Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
 NORFOLK
SOUTHERN CORPORATION, 
 as Issuer 

and 
 U.S. BANK NATIONAL
ASSOCIATION, 
 as Trustee 
  

 
 THIRD
SUPPLEMENTAL INDENTURE 
 Dated as of May 8, 2019 

to 
 INDENTURE 

Dated as of February 28, 2018 
  

 
 3.800% Senior
Notes due 2028 
 4.100% Senior Notes due 2049 

5.100% Senior Notes due 2118 

 TABLE OF CONTENTS 

ARTICLE I 
 Definitions

  

					
	 SECTION 1.01. Definitions
	  	 	2	 
	
	ARTICLE II	  

	
	Establishment of the New Notes	  

		
	 SECTION 2.01. Designation and Establishment
	  	 	4	 
	 SECTION 2.02. Form of the New Notes
	  	 	4	 
	 SECTION 2.03. Principal Amount of the New Notes
	  	 	4	 
	 SECTION 2.04. Interest Rate; Stated Maturity
	  	 	4	 
	 SECTION 2.05. No Sinking Fund
	  	 	4	 
	 SECTION 2.06. Global Notes and Denomination of the New Notes
	  	 	4	 
	 SECTION 2.07. Optional Redemption
	  	 	5	 
	 SECTION 2.08. Change of Control Repurchase Event
	  	 	5	 
	
	ARTICLE III	  

	
	Establishment of Additional 2028 Notes	  

		
	 SECTION 3.01. Designation and Authorization
	  	 	6	 
	 SECTION 3.02. Form of the Additional 2028 Notes
	  	 	6	 
	 SECTION 3.03. Principal Amount of the Additional 2028 Notes
	  	 	6	 
	 SECTION 3.04. Denomination of the Additional 2028 Notes
	  	 	6	 
	
	ARTICLE IV	  

	
	Establishment of Additional 2118 Notes	  

		
	 SECTION 4.01. Designation and Authorization
	  	 	7	 
	 SECTION 4.02. Form of the Additional 2118 Notes
	  	 	7	 
	 SECTION 4.03. Principal Amount of the Additional 2118 Notes
	  	 	7	 
	 SECTION 4.04. Denomination of the Additional 2118 Notes
	  	 	7	 
	
	ARTICLE V	  

	
	Miscellaneous	  

		
	 SECTION 5.01. Application of Third Supplemental Indenture
	  	 	7	 
	 SECTION 5.02. Effective Date of Third Supplemental Indenture
	  	 	7	 
	 SECTION 5.03. Counterparts
	  	 	7	 
	 SECTION 5.04. Trustee Not Responsible for Recitals
	  	 	8	 
	 SECTION 5.05. Governing Law
	  	 	8	 

 THIRD SUPPLEMENTAL INDENTURE dated as of May 8, 2019 (this “Third
Supplemental Indenture”), by and between Norfolk Southern Corporation, a Virginia corporation, as issuer (the “Company”), and U.S. Bank National Association, as trustee (the “Trustee”). 

WHEREAS, the Company executed and delivered the indenture, dated as of February 28, 2018, to the Trustee (the “Base
Indenture”, as supplemented by a Second Supplemental Indenture dated as of August 2, 2018 between the Company and the Trustee (the “Second Supplemental Indenture”) and this Third Supplemental Indenture, the
“Indenture”), to provide for the issuance of the Company’s unsubordinated and unsecured debt securities to be issued in one or more series; 

WHEREAS, pursuant to Sections 2.01 and 9.01 of the Base Indenture and the Second Supplemental Indenture, the Company established and
authorized the issuance of the Company’s 3.800% Senior Notes due 2028, a new series of debt securities initially issued in an aggregate principal amount of $400,000,000 (the “2028 Series”), and the Company’s 5.100% Senior
Notes due 2118, a new series of debt securities initially issued in an aggregate principal amount of $600,000,000 (the “2118 Series”); 

WHEREAS, on August 2, 2018, the Company completed its offering of initial debt securities of the 2028 Series in the aggregate
principal amount of $400,000,000 (the “Initial 2028 Notes”) and the 2118 Series in the aggregate principal amount of $600,000,000 (the “Initial 2118 Notes”); 

WHEREAS, the Company desires to reopen the 2028 Series and requests the Trustee to join it in the execution and delivery of this Third
Supplemental Indenture in connection with the issuance by the Company of an additional $200,000,000 aggregate principal amount of debt securities of the 2028 Series (the “Additional 2028 Notes” and, together with the Initial 2028
Notes, the “2028 Notes”), with the form, substance, terms, provisions and conditions of such Additional 2028 Notes being identical to the form, substance, terms, provisions and conditions of the Initial 2028 Notes as provided in the
Base Indenture and the Second Supplemental Indenture, and the Additional 2028 Notes shall be deemed to be part of the 2028 Series; 

WHEREAS, the Company desires to reopen the 2118 Series and requests the Trustee to join it in the execution and delivery of this Third
Supplemental Indenture in connection with the issuance by the Company of an additional $200,000,000 aggregate principal amount of debt securities of the 2118 Series (the “Additional 2118 Notes” and, together with the Initial 2118
Notes, the “2118 Notes”), with the form, substance, terms, provisions and conditions of such Additional 2118 Notes being identical to the form, substance, terms, provisions and conditions of the Initial 2118 Notes as provided in the
Base Indenture and the Second Supplemental Indenture, and the Additional 2118 Notes shall be deemed to be part of the 2118 Series; 

WHEREAS, pursuant to Section 9.01 of the Base Indenture, the Company desires to provide for the establishment of a new series of
Securities under the Base Indenture to be known as its “4.100% Senior Notes due 2049” (the “New Notes”), the form and substance and the terms, provisions and conditions thereof to be set forth as provided in the Base
Indenture and this Third Supplemental Indenture; 

  
 1 

 WHEREAS, the execution and delivery of this Third Supplemental Indenture and the
issuance of the Additional 2028 Notes, the Additional 2118 Notes and the New Notes have been authorized by a Board Resolution and the Board of Directors has authorized the proper officers of the Company to execute and deliver any and all appropriate
documents necessary or appropriate to effect such issuance; 
 WHEREAS, the Company requests that the Trustee execute and deliver
this Third Supplemental Indenture; and 
 WHEREAS, all things necessary to make this Third Supplemental Indenture a valid agreement
of the Company and the Trustee, in accordance with its terms, and to make the Additional 2028 Notes, the Additional 2118 Notes and the New Notes, when executed by the Company and authenticated and delivered by the Trustee, the valid obligations of
the Company, have been performed, and the execution and delivery of this Third Supplemental Indenture has been duly authorized in all respects. 

NOW THEREFORE, in consideration of the premises and the purchase and acceptance of the Additional 2028 Notes, the Additional 2118 Notes
and the New Notes by the Holders thereof and other valuable consideration, the receipt of which is hereby acknowledged by the Company, and for the purpose of setting forth, as provided in the Base Indenture, the form, terms and conditions of the
Additional 2028 Notes, the Additional 2118 Notes and the New Notes, the Company covenants and agrees with the Trustee for the benefit of the Holders of the Additional 2028 Notes, the Additional 2118 Notes and the New Notes, as follows: 

ARTICLE I 
 Definitions

 SECTION 1.01. Definitions. Unless the context otherwise requires, capitalized terms used but not defined herein or in the
recitals above have the respective meanings set forth in the Base Indenture, and with respect to the Additional 2028 Notes and the Additional 2118 Notes, the Second Supplemental Indenture. The following additional terms are hereby established for
purposes of this Third Supplemental Indenture and shall have the meaning set forth in this Third Supplemental Indenture only for purposes of this Third Supplemental Indenture. 

“Additional 2028 Notes” has the meaning set forth in the recitals above. 

“Additional 2118 Notes” has the meaning set forth in the recitals above. 

“Below Investment Grade Ratings Event” means, with respect to the New Notes, on any day within the 60-day period (which period shall be extended so long as the rating of the New Notes is under publicly announced consideration for a possible downgrade by any Rating Agency) after the earlier of (1) the
occurrence of a Change of Control; or (2) public notice of the occurrence of a Change of Control or the intention by the Company to effect a Change of Control, the New Notes are rated below investment grade by each and every Rating Agency.
Notwithstanding the foregoing, a Below Investment Grade Ratings Event otherwise arising by virtue of a particular reduction in rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a
Below Investment Grade Ratings 

  
 2 

 
Event for purposes of the definition of Change of Control Repurchase Event hereunder) if the Rating Agencies making the reduction in rating to which this definition would otherwise apply do not
announce or publicly confirm or inform the Trustee in writing at the Company’s 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 shall have occurred at the time of the Below Investment Grade Ratings Event). 

“Change of Control” means the consummation of any transaction (including, without limitation, any merger or consolidation)
the result of which is that any “person” or “group” (as those terms are used in Section 13(d)(3) of the Exchange Act), other than the Company or its subsidiaries, becomes the beneficial owner (as defined in Rules 13d-3 and 13d-5 under the Exchange Act), directly or indirectly, of more than 50% of the combined voting power of the Company’s Voting Stock or other Voting Stock into
which the Company’s Voting Stock is reclassified, consolidated, exchanged or changed measured by voting power rather than number of shares. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Below Investment Grade Ratings
Event with respect to the New Notes. 
 “DTC” means The Depository Trust Company. 

“Global Note” means a Security evidencing all or a part of a series of Securities, issued to the Depositary for such series
in accordance with Section 2.12 of the Base Indenture. 
 “Initial 2028 Notes” has the meaning set forth in the
recitals above. 
 “Initial 2118 Notes” has the meaning set forth in the recitals above. 

“Interest Payment Date” means, with respect to the payment of interest on the New Notes, May 15 and November 15 of
each year and, with respect to the payment of interest on the Additional 2028 Notes and the Additional 2118 Notes, February 1 and August 1 of each year. 

“Investment grade” means, with respect to Moody’s, a rating of Baa3 or better (or its equivalent under any successor
rating categories of Moody’s); with respect to S&P, a rating of BBB- or better (or its equivalent under any successor rating categories of S&P); and, with respect to any additional Rating Agency
or Rating Agencies selected by the Company, the equivalent investment grade credit rating. 
 “Moody’s” means
Moody’s Investors Service, Inc., a subsidiary of Moody’s Corporation, and its successors. 
 “New Notes” has the
meaning set forth in the recitals above. 
 “Rating Agency” means (1) each of Moody’s and S&P; and
(2) if either of Moody’s or S&P ceases to rate the New Notes or fails to make a rating of the New Notes publicly available for reasons outside of the Company’s control, a “nationally recognized statistical rating
organization” within the meaning of Section 3(a)(62) of the Exchange Act, selected by the Company (as certified by a Board Resolution) as a replacement agency for Moody’s or S&P, or both of them, as the case may be. 

  
 3 

 “S&P” means S&P Global Ratings, a division of S&P Global Inc.,
and its successors. 
 “Voting Stock” of any specified “person” (as that term is used in Section 13(d)(3) of
the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

The words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Third Supplemental
Indenture as a whole and not to any particular Article, Section or other subdivision. The rules of construction set forth in Section 1.04 of the Base Indenture shall apply to this Third Supplemental Indenture. 

ARTICLE II 
 Establishment of
the New Notes 
 SECTION 2.01. Designation and Establishment. Pursuant to the terms hereof and Section 2.01 of the Base
Indenture, the Company hereby establishes a new series of Securities designated as the “4.100% Senior Notes due 2049.” The New Notes may be reopened, from time to time, for issuances of additional Securities of such series. Any such
additional Securities shall have the same ranking, interest rate, Stated Maturity and other terms as the New Notes (other than the issue date, issue price and payment of interest accruing prior to the issue date of such additional Securities). Any
such additional Securities, together with the New Notes herein provided for, shall constitute a single series of Securities under the Indenture. 

SECTION 2.02. Form of the New Notes. The New Notes shall be issued in substantially the form set forth in Exhibit A-1 hereto. 
 SECTION 2.03. Principal Amount of the New Notes. The New Notes shall be
initially issued in an aggregate principal amount of $400,000,000. 
 SECTION 2.04. Interest Rate; Stated Maturity. The New Notes
issued pursuant to this Third Supplemental Indenture shall bear interest (computed on the basis of a 360-day year consisting of twelve 30-day months) from May 8,
2019 at the rate of 4.100% per annum payable semiannually in arrears; interest payable on each Interest Payment Date shall include interest accrued from May 8, 2019, or from the most recent date to which interest has been paid or duly provided
for; the Interest Payment Dates on which such interest shall be payable are May 15 and November 15, commencing on November 15, 2019; and the record date for the interest payable on any Interest Payment Date is the close of business on
the May 1 or November 1, as the case may be, next preceding the relevant Interest Payment Date. The New Notes shall have a Stated Maturity of May 15, 2049. 

SECTION 2.05. No Sinking Fund. No sinking fund is provided for the New Notes. 

SECTION 2.06. Global Notes and Denomination of the New Notes. Upon the original issuance, the New Notes shall be represented by one or
more Global Notes. The Company shall 

  
 4 

 
issue the New Notes in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof and shall deposit the Global Notes with the Trustee as Custodian for DTC in New York,
New York, and register the Global Notes in the name of DTC or its nominee. 
 SECTION 2.07. Optional Redemption. The New Notes are
subject to redemption at the option of the Company as set forth in the form of New Notes attached hereto as Exhibit A-1. 

SECTION 2.08. Change of Control Repurchase Event. (a) If a Change of Control Repurchase Event occurs with respect to the New Notes,
unless the Company has exercised its right to redeem the New Notes pursuant to paragraph 5 of the New Notes, the Company will make an offer to each Holder of the New Notes to repurchase all or any part (in integral multiples of $1,000) of that
Holder’s New Notes at a repurchase price (the “Repurchase Price”) in cash equal to 101% of the aggregate principal amount of the New Notes repurchased plus any accrued and unpaid interest on the New Notes repurchased to, but
not including, the Repurchase Date (defined below). Within 30 days following a Change of Control Repurchase Event or, at the Company’s option, prior to a Change of Control, but after the public announcement of a Change of Control, the Company
will mail, or cause to be mailed, a notice to each Holder of the New Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control Repurchase Event and offering to repurchase
the New Notes on the payment date specified in the notice (such offer the “Repurchase Offer” and such date the “Repurchase Date”), which Repurchase Date will be a Business Day that is no earlier than 30 days and no
later than 60 days from the date such notice is mailed. The notice shall, if mailed prior to the date of consummation of the Change of Control, state that the Repurchase Offer is conditioned on a Change of Control Repurchase Event occurring on or
prior to the Repurchase Date. 
 (b) The Company will comply with the requirements of Rule 14e-1
under the Exchange Act, and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the New Notes as a result of a Change of Control Repurchase Event. To the
extent that the provisions of any securities laws or regulations conflict with the Change of Control Repurchase Event provisions of the New Notes, the Company will comply with the applicable securities laws and regulations and will not be deemed to
have breached its obligations under the Change of Control Repurchase Event provisions of the New Notes by virtue of such conflict. 
 (c) On
the Repurchase Date following a Change of Control Repurchase Event, the Company will, to the extent lawful: 
 (1) accept for
payment all New Notes or portions of New Notes properly tendered pursuant to the Repurchase Offer; 
 (2) deposit with the
Trustee or with such Paying Agent as the Trustee may designate an amount equal to the aggregate Repurchase Price for all New Notes or portions of New Notes properly tendered; and 

(3) deliver, or cause to be delivered, to the Trustee the New Notes properly accepted, together with an Officers’
Certificate stating the aggregate 

  
 5 

 
principal amount of New Notes being repurchased by the Company pursuant to the Repurchase Offer and that all conditions precedent to the repurchase by the Company of New Notes pursuant to the
Repurchase Offer have been complied with. 
 (d) The Trustee will promptly mail, or cause the Paying Agent to promptly mail, to each Holder
of New Notes, or portions of New Notes, properly tendered the Repurchase Price for the New Notes, or portions of New Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Holder a new New Note
equal in principal amount to any unpurchased portion of any New Notes surrendered, as applicable; provided that each New Note will be in a principal amount equal to $2,000 or an integral multiple of $1,000 in excess thereof. 

(e) The Company will not be required to make a Repurchase Offer upon a Change of Control Repurchase Event if a third party makes such an offer
in the manner, at the times and otherwise in compliance with the requirements for such an offer made by the Company and such third party purchases all New Notes or portions of New Notes properly tendered and not withdrawn under its offer.

ARTICLE III 
 Establishment of
Additional 2028 Notes 
 SECTION 3.01. Designation and Authorization. The issuance of the Additional 2028 Notes is hereby
authorized, and such Additional 2028 Notes shall be registered in the names of such Persons as shall be set forth in any written order of the Company for the authentication and delivery of Additional 2028 Notes pursuant to Section 2.02 of the
Base Indenture. The Additional 2028 Notes and the Initial 2028 Notes shall constitute a single series of debt securities under the Base Indenture, and the terms and provisions of the Second Supplemental Indenture are incorporated by reference into
this Third Supplemental Indenture and shall apply equally to the Additional 2028 Notes and the Initial 2028 Notes, other than the issue date of the Additional 2028 Notes. 

SECTION 3.02. Form of the Additional 2028 Notes. The Additional 2028 Notes shall be issued in the form of one or more Global Notes in
substantially the form set forth in Exhibit A-2 hereto. 
 SECTION 3.03. Principal Amount
of the Additional 2028 Notes. The Additional 2028 Notes shall be issued in an aggregate principal amount of $200,000,000. 
 SECTION
3.04. Denomination of the Additional 2028 Notes. The Company shall issue the Additional 2028 Notes in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof. 

  
 6 

 ARTICLE IV 

Establishment of Additional 2118 Notes 

SECTION 4.01. Designation and Authorization. The issuance of the Additional 2118 Notes is hereby authorized, and such Additional 2118
Notes shall be registered in the names of such Persons as shall be set forth in any written order of the Company for the authentication and delivery of Additional 2118 Notes pursuant to Section 2.02 of the Base Indenture. The Additional 2118
Notes and the Initial 2118 Notes shall constitute a single series of debt securities under the Base Indenture, and the terms and provisions of the Second Supplemental Indenture are incorporated by reference into this Third Supplemental Indenture and
shall apply equally to the Additional 2118 Notes and the Initial 2118 Notes, other than the issue date of the Additional 2118 Notes. 

SECTION 4.02. Form of the Additional 2118 Notes. The Additional 2118 Notes shall be issued in the form of one or more Global Notes in
substantially the form set forth in Exhibit A-3 hereto. 
 SECTION 4.03. Principal Amount
of the Additional 2118 Notes. The Additional 2118 Notes shall be issued in an aggregate principal amount of $200,000,000. 
 SECTION
4.04. Denomination of the Additional 2118 Notes. The Company shall issue the Additional 2118 Notes in minimum denominations of $2,000 and in integral multiples of $1,000 in excess thereof. 

ARTICLE V 
 Miscellaneous

 SECTION 5.01. Application of Third Supplemental Indenture. Except as expressly provided herein, each and every term and
condition contained in this Third Supplemental Indenture that modifies, amends or supplements the terms and conditions of the Base Indenture shall apply only to the New Notes, the Additional 2028 Notes and the Additional 2118 Notes established
hereby, and not to any other series of Securities established under the Base Indenture. Except as specifically amended and supplemented by, or to the extent inconsistent with, this Third Supplemental Indenture, the Base Indenture shall remain in
full force and effect and is hereby ratified and confirmed. 
 SECTION 5.02. Effective Date of Third Supplemental Indenture.
This Third Supplemental Indenture shall be effective upon the execution and delivery hereof by each of the parties hereto. 
 SECTION 5.03.
Counterparts. This Third Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same instrument.
The exchange of copies of this Third Supplemental Indenture and of signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Third Supplemental Indenture as to the parties hereto and may be used in
lieu of the original of the Third Supplemental Indenture for all purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 

  
 7 

 SECTION 5.04. Trustee Not Responsible for Recitals. The recitals herein contained are
made by the Company and not by the Trustee, and the Trustee assumes no responsibility for the correctness thereof. The Trustee makes no representation as to the validity or sufficiency of this Third Supplemental Indenture. 

SECTION 5.05. Governing Law. This Third Supplemental Indenture, the New Notes, the Additional 2028 Notes and the Additional 2118 Notes
shall be construed in accordance with and governed by the laws of the State of New York. 
 [Signature Pages Follow] 

  
 8 

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

							
	NORFOLK SOUTHERN CORPORATION
			
		 	By:	 	 /s/ Clyde H. Allison, Jr.

		 		 	Name:	 	Clyde H. Allison, Jr.
		 		 	Title:	 	Vice President and Treasurer

  
 [Signature Page
to Third Supplemental Indenture] 

 
							
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
			
		 	By:	 	 /s/ Christopher J. Grell

		 		 	Name:	 	Christopher J. Grell
		 		 	Title:	 	Vice President

  
 [Signature Page to
Third Supplemental Indenture] 

 EXHIBIT A-1 

[FORM OF FACE OF INITIAL NOTE] 

[Global Notes Legend] 
 THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY NAMED BELOW OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 [FORM OF FACE OF INITIAL NOTE] 

 

			
	No.         	  	[Up to]**$        

 4.100% Senior Note due 2049 

CUSIP No. 655844CC0 
 NORFOLK
SOUTHERN CORPORATION, a Virginia corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of $         adjusted as set forth on the Schedule of Increases or
Decreases annexed hereto on May 15, 2049. 
 Interest Payment Dates: May 15 and November 15, commencing on November 15,
2019. 
 Record Dates: May 1 and November 1. 

 Additional provisions of this Global Note are set forth on the other side of this Global
Note. 
 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	NORFOLK SOUTHERN CORPORATION
		
	By	 	              

		 	Name:
		 	Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	Dated:
	
	U.S. BANK NATIONAL ASSOCIATION,
		
		 	as Trustee, certifies that this is one of
the Global Notes referred to in the Indenture.
		
	By:	 	
                     

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF INITIAL GLOBAL NOTE] 

4.100% Senior Note due 2049 
  

	1.	 Interest 

NORFOLK SOUTHERN CORPORATION, a Virginia corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually in arrears on May 15 and
November 15 of each year, commencing November 15, 2019. 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 May 8, 2019. Interest shall be computed on the
basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate per annum borne by the Notes, and it shall pay interest
on overdue installments of interest at the rate per annum borne by the Notes to the extent lawful. 
  

	2.	 Method of Payment 

The Company will pay interest on the Notes (except defaulted interest) to the Persons who are Holders at the close of business on the
May 1 or November 1, as the case may be, next preceding the Interest Payment Date even if Notes are canceled after the record date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Company will pay principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a
Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depository. The Company will make all payments in respect of a definitive Note (including
principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate
principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such
effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

 

	3.	 Paying Agent and Registrar 

Initially, U.S. Bank National Association, a national banking association (the “Trustee”), will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

 

	4.	 Indenture 

The Company issued the Notes under a Base Indenture, dated as of February 28, 2018, as supplemented by the Third Supplemental Indenture,
dated as of May 8, 2019 (together, the “Indenture”), between the Company and the Trustee. The terms of the Notes include those stated 

 
in the Indenture and those made part of the Indenture by reference to the Trust Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture
(the “TIA”). Terms defined in the Indenture and not defined in the Notes have the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a
statement of those terms. 
 The Notes are unsubordinated, unsecured obligations of the Company. This Note is one of the Notes referred to
in the Indenture initially issued in an aggregate principal amount of $400,000,000. The Notes include such $400,000,000 aggregate principal amount of Notes and an unlimited aggregate principal amount of additional Notes that may be issued under the
Indenture. Such Notes and such additional Notes will be treated as a single series and class of Securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to create or
incur Liens, the Restricted Subsidiaries to create or incur Funded Debt and the Company to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of its assets to
any Person. 
  

	5.	 Optional Redemption 

The Notes will be redeemable as a whole at any time or in part from time to time, at the option of the Company as set forth in this paragraph
5. If the Notes are redeemed prior to the date that is six months prior to the Stated Maturity of the Notes, the Redemption Price of the Notes to be redeemed will be equal to the greater of (i) 100% of the principal amount of such Notes or
(ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon to and including the date that is six months prior to the Stated Maturity of the Notes (exclusive of interest accrued to, but not
including, the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Yield plus 20 basis points, plus in each case accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. 

If the Notes are redeemed on or after the date that is six months prior to the Stated Maturity, the Redemption Price for the Notes to be
redeemed will equal 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. 

“Treasury Yield” means, with respect to any Redemption Date, (1) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(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 the date that is six months prior to the Stated Maturity of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the
Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to 

  
 2 

 
the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue, calculated using a price for the
Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of such Redemption Date. The Treasury Yield will be calculated on the third Business Day preceding the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
a maturity most comparable to the date that is six months prior to the Stated Maturity of the Notes, 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 comparable to the remaining term of the Notes. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Company. 
 “Comparable Treasury Price” means (A) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means each of (i) Citigroup Global
Markets Inc. and Goldman Sachs & Co. LLC; and (ii) three other primary U.S. Government securities dealers in New York, New York (“Primary Treasury Dealers”) appointed by the Company and their respective successors; provided,
however, that if any of the foregoing ceases to be a Primary Treasury Dealer or otherwise fails to provide a Reference Treasury Dealer Quotation, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means a quotation for a Comparable Treasury Issue provided by a Reference Treasury
Dealer. 
  

	6.	 Sinking Fund 

The Notes are not subject to any sinking fund. 
  

	7.	 Notice of Redemption  

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each
Holder of Notes to be redeemed at his or her registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If the Company deposits with the Paying Agent money sufficient to pay the
Redemption Price of and accrued interest on all Notes (or portions thereof) to be redeemed on the Redemption Date by 10:00 a.m. New York City time on the Redemption Date and certain other conditions are satisfied, on and after such Redemption Date
interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 
  

	8.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in minimum denominations of $2,000 and whole multiples of $1,000 in excess thereof. A Holder
may transfer or exchange Notes in 

  
 3 

 
accordance with the Indenture. Upon any transfer or exchange, the Company may require a Holder to cover any transfer tax or similar governmental charge payable in connection therewith. The
Registrar need not register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to issue, register the transfer of or exchange any Notes
for a period of 15 Business Days prior to the mailing of a notice of redemption of Notes to be redeemed. 
  

	9.	 Persons Deemed Owners 

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

 

	10.	 Unclaimed Money 

If money for the payment of principal, premium, if any, or interest remains unclaimed for two years after such amount has become due and
payable, the Trustee or Paying Agent shall pay the money back to the Company at its written request unless an applicable abandoned property law designates another Person to receive such money. After any such payment, Holders entitled to the money
must look only to the Company, and not to the Trustee or Paying Agent, for payment. 
  

	11.	 Discharge; Defeasance 

Subject to certain conditions, the Company at any time may terminate certain or all of its Obligations under the Notes and the Indenture if the
Company deposits with the Trustee money, U.S. Government Obligations or a combination thereof sufficient to pay and discharge each installment of principal of, premium, if any, and interest on the Notes on the dates such installments of interest or
principal and premium are due. The Company may also satisfy and discharge the Indenture by delivering to the Trustee for cancellation all Notes that have theretofore been authenticated and delivered, subject to certain conditions. 

 

	12.	 Amendment, Waiver 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in
principal amount of the Outstanding Notes affected, to amend or supplement the Indenture; provided, however, that no such amendment or supplement shall without the consent of each Holder of Notes (i) reduce the amount of Notes
whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of interest on any Notes; (iii) reduce the principal amount of or the premium, if any, on any Notes or change the Stated Maturity of any Notes;
(iv) change the place, manner, timing or Currency of payment of principal of, premium, if any, or interest on any Notes; or (v) make any change in the amendment and waiver provisions. The Indenture also contains provisions permitting the
Holders of not less than a majority in principal amount of the Outstanding Notes affected thereby, on behalf of all of the Holders of Notes, to waive compliance by the Company with any provision of the Indenture or the Notes, provided that
such waiver shall not affect the above provisions (i) – (v). 

  
 4 

	13.	 Defaults and Remedies 

If an 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, by a notice in writing to the Company (and to the Trustee if given by Holders), may declare the unpaid principal of (premium, if any) and accrued interest on, if any, Notes to be immediately due and payable. Certain events of bankruptcy
or insolvency are Events of Default. 
 Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes may direct the Trustee in its
exercise of any trust or power under the Indenture. The Holders of a majority in aggregate principal amount of the Notes then Outstanding, by written notice to the Company and the Trustee, may rescind and annul any declaration of acceleration and
its consequences if the Company has paid or deposited with the Trustee a sufficient sum under the Indenture and all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that has become due solely by
such declaration of acceleration, have been cured or waived. 
  

	14.	 Trustee Dealings with the Company 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	15.	 No Recourse Against Others 

A director, officer, employee or stockholder of the Company or the Trustee, as such, shall not have any liability for any Obligations of the
Company under the Notes or for any Obligations of the Company or the Trustee under the Indenture or for any claim based on, in respect of or by reason of such Obligations or their creation. By accepting a Note, each Holder waives and releases all
such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	16.	 Successors 

Subject to certain exceptions set forth in the Indenture, when a successor assumes all the Obligations of its predecessor under the Notes and
the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those Obligations. 
  

	17.	 Authentication 

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

  
 5 

	18.	 Abbreviations 

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

	19.	 Governing Law 

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

 

	20.	 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 has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company will furnish to any
Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. 

  
 6 

 FORM OF ASSIGNMENT 

For value received
                     hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or other identifying number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      as attorney to transfer the said Note on the books of the Company, with full power of
substitution in the premises. 
 Dated: 
  

					
	  
	 		 	  

			
	  
	 		 	  

			
		 		 	Signature(s)
			
		 		 	Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of
1934.

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $        . The following increases or decreases in
this Global Note have been made: 
  

															
	 Date of

Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	 	  	Amount of increase
in Principal Amount
of this Global Note	 	  	Principal amount of
this Global Note
following such
decrease or increase	 	  	 Signature of
authorized signatory
of Trustee or Notes
 Custodian

		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	

 EXHIBIT A-2 

[FORM OF FACE OF 2028 NOTE] 

[Global Notes Legend] 
 THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY NAMED BELOW OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 [FORM OF FACE OF 2028 NOTE] 

 

					
	No.         	 		  	 [Up to]**$        

 3.800% Senior Note due 2028 

CUSIP No. 655844BZ0 
 NORFOLK
SOUTHERN CORPORATION, a Virginia corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of $         adjusted as set forth on the Schedule of Increases or
Decreases annexed hereto on August 1, 2028. 
 Interest Payment Dates: February 1 and August 1, commencing on August 1,
2019. 
 Record Dates: January 15 and July 15. 

 Additional provisions of this Global Note are set forth on the other side of this Global
Note. 
 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	NORFOLK SOUTHERN CORPORATION
		
	By	 	
                     
                    

		 	Name:
		 	Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
	
	Dated:
	
	U.S. BANK NATIONAL ASSOCIATION,
		
		 	as Trustee, certifies that this is one of the Global Notes referred to in the Indenture.
		
	By:	 	
                     
                                         
                                       

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF GLOBAL 2028 NOTE] 

3.800% Senior Note due 2028 
  

	1.	 Interest 

NORFOLK SOUTHERN CORPORATION, a Virginia corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually in arrears on February 1 and
August 1 of each year, commencing August 1, 2019. 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 August 2, 2018. Interest shall be computed on the
basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate per annum borne by the Notes, and it shall pay interest
on overdue installments of interest at the rate per annum borne by the Notes to the extent lawful. 
  

	2.	 Method of Payment 

The Company will pay interest on the Notes (except defaulted interest) to the Persons who are Holders at the close of business on the
January 15 or July 15, as the case may be, next preceding the Interest Payment Date even if Notes are canceled after the record date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Company will pay principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a
Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depository. The Company will make all payments in respect of a definitive Note (including
principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate
principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such
effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

 

	3.	 Paying Agent and Registrar 

Initially, U.S. Bank National Association, a national banking association (the “Trustee”), will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

 

	4.	 Indenture 

The Company issued the Notes under a Base Indenture, dated as of February 28, 2018, as supplemented by the Second Supplemental Indenture,
dated as of August 2, 2018, and as further supplemented by the Third Supplemental Indenture, dated as of May 8, 2019 (collectively, the 

 
“Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined in the Notes have the meanings ascribed thereto in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. 

The Notes are unsubordinated, unsecured obligations of the Company. This Note is one of the series of 2028 Notes referred to in the Indenture
issued in an aggregate principal amount of $600,000,000. The Notes include such $600,000,000 aggregate principal amount of Notes and an unlimited aggregate principal amount of additional Notes that may be issued under the Indenture. Such Notes and
such additional Notes will be treated as a single series and class of Securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to create or incur Liens, the Restricted
Subsidiaries to create or incur Funded Debt and the Company to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of its assets to any Person. 

 

	5.	 Optional Redemption 

The Notes will be redeemable as a whole at any time or in part from time to time, at the option of the Company as set forth in this paragraph
5. If the Notes are redeemed prior to the date that is three months prior to the Stated Maturity of the Notes, the Redemption Price of the Notes to be redeemed will be equal to the greater of (i) 100% of the principal amount of such Notes or
(ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon to and including the date that is three months prior to the Stated Maturity of the Notes (exclusive of interest accrued to, but not
including, the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Yield plus 15 basis points, plus in each case accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. 

If the Notes are redeemed on or after the date that is three months prior to the Stated Maturity, the Redemption Price for the Notes to be
redeemed will equal 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. 

“Treasury Yield” means, with respect to any Redemption Date, (1) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(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 the date that is three months prior to the Stated Maturity of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the
Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published 

  
 2 

 
during the week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent yield-to-maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price of
such Redemption Date. The Treasury Yield will be calculated on the third Business Day preceding the Redemption Date. 
 “Comparable
Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having a maturity most comparable to the date that is three months prior to the Stated Maturity of the Notes, 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 comparable to the remaining term of the Notes. 

“Independent Investment Banker” means one of the Reference Treasury Dealers appointed by the Company. 

“Comparable Treasury Price” means (A) the average of five Reference Treasury Dealer Quotations for such Redemption Date,
after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer Quotations, the average of all such quotations. 

“Reference Treasury Dealer” means each of (i) Merrill Lynch, Pierce, Fenner & Smith Incorporated, Morgan
Stanley & Co. LLC, and Wells Fargo Securities, LLC; and (ii) two other primary U.S. Government securities dealers in New York, New York (“Primary Treasury Dealers”) appointed by the Company and their respective successors;
provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer or otherwise fails to provide a Reference Treasury Dealer Quotation, the Company will substitute therefor another Primary Treasury Dealer. 

“Reference Treasury Dealer Quotation” means a quotation for a Comparable Treasury Issue provided by a Reference Treasury
Dealer. 
  

	6.	 Sinking Fund 

The Notes are not subject to any sinking fund. 
  

	7.	 Notice of Redemption  

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each
Holder of Notes to be redeemed at his or her registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If the Company deposits with the Paying Agent money sufficient to pay the
Redemption Price of and accrued interest on all Notes (or portions thereof) to be redeemed on the Redemption Date by 10:00 a.m. New York City time on the Redemption Date and certain other conditions are satisfied, on and after such Redemption Date
interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 

  
 3 

	8.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in minimum denominations of $2,000 and whole multiples of $1,000 in excess thereof. A Holder
may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Company may require a Holder to cover any transfer tax or similar governmental charge payable in connection therewith. The Registrar need not
register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to issue, register the transfer of or exchange any Notes for a period of
15 Business Days prior to the mailing of a notice of redemption of Notes to be redeemed. 
  

	9.	 Persons Deemed Owners 

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

 

	10.	 Unclaimed Money 

If money for the payment of principal, premium, if any, or interest remains unclaimed for two years after such amount has become due and
payable, the Trustee or Paying Agent shall pay the money back to the Company at its written request unless an applicable abandoned property law designates another Person to receive such money. After any such payment, Holders entitled to the money
must look only to the Company, and not to the Trustee or Paying Agent, for payment. 
  

	11.	 Discharge; Defeasance 

Subject to certain conditions, the Company at any time may terminate certain or all of its Obligations under the Notes and the Indenture if the
Company deposits with the Trustee money, U.S. Government Obligations or a combination thereof sufficient to pay and discharge each installment of principal of, premium, if any, and interest on the Notes on the dates such installments of interest or
principal and premium are due. The Company may also satisfy and discharge the Indenture by delivering to the Trustee for cancellation all Notes that have theretofore been authenticated and delivered, subject to certain conditions. 

 

	12.	 Amendment, Waiver 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in
principal amount of the Outstanding Notes affected, to amend or supplement the Indenture; provided, however, that no such amendment or supplement shall without the consent of each Holder of Notes (i) reduce the amount of Notes
whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of interest on any Notes; (iii) reduce the principal amount of or the premium, if any, on any Notes or change the Stated Maturity of any Notes;
(iv) change the place, manner, timing or Currency of payment of principal of, premium, if any, or interest on any Notes; or (v) make any change in the amendment and waiver provisions. The Indenture also contains provisions permitting the
Holders of not less than a majority in principal amount of the Outstanding Notes affected thereby, on behalf of all of the Holders of Notes, to waive compliance by the Company with any provision of the Indenture or the Notes, provided that
such waiver shall not affect the above provisions (i) – (v). 

  
 4 

	13.	 Defaults and Remedies 

If an 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, by a notice in writing to the Company (and to the Trustee if given by Holders), may declare the unpaid principal of (premium, if any) and accrued interest on, if any, Notes to be immediately due and payable. Certain events of bankruptcy
or insolvency are Events of Default. 
 Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes may direct the Trustee in its
exercise of any trust or power under the Indenture. The Holders of a majority in aggregate principal amount of the Notes then Outstanding, by written notice to the Company and the Trustee, may rescind and annul any declaration of acceleration and
its consequences if the Company has paid or deposited with the Trustee a sufficient sum under the Indenture and all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that has become due solely by
such declaration of acceleration, have been cured or waived. 
  

	14.	 Trustee Dealings with the Company 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	15.	 No Recourse Against Others 

A director, officer, employee or stockholder of the Company or the Trustee, as such, shall not have any liability for any Obligations of the
Company under the Notes or for any Obligations of the Company or the Trustee under the Indenture or for any claim based on, in respect of or by reason of such Obligations or their creation. By accepting a Note, each Holder waives and releases all
such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	16.	 Successors 

Subject to certain exceptions set forth in the Indenture, when a successor assumes all the Obligations of its predecessor under the Notes and
the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those Obligations. 

  
 5 

	17.	 Authentication 

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

	18.	 Abbreviations 

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

	19.	 Governing Law 

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

 

	20.	 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 has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company will furnish to any
Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. 

  
 6 

 FORM OF ASSIGNMENT 

For value received
                     hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or other identifying number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      as attorney to transfer the said Note on the books of the Company, with full power of
substitution in the premises. 
 Dated: 
  

					
	
                     
                   
	 		 	
                     
                   

			
	
                     
                   
	 		 	
                     
                   

			
		 		 	Signature(s)
			
		 		 	Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of
1934.

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $        . The following increases or decreases in
this Global Note have been made: 
  

															
	 Date of

Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	 	  	Amount of increase
in Principal Amount
of this Global Note	 	  	Principal amount of
this Global Note
following such
decrease or increase	 	  	 Signature of
authorized signatory
of Trustee or Notes Custodian

		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	
		  				  				  				  	

 EXHIBIT A-3 

[FORM OF FACE OF 2118 NOTE] 

[Global Notes Legend] 
 THIS NOTE
IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITARY NAMED BELOW OR A NOMINEE OF THE DEPOSITARY. THIS NOTE IS NOT EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON
OTHER THAN THE DEPOSITARY OR ITS NOMINEE EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS NOTE AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF
THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY) MAY BE REGISTERED EXCEPT IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION
(“DTC”), NEW YORK, NEW YORK, TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL
INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 

 [FORM OF FACE OF 2118 NOTE] 

 

			
	No.         	  	[Up to]**$        

 5.100% Senior Note due 2118 

CUSIP No. 655844CB2 
 NORFOLK
SOUTHERN CORPORATION, a Virginia corporation, promises to pay to Cede & Co., or registered assigns, the principal sum of $         adjusted as set forth on the Schedule of Increases or
Decreases annexed hereto on August 1, 2118. 
 Interest Payment Dates: February 1 and August 1, commencing on August 1,
2019. 
 Record Dates: January 15 and July 15. 

 Additional provisions of this Global Note are set forth on the other side of this Global
Note. 
 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	NORFOLK SOUTHERN CORPORATION
		
	By	 	
                     

		 	Name:
		 	Title:

  

			
	TRUSTEE’S CERTIFICATE OF AUTHENTICATION
		
	Dated:	 	
	
	U.S. BANK NATIONAL ASSOCIATION,
		
		 	as Trustee, certifies that this is one of the Global Notes referred to in the Indenture.
		
	By:	 	  

		 	Authorized Signatory

 [FORM OF REVERSE SIDE OF GLOBAL 2118 NOTE] 

5.100% Senior Note due 2118 
  

	1.	 Interest 

NORFOLK SOUTHERN CORPORATION, a Virginia corporation (such corporation, and its successors and assigns under the Indenture hereinafter
referred to, being herein called the “Company”), promises to pay interest on the principal amount of this Note at the rate per annum shown above. The Company will pay interest semiannually in arrears on February 1 and
August 1 of each year, commencing August 1, 2019. 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 August 2, 2018. Interest shall be computed on the
basis of a 360-day year of twelve 30-day months. The Company shall pay interest on overdue principal at the rate per annum borne by the Notes, and it shall pay interest
on overdue installments of interest at the rate per annum borne by the Notes to the extent lawful. 
  

	2.	 Method of Payment 

The Company will pay interest on the Notes (except defaulted interest) to the Persons who are Holders at the close of business on the
January 15 or July 15, as the case may be, next preceding the Interest Payment Date even if Notes are canceled after the record date and on or before the Interest Payment Date. Holders must surrender Notes to a Paying Agent to collect
principal payments. The Company will pay principal and interest in money of the United States of America that at the time of payment is legal tender for payment of public and private debts. Payments in respect of the Notes represented by a
Global Note (including principal, premium, if any, and interest) will be made by wire transfer of immediately available funds to the accounts specified by the Depository. The Company will make all payments in respect of a definitive Note (including
principal, premium, if any, and interest) by mailing a check to the registered address of each Holder thereof; provided, however, that payments on the Notes may also be made, in the case of a Holder of at least $1,000,000 aggregate
principal amount of Notes, by wire transfer to a U.S. dollar account maintained by the payee with a bank in the United States if such Holder elects payment by wire transfer by giving written notice to the Trustee or the Paying Agent to such
effect designating such account no later than 30 days immediately preceding the relevant due date for payment (or such other date as the Trustee may accept in its discretion). 

 

	3.	 Paying Agent and Registrar 

Initially, U.S. Bank National Association, a national banking association (the “Trustee”), will act as Paying Agent and
Registrar. The Company may appoint and change any Paying Agent or Registrar without notice. The Company or any of its domestically incorporated Wholly Owned Subsidiaries may act as Paying Agent or Registrar. 

 

	4.	 Indenture 

The Company issued the Notes under a Base Indenture, dated as of February 28, 2018, as supplemented by the Second Supplemental Indenture,
dated as of August 2, 2018, and as further supplemented by the Third Supplemental Indenture, dated as of May 8, 2019 (collectively, the 

 
“Indenture”), between the Company and the Trustee. The terms of the Notes include those stated in the Indenture and those made part of the Indenture by reference to the Trust
Indenture Act of 1939 (15 U.S.C. §§ 77aaa-77bbbb) as in effect on the date of the Indenture (the “TIA”). Terms defined in the Indenture and not defined in the Notes have the meanings ascribed thereto in the
Indenture. The Notes are subject to all such terms, and Holders are referred to the Indenture and the TIA for a statement of those terms. 

The Notes are unsubordinated, unsecured obligations of the Company. This Note is one of the series of 2118 Notes referred to in the Indenture
issued in an aggregate principal amount of $800,000,000. The Notes include such $800,000,000 aggregate principal amount of Notes and an unlimited aggregate principal amount of additional Notes that may be issued under the Indenture. Such Notes and
such additional Notes will be treated as a single series and class of Securities under the Indenture. The Indenture imposes certain limitations on the ability of the Company and its Restricted Subsidiaries to create or incur Liens, the Restricted
Subsidiaries to create or incur Funded Debt and the Company to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all of its assets to any Person. 

 

	5.	 Optional Redemption 

The Notes will be redeemable as a whole at any time or in part from time to time, at the option of the Company as set forth in this paragraph
5. If the Notes are redeemed prior to the date that is six months prior to the Stated Maturity of the Notes, the Redemption Price of the Notes to be redeemed will be equal to the greater of (i) 100% of the principal amount of such Notes or
(ii) the sum of the present values of the remaining scheduled payments of principal and interest thereon to and including the date that is six months prior to the Stated Maturity of the Notes (exclusive of interest accrued to, but not
including, the Redemption Date) discounted to the Redemption Date on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury
Yield plus 30 basis points, plus in each case accrued and unpaid interest on the principal amount being redeemed to, but not including, the Redemption Date. 

If the Notes are redeemed on or after the date that is six months prior to the Stated Maturity, the Redemption Price for the Notes to be
redeemed will equal 100% of the principal amount of such Notes, plus accrued and unpaid interest to, but not including, the Redemption Date. 

“Treasury Yield” means, with respect to any Redemption Date, (1) the yield, under the heading which represents the
average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(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 the date that is six months prior to the Stated Maturity of the Notes, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the
Treasury Yield will be interpolated or extrapolated from such yields on a straight line basis, rounding to the nearest month) or (2) if such release (or any successor release) is not published during the

  
 2 

 
week preceding the calculation date or does not contain such yields, the rate per annum equal to the semi-annual equivalent
yield-to-maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal
to the Comparable Treasury Price of such Redemption Date. The Treasury Yield will be calculated on the third Business Day preceding the Redemption Date. 

“Comparable Treasury Issue” means the United States Treasury security selected by the Independent Investment Banker as having
a maturity most comparable to the date that is six months prior to the Stated Maturity of the Notes, 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 comparable to the remaining term of the Notes. 
 “Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Company. 
 “Comparable Treasury Price” means (A) the average of five
Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (B) if the Independent Investment Banker obtains fewer than five such Reference Treasury Dealer
Quotations, the average of all such quotations. 
 “Reference Treasury Dealer” means each of (i) Merrill Lynch,
Pierce, Fenner & Smith Incorporated, Morgan Stanley & Co. LLC, and Wells Fargo Securities, LLC; and (ii) two other primary U.S. Government securities dealers in New York, New York (“Primary Treasury Dealers”)
appointed by the Company and their respective successors; provided, however, that if any of the foregoing ceases to be a Primary Treasury Dealer or otherwise fails to provide a Reference Treasury Dealer Quotation, the Company will substitute
therefor another Primary Treasury Dealer. 
 “Reference Treasury Dealer Quotation” means a quotation for a Comparable
Treasury Issue provided by a Reference Treasury Dealer. 
  

	6.	 Sinking Fund 

The Notes are not subject to any sinking fund. 
  

	7.	 Notice of Redemption  

Notice of redemption will be mailed by first-class mail at least 30 days but not more than 60 days before the Redemption Date to each
Holder of Notes to be redeemed at his or her registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000. If the Company deposits with the Paying Agent money sufficient to pay the
Redemption Price of and accrued interest on all Notes (or portions thereof) to be redeemed on the Redemption Date by 10:00 a.m. New York City time on the Redemption Date and certain other conditions are satisfied, on and after such Redemption Date
interest ceases to accrue on such Notes (or such portions thereof) called for redemption. 

  
 3 

	8.	 Denominations; Transfer; Exchange 

The Notes are in registered form without coupons in minimum denominations of $2,000 and whole multiples of $1,000 in excess thereof. A Holder
may transfer or exchange Notes in accordance with the Indenture. Upon any transfer or exchange, the Company may require a Holder to cover any transfer tax or similar governmental charge payable in connection therewith. The Registrar need not
register the transfer of or exchange any Notes selected for redemption (except, in the case of a Note to be redeemed in part, the portion of the Note not to be redeemed) or to issue, register the transfer of or exchange any Notes for a period of
15 Business Days prior to the mailing of a notice of redemption of Notes to be redeemed. 
  

	9.	 Persons Deemed Owners 

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

 

	10.	 Unclaimed Money 

If money for the payment of principal, premium, if any, or interest remains unclaimed for two years after such amount has become due and
payable, the Trustee or Paying Agent shall pay the money back to the Company at its written request unless an applicable abandoned property law designates another Person to receive such money. After any such payment, Holders entitled to the money
must look only to the Company, and not to the Trustee or Paying Agent, for payment. 
  

	11.	 Discharge; Defeasance 

Subject to certain conditions, the Company at any time may terminate certain or all of its Obligations under the Notes and the Indenture if the
Company deposits with the Trustee money, U.S. Government Obligations or a combination thereof sufficient to pay and discharge each installment of principal of, premium, if any, and interest on the Notes on the dates such installments of interest or
principal and premium are due. The Company may also satisfy and discharge the Indenture by delivering to the Trustee for cancellation all Notes that have theretofore been authenticated and delivered, subject to certain conditions. 

 

	12.	 Amendment, Waiver 

The Indenture contains provisions permitting the Company and the Trustee, with the consent of the Holders of not less than a majority in
principal amount of the Outstanding Notes affected, to amend or supplement the Indenture; provided, however, that no such amendment or supplement shall without the consent of each Holder of Notes (i) reduce the amount of Notes
whose Holders must consent to an amendment, supplement or waiver; (ii) reduce the rate of interest on any Notes; (iii) reduce the principal amount of or the premium, if any, on any Notes or change the Stated Maturity of any Notes;
(iv) change the place, manner, timing or Currency of payment of principal of, premium, if any, or interest on any Notes; or (v) make any change in the amendment and waiver provisions. The Indenture also contains provisions permitting the
Holders of not less than a majority in principal amount of the Outstanding Notes affected thereby, on behalf of all of the Holders of Notes, to waive compliance by the Company with any provision of the Indenture or the Notes, provided that
such waiver shall not affect the above provisions (i) – (v). 

  
 4 

	13.	 Defaults and Remedies 

If an 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, by a notice in writing to the Company (and to the Trustee if given by Holders), may declare the unpaid principal of (premium, if any) and accrued interest on, if any, Notes to be immediately due and payable. Certain events of bankruptcy
or insolvency are Events of Default. 
 Holders of Notes may not enforce the Indenture or the Notes except as provided in the Indenture. The
Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity or security satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes may direct the Trustee in its
exercise of any trust or power under the Indenture. The Holders of a majority in aggregate principal amount of the Notes then Outstanding, by written notice to the Company and the Trustee, may rescind and annul any declaration of acceleration and
its consequences if the Company has paid or deposited with the Trustee a sufficient sum under the Indenture and all existing Events of Default, except nonpayment of principal, premium, if any, or interest on the Notes that has become due solely by
such declaration of acceleration, have been cured or waived. 
  

	14.	 Trustee Dealings with the Company 

Subject to certain limitations imposed by the TIA, the Trustee under the Indenture, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with and collect obligations owed to it by the Company or its Affiliates and may otherwise deal with the Company or its Affiliates with the same rights it would have if it were not Trustee. 

 

	15.	 No Recourse Against Others 

A director, officer, employee or stockholder of the Company or the Trustee, as such, shall not have any liability for any Obligations of the
Company under the Notes or for any Obligations of the Company or the Trustee under the Indenture or for any claim based on, in respect of or by reason of such Obligations or their creation. By accepting a Note, each Holder waives and releases all
such liability. The waiver and release are part of the consideration for the issue of the Notes. 
  

	16.	 Successors 

Subject to certain exceptions set forth in the Indenture, when a successor assumes all the Obligations of its predecessor under the Notes and
the Indenture in accordance with the terms of the Indenture, the predecessor will be released from those Obligations. 

  
 5 

	17.	 Authentication 

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

	18.	 Abbreviations 

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

	19.	 Governing Law 

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

 

	20.	 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 has directed the Trustee to use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any
notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 
 The Company will furnish to any
Holder upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note. 

  
 6 

 FORM OF ASSIGNMENT 

For value received
                     hereby sell(s), assign(s) and transfer(s) unto
                     (Please insert social security or other identifying number of assignee) the within Note, and hereby irrevocably
constitutes and appoints                      as attorney to transfer the said Note on the books of the Company, with full power of
substitution in the premises. 
 Dated: 
  

					
	  
	 		 	  

			
	  
	 		 	  

			
		 		 	Signature(s)
			
		 		 	Signature(s) must be guaranteed by an Eligible Guarantor Institution with membership in an approved signature guarantee program pursuant to Rule 17Ad-15 under the Securities Exchange Act of
1934.

 [TO BE ATTACHED TO GLOBAL NOTES] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE 

The initial principal amount of this Global Note is $        . The following increases or decreases in
this Global Note have been made: 
  

															
	 Date of

Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	 	  	Amount of increase
in Principal Amount
of this Global Note	 	  	Principal amount of
this Global Note
following such
decrease or increase	 	  	 Signature of

authorized signatory
of Trustee or Notes

CustodianExhibit

Execution Version

    

SECOND AMENDMENT
TO
CREDIT AGREEMENT
DATED AS OF MAY 6, 2019
AMONG
OASIS MIDSTREAM PARTNERS LP,  
AS PARENT,
OMP OPERATING LLC,  
AS BORROWER,
THE GUARANTORS,
WELLS FARGO BANK, N.A., 
AS ADMINISTRATIVE AGENT AND ISSUING BANK,
AND
THE LENDERS PARTY HERETO

    

SECOND AMENDMENT TO CREDIT AGREEMENT

THIS SECOND AMENDMENT TO CREDIT AGREEMENT (this “Second Amendment”) dated as of May 6, 2019, is among OASIS MIDSTREAM PARTNERS LP, a Delaware limited partnership (the “Parent”); OMP OPERATING LLC, a Delaware limited liability company (the “Borrower”); the other Guarantors listed on the signature pages hereto; each of the Lenders party hereto; and WELLS FARGO BANK, N.A. (individually, “Wells Fargo Bank”), as administrative agent for the Lenders (in such capacity, together with its successors in such capacity, the “Administrative Agent”) and as the issuing bank (in such capacity, the “Issuing Bank”).  
R E C I T A L S:
A.The Parent, the Borrower, the Administrative Agent, the Issuing Bank and the Lenders are parties to that certain Credit Agreement dated as of September 25, 2017 (as amended prior to the date hereof, the “Credit Agreement”), pursuant to which the Lenders have made certain extensions of credit available to and on behalf of the Borrower. 
B.    The Parent, the Borrower, the other Guarantors, the Administrative Agent, the Issuing Bank and the Lenders party hereto desire to amend certain provisions of the Credit Agreement as set forth herein effective as of the Second Amendment Effective Date (as defined below), including providing for an increase in the aggregate amount of the Commitments to $475,000,000 on the Second Amendment Effective Date, subject to the terms and conditions hereof.
C.    The Borrower has requested that Mizuho Bank, Ltd. (the “New Lender”), become a Lender under the Credit Agreement with a Commitment in the amount as shown on Annex I to the Credit Agreement (as amended hereby).
D.    The Borrower has advised the Administrative Agent that U.S. Bank National Association (the “Exiting Lender”) no longer wishes to be a Lender under the Credit Agreement and has requested that the Exiting Lender’s Commitment be reallocated to the other Lenders (including the New Lender) as shown on Annex I to the Credit Agreement (as amended hereby).
NOW, THEREFORE, in consideration of the premises and the mutual covenants herein contained, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:
Section 1.Defined Terms.  Each capitalized term used herein but not otherwise defined herein has the meaning given such term in the Credit Agreement, as amended by this Second Amendment.  Unless otherwise indicated, all section references in this Second Amendment refer to sections of the Credit Agreement.
Section 2.    Amendments to Credit Agreement.  In reliance on the representations, warranties, covenants and agreements contained in this Second Amendment, and subject to the conditions precedent contained in Section 3 hereof, the Credit Agreement shall be amended effective as of the date hereof in the manner provided in this Section 2.
2.1    Amendment to Cover Page.  The cover page of the Credit Agreement is hereby amended by inserting “JPMORGAN CHASE BANK, N.A., AS SYNDICATION AGENT” immediately below the reference to “WELLS FARGO BANK, N.A.,
 
AS ADMINISTRATIVE AGENT.” 
2.2    Amendment to Introductory Paragraph.  The introductory paragraph to the Credit Agreement is hereby amended by inserting “; and JPMorgan Chase Bank, N.A., as syndication agent for the Lenders (the “Syndication Agent”)” at the end of such paragraph. 
2.3    Amendments to Section 1.02 (Certain Defined Terms).  
(a)    The following definitions contained in Section 1.02 of the Credit Agreement are hereby amended and restated as follows:
“Agents” means, collectively, the Administrative Agent, the Syndication Agent and any other agent for the Lenders from time to time appointed under this Agreement.
“Agreement” means this Credit Agreement, as amended by the First Amendment, Second Amendment and as the same may from time to time be further amended, modified, supplemented or restated.
“Commitment” means, with respect to each Lender, the commitment of such Lender to make Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving Credit Exposure hereunder, as such commitment may be (a) modified from time to time pursuant to Section 2.06 and (b) modified from time to time pursuant to assignments by or to such Lender pursuant to Section 12.04(b).  The initial amount of each Lender’s Commitment is set forth on Annex I hereto, in the Assignment and Assumption pursuant to which such Lender shall have assumed its Commitment or in the Additional Lender Certificate pursuant to which any Additional Lender shall have provided any additional Commitment, as applicable.  The aggregate amount of the Lenders’ Commitments on the Second Amendment Effective Date is $475,000,000.
“Swingline Lender” means (a) Wells Fargo Bank, N.A., in its capacity as a lender of Swingline Loans hereunder and (b) JPMorgan Chase Bank, N.A., in its capacity as a lender of the Swingline Loans hereunder.
 (b)    The following definitions are hereby added to Section 1.02 of the Credit Agreement where alphabetically appropriate to read as follows: 
 “Second Amendment” means that certain Second Amendment to Credit Agreement, dated as of May 6, 2019 among the Parent, the Borrower, the other Guarantors, the Administrative Agent, the Issuing Bank and the Lenders party thereto.
“Second Amendment Effective Date” means May 6, 2019.
(c)    The definition of “Defaulting Lender” is hereby amended by changing the reference to “the Swingline Lender” in clause (c) thereof to “a Swingline Lender”.
(d)    The definition of “Lender” is hereby amended by changing the reference to “the Swingline Lender” in the final sentence thereof to “each Swingline Lender”.
(e)    The definition of “Scheduled Dropdown Increase” is hereby deleted from Section 1.02. 
2.4    Amendment to Section 2.06(c)(ii)(A).  Section 2.06(c)(ii)(A) of the Credit Agreement is hereby amended and restated to read as follows: 
(A)    such increase shall not be less than $25,000,000 unless the Administrative Agent otherwise consents, and no such increase shall be permitted if after giving effect thereto the aggregate Commitments would exceed $675,000,000;
2.5    Deletion of Section 2.06(d).  Section 2.06(d) of the Credit Agreement is hereby deleted in its entirety. 
2.6    Amendment to Section 2.08. Section 2.08 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Section 2.08 Swingline Loans.
(a)    Subject to the terms and conditions set forth herein, each Swingline Lender agrees to make loans to the Borrower (each such loan, a “Swingline Loan”) from time to time during the Availability Period in an aggregate principal amount at any time outstanding that will not result in (i) the aggregate principal amount of outstanding Swingline Loans provided by all Swingline Lenders exceeding $20,000,000, (ii) the aggregate principal amount of outstanding Swingline Loans provided by any individual Swingline Lender exceeding $10,000,000 or (iii) (%3) the aggregate Revolving Credit Exposures exceeding the aggregate Commitments; provided that (x) no Swingline Lender shall be required to make a Swingline Loan to refinance an outstanding Swingline Loan and (y) no Swingline Lender shall be required to make a Swingline Loan that would result in the total outstanding amount of such Lender’s Loans to exceed such Lender’s Commitment.  The Borrower shall pay to the Administrative Agent, for the account of the applicable Swingline Lender or each Lender, as applicable, pursuant to Section 2.08(c), the outstanding aggregate principal and accrued and unpaid interest under each Swingline Loan no later than seven (7) Business Days following such Swingline Borrowing.  Within the foregoing limits and subject to the terms and conditions set forth herein, the Borrower may borrow, prepay and reborrow amounts under the subfacility for Swingline Loans provided for in this Section 2.08, provided that, for the avoidance of doubt, in no event may the Borrower continue or convert a Swingline Loan. 
(c)    To request a Swingline Loan, the Borrower shall notify each of the Administrative Agent and the applicable Swingline Lender of such request by telephone or e‐mail not later than 2:00 p.m., New York City time, on the date of the proposed Swingline Loan (and, in the case of telephonic notice, confirmed by hand delivery or e‐mail).  Each such notice shall be irrevocable and shall specify the requested date (which shall be a Business Day) and amount of the requested Swingline Loan.  The Administrative Agent will promptly advise the applicable Swingline Lender of (i) the current aggregate Revolving Credit Exposures and (ii) the undrawn portion of the Commitments available to make Swingline Loans.  To the extent that the applicable Swingline Lender receives the information referred to in the immediately preceding sentence no later than 4:00 p.m., New York City time, then the applicable Swingline Lender shall make such Swingline Loan available to the Borrower by means of a credit to the general deposit account of the Borrower by 5:00 p.m., New York City time, on the requested date of such Swingline Loan.  Each Swingline Borrowing shall be in an amount that is an integral multiple of $250,000 and not less than $1,000,000.
(d)    The Lenders shall participate in Swingline Loans according to their respective Applicable Percentages.  Upon any Swingline Borrowing, the Administrative Agent shall give notice thereof to each Lender, specifying in such notice such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender hereby absolutely and unconditionally agrees, upon receipt of notice as provided above, to pay to the Administrative Agent, for the account of the applicable Swingline Lender, such Lender’s Applicable Percentage of such Swingline Loan or Loans.  Each Lender acknowledges and agrees that its obligation to acquire participations in Swingline Loans pursuant to this paragraph is absolute and unconditional and shall not be affected by any circumstance whatsoever, including the occurrence and continuance of a Default or reduction or termination of the aggregate Commitments, and that each such payment shall be made without any offset, abatement, withholding or reduction whatsoever.  Each Lender shall comply with its obligation under this paragraph by wire transfer of immediately available funds, in the same manner as provided in Section 2.05 with respect to Loans made by such Lender (and Section 2.05 shall apply, mutatis mutandis, to the payment obligations of the Lenders), and the Administrative Agent shall promptly pay to the applicable Swingline Lender the amounts so received by it from the Lenders and shall distribute the payments received from the Borrower to such Swingline Lender and the other Lenders as their interests appear with respect to such Swingline Loans.  The Administrative Agent shall notify the Borrower of any participations in any Swingline Loan acquired pursuant to this paragraph.  Any amounts received by the applicable Swingline Lender from the Borrower (or other party on behalf of the Borrower) in respect of a Swingline Loan after receipt by such Swingline Lender of the proceeds of a sale of participations therein shall be promptly remitted to the Administrative Agent; any such amounts received by the Administrative Agent shall be promptly remitted by the Administrative Agent to the Lenders that shall have made their payments pursuant to this paragraph and to the applicable Swingline Lender, as their interests may appear; provided that any such payment so remitted shall be repaid to such Swingline Lender or to the Administrative Agent, as applicable, if and to the extent such payment is required to be refunded to the Borrower for any reason.  The purchase of participations in a Swingline Loan pursuant to this paragraph shall not relieve the Borrower of any default in the payment thereof.  
2.7    Amendment to Section 2.09.     Section 2.09 of the Credit Agreement is hereby amended by changing each instance of “the Swingline Lender” contained in the final two paragraphs of such section to “each Swingline Lender”.
2.8    Amendment to Section 4.01(c). Section 4.01(c) of the Credit Agreement is hereby amended by changing the reference to “the Swingline Lender” in such section to “the Swingline Lenders”.
2.9    Amendment to Section 11.11  Section 11.11 of the Credit Agreement is hereby amended and restated in its entirety to read as follows:
Section 11.11 The Arranger, Syndication Agent and other Agents.  Neither the Arranger, nor the Syndication Agent nor any other Agent (other than the Administrative Agent) shall have any duties, responsibilities or liabilities under this Agreement other than their duties, responsibilities and liabilities in their capacity as Lenders hereunder.
2.10    Amendment to Section 12.02(b). Section 12.02(b) of the Credit Agreement is hereby amended by (i) changing the first instance of “the Swingline Lender” in the penultimate sentence thereof to “any Swingline Lender” and (ii) changing the second instance of “the Swingline Lender” in the penultimate sentence thereof to “such Swingline Lender”.
2.11    Amendment to Section 12.03. Section 12.03 is hereby amended by changing each instance of “the Swingline Lender” in such section to “each Swingline Lender”.
2.12    Amendment to Section 12.04(c). Section 12.04(c) is hereby amended by changing the reference to “the Swingline Lender” in such section to “each Swingline Lender”.
2.13    Replacement of Annex I.  Annex I to the Credit Agreement is hereby replaced in its entirety with Annex I attached hereto and Annex I attached hereto shall be deemed to be attached as Annex I to the Credit Agreement.  After giving effect to this Second Amendment and any Borrowings made on the Second Amendment Effective Date, (a) each Lender (including the New Lender) who holds Loans in an aggregate amount less than its Applicable Percentage (after giving effect to this Second Amendment) of all Loans shall advance new Loans which shall be disbursed to the Administrative Agent and used to repay Loans outstanding to each Lender who holds Loans in an aggregate amount greater than its Applicable Percentage of all Loans, (b) each Lender’s participation in each Letter of Credit, if any, and each Swingline Loan, if any, shall be automatically adjusted to equal its Applicable Percentage (after giving effect to this Second Amendment), (c) such other adjustments shall be made as the Administrative Agent shall specify so that the Revolving Credit Exposure applicable to each Lender equals its Applicable Percentage (after giving effect to this Second Amendment) of the aggregate Revolving Credit Exposures of all Lenders and (d) upon request by each applicable Lender, the Borrower shall be required to make any break funding payments owing to such Lender that are required under Section 5.02 of the Credit Agreement as a result of the Loans and adjustments described in this Section 2.4.  For the avoidance of doubt, the increase in the aggregate Commitments of the Lenders effected by this Second Amendment shall not be deemed to be an exercise by the Borrower of Section 2.06(c) of the Credit Agreement, and immediately after giving effect to this Second Amendment, the Borrower may optionally increase the Commitments under Section 2.06(c) of the Credit Agreement during the remainder of the Availability Period (subject to the conditions set forth in Section 2.06(c)(ii) of the Credit Agreement) up to the aggregate amounts set forth in Section 2.06(c)(ii)(A) of the Credit Agreement. For purposes of this Section 3 only, the “Applicable Percentage” of the Exiting Lender shall be deemed to be zero percent.  
Section 3.    Conditions Precedent.  This Second Amendment shall become effective as of the date when each of the following conditions is satisfied (or waived in accordance with Section 12.02 of the Credit Agreement) (the “Second Amendment Effective Date”):
3.1    Executed Counterparts of Second Amendment.  The Administrative Agent shall have received from the Borrower, each Guarantor, each DevCo and the Lenders constituting the Majority Lenders (but in any event, including each Lender that so elects to increase its Commitments, the New Lender and the Exiting Lender) counterparts (in such number as may be requested by the Administrative Agent) of this Second Amendment signed on behalf of such Person.
3.2    Notes. The Administrative Agent shall have received duly executed Notes payable to each Lender (including the New Lender) that has requested a Note on or prior to the Second Amendment Effective Date in a principal amount equal to its Commitment (as amended hereby) dated as of the Second Amendment Effective Date.
3.3    Swingline Notes.  To the extent requested by a Swingline Lender, the Administrative Agent shall have received duly executed promissory notes with respect to the Swingline Loans payable to such Swingline Lender in a principal amount equal to its commitment to make Swingline Loans as of the Second Amendment Effective Date.
3.4    Secretary’s Certificates and Resolutions.  The Administrative Agent shall have received a certificate of a Responsible Officer of the Parent, the Borrower, each Guarantor and each DevCo setting forth (a) resolutions of its board of directors or other appropriate governing body with respect to the authorization of the Parent, the Borrower, such Guarantor or such DevCo to execute and deliver this Second Amendment and the related Loan Documents to which it is a party and to enter into the transactions contemplated in those documents, (a) the officers of the Parent, the Borrower, such Guarantor or such DevCo  who are authorized to sign the Loan Documents to which the Parent, the Borrower, such Guarantor or such DevCo is a party and  who will, until replaced by another officer or officers duly authorized for that purpose, act as its representative for the purposes of signing documents and giving notices and other communications in connection with this Second Amendment and the Credit Agreement and the transactions contemplated hereby and thereby, (a) specimen signatures of such authorized officers, and (a) the articles or certificate of incorporation and by-laws or other applicable organizational documents of the Parent, the Borrower, such Guarantor and such DevCo, certified as being true and complete.  The Administrative Agent and the Lenders may conclusively rely on such certificate until the Administrative Agent receives notice in writing from the Borrower to the contrary.
3.5    Good Standings.  The Administrative Agent shall have received certificates of the appropriate state agencies with respect to the existence, qualification and good standing of the Parent, the General Partner, the Borrower, each Guarantor and each DevCo.
3.6    KYC and Beneficial Ownership.    
(a)    Upon the reasonable request of any Lender prior to the Second Amendment Effective Date, the Borrower shall have provided to such Lender, and such Lender shall be reasonably satisfied with, the documentation and other information so requested in connection with applicable “know your customer” and anti-money-laundering rules and regulations, including, without limitation, the USA PATRIOT Act.  
(b)    To extent that the Borrower qualifies as a “legal entity customer” under the Beneficial Ownership Regulation, the Borrower shall deliver, to each Lender that so requests, a Beneficial Ownership Certification in relation to the Borrower.
3.7    Opinion of Counsel. The Administrative Agent shall have received an opinion of DLA Piper LLP (US), special counsel to the Credit Parties and the DevCos, in form and of substance reasonably acceptable to the Administrative Agent.
3.8    Fees.  The Administrative Agent shall have received all fees and other amounts due and payable on or prior to the Second Amendment Effective Date including, without limitation, the any fees described in that certain fee letter, dated as of the date hereof, between the Borrower and the Administrative Agent.
3.9    No Default.  No Default shall have occurred and be continuing as of the date hereof prior to and after giving effect to the terms of this Second Amendment.
3.10    Further Assurances.  The Administrative Agent shall have received such other documents as the Administrative Agent or its special counsel may reasonably require.
The Administrative Agent is hereby authorized and directed to declare this Second Amendment to be effective when it has received documents confirming or certifying, to the satisfaction of the Administrative Agent, compliance with the conditions set forth in this Section 3 or the waiver of such conditions as permitted hereby. Such declaration shall be final, conclusive and binding upon all parties to the Credit Agreement for all purposes.
Section 4.    New Lender.  The New Lender hereby joins in, becomes a party to, and agrees to comply with and be bound by the terms and conditions of the Credit Agreement as amended hereby as a Lender thereunder and under each and every other Loan Document to which any Lender is required to be bound by the Credit Agreement as amended hereby, to the same extent as if the New Lender were an original signatory thereto.  The New Lender hereby appoints and authorizes the Administrative Agent to take such action as agent on its behalf and to exercise such powers and discretion under the Credit Agreement as amended hereby as are delegated to the Administrative Agent by the terms thereof, together with such powers and discretion as are reasonably incidental thereto.  The New Lender represents and warrants that (a) it has full power and authority, and has taken all action necessary, to execute and deliver this Second Amendment, to consummate the transactions contemplated hereby and to become a party to, and a Lender under, the Credit Agreement as amended hereby, (b) it has received a copy of the Credit Agreement and copies of the most recent financial statements delivered pursuant to Section 8.01 thereof, and such other documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Second Amendment and to become a Lender on the basis of which it has made such analysis and decision independently and without reliance on the Administrative Agent or any other Lender, and (c) from and after the Second Amendment Effective Date, it shall be a party to and be bound by the provisions of the Credit Agreement as amended hereby and the other Loan Documents and have the rights and obligations of a Lender thereunder.
Section 5.    Exiting Lender.  From and after the Second Amendment Effective Date, (a) upon receipt by the Exiting Lender of an amount equal to all principal, interest, fees and breakage costs (if any) in respect of outstanding Loans and other Indebtedness owing to the Exiting Lender under the Credit Agreement and the other Loan Documents, the Exiting Lender shall cease with immediate effect to be a party to and a Lender under the Credit Agreement and the other Loan Documents, (b) the Exiting Lender shall not have any obligations or liabilities under the Credit Agreement with respect to the period from and after the Second Amendment Effective Date and, without limiting the foregoing, the Exiting Lender shall not have any Commitment under the Credit Agreement or any LC Exposure outstanding under the Credit Agreement or any Swingline Exposure outstanding under the Credit Agreement and (c) the Exiting Lender shall not have any rights under the Credit Agreement or any other Loan Document; provided that the rights under the Credit Agreement expressly stated to survive the termination of the Credit Agreement and the repayment of amounts outstanding thereunder shall survive for the benefit of the Exiting Lender. 
Section 6.    Miscellaneous.
6.1    Confirmation and Effect.  The provisions of the Credit Agreement, as amended by this Second Amendment, shall remain in full force and effect following the effectiveness of this Second Amendment.  Each reference in the Credit Agreement to “this Agreement”, “hereunder”, “hereof”, “herein” or any other word or words of similar import shall mean and be a reference to the Credit Agreement as amended hereby, and each reference in any other Loan Document to the Credit Agreement or any word or words of similar import shall be and mean a reference to the Credit Agreement as amended hereby.
6.2    No Waiver.  Neither the execution by the Administrative Agent or the Lenders of this Second Amendment, nor any other act or omission by the Administrative Agent or the Lenders or their officers in connection herewith, shall be deemed a waiver by the Administrative Agent or the Lenders of any Defaults or Events of Default which may exist, which may have occurred prior to the date of the effectiveness of the Second Amendment or which may occur in the future under the Credit Agreement and/or the other Loan Documents.  Similarly, nothing contained in this Second Amendment shall directly or indirectly in any way whatsoever either: (a) impair, prejudice or otherwise adversely affect the Administrative Agent’s or the Lenders’ right at any time to exercise any right, privilege or remedy in connection with the Loan Documents with respect to any Default or Event of Default, (b) except as expressly provided herein, amend or alter any provision of the Credit Agreement, the other Loan Documents, or any other contract or instrument, or (c) constitute any course of dealing or other basis for altering any obligation of the Borrower or any right, privilege or remedy of the Administrative Agent or the Lenders under the Credit Agreement, the other Loan Documents, or any other contract or instrument.  
6.3    Ratification and Affirmation; Representations and Warranties.  Each Credit Party hereby (a) acknowledges the terms of this Second Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document to which it is a party and agrees that each Loan Document to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Second Amendment:  (i) all of the representations and warranties contained in each Loan Document to which it is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.
6.4    Counterparts.  This Second Amendment may be executed by one or more of the parties hereto in any number of separate counterparts, and all of such counterparts taken together shall be deemed to constitute one and the same instrument.  Delivery of this Second Amendment by facsimile or email transmission shall be effective as delivery of a manually executed counterpart hereof.
6.5    No Oral Agreement.  This Second Amendment, the Credit Agreement and the other Loan Documents executed in connection herewith and therewith represent the final agreement between the parties and may not be contradicted by evidence of prior, contemporaneous, or unwritten oral agreements of the parties.  There are no subsequent oral agreements between the parties.
6.6    GOVERNING LAW.  THIS SECOND AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.
6.7    Payment of Expenses.  In accordance with Section 12.03 of the Credit Agreement, the Borrower agrees to pay or reimburse the Administrative Agent for all of its reasonable out-of-pocket costs and reasonable expenses incurred in connection with this Second Amendment, any other documents prepared in connection herewith and the transactions contemplated hereby, including, without limitation, the reasonable fees and disbursements of counsel to the Administrative Agent.
6.8    Severability.  Any provision of this Second Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.
6.9    Successors and Assigns.  This Second Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns.
6.10    Loan Document.  This Second Amendment shall constitute a “Loan Document” under and as defined in Section 1.02 of the Credit Agreement.
6.11    No Novation.  The parties hereto agree that this Second Amendment does not in any way constitute a novation of the existing Credit Agreement, but is an amendment of the Credit Agreement.

 [Signatures Begin Next Page]

IN WITNESS WHEREOF, the parties hereto have caused this Second Amendment to be duly executed as of the date first written above.
BORROWER:    OMP OPERATING LLC

By:        
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

GUARANTORS:    OASIS MIDSTREAM PARTNERS LP

By:        
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

BIGHORN DEVCO LLC

By:        
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

ADMINISTRATIVE AGENT,
		
	ISSUING BANK AND LENDER:
	WELLS FARGO BANK, N.A.,

as Administrative Agent, Issuing Bank, Swingline Lender and as a Lender 

By:        
Name:    
Title:    

		
	LENDERS:
	CITIBANK, N.A., as a Lender

By:        
Name:        
Title:        

JPMORGAN CHASE BANK, N.A., 
as a Lender and a Swingline Lender

By:        
Name:        
Title:        

		
	LENDERS:
	ROYAL BANK OF CANADA, as a Lender

By:        
Name:        
Title:        
CANADIAN IMPERIAL BANK OF COMMERCE, NEW YORK BRANCH, as a Lender 

By:        
Name:        
Title:        

CAPITAL ONE, NATIONAL ASSOCIATION, as a Lender 

By:        
Name:        
Title:        
COMPASS BANK, as a Lender

By:        
Name:        
Title:        

CITIZENS BANK, N.A., as a Lender 

By:        
Name:        
Title:        

ING CAPITAL LLC, as a Lender 

By:        
Name:        
Title:        

U.S. BANK NATIONAL ASSOCIATION, as a Lender

By:        
Name:        
Title:        

BOKF, NA dba BANK OF TEXAS,
as a Lender

By:        
Name:        
Title:        

BRANCH BANK & TRUST, as a Lender 

By:        
Name:        
Title:        

COMERICA BANK, as a Lender 

By:        
Name:        
Title:        

CREDIT SUISSE AG, CAYMAN ISLANDS BRANCH, as a Lender

By:        
Name:        
Title:        

GOLDMAN SACHS BANK USA, as a Lender 

By:        
Name:        
Title:        

IBERIA BANK, as a Lender 

By:        
Name:        
Title:        
MORGAN STANLEY BANK, N.A., as a Lender

By:        
Name:        
Title:        

REGIONS BANK, as a Lender

By:        
Name:        
Title:        

 ZB, N.A. dba AMEGY BANK, as a Lender

By:        
Name:        
Title:        

 MIZUHO BANK, LTD., as a New Lender

By:        
Name:        
Title:        

U.S. BANK NATIONAL ASSOCIATION, as the Exiting Lender

By:        
Name:        
Title:        

ACKNOWLEDGEMENT AND RATIFICATION: Each DevCo hereby (a) acknowledges the terms of this Second Amendment; (b) ratifies and affirms its obligations under, and acknowledges its continued liability under, each Loan Document (including each DevCo Guaranty) to which it is a party and agrees that each Loan Document (including each DevCo Guaranty) to which it is a party remains in full force and effect as expressly amended hereby and (c) represents and warrants to the Lenders that as of the date hereof, after giving effect to the terms of this Second Amendment:  (i) all of the representations and warranties contained in each Loan Document (including each DevCo Guaranty) to which it is a party are true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects), except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall continue to be true and correct in all material respects (or, if already qualified by materiality, Material Adverse Effect or a similar qualification, true and correct in all respects) as of such specified earlier date, (ii) no Default or Event of Default has occurred and is continuing and (iii) no event or events have occurred which individually or in the aggregate could reasonably be expected to have a Material Adverse Effect.

ACKNOWLEDGED AND RATIFIED:

BEARTOOTH DEVCO LLC

By:        
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

BOBCAT DEVCO LLC

By:        
Name:    Richard Robuck
Title:   Senior Vice President and Chief 
            Financial Officer

ANNEX I 
LIST OF COMMITMENTS

	
			
	Name of Lender
	Applicable Percentage
	Commitments

	Wells Fargo Bank, N.A.
	9.263157895%
	$44,000,000.00

	Citibank, N.A.
	7.789473685%
	$37,000,000.00

	JPMorgan Chase Bank, N.A.
	7.789473685%
	$37,000,000.00

	Royal Bank of Canada
	7.789473685%
	$37,000,000.00

	Canadian Imperial Bank of Commerce, New York Branch
	5.052631578%
	$24,000,000.00

	Capital One, National Association
	5.052631578%
	$24,000,000.00

	Compass Bank
	5.052631578%
	$24,000,000.00

	Citizens Bank, N.A.
	5.052631578%
	$24,000,000.00

	ING Capital LLC
	5.052631578%
	$24,000,000.00

	BOKF, NA dba Bank of Texas
	4.210526316%
	$20,000,000.00

	Branch Bank & Trust
	4.210526316%
	$20,000,000.00

	Comerica Bank
	4.210526316%
	$20,000,000.00

	Credit Suisse AG, Cayman Islands Branch
	4.210526316%
	$20,000,000.00

	Goldman Sachs Bank USA
	4.210526316%
	$20,000,000.00

	Mizuho Bank, Ltd.
	4.210526316%
	$20,000,000.00

	Regions Bank
	4.210526316%
	$20,000,000.00

	Morgan Stanley Bank, N.A.
	4.210526316%
	$20,000,000.00

	Iberia Bank
	4.210526316%
	$20,000,000.00

	Zions Bancorporation, N.A. dba Amegy Bank
	4.210526316%
	$20,000,000.00

	         TOTAL
	100.000000000%
	$475,000,000.00

US 6304502v.9

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