; or to comply with the rules of any applicable securities depositary. 

12. Defaults and Remedies. Events of Default include: (a) default in the payment when due of interest on the Notes and such default
continues for a period of 30 days after written notice is given to the Company as provided in the Indenture; (b) default in the payment when due of principal of, or premium, if any, on, the Notes; (c) failure by the Company to comply with
any of the provisions of Sections 4.15 and 5.01 of the Indenture and such failure continues for 30 days after written notice is given to the Company as provided in the Indenture; (d) failure by the Company to comply with
Section 4.03 of the Indenture and such failure continues for 120 days after written notice is given to the Company as provided in the Indenture; (e) failure by the Company or any of its Restricted Subsidiaries to comply with any
other agreement in the Indenture or Notes (other than a failure that is subject to clause (a), (b), (c) or (d) above) and such failure continues for 90 days after written notice is given to the Company as provided in the Indenture;
(f) a default occurs 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 Guarantor (or the payment of which is
guaranteed by the Company or any Guarantor), whether such Indebtedness or guarantee now exists, or is created after the Issue Date, which default (i) is caused by a failure to pay principal of or premium, if any, or interest on such
Indebtedness prior to the expiration of the grace period provided in such Indebtedness (a “Payment Default”) or (ii) 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 without duplication $100.0 million
or more, and such default shall not have been cured or waived or any such acceleration rescinded, or such Indebtedness is repaid, within 10 Business Days after the running of such grace period or the occurrence of such acceleration;
(g) [reserved]; (h) certain events of bankruptcy or insolvency with respect to the Company or any Guarantors that are Significant Subsidiaries or any group of Guarantors that, when taken together, would constitute a Significant Subsidiary
as described in the Indenture; or (i) except as permitted in the Indenture, any Subsidiary Guarantee of a Significant Subsidiary 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 that is a Significant Subsidiary, or any Person acting on behalf of any Guarantor, shall deny or disaffirm its obligations under its Subsidiary Guarantee (other than by reason of termination of the Indenture or the
release of such Subsidiary Guarantee in accordance with the Indenture). If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding, voting as a single
class, may declare all the Notes to be due and payable immediately. Notwithstanding the foregoing, 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. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding Notes may direct the
Trustee in its exercise of any trust or power with respect to the Notes. 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 on, or the principal of, the Notes. In the case of an Event of Default specified in
clause (f) of this paragraph, such Event of Default and all consequences thereof (excluding, however, any resulting payment default) will be annulled, waived and rescinded with respect to the Notes, automatically and without any action by the
Trustee or the Holders of the Notes, if within 60 days after such Event of Default first arose the Company delivers an Officers’ Certificate to the Trustee stating that (1) the Indebtedness or guarantee that is the basis for such Event of
Default 

  
 A-6 

 
has been discharged or (2) the holders of the Indebtedness have rescinded or waived the acceleration, notice or action (as the case may be) giving rise to such Event of Default or
(3) the default that is the basis for such Event of Default has been cured; provided, however, that in no event shall an acceleration of the principal amount of such Notes as described above be annulled, waived or rescinded upon the happening
of any such events. 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. 
 13. 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. 

14. No Recourse Against Others. A director, officer, employee, manager, incorporator, partner, member or stockholder of the Company or
any Subsidiary of the Company or any Guarantor, as such, shall not have any liability for any obligations of the Company or Guarantors 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. 

15. Authentication. This Note shall not be valid until authenticated by the manual signature of a Responsible Officer of the Trustee or
an authenticating agent. 
 16. 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). 

17. 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. 
 18.
Governing Law. THE INDENTURE, THE SUBSIDIARY GUARANTEES AND THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK. 

The Company will furnish to any Holder upon written request and without charge a copy of the Indenture. Requests may be made to: 

Tesoro Corporation 
 19100
Ridgewood Parkway 
 San Antonio, Texas 78259 

Attention: General Counsel 

[Remainder of Page Intentionally Left Blank] 

  
 A-7 

 Assignment Form 

To assign this Note, fill in the form below: (I) or (we) assign and transfer this Note to 

 
  

(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 

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

  
 A-8 

 Option of Holder to Elect Purchase 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.15 of the Indenture, check the box below:

  ̈  Section 4.15 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.15 of the Indenture, state the
amount you elect to have purchased: 

$                     

 

			
	Date:                     
		
	Your Signature:	  	  

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

Tax Identification No.:                    
                                         
                                         
                                         
                                         
                              

SIGNATURE GUARANTEE 

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

  
 A-9 

 SCHEDULE A 

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
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
Trustee or Note
Custodian

  

 

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

  
 A-10 

 EXHIBIT B 

FORM OF SUPPLEMENTAL INDENTURE ADDITIONAL SUBSIDIARY GUARANTEES 

SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”), dated as of [    ],
20[    ] between [name of New Guarantor] (the “New Guarantor”), and U.S. Bank National Association, as trustee under the indenture referred to below (the “Trustee”). Capitalized terms used
herein and not defined herein shall have the meaning ascribed to them in the Indenture (as defined below). 
 W I T N E S S E T H : 

WHEREAS, Tesoro Corporation, a Delaware corporation (“the “Company”) and the existing Guarantors have heretofore executed and
delivered to the Trustee an indenture (as amended, supplemented and in effect, the “Indenture”), dated as of March 18, 2014, pursuant to which the Company has issued an aggregate principal amount of $300,000,000 of 5.125%
Senior Notes due 2024 (the “Notes”); 
 WHEREAS, Article X of the Indenture provides that under certain
circumstances the Company may or must cause certain of its Subsidiaries to execute and deliver to the Trustee a supplemental indenture pursuant to which such Subsidiaries shall unconditionally guarantee all of the Company’s Obligations under
the Notes pursuant to a Subsidiary Guarantee on the terms and conditions set forth herein; 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 New Guarantor and the Trustee 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 New Guarantor hereby agrees, jointly and severally with
all other Guarantors, to guarantee the Company’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article X of the Indenture and to be bound by all other applicable provisions of the
Indenture as a Guarantor thereunder. 
 3. No Recourse Against Others. No past, present or future director, officer,
employee, manager, incorporator, partner, member, agent, shareholder or other owner of Capital Stock of any Guarantor, as such, shall have any liability for any obligations of the Company or any Guarantor 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 by accepting a Note waives and releases all such liability. The waiver and release are part of
the consideration for issuance of the Notes. 
 4. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE. 

  
 B-1 

 5. 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. 
 6.
Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction hereof. 

7. 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 correctness of the recitals of fact contained herein, all of which recitals are made solely by the New Guarantor. 

  
 B-2 

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

 

			
	[NEW GUARANTOR]
		
	By:	 	  

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

		 	Name:
		 	Title:

  
 B-3

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