Document:

EX-4(c)

 Exhibit 4-c 

ROCKWELL AUTOMATION 

1165(e) PLAN 
 (Effective as
of January 1, 2009) 
 Plan 011 

93262 

 Table of Contents 
  

							
	 	 	 	  	Page	 
	 ARTICLE I:
	 	 DEFINITIONS
	  	 	2	  
			
	 1.010
	 	 Accounts
	  	 	2	  
			
	 1.020
	 	 Affiliated Company
	  	 	2	  
			
	 1.030
	 	 After-tax Contribution Account
	  	 	2	  
			
	 1.040
	 	 Average Pre-tax Contribution Percentage
	  	 	2	  
			
	 1.050
	 	 Basic After-tax Contribution
	  	 	2	  
			
	 1.060
	 	 Basic Pre-tax Contribution
	  	 	2	  
			
	 1.070
	 	 Beneficiary
	  	 	2	  
			
	 1.080
	 	 Board of Directors
	  	 	3	  
			
	 1.090
	 	 Catch-up Contribution
	  	 	3	  
			
	 1.100
	 	 Code
	  	 	3	  
			
	 1.110
	 	 Company
	  	 	3	  
			
	 1.120
	 	 Company Contribution Account
	  	 	3	  
			
	 1.130
	 	 Company Contributions
	  	 	3	  
			
	 1.140
	 	 Company Matching Contributions
	  	 	3	  
			
	 1.150
	 	 Compensation
	  	 	3	  
			
	 1.160
	 	 [Reserved]
	  			
			
	 1.170
	 	 Divested Business Employee
	  	 	3	  
			
	 1.180
	 	 Effective Date
	  	 	3	  
			
	 1.190
	 	 Eligible Employee
	  	 	3	  
			
	 1.200
	 	 Eligible Retirement Plan
	  	 	4	  
			
	 1.210
	 	 Employee
	  	 	4	  
			
	 1.220
	 	 Employee Benefit Plan Committee
	  	 	4	  
			
	 1.230
	 	 Employee Benefits Appeals Committee
	  	 	4	  
			
	 1.240
	 	 Employment Commencement Date
	  	 	4	  
			
	 1.250
	 	 Employment Severance Date
	  	 	4	  
			
	 1.260
	 	 ERISA
	  	 	5	  
			
	 1.270
	 	 5% Owner
	  	 	5	  
			
	 1.280
	 	 Flex Force Employee
	  	 	5	  
			
	 1.290
	 	 Fund(s)
	  	 	5	  

  
 -i- 

Plan 011 
 Effective January 1, 2009

							
	 1.300
		 Hardship
		 	5	  
			
	 1.310
		 Highly Compensated Employee Group
		 	6	  
			
	 1.320
		 Hour of Service
		 	6	  
			
	 1.330
		 Investment Fund
		 	7	  
			
	 1.340
		 Leave
		 	7	  
			
	 1.350
		 Named Fiduciary
		 	7	  
			
	 1.360
		 Non-Highly Compensated Employee Group
		 	7	  
			
	 1.370
		 Participant
		 	7	  
			
	 1.380
		 Participant Contributions
		 	7	  
			
	 1.390
		 Plan
		 	7	  
			
	 1.400
		 Plan Administrator
		 	7	  
			
	 1.410
		 Plan Year
		 	7	  
			
	 1.420
		 Pre-tax Contribution Account
		 	7	  
			
	 1.430
		 Pre-tax Contribution Percentage Limit
		 	7	  
			
	 1.440
		 PR Code
		 	8	  
			
	 1.450
		 PRTD
		 	8	  
			
	 1.460
		 Reemployment Date
		 	8	  
			
	 1.470
		 Retired Participant
		 	8	  
			
	 1.480
		 Retirement
		 	8	  
			
	 1.490
		 Rockwell
		 	8	  
			
	 1.500
		 Rockwell Automation Stock Fund
		 	8	  
			
	 1.510
		 Rollover Account
		 	8	  
			
	 1.520
		 Rollover Contributions
		 	8	  
			
	 1.530
		 Supplemental After-tax Contribution
		 	9	  
			
	 1.540
		 Supplemental Pre-tax Contributions
		 	9	  
			
	 1.550
		 Tender Offer
		 	9	  
			
	 1.555
		 Testing Compensation
		 	9	  
			
	 1.560
		 Trust Agreement
		 	9	  
			
	 1.570
		 Trust Fund
		 	9	  
			
	 1.580
		 Trustee
		 	9	  

  
 -ii- 

Plan 011 
 Effective January 1, 2009

							
	 1.590
		 Valuation Date
		 	9	  
			
	 1.600
		 Vesting Service
		 	9	  
			
	 ARTICLE II:
		 PARTICIPATION AND CONTRIBUTIONS
		 	10	  
			
	 2.010
		 Participation.
		 	10	  
			
	 2.020
		 Basic Contributions.
		 	10	  
			
	 2.030
		 Supplemental Contributions.
		 	10	  
			
	 2.040
		 Changes Between Pre-tax and After-tax Contributions.
		 	11	  
			
	 2.045
		 Catch-up Contributions.
		 	11	  
			
	 2.050
		 Rollover Contributions.
		 	11	  
			
	 2.060
		 Matching Contribution Formula.
		 	12	  
			
	 2.070
		 Rules Concerning Matching Contributions.
		 	12	  
			
	 2.080
		 Limit on Employer Contributions
		 	13	  
			
	 ARTICLE III:
		 CONTRIBUTION LIMITATIONS
		 	14	  
			
	 3.010
		 Limitations on Employee Pre-tax Contributions
		 	14	  
			
	 3.020
		 Limits for Catch-up Contributions.
		 	16	  
			
	 3.025
		 Qualified Nonelective Contributions
		 	16	  
			
	 3.030
		 Incorporation by Reference.
		 	16	  
			
	 ARTICLE IV:
		 PLAN INVESTMENTS
		 	17	  
			
	 4.010
		 Investment Elections
		 	17	  
			
	 4.020
		 Transfers from Investment Funds.
		 	17	  
			
	 4.030
		 Transfers from the Rockwell Automation Stock Fund
		 	17	  
			
	 4.040
		 Mandatory Transfer from the Rockwell Automation Stock Fund
		 	17	  
			
	 4.050
		 General Transfer Rules and Limitations.
		 	18	  
			
	 4.060
		 Participant’s Accounts
		 	18	  
			
	 4.070
		 Valuation and Participant Statements
		 	18	  
			
	 ARTICLE V:
		 VESTING AND ACCOUNT DISTRIBUTIONS
		 	20	  
			
	 5.010
		 Vesting
		 	20	  
			
	 5.020
		 Retirement, Death, Termination of Employment.
		 	21	  
			
	 5.030
		 [Reserved]
		 	21	  
			
	 5.040
		 Form of Distributions – Stock or Cash.
		 	21	  

  
 -iii- 

Plan 011 
 Effective January 1, 2009

							
	 5.050
		 Payment Method for Distributions to Retiring Participants
		 	21	  
			
	 5.060
		 [Reserved]
		 	22	  
			
	 5.070
		 Participant’s Consent to Distribution of Benefits
		 	22	  
			
	 5.075
		 Cashout Forfeitures and Repayments
		 	22	  
			
	 5.080
		 Distributions to Beneficiaries
		 	23	  
			
	 5.090
		 Transfer of Distribution Directly to Eligible Retirement Plan
		 	23	  
			
	 5.100
		 Uncashed Checks
		 	24	  
			
	 ARTICLE VI:
		 WITHDRAWALS AND LOANS
		 	25	  
			
	 6.010
		 Withdrawals from Accounts by Participants under Age 59-1/2
		 	25	  
			
	 6.020
		 Withdrawal from Accounts by Participants Over Age 59-1/2
		 	26	  
			
	 6.030
		 Hardship Withdrawals from Pre-tax Accounts
		 	27	  
			
	 6.040
		 Forfeitures and Suspensions.
		 	28	  
			
	 6.050
		 Allocation of Withdrawals Among Investment Funds
		 	28	  
			
	 6.060
		 Loans
		 	28	  
			
	 ARTICLE VII:
		 DEATH BENEFITS
		 	30	  
			
	 7.010
		 Designation of a Beneficiary
		 	30	  
			
	 7.020
		 Spouse as Automatic Beneficiary
		 	30	  
			
	 7.030
		 Beneficiary Changes
		 	30	  
			
	 7.040
		 Participant’s Estate as Beneficiary in Certain Cases
		 	30	  
			
	 7.050
		 Payment to a Beneficiary
		 	31	  
			
	 ARTICLE VIII:
		 TRUST AGREEMENT
		 	32	  
			
	 8.010
		 Establishment of Trust Fund
		 	32	  
			
	 8.020
		 Investment Funds and Stock Funds
		 	32	  
			
	 8.030
		 Trustee’s Powers and Authority.
		 	32	  
			
	 8.040
		 Statutory Limits.
		 	32	  
			
	 8.050
		 Duty of Trustee as to Common Stock in Stock Funds.
		 	33	  
			
	 8.060
		 Rights in the Trust Fund
		 	34	  
			
	 8.070
		 Taxes, Fees and Expenses of the Trustee
		 	34	  
			
	 ARTICLE IX:
		 ADMINISTRATION
		 	36	  
			
	 9.010
		 General Administration
		 	36	  

  
 -iv- 

Plan 011 
 Effective January 1, 2009

							
	 9.020
		 Employee Benefit Plan Committee
		 	36	  
			
	 9.025
		 Employee Benefits Appeals Committee
		 	36	  
			
	 9.030
		 Employee Benefit Plan Committee Records
		 	36	  
			
	 9.035
		 Employee Benefits Appeals Committee Records
		 	36	  
			
	 9.040
		 Funding Policy
		 	37	  
			
	 9.050
		 Allocation and Delegation of Duties Under Plan
		 	37	  
			
	 9.060
		 Employee Benefit Plan Committee Powers
		 	37	  
			
	 9.070
		 Plan Administrator
		 	37	  
			
	 9.080
		 Reliance Upon Documents and Opinions
		 	38	  
			
	 9.090
		 Requirement of Proof
		 	38	  
			
	 9.100
		 Limitation and Indemnification
		 	38	  
			
	 9.110
		 Mailing and Lapse of Payments
		 	39	  
			
	 9.120
		 Non-Alienation
		 	39	  
			
	 9.130
		 Notices and Communications
		 	39	  
			
	 9.140
		 Company Rights
		 	40	  
			
	 9.150
		 Payments on Behalf of Incompetent Participants or Beneficiaries
		 	40	  
			
	 ARTICLE X:
		 PARTICIPANT CLAIMS
		 	41	  
			
	 10.010
		 Claims and Appeals Procedures
		 	41	  
			
	 10.020
		 Limitation on Legal Action
		 	42	  
			
	 ARTICLE XI:
		 AMENDMENT, MERGERS, TERMINATION, ETC.
		 	43	  
			
	 11.010
		 Amendment
		 	43	  
			
	 11.020
		 Transfer of Assets and Liabilities
		 	43	  
			
	 11.030
		 Merger Restriction
		 	43	  
			
	 11.040
		 Suspension of Contributions
		 	43	  
			
	 11.050
		 Discontinuance of Contributions
		 	44	  
			
	 11.060
		 Termination
		 	44	  
			
	 ARTICLE XII:
		 MISCELLANEOUS
		 	45	  
			
	 12.010
		 Benefits Payable only from Trust Fund
		 	45	  
			
	 12.020
		 Requirement for Release
		 	45	  
			
	 12.030
		 Transfers of Stock
		 	45	  

  
 -v- 

Plan 011 
 Effective January 1, 2009

							
	 12.040
		 Rights of Reemployed Veterans
		 	45	  
			
	 12.050
		 Qualification of the Plan
		 	45	  
			
	 12.060
		 Interpretation
		 	45	  
			
	 12.070
		 No Contract of Employment
		 	45	  
			
	 APPENDIX A
		 EXCLUDED EMPLOYERS
		 	47	  
			
	 APPENDIX B
		 PROCEDURES, TERMS AND CONDITIONS OF LOANS
		 	48	  

  
 -vi- 

Plan 011 
 Effective January 1, 2009

 ROCKWELL AUTOMATION 

1165(E) PLAN 
 Plan
Number 011 
 WHEREAS, Rockwell Automation, Inc. (the “Company”) currently sponsors the Caribbean Integration Engineers, Inc. 1165(e) Plan
(the “CIE Plan”) and the Rockwell Automation Retirement Savings Plan for Salaried Employees (the “Salaried Savings Plan”); and 

WHEREAS, the CIE Plan currently benefits certain employees of the Company working in Puerto Rico; and 

WHEREAS, the Salaried Savings Plan currently benefits both certain employees of the Company working in the U.S. and certain employees of the Company working
in Puerto Rico; and 
 WHEREAS, the Company desires to offer one defined contribution retirement plan for the benefit of all its employees working in Puerto
Rico, with the same level of benefits as the Company currently provides to such employees under the CIE Plan and the Salaried Savings Plan; and 
 WHEREAS,
the Company has frozen the benefits under the CIE Plan and the Puerto Rico employee portion of the Salaried Savings Plan effective January 1, 2009; 

NOW THEREFORE, the Company hereby establishes this Rockwell Automation 1165(e) Plan for the benefit of its eligible employees working in Puerto Rico effective
January 1, 2009. 

  
 1 

Plan 011 

Effective January 1, 2009 

 ROCKWELL AUTOMATION 

1165(E) PLAN 
 ARTICLE I:
DEFINITIONS 
 1.010 Accounts means a Participant’s Pre-tax Account, After-tax Account, Rollover Account and Company
Contribution Account. 
 1.020 Affiliated Company means Rockwell Automation, Inc. and: 

 

	(a)	any corporation which is a member of a controlled group of corporations (as defined in PR Code Section 1028) which includes Rockwell Automation, Inc.; 

 

	(b)	any trade or business (whether or not incorporated) which is under common control (as defined in PR Code Section 1028) with Rockwell Automation, Inc.; and 

 

	(c)	any other company deemed to be an Affiliated Company by Rockwell Automation’s Board of Directors. 

Notwithstanding the foregoing, for purposes of determining whether an employee is an Eligible Employee, only an affiliate to which the Board of Directors has
extended this Plan shall be considered an Affiliated Company. Affiliated Companies to which the Plan has not been extended are listed on Appendix A hereto. 

1.030 After-tax Contribution Account means a Plan Account with respect to a Participant which is comprised of Basic and
Supplemental After-tax Contributions, as adjusted for gains or losses related thereto. 
 1.040 Average Pre-tax Contribution
Percentage means the average for a particular Plan Year of the percentages, calculated separately for the Highly Compensated Employee Group and for the Non-Highly Compensated Employee Group with respect to each Participant in each such
Group, which are equal to the amount of each Participant’s Pre-tax Contributions in a Plan Year, divided by the Participant’s Testing Compensation for the Plan Year. 

1.050 Basic After-tax Contribution means an amount contributed by a Participant to the Plan through payroll deductions pursuant to
the Participant’s election under Section 2.020(b). 
 1.060 Basic Pre-tax Contribution means an amount contributed to
the Plan on behalf of a Participant pursuant to the Participant’s election under Section 2.020(a). 
 1.070
Beneficiary means the one or more persons or trusts entitled to a Participant’s Plan Account balance, pursuant to the provisions of Article VII, if the Participant should die prior to payment to him of his entire
Account Balance. 

  
 -2- 

Plan 011 
 Effective January 1, 2009

 1.080 Board of Directors means the Board of Directors of Rockwell Automation;
provided, however, that any action or determination under Sections 1.020, 1.110 and 2.070, as well as under Article XI, may be taken by any officer of the Company who is authorized to do so by the Board of Directors. 

1.090 Catch-up Contribution means an amount contributed to the Plan on behalf of a Participant pursuant to the Participant’s
election under Section 2.045. 
 1.100 Code means the Internal Revenue Code of 1986, as from time to time amended. 

1.110 Company means Rockwell Automation, Inc., a Delaware corporation, and any Affiliated Company to which the Board of Directors
has extended this Plan. 
 1.120 Company Contribution Account means a Plan Account with respect to a Participant which is
comprised of his Company Matching Contributions, as adjusted for gains or losses related thereto and as separately accounted for. 
 1.130
Company Contributions means, collectively, Company Matching Contributions. 
 1.140 Company Matching
Contributions means the contributions made to the Trust Fund by Rockwell Automation or an Affiliated Company pursuant to the provisions of Section 2.060 or 2.070. 

1.150 Compensation means total compensation paid by the Company to a Participant during the Plan Year that is includible in income
for income tax purposes and any Pre-Tax Contributions made pursuant to this Plan. Notwithstanding the foregoing sentence, Compensation shall not include reimbursements or other expense allowances, fringe benefits (cash and non-cash), moving
expenses, deferred compensation and welfare benefits regardless of whether such amounts are includible in gross income. 
 1.160
[reserved] 
 1.170 Divested Business Employee means an individual who is no longer an Employee of the Company
because he is a current or former employee of a component of the Company which was sold, spun off or otherwise divested by the Company. 
 1.180
Effective Date means January 1, 2009. 
 1.190 Eligible Employee means any Employee (including any
officer) employed on a U.S. or Puerto Rico payroll of an Affiliated Company, or on a U.S. or Puerto Rico payroll of a division, plant, office or location of an Affiliated Company and working in Puerto Rico. 

  
 -3- 

Plan 011 
 Effective January 1, 2009

 Eligible Employee does not include: 
  

	(a)	any director of the Company who is not an Employee; 

  

	(b)	any Employee who is not working in Puerto Rico; 

  

	(c)	any person or Employee compensated by special fees or pursuant to a special contract or arrangement; 

  

	(d)	any Employee who is covered by a collective bargaining agreement; 

  

	(e)	any Employee of an entity, division, plant, office or location that is specified on Appendix A to the Plan; or 

  

	(f)	any Flex Force Employee. 

 1.200 Eligible Retirement Plan means an individual
retirement account described in Section 1169 of the PR Code, or a qualified trust described in Section 1165(a) of the PR Code, that accepts the distributee’s Eligible Rollover Distribution. In the case of an Eligible Rollover
Distribution to a Beneficiary who is the Participant’s surviving spouse, an Eligible Retirement Plan is also an individual retirement account or qualified trust described above. 

1.210 Employee means any person who is employed by the Company or by an Affiliated Company. 

1.220 Employee Benefit Plan Committee means the Employee Benefit Plan Committee of the Company appointed pursuant to
Section 9.020 of the Plan and having the responsibilities prescribed in Article IX and elsewhere throughout the Plan. 
 1.230 Employee
Benefits Appeals Committee means the Employee Benefits Appeals Committee of the Company appointed pursuant to Section 9.025 of the Plan and having the responsibilities prescribed in Article X and elsewhere throughout the Plan. 

1.240 Employment Commencement Date means the date on which a person first becomes an Employee of the Company or an Affiliated
Company. 
 1.250 Employment Severance Date means: 
  

	(a)	the date on which an Employee quits, retires, is discharged or dies, 

  

	(b)	in the case of an Employee who remains absent from work pursuant to a written Leave, the first anniversary of such Leave, except that an Employee who has a Leave which is in excess of one (1) year who thereafter
returns to work with the Company for a period at least equal to the entire period of the Leave will not be considered as having an Employment Severance Date by reason of such absence. 

  
 -4- 

Plan 011 
 Effective January 1, 2009

 If an Employee enters the United States military service or public health service directly from employment with
the Company, has not voluntarily reenlisted and returns to employment with the Company for a period of at least one (1) year immediately after his return to the Company, the Employee will not be deemed to have an Employment Severance Date by
reason of such military service or public health service. 
 1.260 ERISA means the Employee Retirement Income Security Act
of 1974, as it may be amended from time to time. 
 1.270 5% Owner means a person who owns: 

 

	(a)	more than five percent (5%) of the outstanding stock of the Company, or 

  

	(b)	stock possessing more than five percent (5%) of the total combined voting power of all stock of the Company. 

1.280 Flex Force Employee means an Employee who is a member of the substitute workforce of the Company hired to assist in the
completion of special projects, an Employee hired from an “on call” pool, an Employee hired to serve as a replacement for a regular Employee who is temporarily absent from work, an Employee hired to fill other temporary needs of the
Company or an Employee hired to assist with transition or with other matters for a limited period of time. 
 1.290 Fund(s)
means one or more of the Investment Funds or the Rockwell Automation Stock Fund. 
 1.300 Hardship means an immediate and heavy
financial need of the Participant for which the amount required is not reasonably available to the Participant from other sources and which arises for one of the following reasons: 

 

	 	(1)	The construction or purchase (excluding mortgage payments) of a principal residence of the Participant; 

  

	 	(2)	The payment of tuition and related educational fees for up to 12 months of post-secondary education for the Participant or his or her spouse, children or dependents; 

 

	 	(3)	The payment of medical expenses described in Section 1023(aa)(2)(P) of the PR Code incurred by the Participant or the Participant’s spouse or dependents, or to obtain medical care giving rise to such expenses;

  

	 	(4)	The payment of expenses incurred by the Participant for the funeral of a family member; 

  

	 	(5)	The prevention of the eviction of the Participant from his or her principal residence or foreclosure on a mortgage on the Participant’s principal residence; or 

  
 -5- 

Plan 011 
 Effective January 1, 2009

	 	(6)	A financial need that has been identified as a deemed immediate and heavy financial need in a ruling, notice or other document of general applicability issued under the authority of the Puerto Rico Secretary of the
Treasury. 

 For purposes of this Section, the term “dependent” shall be defined as set forth in Section 1025(d) of the PR
Code. 
 As used herein, financial Hardship will mean an immediate and heavy financial need that based on the facts and circumstances cannot be met from
other resources that are reasonably available to the Participant. For this purpose, the Participant’s resources are deemed to include those assets of the Participant’s Spouse and minor children that are reasonably available to the
Participant. A distribution will be deemed to satisfy an immediate and heavy financial need of the Participant if the Participant represents in writing to the Plan Administrator that the distribution is necessary to satisfy an immediate and heavy
financial need and all of the following requirements are satisfied: 
  

	 	(1)	The distribution is not in excess of the amount of the immediate and heavy financial need of the Participant; provided, however, that the amount of such distribution may include the amount of any federal, state or local
taxes or penalties reasonably anticipated to result from the withdrawal; 

  

	 	(2)	The Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans currently available to Participant from commercial sources and under the Plan and all of the plans maintained
by the Employer or any other employer; 

  

	 	(3)	Such need cannot reasonably be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the Participant’s assets, or by cessation of Pre-Tax Contributions to the Plan.

 1.310 Highly Compensated Employee Group means those individuals who are employed by a participating Company who
are more highly compensated than two-thirds of all Eligible Employees employed by the same participating Company or any participating Company, as applicable under the PR Code. 

The Plan Administrator may determine which Employees are highly compensated employees for purposes of this Section in any manner permitted by the said PR Code
provision. Such determination (as well as the determination of which Employees are not highly compensated employees) will be made by the Plan Administrator on a consistent basis from Plan Year to Plan Year. 

1.320 Hour of Service means hours for which an Employee is paid or entitled to payment: 

 

	(a)	for the performance of duties for the Company or an Affiliated Company; or 

  
 -6- 

Plan 011 
 Effective January 1, 2009

	(b)	on account of a period of time during which no duties are performed (irrespective of whether the employment relationship has terminated) due to vacation, holiday, illness, incapacity (including disability), layoff, jury
duty, military duty or leave of absence. 

 1.330 Investment Fund means one of the investment vehicles available
to Participants. 
 1.340 Leave means a leave of absence which has been granted or approved by the Company. 

1.350 Named Fiduciary means the Employee Benefit Plan Committee, the Plan Administrator, the Employee Benefits Appeals Committee
and the Trustee. 
 1.360 Non-Highly Compensated Employee Group means Employees who are not in the Highly Compensated Employee
Group, as determined by the Plan Administrator. 
 1.370 Participant means a person who has elected to participate in the
Plan in accordance with Article II; provided, however, that such term will include a person who no longer has an effective election under Article II only so long as he retains an Account under the Plan. 

1.380 Participant Contributions means, as applicable, a Participant’s: 

 

	(a)	Basic Pre-tax and Basic After-tax Contributions; 

  

	(b)	Supplemental Pre-tax and Supplemental After-tax Contributions; 

  

	(c)	Catch-up Contributions; and 

  

	(d)	Transfer and/or Rollover Contributions. 

 1.390 Plan means this Rockwell Automation
1165(e) Plan, as from time to time amended. 
 1.400 Plan Administrator means the person from time to time so designated by name
or corporate office by the Employee Benefit Plan Committee to carry out the administrative functions of this Plan. 
 1.410 Plan
Year means each twelve month period ending on the last day of December. 
 1.420 Pre-tax Contribution Account means
a Plan Account with respect to a Participant which is comprised of his Basic Pre-tax Contributions, Supplemental Pre-tax Contributions and Catch-up Contributions, all as adjusted for gains or losses. 

1.430 Pre-tax Contribution Percentage Limit means the maximum contribution percentage in each Plan Year for Highly Compensated
Employee Group Participants and, for any Plan Year, may be equal to either (a) or (b) below: 
  

	(a)	the Average Pre-tax Contribution Percentage for the Non-Highly Compensated Employee Group, multiplied by one and twenty-five hundredths (1.25); or 

  
 -7- 

Plan 011 
 Effective January 1, 2009

	(b)	an amount which does not exceed the Average Pre-tax Contribution Percentage for the Non-Highly Compensated Employee Group by more than two (2) percentage points, and the Average Pre-tax Contribution Percentage for
the Non-Highly Compensated Employee Group, multiplied by two (2). 

 If a Participant who is a member of the Highly Compensated Employee Group
is a participant in any other plan established or maintained by an Affiliated Company pursuant to which elective deferrals under a cash or deferred arrangement or matching contributions, or employee contributions, are made, such other plan will be
deemed to be a part of this Plan for the purpose of determining the Pre-tax Contribution Percentage Limit with respect to that Participant. 
 1.440
PR Code means the Puerto Rico Internal Revenue Code of 1994, as amended. Reference to a section of the PR Code will include that section, applicable Regulations promulgated there under and any comparable section of any
future legislation that amends, supplements or supersedes said section, effective as of the date such comparable section is effective with respect to the Plan. 

1.450 PRTD means the Puerto Rico Treasury Department. 

1.460 Reemployment Date means the date on which a person first becomes an Employee of the Company following an Employment
Severance Date. 
 1.470 Retired Participant means a Participant who has had a Retirement. 

1.480 Retirement means a termination of employment (i) after attainment of age 65 or (ii) after attainment of age 55
with at least 10 years of service. 
 1.490 Rockwell means Rockwell Automation, Inc., a Delaware corporation. 

1.500 Rockwell Automation Stock Fund means the Investment Fund established by the Trustee on July 1, 2005 to purchase and
hold the Common Stock of the Company and to receive and hold Company Matching Contributions, as described in Section 8.020(b). 
 1.510
Rollover Account means a Plan Account described in Section 2.050 which has its purpose the holding of amounts which are received by the Plan on a Participant’s behalf as a Rollover Contribution. 

1.520 Rollover Contributions mean the amounts described in Section 2.050 which are transferred to a Participant’s
Rollover Account pursuant to the terms of subsection (b) of that Section. 

  
 -8- 

Plan 011 
 Effective January 1, 2009

 1.530 Supplemental After-tax Contribution means the amounts contributed by a
Participant to the Plan through payroll deductions pursuant to Section 2.030(b). 
 1.540 Supplemental Pre-tax
Contributions means the amounts contributed to the Plan on behalf of a Participant pursuant to the Participant’s election under Section 2.030(a). 

1.550 Tender Offer means any tender offer for, or request or invitation for tenders of, common stock subject to §14(d)(1) of
the Securities Exchange Act of 1934, as amended, or any regulation thereunder, except for any such tender offer or request or invitation for tenders made by the Company or any Affiliated Company for its own common stock. 

1.555 Testing Compensation means the compensation of a Participant, as is defined in Code §414(s) as limited by the PR Code.

 1.560 Trust Agreement means the trust agreement entered into pursuant to Article VIII of this Plan. 

1.570 Trust Fund means the fund, including the earnings thereon, held by the Trustee for all contributions made under this Plan by
Participants and the Company. 
 1.580 Trustee means the trustee or trustees of the trust described in Article VIII of this
Plan. 
 1.590 Valuation Date means any New York Stock Exchange trading day. 

1.600 Vesting Service means the period commencing with an Employee’s Employment Commencement Date and ending with his
Employment Severance Date and the period from an Employee’s Reemployment Date to his subsequent Employment Severance Date. In addition, Vesting Service includes the period of time between an Employee’s Employment Severance Date and his
Reemployment Date, if that period does not exceed twelve (12) months. 

  
 -9- 

Plan 011 
 Effective January 1, 2009

 ARTICLE II: PARTICIPATION AND CONTRIBUTIONS 

2.010 Participation. An Eligible Employee will be permitted to elect to become a Participant in the Plan as soon as is practicable following his
commencement of service with an Affiliated Company. To the extent administratively feasible, an Eligible Employee’s election to contribute to the Plan will become effective on the first payroll payment date following his commencement of service
as an Eligible Employee and will remain in effect, unless he elects otherwise, so long as he continues to be an Eligible Employee. 
 Notwithstanding the
foregoing, any Eligible Employee who is hired or rehired on or after January 1, 2009 and who has not previously made an affirmative contrary Pre-Tax Contribution election shall be deemed to have elected an automatic Pre-Tax Contribution of
three percent (3%) of such Participant’s Compensation to be contributed under the Plan. Such deemed automatic 3% Pre-Tax contribution shall be effective as of January 1, 2009 and shall continue in effect as described in the paragraph
above. 
 2.020 Basic Contributions. A Participant may take either or both of the actions described in subsections (a) and (b) below: 

 

	(a)	elect to defer receipt of an amount equal to 1% through 6% of his regular Compensation (such deferral to be elected in whole percentages), and to instead have that amount paid to the Plan as a Basic Pre-tax Contribution
to his Pre-tax Contribution Account; 

  

	(b)	authorize having deducted from his regular Compensation 1% through 6% (such deduction to be authorized in whole percentages) and then have the amount of such deduction (as adjusted for all applicable taxes due on that
amount) paid to the Plan as a Basic After-tax Contribution to his After-tax Contribution Account; 

 provided, however, that the percentages
elected to be deferred or deducted and then made as Basic Pre-tax and Basic After-tax Contributions may together not exceed 6% of the Participant’s Compensation . 

2.030 Supplemental Contributions. A Participant who has made the elections and/or authorizations described in Section 2.020 will also be permitted
to take either or both of the actions described in subsections (a) and (b) below: 
  

	(a)  (1)	if he is a non-Highly Compensated Employee, elect to defer receipt of an amount equal to 7% through 50% of his regular Compensation (such deferral to be elected in whole percentages), and to instead have that amount
paid to the Plan as a Supplemental Pre-tax Contribution to his Pre-tax Contribution Account; 

  

	 	(2)	if he is a Highly Compensated Employee, elect to defer receipt of an amount equal to 7% through 16% of his regular Compensation (such deferral to be elected in whole percentages), and to instead have that amount paid to
the Plan as a Supplemental Pre-tax Contribution to his Pre-tax Contribution Account; 

  
 -10- 

Plan 011 
 Effective January 1, 2009

	(b)	if he is either a non-Highly Compensated Employee or a Highly Compensated Employee, authorize having deducted from his regular Compensation 7% through 10% (such deduction to be authorized in whole percentages) and then
have the amount of such deduction (as adjusted for all applicable taxes due on that amount) paid to the Plan as a Supplemental After-tax Contribution to his After-tax Contribution Account; 

provided, however, that the percentages elected to be deferred or deducted and then made as Supplemental Pre-tax and Supplemental After-tax Contributions may
together not exceed 44% of the Participant’s Compensation if he is a non-Highly Compensated Employee or 10% of the Participant’s Compensation if he is a Highly Compensated Employee. 

Further, notwithstanding the foregoing, the sum of the Basic After-tax Contributions and the Supplemental After-tax Contributions shall not exceed in any
given year 10% percent of the Participant’s Compensation for the Plan Year since becoming a Participant. 
 2.040 Changes Between Pre-tax and
After-tax Contributions. A Participant will be permitted to elect to increase or decrease at any time (and as often as he wishes) the rate of his Pre-tax and After-tax Contributions. Any such increase or decrease of the rate of the
Participant’s Pre-tax and After-tax Contributions will be effective as soon as is reasonably possible after receipt by the Plan Administrator of the Participant’s election. 

2.045 Catch-up Contributions. In addition to the Basic Pre-tax Contributions and the Supplemental Pre-tax Contributions described, respectively, in
Sections 2.020 and 2.030, subject to Section 3.020 and notwithstanding any of the nondiscrimination rules described in the PR Code or limitations on Participant Contributions as are otherwise in effect under this Plan, including, but not
limited to any such rules or limitations as are set forth in Sections 3.010 and 12.010, any Participants in the Plan who on or prior to the last day of a Plan Year will have attained age 50 and who has in place an election under Section 2.020
of at least 1% of Compensation will be permitted to elect to have an additional amount equal to 1% through 75% of his regular Compensation contributed as a pre-tax Catch-up Contribution to the Plan on his behalf during that Plan Year, so long as the
total of any such Catch-up Contributions during the Plan Year are not in excess of the applicable dollar amount set forth in the said Section 3.020. 

2.050 Rollover Contributions. Transfers to this Plan of a Participant’s interest in another individual account plan will be permitted as set forth
below: 
  

	(a)	A Participant who is an Eligible Employee may elect (by providing the Plan Administrator with notice thereof) to have the entire amount credited to his account in a qualified individual account plan of a former employer
transferred from such plan to this Plan as a Rollover Contribution, subject to the following: 

  

	 	(1)	Such Rollover Contributions are eligible for receipt hereunder only if they are in the form of cash and are derived entirely from employee contributions or vested employer contributions to a retirement plan described in
and subject to PR Code §1165. 

  
 -11- 

Plan 011 
 Effective January 1, 2009

	 	(2)	No portion of such Rollover Contributions may be derived from a transfer from a qualified plan which at any time had permitted benefit payments in the form of a life annuity. 

 

	 	(3)	The Plan is authorized to accept a Rollover Contribution from any Participant who is an Eligible Employee if such contribution meets the following criteria: (a) such contribution represents the entire balance
credited to the Participant in a employee benefit plan qualified under Sections 1165(a) or 1165(e) of the PR Code of a former employer which is distributed to the Participant within a single taxable year by reason of separation from service;
(b) such contribution is transferred directly by the trustee of the transferor plan or is rolled over by the Participant within sixty (60) days after receipt of the distribution; (c) the spousal consent requirements of ERISA
Section 205 are complied with, if applicable; and (d) such contribution meets any other conditions as determined necessary by the Plan, the Trustee or the Plan Administrator to comply with Section 1165(b)(2) of the PR Code.

  

	(b)	Rollover Contributions will be credited to separate Rollover Accounts, which will be separate from the Participant’s Pre-tax and After-tax Contribution Accounts and, as such, will be subject to investment elections
which are separate from those related to the Participant’s Pre-tax and After-tax Contribution accounts, but which will be subject to the same process as is set forth in Article IV of this Plan. 

2.060 Matching Contribution Formula. 
  

	(a)	The Company will contribute to the Plan on behalf of each Participant out of its current or accumulated profits Company Matching Contributions equal to fifty percent (50%) of the Participant’s Basic Pre-tax
Contributions and Basic After-tax Contributions (up to 6% of Compensation ) made pursuant to Section 2.020. Such Company Matching Contributions will be made in the form and subject to the limitations set forth in Section 2.070. Any
forfeiture of Company Matching Contributions occurring during a Plan Year shall be used to reduce Company Matching Contributions for such Plan Year. 

2.070 Rules Concerning Matching Contributions. 
  

	(a)	No Company Matching Contributions will be made with respect to a Participant’s Supplemental Pre-tax Contributions, Catch-up Contributions, Supplemental After-tax Contributions or Rollover Contributions.

  

	(b)	 Company Matching Contributions will be made in the form of Rockwell Automation common stock, but may be made, in the discretion of the Board of
Directors, in cash or in any 

  
 -12- 

Plan 011 
 Effective January 1, 2009

	 	
combination of cash and Rockwell Automation common stock. Rockwell Automation common stock which is contributed will be valued at the New York Stock Exchange closing price on the Valuation Date
immediately preceding the date on which the contribution is made. 

  

	(c)	Company Matching Contributions will be directed to the Rockwell Automation Stock Fund unless otherwise distributed or transferred as described above. 

2.080 Limit on Employer Contributions 
 The contribution
of a Company in Puerto Rico for any Plan Year will in no event exceed the maximum amount allowable as a deduction to the Company under the provisions of Section 1023(n) of the PR Code. The Company may make contributions to the Plan without
regard to net profits, current or accumulated. 

  
 -13- 

Plan 011 
 Effective January 1, 2009

 ARTICLE III: CONTRIBUTION LIMITATIONS 

3.010 Limitations on Employee Pre-tax Contributions. 
  

	(a)	The aggregate amount in any calendar year of all of a Participant’s: 

  

	 	(1)	Basic and Supplemental Pre-tax Contributions to this Plan; and 

  

	 	(2)	elective deferrals under any other cash or deferred arrangement (as defined in PR Code §1165(e)). 

may not exceed Nine Thousand Dollars ($9,000.00), or such larger sum as may be in effect under PR Code §1165(e)(7). 

 

	(b)	Prior to the beginning of, and periodically during, each Plan Year, the Plan Administrator will cause a test to be conducted of Pre-tax Contribution elections under Sections 2.020(a) and 2.030(a) in order to determine
whether the Average Pre-tax Contribution Percentage for the Highly Compensated Employee Group exceeds the Pre-tax Contribution Percentage Limit. If it is determined that the Pre-tax Contributions made for any Plan Year by the Highly Compensated
Employee Group would (if not reduced) cause the Average Pre-tax Contribution Percentage of that Group to exceed the Pre-tax Contribution Percentage Limit, the Plan Administrator will first reduce any Supplemental Pre-tax Contributions and then the
Basic Pre-tax Contributions elected by Participants in the Highly Compensated Employee Group, so that the Pre-tax Contribution Percentage Limit will not be exceeded for the Plan Year: 

 

	 	(1)	Such reduction will be effective as of the first payroll date in the month following such determination and will be made by first reducing the Pre-tax Contribution Accounts of Highly Compensated Employee Group
Participants who have the greatest dollar amount of Pre-tax Contributions (but not below the Highly Compensated Employee Group Participants with the next highest dollar amount of Pre-tax Contributions), and then, if necessary, reducing the Pre-tax
Contributions of the Highly Compensated Employee Group Participants with the next highest dollar amount of Pre-tax Contributions (including the Pre-tax Contributions of the Highly Compensated Employee Group Participants whose Pre-tax Contributions
have already been reduced by the Plan Administrator), and continuing in descending order until the Average Pre-tax Contribution Percentage for the Highly Compensated Employee Group satisfies the Pre-tax Contribution Limit. 

 

	 	(2)	 Such excess Pre-tax Contributions will be distributed to the affected Participants who are Highly Compensated Employee Group Participants as soon as
practicable after the end of such Plan Year and in all events prior the end of the next following Plan Year. Income allocable to such excess Pre-tax Contributions with respect to any Participant that are distributed in the next following Plan Year
shall equal the sum of the 

  
 -14- 

Plan 011 
 Effective January 1, 2009

	 	
allocable gain or loss for the Plan Year, and any allocable gain or loss for the period between the end of the Plan Year and the date of the corrective distribution (i.e., the “gap
period”). Income allocable to excess Pre-tax Contributions for the Plan Year and any gap period shall be calculated under any reasonable method as determined by the Plan Administrator, provided that such method is used for allocating income to
Participants’ Pre-tax Contribution Accounts and is used consistently for all Participants and for all corrective distributions under the Plan for the Plan Year. 

 

	(c)	Reductions in Basic or Supplemental Pre-tax Contributions pursuant to subsection (b) of this Section will continue until the Plan Administrator determines that changed circumstances permit a revision of such
Pre-tax Contributions, in which case the Plan Administrator will determine the amount by which such Pre-tax Contributions may be revised for the balance of the Plan Year. 

 

	(d)	In order to determine the amount of excess Pre-tax Contributions, if any, for the members of the Highly Compensated Employee Group, the Plan Administrator or his delegate will: 

 

	 	(1)	determine the “highly compensated employee” (as defined in PR Code §1165(e)(3)(E)(iii)) in the Group with the highest Pre-tax Contribution Percentage (i.e., the amount of such employee’s Pre-tax
Contributions in a particular Plan Year, divided by his Compensation for the Plan Year); 

  

	 	(2)	determine how much the said Percentage would have to be reduced to either satisfy the Average Pre-tax Contribution Percentage test under PR Code §1165(e)(3) or cause such Percentage to equal the Pre-tax
Contribution Percentage of the highly compensated employee with the next highest Percentage; and 

  

	 	(3)	repeat making the determination set forth in Paragraph (2) until such time as the Average Pre-tax Contribution Percentage test described in that Paragraph is satisfied. 

The amount of excess Pre-tax Contributions for the members of the Highly Compensated Employee Group is equal to the amount equal to the sum of the
hypothetical reductions described above, multiplied by such members’ Testing Compensation. 
  

	(e)	To the extent permitted by regulation, the Plan Administrator may during or following a Plan Year cause Supplemental or Basic Pre-tax Contributions made on behalf of Highly Compensated Employee Group Participants to be
recharacterized (on a uniform and non-discriminatory basis) as Supplemental or Basic After-tax Contributions to the extent necessary to prevent the Average Pre-tax Contribution Percentage for that Plan Year for those Participants from exceeding the
Pre-tax Contribution Percentage Limit. 

  
 -15- 

Plan 011 
 Effective January 1, 2009

 3.020 Limits for Catch-up Contributions. Notwithstanding the limitations set forth in the preceding
Section 3.010 or any other provision of this Plan, the aggregate amount of Catch-up Contributions for a given Plan Year of any Participant who, as of the end of a Plan Year, is at least age fifty (50), who intends to have Basic and Supplemental
Pre-tax Contributions made to the Plan during the Plan Year which could be in excess of the limit set forth in the said Section 3.010 and who has a Basic Pre-tax or After tax Contribution election of at least 1% in place, will be permitted to
elect to have Catch-up Contributions made on his behalf to the Plan in amounts totaling $1,000 or any other limit provided in Section 1165(e)(7)(C) of the PR Code. 

To the extent that any such Catch-up Contribution is in excess of the limits of this Section and, if not otherwise limited pursuant to any other provisions of
this Plan which are applicable to Participant Contributions or Company Matching Contributions, such excess will nevertheless be contributed to the Plan as an After-tax Contribution of such Participant. 

3.025 Qualified Nonelective Contributions. The Company may make qualified nonelective contributions on behalf of any Eligible Employee who is working
in Puerto Rico, in order to satisfy applicable requirements of the PR Code. Such contributions shall be fully vested at all times and shall be made in a manner that also complies with the PR Code. 

3.030 Incorporation by Reference. The limitations of PR Code Section 1165(e) are hereby incorporated by reference. Articles II and III of the Plan
set forth the basic requirements of PR Code §1165(e). In the event of any conflict between the provisions of these Articles II and III and the PR Code §1165(e), the provisions of the PR Code thereunder shall govern. The Plan also
incorporates by reference any subsequent PRTD guidance applicable under these PR Code provisions. 

  
 -16- 

Plan 011 
 Effective January 1, 2009

 ARTICLE IV: PLAN INVESTMENTS 

4.010 Investment Elections. In addition to the elections and authorizations set forth in Article II, a Participant will be permitted to elect in
which Investment Funds his Participant Contributions will be invested. 
  

	(a)	Such investments will be elected by the Participant among the Investment Funds in one percent (1%) increments, with the total of the elected percentage increments equaling one hundred percent (100%).

  

	(b)	The Participant will be permitted to change, on a daily basis, any previous Investment Fund election or elections he has made with regard to his Contributions pursuant to subsection (a). 

 

	(c)	The elections and changes to such elections which a Participant makes pursuant to this Section will be made by means of any method (including any available telephonic or electronic method which is acceptable to the Plan
Administrator at the time the election or change is made by the Participant), and may be made at any time and will be effective as of the New York Stock Exchange closing immediately following the making of that election or change; provided, however,
if it is determined by the Plan Administrator or his delegate that an investment election made by a Participant is invalid or defective, such an invalid or defective election will be deemed to have been made in favor of the appropriate target
retirement Investment Fund based on such Participant’s date of birth. 

  

	(d)	The Account of any Participant who initially fails to make a valid investment election prior to becoming a participant in the Plan shall be invested in the appropriate target retirement Investment Fund based on such
Participant’s date of birth (or such other Investment Fund as selected by the Trustee or as directed by the Plan Administrator). 

4.020 Transfers from Investment Funds. A Participant will be permitted to have the whole or a portion of the value of his interest in any of the
Plan’s Investment Funds (including the Rockwell Automation Stock Fund). 
 4.030 Transfers from the Rockwell Automation Stock Fund. A
Participant who is an Employee of the Company may elect to have some or all of his interest in the Rockwell Automation Stock Fund, regardless of a Participant’s years of Vesting Service. transferred to any Investment Fund. A Participant who is
no longer an Employee (including a Participant who is a Divested Business Employee) or a Beneficiary may not make any transfers into the Rockwell Automation Stock Fund. 

4.040 Mandatory Transfer from the Rockwell Automation Stock Fund. For each Plan Year, the Plan Administrator shall select a date prior to June 30
on which any Participant who is not an Employee as of the preceding December 31 (including a Participant who is a Divested Business Employee) shall be deemed to have elected to transfer that portion of his interest in the Rockwell Automation
Stock Fund that exceeds 15% of his total Account value to a target retirement Investment Fund based on such Participant’s date of birth. The Plan Administrator shall give affected Participants at least sixty (60) days prior notice of such
transfer. 

  
 -17- 

Plan 011 
 Effective January 1, 2009

 4.050 General Transfer Rules and Limitations. The Fund transfers described in the preceding Sections will
be subject to the following limitations: 
  

	(a)	Any such transfer will be effected in dollar amounts or in increments of 1% of the value of the Participant’s interest in a transferring Fund, but in no event will any such transfer be in an amount less than Two
Hundred and Fifty Dollars ($250.00), except that if the balance of a Participant’s interest in a Fund is less than Two Hundred and Fifty Dollars ($250.00), the Participant may elect to have the entire balance of his interest in the Fund
transferred. 

  

	(b)	Transfer elections may be made at any time, but each such election by a Participant will be effective and be thereafter irrevocable as of the New York Stock Exchange closing immediately following the Participant’s
election. The elections may be made by means of any method (including any available telephonic or electronic method) which is acceptable to the Plan Administrator; provided, however, that, if it is determined by the Plan Administrator or his
delegate that an investment election made by a Participant is invalid or defective, the Participant’s election will, until duly corrected by him, be deemed to have not been made. 

4.060 Participant’s Accounts. Separate Participant Contribution, Rollover (if applicable) and Company Contribution Accounts will be established
and maintained by the Trustee to represent all amounts, adjusted for gains or losses thereon, which have been contributed by or on behalf of a Participant as Participant Contributions, Rollover Contributions and Company Matching Contributions. Such
separate Accounts must contain sufficient information to permit a determination of the dollar balance of the Participant’s Accounts at any time and to permit, with respect to the Rockwell Automation Stock Fund, a determination of the number of
equivalent shares of common stock held on the Participant’s behalf in such Fund. Each Contribution on behalf of a Participant to an Investment Fund or the Rockwell Automation Stock Fund and each payment made to a Participant from an Investment
Fund or the Rockwell Automation Stock Fund will result in a credit or charge to the Account representing the Participant’s interest in such Fund. In addition, dividend proceeds on Rockwell Automation common stock held in the Rockwell Automation
Stock Fund will be used for the purchase, when possible, of additional shares of Rockwell Automation common stock for the Fund, therefore, will result in appropriate adjustments to the balances in the said Fund and to the value of the
Participant’s interest in the said Fund. 
 4.070 Valuation and Participant Statements. As of each Valuation Date, an amount equal to the fair
market value of the Funds (other than dividends received which are attributable to whole shares of Rockwell Automation common stock which were or are to be transferred to Participant Accounts subsequent to the record date for such dividend) will be
determined by the Trustee in such manner and on such basis as it may deem appropriate. At least annually, but more frequently, if the Plan Administrator should so determine, the Trustee will forward by mail to

  
 -18- 

Plan 011 
 Effective January 1, 2009

 
each Participant a statement, in such form as the Plan Administrator deems appropriate, setting forth pertinent information relative to each Participant’s Accounts. Such statement will, for
all purposes, be deemed to have been accepted as correct, unless the Plan Administrator (or the Trustee, as the case may be) is notified to the contrary by mail within ninety (90) days of the date on which it was mailed to the Participant. 

  
 -19- 

Plan 011 
 Effective January 1, 2009

 ARTICLE V: VESTING AND ACCOUNT DISTRIBUTIONS 

5.010 Vesting. 
  

	(a)	Every Participant will at all times have a One Hundred Percent (100%) vested and nonforfeitable interest in his After-tax Contribution Account, Pre-tax Contribution Account and, if applicable, Rollover Account.

  

	(b)	A Participant who attains age sixty five (65) or dies while still an Employee will thereafter have a One Hundred Percent (100%) vested and nonforfeitable interest in his Company Contribution Account. A
Participant who has not yet attained age sixty five (65), but has completed three (3) years of Vesting Service will have One Hundred Percent (100%) vested and nonforfeitable interest in his Company Contribution Account. 

 

	(c)	Subject to subsection (b) above, a Participant who terminates employment at any time prior to completing three (3) years of Vesting Service will forfeit the portion of his Company Contribution Account which is
not vested on his Employment Severance Date: 

  

	 	(1)	on his Employment Severance Date, if he receives a distribution of all of his vested Account balances at that time, but the Participant may have the said forfeiture restored, if he is reemployed by the Company or an
Affiliated Company and repays the previously distributed amount within five (5) years of his Employment Severance Date, or 

  

	 	(2)	on the fifth anniversary of his Employment Severance Date, even though he does not receive a distribution as a result of his termination of employment and even though he is reemployed by the Company or an Affiliated
Company, if his Reemployment Date is not within five (5) years of his Employment Severance Date; 

 provided, however,
that a Participant’s Vesting Service with respect to Company Contributions made after his Reemployment Date will include his Vesting Service prior to his Employment Severance Date, if his Reemployment Date is less than five (5) years after
his prior Employment Severance Date. 
  

	(d)	Notwithstanding any other provision in this Section to the contrary, if the vesting provisions in subsection (b) of this Section should be amended in the future, a Participant who has completed three (3) years
of Vesting Service at that time may elect to have his vested percentage in his Company Contribution Account determined under the vesting provisions of subsection (b) as they were set forth prior to the said amendment. 

 

	(e)	Any Participant who is a Divested Business Employee will have a One Hundred Percent (100%) vested and nonforfeitable interest in such Participant’s Company Contribution Account resulting from Company Matching
Contributions made to that Account prior to the transaction which resulted in him becoming a Divested Business Employee 

  
 -20- 

Plan 011 
 Effective January 1, 2009

 5.020 Retirement, Death, Termination of Employment. Subject to the provisions of Section 5.070 and
Section 5.080, as soon as administratively practicable after the occurrence of a Participant’s: 
  

	(a)	Retirement, 

  

	(b)	death, or 

  

	(c)	termination of employment, 

 a Participant or his Beneficiary (in the case of the Participant’s death)
will receive the entire vested balance of his Plan Account. In the case, however, of Retirement, a Participant who would otherwise receive a distribution pursuant to the preceding sentence may instead make an election pursuant to the terms of
Section 5.050. 
 5.030 [Reserved] 
 5.040 Form
of Distributions – Stock or Cash. Distributions made under this Article will be made to Participants and, when applicable, their Beneficiaries in the form of cash or common stock, or in a combination of cash and common stocks, pursuant to
subsections (a) and (b): 
  

	(a)	With respect to Investment Funds (other than the Rockwell Automation Stock Fund), a Participant will receive the entire balance of his Accounts in such Funds in cash. Such balance will be determined in the manner set
forth in Section 4.070, by reference to the value of the Participant’s interest on the date of such Participant’s Retirement, termination of employment or death. 

 

	(b)	With respect to the Rockwell Automation Stock Fund, the Participant will be permitted, if he should so elect, to receive the entire balance of his Accounts in such Fund in the manner described in the preceding
subsection or in shares, as applicable, of Rockwell Automation common stock equal in number to the maximum number of whole shares of common stock which could be purchased for the closing price of that common stock on that date (as such price is
documented on the New York Stock Exchange — Composite Transactions listing) or, in the event such date falls on a day on which for any reason there are no trades of such stock reflected on such listing, the next trading day subsequent
to that date. In addition, the Participant will be paid in cash for the value of any partial shares of the said common stock and the amount of any cash dividends received since that date which are attributable to the number of whole shares of common
stock distributed to him. 

 5.050 Payment Method for Distributions to Retiring Participants. Any Participant who is eligible for and
wishes to receive a distribution under Section 5.020 on account of his Retirement will make an election concerning the form of distribution and will provide such election to the Plan Administrator or the Plan Administrator’s delegate prior
to Retirement. The form of distributions such a Participant may elect will be in the form of either: 
  

	(a)	a lump sum payment, or 

  
 -21- 

Plan 011 
 Effective January 1, 2009

	(b)	ten (10) or fewer annual installment payments, such installment payments to be equal to the value of the Participant’s Accounts as of the Valuation Date immediately preceding distribution, divided by the
number of installments remaining at the time of each payment. The initial installment payment will be made as soon as is practicable after the effective date of the Participant’s election, with subsequent payments during the elected installment
payment period to be made as of the annual anniversary date of the initial installment payment. 

 If a Participant who had previously Retired
and commenced receipt of installment payments pursuant to subsection (b) returns to employment with the Company or an Affiliated Company (except as a Flex Force Employee), such installment payments will be suspended until the Participant’s
subsequent retirement, at which time he would be permitted again to make the election described therein. 
 5.060 [Reserved]  

5.070 Participant’s Consent to Distribution of Benefits. Notwithstanding any other provisions of the Plan to the contrary, if the aggregate value
of the vested and nonforfeitable Account balances of an individual who terminates his employment with the Company and is no longer a Plan Participant is One Thousand Dollars ($1,000.00) or less, the Plan Administrator will arrange such balances to
be consolidated and distributed to such Participant as soon as practicable following such termination pursuant to in the manner set forth in Section 5.020. 

If such vested and nonforfeitable amount is in excess of One Thousand Dollars ($1,000.00), no distribution of benefits under the Plan will be made, unless the
Plan Administrator or his delegate first obtains the Participant’s consent thereto. In the event such consent is not so obtained, the Participant’s Accounts will be retained by the Plan and will be maintained and valued in accordance with
Article IV. Distribution of the Participant’s Accounts pursuant to this Section will be made following the date on which the Participant’s consent to such distribution is obtained or, if earlier, the date on which the Participant dies, in
the manner provided under Sections 5.050 or 5.080 respectively. 
 5.075 Cashout Forfeitures and Repayments. In the case of a Participant who
receives a distribution pursuant to Article V upon his termination of participation in this Plan when he has less than three (3) years of Vesting Service, such Participant will, at the time of the distribution, forfeit any portion of his
Company Contribution Account which is not vested and nonforfeitable at the time of his termination of participation in the Plan. If such Participant should return to employment with the Company within five (5) years of the date of such
distribution and forfeiture, the said forfeiture will be restored, if he repays the amount previously distributed. The amount restored, upon repayment of the distribution pursuant to this Section, will be equal to the amount forfeited at the time of
the distribution, such amount to be unadjusted any gains or losses subsequent to the forfeiture and prior to the repayment. 

  
 -22- 

Plan 011 
 Effective January 1, 2009

 Notwithstanding any other provisions of the Plan to the contrary, a Participant’s service with respect to
which he received a distribution under this Section or under Section 6.040 will not be affected or reduced for eligibility purposes or for determination of his years of Vesting Service under Section 5.010. 

5.080 Distributions to Beneficiaries. In the event of a Participant’s death, a distribution to the Participant’s Beneficiary shall be made as
follows: 
  

	(a)	A Non-spousal Beneficiary shall receive a lump-sum payment as soon as administratively practicable following the Participant’s death. 

 

	(b)	A Spousal Beneficiary shall continue to receive installment payments that the Participant elected pursuant to Section 5.050, if any, unless such spousal Beneficiary elects to receive the Participant’s
remaining Account balance in a lump sum payment at any time following the Participant’s death. 

 5.090 Transfer of Distribution
Directly to Eligible Retirement Plan. A Participant, a Participant’s spouse entitled to distribution as his Beneficiary pursuant to Article VII or a former spouse entitled to distribution pursuant to Section 9.120(a) or any individual
entitled to a distribution as a Beneficiary pursuant to Article VII may request in writing to have any portion of an Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Participant in a direct rollover. The
following definitions shall apply for purposes of this Article 5.090: 
  

	(a)	“Eligible Retirement Plan.” An Eligible Retirement Plan is an individual retirement account described in Section 1169 of the PR Code, or a qualified trust described in Section 1165(a) of the PR Code
that accepts the Participant’s Eligible Rollover Distribution. In the case of an Eligible Rollover Distribution to a Beneficiary who is the Participant’s surviving spouse, an Eligible Retirement Plan is also an individual retirement
account or qualified trust described above; 

  

	(b)	“Eligible Rollover Distribution.” An Eligible Rollover Distribution is any distribution of all of the balance to the credit of the Participant within a single taxable year by reason of separation from service.

 Such request will be made, in the case of a Participant, at the time his consent to such distribution is given to the Plan Administrator
pursuant to Section 5.070, or at such later date as the Plan Administrator permits, or, in the case of the Participant’s spouse or former spouse, at such time as the Plan Administrator determines. Prior to effecting such a transfer the
Plan Administrator may require evidence reasonably satisfactory to him that the entity to which such transfer is to be made is in fact an Eligible Retirement Plan and that such Eligible Retirement Plan may receive the distribution in the forms
required under this Article. 

  
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Plan 011 
 Effective January 1, 2009

 5.100 Uncashed Checks. If the Plan Administrator distributes the assets in a Participant’s Account
pursuant to this Article V and the distribution check is not cashed, a Participant will be entitled to request a new check. In such case, the amount of the new check will be equal to the amount of the original, uncashed distribution check and will
not be adjusted for earnings and losses. 

  
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Plan 011 
 Effective January 1, 2009

 ARTICLE VI: WITHDRAWALS AND LOANS 

6.010 Withdrawals from Accounts by Participants under Age 59-1/2. 
  

	(a)	A Participant who has not yet attained age fifty-nine and one-half (59-1/2) may elect while still employed to withdraw certain amounts from his Accounts. As soon as is
practicable after the Plan Administrator’s receipt of such an election, there will be paid or transferred to such Participant cash and, if applicable, common stock from his Accounts in the following order: 

 

	 	(1)	first, from that portion of his After-tax Contribution Account which is attributable to his Supplemental After-tax Contributions; 

  

	 	(2)	second, from that portion of his After-tax Contributions Account which is attributable to Basic After-tax Contributions; 

  

	 	(3)	third, from that portion of his Rollover Account which is attributable to pre-tax Rollover Contributions; 

  

	 	(4)	fourth, from that portion of his Rollover Account which is attributable to after-tax Rollover Contributions; 

  

	 	(5)	fifth, from that portion of his Company Contribution Account, if vested, which is attributable to his Basic After-tax Contributions; 

 

	 	(6)	sixth, from that portion of his Pre-tax Contribution Account which is attributable to his Supplemental Pre-tax Contributions; 

  

	 	(7)	seventh, from that portion of his Account which is attributable to his Catch-up Contributions. 

  

	 	(8)	eighth, from that portion of his Pre-tax Contribution Account, which is attributable to his Basic Pre-tax Contributions. 

  

	(b)	Withdrawals pursuant to this subsection may only be made by a Participant once every six (6) months. 

  

	(c)	If a Participant should withdraw an amount from his Company Contribution Account pursuant to subsection (a)(5), Company Matching Contributions will be suspended and will not be made to his Company Contribution Account
during the six-month period immediately following the withdrawal. 

  

	(d)	Withdrawals from a Participant’s Pre-tax Contribution Account pursuant to subsections (a)(6), (a)(7) or (a)(8) prior to his attainment of age fifty-nine and one-half (59-1/2) will only be permitted upon the
occurrence of a Hardship and such withdrawals will be administered pursuant to Section 6.030. 

  
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Plan 011 
 Effective January 1, 2009

	(e)	With the exception of the types of withdrawals available to certain Participants pursuant to subsection (d), no Participant will be permitted to withdraw amounts in his Company Contribution Accounts which are
attributable to his Basic Pre-tax Contributions prior to his attainment of age fifty-nine and one-half (59-1/2). 

  

	(f)	Withdrawals from the Rockwell Automation Stock Fund may, at the election of the withdrawing Participant, be in the form of cash or, as applicable, in the form of Rockwell Automation common stock. 

6.020 Withdrawal from Accounts by Participants Over Age 59-1/2. 
  

	(a)	A Participant who has attained age fifty-nine and one-half (59-1/2) and is still employed by the Company may elect to withdraw any or all of the amounts in his Accounts. As
soon as is practicable after the Plan Administrator’s receipt of such an election, there will be paid or transferred to such Participant cash and, if applicable, common stock from his Accounts in the following order: 

 

	 	(1)	first, from that portion of his After-tax Contribution Account which is attributable to his Supplemental After-tax Contributions; 

  

	 	(2)	second, from that portion of his After-tax Contributions Account which is attributable to Basic After-tax Contributions; 

  

	 	(3)	third, from that portion of his Rollover Account which is attributable to pre-tax Rollover Contributions; 

  

	 	(4)	fourth, from that portion of his Rollover Account which is attributable to after-tax Rollover Contributions; 

  

	 	(5)	fifth, from that portion of his Pre-tax Contribution Account which is attributable to his Supplemental Pre-tax Contributions; 

  

	 	(6)	sixth, from that portion of his Account which is attributable to his Catch-up Contributions. 

  

	 	(7)	seventh, from that portion of his Pre-tax Contribution Account which is attributable to his Basic Pre-tax Contributions 

  

	 	(8)	eighth, from that portion of his Company Contribution Account which is attributable to qualified non-elective contributions (QNECs); 

  
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Plan 011 
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	 	(9)	ninth, from that portion of his Company Contribution Account, if vested, which is attributable to his After-tax Basic Contributions; 

 

	 	(10)	tenth, from that portion of his Company Contribution Account, if vested, which is attributable to his Pre-tax Basic Contributions; 

  

	 	(11)	eleventh, from that portion of his Company Contribution Account attributable to qualified matching contributions (QMACs). 

  

	(b)	Withdrawals from the Rockwell Automation Stock Fund may, at the election of the withdrawing Participant, be in the form of cash or, as applicable, in the form of Rockwell Automation common stock. 

6.030 Hardship Withdrawals from Pre-tax Accounts. Subject to any restrictions the Plan Administrator might establish with respect to loans made
pursuant to Section 6.060, the following provisions may apply, in the event of the occurrence of a Hardship. 
  

	(a)	A Participant who has not attained age fifty-nine and one-half (59-1/2) may request approval to withdraw some or all of the balance of his Pre-tax Contribution Account, if the Participant can demonstrate that the
withdrawal is required as a result of a Hardship (including payment of any Puerto Rico income taxes reasonably anticipated to result from such Hardship withdrawal). 

 

	(b)	Any determination of the existence of a Hardship, the reasonable availability to the Participant of funds from other sources and the amount necessary to be withdrawn on account of such Hardship will be made on the basis
of all relevant facts and circumstances and in accordance with the provisions of this Section and Section 1.370, as applied in a uniform and nondiscriminatory manner. Such determination may, if it is reasonable in light of all relevant and
known facts and circumstances, be based upon the Participant’s representation that the Hardship cannot be relieved: 

  

	 	(1)	through reimbursement or compensation by insurance or otherwise; 

  

	 	(2)	by reasonable liquidation of the Participant’s assets, to the extent that such liquidation would not itself cause an immediate and heavy financial need; 

 

	 	(3)	by suspension of Participant Contributions to the Plan; or 

  

	 	(4)	by other distributions (other than Hardship distributions) or loans from the Plan and any other plan maintained by an Affiliated Company or by any former employer or by borrowing from commercial sources at reasonable
commercial rates. 

  

	(c)	 Any individual who makes a withdrawal pursuant to Article VI shall not be permitted to make Pre-Tax Contributions until the end of the twelve
(12) month period commencing on 

  
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Plan 011 
 Effective January 1, 2009

	 	
the date such withdrawal was received by the Participant. In addition, such Participant may not make Pre-Tax Contributions for such Participant’s taxable year immediately following the
taxable year of such withdrawal that is in excess of the applicable limit under Section 1165(e)(7)(A) of the PR Code for such immediately following taxable year less the amount of such Participant’s Pre-Tax Contributions for the taxable
year in which such Participant made the withdrawal. In addition, such Hardship distributions will only be available to Participants hereunder only once every twelve (12) months. 

 

	(d)	The proceeds of a Hardship withdrawal made pursuant to this Section may not be distributed or transferred from the Trustee of this Plan as an eligible rollover distribution to the custodian or trustee of an Eligible
Retirement Plan. 

  

	(e)	Hardship withdrawals will be paid to a Participant in the order set forth in Section 6.010(a). 

 6.040
Forfeitures and Suspensions. 
  

	(a)	Subject to the exception described in subsection (b), in the event that a Participant with less than three (3) years of Vesting Service makes a withdrawal under Section 6.010 with the result that his Basic
After-tax Contribution Account is the source of some or all of such withdrawal, the Participant will at that time forfeit the unvested portion of his Company Contribution Account which is attributable to the withdrawal. The forfeitable interest
which is attributable to the Participant’s Basic After-tax Contributions will be determined by multiplying the dollar balance of the Participant’s Company Contribution Account by a fraction, the numerator of which is equal to the dollar
value of the Basic After-tax Contributions which were withdrawn by the Participant and the denominator of which is the total dollar value of his After-tax Contribution Account attributable to his Basic After-tax Contributions (both such dollar
values to be determined as of the date of the withdrawal). 

  

	(b)	If a Participant applies for and receives a Hardship withdrawal, pursuant to Section 6.030, from his Basic and /or Supplemental Pre-tax Contribution Account, the forfeitures described in subsection (a) will
not be applicable. 

 6.050 Allocation of Withdrawals Among Investment Funds. Withdrawals and forfeitures under Sections 6.010 through
6.040 will be taken from a Participant’s Accounts in the Investment Funds in a pro rata fashion, based upon the relative size of such Accounts. 

6.060 Loans. The Plan Administrator will establish, and may from time to time modify, procedures pursuant to which any Employee or other “party in
interest” (as defined in ERISA §3(14)) may apply for and receive a loan from the Plan, in an amount not exceeding the least of (a), (b), (c) or (d): 
  

	(a)	the aggregate of the balances in the borrower’s Pre-tax and After-tax Contribution Accounts and, if applicable, in the portion of his Account attributable to QNECs or in his Rollover Account; 

  
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Plan 011 
 Effective January 1, 2009

	(b)	an amount which, when combined with all outstanding loans to the borrower from all other plans of all Affiliated Companies, equals Fifty Thousand Dollars ($50,000.00), reduced by the excess, if any, of

  

	 	(1)	the highest outstanding and unpaid balances of all prior loans to the borrower from the Plan and such other plans during the twelve (12) month period immediately preceding the date on which such loan is made, over

  

	 	(2)	the outstanding balance of any loan to the borrower from the Plan or such other plans on the date on which the loan is made; 

  

	(c)	one-half (1/2) of the aggregate of the balances of the borrower’s Accounts; or 

  

	(d)	such amount, not exceeding the amounts described in (a) through (c) above, as the Plan Administrator determines. 

All such loans will be made available to all eligible Employees and other parties in interest on a reasonably equivalent and
non-discriminatory basis and will be governed by the provisions of Appendix B, as such Appendix is from time to time constituted, pursuant to determination of the Plan Administrator. 

  
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Plan 011 
 Effective January 1, 2009

 ARTICLE VII: DEATH BENEFITS 

7.010 Designation of a Beneficiary. Subject to the provisions of Section 7.020, in the event of a Participant’s death, payment of the
benefits provided under this Plan will be made to such person or persons as he has designated as his Beneficiary to receive such benefits. 
 7.020
Spouse as Automatic Beneficiary. In the case of a Participant who has been married for at least one (1) year at the time of his death and who dies prior to complete distribution of his Accounts, the Beneficiary will be deemed to be the
Participant’s spouse regardless of any contrary designation, unless the Participant has filed with the Plan Administrator a written Beneficiary designation naming a person or persons other than such spouse. Such written designation must be
accompanied by a written consent of the Participant’s spouse, but may be accepted by the Plan Administrator without such a written consent, if it is established to the Plan Administrator’s satisfaction that such a written consent cannot be
obtained because: 
  

	(a)	there is no spouse; 

  

	(b)	the spouse cannot be located; or 

  

	(c)	other circumstances exist, as permitted under Code §417(a)(2), which prevent presentation of such consent to the Plan Administrator. 

Such written consent (which must be witnessed by a notary public) must be on a form furnished to the Participant by the Plan Administrator and must
acknowledge the effect of the consent. In the event that a Participant has a new spouse to whom he has been married for a one (1) year period, the previous designation of a prior spouse will be void and the new spouse will be deemed to be the
Participant’s Beneficiary, unless the Participant makes a written designation of a person or persons other than the new spouse in a manner described above in this Section. 

7.030 Beneficiary Changes. A Participant may change his designation of Beneficiary at any time by filing a request for such change with the Plan
Administrator (or such other person as is designated by the Plan Administrator). Such change will become effective only upon receipt of the request by the Plan Administrator (or the Plan Administrator’s delegate), but upon such receipt, the
change will relate back to and be effective as of the date the Participant signed such request; provided, however, that the Plan Administrator, the other named fiduciaries and the Trust Fund will be not be liable in any way or to any degree for any
payment made to the Beneficiary designated before receipt of such request. 
 7.040 Participant’s Estate as Beneficiary in Certain Cases. The
benefits payable from a Participant’s Accounts at the time of his death will be paid to the Participant’s estate, if any of the following circumstances should exist at the time of his death: 

 

	(a)	no valid designation of Beneficiary exists pursuant to this Article; 

  
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Plan 011 
 Effective January 1, 2009

	(b)	the Plan Administrator or Trustee has a doubt as to the rights of a potential Beneficiary; or 

  

	(c)	a previously designated Beneficiary predeceases the Participant. 

 In such case, the Plan Administrator and the
Trustee will not be individually liable in any manner and to any degree with respect to such payment. 
 7.050 Payment to a Beneficiary. Upon receipt
by the Plan Administrator (or another person designated by him) of evidence satisfactory to such person of the death of a Participant and of the identity and existence at the time of such death of the Beneficiary, the Plan Administrator will direct
the Trustee to pay the Participant’s Accounts to such Beneficiary in accordance with Article V. 

  
 -31- 

Plan 011 
 Effective January 1, 2009

 ARTICLE VIII: TRUST AGREEMENT 

8.010 Establishment of Trust Fund. The property resulting from contributions made on behalf of all Participants, including contributions made by the
Company, will be held in a Trust Fund by a Trustee selected by the Employee Benefit Plan Committee pursuant to a Trust Agreement entered into between such Trustee and the Employee Benefit Plan Committee. 

8.020 Investment Funds and Stock Funds. The Plan, as well as the Trust Fund associated with the Plan, is intended to at all times be structured and
administered in a manner which conforms to the requirements of ERISA §404(c). In keeping with the requirements of the said ERISA provision, the Trustee will establish and maintain as parts of the Trust Fund individual Investment Funds and the
Rockwell Automation Stock Fund, as are described below. 
  

	(a)	The Investment Funds available under the Trust Fund will consist of mutual funds or collective funds, accounts or other similar investment vehicles, which will consist of and be identical to the individual Plan
Investment Funds. 

  

	(b)	The Rockwell Automation Stock Fund will consist of all cash, Rockwell Automation common stock and the proceeds and income from that common stock, which are attributable to Participant Contributions designated as
contributions to the Rockwell Automation Stock Fund and Company Matching Contributions. Unless otherwise elected by the Participant, the dividends or other proceeds or income received by the Rockwell Automation Stock Fund will be invested by the
Trustee in Rockwell Automation common stock and will remain in the said Rockwell Automation Stock Fund. 

 8.030 Trustee’s Powers and
Authority. Subject to the provisions of Section 8.050 concerning certain power and authority connected with the common stock of Rockwell Automation, which is held in the Rockwell Automation Stock Fund, the Trustee will have full authority
and discretion with respect to management of the assets of the Trust Fund, including management of the assets of the individual Investment Funds held thereunder. 

8.040 Statutory Limits. In making all investments pursuant to this Plan, the Trustee will: 

 

	(a)	be subject to applicable provisions of ERISA governing the exercise of its fiduciary responsibilities on behalf of the Trust Fund and this Plan, as well as to all applicable securities laws governing the investments of
the Trust Fund (including any investment companies or mutual funds therein), but will not be bound by any law or any court doctrine of any state or jurisdiction limiting trust investments, except as otherwise provided or permitted by ERISA;

  

	(b)	at all times give consideration to the cash requirements of the Plan; and 

  
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Plan 011 
 Effective January 1, 2009

	(c)	not cause the Plan to engage in any transaction constituting a prohibited transaction under ERISA §406. 

8.050 Duty of Trustee as to Common Stock in Stock Funds. 
  

	(a)	Except as otherwise provided in this Section, the duty with respect to the voting, retention, and tendering of common stock held in the Rockwell Automation Stock Fund will lie solely with the Trustee and will be
exercised in the Trustee’s discretion. 

  

	(b)	With respect to any matter as to which a vote of the outstanding shares of such common stock held in such a Stock Fund is solicited: 

 

	 	(1)	the Trustee will solicit the direction in writing of each Participant, as to the manner in which voting rights of the Participant’s vested and non-vested shares of common
stock held in or credited to a Stock Fund as of the record date fixed for determining the holders of common stock entitled to vote on such matter are to be exercised with respect to such matter, and the Trustee will exercise the voting rights of
such shares with respect to such matter in accordance with the last-dated timely written direction, if any, of such Participant; and 

 

	 	(2)	the Trustee, in its sole discretion, will exercise voting rights of shares of common stock held in the Stock Funds as to which no timely direction has been received pursuant to paragraph (1).

  

	(c)	In the event of any Tender Offer: 

  

	 	(1)	the Trustee will solicit the direction in writing of each Participant, as to the tendering or depositing of any vested or non-vested shares of common stock held in any Stock Fund
with respect to such Participant and, except as limited by subsection (d), will tender or deposit such shares pursuant to any such Tender Offer in accordance with the last dated timely written direction, if any, of such Participant;

  

	 	(2)	the Trustee will have the duty, except as limited by subsection (d), with respect to the retention, tendering or depositing of shares of common stock held in any Stock Fund as to which no timely direction has been
received pursuant to paragraph (1); 

  

	(d)	Shares of common stock held in the Stock Funds will not be tendered or deposited by the Trustee pursuant to any such Tender Offer until the earlier of: 

 

	 	(1)	immediately preceding the scheduled expiration of the Tender Offer pursuant to which such shares are to be tendered or deposited, or 

  
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Plan 011 
 Effective January 1, 2009

	 	(2)	immediately preceding the expiration of the period during which such shares of common stock will be taken up and paid for on a pro rata basis pursuant to such Tender Offer, or 

 

	 	(3)	the expiration of thirty (30) days from the date of the Trustee’s solicitation of Participants’ written direction pursuant to subsection (c)(1). 

 

	(e)	The duty with respect to the withdrawal, or other exercise of any right of withdrawal, of shares of common stock held in a Stock Fund which have been tendered or deposited pursuant to any such Tender Offer will be
solely that of the Trustee; provided that the Trustee may solicit the direction in writing of each Participant with respect to whom any such shares of common stock have been tendered or deposited pursuant to any such Tender Offer as to the
withdrawal of, or other exercise of any right to withdraw, such shares of common stock and, if such solicitation is made, the Trustee will act in accordance with the last dated timely written direction, if any, of each such Participant.

 8.060 Rights in the Trust Fund. Nothing in the Plan or in the Trust Agreement will be deemed to confer any legal or equitable right
or interest in the Trust Fund in favor of any Participant, Beneficiary or other person, except to the extent expressly provided in the Plan. 
 8.070
Taxes, Fees and Expenses of the Trustee. 
  

	(a)	The reasonable fees and expenses of the Trustee (including the reasonable expenses of the Trustee’s counsel) will be paid from the Trust Fund and will constitute a charge on the Trust Fund until so paid; provided,
however, that in no event will the Trust Fund nor the Company (unless the Company is specifically so directed by resolution of the Company’s Board of Directors) pay any such Trustee fees or expenses: 

 

	 	(1)	for preparation or prosecution of any action against the Company, the Plan, any member of the Employee Benefit Plan Committee or the Plan Administrator, or 

 

	 	(2)	for the defense or settlement of, or the satisfaction of a judgment related to, any proceeding arising either out of any alleged misfeasance or nonfeasance in any person’s performance of duties with respect to the
Plan or out of any alleged wrongful act against the Plan. 

 Included in the reasonable expenses payable from the Trust Fund are any
direct internal costs (which may include reimbursement of compensation of employees of the Company) associated with Plan operations and administration, the payment of which will be in conformity with the requirements of Title I of ERISA. Neither the
Plan Administrator nor the members of the Employee Benefit Plan Committee may be compensated from the Plan but may be compensated by the Company for services rendered on behalf of the Plan. 

  
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Plan 011 
 Effective January 1, 2009

	(b)	Brokerage fees, commissions, stock transfer taxes and other charges and expenses incurred in connection with transactions relating to the acquisition or disposition of property for or of the Trust Fund, or distributions
therefrom, will be paid from the Trust Fund. Taxes, if any, payable by the Trustee on the assets at any time held in the Trust Fund or on the income thereof will be paid from the Trust Fund. 

  
 -35- 

Plan 011 
 Effective January 1, 2009

 ARTICLE IX: ADMINISTRATION 

9.010 General Administration. Authority to control and manage the operation and administration of the Plan has been vested in the Employee Benefit Plan
Committee by the Board, except to the extent that: 
  

	(a)	the Plan Administrator is allocated any such authority under the Plan; 

  

	(b)	the Trustee may, pursuant to Article VIII, be granted exclusive authority and discretion to manage and control all or any portion of the assets of the Plan; 

 

	(c)	the Employee Benefit Plan Committee, the Plan Administrator, the Employee Benefits Appeals Committee and the Trustee constitute ERISA named fiduciaries of the Plan. 

Neither the Company nor the Board shall control or manage the operation or administration of the Plan nor be fiduciaries with respect to the Plan. All
functions of the Company and the Board under the Plan shall be settlor functions and not fiduciary functions. 
 9.020 Employee Benefit Plan
Committee. The Employee Benefit Plan Committee shall consist of the Company’s Director-Global Benefits and up to four other members appointed by the Company’s Director-Global Benefits. The Employee Benefit Plan Committee will act, with
or without a meeting, in a manner consistent with the rules and regulations adopted pursuant to Section 9.060(c). 
 9.025 Employee Benefits Appeals
Committee. The Employee Benefits Appeals Committee shall consist of up to seven (7) members, each appointed by the Plan Administrator. The Plan Administrator shall designate one member to serve as Chairperson and a second member to service
as Vice-Chairperson. The Employee Benefits Appeals Committee will review claims and appeals pursuant to the procedures described in Article X. 
 9.030
Employee Benefit Plan Committee Records. The Employee Benefit Plan Committee will keep such records and data as it deems appropriate and it will from time to time file with the Board of Directors such reports as the latter may request. It will
be a function of the Employee Benefit Plan Committee to keep records of the assets of the Trust Fund, based upon reports furnished by the Trustee, and the evaluations placed thereon by the Committee will be final and conclusive. 

9.035 Employee Benefits Appeals Committee Records. The Employee Benefits Appeals Committee will keep records of all participant claims and appeal
submitted to it pursuant to Article X. The Employee Benefits Appeals Committee may from time to time file with the Plan Administrator or Employee Benefit Plan Committee such reports as the latter may request. 

  
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Plan 011 
 Effective January 1, 2009

 9.040 Funding Policy. The Employee Benefit Plan Committee will be responsible for determining a funding
policy of the Plan and will from time to time advise the Trustee of such policy. 
 9.050 Allocation and Delegation of Duties Under Plan. The
Employee Benefit Plan Committee, Employee Benefits Appeals Committee and the Plan Administrator each have the following powers and authorities: 
  

	(a)	to designate agents to carry out responsibilities relating to the Plan, other than fiduciary responsibilities; and 

  

	(b)	to employ such legal, consultant, medical, accounting, clerical and other assistance as it may deem appropriate in carrying out the provisions of this Plan including one or more persons to render advice with regard to
any responsibility any fiduciary may have under the Plan. 

 9.060 Employee Benefit Plan Committee Powers. In addition to any powers
and authority conferred on the Employee Benefit Plan Committee elsewhere in the Plan or by law, the Employee Benefit Plan Committee has the following powers and authority: 
  

	(a)	to allocate fiduciary responsibilities, other than trustee responsibilities (responsibilities under the Trust Agreement to manage or control the Plan assets) to one or more members of the Employee Benefit Plan Committee
or to the Plan Administrator and to designate one or more persons (other than the Trustee) to carry out such fiduciary responsibilities; 

  

	(b)	to determine the manner in which the assets of this Plan, or any part thereof, will be disbursed by the Trustee, except as relates to the making and retention of investments; and 

 

	(c)	to establish rules and regulations from time to time for the conduct of the Employee Benefit Plan Committee’s business and for the administration and effectuation of its responsibilities under the Plan.

 9.070 Plan Administrator. In addition to any powers and authority conferred on the Plan Administrator elsewhere in the Plan, the
Plan Administrator has the following powers and authority: 
  

	(a)	to administer, interpret, construe and apply this Plan and to decide all questions which may arise or which may be raised by any Employee, Participant, Beneficiary, or other person whatsoever, and the actions or
decisions of the Plan Administrator in regard thereto, or in regard to anything or matter otherwise within his discretion, will be conclusive and binding on all Employees, Participants, Beneficiaries, and other persons whatsoever; 

 

	(b)	to designate one or more persons, other than the Trustee, to carry out fiduciary responsibilities (other than trustee responsibilities); 

  
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Plan 011 
 Effective January 1, 2009

	(c)	to establish rules and regulations from time to time for the administration and effectuation of his responsibilities under the Plan. 

The Plan Administrator has such other responsibility as is designated by ERISA as the responsibility of the administrator of the Plan and will have such other
power and authority as is necessary to fulfill his responsibilities under ERISA or under the Plan. Benefits under the Plan shall be payable to any party only if the Plan Administrator or its designee, including the Employee Benefits Appeals
Committee, decides in its discretion that the party is entitled to them. Any final determination by the Plan Administrator shall be binding on all parties. If challenged in court, such determination shall not be subject to de novo
review and shall not be overturned unless proven to be arbitrary and capricious upon the evidence considered by the Plan Administrator or its designee at the time of such determination. 

9.080 Reliance Upon Documents and Opinions. The members of the Employee Benefit Plan Committee and the Employee Benefits Appeals Committee, the Plan
Administrator, the Board of Directors and the Company will be entitled to rely upon any tables, valuations, computations, estimates, certificates and reports furnished by any consultants or consulting firms, opinions furnished by legal counsel and
reports furnished by the Trustee. The members of the Employee Benefit Plan Committee and the Employee Benefits Appeals Committee, the Plan Administrator, the Board of Directors and the Company will be fully protected and will not be liable in any
manner whatsoever, except as otherwise specifically provided by law, for anything done or action taken or suffered in reliance upon any such consultant, Trustee or counsel. Any and all such things done or such actions taken or suffered by the
Employee Benefit Plan Committee, the Employee Benefits Appeals Committee, the Plan Administrator, the Board of Directors and the Company will be conclusive and binding on all Employees, Participants, Beneficiaries, and other persons whatsoever
except as otherwise specifically provided by law. The Employee Benefit Plan Committee, the Employee Benefits Appeals Committee and the Plan Administrator may, but are not required to, rely upon all records of the Company with respect to any matter
or thing whatsoever, and to the extent they rely thereon, such records will be conclusive with respect to all Employees, Participants, and Beneficiaries. 

9.090 Requirement of Proof. The Employee Benefit Plan Committee, the Plan Administrator, the Employee Benefits Appeals Committee, the Board of
Directors or the Company may require satisfactory proof of any matter under this Plan from or with respect to any Employee, Participant, or Beneficiary, and no such person may acquire any rights or be entitled to receive any benefits under this Plan
until such proof is furnished as so required. 
 9.100 Limitation and Indemnification. Except as provided in Part 4 of Title 1 of ERISA, no person
will be subject to any liability with respect to his duties under the Plan, unless he acted fraudulently or in bad faith. No person will be liable for any breach of fiduciary responsibility resulting from the act or omission of any other fiduciary
or any person to whom fiduciary responsibilities have been allocated or delegated, except as provided in ERISA §405(a) and 405(c)(2)(A) or (B). No action or responsibility will be deemed to be a fiduciary action or responsibility except to the
extent required by ERISA. The Company shall indemnify the Plan 

  
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Plan 011 
 Effective January 1, 2009

 
Administrator, each member of the Employee Benefit Plan Committee, each member of the Employee Benefits Appeals Committee and any other employee of the Company with duties under the Plan, to the
full extent permitted by law against expenses, liability and loss (including attorney’s fees, judgments, fines, ERISA excise taxes or penalties and amounts paid in settlement) reasonably incurred by him in connection with any claims against him
by reason of this position in connection with the Plan or his duties under the Plan. Such rights of indemnification shall include the right to be paid by the Company expenses, including attorney’s fees, incurred in defending any civil,
criminal, administrative or investigative action, suit or proceeding, in advance of the final disposition of such action, suit or proceeding upon receipt of an understanding by or on behalf of such person to repay such amount if it shall be
determined that such person is not entitled to be indemnified by the Company. 
 9.110 Mailing and Lapse of Payments. All payments under the Plan
will be delivered in person or mailed to the last address of the Participant (or, in the case of the death of the Participant, to that of any other person entitled to such payments under the terms of the Plan) furnished pursuant to
Section 9.130 below. If the Participant is deceased and payment cannot be made alternately to the estate of either and no surviving spouse, child, grandchild, parent, brother or sister of the Participant or his Beneficiary are known to the Plan
Administrator or the Trustee or, if known, cannot with reasonable diligence be located, the amount payable will be retained by the Trustee until the amount can be distributed pursuant to the provisions of this Plan or of applicable law. 

9.120 Non-Alienation. No right or benefit provided for in the Plan will be subject in any manner to anticipation, alienation, sale, transfer,
assignment, pledge, encumbrance (including garnishment, attachment, execution or levy of any kind or charge) and any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge the same will be void; provided, however, that
the foregoing will not apply to the creation, assignment, or recognition of a right to any benefit payable with respect to a Participant pursuant to: 
  

	(a)	a domestic relations order, which the Plan Administrator determines is a qualified domestic relations order under Code §414(p) and which requires that the order’s alternate payee (as defined in the said Code
section) will be paid in a lump sum as soon as is practicable following the order’s issuance. 

 9.130 Notices and Communications.
Each Participant will be responsible for furnishing the Plan Administrator or his designee with his current address and the correct current name and address of his Beneficiary. All communications from Participants must be in the manner from time to
time prescribed by the Plan Administrator or his designee and must be addressed or communicated (including telephonic communications) to such entity or Company office as may be designated by the Plan Administrator, and will be deemed to have been
given to the Company when received by such entity or Company office. Each communication directed to a Participant or Beneficiary must be in writing and may be delivered in person or by mail, in which latter event it will be deemed to have been
delivered and received by him when so deposited in the United States Mail with postage prepaid addressed to the Participant or Beneficiary at his last address of record with the office designated by the Plan Administrator. 

  
 -39- 

Plan 011 
 Effective January 1, 2009

 9.140 Company Rights. The Company’s rights to discipline or discharge Employees or to exercise its
rights as to incidents and tenure of employment will not be affected in any manner by reason of the existence of the Trust Agreement or the Plan, or any action taken under them. 

9.150 Payments on Behalf of Incompetent Participants or Beneficiaries. In the event that the Plan Administrator or his designee finds that any
Participant or Beneficiary to whom a benefit is payable under the terms of this Plan is unable to care for his affairs because of illness or accident, is otherwise mentally or physically incompetent, or unable to give a valid receipt, the Plan
Administrator may cause the payment becoming due to such Participant or Beneficiary to be paid to another person for his benefit without responsibility on the part of the Plan Administrator, the Employee Benefit Plan Committee, the Employee Benefits
Appeals Committee, the Company or the Trustee to follow the application of such payment. Any such payment will be a payment for the account of the Participant or Beneficiary and will operate as a complete discharge of all liability therefor under
this Plan of the Trustee, the Company, the Plan Administrator, the Employee Benefits Appeals Committee and the Employee Benefit Plan Committee. 

  
 -40- 

Plan 011 
 Effective January 1, 2009

 ARTICLE X: PARTICIPANT CLAIMS 

10.010 Claims and Appeals Procedures. The following paragraphs set forth the exclusive procedure for making claims against the Plan. Any person making
a claim hereunder shall proceed as follows: 
  

	(a)	Request for Benefits. Benefits shall be requested by written application on a form filed in accordance with procedures established and uniformly applied by the Plan Administrator or its delegate. The Employee
Benefits Appeals Committee or its delegate shall make all determinations as to the right of any Participant, Beneficiary, or spouse to receive a benefit under the Plan and the amount of such benefit. The time, manner, and form of distribution of
such benefit shall occur in accordance with the terms of the Plan. 

  

	(b)	Claims. If a Participant believes that the requested benefit was erroneously denied or that the amount of a withdrawal or distribution from the Plan is in error or if an Employee believes that he has been
improperly denied the right to participate in the Plan or receive a contribution to the Plan, such Participant or Employee must make a claim to the Employee Benefits Appeals Committee in such manner and pursuant to such procedure as established by
the Committee. A claimant who fails to reduce a claim to writing shall be deemed not to have made such claim. 

  

	(c)	Decision on Claims. The Employee Benefits Appeals Committee or its delegate will make a decision with respect to a claim within 90 days of the receipt of the written claim, unless special circumstances require an
extension of time for processing, in which case a decision must be rendered within 180 days (notice of the delay must be furnished within the initial 90-day period, however). If a claim is wholly or partially denied, the claimant shall receive from
the Employee Benefits Appeals Committee a written notice which includes the following: (A) the specific reason or reasons for the denial, (B) specific references to pertinent provisions of the Plan upon which the denial is based,
(C) a description of any additional material or information necessary for the claimant to perfect the claim and an explanation as to why such material or information is necessary, (D) appropriate information as to the steps to be taken if
the claimant wishes to submit a claim for review and (E) a statement of the claimant’s right to bring an action under ERISA §502(a) following an adverse benefit determination on review. 

 

	(d)	 Appeal. Any person whose claim has been denied as set forth in (c) may appeal the denial to the Employee Benefits Appeals Committee by
filing a written appeal within sixty (60) days of the date of receipt of the denial. In such review, the claimant or his duly authorized representative shall have the right to review any pertinent Plan documents and to submit any issues or
comments in writing. In addition, the claimant (i) shall have the right to submit documents, records, and other information relating to the claim for benefits; and (ii) shall be provided upon request and free of charge, reasonable access
to and copies of all documents, records, and other information that is relevant to the claim for benefits. In the sole discretion 

  
 -41- 

Plan 011 
 Effective January 1, 2009

	 	
of the Employee Benefits Appeals Committee or its delegate, the Committee may arrange to meet with the claimant and/or the claimant’s representative or have a hearing for the purpose of
understanding the claimant’s position and any related evidence which the claimant wishes to offer. In all cases, the Committee’s review of the appeal shall take into account all comments, documents, records, and other information submitted
by the claimant, without regard to whether such information was submitted or considered in the initial benefit determination. 

For purposes of this Section, information is considered “relevant” to a claimant’s claim if such document, record, or other
information (i) was relied upon in making the benefit determination; (ii) was submitted, considered, or generated in the course of making the benefit determination, without regard to whether such document, record, or other information was
relied upon in making the determination; or (iii) demonstrates compliance with the Plan’s review procedures and that, if appropriate, the Plan provisions have been applied consistently with respect to similarly situated claimants. 

 

	(e)	Decision on Appeal. The Employee Benefits Appeals Committee or its delegate, within sixty (60) days after receipt of the request for review, or, in special circumstances such as where the Committee or its
delegate in its sale discretion finds there is a need to hold a hearing, within one hundred and twenty (120) days of receipt of the request for review (in which case notice of the delay will be given to the claimant during the initial sixty-
(60) day period), shall give written notice of its decision to the claimant in writing. The notice shall include specific reasons for the decision and specific references to the pertinent Plan provisions upon which the decision is based. In
addition, the written notice of the decision denying a claim shall contain (i) a statement that the claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of all documents, records, and other
information that is relevant to the claimant’s claim for benefits, and (ii) a statement of the claimant’s right to bring an action under ERISA §502(a). If the appeal has not been granted and the notice is not furnished within the
period of time specified above, the appeal shall be deemed to be denied. The decision on appeal shall be binding on all parties. 

 10.020
Limitation on Legal Action. In the event a claim is finally determined under this Article X, no legal action shall be brought against the Plan, the Plan Administrator, the Employee Benefit Plan Committee, the Employee Benefits Appeals Committee
or the Company more than two years after the date of final determination, nor shall any claim or other action be brought against the Plan, the Plan Administrator, the Employee Benefit Plan Committee, the Employee Benefits Appeals Committee or the
Company more than two years after the claimant knew or should have known of the existence of such claim or action. 

  
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Plan 011 
 Effective January 1, 2009

 ARTICLE XI: AMENDMENT, MERGERS, TERMINATION, ETC. 

11.010 Amendment. The Board of Directors or its designee may, at any time and from time to time, amend this Plan in whole or in part. However, except
as provided in Section 11.040 below, no amendment may be made, the effect of which would be: 
  

	(a)	to cause any contributions paid to the Trustee to be used for or diverted to purposes other than providing benefits to the Participants and their Beneficiaries, and defraying reasonable expenses of administering the
Plan, prior to satisfaction of all liabilities with respect to Participants and their Beneficiaries; 

  

	(b)	to have any retroactive effect so as to deprive any Participant or Beneficiary of any benefit to which he would be entitled under this Plan if his employment were terminated immediately before such amendment; or

  

	(c)	to increase the responsibilities or liabilities of the Trustee without its written consent. 

 11.020
Transfer of Assets and Liabilities. The Employee Benefit Plan Committee at any time may, in its sole discretion and without the consent of the Participant or his representative, cause the Trustee to segregate part of the assets of the Trust Fund
into one or more separate trust funds and designate a group of Participants whose benefits will be provided solely from each such segregated fund. The Board of Directors may, in its sole discretion without the consent of any Participant or his
representative, establish a separate plan to cover any such group of Participants. The initial terms and conditions of any such plan will be identical to the extent such terms and conditions affect the rights of Participants under the Plan.
Amendment to the Plan will not be necessary to carry out the provisions of this Section. 
 11.030 Merger Restriction. The Company may, by action of
the Board of Directors, merge this Plan, in whole or in part, with any other plan sponsored by the Company or by an Affiliate of the Company. Notwithstanding any other provision in this Plan, the Plan may not in whole or in part be merged or
consolidated with, or have its assets or liabilities transferred to any other plan, unless each affected Participant in this Plan would (if the Plan then terminated) receive a benefit immediately after the merger, consolidation, or transfer which is
equal to or greater than the benefit he would have been entitled to receive immediately before the merger, consolidation, or transfer (if the Plan had then terminated). 

11.040 Suspension of Contributions. The Company may, without amendment of the Plan and without the consent of any Participant or representative of any
Participant, suspend contributions to the Plan as to all or certain Participants by action of the Board of Directors. In any event, the Company will suspend contributions at any time when the amount of any contribution by it would be in excess of
the earnings, including retained earnings, of the Company. Upon a suspension, the Employee Benefit Plan Committee may, in its sole discretion permit the Trust Fund to continue to be held by the Trustee, or may segregate one or more parts of the
Trust Fund, as provided in Section 11.020. 

  
 -43- 

Plan 011 
 Effective January 1, 2009

 11.050 Discontinuance of Contributions. The Company may, by action of the Board of Directors, without
amendment of the Plan and without the consent of any Participant or representative of any Participant, discontinue such contributions to the Plan as to all or certain Participants. 

11.060 Termination. The Company may terminate or partially terminate the Plan at any time. Upon such termination or partial termination of the Plan, or
upon a complete discontinuance of contributions pursuant to Section 11.050, the Accounts of each affected Participant will remain fully vested and nonforfeitable. In the event of termination or partial termination the Employee Benefit Plan
Committee may, without the consent of any Participant or other person, permit the Trustee to retain all or part of the Trust Fund or distribute all or part of the Trust Fund to the Participants or their spouses or Beneficiaries. 

  
 -44- 

Plan 011 
 Effective January 1, 2009

 ARTICLE XII: MISCELLANEOUS 

12.010 Benefits Payable only from Trust Fund. All benefits payable hereunder will be provided solely from the trust, and the Company assumes
no responsibility for the acts of the Trustee, except as provided in the Trust Agreement. 
 12.020 Requirement for Release. Any payment to
any Participant or a Participant’s present, future or former spouse or Beneficiary in accordance with the provisions of this Plan will, to the extent thereof, be in full satisfaction of all claims against the Plan, the Plan Administrator, the
Trustee and the Company, and the Trustee may require such Participant or Beneficiary, as a condition precedent to such payment to execute a receipt and release to such effect. 

12.030 Transfers of Stock. Transfers of Rockwell Automation common stock from the Plan will be made as soon as practicable, but the Company, the Plan
Administrator, any other Named Fiduciary and the Trustee will not have any responsibility for any decrease in the value of such common stock between the Valuation Date used for determination of the number of shares to which the Participant is
entitled and the date of transfer by the transfer agent, nor will the Participant receive any dividends, rights, options or warrants on such stock other than those payable to stockholders of record as of a date on or after the date of
transfer. 
 12.040 Rights of Reemployed Veterans. Notwithstanding any other provision of the Plan to the contrary, contributions, benefits and
service credit with respect to qualified military service will be provided in accordance with Code §414(u). 
 12.050 Qualification of the Plan.
The Company intends for the Plan to be qualified and approved by the PRTD under PR Code §1165 and for Company Contributions to be deductible by the Company for Puerto Rico income tax purposes. Continuation of the Plan is contingent upon and
subject to retaining such qualification and approval. Any modification or amendment of the Plan or the Trust Agreement may be made retroactively by the Company, if necessary or appropriate, to qualify or maintain the Plan and the Trust as a plan and
trust meeting the requirements of applicable provisions of the PR Code and of other federal or Puerto Rico laws, as are now or in the future may be in effect. No contribution made by the Company may revert to the Company, unless such contribution
was the result of a good faith mistake of fact, in which case such contribution may be returned to the Company within one (1) year to the extent permitted by all applicable laws. 

12.060 Interpretation. The masculine gender will include the feminine and the singular will include the plural unless the context clearly indicates
otherwise. 
 12.070 No Contract of Employment. The adoption and maintenance of this Plan shall not be construed as creating any contract of
employment between the Company or any Affiliated Company and any employee, and each such Company shall have the right in all respects to deal with its employees, their hiring, discharge, compensation and conditions of employment as though the Plan
did not exist. No employee shall have any right to question the action of any 

  
 -45- 

Plan 011 
 Effective January 1, 2009

 
such Company in discontinuing its contributions to this Plan or in terminating this Plan in its entirety. Each Participant shall have the right to see the record of his Account(s) but no right to
inquire as to the Accounts of other Participants. 

  
 -46- 

Plan 011 
 Effective January 1, 2009

 APPENDIX A 

EXCLUDED EMPLOYERS 
 Effective as of
January 1, 2009, the following Affiliated Companies do not participate in this Plan: 
 None. 

  
 -47- 

Plan 011 
 Effective January 1, 2009

 APPENDIX B 

PROCEDURES, TERMS AND CONDITIONS OF LOANS 

Eligibility for Loans. The individuals eligible to obtain loans from the Plan (“Borrowers”) are limited to: 

 

	 	(1)	Employees, and 

  

	 	(2)	non-Employees who are “parties in interest” (as defined in ERISA §3(14)) 

 who have Plan Account
balances. An Employee who wishes to obtain a loan must be employed on an active payroll of an Affiliated Company at the time of the loan application. A party in interest who is not an Employee will be eligible to obtain a loan only if an agreement
can be provided by the party’s current employer to deduct and remit the required loan repayments to the Savings Plan. 
 Limitation on Number and
Minimum Amount of Loans. Only two (2) loans to a Borrower will be permitted to be outstanding from all Company sponsored savings plans at any one time. Each loan must be for a minimum of One Thousand Dollars ($1,000.00). 

Maximum Amount of Loan. The amount which a Borrower will be permitted to borrow from the Plan is based on the aggregate value of the
Borrower’s Accounts, determined in accordance with the Plan, and may not exceed the least of the amounts described in Section 6.060 of the Plan. The maximum amount of any loan will be further limited to ensure that, after applying the
appropriate interest rate and taking into account all applicable deductions, the resulting periodic repayments will not exceed the Borrower’s net earnings. The deductions referred to in the preceding sentence include statutory withholdings,
deductions for employee benefits and all Pre-tax contributions to the Plan. 
 Loan Applications. Loan applications by prospective Borrowers
will be made via telephone to the Plan Administrator or such third party administrator as may be designated by the Plan Administrator (either of whom is hereafter referred to as the “Loan Administrator”). The Loan Administrator will then
review the telephonic application and determine eligibility for the loan. If the loan is approved, the Loan Administrator will prepare and forward to the Borrower a letter notifying the Borrower of the approval, together with a Truth in Lending
Statement and a check for the loan amount, all in form approved by the Plan Administrator. The Borrower’s endorsement of the loan check will be considered to be the Borrower’s agreement to the terms of the loan. Failure by the Borrower to
endorse the check within thirty (30) days after the date of the check will be deemed to be a withdrawal by the Borrower of the loan application. 

Loan Initiation Fee. A fee in the amount of Seventy-five Dollars ($75.00) will be assessed in connection with the initiation of each loan. This
fee will be deducted from the Borrower’s Plan Account at the same time that the loan is approved and processed. 

  
 -48- 

Plan 011 
 Effective January 1, 2009

 Source of Loan Funds. Each loan will be funded from the Borrower’s Investment Funds on a pro
rata basis, based upon the relative size of the balance of each such Fund, by withdrawing the required amounts from the Plan Account(s) of the Borrower in the following order: 

 

					
	First		—		from amounts in the Borrower’s Pre-tax Contribution Account attributable to his Supplemental Pre-tax Contributions;
			
	Second		—		from amounts in the Borrower’s Pre-tax Contribution Account attributable to his Catch-up Contributions;
			
	Third		—		from amounts in the Borrower’s Pre-tax Contribution Account attributable to his Basic Pre-tax Contributions;
			
	Fourth		—		from amounts in the Borrower’s Account attributable to QNECs;
			
	Fifth		—		from amounts in the Borrower’s After-tax Contribution Account attributable to his Supplemental After-tax Contributions;
			
	Sixth		—		from amounts in the Borrower’s After-tax Contribution Account attributable to his Basic After-tax Contributions;
			
	Seventh		—		from amounts in the Borrower’s Contribution Accounts attributable to his pre-tax Rollover Contributions; and
			
	Eighth		—		from amounts in the Borrower’s Contribution Accounts attributable to his after-tax Rollover Contributions.

 Determination of Loan Interest Rate. The interest rate to be charged for loans will be one percent
(1%) over the prime rate stated by Reuters and published on the last business day of each calendar month. 
 Term of Loans. Loans will be
permitted for terms of 12, 24, 36, 48 or 60 months for loans other than those for the purpose of purchasing a primary residence, which will be permitted for terms up to 120 months. 

Repayments. Loan repayments by Employees will be deducted from the Employee’s pay check each pay period. If a pay check is insufficient to
cover the full amount of the loan repayment, no deduction will be made, and the repayment will be deducted from the Employee’s next pay check. 

Prepayments. Prepayment of a loan will not be permitted during the first 30 days of the loan’s existence, but the full unpaid balance of
the loan may be prepaid by a Borrower at any time after 30 days. Partial prepayments in excess of scheduled payroll deductions will not be accepted. 

  
 -49- 

Plan 011 
 Effective January 1, 2009

 Missed Payments. If any payment is not made, interest will continue to accrue on such missed
payment and subsequent payments will be applied first to accrued and unpaid interest on the missed payment and then to principal. A notice will be mailed to the last known address of the Borrower stating that if three (3) consecutive months of
payments are missed, the loan will be considered to be in default. 
 Termination of Employment. If a Borrower who is an Employee terminates
employment or is on an unpaid Leave, or if a Borrower who is not an Employee is no longer able to repay a loan through payroll deductions, the Borrower may continue to make loan repayments by bank check, cashier check, personal check or money order.
Such repayments to the Plan will be made through the Loan Administrator at an address to be provided to the Borrower by the Loan Administrator. 

Default. A loan will be considered to be in default after three (3) consecutive months of payments have been missed during the term of the
loan or when a Borrower revokes a payroll deduction authorization. In the event of such a default, a distribution of the loan amount, including both unpaid principal and accrued but unpaid interest, will be deemed to have occurred (as described in §1.401(k)-1(d)(6)(ii) of the Treasury Regulations) and an information return reflecting the tax consequences, if any, to the Borrower will be issued. Upon the occurrence of an event permitting actual
distribution of the Borrower’s Account pursuant to the provisions of PR Code §1165(e) (whether distribution of the Borrower’s entire Plan Account will actually be made or will be deferred pursuant to applicable provisions of the
Plan), the unpaid balance of a defaulted loan will be charged off against the Borrower’s Account. If no distribution event has occurred, which would otherwise permit payment to the Borrower under PR Code §1165(e), the unpaid balance of the
loan will be retained in the Account until such time as payment would be permitted under that PR Code Section, at which time the unpaid balance of the loan, including any accrued and unpaid interest, will be charged off against the Borrower’s
Account. 

  
 -50- 

Plan 011 
 Effective January 1, 2009

 Fourteenth Amendment 

Rockwell Automation Retirement Savings Plan for Salaried Employees 

First Amendment 

Rockwell Automation 1165(e) Plan 
 The
undersigned, Robert A. Bilsborough, Vice President, Compensation & Benefits, of Rockwell Automation, Inc. (the “Corporation”), pursuant to the authority provided by resolutions of the Corporation’s Board of Directors on
December 4, 1996, and December, 2009, does hereby approve, for and on behalf of the Corporation, the following amendments to the Rockwell Automation Retirement Savings Plan for Salaried Employees (the “Savings Plan”) (008) and
the Rockwell Automation 1165(e) Plan (the “1165(e) Plan”) (011). 
 Premises 

 

	1.	Prior to January 1, 2009, the certain employees of the Corporation working in Puerto Rico participated in the Savings Plan (“Puerto Rico Participants”). 

 

	2.	The Corporation established the 1165(e) Plan effective January 1, 2009 for the benefit of its employees working in Puerto Rico, including those employees who previously participated in the Savings Plan.

  

	3.	The Puerto Rico Treasury Department has issued letters recognizing the tax qualified status of both the Savings Plan and the 1165(e) Plan under Puerto Rico law. 

 

	4.	The Corporation desires to transfer the all Puerto Rico Participant accounts from the Savings Plan to the 1165(e) Plan in a plan-to-plan transfer. 

Resolutions 
 NOW THEREFORE BE IT
RESOLVED THAT: 
  

	1.	The Savings Plan is hereby amended to add new Section 9.160 to read as follows: 

 9.160
Special Transfer to 1165(e) Plan. Effective August 31, 2010 and pursuant to the transition relief provided under Internal Revenue Service Revenue Ruling 2008-40, the Trustee shall transfer the Account of any Participant who is, or was at
the time of his or her termination of employment, working in Puerto Rico to the trustee of the Rockwell Automation 1165(e) Plan. No such Participant’s accrued benefit shall be reduced or eliminated, to the extent such reduction or elimination
would violate applicable law. 
  

	2.	The 1165(e) Plan is hereby amended to add new Section 11.160 to read as follows: 

11.160 Special Transfer from Salaried Savings Plan. Effective August 31, 2010 and pursuant to the transition relief provided under
Internal Revenue Service Revenue Ruling 2008-40, the Trustee shall accept the transfer of Accounts from 

 
the trustee of the Rockwell Automation Retirement Savings Plan for Salaried Employees (the “Savings Plan”) of any participants who is, or was at the time of his or her termination of
employment, working in Puerto Rico to the Plan. Such transferred amounts shall be allocated to a Participant’s Account in the same manner as such amounts were allocated under the Savings Plan, and no such Participant’s accrued benefit
shall be reduced or eliminated, to the extent such reduction or elimination would violate applicable law. To the extent a Participant is not fully vested in amounts transferred pursuant to this Section, the vesting provision of Section 5.010 of
this Plan, which are identical to those in the Savings Plan, shall apply. 
 The foregoing actions are taken with the understanding that such actions are
consistent with the intentions of the Corporation. 
 Dated as of August 31, 2010. 

 

	
	 /s/ Robert A. Bilsborough

	Robert A. Bilsborough

 Second Amendment 

Rockwell Automation 1165(e) Plan 
 The
undersigned, Robert A. Bilsborough, Vice President, Compensation & Benefits, of Rockwell Automation, Inc. (the “Corporation”), pursuant to the authority provided by resolutions of the Corporation’s Board of Directors on
December 4, 1996, and December, 2009, does hereby approve, for and on behalf of the Corporation, the following amendments to the Rockwell Automation 1165(e) Plan (the “1165(e) Plan”) (011). 

 

	1.	Section 1.150 of the Plan is hereby amended and restated in its entirety effective as of December 1, 2010 to read as follows: 

“1.150 Base Compensation means the Participant’s compensation in any calendar year including base or
regular pay, lump sum merit awards, vacation pay, jury duty pay, holiday pay, short term disability pay, commission and sales incentive plan payments and any amount which would be paid to the Participant absent elections under Sections 2.020(a) and
2.030(a) or an election to make elective employee contributions pursuant to a qualified cash or deferred arrangement under a cafeteria plan meeting the requirements of Code §125. Base Compensation does not include overtime pay, extended work or
other premium pay, bonuses, deferrals under any non-qualified deferred compensation arrangement, unused vacation pay upon termination of employment, severance pay and any form of extra, contingent or supplementary compensation.” 

The foregoing actions are taken with the understanding that such actions are consistent with the intentions of the Corporation. 

Dated as of November 15, 2010. 
  

	
	 /s/ Robert A. Bilsborough

	Robert A. Bilsborough

 Third Amendment 

Rockwell Automation 1165(e) Plan 
 The
undersigned, Harry A. Malone, Vice President, Compensation & Benefits of Rockwell Automation, Inc. (the “Corporation”), pursuant to the authority provided by resolutions of the Corporation’s Board of Directors on
December 4, 1996, and December, 2009, does hereby approve, for and on behalf of the Corporation, the following amendments to the Rockwell Automation 1165(e) Plan (the “Plan”) (011). 

Premises 
  

	 	1.	The Government of Puerto Rico through Act number 1 of January 31, 2011 created the Internal Revenue Code for a New Puerto Rico (the “PR Code”) which repeals the Puerto Rico Internal Revenue Code of 1994,
as amended (the “1994 PR Code.”) 

  

	 	2.	Section 1081.01 of the PR Code (former Section 1165 of the 1994 PR Code) contains new rules governing retirement plans intended to be qualified in Puerto Rico such as the case as with the Plan.
Section 1081.01 of the PR Code is generally effective January 1, 2011, although some provisions will be effective for taxable years beginning on or after January 1, 2012. 

 

	 	3.	Regulations issued under Sections 1023(n) and 1165 of the 1994 PR Code will continue to govern the interpretation of identical provisions in Sections 1081.01 and 1033.09 of the PR Code until new regulations under the PR
Code are issued. 

 Resolutions 

NOW THEREFORE BE IT RESOLVED THAT: 
 1. Section 1.020 of
the Plan is hereby amended and restated in its entirety effective as of January 1, 2011 to read as follows: 
 “1.020 Affiliated
Company means Rockwell Automation, Inc. and: 
 (a) any corporation which is a member of a controlled group of corporations (as defined in the
1994 PR Code Section 1028 and Section 1010.04 of the PR Code for Plan Years commencing on or after January 1, 2011) which includes Rockwell Automation, Inc.; 

(b) any trade or business (whether or not incorporated) which is under common control (as defined in the 1994 PR Code Section 1028 or
Section 1081.01(a)(l4)(B) of the PR Code for Plan Years commencing on or after January 1, 2011) with Rockwell Automation, Inc.; and 
 (c) any
other company deemed to be an Affiliated Company by Rockwell Automation’s Board of Directors. 
 Notwithstanding the foregoing, for purposes of
determining whether an employee is an Eligible Employee, only an affiliate to which the Board of Directors has extended this Plan shall be considered an Affiliated Company. Affiliated Companies to which the Plan has not been extended are listed on
Appendix A hereto.” 

 2. Section 1.150 of the Plan is hereby amended and restated in its entirety effective as of January 1,
2011 to read as follows: 
 “1.150 Base Compensation or Compensation means the Participant’s compensation in any
calendar year including base or regular pay, lump sum merit awards, vacation pay, jury duty pay, holiday pay, short term disability pay, commission and sales incentive plan payments and any amount which would be paid to the Participant absent
elections under Sections 2.020(a) and 2.030(a) or an election to make elective contributions pursuant to a qualified cash or deferred arrangement under a cafeteria plan meeting the requirements of Code Section 125. Base Compensation does not
include overtime pay, extended work or other premium pay, bonuses, deferrals under any non-qualified deferred compensation arrangement, unused vacation pay upon termination of employment, severance pay and any form of extra, contingent or
supplementary compensation. Effective for Plan Years commencing on or after January 1, 2012, the Base Compensation of any Participant taken into account for determining any benefit provided under the Plan shall not exceed any amount provided by
Section 108l.0l(a)(12) of the PR Code.” 
 3. Section 1.200 of the Plan is hereby amended and restated in its entirety effective as of
January 1, 2011 to read as follows: 
 “1.200 Eligible Retirement Plan means an individual retirement account
described in Section 1169 of the 1994 PR Code (Section 1081.02 of the PR Code for Plan Years commencing on or after January 1, 2011), or a qualified trust described in Section 1165(a) of the 1994 PR Code (Section 1081.01 of the PR
Code for Plan Years commencing on or after January 1, 2011), that accepts the distributee’s Eligible Rollover Distribution. In the case of an Eligible Rollover Distribution to a Beneficiary who is the Participant’s surviving spouse,
an Eligible Retirement Plan is also an individual retirement account or qualified trust described above.” 
 4. Section 1.300 of the Plan is
hereby amended and restated in its entirety effective as of January 1, 2011 to read as follows: 
 “1.300 Hardship
means an immediate and heavy financial need of the Participant for which the amount required is not reasonably available to the Participant from other sources and which arises for one of the following reasons: 

(1) The construction or purchase (excluding mortgage payments) of a principal residence of the Participant; 

(2) The payment of tuition and related educational fees for up to 12 months of post- secondary education for the Participant or his or her spouse, children or
dependents; 
 (3) The payment of medical expenses as described in the 1994 PR Code and the PR Code for Plan Years commencing on or after January 1, 2011
incurred by the Participant or the Participant’s spouse or dependents, or to obtain medical care giving rise to such expenses; 

  
 2 of 11 

 (4) The payment of expenses incurred by the Participant for the funeral of a family member; 

(5) The prevention of the eviction of the Participant from his or her principal residence or foreclosure on a mortgage on the Participant’s principal
residence; or 
 (6) A financial need that has been identified as a deemed immediate and heavy financial need in a ruling, notice or other document of
general applicability issued under the authority of the Puerto Rico Secretary of the Treasury. 
 For purposes of this Section, the term
“dependent” shall be defined as set forth in the 1994 PR Code and the PR Code for Plan Years commencing on or after January 1, 2011. 
 As
used herein, financial Hardship will mean an immediate and heavy financial need that based on the facts and circumstances cannot be met from other resources that are reasonably available to the Participant. For this purpose, the Participant’s
resources are deemed to include those assets of the Participant’s Spouse and minor children that are reasonably available to the Participant. A distribution will be deemed to satisfy an immediate and heavy financial need of the Participant if
the Participant represents in writing to the Plan Administrator that the distribution is necessary to satisfy an immediate and heavy financial need and all of the following requirements are satisfied: 

(1) The distribution is not in excess of the amount of the immediate and heavy financial need of the Participant; provided, however, that the amount of such
distribution may include the amount of any federal, state or local taxes or penalties reasonably anticipated to result from the withdrawal; 
 (2) The
Participant has obtained all distributions, other than hardship distributions, and all nontaxable loans currently available to Participant from commercial sources and under the Plan and all of the plans maintained by the Employer or any other
employer; 
 (3) Such need cannot reasonably be relieved through reimbursement or compensation by insurance or otherwise, by liquidation of the
Participant’s assets, or by cessation of Pre-Tax Contributions to the Plan.” 
 5. Section 1.310 of the Plan is hereby amended and restated
in its entirety effective as of January 1, 2011 to read as follows: 
 “1.310 Highly Compensated Employee Group means
those individuals who are employed by a participating Company who are more highly compensated than two-thirds of all Eligible Employees employed by the same participating Company or any participating Company. Effective for Plan Years commencing on
or after January 1, 2011 the Highly Compensated Employee Group means those individuals who are employed by a participating Company or any participating Company who are: (i) officials of the participating Company; (ii) shareholders that own
more than 5% of the participating Company’s stocks with voting rights or of the total value of all classes of stocks of the participating Company or of the participation in the participating 

  
 3 of 11 

 
Company’s profits in the case of an entity which is not a corporation considering all rules regarding employer controlled group as provided under Sections 1010.04, 1010.05 and
1081.01(a)(14)(B) of the PR Code; or, (iii) employees earning more than the amount prescribed under section 414(q)(l)(B) of the United States Internal Revenue Code of 1986, as amended as adjusted from time to time by the Internal Revenue
Service during the previous taxable year. 
 The Plan Administrator may determine which Employees are highly compensated employees for purposes of this
Section in any manner permitted by the 1994 PR Code or the PR Code, as applicable. Such determination (as well as the determination of which Employees are not highly compensated employees) will be made by the Plan Administrator on a consistent basis
from Plan Year to Plan Year.” 
 6. Section 1.440 of the Plan is hereby amended and restated in its entirety effective as of January 1, 2011
to read as follows: 
 “1.440 PR Code shall mean the Internal Revenue Code for a New Puerto Rico, as amended from time to time including
regulations issued there under and any comparable future legislation that amends, supplements or supersedes it. Regulations issued under the Puerto Rico Internal Revenue Code of 1994 as amended (the “1994 PR Code”) will continue to govern
the interpretation of identical provisions in Sections of the PR Code until new regulations under the PR Code are issued. The 1994 PR Code applies for all Plan Years ended on or before December 31, 2010.” 

7. Section 2.045 of the Plan is hereby amended and restated in its entirety effective as of January 1, 2011 to read as follows: 

“2.045 Catch-up Contributions. In addition to the Basic Pre-tax Contributions and the Supplemental Pre-tax Contributions described, respectively,
in Sections 2.020 and 2.030, subject to Section 3.020 and notwithstanding any of the nondiscrimination rules described in the 1994 PR Code or the PR Code, as applicable, or limitations on Participant Contributions as are otherwise in effect
under this Plan, including, but not limited to any such rules or limitations as are set forth in Sections 3.010 and 12.010, any Participants in the Plan who on or prior to the last day of a Plan Year will have attained age 50 and who has in place an
election under Section 2.020 of at least 1% of Compensation will be permitted to elect to have an additional amount equal to 1% through 75% of his regular Compensation contributed as a pre-tax Catch-up Contribution to the Plan on his behalf
during that Plan Year, so long as the total of any such Catch-up Contributions during the Plan Year are not in excess of the applicable dollar amount set forth in the said Section 3.020 and a Participant’s combined Catch-up Contribution,
Pre-tax Contribution and After-tax contribution election percentages to not exceed 75% of his regular Compensation.” 

  
 4 of 11 

 8. Section 2.050 of the Plan is hereby amended and restated in its entirety effective as of January 1,
2011 to read as follows: 
 “2.050 Rollover Contributions. Transfers to this Plan of a Participant’s interest in another individual account
plan will be permitted as set forth below: 
 (a) Effective for Plan Years ended on or before December 31, 2010, a Participant who is an Eligible
Employee may elect (by providing the Plan Administrator with notice thereof) to have the entire amount credited to his account in a qualified individual account plan of a former employer transferred from such plan to this Plan as a Rollover
Contribution, subject to the following: 
 (1) Such Rollover Contributions are eligible for receipt hereunder only if they are in the form
of cash and are derived entirely from employee contributions or vested employer contributions to a retirement plan described in and subject to the 1994 PR Code§1165. 

(2) No portion of such Rollover Contributions may be derived from a transfer from a qualified plan which at any time had permitted benefit
payments in the form of a life annuity. 
 (3) The Plan is authorized to accept a Rollover Contribution from any Participant who is an
Eligible Employee if such contribution meets the following criteria: (a) such contribution represents the entire balance credited to the Participant in a employee benefit plan qualified under Sections 1165(a) or 1165(e) of the 1994 PR Code of a
former employer which is distributed to the Participant within a single taxable year by reason of separation from service; (b) such contribution is transferred directly by the trustee of the transferor plan or is rolled over by the Participant
within sixty (60) days after receipt of the distribution; (c) the spousal consent requirements of ERISA Section 205 are complied with, if applicable; and (d) such contribution meets any other conditions as determined necessary by
the Plan, the Trustee or the Plan Administrator to comply with Section 1165(b)(2) of the 1994 PR Code. 
 (b) Rollover Contributions will be credited
to separate Rollover Accounts, which will be separate from the Participant’s Pre-tax and After-tax Contribution Accounts and, as such, will be subject to investment elections which are separate from those related to the Participant’s
Pre-tax and After-tax Contribution accounts, but which will be subject to the same process as is set forth in Article IV of this Plan. 
 (c) Effective for
Plan Years commencing on or after January 1, 2011, a Participant who is an Eligible Employee may elect (by providing the Plan Administrator with notice thereof) to have any amount received from a qualified individual account plan of a former
employer transferred from such plan to this Plan as a Rollover Contribution, subject to the following: 
 (1) Such Rollover Contributions
are eligible for receipt hereunder only if they are in the form of cash and are derived entirely from employee contributions or vested employer contributions to a retirement plan described in and subject to PR Code §1081.01. 

(2) No portion of such Rollover Contributions may be derived from a transfer from a qualified plan which at any time had permitted benefit
payments in the form of a life annuity. 
 (3) The Plan is authorized to accept a Rollover Contribution from any Participant who is an
Eligible Employee if such contribution meets the following criteria: (a) such contribution complies with the provisions of Section 1081.01 (b) of the PR Code; (b) such contribution is 

  
 5 of 11 

 transferred directly by the trustee of the transferor plan or is rolled over by the Participant within sixty
(60) days after receipt of the distribution; (c) the spousal consent requirements of ERISA Section 205 are complied with, if applicable; and (d) such contribution meets any other conditions as determined necessary by the Plan,
the Trustee or the Plan Administrator to comply with Section 1081.01(b) of the PR Code.” 
 9. Section 2.080 of the Plan is hereby amended
and restated in its entirety effective as of January 1, 2011 to read as follows: 
 “The contribution of a Company in Puerto Rico for any Plan
Year will in no event exceed the maximum amount allowable as a deduction to the Company under the provisions of Section 1023(n) of the 1994 PR Code. However, for Plan Years commencing on or after January 1, 2011 the contribution of a
Company in Puerto Rico for any Plan Year will in no event exceed the maximum amount allowable as a deduction to the Company under the provisions of Section 1033.09 of the PR Code. The Company may make contributions to the Plan without regard to
net profits, current or accumulated.” 
 10. Section 3.010(a) of the Plan is hereby amended and restated in its entirety effective as of
January 1, 2011 to read as follows: 
 “(a) The aggregate amount in any calendar year of all of a Participant’s: 

(1) Basic and Supplemental Pre-tax Contributions to this Plan; and 

(2) elective deferrals under any other cash or deferred arrangement (as defined in the 1994 PR Code §1165(e) or, on or after
January 1, 2011, Section 1081.01(d) of the PR Code). 
 may not exceed the limit in effect under the 1994 PR Code §1165(e)(7)
for Plan Years ended on or before December 31, 2010. For Plan Years commencing on or after January 1, 2011, such amount may not exceed the limit in effect under PR Code §1081.01(d)(7).” 

11. Section 3.010(d) of the Plan is hereby amended and restated in its entirety effective as of January 1, 2011 to read as follows: 

“(d) In order to determine the amount of excess Pre-tax Contributions, if any, for the members of the Highly Compensated Employee Group, the Plan
Administrator or his delegate will: 
 (1) determine the “highly compensated employee” (as defined in the 1994 PR Code
§1165(e)(3)(E)(iii) for Plan Years ended on or before December 31, 2010 and PR Code §1081.01(d)(3)(E)(iii) for Plan Years commencing on or after January 1, 2011) in the Group with the highest Pre-tax Contribution Percentage
(i.e., the amount of such employee’s Pre-tax Contributions in a particular Plan Year, divided by his Compensation for the Plan Year); 

(2) determine how much said Percentage would have to be reduced to either satisfy the Average Pre-tax Contribution Percentage test under the
1994 PR Code §1165(e)(3) for Plan Years ended on or before December 31, 2010 and PR Code §1081.01(d)(3)(A) for Plan Years commencing on or after January 1, 2011, or cause such Percentage to equal the Pre-tax Contribution
Percentage of the highly compensated employee with the next highest Percentage; and 

  
 6 of 11 

 (3) repeat making the determination set forth in Paragraph (2) until such time as the
Average Pre-tax Contribution Percentage test described in that Paragraph is satisfied. 
 The amount of excess Pre-tax Contributions for the members of the
Highly Compensated Employee Group is equal to the amount equal to the sum of the hypothetical reductions described above, multiplied by such members’ Testing Compensation.” 

12. Section 3.020 of the Plan is hereby amended and restated in its entirety effective as of January 1, 2011 to read as follows: 

“3.020 Limits for Catch-up Contributions. Notwithstanding the limitations set forth in the preceding Section 3.010 or any other provision of
this Plan, the aggregate amount of Catch-up Contributions for a given Plan Year of any Participant who, as of the end of a Plan Year, is at least age fifty (50), who intends to have Basic and Supplemental Pre-tax Contributions made to the Plan
during the Plan Year which could be in excess of the limit set forth in the said Section 3.010 and who has a Basic Pre-tax or After tax Contribution election of at least 1% in place, will be permitted to elect to have Catch-up Contributions
made on his behalf to the Plan in amounts up to the limit provided in Section 1165(e)(7)(C) of the 1994 PR Code for Plan Years ended on or before December 31, 2010 and PR Code §1081.01(d)(7)(C) for Plan Years commencing on or after
January 1, 2011.” 
 13. Section 3.025 of the Plan is hereby amended and restated in its entirety effective as of January 1, 2011 to
read as follows: 
 “3.025 Qualified Nonelective Contributions. The Company may make qualified nonelective contributions on behalf of any
Eligible Employee who is working in Puerto Rico, in order to satisfy applicable requirements of the 1994 PR Code or the PR Code. Such contributions shall be fully vested at all times and shall be made in a manner that also complies with the 1994 PR
Code or the PR Code.” 
 14. Section 3.030 of the Plan is hereby amended and restated in its entirety effective as of January 1, 2011 to read
as follows: 
 “3.030 Incorporation by Reference. The limitations of the 1994 PR Code Section 1165(e) are hereby incorporated by reference.
Articles II and III of the Plan set forth the basic requirements of the 1994 PR Code §1165(e). In the event of any conflict between the provisions of these Articles II and III and the 1994 PR Code §1165(e), the provisions of the 1994 PR
Code there under shall govern. The Plan also incorporates by reference any subsequent PRTD guidance applicable under these 1994 PR Code provisions. 

Effective for Plan Years commencing on or after January 1, 2011 the limitations of PR Code Section 108l.01(d) are hereby incorporated by reference.
Articles II and III of the Plan set forth 

  
 7 of 11 

 the basic requirements of PR Code §1081.01 (d) for Plan Years commencing on or after January 1,
2011. In the event of any conflict between the provisions of these Articles II and III and the PR Code §1081.01(d), the provisions of the PR Code there under shall govern. The Plan also incorporates by reference any subsequent PRTD guidance
applicable under these PR Code provisions.” 
 15. A new Section 3.035 is hereby added to the Plan to read as follows: 

“3.035 Maximum Annual Addition Limits. 
 (a) The
provisions of this Section shall be effective as of the Plan Year commencing on January 1, 2012. 
 (b) Subject to the other provisions of this Section
but notwithstanding any other provision of the Plan to the contrary, in no event shall the annual addition to a Participant’s accounts for any limitation year exceed the lesser of (i) the defined contribution dollar limitation for such
limitation year, as defined below, or (ii) the defined contribution compensation limitation for such limitation year, as defined below. 
 (c) For
purposes of this Section, the “defined contribution dollar limitation” for any limitation year is the dollar amount set forth in Section 1081.01(a)(11)(B)(i) of the PR Code. 

(d) For purposes of this Section, the “defined contribution compensation limitation” for any limitation year· is a dollar amount equal to
100% of the Participant’s compensation for such limitation year as provided under Section 1081.01(a)(11)(B)(ii) of the PR Code. 
 (e) For
purposes of the rules set forth in this Section, the terms set forth herein shall apply. 
 (1) The “annual addition” to a
Participant’s accounts for a limitation year for purposes of this Plan shall be determined under the provisions of the PR Code (and mainly Section 1081.01(a)(11) of the PR Code.) In general, the annual addition is generally the sum of
employer contributions, employee contributions, and other additions allocated to the Participant’s accounts for such limitation year under the Plan excluding rollover or transfers from other qualified plans. 

(2) A Participant’s “compensation” shall, for purposes of the restrictions of this Section, refer to his or her compensation
including contributions made by the Participant under a cash or deferred compensation arrangement for such year. 
 (3) The “limitation
year” for purposes of the restrictions under this Section shall be the Plan Year.” 
 16. A new Section 3.040 is hereby added to the Plan to
read as follows: 
 “3.040 Requirement for Employer Aggregation. Effective for Plan Years commencing on or after January 1, 2012, the Plan
will need to satisfy the requirements of Sections 1081.01(d), 

  
 8 of 11 

 1081.01(a)(3) or 1081.0l(a)(4) of the PR Code considering all employees of all corporations or partnerships which
are part of a controlled group of corporations as the term is defined in Section 1010.04 of the PR Code, a group of related entities as the term is defined in Section 1010.05 of the PR Code, or a group of affiliated services as the term is
defined in Section 108l.01(a)(14) of the PR Code that have employees which are bona-fide residents of Puerto Rico.” 
 17. Section 5.090 of
the Plan is hereby amended and restated in its entirety effective as of January 1, 2011 to read as follows: 
 “5.090 Transfer of Distribution
Directly to Eligible Retirement Plan. A Participant, a Participant’s spouse entitled to distribution as his Beneficiary pursuant to Article VII or a former spouse entitled to distribution pursuant to Section 9.120(a) or any individual
entitled to a distribution as a Beneficiary pursuant to Article VII may request in writing to have the total Eligible Rollover Distribution paid directly to an Eligible Retirement Plan specified by the Participant in a direct rollover. The following
definitions shall apply for purposes of this Article 5.090: 
 (a) “Eligible Retirement Plan.” An Eligible Retirement Plan is an individual
retirement account described in Section 1169 of the 1994 PR Code, or a qualified trust described in Section 1165(a) of the 1994 PR Code that accepts the Participant’s Eligible Rollover Distribution. In the case of an Eligible Rollover
Distribution to a Beneficiary who is the Participant’s surviving spouse, an Eligible Retirement Plan is also an individual retirement account or qualified trust described above. Effective for Plan Years commencing on or after January 1,
2011, an Eligible Retirement Plan is an individual retirement account described in Section 1081.02 of the PR Code, or a qualified trust described in Section 108l.01(a) of the PR Code that accepts the Participant’s Eligible Rollover
Distribution. In the case of an Eligible Rollover Distribution to a Beneficiary who is the Participant’s surviving spouse, an Eligible Retirement Plan is also an individual retirement account or qualified trust described above; 

(b) “Eligible Rollover Distribution.” An Eligible Rollover Distribution is any distribution of all of the balance to the credit of the Participant
within a single taxable year by reason of separation from service. Effective for Plan Years commencing on or after January 1, 2011, an Eligible Rollover Distribution means a distribution described in Section 1081.01(b) of the PR Code. 

Such request will be made, in the case of a Participant, at the time his consent to such distribution is given to the Plan Administrator pursuant to
Section 5.070, or at such later date as the Plan Administrator permits, or, in the case of the Participant’s spouse or former spouse, at such time as the Plan Administrator determines. Prior to effecting such a transfer the Plan
Administrator may require evidence reasonably satisfactory to him that the entity to which such transfer is to be made is in fact an Eligible Retirement Plan and that such Eligible Retirement Plan may receive the distribution in the forms required
under this Section.” 
  

  
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 18. Section 6.030(c) of the Plan is hereby amended and restated in its entirety effective as of
January 1, 2011 to read as follows: 
 “(c) Any individual who makes a withdrawal pursuant to Article VI shall not be permitted to make Pre-Tax
Contributions until the end of the twelve (12) month period commencing on the date such withdrawal was received by the Participant. In addition, such Participant may not make Pre-Tax Contributions for such Participant’s taxable year
immediately following the taxable year of such withdrawal that is in excess of the applicable limit under Section 1165(e)(7)(A) of the 1994 PR Code or Section 1081.01 (d)(7) of the PR Code in the case of Plan Years commencing on or after
January 1, 2011 for such immediately following taxable year less the amount of such Participant’s Pre-Tax Contributions for the taxable year in which such Participant made the withdrawal. In addition, such Hardship distributions will only
be available to Participants hereunder only once every twelve (12) months.” 
 19. Section 12.050 of the Plan is hereby amended and restated
in its entirety effective as of January 1, 2011 to read as follows: 
 “12.050 Qualification of the Plan. The Company intends for the Plan
to be qualified and approved by the PRTD under the 1994 PR Code §1165 for Plan Years ended on or before December 31, 2010 and under the PR Code §1081.01 for Plan Years commencing on or after January 1, 2011 and for Company
Contributions to be deductible by the Company for Puerto Rico income tax purposes. Continuation of the Plan is contingent upon and subject to retaining such qualification and approval. Any modification or amendment of the Plan or the Trust Agreement
may be made retroactively by the Company, if necessary or appropriate, to qualify or maintain the Plan and the Trust as a plan and trust meeting the requirements of applicable provisions of the 1994 PR Code, the PR Code and of other federal or
Puerto Rico laws, as are now or in the future may be in effect. No contribution made by the Company may revert to the Company, unless such contribution was the result of a good faith mistake of fact, in which case such contribution may be returned
to the Company within one (1) year to the extent permitted by all applicable laws.” 
 20. The definition of the term “Default” in
Appendix B of the Plan is hereby amended effective as of January 1, 2011 to read as follows: 
 “Default. A loan will be considered
to be in default after three (3) consecutive months of payments have been missed during the term of the loan or when a Borrower revokes a payroll deduction authorization. In the event of such a default, a distribution of the loan amount,
including both unpaid principal and accrued but unpaid interest, will be deemed to have occurred (as described in §1.401(k)-l(d)(6)(ii) of the regulations under the Code) and an information return reflecting the tax consequences, if any, to the
Borrower will be issued. Upon the occurrence of an event permitting actual distribution of the Borrower’s Account pursuant to the provisions of the 1994 PR Code §1165(e) (Section 108l.01(d) of the PR Code for Plan Years commencing on or
after January 1, 2011) (whether distribution of the Borrower’s entire Plan Account will actually be made or will be deferred pursuant to applicable provisions of the Plan), the unpaid balance of a defaulted loan will be charged off against
the Borrower’s Account. If no distribution event has occurred, which would otherwise permit payment to the Borrower under PR Code §1165(e) (Section 108l.01(d) of the PR Code for Plan Years commencing on or after January 1, 2011), the
unpaid balance of the loan will be retained in the Account until such time as payment would be permitted under that 1994 PR Code or PR Code Section, at which time the unpaid balance of the loan, including any accrued and unpaid interest, will be
charged off against the Borrower’s Account.” 

  
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 The foregoing actions are taken with the understanding that such actions are consistent with the intentions of
the Corporation. 
 Dated as of December 21, 2011. 
  

			
	 /s/ Harry A. Malone

	Harry		A. Malone

  

  
 11 of 11EX-4.3

 Exhibit 4.3 

SLM CORPORATION 
 AND

 DEUTSCHE BANK NATIONAL TRUST COMPANY, 

as Trustee 
  

 
 INDENTURE

 Dated as of June 17, 2015 
  

 

 CROSS-REFERENCE TABLE 

Reconciliation and tie showing the location in the Indenture dated as of June 17, 2015 of the provisions inserted pursuant to Sections 310 to
318(a), inclusive, of the Trust Indenture Act of 1939, as amended. This reconciliation and tie shall not, for any purpose, be deemed to be a part of the Indenture. 
  

			
	Trust Indenture Act of 1939 Section	  	Indenture Section
	 310 (a)(1)
	  	7.09
	    (a)(2)
	  	7.09
	    (a)(5)
	  	7.09
	    (b)
	  	7.08 and 7.10
	 312 (a)
	  	5.01
	 313 (a)
	  	5.03
	    (c)
	  	5.03
	 314 (a)
	  	5.02
	    (c)(1)
	  	14.06
	    (c)(2)
	  	14.06
	    (e)
	  	14.06
	 315 (a)
	  	7.01
	    (b)
	  	6.08
	    (c)
	  	7.01
	    (d)
	  	7.01
	    (e)
	  	6.09
	 316 (a)(1)
	  	6.01 and 6.07
	    (b)
	  	6.04
	    (c)
	  	8.02
	 317 (a)
	  	6.02
	    (b)
	  	4.04(a)
	 318 (a)
	  	14.09

 TABLE OF CONTENTS 

 

							
	 	 	 	  	PAGE	 
	ARTICLE 1	  
	DEFINITIONS	  
			
	 Section 1.01.
	 	 Definitions
	  	 	1	  
	
	ARTICLE 2	  
	DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF SECURITIES	  
			
	 Section 2.01.
	 	 Forms
	  	 	6	  
	 Section 2.02.
	 	 Amount Unlimited; Issuable in Series
	  	 	7	  
	 Section 2.03.
	 	 Authentication
	  	 	9	  
	 Section 2.04.
	 	 Date and Denomination of Securities
	  	 	10	  
	 Section 2.05.
	 	 Execution of Securities
	  	 	11	  
	 Section 2.06.
	 	 Exchange and Registration of Transfer of Securities
	  	 	11	  
	 Section 2.07.
	 	 Global Securities
	  	 	13	  
	 Section 2.08.
	 	 Mutilated, Destroyed, Lost or Stolen Securities
	  	 	14	  
	 Section 2.09.
	 	 Temporary Securities
	  	 	15	  
	 Section 2.10.
	 	 Cancellation of Securities Paid, etc
	  	 	15	  
	 Section 2.11.
	 	 Computation of Interest
	  	 	16	  
	 Section 2.12.
	 	 Form of Legend for Global Securities
	  	 	16	  
	 Section 2.13.
	 	 CUSIP Numbers
	  	 	16	  
	
	ARTICLE 3	  
	REDEMPTION OF SECURITIES; SINKING FUNDS	  
			
	 Section 3.01.
	 	 Applicability of Article
	  	 	16	  
	 Section 3.02.
	 	 Notice of Redemption; Selection of Securities
	  	 	17	  
	 Section 3.03.
	 	 Payment of Securities Called for Redemption
	  	 	18	  
	 Section 3.04.
	 	 Satisfaction of Mandatory Sinking Fund Payments with Securities
	  	 	19	  
	 Section 3.05.
	 	 Redemption of Securities for Sinking Fund
	  	 	19	  
	 Section 3.06.
	 	 Repayment at the Option of the Holder
	  	 	21	  
	
	ARTICLE 4	  
	PARTICULAR COVENANTS OF THE COMPANY	  
			
	 Section 4.01.
	 	 Payment of Principal, Premium and Interest
	  	 	21	  
	 Section 4.02.
	 	 Offices for Notices and Payments, etc
	  	 	21	  
	 Section 4.03.
	 	 Appointment to Fill Vacancies in Trustee’s Office
	  	 	22	  
	 Section 4.04.
	 	 Provision as to Paying Agent
	  	 	22	  
	 Section 4.05.
	 	 Statement as to Compliance
	  	 	23	  
	 Section 4.06.
	 	 Additional Amounts
	  	 	23	  

  
 i 

							
	ARTICLE 5	  
	SECURITYHOLDER LISTS AND REPORTS BY THE COMPANY AND THE
TRUSTEE	  
			
	 Section 5.01.
		 Securityholder Lists
		 	24	  
	 Section 5.02.
		 Reports by the Company
		 	24	  
	 Section 5.03.
		 Reports by the Trustee
		 	24	  
	
	ARTICLE 6	  
	REMEDIES OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF
DEFAULT	  
			
	 Section 6.01.
		 Events of Default
		 	24	  
	 Section 6.02.
		 Payment of Securities on Default; Suit Therefor
		 	27	  
	 Section 6.03.
		 Application of Moneys Collected by Trustee
		 	29	  
	 Section 6.04.
		 Proceedings by Securityholders
		 	29	  
	 Section 6.05.
		 Proceedings by Trustee
		 	30	  
	 Section 6.06.
		 Remedies Cumulative and Continuing
		 	30	  
	 Section 6.07.
		 Direction of Proceedings and Waiver of Defaults by Securityholders
		 	31	  
	 Section 6.08.
		 Notice of Defaults
		 	31	  
	 Section 6.09.
		 Undertaking to Pay Costs
		 	32	  
	
	ARTICLE 7	  
	CONCERNING THE TRUSTEE	  
			
	 Section 7.01.
		 Duties and Responsibilities of Trustee
		 	32	  
	 Section 7.02.
		 Reliance on Documents, Opinions, etc
		 	34	  
	 Section 7.03.
		 No Responsibility for Recitals, etc
		 	36	  
	 Section 7.04.
		 Ownership of Securities
		 	36	  
	 Section 7.05.
		 Moneys to be Held in Trust
		 	36	  
	 Section 7.06.
		 Compensation and Expenses of Trustee
		 	36	  
	 Section 7.07.
		 Officer’s Certificate as Evidence
		 	37	  
	 Section 7.08.
		 Disqualification: Conflicting Interests for the Trustee
		 	37	  
	 Section 7.09.
		 Eligibility of Trustee
		 	37	  
	 Section 7.10.
		 Resignation or Removal of Trustee
		 	37	  
	 Section 7.11.
		 Acceptance by Successor Trustee
		 	39	  
	 Section 7.12.
		 Succession by Merger, etc
		 	40	  
	 Section 7.13.
		 Appointment of Authenticating Agent
		 	40	  
	
	ARTICLE 8	  
	CONCERNING THE SECURITYHOLDERS	  
			
	 Section 8.01.
		 Action of Securityholders
		 	42	  
	 Section 8.02.
		 Proof of Execution by Securityholders
		 	42	  
	 Section 8.03.
		 Who Are Deemed Absolute Owners
		 	43	  
	 Section 8.04.
		 Company-Owned Securities Disregarded
		 	43	  
	 Section 8.05.
		 Revocation of Consents; Future Holders Bound
		 	44	  

  
 ii 

							
	ARTICLE 9	  
	SECURITYHOLDERS’ MEETINGS	  
			
	 Section 9.01.
		 Purposes of Meetings
		 	44	  
	 Section 9.02.
		 Call of Meetings by Trustee
		 	44	  
	 Section 9.03.
		 Call of Meetings by Company or Securityholders
		 	44	  
	 Section 9.04.
		 Qualifications for Voting
		 	45	  
	 Section 9.05.
		 Quorum; Adjourned Meetings
		 	45	  
	 Section 9.06.
		 Regulations
		 	46	  
	 Section 9.07.
		 Voting
		 	46	  
	 Section 9.08.
		 No Delay of Rights by Meeting
		 	47	  
	
	ARTICLE 10	  
	SUPPLEMENTAL INDENTURES	  
			
	 Section 10.01.
		 Supplemental Indentures without Consent of Securityholders
		 	47	  
	 Section 10.02.
		 Supplemental Indentures with Consent of Securityholders
		 	49	  
	 Section 10.03.
		 Compliance with Trust Indenture Act; Effect of Supplemental Indentures
		 	50	  
	 Section 10.04.
		 Notation on Securities
		 	51	  
	 Section 10.05.
		 Evidence of Compliance of Supplemental Indenture to be Furnished Trustee
		 	51	  
	
	ARTICLE 11	  
	CONSOLIDATION, MERGER, SALE OR CONVEYANCE	  
			
	 Section 11.01.
		 Company May Not Consolidate, etc.
		 	51	  
	 Section 11.02.
		 Successor Person to be Substituted
		 	52	  
	 Section 11.03.
		 Documents to be Given Trustee
		 	53	  
	
	ARTICLE 12	  
	SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE	  
			
	 Section 12.01.
		 Discharge of Indenture
		 	53	  
	 Section 12.02.
		 Legal Defeasance
		 	54	  
	 Section 12.03.
		 Covenant Defeasance
		 	55	  
	 Section 12.04.
		 Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions
		 	55	  
	 Section 12.05.
		 Paying Agent to Repay Moneys Held
		 	56	  
	 Section 12.06.
		 Return of Unclaimed Moneys
		 	56	  
	 Section 12.07.
		 Reinstatement
		 	56	  
	
	ARTICLE 13	  
	IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND DIRECTORS	  
			
	 Section 13.01.
		 Indenture and Securities Solely Corporate Obligations
		 	56	  

  
 iii 

							
	
	ARTICLE 14	  
	MISCELLANEOUS PROVISIONS	  
			
	 Section 14.01.
		 Provisions Binding on Company’s Successors
		 	57	  
	 Section 14.02.
		 Official Acts by Successor Person
		 	57	  
	 Section 14.03.
		 Addresses for Notices, Notice to Holders, Waiver
		 	57	  
	 Section 14.04.
		 Governing Law
		 	58	  
	 Section 14.05.
		 Wavier of Trial by Jury
		 	58	  
	 Section 14.06.
		 Evidence of Compliance with Conditions Precedent
		 	58	  
	 Section 14.07.
		 Legal Holidays
		 	59	  
	 Section 14.08.
		 Securities in a Specified Currency other than Dollars
		 	59	  
	 Section 14.09.
		 Trust Indenture Act to Control
		 	60	  
	 Section 14.10.
		 Table of Contents, Headings, etc
		 	60	  
	 Section 14.11.
		 Execution in Counterparts
		 	60	  
	 Section 14.12.
		 Separability; Benefits
		 	60	  

  
 iv 

 THIS INDENTURE, dated as of June 17, 2015, is between SLM CORPORATION, a Delaware corporation
(the “Company”), and DEUTSCHE BANK NATIONAL TRUST COMPANY, a national banking association (the “Trustee”). 

R E C I T A L S 
 WHEREAS, the
Company has duly authorized the issue from time to time of its unsecured debentures, notes or other evidences of indebtedness to be issued in one or more series (each, a “Security,” and collectively, the
“Securities”) up to such principal amount or amounts as may from time to time be authorized in accordance with the terms of this Indenture; and to provide, among other things, for the authentication, delivery and administration
thereof, the Company has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, all things necessary to make this
Indenture a valid indenture and agreement according to its terms have been done; 
 NOW, THEREFORE, in consideration of the premises and the
purchases of the Securities by the holders thereof, the Company and the Trustee mutually covenant and agree, for the equal and proportionate benefit of the respective holders from time to time of the Securities of each series thereof, as follows:

 ARTICLE 1 

DEFINITIONS 

Section 1.01. Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly provided or unless the
context otherwise requires) for all purposes of this Indenture shall have the respective meanings specified in this Section 1.01. All other terms used in this Indenture which are defined in the Trust Indenture Act, or which are by reference therein
defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires), shall have the meanings assigned to such terms in said Trust Indenture Act and in said Securities Act as in force at the date of
this Indenture as originally executed. The words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section
or other subdivision. 
 “Additional Securities” shall have the meaning specified in Section 2.02. 

“Agent Members” shall have the meaning specified in Section 2.07(g). 

“Applicable Law” shall have the meaning specified in Section 7.02(n). 

“Authenticating Agent” shall mean any Person authorized by the Trustee pursuant to Section 7.13 to act on behalf of the
Trustee to authenticate Securities. 
 “Bank Regulatory Authority” means the Board of Governors of the Federal Reserve
System of the United States of America, the OCC, the Federal Deposit Insurance Corporation (in each case, or any successor) and any other relevant bank regulatory authority having jurisdiction over the Company, as applicable. 

 “Beneficial Owner” shall mean a Person who is the beneficial owner of a
beneficial interest in a Global Security as reflected on the books of the Depositary or on the books of a Person maintaining an account with such Depositary (directly as a Depositary participant or as an indirect participant, in each case in
accordance with the rules of such Depositary). 
 “Board of Directors” shall mean the Board of Directors of the Company or
any Committee of such Board or specified officers and employees of the Company to which the powers of such Board have been lawfully delegated. 

“Business Day” shall mean, unless otherwise specified, any calendar day that is not a Saturday, Sunday or a day on which
commercial banking institutions are not required to be open for business in The City of New York, New York. 
 “Company”
shall mean SLM CORPORATION, a Delaware corporation, until any successor corporation or limited liability company shall have become such pursuant to the provisions of Article 11, and thereafter “Company” shall mean such successor,
except as otherwise provided in Section 11.02. 
 “Depositary” shall mean, with respect to Securities of any series
issuable in whole or in part in the form of one or more Global Securities, a clearing agency registered under the Exchange Act that is designated to act as depositary for such Securities as contemplated by Section 2.07. 

“Dollar” shall mean the coin or currency of the United States of America as at the time of payment is legal tender for the
payment of public and private debts. 
 “Event of Default” shall have the meaning specified in Section 6.01. 

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

“Global Security” shall mean a Security that evidences all or part of the Securities of any series and bears the legend set
forth in Section 2.12 (or such other legend as may be specified for such Securities as contemplated by Section 2.02). 

“Indenture” shall mean this instrument as originally executed or as it may be amended or supplemented from time to time as
herein provided, and shall include the form and terms of particular series of Securities established as contemplated hereunder. 

“interest,” when used with respect to a non-interest bearing Security, means interest payable after the principal thereof has
become due and payable whether at maturity, by declaration of acceleration, by call for redemption, pursuant to a sinking fund, or otherwise. 

  
 2 

 “mandatory sinking fund payment” shall have the meaning specified in Section
3.01. 
 “Market Exchange Rate” shall have the meaning set forth in Section 14.08. 

“OCC” means the Office of the Comptroller of the Currency within the United States Department of the Treasury. 

“Officer” shall mean, unless otherwise specified by a provision of this Indenture or the Trust Indenture Act, as applicable,
the Chief Executive Officer, any Executive Vice President, any Senior Vice President or any Vice President, the Corporate Secretary or any Assistant Corporate Secretary of the Company. 

“Officer’s Certificate” shall mean a certificate signed by an Officer, and delivered to the Trustee. Each such
certificate shall comply with Section 314 of the Trust Indenture Act and shall include the statements provided for in Section 14.06 if and to the extent required by the provisions of the Trust Indenture Act or Section 14.06, as applicable. 

“Opinion of Counsel” shall mean an opinion in writing signed by legal counsel, who may be an employee of or of counsel to the
Company, or may be other counsel, in any case, satisfactory to the Trustee. Each such opinion shall comply with Section 314 of the Trust Indenture Act and shall include the statements provided for in Section 14.06 if and to the extent required
by the provisions of the Trust Indenture Act or Section 14.06, as applicable. 
 “optional sinking fund payment” shall have
the meaning specified in Section 3.01. 
 “Original Issue Discount Security” shall mean any Security which provides for an
amount less than the principal amount thereof to be due and payable upon a declaration of acceleration of the maturity thereof pursuant to Section 6.01. 

“Outstanding” shall mean, when used with respect to Securities, subject to the provisions of Section 8.04, as of any
particular time, all Securities authenticated and delivered by the Trustee under this Indenture, except: 
 (a) Securities theretofore
cancelled by the Trustee or delivered to the Trustee for cancellation; 
 (b) Securities, or portions thereof, for the payment or redemption
of which moneys in the necessary amount shall have been deposited in trust with the Trustee or with any paying agent (other than the Company), or shall have been set aside and segregated in trust by the Company (if the Company shall act as its own
paying agent), in each case pursuant to Section 12.01; provided that if such Securities are to be redeemed prior to the maturity thereof, notice of such redemption shall have been mailed (or otherwise delivered in accordance with the
applicable procedures of the Depositary) as in Article 3 provided, or provision satisfactory to the Trustee shall have been made for mailing (or such other delivery) such notice; 

  
 3 

 (c) Securities as to which defeasance has been effected pursuant to Section 12.02; and 

(d) Securities in lieu of or in substitution for which other Securities shall have been authenticated and delivered, or which shall have been
paid, pursuant to the terms of Section 2.08, unless proof satisfactory to the Trustee is presented that any such Securities are held by persons in whose hands any of such Securities is a valid, binding and legal obligation of the Company. 

In determining whether the holders of the requisite principal amount of Outstanding Securities have given any request, demand, authorization,
direction, notice, consent or waiver hereunder, the principal amount of an Original Issue Discount Security that shall be deemed to be Outstanding for such purposes shall be the amount of the principal thereof that would be due and payable as of the
date of such determination upon a declaration of acceleration of the maturity thereof pursuant to Section 6.01. 
 “Overdue
Rate” shall mean, with respect to each series of Securities, the rate of interest designated as such in the resolution of the Board of Directors or the supplemental indenture, as the case may be, relating to such series as contemplated by
Section 2.02, or if no such rate is specified, the rate at which such Securities shall bear interest. 
 “Person” shall
mean any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company, trust, unincorporated organization or government or any agency or political subdivision thereof. 

“Principal Office of the Trustee,” or other similar term, shall mean the designated office of the Trustee at which any
particular time its corporate trust business with respect to this Indenture shall be administered. 
 “record date” shall
have the meaning set forth in Section 2.04. 
 “Responsible Officer,” when used with respect to the Trustee, shall mean any
vice president, any assistant vice president, any assistant treasurer, any trust officer or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with
respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject and who, in each case, shall have direct responsibility for the administration
of this Indenture. 
 “SEC” shall mean the Securities and Exchange Commission. 

“Securities Act” shall mean the Securities Act of 1933, as amended. 

“Security” and “Securities” shall have the meanings set forth in the recitals to this Indenture. 

  
 4 

 “Security Register” shall have the meaning set forth in Section 2.06. 

“Security Registrar” shall have the meaning set forth in Section 2.06. 

“Securityholder,” “holder of Securities,” or other similar terms, shall mean any person in whose name at the
time a particular Security is registered on the books of the Company kept for that purpose in accordance with the terms hereof. 

“Specified Currency” shall mean the currency in which a Security is denominated, which may include Dollars, any foreign
currency or any composite of two or more currencies. 
 “Subsidiary” shall mean (a) any corporation of which the
Company directly or indirectly owns or controls at that time at least a majority of the outstanding Voting Stock or (b) any other Person (other than a corporation) in which the Company directly or indirectly has at least a majority ownership
interest and power to direct the policies, management and affairs thereto. 
 “Trust Indenture Act” shall mean the Trust
Indenture Act of 1939, as it was in force at the date of execution of this Indenture (except as provided in Section 10.01(e) and Section 10.03). 

“Trustee” shall mean the corporation or association named as Trustee in this Indenture and, subject to the provisions of
Article 7, shall also include its successors and assigns as Trustee hereunder. If pursuant to the provisions of this Indenture there shall be at any time more than one Trustee hereunder, the term “Trustee” as used with respect to the
Securities of any series shall mean the Trustee with respect to the Securities of such series. 
 “U.S. Government
Obligations” shall mean: 
 (a) any security which is (i) a direct obligation of the United States of America for the payment
of which its full faith and credit is pledged or (ii) an obligation of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America, the payment of which is unconditionally guaranteed as a full
faith and credit obligation by the United States of America, which, in each case, is not callable or redeemable at the option of the issuer thereof; and 

(b) any depositary receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act) as custodian with respect to any U.S.
Government Obligation which is specified in clause (a) above and held by such bank for the account of the holder of such depositary receipt, or with respect to any specific payment of principal of or interest on any U.S. Government Obligation
which is so specified and held; provided that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in
respect of the U.S. Government Obligation or the specific payment of principal or interest evidenced by such depositary receipt. 

  
 5 

 “Voting Stock” of any specified Person as of any date shall mean the capital
stock of such Person of the class or classes having general voting power under ordinary circumstances to elect at least a majority of the board of directors, managers or trustees of such Person; provided that, for the purposes hereof, capital
stock which carries only the right to vote conditionally on the happening of an event shall not be considered “Voting Stock” whether or not such event shall have happened. 

ARTICLE 2 

DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF
SECURITIES 
 Section 2.01. Forms. (a) The Securities of each series shall be in substantially such form as
shall be established by or pursuant to a resolution of the Board of Directors or in one or more indentures supplemental hereto, in each case with such appropriate insertions, omissions, substitutions and other variations as are required or permitted
by this Indenture, and may have such legends or endorsements placed thereon as the officer executing the same may approve (execution thereof to be conclusive evidence of such approval) and as are not inconsistent with the provisions of this
Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock exchange on which the Securities of such series may be listed, or to conform to usage. 

(b) The resolutions adopted by the Board of Directors or one or more indentures supplemental hereto establishing the form and terms of the
Securities of any series pursuant to Sections 2.01 and 2.02, respectively, of this Indenture, may provide for issuance of Global Securities. If Securities of a series are so authorized to be issued as Global Securities, any such Global Security may
provide that it shall represent that aggregate amount of Securities from time to time endorsed thereon, and may also provide that the aggregate amount of Outstanding Securities represented thereby may from time to time be reduced to reflect
exchanges. Any endorsement of a Global Security to reflect the amount, or any increase or decrease in the amount or changes in the rights of holders of Securities represented thereby, shall be made in such manner and by such person or persons as
shall be specified therein. 
 (c) The Trustee’s Certificate of Authentication on all Securities shall be in substantially the
following form: 
 This is one of the Securities of the series designated therein described in the within-mentioned
Indenture. 
  

			
	Deutsche Bank National Trust Company, not in its individual capacity but solely as Trustee
		
	By:		  

			Authorized Signatory

  
 6 

 Section 2.02. Amount Unlimited; Issuable in Series. The aggregate principal amount of
Securities which may be authenticated and delivered under this Indenture is unlimited. 
 The Securities may be issued in one or more
series. There shall be established by or pursuant to a resolution of the Board of Directors or established in one or more indentures supplemental hereto, prior to the issuance of Securities of any series: 

(a) the title of the Securities of such series (which shall distinguish the Securities of such series from all other Securities); 

(b) any limit upon the aggregate principal amount of the Securities of such series which may be authenticated and delivered under this
Indenture (except for Securities authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Securities of such series pursuant to Sections 2.06, 2.08, 2.09, 3.03, 3.06 or 10.04); 

(c) the date or dates on which the principal and premium, if any, of the Securities of such series are payable; 

(d) the rate or rates, or the method of determination thereof, at which the Securities of such series shall bear interest, if any, the date or
dates from which such interest shall accrue, the interest payment dates on which such interest shall be payable and, if other than as set forth in Section 2.04, the record dates for the determination of holders to whom interest is payable; 

(e) in addition to the office or agency of the Company in the Borough of Manhattan, The City of New York required to be maintained pursuant to
Section 4.02, any other place or places where the principal of, and premium, if any, and any interest on Securities of such series shall be payable; 

(f) the Specified Currency of the Securities of such series; 

(g) the currency or currencies in which payments on the Securities of such series are payable, if other than the Specified Currency; 

(h) the price or prices at which, the period or periods within which and the terms and conditions upon which Securities of such series may be
redeemed, in whole or in part, at the option of the Company, pursuant to any sinking fund or otherwise; 
 (i) the obligation, if any, of
the Company to redeem, purchase or repay Securities of such series pursuant to any sinking fund or analogous provisions or at the option of a holder thereof and the price at which or process by which and the period or periods within which and the
terms and conditions upon which Securities of such series shall be redeemed, purchased or repaid, in whole or in part, pursuant to such obligation; 

  
 7 

 (j) if other than minimum denominations of $2,000 and any integral multiple of $1,000 in excess
thereof, the denominations in which Securities of such series shall be issuable; 
 (k) if other than the principal amount thereof, the
portion of the principal amount of Securities of such series which shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.01; 

(l) if the principal of or interest on the Securities of such series are to be payable, at the election of the Company or a holder thereof, in
a coin or currency other than the Specified Currency, the period or periods within which, and the terms and conditions upon which, such election may be made; 

(m) if the amount of payments of principal of and interest on the Securities of such series may be determined with reference to an index based
on a coin or currency other than the Specified Currency, the manner in which such amounts shall be determined; 
 (n) any addition to, or
modification of, any Events of Default set forth in Article 6 with respect to the Securities of such series, and whether any such additional or modified Events of Default shall be subject to covenant defeasance under Section 12.03; 

(o) if other than the rate of interest stated in the title of the Securities of such series, the applicable Overdue Rate; 

(p) in the case of any series of non-interest bearing Securities, the applicable dates for purposes of Section 5.01(a); 

(q) if other than Deutsche Bank National Trust Company is to act as Trustee for the Securities of such series, the name and Principal Office
of such Trustee; 
 (r) if either or both of Sections 12.02 and 12.03 do not apply to any Securities of such series; 

(s) if applicable, that any Securities of such series shall be issuable in whole or in part in the form of one or more Global Securities and,
in such case, the name of the respective Depositaries for such Global Securities, the form of any legend or legends which shall be borne by any such Global Security in addition to or in lieu of that set forth in Section 2.12 and any circumstances in
addition to or in lieu of those set forth in clause (b) of Section 2.06 in which any such Global Security may be exchanged in whole or in part for Securities registered, and any transfer of such Global Security in whole or in part may be registered,
in the name or names of Persons other than the Depositary for such Global Security or a nominee thereof; 
 (t) any addition to, or
modification of, any covenants set forth in Article 4 with respect to the Securities of such series, and whether any such additional or modified covenant shall be subject to covenant defeasance under Section 12.03; and 

  
 8 

 (u) any other terms of such series. 

All Securities of any one series shall be substantially identical except as to denomination, and except as may otherwise be provided in or
pursuant to such resolution of the Board of Directors or in any such indenture supplemental hereto. 
 Notwithstanding Section 2.02(b)
herein and unless otherwise expressly provided with respect to a series of Securities, the Company may, from time to time, without the consent of the Securityholders of Securities of a particular series, reopen such series of Securities and issue
additional Securities (“Additional Securities”) of such series having the same ranking and the same interest rate, maturity and other terms as the Securities of such series, except for the public offering price, the issue date and,
if applicable, the initial interest payment date and initial interest accrual date. Any such Additional Securities, together with the initial Securities of such series, shall constitute a single series of Securities under this Indenture;
provided that if the Additional Securities are not fungible for U.S. federal income tax purposes with the initial Securities of such series, the Additional Securities shall be issued under a separate CUSIP number. No Additional Securities may
be issued if an Event of Default has occurred and is continuing with respect to the series of Securities of which such Additional Securities would be a part. 

Section 2.03. Authentication. At any time and from time to time after the execution and delivery of this Indenture, the Company
may deliver Securities of any series executed by the Company to the Trustee for authentication. Except as otherwise provided in this Article 2, the Trustee shall thereupon authenticate and deliver said Securities to or upon the written order of the
Company, signed by an authorized officer of the Company. In authenticating such Securities, and accepting the additional responsibilities under this Indenture in relation to such Securities, the Trustee shall be entitled to receive and (subject to
Section 7.01) shall be fully protected in relying upon: 
 (a) a copy of any resolution or resolutions of the Board of Directors relating
thereto and, if applicable, an appropriate record of any action taken pursuant to such resolution, in each case certified by the Secretary or an Assistant Secretary of the Company; 

(b) an executed supplemental indenture, if any, relating thereto; 

(c) an Officer’s Certificate prepared in accordance with Section 14.06 which shall also state to the best knowledge of the signers of
such Certificate that no Event of Default with respect to any series of Securities shall have occurred and be continuing; and 
 (d) an
Opinion of Counsel prepared in accordance with Section 14.06 to the effect 
 (i) that the form of such Securities has been
established by or pursuant to a resolution of the Board of Directors or by a supplemental indenture as permitted by Section 2.01 in conformity with the provisions of this Indenture; 

  
 9 

 (ii) that the terms of such Securities have been established by or pursuant to a
resolution of the Board of Directors or by a supplemental indenture as permitted by Section 2.02 in conformity with the provisions of this Indenture; 

(iii) that the Company has all requisite corporate power and authority to execute and deliver such Securities; 

(iv) that the execution and delivery of such Securities by the Company have been duly authorized by all necessary corporate
action on the part of the Company; 
 (v) that such Securities have been duly and validly executed, and when duly
authenticated by the Trustee and issued by the Company in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute the legal, valid and binding obligations of the Company, enforceable against it in accordance
with their terms, subject to applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally, and subject, as to enforceability, to general principles of
equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity); and 

(vi) that the execution and delivery by the Company of such Securities and the performance by the Company of its obligations
thereunder will not conflict with, constitute a default under or violate any of the terms, conditions or provisions of the organizational certificate or bylaws of the Company. 

The Trustee shall have the right to decline to authenticate and deliver or cause to be authenticated and delivered any Securities under this
Section 2.03 if the Trustee, being advised by counsel, determines that such action may not lawfully be taken or if the Trustee in good faith by its board of directors or trustees, executive committee, or a trust committee of directors or trustees
and/or vice presidents shall determine that such action would expose the Trustee to personal liability to existing Securityholders. 

Section 2.04. Date and Denomination of Securities. The Securities of each series shall be issuable in registered form without
coupons in such denominations as shall be specified as contemplated by Section 2.02. In the absence of any such specification with respect to the Securities of any series, the Securities of such series shall be issuable in minimum denominations of
$2,000 and any integral multiple of $1,000 in excess thereof. Securities of each series shall be numbered, lettered or otherwise distinguished in such manner or in accordance with such plan as the officers of the Company executing the same may
determine. 
 Every Security shall be dated the date of its authentication. 

The person in whose name any Security of a particular series is registered at the close of business on any record date (as hereinafter
defined) with respect to any interest payment date for such series shall be entitled to receive the interest payable on such 

  
 10 

 
interest payment date notwithstanding the cancellation of such Security upon any registration of transfer or exchange subsequent to the record date and prior to such interest payment date;
provided, however, that if and to the extent that the Company shall default in the payment of the interest due on such interest payment date, such defaulted interest shall be paid to the persons in whose names Outstanding Securities of such
series are registered on a subsequent record date established by notice given by mail by or on behalf of the Company to the holders of such Securities not less than 15 days preceding such subsequent record date, such record date to be not less than
five days preceding the date of payment of such defaulted interest. Except as otherwise specified as contemplated by Section 2.02 for Securities of a particular series, the term “record date” as used in this Section 2.04 with
respect to any regular interest payment date, shall mean the first day of the calendar month in which such interest payment date occurs if such interest payment date is the fifteenth day of such calendar month, and shall mean the fifteenth day of
the calendar month preceding the calendar month in which such interest payment date occurs if such interest payment date is the first day of a calendar month, whether or not such day shall be a Business Day. 

Interest on the Securities may at the option of the Company be paid by check mailed to the persons entitled thereto at their respective
addresses as such appear on the Security Register. 
 Section 2.05. Execution of Securities. The Securities shall be signed in
the name and on behalf of the Company by the manual or facsimile signature of its Chief Executive Officer and Chairman of the Board, its Chief Financial Officer or its Corporate Secretary or Assistant Corporate Secretary. Only such Securities as
shall bear thereon a certificate of authentication substantially in the form herein recited, executed by the Trustee by the manual signature of an authorized officer, shall be entitled to the benefits of this Indenture or be valid or obligatory for
any purpose. Such certificate by the Trustee upon any Security executed by the Company shall be conclusive evidence that the Security so authenticated has been duly authenticated and delivered hereunder and that the holder is entitled to the
benefits of this Indenture. 
 In case any officer of the Company who shall have signed any of the Securities shall cease to be such officer
before the Securities so signed shall have been authenticated and delivered by the Trustee, or disposed of by the Company, such Securities nevertheless may be authenticated and delivered or disposed of as though the person who signed such Securities
had not ceased to be such officer of the Company; and any Security may be signed on behalf of the Company by such persons as, at the actual date of the execution of such Security, shall be the proper officers of the Company, although at the date of
the execution of this Indenture any such person was not such an officer. 
 Section 2.06. Exchange and Registration of Transfer of
Securities. Securities of any series may be exchanged for a like aggregate principal amount of Securities of the same series of other authorized denominations. Securities to be exchanged shall be surrendered, at the option of the holders
thereof, either at the office or agency designated and maintained by the Company for such purpose in accordance with the provisions of Section 4.02 or at any of such other 

  
 11 

 
offices or agencies as may be designated and maintained by the Company for such purpose in accordance with the provisions of Section 4.02, and the Company shall execute and register and the
Trustee shall authenticate and deliver in exchange therefor the Security or Securities which the Securityholder making the exchange shall be entitled to receive. Each person designated by the Company pursuant to the provisions of Section 4.02 as a
person authorized to register and register transfer of the Securities is sometimes herein referred to as a “Security Registrar.” 

The Company shall keep, at each such office or agency, a register for each series of Securities issued hereunder (the registers of all
Security Registrars, collectively, the “Security Register”) in which, subject to such reasonable regulations as it may prescribe, the Company shall register Securities and shall register the transfer of Securities as in this Article
2 provided. The Security Register shall be in written form or in any other form capable of being converted into written form within a reasonable time. At all reasonable times the Security Register shall be open for inspection by the Trustee and any
Security Registrar other than the Trustee. Upon due presentment for registration or registration of transfer of any Security of any series at any designated office or agency, the Company shall execute and register and the Trustee shall authenticate
and deliver in the name of the transferee or transferees a new Security or Securities of the same series for an equal aggregate principal amount. Registration or registration of transfer of any Security by any Security Registrar in the Security
Register maintained by such Security Registrar, and delivery of such Security, duly authenticated, shall be deemed to complete the registration or registration of transfer of such Security. Notwithstanding anything herein to the contrary, there
shall only be one Security Register for each series of Securities. 
 No person shall at any time be designated as or act as a Security
Registrar unless such person is at such time empowered under applicable law to act as such under and to the extent required by applicable law and regulations. 

All Securities presented for registration of transfer or for exchange, redemption or payment shall (if so required by the Company or the
Trustee) be duly endorsed by, or be accompanied by a written instrument or instruments of transfer or exchange in form and substance satisfactory to the Company and the Trustee duly executed by, the applicable Securityholder or his attorney duly
authorized in writing, together with such documentation as may be reasonably required by the Trustee or the Security Registrar. 
 No
service charge shall be made for any exchange or registration of transfer of Securities, but the Company may require payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in connection therewith. 

The Company shall not be required to exchange or register a transfer of (a) any Securities of any series for the period of 15 days next
preceding the selection of Securities of that series to be redeemed and thereafter until the date of the mailing (or other delivery in accordance with the applicable procedures of the Depositary) of a notice of redemption of Securities of that
series selected for redemption, or (b) any Securities selected, called or being called for redemption in whole or in part except, in the case of any Security to be redeemed in part, the portion thereof not so to be redeemed. 

  
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 Section 2.07. Global Securities. The provisions of this Section 2.07 shall apply only
to Global Securities. 
 (a) Each Global Security authenticated under this Indenture shall be registered in the name of the Depositary
designated for such Global Security or a nominee thereof and delivered to such Depositary or nominee thereof or custodian therefor, and each such Global Security shall constitute a single Security for all purposes under this Indenture. 

(b) Notwithstanding any other provision in this Indenture, no Global Security evidencing the Securities of any series may be exchanged in
whole or in part for Securities of such series registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any Person other than the Depositary for such Global Security or a nominee thereof unless
(i) such Depositary has notified the Company that it is unwilling or unable to continue its services as Depositary for such Global Security and no successor Depositary has been appointed within 90 days after such notice, or (ii) such
Depositary ceases to be a “clearing agency” registered under Section 17A of the Exchange Act when the Depositary is required to be so registered to act as the Depositary and no successor Depositary has been appointed within 90 days of
the Company becoming aware of such failure to be so registered, (iii) the Company determines at any time that the Securities of such series shall no longer be represented by Global Securities, in which case the Company shall inform such
Depositary of such determination and participants in such Depositary may elect to withdraw their beneficial interests in the Securities from such Depositary, or (iv) any event shall have occurred and be continuing which, after notice or lapse
of time, or both, would constitute an Event of Default with respect to such series of Securities, and such exchange is requested by or on behalf of the Depositary in accordance with customary procedures following the request of a Beneficial Owner
seeking to exercise or enforce its rights under the Securities of such series. 
 (c) Subject to Section 2.07(b), any exchange of a Global
Security for other Securities may be made in whole or in part, and all Securities issued in exchange for a Global Security or any portion thereof shall be registered in such names as the Depositary for such Global Security shall direct. 

(d) Every Security authenticated and delivered upon registration of transfer of, or in exchange for or in lieu of, a Global Security or any
portion thereof shall be authenticated and delivered in the form of, and shall be, a Global Security, unless such Security is registered in the name of a Person other than the Depositary for such Global Security or a nominee thereof. 

(e) Subject to the provisions of Section 2.07(g), the registered Securityholder may grant proxies and otherwise authorize any Person,
including Agent Members and Persons that may hold interests through Agent Members, to take any action which a Securityholder is entitled to take under this Indenture or the Securities. 

(f) In the event of the occurrence of any of the events specified in Section 2.07(b), (i) the Company shall promptly make available to
the Trustee a reasonable 

  
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supply of such certificated Securities in definitive, fully registered form, without interest coupons, and (ii) the Trustee shall promptly exchange each beneficial interest in the applicable
Global Security for one or more certificated Securities in definitive, fully registered form, without interest coupons, in authorized denominations having an equal aggregate principal amount registered in the name of the owner of such beneficial
interest, as identified to the Trustee by the Depositary, and thereupon such Global Security will be deemed canceled. 
 (g) Neither any
members of, or participants in, the Depositary (collectively, the “Agent Members”) nor any other Persons on whose behalf Agent Members may act, shall have any rights under this Indenture with respect to any Global Security
registered in the name of the Depositary or any nominee thereof, or under any such Global Security, and the Depositary or such nominee, as the case may be, may be treated by the Company, the Trustee and any agent of the Company or the Trustee as the
absolute owner and holder of such Global Security for all purposes whatsoever. Notwithstanding the foregoing, nothing herein shall prevent the Company or the Trustee or any agent of the Company or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or such nominee, as the case may be, or impair, as between the Depositary, its Agent Members and any other Person on whose behalf an Agent Member may act, the operation of
customary practices of such Persons governing the exercise of the rights of a holder of any Security. 
 Section 2.08. Mutilated,
Destroyed, Lost or Stolen Securities. In case any temporary or definitive Security shall become mutilated or be destroyed, lost or stolen, the Company (in the case of a mutilated Security) shall, and the Company may in its discretion (in the
case of a destroyed, lost or stolen Security), execute and, upon the written request or authorization of any officer of the Company, the Trustee shall authenticate and deliver, a new Security of the same series, bearing a number not
contemporaneously Outstanding, in exchange and substitution for the mutilated Security, or in lieu of and in substitution for the Security so destroyed, lost or stolen. In every case the applicant for a substituted Security shall furnish to the
Company and to the Trustee such security or indemnity as may be required by them to save each of them harmless, and, in every case of destruction, loss or theft, the applicant shall also furnish the Company and to the Trustee evidence to their
satisfaction of the destruction, loss or theft of such Security and the ownership thereof. 
 Upon the issuance of any substituted Security,
the Company may require the payment of a sum sufficient to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses connected therewith. In case any Security which has matured or is about to mature
shall become mutilated or be destroyed, lost or stolen, the Company may, instead of issuing a substituted Security, pay or authorize the payment of the same (without surrender thereof except in the case of a mutilated Security) if the applicant for
such payment shall furnish to the Company and to the Trustee such security or indemnity as may be required by them to save each of them harmless and, in case of destruction, loss or theft, evidence satisfactory to the Company and the Trustee of the
destruction, loss or theft of such Security and the ownership thereof. 

  
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 Every substituted Security issued pursuant to the provisions of this Section 2.08 by virtue of
the fact that any Security is destroyed, lost or stolen shall constitute an additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be found at any time, and shall be entitled to all the benefits
of this Indenture equally and proportionately with any and all other Securities of the same series duly issued hereunder. All Securities shall be held and owned upon the express condition that the foregoing provisions are exclusive with respect to
the replacement or payment of mutilated, destroyed, lost or stolen Securities and shall preclude (to the extent lawful) any and all other rights or remedies with respect to the replacement or payment of negotiable instruments or other securities
without their surrender. 
 Section 2.09. Temporary Securities. Pending the preparation of definitive Securities of any series
the Company may execute and the Trustee shall authenticate and deliver temporary Securities (printed, lithographed or typewritten). Temporary Securities shall be issuable in any authorized denomination and substantially in the form of the definitive
Securities in lieu of which they are issued, but with such omissions, insertions and variations as may be appropriate for temporary Securities, all as may be determined by the Company. Every such temporary Security shall be authenticated by the
Trustee upon the same conditions and in substantially the same manner, and with the same effect, as the definitive Securities in lieu of which they are issued. Without unreasonable delay, the Company shall execute and deliver to the Trustee
definitive Securities of such series, and thereupon any or all temporary Securities of such series may be surrendered in exchange therefor, at the option of the holders thereof, either at the office or agency to be designated and maintained by the
Company for such purpose in accordance with the provisions of Section 4.02 or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose in accordance with the provisions of Section 4.02, and the
Trustee shall authenticate and deliver in exchange for such temporary Securities an equal aggregate principal amount of definitive Securities of the same series. Such exchange shall be made by the Company at its own expense and without any charge
therefor. Until so exchanged, the temporary Securities of any series shall in all respects be entitled to the same benefits under this Indenture as definitive Securities of the same series authenticated and delivered hereunder. 

Section 2.10. Cancellation of Securities Paid, etc. All Securities surrendered for the purpose of payment, redemption, repayment,
exchange or registration of transfer or for credit against any sinking fund shall, if surrendered to the Company, any Security Registrar, any paying agent or any other agent of the Company or of the Trustee, be delivered to the Trustee and promptly
cancelled by it, or, if surrendered to the Trustee, shall be promptly cancelled by it, and no Securities shall be issued in lieu thereof except as expressly permitted by any of the provisions of this Indenture. The Trustee may dispose of cancelled
Securities in accordance with its customary practices and procedures in effect from time to time and, at the written request of the Company, shall deliver confirmation of such cancellation to the Company. If the Company shall acquire any of the
Securities, however, such acquisition shall not operate as a redemption or satisfaction of the indebtedness represented by such Securities unless and until the same are delivered to the Trustee for cancellation. 

  
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 Section 2.11. Computation of Interest. Except as otherwise specified as contemplated
by Section 2.02 for Securities of any series, interest on the Securities of each series shall be computed on the basis of a 360-day year of twelve 30-day months. 

Section 2.12. Form of Legend for Global Securities. Unless otherwise specified as contemplated by Section 2.02 for the Securities
evidenced thereby, every Global Security authenticated and delivered hereunder shall bear a legend in substantially the following form (or such other form as a securities exchange or Depositary may request or require): 

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY
TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), OR A NOMINEE OF DTC. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN DTC OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY DTC TO A NOMINEE OF DTC, OR BY A NOMINEE OF DTC TO DTC OR ANOTHER NOMINEE OF DTC. 

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF DTC, TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE
OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF 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. 

Section 2.13. CUSIP Numbers. The Company in issuing the Securities may use “CUSIP” numbers (if then generally in use),
and, if so, the Trustee shall use “CUSIP” numbers in notices of redemption as a convenience to Securityholders; provided that any such notice may state that no representation is made as to the correctness of such numbers, either as
printed on the Securities or as contained in any notice of a redemption, and that reliance may be placed only on the other identification numbers printed on the Securities, and any such redemption shall not be affected by any defect in or omission
of such numbers. The Company shall promptly notify the Trustee of any changes in the “CUSIP” numbers of any series of Securities. 

ARTICLE 3 

REDEMPTION OF SECURITIES; SINKING FUNDS 

Section 3.01. Applicability of Article. The provisions of this Article 3 shall be applicable, as the case may be, (a) to the
Securities of any series which are redeemable 

  
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before their maturity and (b) to any sinking fund for the retirement of Securities of any series, in either case except as otherwise specified as contemplated by Section 2.02 for Securities
of such series. 
 The minimum amount of any sinking fund payment provided for by the terms of Securities of any series is herein referred
to as a “mandatory sinking fund payment,” and any payment in excess of such minimum amount provided for by the terms of Securities of any series is herein referred to as an “optional sinking fund payment.” 

Section 3.02. Notice of Redemption; Selection of Securities. In case the Company shall desire to exercise any right to redeem all,
or, as the case may be, any part of, the Securities of any series in accordance with their terms, it shall fix a date for redemption and shall mail (or otherwise deliver in accordance with the applicable procedures of the Depositary) a notice of
such redemption at least 30 and not more than 60 days prior to the date fixed for redemption to the holders of Securities of such series so to be redeemed as a whole or in part at their last addresses as the same appear on the Security Register and
to the Trustee, except as the supplemental indenture or resolutions adopted by the Board of Directors to establish the terms of any series of Securities may otherwise provide. Such mailing shall be by first class mail (or otherwise delivered). The
notice if mailed (or otherwise delivered) in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the holder receives such notice. In any case, failure to give such notice by mail (or otherwise deliver in
accordance with the applicable procedures of the Depositary) or any defect in the notice to the holder of any Security of a series designated for redemption as a whole or in part shall not affect the validity of the proceedings for the redemption of
any other Security of such series. 
 Each such notice of redemption shall specify the date fixed for redemption, the redemption price at
which the Securities of such series are to be redeemed (or if not then ascertainable, the manner of calculation thereof), the place or places of payment, that payment will be made upon presentation and surrender of such Securities, that any interest
accrued to the date fixed for redemption will be paid as specified in said notice, and that on and after said date any interest thereon or on the portions thereof to be redeemed will cease to accrue. Where the redemption price is not ascertainable
at the time the notice of redemption is given as aforesaid, the Company shall notify the Trustee of said redemption price promptly after the calculation thereof. If less than all the Securities of a series are to be redeemed, the notice of
redemption shall specify the number or numbers of the Securities of that series to be redeemed. In case any Security of a series is to be redeemed in part only, the notice of redemption shall state the portion of the principal amount thereof to be
redeemed and shall state that on and after the date fixed for redemption, upon surrender of such Security, a new Security or Securities of that series in principal amount equal to the unredeemed portion thereof will be issued. Notice of redemption
of Securities to be redeemed at the election of the Company shall be given by the Company or, at the Company’s written request and with the notice information provided to the Trustee, by the Trustee in the name and at the expense of the
Company, and shall be irrevocable; provided that, in the latter case, the Company shall give the Trustee at least ten days’ prior notice of the date of the giving of the notice (unless a shorter notice shall be satisfactory to the
Trustee). 

  
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 On or prior to the redemption date specified in the notice of redemption given as provided in
this Section 3.02, the Company shall deposit with the Trustee or with one or more paying agents (or, if the Company is acting as its own paying agent, shall segregate and hold in trust as provided in Section 4.04) an amount of money sufficient to
redeem on the redemption date all the Securities or portions thereof so called for redemption, together with accrued interest to the date fixed for redemption. The Company shall give the Trustee written notice not less than 35 days (or such shorter
period as may be acceptable to the Trustee) prior to the redemption date as to the aggregate principal amount of Securities of such series to be redeemed, and the Trustee shall select or cause to be selected, in accordance with the customary
policies and procedures of the Trustee (or the Depositary, as applicable) from time to time, the Securities of that series or portions thereof to be redeemed. Securities of a series may be redeemed in part only in multiples of the smallest
authorized denomination of that series. 
 Beneficial interests in Securities represented by Global Securities shall be selected for
redemption by the Depositary therefor in accordance with its standard procedures. In the case of any redemption of Securities (a) prior to the expiration of any restriction on such redemption provided in the terms of such Securities or
(b) pursuant to an election of the Company which is subject to a condition specified in the terms of such Securities, the Company shall furnish the Trustee with an Officer’s Certificate and an Opinion of Counsel evidencing compliance with
such restriction or condition. 
 Section 3.03. Payment of Securities Called for Redemption. If notice of redemption has been
given as provided in Section 3.02 or Section 3.05, the Securities or portions of Securities of the series with respect to which such notice has been given shall become due and payable on the date and at the place or places stated in such notice at
the applicable redemption price, together with any interest accrued to, but excluding, the date fixed for redemption, and on and after said date (unless the Company shall default in the payment of such Securities or portions of such Securities,
together with any interest accrued to said date) any interest on the Securities of such series or portions of Securities of such series so called for redemption shall cease to accrue. On presentation and surrender of such Securities at a place of
payment in said notice specified, the said Securities or the specified portions thereof shall be paid and redeemed by the Company at the applicable redemption price, together with any interest accrued thereon to, but excluding, the date fixed for
redemption; provided, however, that any regularly scheduled installment of interest becoming due on or prior to the date fixed for redemption shall be payable to holders of such Securities registered as such on the relevant record date
according to their terms. 
 Upon presentation of any Security redeemed in part only, the Company shall execute and the Trustee shall
authenticate and deliver to the holder thereof, at the expense of the Company, a new Security or Securities of the same series, of authorized denominations, in aggregate principal amount equal to the unredeemed portion of the Security so presented.

  
 18 

 Section 3.04. Satisfaction of Mandatory Sinking Fund Payments with Securities. In
lieu of making all or any part of any mandatory sinking fund payment with respect to any Securities of a series in cash, the Company may at its option (a) deliver to the Trustee Securities of that series theretofore purchased or otherwise
acquired by the Company, or (b) receive credit for the principal amount of Securities of that series which have been redeemed either at the election of the Company pursuant to the terms of such Securities or through the application of permitted
optional sinking fund payments pursuant to the terms of such Securities; provided that such Securities have not been previously so credited. Upon the written direction of the Company, such Securities shall be received and credited for such
purpose by the Trustee at the redemption price specified in such Securities for redemption through operation of the sinking fund and the amount of such mandatory sinking fund payment shall be reduced accordingly. 

Section 3.05. Redemption of Securities for Sinking Fund. Not less than 60 days prior to each sinking fund payment date for any
series of Securities, the Company shall deliver to the Trustee a certificate signed by the Chief Financial Officer or Controller of the Company specifying the amount of the next ensuing sinking fund payment for that series pursuant to the terms of
that series, the portion thereof, if any, which is to be satisfied by payment of cash (which cash may be deposited with the Trustee or with one or more paying agents, or if the Company is acting as its own paying agent segregated and held in trust
as provided in Section 4.04) and the portion thereof, if any, which is to be satisfied by delivering and crediting Securities of that series pursuant to Section 3.04 (which Securities, if not theretofore delivered, will accompany such certificate)
and whether the Company intends to exercise its right to make a permitted optional sinking fund payment with respect to such series. Such certificate shall also state that no Event of Default has occurred and is continuing with respect to such
series. Such certificate shall be irrevocable and upon its delivery the Company shall be obligated to make the cash payment or payments therein referred to, if any, on or before the next succeeding sinking fund payment date. In the case of the
failure of the Company to deliver such certificate (or to deliver the Securities specified in this paragraph), the sinking fund payment due on the next succeeding sinking fund payment date for that series shall be paid entirely in cash and shall be
sufficient to redeem the principal amount of such Securities subject to a mandatory sinking fund payment without the option to deliver or credit Securities as provided in Section 3.04 and without the right to make any optional sinking fund payment,
if any, with respect to such series. 
 Any sinking fund payment or payments (mandatory or optional) made in cash plus any unused balance of
any preceding sinking fund payments made in cash which shall equal or exceed $100,000 or the equivalent amount in the Specified Currency (if other than Dollars) (or a lesser sum if the Company shall so request or determine) with respect to the
Securities of any particular series shall be applied by the Trustee (or by the Company if the Company is acting as its own paying agent) on the sinking fund payment date on which such payment is made (or, if such payment is made before a sinking
fund payment date, on the next sinking fund payment date following the date of such payment) to the redemption of such Securities at the redemption price specified in such Securities for operation of the sinking fund together with accrued interest,
if any, to the date fixed for redemption. Any sinking fund moneys not so applied or allocated by the Trustee (or 

  
 19 

 
by the Company if the Company is acting as its own paying agent) to the redemption of Securities shall be added to the next cash sinking fund payment received by the Trustee (or if the Company is
acting as its own paying agent, segregated and held in trust as provided in Section 4.04) for such series and, together with such payment (or such amount so segregated), shall be applied in accordance with the provisions of this Section 3.05. Any
and all sinking fund moneys with respect to the Securities of any particular series held by the Trustee (or if the Company is acting as its own paying agent, segregated and held in trust as provided in Section 4.04) on the last sinking fund
payment date with respect to Securities of such series and not held for the payment or redemption of particular Securities of such series shall be applied by the Trustee (or by the Company if the Company is acting as its own paying agent), together
with other moneys, if necessary, to be deposited (or segregated) sufficient for the purpose, to the payment of the principal of the Securities of that series at maturity. 

The Trustee shall select or cause to be selected the Securities to be redeemed upon such sinking fund payment date in the manner specified in
the second to last paragraph of Section 3.02, and the Company shall cause notice of the redemption thereof to be given in the manner provided in Section 3.02, except that the notice of redemption shall also state that the Securities are being
redeemed by operation of the sinking fund. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the manner stated in Section 3.03. 

On or before each sinking fund payment date, the Company shall pay to the Trustee in cash (or, if the Company is acting as its own paying
agent, shall segregate and hold in trust as provided in Section 4.04) a sum equal to any interest accrued to the date fixed for redemption of Securities or portions thereof to be redeemed on such sinking fund payment date pursuant to this Section
3.05. 
 Neither the Trustee nor the Company shall redeem any Securities of a series with sinking fund moneys or mail (or otherwise deliver)
any notice of redemption of such Securities by operation of the sinking fund for such series during the continuance of a default in payment of interest, if any, on such Securities or of any Event of Default (other than an Event of Default occurring
as a consequence of this paragraph) with respect to such Securities, except that if the notice of redemption of any such Securities shall theretofore have been mailed (or otherwise delivered in accordance with the applicable procedures of the
Depositary) in accordance with the provisions hereof, the Trustee (or the Company if the Company is acting as its own paying agent) shall redeem such Securities if cash sufficient for that purpose shall be deposited with the Trustee (or segregated
by the Company) for that purpose in accordance with the terms of this Article 3. Except as aforesaid, any moneys in the sinking fund for such series at the time when any such default or Event of Default shall occur and any moneys thereafter paid
into such sinking fund shall, during the continuance of such default or Event of Default, be held as security for the payment of such Securities; provided, however, that in case such default or Event of Default shall have been cured or waived
as provided herein, such moneys shall thereafter be applied on the next sinking fund payment date for such Securities on which such moneys may be applied pursuant to the provisions of this Section 3.05. 

  
 20 

 Section 3.06. Repayment at the Option of the Holder. Any series of Securities may be
made, by provision contained in or established pursuant to a supplemental indenture or a resolution of the Board of Directors pursuant to Section 2.02 hereof, subject to repayment, in whole or in part, at the option of the holder on a date or dates
specified prior to maturity, at a price equal to 100% of the principal amount thereof, together with accrued interest to the date of repayment, on such notice as may be required; provided, however, that the holder of a Security may only elect
partial repayment in an amount that will result in the portion of such Security that will remain Outstanding after such repayment constituting an authorized denomination, or combination thereof, of such Securities. 

ARTICLE 4 

PARTICULAR COVENANTS OF THE COMPANY 

Section 4.01. Payment of Principal, Premium and Interest. The Company covenants and agrees for the benefit of each series of
Securities that it shall duly and punctually pay or cause to be paid the principal of, premium, if any, and interest, if any, on each of the Securities of that series at the places, at the respective times and in the manner provided in such
Securities. 
 Section 4.02. Offices for Notices and Payments, etc. As long as any of the Securities of a series remain
Outstanding, the Company shall designate and maintain in the Borough of Manhattan, The City of New York, an office or agency where the Securities of that series may be presented for payment, an office or agency within or outside the Borough of
Manhattan, The City of New York, where the Securities of that series may be presented for registration of transfer and for exchange as in this Indenture provided and an office or agency within or outside the Borough of Manhattan, The City of New
York, where notices and demands to or upon the Company in respect of the Securities of that series or of this Indenture may be served. In addition to such office or offices or agency or agencies, the Company may from time to time designate and
maintain one or more additional offices or agencies within or outside the Borough of Manhattan, The City of New York, where the Securities of that series may be presented for registration of transfer or for exchange, and the Company may from time to
time rescind such designation, as it may deem desirable or expedient. The Company shall give to the Trustee written notice of the location of each such office or agency and of any change of location thereof. In case the Company shall fail to
maintain any such office or agency in the Borough of Manhattan, The City of New York, or shall fail to give such notice of the location or of any change in the location thereof, presentations and demands may be made and notices may be served at the
Principal Office of the Trustee. 
 The Company hereby initially designates (a) for Securities transfer purposes and for purposes of
presentment and surrender of any Securities for final distribution, the office of the Trustee located at DB Services Americas, Inc. MS JCK01-0218, 5022 Gate Parkway, Jacksonville, FL 32256, Attention: Shareholder Services, and (b) for all other
purposes, the office of the Trustee located at Deutsche Bank National Trust Company c/o Deutsche Bank Trust Company Americas, 60 Wall Street, 16th floor, mail stop: NYC60-1625, New York, New York 10005 as the office or agency of the Company in the
Borough of Manhattan, The City of New York, where the Securities of each series may be presented for payment, for registration of transfer and for exchange as in this Indenture provided and where notices and demands to or upon the Company in respect
of the Securities of each series or of this Indenture may be served. 

  
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 Section 4.03. Appointment to Fill Vacancies in Trustee’s Office. The Company,
whenever necessary to avoid or fill a vacancy in the office of Trustee, shall appoint, in the manner provided in Section 7.10, a successor Trustee, so that there shall at all times be a Trustee with respect to each series of Securities hereunder.

 Section 4.04. Provision as to Paying Agent. (a) If the Company shall appoint a paying agent other than the Trustee with
respect to the Securities of any series, it shall cause such paying agent to execute and deliver to the Trustee an instrument in which such agent shall agree with the Trustee, subject to the provisions of this Section 4.04: 

(i) that it will hold all sums held by it as such agent for the payment of the principal of, premium, if any, or interest, if
any, on the Securities of such series (whether such sums have been paid to it by the Company or by any other obligor on the Securities of such series) in trust for the benefit of the holders of the Securities of such series; 

(ii) that it will give the Trustee notice of any failure by the Company (or by any other obligor on the Securities of such
series) to make any payment of the principal of, premium, if any, or interest, if any, on the Securities of such series when the same shall be due and payable; and 

(iii) that at any time during the continuance of any failure by the Company (or by any other obligor on the Securities of such
series) specified in the preceding paragraph (ii), such payment agent will, upon the written request of the Trustee, forthwith pay to the Trustee all sums so held in trust by it. 

(b) If the Company shall act as its own paying agent with respect to the Securities of any series, it shall, on or before each due date of the
principal of, premium, if any, or interest, if any, on the Securities of such series, set aside, segregate and hold in trust for the benefit of the holders of such Securities a sum sufficient to pay such principal, premium, if any, or interest, if
any, so becoming due and shall promptly notify the Trustee of any failure to take such action and of any failure by the Company (or by any other obligor on the Securities of such series) to make any payment of the principal of, premium, if any, or
interest, if any, on the Securities of such series when the same shall become due and payable. 
 (c) Anything in this Section 4.04 to the
contrary notwithstanding, the Company may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by it, or any paying agent
hereunder, as required by this Section 4.04, such sums to be held by the Trustee upon the trusts herein contained. 
 (d) Anything in this
Section 4.04 to the contrary notwithstanding, the agreement to hold sums in trust as provided in this Section 4.04 is subject to Sections 12.05 and 12.06. 

  
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 (e) Whenever the Company shall have one or more paying agents with respect to the Securities of
any series, it shall, prior to each due date of the principal of, premium, if any, or interest, if any, on the Securities of such series, deposit with a designated paying agent a sum sufficient to pay the principal, premium, if any, and interest, if
any, so becoming due, such sum to be held in trust for the benefit of the persons entitled to such principal, premium, if any, or interest, if any, and (unless such paying agent is the Trustee) the Company shall promptly notify the Trustee of any
failure so to act. 
 Section 4.05. Statement as to Compliance. The Company shall furnish to the Trustee on or before
May 1, in each year (beginning with the first May 1 following the first date of issuance of any Securities under this Indenture) a brief certificate (which need not comply with Section 14.06) from the principal executive, financial or
accounting officer of the Company as required by Section 314(a)(4) of the Trust Indenture Act. 
 Section 4.06. Additional
Amounts. If the Securities of a series provide for the payment of additional amounts, at least 10 days prior to the first interest payment date with respect to that series of Securities and at least 10 days prior to each date of payment of
principal of, premium, if any, or interest on the Securities of that series if there has been a change with respect to the matters set forth in the below-mentioned Officer’s Certificate, the Company shall furnish to the Trustee and the
principal paying agent, if other than the Trustee, an Officer’s Certificate instructing the Trustee and such paying agent whether such payment of principal of, premium, if any, or interest on the Securities of that series shall be made to
holders of the Securities of that series without withholding or deduction for or on account of any tax, assessment or other governmental charge described in the Securities of that series. If any such withholding or deduction shall be required, then
such Officer’s Certificate shall specify by country the amount, if any, required to be withheld or deducted on such payments to such holders and shall certify the fact that additional amounts will be payable and the amounts so payable to each
holder, and the Company shall pay to the Trustee or such paying agent the additional amounts required to be paid by this Section 4.06. The Company covenants to indemnify the Trustee and any paying agent for, and to hold them harmless against, any
loss, liability or expense reasonably incurred without negligence or bad faith on their part arising out of or in connection with actions taken or omitted by any of them in reliance on any Officer’s Certificate furnished pursuant to this
Section 4.06. 
 Whenever in this Indenture there is mentioned, in any context, the payment of the principal of or any premium, interest or
any other amounts on, or in respect of, any Security of any series, such mention shall be deemed to include mention of the payment of additional amounts provided by the terms of such series established hereby or pursuant hereto to the extent that,
in such context, additional amounts are, were or would be payable in respect thereof pursuant to such terms, and express mention of the payment of additional amounts (if applicable) in any provision hereof shall not be construed as excluding the
payment of additional amounts in those provisions hereof where such express mention is not made. 

  
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 ARTICLE 5 

SECURITYHOLDER LISTS AND REPORTS BY THE
COMPANY AND THE TRUSTEE 
 Section 5.01. Securityholder Lists. If
and so long as the Trustee shall not be the Security Registrar for the Securities of any series, the Company and any other obligor on the Securities shall furnish or cause to be furnished to the Trustee a list in such form as the Trustee may
reasonably require of the names and addresses of the holders of the Securities of such series pursuant to Section 312 of the Trust Indenture Act (a) semi-annually not more than 15 days after each record date for the payment of interest on
such Securities, as hereinabove specified, as of such record date, and on dates to be determined pursuant to Section 2.02 for non-interest bearing Securities in each year, and (b) at such other times as the Trustee may request in writing,
within thirty days after receipt by the Company of any such request as of a date not more than 15 days prior to the time such information is furnished. 

Section 5.02. Reports by the Company. The Company covenants to file with the Trustee, within 15 days after the Company is required
to file the same with the SEC, copies of the annual reports and of the information, documents and other reports that the Company is required to file with the SEC pursuant to Section 13 or Section 15(d) of the Exchange Act or pursuant to
Section 314 of the Trust Indenture Act. Annual reports, information, documents and reports that are filed by the Company with the SEC via the EDGAR system or any successor electronic delivery procedure will be deemed to be filed with the
Trustee at the time such documents are filed via the EDGAR system or such successor procedure. Delivery of such reports, information and documents to the Trustee is for informational purposes only, and the Trustee’s receipt of such shall not
constitute constructive notice of any information contained therein or determinable from information contained therein, including the Company’s compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officer’s Certificates). The Trustee shall have no obligation to determine whether any such reports have been timely filed with the SEC. 

Section 5.03. Reports by the Trustee. Any Trustee’s report required under Section 313(a) of the Trust Indenture Act
shall be transmitted on or before March 15 in each year beginning March 15, 2016, as provided in Section 313(c) of the Trust Indenture Act, so long as any Securities are Outstanding hereunder, and shall be dated as of a date
convenient to the Trustee no more than 60 days prior thereto. A copy of each such report shall, at the time of such transmission to Securityholders, be filed by the Trustee with each stock exchange, if any, upon which any Securities are listed, with
the SEC and with the Company. The Company shall notify the Trustee, in writing, when any Securities are listed on any stock exchange or delisted therefrom. 

ARTICLE 6 
 REMEDIES
OF THE TRUSTEE AND SECURITYHOLDERS ON EVENT OF DEFAULT 

Section 6.01. Events of Default. The term “Event of Default” whenever used herein with respect to Securities of
any series means any one of the following events, and such other events as may be established with respect to the Securities of such series as 

  
 24 

 
contemplated by Section 2.02 hereof, continued for the period of time, if any, and after the giving of notice, if any, designated in this Indenture or as may be established with respect to such
Securities as contemplated by Section 2.02 hereof, as the case may be, unless it is either inapplicable or is specifically deleted or modified in the applicable resolution of the Board of Directors or in the supplemental indenture under which such
series of Securities is issued, as the case may be, as contemplated by Section 2.02: 
 (a) default in the payment of any installment of
interest upon any Security of such series as and when the same shall become due and payable, and continuance of such default for a period of 30 days; or 

(b) default in the payment of the principal of, or premium, if any, on any Security of such series as and when the same shall become due and
payable, whether at maturity or upon acceleration, redemption, required repurchase, by declaration, repayment or otherwise; or 
 (c)
failure on the part of the Company to observe or perform any other of the covenants or agreements on the part of the Company in respect of the Securities of such series contained in this Indenture (other than a covenant or agreement in respect of
the Securities of such series a default in whose observance or performance is elsewhere in this Section 6.01 specifically dealt with), and continuance of such failure for a period of 60 days after the date on which written notice of such failure,
requiring the Company to remedy the same, shall have been given to the Company by the Trustee by registered mail, or to the Company and the Trustee by the holders of at least 25% in aggregate principal amount of the Securities of such series at the
time Outstanding; or 
 (d) an involuntary proceeding shall be commenced or an involuntary petition shall be filed seeking
(i) liquidation, reorganization or other relief in respect of the Company or its debts, or of a substantial part of its assets, under any Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect
or (ii) the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official for the Company or for a substantial part of its assets, and, in any such case, such proceeding or petition shall continue undismissed for
60 days, or an order or decree or other action approving or ordering any of the foregoing shall be entered, including by any Bank Regulatory Authority; 

(e) the Company shall: 

(i) voluntarily commence any proceeding or file any petition seeking liquidation, reorganization or other relief under any
Federal, state or foreign bankruptcy, insolvency, receivership or similar law now or hereafter in effect; or 
 (ii) consent
to the institution of, or fail to contest in a timely and appropriate manner, any proceeding or petition described in Section 6.01(d); or 

(iii) apply for or consent to the appointment of a receiver, trustee, custodian, sequestrator, conservator or similar official
for the Company or for a substantial part of its assets; or 

  
 25 

 (iv) file an answer admitting the material allegations of a petition filed
against it in any such proceeding; or 
 (v) make a general assignment for the benefit of creditors; or 

(vi) take any action for the purpose of effecting any of the foregoing; or 

(vii) admit in writing its inability to pay its debts as they become due; or 

(f) any other Event of Default provided in the applicable resolution of the Board of Directors or in the supplemental indenture under which
such series of Securities is issued, as the case may be, as contemplated by Section 2.02. 
 If an Event of Default as contemplated by
Sections 6.01(d) or 6.01(e) occurs, the principal amount (or, if the Securities of such series are Original Issue Discount Securities, such portions of the principal amount as may be specified in the terms of such series) with respect to Securities
of all series at the time Outstanding will become due and payable immediately, without further action or notice on the part of the Securityholders or the Trustee. If any other Event of Default with respect to Securities of any series at the time
Outstanding occurs and is continuing, then and in each and every such case, unless the principal of all of the Securities of such series shall have already become due and payable, either the Trustee or the holders of not less than 25% in aggregate
principal amount of the Securities of such series then Outstanding hereunder, by notice in writing to the Company (and to the Trustee if given by Securityholders of such series), may declare the principal amount (or, if the Securities of such series
are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of all the Securities of such series to be due and payable immediately, and upon any such declaration the same shall become
and shall be immediately due and payable, anything in this Indenture or in the Securities of such series contained to the contrary notwithstanding. This provision, however, is subject to the condition that if, at any time after the principal amount
(or, if the Securities of such series are Original Issue Discount Securities, such portion of the principal amount as may be specified in the terms of such series) of the Securities of any series shall have been so declared or otherwise become due
and payable, and before any judgment or decree for the payment of the moneys due shall have been obtained or entered as hereinafter provided, (i) the Company shall pay or shall deposit with the Trustee a sum sufficient to pay all matured
installments of interest, if any, upon all of the Securities of such series and the principal of, and premium, if any, on any and all Securities of such series which shall have become due otherwise than by acceleration (with interest on overdue
installments of interest (to the extent that payment of such interest is enforceable under applicable law) and on such principal at the Overdue Rate applicable to such series, to the date of such payment or deposit), (ii) the Company shall pay
or deposit with the Trustee a sum sufficient to pay all amounts payable to the Trustee pursuant to the provisions of Section 7.06, and (iii) any and all defaults under this Indenture with respect to such series of Securities, other than the
nonpayment of principal of and accrued interest on Securities of such series which shall have become due solely by acceleration, shall have been remedied, cured or waived or provision shall have been made therefor to the satisfaction of the Trustee,
then and in 

  
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every such case, the holders of a majority in aggregate principal amount of the Securities of such series then Outstanding, by written notice to the Company and to the Trustee, may waive all
defaults with respect to such series and rescind and annul such declaration or acceleration and its consequences; but no such waiver or rescission and annulment shall extend to or shall affect any subsequent default or shall impair any right
consequent thereon. 
 In case the Trustee shall have proceeded to enforce any right under this Indenture and such proceeding shall have
been discontinued or abandoned because of such rescission or annulment or for any other reason or shall have been determined adversely to the Trustee, then and in every such case the Company and the Trustee shall be restored respectively to their
several positions and rights hereunder, and all rights, remedies and powers of the Company and the Trustee shall continue as though no such proceeding had been taken. 

Section 6.02. Payment of Securities on Default; Suit Therefor. The Company covenants that (a) in case default shall be made
in the payment of any installment of interest upon any Security of any series as and when the same shall become due and payable, and such default shall have continued for a period of 30 days, (b) in case default shall be made in the payment of
the principal of, or premium, if any, on any Security of any series as and when the same shall become due and payable, whether at maturity of the Securities of that series or upon redemption or by declaration, repayment or otherwise or (c) in
case of default in the making or satisfaction of any sinking fund payment or analogous obligation when the same becomes due by the terms of the Securities of any series, then, upon demand of the Trustee, the Company shall pay to the Trustee, for the
benefit of the holder of any such Security (or holders of any series of Securities in the case of clause (c) above) the whole amount that then shall have become due and payable on any such Security (or Securities of any such series in the case
of clause (c) above) for principal, premium, if any, and interest, if any, with interest upon the overdue principal and premium, if any, and (to the extent that payment of such interest is enforceable under applicable law) upon the overdue
installments of interest, if any, at the Overdue Rate applicable to any such Security (or Securities of any such series in the case of clause (c) above); and, in addition thereto, such further amount as shall be sufficient to cover costs and
expenses of collection, and any further amounts payable to the Trustee pursuant to the provisions of Section 7.06. 
 In case the Company
shall fail forthwith to pay such amounts upon such demand, the Trustee, in its own name and as trustee of any express trust, shall be entitled (but shall have no obligation to) and empowered to institute any actions or proceedings at law or in
equity for the collection of the sums so due and unpaid, and may prosecute any such action or proceeding to judgment or final decree, and may enforce any such judgment or final decree against the Company or any other obligor upon such Securities and
collect in the manner provided by law out of the property of the Company or any other obligor on such Securities wherever situated the moneys adjudged or decreed to be payable. 

In case there shall be pending proceedings for the bankruptcy, for the insolvency or for the reorganization of the Company or any other
obligor on the Securities of any 

  
 27 

 
series under the Federal Bankruptcy Code or any other similar applicable Federal or State law, or in case a receiver or trustee (or other similar official) shall have been appointed for the
property of the Company or such other obligor, or in the case of any other similar judicial proceedings relative to the Company or other obligor on the Securities of any series, or to the creditors or property of the Company or such other obligor,
the Trustee, irrespective of whether the principal of the Securities of any series shall then be due and payable as therein expressed or by declaration or otherwise and irrespective of whether the Trustee shall have made any demand pursuant to the
provisions of this Section 6.02, shall be entitled and empowered, by intervention in such proceedings or otherwise, to file and prove a claim or claims for the whole amount of principal (or, if the Securities of any series are Original Issue
Discount Securities, such portion of the principal amount as may be due and payable with respect to such series pursuant to a declaration in accordance with Section 6.01), premium, if any, and interest, if any, owing and unpaid in respect of the
Securities of any series and, in case of any judicial proceedings, to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and of the Securityholders of any series
allowed in such judicial proceedings relative to the Company or any other obligor on the Securities of any series, its or their creditors, or its or their property, and to collect and receive any moneys or other property payable or deliverable on
any such claims, and to distribute the same after the deduction of costs and expenses of collection, and any further amounts payable to the Trustee pursuant to the provisions of Section 7.06 and incurred by it up to the date of such distribution;
and any receiver, assignee or trustee (or other similar official) in bankruptcy or reorganization is hereby authorized by each of the Securityholders to make such payments to the Trustee, and, in the event that the Trustee shall consent to the
making of such payments directly to the Securityholders, to pay to the Trustee costs and expenses of collection and any further amounts payable to the Trustee pursuant to the provisions of Section 7.06 and incurred by it up to the date of such
distribution. 
 Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf
of any Securityholder any plan of reorganization, arrangement, adjustment or composition affecting any of the Securities of any series or the rights of any holder thereof, or to authorize the Trustee to vote in respect of the claim of any
Securityholder in any such proceeding. 
 All rights of action and of asserting claims under this Indenture, or under the Securities of any
series, may be enforced by the Trustee without the possession of any of the Securities of such series or the production thereof in any trial or other proceeding relative thereto, and any such suit or proceeding instituted by the Trustee shall be
brought in its own name as trustee of an express trust, and any recovery of judgment shall be for the ratable benefit of the holders of the Securities in respect of which such action was taken. In any proceedings brought by the Trustee (and also any
proceedings in which a declaratory judgment of a court may be sought as to the interpretation or construction of any provision of this Indenture, to which the Trustee shall be a party) the Trustee shall be held to represent all the holders of the
Securities to which such proceedings relate, and it shall not be necessary to make any holders of such Securities parties to any such proceedings. 

  
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 Section 6.03. Application of Moneys Collected by Trustee. Any moneys collected by the
Trustee pursuant to this Article 6 and, if an Event of Default has occurred and is continuing, any money or other property distributable in respect of the Company’s obligations under this Indenture, shall be applied in the order following, at
the date or dates fixed by the Trustee for the distribution of such moneys, upon presentation of the several Securities in respect of which moneys have been collected, and the notation thereon of the payment, if only partially paid, and upon
surrender thereof if fully paid: 
 FIRST: To the payment of all amounts due the Trustee pursuant to the provisions of
Section 7.06; 
 SECOND: In case the principal of the Outstanding Securities in respect of which such moneys have been
collected shall not have become due (at maturity, upon redemption, by declaration, repayment or otherwise) and be unpaid, to the payment of interest, if any, on such Securities, in the order of the maturity of the installments of such interest, with
interest (to the extent that such interest has been collected by the Trustee) upon the overdue installments of interest (to the extent that payment of such interest is enforceable under applicable law) at the Overdue Rate applicable to such
Securities, such payments to be made ratably to the person entitled thereto; 
 THIRD: In case the principal of the
Outstanding Securities in respect of which such moneys have been collected shall have become due (at maturity, upon redemption, by declaration, repayment or otherwise), to the payment of the whole amount then owing and unpaid upon such Securities
for principal, premium, if any, and interest, if any, with interest on the overdue principal, and premium, if any, and (to the extent that such interest has been collected by the Trustee) upon overdue installments of interest, if any (to the extent
that payment of such interest is enforceable under applicable law), at the Overdue Rate applicable to such Securities; and in case such moneys shall be insufficient to pay in full the whole amounts so due and unpaid upon such Securities, then to the
payment of such principal, premium, if any, and interest, if any, without preference or priority of principal, and premium, if any, over interest, if any, or of interest, if any, over principal, and premium, if any, or of any installment of
interest, if any, over any other installment of interest, if any, or of any such Security over any other such Security, ratably to the aggregate of such principal, premium, if any, and accrued and unpaid interest, if any; and 

FOURTH: To the payment of the remainder, if any, to the Company, its successors or assigns, or to whosoever may be lawfully
entitled to receive the same, or as a court of competent jurisdiction may direct. 
 Section 6.04. Proceedings by
Securityholders. No holder of any Security of any series shall have any right by virtue of or by availing of any provision of this Indenture to institute any suit, action or proceeding in equity or at law upon or under or with respect to this
Indenture or for the appointment of a receiver or trustee (or other similar official), or 

  
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for any other remedy hereunder, unless (a) such holder previously shall have given to the Trustee written notice of an Event of Default with respect to Securities of such series and of the
continuance thereof, as hereinbefore provided, (b) the holders of not less than 25% in aggregate principal amount of the Securities of such series then Outstanding shall have made written request upon the Trustee to institute such action, suit
or proceeding in its own name as Trustee hereunder and shall have offered to the Trustee such reasonable indemnity as it may require against the costs, expenses and liabilities to be incurred therein or thereby, and (c) the Trustee, for 60 days
after its receipt of such notice, request and offer of indemnity, shall not have received from the holders of a majority in principal amount of the Securities of such series then Outstanding a direction inconsistent with that request, and shall have
failed to institute any such action, suit or proceeding, it being understood and intended, and being expressly covenanted by the taker and holder of every Security with every other taker and holder and the Trustee, that no one or more holders of
Securities of such series shall have any right in any manner whatever by virtue or by availing of any provision of this Indenture to affect, disturb or prejudice the rights of any other holder of Securities of such series, or to obtain or seek to
obtain priority over or preference to any other such holder, or to enforce any right under this Indenture, except in the matter herein provided and for the equal, ratable and common benefit of all holders of Securities of such series. 

Notwithstanding any other provisions in this Indenture, however, the right of any holder of any Security to receive payment of the principal
of, premium, if any, and interest, if any, on such Security, on or after the respective due dates expressed in such Security, or upon redemption, by declaration, repayment or otherwise, or to institute suit for the enforcement of any such payment on
or after such respective dates, shall not be impaired or affected without the consent of such holder, and no provision of the Securities of any series or of this Indenture shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of, premium, if any, and interest, if any, on the Securities of such series at the respective places, at the respective times, at the respective rates and in the coin or currency, therein and herein prescribed.

 Section 6.05. Proceedings by Trustee. In case of an Event of Default hereunder, the Trustee may, in its discretion, proceed
to protect and enforce the rights vested in it by this Indenture by such appropriate judicial proceedings as the Trustee shall deem most effectual to protect and enforce any of such rights, either by suit in equity or by action at law or by
proceeding in bankruptcy or otherwise, whether for the specific enforcement of any covenant or agreement contained in this Indenture or in aid of the exercise of any power granted in this Indenture, or to enforce any other legal or equitable right
vested in the Trustee by this Indenture or by law. 
 Section 6.06. Remedies Cumulative and Continuing. All powers and remedies
given by this Article 6 to the Trustee or to the Securityholders of any series shall, to the extent permitted by law, be deemed cumulative and not exclusive of any thereof or of any other powers and remedies available to the Trustee or the holders
of such Securities, by judicial proceedings or otherwise, to enforce the performance or observance of the covenants and agreements contained in this Indenture, and no delay or omission of the 

  
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Trustee or of any holder of any such Securities to exercise any right or power accruing upon any default occurring and continuing as aforesaid shall impair any such right or power, or shall be
construed to be a waiver of any such default or an acquiescence therein; and, subject to the provisions of Section 6.04, every power and remedy given by this Article 6 or by law to the Trustee or to the Securityholders of any series may be exercised
from time to time, and as often as shall be deemed expedient, by the Trustee or by the Securityholders of such series. 
 Section 6.07.
Direction of Proceedings and Waiver of Defaults by Securityholders. (a) The holders of a majority in aggregate principal amount of the Securities of any series at the time Outstanding shall have the right to direct the time, method and
place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred on the Trustee, with respect to the Securities of such series; provided, however, that (subject to the provisions of
Section 7.01) the Trustee shall have the right to decline to follow any such direction if the Trustee, being advised by counsel, determines that the action or proceeding so directed may not lawfully be taken or if the Trustee in good faith by its
board of directors or trustees, executive committee, or a trust committee of directors or trustees and/or Responsible Officers shall determine that the action or proceeding so directed would involve the Trustee in personal liability. 

(b) Prior to any acceleration or declaration accelerating the maturity of the Securities of any series, the holders of a majority in aggregate
principal amount of the Securities of such series at the time Outstanding may, on behalf of the holders of all of the Securities of such series, waive any past default or Event of Default with respect to such series and its consequences, except a
default in the payment of interest, if any, on, or the principal of or premium, if any, on any Security of such series, or in the payment of any sinking fund installment or analogous obligation with respect to Securities of such series, or in
respect of a covenant or provision hereof which under Section 10.02 cannot be modified or amended without the consent of the holder of each Security affected. Upon any such waiver, the Company, the Trustee and the holders of the Securities of that
series shall be restored to their former positions and rights hereunder, respectively; but no such waiver shall extend to any subsequent or other default or Event of Default or impair any right consequent thereon. Whenever any default or Event of
Default hereunder shall have been waived as permitted by this Section 6.07(b), said default or Event of Default shall for all purposes of the Securities of such series and this Indenture be deemed to have been cured and to be not continuing. 

Section 6.08. Notice of Defaults. The Trustee shall, within 90 days after the occurrence of a default with respect to the
Securities of any series, mail to all holders of Securities of such series, as the names and addresses of such holders appear upon the Security Register, notice of all defaults with respect to such series known to the Trustee, unless such defaults
shall have been cured or waived before the giving of such notice (the term “defaults” for the purpose of this Section 6.08 being hereby defined to be the events specified in Section 6.01 or established with respect to such
Securities as contemplated by Section 2.02, not including the periods of grace, if any, provided for therein or established with respect to such Securities as contemplated by Section 2.02, and 

  
 31 

 
irrespective of the giving of the notices, if any, provided for therein or established with respect to such Securities as contemplated by Section 2.02); provided, however, that except in
the case of default in the payment of the principal of, premium, if any, or interest, if any, on any of the Securities of such series or in the making of any sinking fund installment or analogous obligation with respect to such series, the Trustee
shall be protected in withholding such notice if and so long as the board of directors, the executive committee, or a trust committee of directors and/or Responsible Officers of the Trustee in good faith determines that the withholding of such
notice is in the interest of the holders of Securities of such series. 
 Section 6.09. Undertaking to Pay Costs. All parties to
this Indenture agree, and each holder of any Security by his acceptance thereof shall be deemed to have agreed, that any court may in its discretion require, in any suit for the enforcement of any right or remedy under this Indenture, or in any suit
against the Trustee for any action taken, omitted or suffered by it as Trustee, the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and that such court may in its discretion assess reasonable costs,
including reasonable attorneys’ fees, against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by such party litigant; but the provisions of this Section 6.09 shall not apply
(a) to any suit instituted by the Trustee, (b) to any suit instituted by any Securityholder of any series or group of such Securityholders, holding in the aggregate more than 10% in principal amount of the Outstanding Securities of such
series or (c) to any suit instituted by any Securityholder for the enforcement of the payment of the principal of, premium, if any, or interest, if any, on any Security (i) on or after the due date expressed in such Security, (ii) on
or after the date fixed for redemption or repayment or (iii) after such Security shall have become due by declaration. 
 ARTICLE 7 

CONCERNING THE TRUSTEE 

Section 7.01. Duties and Responsibilities of Trustee. With respect to the holders of any series of Securities issued hereunder,
the Trustee, prior to the occurrence of an Event of Default with respect to the Securities of such series and after the curing or waiving of all Events of Default which may have occurred with respect to such series, undertakes to perform such duties
and only such duties as are specifically set forth in this Indenture. In case an Event of Default with respect to the Securities of a series has occurred (which has not been cured or waived), the Trustee shall exercise such of the rights and powers
vested in it by this Indenture with respect to such series, and use the same degree of care and skill in their exercise, as a prudent person would exercise or use under the circumstances in the conduct of his or her own affairs. 

  
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 No provision of this Indenture shall be construed to relieve the Trustee from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (a) prior to the occurrence of an
Event of Default with respect to the Securities of a series and after the curing or waiving of all Events of Default with respect to such series which may have occurred: 

(i) the duties and obligations of the Trustee with respect to the Securities of a series shall be determined solely by the
express provisions of this Indenture, and the Trustee shall take such action with respect to this Indenture as it shall be directed pursuant to this Indenture, and the Trustee shall not be liable except for the performance of such duties and
obligations as are specifically set forth in this Indenture and as specifically directed under this Indenture, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(ii) in the absence of bad faith on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the
statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture; but in the case of any such certificates or opinions which by any
provision hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the
accuracy of mathematical calculations or other facts stated therein); 
 (b) the Trustee shall not be liable for any error of judgment made
in good faith by a Responsible Officer or Officers of the Trustee, unless it shall be proved that the Trustee was negligent in ascertaining the pertinent facts; 

(c) the Trustee shall not be liable with respect to any action taken, omitted or suffered to be taken by it in good faith in accordance with
the direction of the holders of Securities of any series pursuant to Section 6.07 relating to the time, method and place of conducting any proceeding for any remedy available to the Trustee, or exercising any trust or power conferred upon the
Trustee, under this Indenture with respect to Securities of such series; and 
 (d) none of the provisions of this Indenture shall be
construed as requiring the Trustee to expend or risk its own funds or otherwise to incur any liability, financial or otherwise, in the performance of any of its duties hereunder, or in the exercise of any of its rights or powers, if there shall be
reasonable grounds for believing that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it. 

The provisions of this Section 7.01 are in furtherance of and subject to Section 315 of the Trust Indenture Act. 

  
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 Section 7.02. Reliance on Documents, Opinions, etc. In furtherance of and subject to
the Trust Indenture Act, and subject to the provisions of Section 7.01: 
 (a) the Trustee may conclusively rely and shall be protected in
acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order or other paper or document believed by it to be genuine and to have been signed or presented by the
proper party or parties; 
 (b) any request, direction, order or demand of the Company mentioned herein shall be sufficiently evidenced by
an instrument signed in the name of the Company by an Officer (unless other evidence in respect thereof be herein specifically prescribed); and any resolution of the Board of Directors of the Company may be evidenced to the Trustee by a copy thereof
certified by the Secretary, an Assistant Secretary or an Attesting Secretary of the Company; 
 (c) the Trustee may consult with counsel and
any advice or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, omitted or suffered to be taken by it hereunder in good faith and in accordance with such advice or Opinion of Counsel; 

(d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request, order or
direction of any of the Securityholders, pursuant to the provisions of this Indenture, unless such Securityholders shall have offered security and indemnity reasonably satisfactory to the Trustee against the costs, expenses and liabilities which
might be incurred therein or thereby; 
 (e) the Trustee shall not be liable for any action taken, omitted or suffered by it in good faith
and believed by it to be authorized or within the discretion or rights or powers conferred upon it by this Indenture; 
 (f) the Trustee
shall not be bound to make any inquiry or investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, note or other paper or document unless
requested in writing so to do by the holders of a majority in aggregate principal amount of the Securities of any series affected then Outstanding; provided, however, that if the payment within a reasonable time to the Trustee of the costs
and expenses or liabilities likely to be incurred by it in the making of such investigation is, in the opinion of the Trustee, not reasonably assured to the Trustee by the security conferred upon it by the terms of this Indenture, the Trustee may
require reasonable indemnity against such costs, expenses or liabilities as a condition to so proceeding; and the reasonable expenses of such investigation shall be paid by the Company or, if paid by the Trustee, shall be repaid by the Company upon
demand; 
 (g) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or
through agents, custodians, nominees or attorneys, and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed with due care by it hereunder; 

  
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 (h) the Trustee shall not be deemed to have notice of any default hereunder or Event of Default,
unless a Responsible Officer of the Trustee has actual knowledge thereof, or unless written notice of such a default or Event of Default is received by the Trustee at the Principal Office of the Trustee and such notice references the Securities and
this Indenture; 
 (i) the rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its
right to be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder; 

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

(k) the Trustee may request that the Company deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture, which certificate may be signed by any person authorized to sign an Officer’s Certificate, including any person specified as so authorized in any such certificate previously
delivered and not superseded; 
 (l) in no event shall the Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts which are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances; 
 (m) neither the Trustee nor any
of its officers, directors, employees or agents shall be liable for any action taken or omitted under this Indenture or in connection therewith except to the extent caused by the Trustee’s negligence or willful misconduct, as determined by the
final judgment of a court of competent jurisdiction, no longer subject to appeal or review. The parties each (for itself and any person or entity claiming through it) hereby releases, waives, discharges, exculpates and covenants not to sue the
Trustee for any action taken or omitted under this Indenture except to the extent caused by the Trustee’s negligence or willful misconduct; and 

(n) in order to comply with the laws, rules, regulations and executive orders in effect from time to time applicable to banking institutions,
including those relating to the funding of terrorist activities and money laundering (“Applicable Law,” for example Section 326 of the USA PATRIOT Act of the United States), the Trustee and its agents are required to obtain, verify,
record and update certain information relating to individuals and entities which maintain a business relationship with the Trustee and its 

  
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 agents. Accordingly, each of the parties agree to provide to the Trustee and its agents, upon their request from
time to time such identifying information and documentation as may be available for such party in order to enable the Trustee and its agents to comply with Applicable Law. 

Section 7.03. No Responsibility for Recitals, etc. The recitals contained herein and in the Securities shall be taken as the
statements of the Company (except in the Trustee’s certificates of authentication), and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no representations as to the validity or sufficiency of this
Indenture or of the Securities, provided that the Trustee shall not be relieved of its duty to authenticate Securities only as authorized by this Indenture. The Trustee shall not be accountable for the use or application by the Company of any
of the Securities or of the proceeds thereof. 
 Section 7.04. Ownership of Securities. The Trustee and any agent of the Company
or of the Trustee, in its individual or any other capacity, may become the owner or pledgee of Securities with the same rights it would have if it were not Trustee or such agent. 

Section 7.05. Moneys to be Held in Trust. Subject to the provisions of Sections 4.04, 12.05 and 12.06, all moneys received by the
Trustee or any paying agent shall, until used or applied as herein provided, be held in trust for the purposes for which they were received, but need not be segregated from other funds except to the extent required by law. Neither the Trustee nor
any paying agent shall be under any liability for interest on any moneys received by it hereunder except such as it may agree in writing with the Company to pay thereon. So long as no Event of Default shall have occurred and be continuing, all
interest allowed on any such moneys shall be paid from time to time upon the written order of the Company, signed by an Officer. 

Section 7.06. Compensation and Expenses of Trustee. The Company covenants and agrees to pay to the Trustee from time to time, and
the Trustee shall be entitled to, reasonable compensation (which shall not be limited by any provision of law in regard to the compensation of a trustee of an express trust) and, except as otherwise expressly provided, the Company shall pay or
reimburse the Trustee upon its request for all reasonable expenses, disbursements and advances incurred or made by the Trustee in accordance with any of the provisions of this Indenture (including the reasonable compensation and the expenses and
disbursements of its counsel and of all persons not regularly in its employ) except any such expense, disbursement or advance as may arise from its negligence or wilful misconduct. The Company also covenants to indemnify the Trustee and its
officers, directors, employees, representatives and agents for, and to hold it and its officers, directors, employees, representatives and agents harmless against, any losses, liabilities, claims, expenses, obligations, damages, injuries, penalties,
stamp or other similar taxes, actions, suits, judgments, reasonable costs and expenses (including reasonable attorney’s and agent’s fees and expenses) of whatever kind or nature, incurred without negligence, wilful misconduct or bad faith
on the part of the Trustee, arising out of or in connection with the acceptance or administration of this trust and its duties hereunder, including the costs and expenses of defending itself against any claim of

  
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liability in the premises. The obligations of the Company under this Section 7.06 to compensate and indemnify the Trustee and to pay or reimburse the Trustee for expenses, disbursements and
advances shall constitute additional indebtedness hereunder and shall survive the satisfaction and discharge of this Indenture and the resignation or removal of the Trustee. 

Section 7.07. Officer’s Certificate as Evidence. Subject to the provisions of Sections 7.01 and 7.02, whenever in the
administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to taking, omitting or suffering any action to be taken hereunder, such matter (unless other evidence in
respect thereof be herein specifically prescribed) may, in the absence of negligence or bad faith on the part of the Trustee, be deemed to be conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such
Officer’s Certificate, in the absence of negligence or bad faith on the part of the Trustee, shall be full warrant to the Trustee for any action taken, omitted or suffered by it under the provisions of this Indenture upon the faith thereof.

 Section 7.08. Disqualification: Conflicting Interests for the Trustee. The Trustee shall comply with the provisions of
Section 310(b) of the Trust Indenture Act. 
 Section 7.09. Eligibility of Trustee. The Trustee hereunder shall at all
times be a corporation organized and doing business under the laws of the United States or any State, which (a) is authorized under such laws to exercise corporate trust powers and (b) is subject to supervision or examination by Federal or
State authority and (c) shall have at all times a combined capital and surplus of not less than $10,000,000. If such corporation publishes reports of condition at least annually, pursuant to law, or to the requirements of the aforesaid
supervising or examining authority, then for the purposes of this Section 7.09, the combined capital and surplus of such corporation at any time shall be deemed to be its combined capital and surplus as set forth in its most recent report of
condition so published. No obligor upon this Indenture of any Securities or person directly or indirectly controlling, controlled by, or under common control with such obligor shall serve as Trustee. In case at any time the Trustee shall cease to be
eligible in accordance with the provisions of this Section 7.09, the Trustee shall resign immediately in the manner and with the effect specified in Section 7.10. 

The provisions of this Section 7.09 are in furtherance of and subject to Section 310(a) of the Trust Indenture Act. 

Section 7.10. Resignation or Removal of Trustee. (a) The Trustee, or any Trustee or Trustees hereafter appointed, may at any
time resign with respect to any one or more or all series of Securities by giving written notice of resignation to the Company and by mailing notice of such resignation to the holders of the applicable series of Securities at their addresses as they
shall appear on the Security Register. Upon receiving such notice of resignation, the Company shall promptly appoint a successor Trustee or Trustees with respect to the applicable series by written instrument, in duplicate, executed in the name of
and on behalf of the Company by a duly authorized officer, one copy of which instrument shall be delivered to the resigning Trustee and one 

  
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copy to the successor Trustee, which instrument shall release the resigning Trustee from its obligations hereunder. If no successor Trustee shall have been so appointed with respect to any series
and have accepted appointment within 60 days after the giving of such notice of resignation, the resigning Trustee may petition any court of competent jurisdiction for the appointment of a successor Trustee, or any Securityholder who has been a bona
fide holder of a Security or Securities of the applicable series for at least six months may, subject to the provisions of Section 6.09, on behalf of himself and all others similarly situated, petition any such court for the appointment of a
successor Trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor Trustee. 

(b) In case at any time any of the following shall occur: 

(i) the Trustee shall fail to comply with the provisions of Section 310(b) of the Trust Indenture Act with respect to any
series of Securities after written request therefor by the Company or by any Securityholder who has been a bona fide holder of a Security or Securities of such series for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with the provisions of Section 7.09 and Section 310(a) of the
Trust Indenture Act with respect to any series of Securities and shall fail to resign after written request therefor by the Company or by any such Securityholder; or 

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

then, in any such case, the Company may remove the Trustee with respect to such series and appoint a successor Trustee with respect to such series by written
instrument, in duplicate, executed in the name of and on behalf of the Company by a duly authorized officer, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor Trustee, or, subject to the
provisions of Section 6.09, any Securityholder who has been a bona fide holder of a Security or Securities of such series for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent
jurisdiction for the removal of the Trustee and the appointment of a successor Trustee with respect to such series. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor
Trustee with respect to such series. 
 (c) The holders of a majority in aggregate principal amount of the Securities of one or more series
(each series voting as a class) or all series at the time Outstanding may remove the Trustee with respect to the applicable series or all series, as the case may be, and appoint with respect to the applicable series or all series, as the case may
be, a successor Trustee by written notice of such action to the Company, the Trustee and the successor Trustee. 

  
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 (d) Any resignation or removal of the Trustee with respect to any series and any appointment of a
successor Trustee with respect to such series pursuant to any of the provisions of this Section 7.10 shall become effective upon acceptance of appointment by the successor Trustee as provided in Section 7.11 and payment of all fees, expenses and
indemnity amounts owed to the outgoing Trustee. 
 (e) No predecessor Trustee shall be liable for the acts or omissions of any successor
Trustee. 
 (f) Notwithstanding the replacement of the Trustee pursuant to this Section 7.10, the Company’s obligations under
Section 7.06 shall continue for the benefit of the outgoing Trustee. 
 Section 7.11. Acceptance by Successor Trustee. Any
successor Trustee appointed as provided in Section 7.10 shall execute, acknowledge and deliver to the Company and to its predecessor Trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the
predecessor Trustee with respect to any or all applicable series shall become effective and such successor Trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations with respect to
such series of its predecessor hereunder, with like effect as if originally named as Trustee herein; but, nevertheless, on the written request of the Company or of the successor Trustee, the Trustee ceasing to act shall, upon payment (or due
provision therefor) of any amounts then due it pursuant to the provisions of Section 7.06, execute and deliver an instrument transferring to such successor Trustee all the rights and powers with respect to such series of the Trustee so ceasing to
act. Upon request of any such successor Trustee, the Company shall execute any and all instruments in writing in order more fully and certainly to vest in and confirm to such successor Trustee all such rights and powers. 

In case of the appointment hereunder of a successor Trustee with respect to the Securities of one or more (but not all) series, the Company,
the predecessor Trustee and each successor Trustee with respect to the Securities of any applicable series shall execute and deliver an indenture supplemental hereto which shall contain such provisions as shall be deemed necessary or desirable to
confirm that all the rights, powers, trusts and duties of the predecessor Trustee with respect to the Securities of any series as to which the predecessor Trustee is not retiring shall continue to be vested in the predecessor Trustee, and shall add
to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such supplemental indenture
shall constitute such Trustees co-trustees of the same trust and that each such Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder administered by any other such Trustee. 

  
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 No successor Trustee with respect to a series of Securities shall accept appointment as provided
in this Section 7.11 unless at the time of such acceptance such successor Trustee shall, with respect to such series, be qualified under Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 7.09. 

Upon acceptance of appointment by a successor Trustee with respect to any series as provided in this Section 7.11, the Company shall give
notice thereof to the holders of Securities of each series affected, by mailing such notice to such holders at their addresses as they shall appear on the Security Register. If the Company fails to mail such notice within ten days after the
acceptance of appointment by the successor Trustee, the successor Trustee shall cause such notice to be given at the expense of the Company. 

Section 7.12. Succession by Merger, etc. Any corporation into which the Trustee may be merged or converted or with which it may be
consolidated, or any corporation resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation succeeding to all or substantially all of the corporate trust business of the Trustee, shall be the
successor to the Trustee hereunder, provided such corporation shall be qualified under Section 310(b) of the Trust Indenture Act and eligible under the provisions of Section 7.09, without the execution or filing of any paper or any further act
on the part of any of the parties hereto unless required by law, anything herein to the contrary notwithstanding. 
 In case at the time
such successor to the Trustee shall succeed to the trust created by this Indenture with respect to one or more series of Securities, any of such Securities shall have been authenticated but not delivered, any such successor to the Trustee by merger,
conversion or consolidation may adopt the certificate of authentication of any predecessor Trustee, and deliver such Security so authenticated; and in case at that time any of such Securities shall not have been authenticated, any successor to the
Trustee may authenticate such Securities either in the name of such successor to the Trustee or, if such successor to the Trustee is a successor by merger, conversion or consolidation, the name of any predecessor hereunder; and in all such cases
such certificate shall have the full force which it is anywhere in such Securities or in this Indenture provided that the certificate of the Trustee shall have. 

Section 7.13. Appointment of Authenticating Agent. The Trustee may appoint an Authenticating Agent or Agents which shall be
authorized to act on behalf of the Trustee to authenticate Securities issued upon original issue and upon exchange, registration of transfer, or partial conversion or partial redemption or pursuant to Section 2.08, and Securities so authenticated
shall be entitled to the benefits of this Indenture and shall be valid and obligatory for all purposes as if authenticated by the Trustee hereunder. Wherever reference is made in this Indenture to the authentication and delivery of Securities by the
Trustee or the Trustee’s certificate of authentication, such reference shall be deemed to include authentication and delivery on behalf of the Trustee by an Authenticating Agent and a certificate of authentication executed on behalf of the
Trustee by an Authenticating Agent. Each Authenticating Agent shall be acceptable to the Company and shall at all times be a corporation organized and doing business under the laws of the United States of America, any State thereof or the District
of Columbia, 

  
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authorized under such laws to act as Authenticating Agent, having a combined capital and surplus of not less than $10,000,000 and subject to supervision or examination by Federal or State
authority. If such Authenticating Agent publishes reports of condition at least annually, pursuant to law or to the requirements of said supervising or examining authority, then for the purposes of this Section 7.13, the combined capital and
surplus of such Authenticating Agent shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so published. If at any time an Authenticating Agent shall cease to be eligible in accordance with the
provisions of this Section 7.13, such Authenticating Agent shall resign immediately in the manner and with the effect specified in this Section 7.13. 

Any corporation into which an Authenticating Agent may be merged or converted or with which it may be consolidated, or any corporation
resulting from any merger, conversion or consolidation to which such Authenticating Agent shall be a party, or any corporation succeeding to the corporate agency or corporate trust business of an Authenticating Agent, shall continue to be an
Authenticating Agent, provided that such corporation shall be otherwise eligible under this Section 7.13, without the execution or filing of any paper or any further act on the part of the Trustee or the Authenticating Agent. 

An Authenticating Agent may resign at any time by giving written notice thereof to the Trustee and to the Company. The Trustee may at any time
terminate the agency of an Authenticating Agent by giving written notice thereof to such Authenticating Agent and to the Company. Upon receiving such a notice of resignation or upon such a termination, or in case at any time such Authenticating
Agent shall cease to be eligible in accordance with the provisions of this Section 7.13, the Trustee may appoint a successor Authenticating Agent which shall be acceptable to the Company and shall mail written notice of such appointment by
first-class mail, postage prepaid, to all Securityholders as their names and addresses appear in the Security Register. Any successor Authenticating Agent upon acceptance of its appointment hereunder shall become vested with all the rights, powers
and duties of its predecessor hereunder, with like effect as if originally named as an Authenticating Agent. No successor Authenticating Agent shall be appointed unless eligible under the provisions of this Section 7.13. 

The Company agrees to pay to each Authenticating Agent from time to time reasonable compensation for its services under this Section 7.13.

  
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 If an appointment is made pursuant to this Section 7.13, the Securities may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
 Dated: 

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

 

			
	 Deutsche Bank National Trust Company, not in its individual capacity but solely as Trustee

	
	 AUTHENTICATING AGENT, As Authenticating Agent

		
	By:		  

			Authorized Signatory

 ARTICLE 8 

CONCERNING THE SECURITYHOLDERS 

Section 8.01. Action of Securityholders. Whenever in this Indenture it is provided that the holders of a specified percentage in
aggregate principal amount of the Securities of any or all series may take any action (including the making of any demand or request, the giving of any notice, consent or waiver or the taking of any other action) the fact that at the time of taking
any such action the holders of such specified percentage have joined therein may be evidenced (a) by any instrument or any number of instruments of similar tenor executed by such Securityholders in person or by agent or proxy appointed in
writing, or (b) by the record of such Securityholders of Securities voting in favor thereof at any meeting of such Securityholders duly called and held in accordance with the provisions of Article 9, or (c) by a combination of such
instrument or instruments and any such record of such a meeting of such Securityholders. 
 Section 8.02. Proof of Execution by
Securityholders. Subject to the provisions of Sections 7.01, 7.02 and 9.06, proof of the execution of any instrument by a Securityholder or his agent or proxy shall be sufficient if made in accordance with such reasonable rules and regulations
as may be prescribed by the Trustee or in such manner as shall be reasonably satisfactory to the Trustee. The ownership of Securities shall be proved by the Security Register. 

The record of any Securityholders’ meeting shall be proved in the manner provided in Section 9.07. 

The Company may set a record date for purposes of determining the identity of Securityholders of Securities of any series entitled to vote or
consent to or revoke any action referred to in Section 8.01, which record date may be set at any time or from time to time by notice to the Trustee, for any date or dates (in the case of any adjournment or reconsideration) not more than 60 days nor
less than five days prior to the proposed date 

  
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of such vote or consent, and thereafter, notwithstanding any other provisions hereof, with respect to Securities of any series, only Securityholders of Securities of such series of record on such
record date shall be entitled to so vote or give such consent or revoke such vote or consent. 
 Section 8.03. Who
Are Deemed Absolute Owners. The Company, the Trustee and any agent of the Company or of the Trustee may deem the person in whose name any Security shall be registered upon the books of the Company to be, and may treat him as, the owner of such
Security (whether or not such Security shall be overdue and notwithstanding any notation of ownership or other writing thereon) for the purpose of receiving payment of or on account of the principal of, premium, if any, and
(subject to Section 2.04) interest, if any, on such Security and for all other purposes; and neither the Company nor the Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such
payments so made to any holder for the time being, or upon his order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for moneys payable upon any such Security. 

No Beneficial Owner of a beneficial interest in any Global Security held on its behalf by a Depositary shall have any rights under this
Indenture with respect to such Global Security, and such Depositary may be treated by the Company, the Trustee, and any agent of the Company or the Trustee as the owner of such Security for all purposes whatsoever. None of the Company, the Trustee
or any agent of the Company or the Trustee will have any responsibility or liability for any aspect of the records relating to or payments made on account of beneficial ownership interests of a Global Security or maintaining, supervising or
reviewing any records relating to such beneficial ownership interests. 
 Section 8.04. Company-Owned Securities Disregarded. In
determining whether the holders of the requisite aggregate principal amount of Securities have concurred in any demand, request, notice, direction, consent or waiver under this Indenture, Securities which are owned by the Company or any other
obligor on the Securities with respect to which such determination is being made or by any person directly or indirectly controlling or controlled by or under direct or indirect common control with the Company or any other obligor on the Securities
with respect to which such determination is being made shall be disregarded and deemed not to be Outstanding for the purpose of any such determination; provided that, for the purposes of determining whether the Trustee shall be protected in
relying on any such demand, request, notice, direction, consent or waiver, only Securities which a Responsible Officer of the Trustee actually knows are so owned shall be so disregarded. Securities so owned which have been pledged in good faith may
be regarded as Outstanding for the purposes of this Section 8.04 if the pledgee shall establish to the satisfaction of the Trustee the pledgee’s right to vote such Securities and that the pledgee is not a person directly or indirectly
controlling or controlled by or under direct or indirect common control with the Company or any such other obligor. In the case of a dispute as to such right, any decision by the Trustee taken upon the advice of counsel shall be full protection to
the Trustee. 

  
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 Section 8.05. Revocation of Consents; Future Holders Bound. At any time prior to (but
not after) the evidencing to the Trustee, as provided in Section 8.01, of the taking of any action by the holders of the percentage in aggregate principal amount of the Securities of any or all series, as the case may be, specified in this Indenture
in connection with such action, any holder of a Security which is shown by the evidence to be included in the Securities the holders of which have consented to such action may, by filing written notice with the Trustee at its principal office and
upon proof of holding as provided in Section 8.02, revoke such action so far as concerns such Security. Except as aforesaid, any such action taken by the holder of any Security shall be conclusive and binding upon such holder and upon all future
holders of such Security, irrespective of whether or not any notation in regard thereto is made upon such Security or any Security issued in exchange or substitution therefor. 

ARTICLE 9 

SECURITYHOLDERS’ MEETINGS 

Section 9.01. Purposes of Meetings. A meeting of holders of Securities of any or all series may be called at any time and from
time to time pursuant to the provisions of this Article 9 for any of the following purposes: 
 (a) to give any notice to the Company or to
the Trustee, or to give any directions to the Trustee, or to consent to the waiving of any default hereunder and its consequences, or to take any other action authorized to be taken by Securityholders pursuant to any of the provisions of Article 6;

 (b) to remove the Trustee and nominate a successor trustee pursuant to the provisions of Article 7; 

(c) to consent to the execution of an indenture or indentures supplemental hereto pursuant to the provisions of Section 10.02; or 

(d) to take any other action authorized to be taken by or on behalf of the holders of any specified aggregate principal amount of the
Securities of any or all series, as the case may be, under any other provision of this Indenture or under applicable law. 

Section 9.02. Call of Meetings by Trustee. The Trustee may at any time call a meeting of holders of Securities of any or all
series to take any action specified in Section 9.01, to be held at such time and at such place in the Borough of Manhattan, The City of New York, as the Trustee shall determine. Notice of every meeting of the holders of Securities of any or all
series, setting forth the time and the place of such meeting and in general terms the action proposed to be taken at such meeting, shall be mailed to holders of Securities of each series affected at their addresses as they shall appear on the
Security Register. Such notice shall be mailed not less than 10 nor more than 90 days prior to the date fixed for the meeting. 

Section 9.03. Call of Meetings by Company or Securityholders. In case at any time the Company, pursuant to a resolution of its
Board of Directors, or the holders of at 

  
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least 10% in aggregate principal amount of the Securities then Outstanding of any series that may be affected by the action proposed to be taken at the meeting, shall have requested the Trustee
to call a meeting of the holders of Securities of all series that may be so affected, by written request setting forth in reasonable detail the action proposed to be taken at the meeting, and the Trustee shall not have mailed the notice of such
meeting within 20 days after receipt of such request, then the Company or such Securityholders, in the amount specified above, may determine the time and the place in said Borough of Manhattan, The City of New York, for such meeting and may call
such meeting to take any action authorized in Section 9.01, by mailing notice thereof as provided in Section 9.02. 

Section 9.04. Qualifications for Voting. To be entitled to vote at any meeting of Securityholders a person shall (a) be a
holder of one or more Securities with respect to which such meeting is being held or (b) be a person appointed by an instrument in writing as proxy by a holder of one or more such Securities. The only persons who shall be entitled to be present
or to speak at any meeting of Securityholders shall be the persons entitled to vote at such meeting and their counsel and any representatives of the Trustee and its counsel and any representatives of the Company and its counsel. 

Section 9.05. Quorum; Adjourned Meetings. The Persons entitled to vote a majority in aggregate principal amount of the Securities
of the relevant series at the time Outstanding shall constitute a quorum for the transaction of all business specified in Section 9.01. No business shall be transacted in the absence of a quorum (determined as provided in this Section 9.05). In the
absence of a quorum within 30 minutes after the time appointed for any such meeting, the meeting shall, if convened at the request of the holders of Securities (as provided in Section 9.03), be dissolved. In any other case the meeting shall be
adjourned for a period of not less than ten days as determined by the chairman of the meeting. In the absence of a quorum at any such adjourned meeting, such adjourned meeting shall be further adjourned for a period of not less than ten days as
determined by the chairman of the meeting. Notice of the reconvening of any adjourned meeting shall be given as provided in Section 9.02, except that such notice must be mailed not less than five days prior to the date on which the meeting is
scheduled to be reconvened. 
 Subject to the foregoing, at the second reconvening of any meeting adjourned for lack of a quorum, the
Persons entitled to vote 25% in aggregate principal amount of the Securities of the relevant series then Outstanding shall constitute a quorum for the taking of any action set forth in the notice of the original meeting. Notice of the reconvening of
an adjourned meeting shall state expressly the percentage of the aggregate principal amount of the Securities of the relevant series then Outstanding which shall constitute a quorum. 

At a meeting or any adjourned meeting duly convened and at which a quorum is present as aforesaid, any resolution and all matters (except as
limited by the proviso in Section 10.02) shall be effectively passed and decided if passed or decided by the Persons entitled to vote the lesser of (a) a majority in aggregate principal amount of the Securities of the relevant series then
Outstanding and (b) 75% in aggregate principal amount of the Securities represented and voting at the meeting. 

  
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 Any holder of a Security who has executed in person or by proxy and delivered to the Trustee an
instrument in writing complying with the provisions of Article 8 shall be deemed to be present for the purposes of determining a quorum and be deemed to have voted; provided that such holder of a Security shall be considered as present or
voting only with respect to the matters covered by such instrument in writing. 
 Section 9.06. Regulations. Notwithstanding any
other provisions of this Indenture, the Trustee may make such reasonable regulations as it may deem advisable for any meeting of Securityholders, in regard to proof of the Securityholder and of the appointment of proxies, and in regard to the
appointment and duties of inspectors of votes, the submission and examination of proxies, certificates and other evidence of the right to vote, and such other matters concerning the conduct of the meeting as it shall think fit. 

The Trustee shall, by an instrument in writing, appoint a temporary chairman of the meeting, unless the meeting shall have been called by the
Company or by Securityholders, as provided in Section 9.03, in which case the Company or the Securityholders calling the meeting, as the case may be, shall in like manner appoint a temporary chairman. A permanent chairman and a permanent secretary
of the meeting shall be elected by majority vote of the meeting. 
 Subject to the provisions of Section 8.04, at any meeting each
Securityholder with respect to which such meeting is being held or proxy shall be entitled to vote the principal amount (in the case of Original Issue Discount Securities, such principal amount to be determined as provided in the definition of
“Outstanding” in Section 1.01) of such Securities held or represented by such holder; provided, however, that no vote shall be cast or counted at any meeting in respect of any such Security challenged as not Outstanding and ruled by
the chairman of the meeting to be not Outstanding. The chairman of the meeting shall have no right to vote other than by virtue of such Securities held by him or instruments in writing as aforesaid duly designating him as the person to vote on
behalf of other such Securityholders. Any meeting of holders of Securities with respect to which a meeting was duly called pursuant to the provisions of Sections 9.02 or 9.03 may be adjourned from time to time by a majority of those present, whether
or not constituting a quorum, and the meeting may be held as so adjourned without further notice. 
 Section 9.07. Voting. The
vote upon any resolution submitted to any meeting of holders of Securities with respect to which such meeting is being held shall be by written ballots on which shall be subscribed the signatures of such holders of Securities or of their
representatives by proxy and the principal amount (in the case of Original Issue Discount Securities, such principal amount to be determined as provided in the definition of “Outstanding” in Section 1.01) and number or numbers of such
Securities held or represented by them. The permanent chairman of the meeting shall appoint two inspectors of votes who shall count all votes cast at the meeting for or against any 

  
 46 

 
resolution and who shall make and file with the secretary of the meeting their verified written reports in duplicate of all votes cast at the meeting. A record in duplicate of the proceedings of
each meeting of Securityholders shall be prepared by the secretary of the meeting and there shall be attached to said record the original reports of the inspectors of votes on any vote by ballot taken thereat and affidavits by one or more persons
having knowledge of the facts setting forth a copy of the notice of the meeting and showing that said notice was mailed as provided in Section 9.02. The record shall show the principal amount of the Securities (in the case of Original Issue Discount
Securities, such principal amount to be determined as provided in the definition of “Outstanding” in Section 1.01) voting in favor of or against any resolution. The record shall be signed and verified by the affidavits of the permanent
chairman and secretary of the meeting and one of the duplicates shall be delivered to the Company and the other to the Trustee to be preserved by the Trustee, the latter to have attached thereto the ballots voted at the meeting. 

Any record so signed and verified shall be conclusive evidence of the matters therein stated. 

Section 9.08. No Delay of Rights by Meeting. Nothing in this Article 9 contained shall be deemed or construed to authorize or
permit, by reason of any call of a meeting of Securityholders of any or all series or any rights expressly or impliedly conferred hereunder to make such call, any hindrance or delay in the exercise of any right or rights conferred upon or reserved
to the Trustee or to the Securityholders of any or all such series under any of the provisions of this Indenture or of the Securities. 

ARTICLE 10 

SUPPLEMENTAL INDENTURES 

Section 10.01. Supplemental Indentures without Consent of Securityholders. The Company and the Trustee may from time to time and
at any time, without the consent of the holders of the Securities of any series, enter into an indenture or indentures supplemental hereto for one or more of the following purposes: 

(a) to evidence the succession of another corporation or limited liability company to the Company, or successive successions, and the
assumption by the successor Person of the covenants, agreements and obligations of the Company pursuant to Article 11 hereof, or to evidence the assumption by a corporation, as a co-obligor under this Indenture and the Securities, of the covenants,
agreements and obligations of the Company pursuant to Article 11; 
 (b) to add to the covenants of the Company such further covenants,
restrictions, conditions or provisions for the protection of the holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such covenants are expressly being
included for the benefit of such series) as the Board of Directors of the Company shall consider to be for the protection of the holders of such Securities, and to make the occurrence, or the occurrence and continuance, of a default in any of such
additional covenants, restrictions, conditions or provisions a default or an Event of Default permitting the enforcement of all or any of the several remedies 

  
 47 

 
provided in this Indenture as herein set forth; provided, however, that in respect of any such additional covenant, restriction, condition or provision, such supplemental indenture may
provide for a particular period of grace after default (which period may be shorter or longer than that allowed in the case of other defaults) or may provide for an immediate enforcement upon such default or may limit the remedies available to the
Trustee upon such default; 
 (c) to establish the forms or terms of Securities of any series as permitted by Sections 2.01 and 2.02; 

(d) to cure any ambiguity, to correct or supplement any provision contained herein or in any supplemental indenture that may be defective or
inconsistent with any other provision contained herein or in any supplemental indenture, or to create such other provisions in regard to matters or questions arising under this Indenture or indentures supplemental hereto that do not, or otherwise
amend or supplement this Indenture or indentures supplemental hereto in a manner that does not, adversely affect the interests of the Securityholders of any Securities of such series in any material respect; provided that any amendment made
solely to conform the provisions of this Indenture to the description of the Securities contained in the prospectus or other offering document pursuant to which such Securities were sold will not be deemed to adversely affect the interests of the
holders of the Securities; 
 (e) to modify or amend this Indenture to permit the qualification of this Indenture or any indentures
supplemental hereto under the Trust Indenture Act as then in effect; 
 (f) to conform the text of this Indenture, any indenture
supplemental hereto, or the terms of any series of debt securities to any provision of the “Description of Debt Securities” in the prospectus contained in the Company’s Registration Statement on Form S-3 filed with the SEC on June 17,
2015 or the “Description of Notes” in any related prospectus supplement thereto; 
 (g) to provide for the issuance of Additional
Securities of any series of Securities; 
 (h) to provide for the exchange of any Securities in global form represented by one or more
Global Securities for Securities of the same series issued under this Indenture in definitive certificated form in the circumstances permitted by the terms of this Indenture and such Securities, and to make all appropriate changes to this Indenture
for such purpose; 
 (i) to add to, change or eliminate any of the provisions contained herein or in any indentures supplemental hereto in
respect of one or more series of Securities; provided that any such addition, change or elimination (i) shall not apply to, or modify the rights of any holder of, any Security of any series created prior to the execution of such
supplemental indenture, or (ii) shall become effective only when no Securities of any series created prior to the execution of such supplemental indenture are Outstanding; 

  
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 (j) to add guarantees with respect to the Securities of any series or to secure the Securities of
any series; and 
 (k) to evidence and provide for the acceptance of appointment hereunder by a successor or separate trustee with respect
to the Securities of one or more series or to add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one trustee, pursuant to the
requirements of Section 7.11 or pursuant to Section 2.02(q). 
 The Trustee is hereby authorized to join with the Company in the execution
of any such supplemental indenture, to make any further appropriate agreements and stipulations which may be therein contained and to accept the conveyance, transfer and assignment of any property thereunder, but the Trustee shall not be obligated
to, but may in its discretion, enter into any such supplemental indenture which affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise. 

Any supplemental indenture authorized by the provisions of this Section 10.01 may be executed by the Company and the Trustee without the
consent of the holders of any of the Securities at the time Outstanding, notwithstanding any of the provisions of Section 10.02. 

Section 10.02. Supplemental Indentures with Consent of Securityholders. With the consent (evidenced as provided in
Sections 8.01 and 8.02) of the holders of not less than a majority in aggregate principal amount of the Securities of all such series affected by such supplemental indenture at the time Outstanding, voting as a single class, the Company and the
Trustee may from time to time and at any time enter into an indenture or indentures supplemental hereto for the purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or any supplemental
indenture or of modifying in any manner the rights of the holders of the Securities or each such series; provided, however, that no such supplemental indenture shall, without the consent of the holder of each Security so affected: 

(a) change the stated maturity of principal of, or any installment of principal of or interest on, any Security; 

(b) reduce the rate of or extend the time of payment of interest, if any, on any Security, or alter the manner of calculation of interest
payable on any Security (except as part of any remarketing of the Securities of any series) or any interest rate reset with respect to the Securities of any series, in each case in accordance with the terms of the Securities of such series); 

(c) reduce the principal amount or premium, if any, on any Security; 

(d) make the principal amount or premium, if any, or interest on any Security, payable in any coin or currency other than that provided in any
Security; 

  
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 (e) reduce the percentage in principal amount of Securities of any series, the holders of which
are required to consent to any such supplemental indenture or any waiver of any past default or Event of Default pursuant to Section 6.07(b); 

(f) change any place of payment where the Securities of any series or interest thereon is payable; 

(g) modify the interest rate reset provision of any Security; 

(h) impair the right of any holder of a Security to (i) receive payment of the principal of, or premium, if any, or interest on any
Security on or after the respective due dates for such principal, premium or interest, or (ii) institute suit for the enforcement of any such payment; 

(i) reduce the amount of the principal of an Original Issue Discount Security that would be due and payable upon an acceleration of the
maturity thereof pursuant to Section 6.01, or adversely affect the right of repayment, if any, at the option of the holder, or extend the time for, or reduce the amount of, any payment to any sinking fund or analogous obligation relating to any
Security; or 
 (j) modify any provision of Section 6.07(b) or this Section 10.02 (except to increase the percentage in principal amount of
Securities whose holders must consent to an amendment, or to provide that certain other provisions of this Indenture cannot be modified or waived without the consent of the holder of each Security affected by the modification or waiver). 

Notwithstanding the foregoing, holders of the Securities of any series shall vote as a separate class with respect to modifications or
amendments that affect only the Securities of such series, and the holders of other series of Securities shall not have any voting rights with respect to such matters as they relate to the Securities of such series. 

Upon the request of the Company, accompanied by a copy of the resolutions of the Board of Directors authorizing the execution and delivery of
any such supplemental indenture, and upon the filing with the Trustee of evidence of the consent of Securityholders (evidenced as provided in Sections 8.01 and 8.02), the Trustee shall join with the Company in the execution of such supplemental
indenture unless such supplemental indenture affects the Trustee’s own rights, duties or immunities under this Indenture or otherwise, in which case the Trustee may in its discretion but shall not be obligated to, enter into such supplemental
indenture. 
 It shall not be necessary for the consent of the Securityholders under this Section 10.02 to approve the particular form of
any proposed supplemental indenture, but it shall be sufficient if such consent shall approve the substance thereof. 
 Section 10.03.
Compliance with Trust Indenture Act; Effect of Supplemental Indentures. Any supplemental indenture executed pursuant to the provisions of this Article 10 shall comply with the Trust Indenture Act, as then in effect. Upon the execution of any
supplemental indenture pursuant to the provisions of this Article 10, this 

  
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Indenture shall be deemed to be modified and amended in accordance therewith and the respective rights, limitations of rights, obligations, duties and immunities under this Indenture of the
Trustee, the Company and the holders of the Securities of the applicable series shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments, and all the terms and conditions of any
such supplemental indenture shall be and be deemed to be part of the terms and conditions of this Indenture for any and all purposes. 

Section 10.04. Notation on Securities. Securities authenticated and delivered after the execution of any supplemental indenture
pursuant to the provisions of this Article 10 may bear a notation in form approved by the Trustee as to any matter provided for in such supplemental indenture. If the Company or the Trustee shall so determine, new Securities of any series so
modified as to conform, in the opinion of the Trustee and the Board of Directors, to any modification of this Indenture contained in any such supplemental indenture may be prepared and executed by the Company, authenticated by the Trustee and
delivered in exchange for the Securities of such series then Outstanding. 
 Section 10.05. Evidence of Compliance of Supplemental
Indenture to be Furnished Trustee. The Trustee shall receive an Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any supplemental indenture executed pursuant hereto complies with the requirements of this Article
10. 
 ARTICLE 11 

CONSOLIDATION, MERGER, SALE OR CONVEYANCE 

Section 11.01. Company May Not Consolidate, etc. The Company covenants that it will not, in a single transaction or through a
series of related transactions, (i) merge or consolidate with any other Person, nor (ii) sell, convey, transfer or otherwise dispose of all or substantially all of its assets to any other Person (other than a Subsidiary), in each case
unless: 
 (a) Either (i) the Company shall be the continuing Person or (ii) if the Company is not the continuing Person, then the
successor Person formed by such consolidation or into which we are merged or the person to which substantially all of our assets are so transferred or otherwise disposed (if other than the Company) shall be a corporation or a limited liability
company organized and existing under the laws of the United States of America or any state thereof or the District of Columbia and such successor Person shall expressly assume the due and punctual payment of the principal of, and premium, if any,
and interest, if any, on all the Securities according to their tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the Company under this Indenture and each series of
Securities by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such successor Person; provided that, in the event that such successor Person is not a corporation, another Person that is a
corporation shall expressly assume, as co-obligor with such successor Person, the due and punctual payment of the principal of, and premium, if any, and interest, if any, on all the Securities according to their tenor, and the due and punctual
performance and observance of all the covenants and conditions of this 

  
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Indenture to be performed by the Company under this Indenture and each series of Securities by supplemental indenture satisfactory to the Trustee, executed and delivered to the Trustee by such
other Person; 
 (b) immediately after giving effect to such merger or consolidation, or such sale, conveyance, transfer or other
disposition, the Company or such successor Person shall not be in default in the performance of any such covenant or condition, and no Event of Default shall have occurred and be continuing; and 

(c) the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that such merger,
consolidation, sale, conveyance, transfer or other disposition and supplemental indenture (if any) comply with this Indenture. 
 In the
event of any such merger, consolidation, sale, conveyance (other than by way of lease), transfer or other disposition, and upon any such assumption by the successor Person, the predecessor company may be dissolved, wound up and liquidated at any
time thereafter. 
 For the avoidance of doubt, without limiting the foregoing, the limitations described in this Section 11.01 shall not
apply to any transfer of loan receivables, on customary terms and in the ordinary course of business, directly or indirectly to the Company’s securitization entities in connection with its securitization facilities. 

Section 11.02. Successor Person to be Substituted. In case of any such merger, consolidation, sale, conveyance (other than by way
of lease), transfer or other disposition, and upon any such assumption by the successor Person, such successor Person shall succeed to and be substituted for the Company, with the same effect as if it had been named herein as the Company, and the
Company shall be relieved of any further obligation under this Indenture and under the Securities. Such successor Person thereupon may cause to be signed, and may issue either in its own name or in the name of SLM CORPORATION, any or all of the
Securities issuable hereunder which theretofore shall not have been signed by the Company and delivered to the Trustee; and, upon the order of such successor Person, instead of the Company, and subject to all the terms, conditions and limitations in
this Indenture prescribed, the Trustee shall authenticate and shall deliver any Securities which previously shall have been signed and delivered by an officer of the Company to the Trustee for authentication, and any Securities which such successor
Person thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Securities so issued shall in all respects have the same legal rank and benefit under this Indenture as the Securities theretofore or thereafter issued
in accordance with the terms of this Indenture as though all of such Securities had been issued at the date of the execution hereof. 
 In
case of any such merger, consolidation, sale, conveyance, transfer or other disposition, such changes in phraseology and form (but not in substance) may be made in the Securities thereafter to be issued as may be appropriate. 

  
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 Section 11.03. Documents to be Given Trustee. The Trustee shall receive an
Officer’s Certificate and an Opinion of Counsel as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or other disposition, and any such assumption, comply with the provisions of this Article 11. 

ARTICLE 12 

SATISFACTION AND DISCHARGE OF INDENTURE; DEFEASANCE

 Section 12.01. Discharge of Indenture. With respect to any series of Securities: 

(a) if either: 

(i) the Company shall deliver to the Trustee for cancellation all Securities of such series theretofore authenticated and not
theretofore cancelled (other than (A) any Securities of such series which shall have been destroyed, lost or stolen or in lieu of or in substitution for which other Securities of such series shall have been authenticated and delivered, or which
shall have been paid, pursuant to the provisions of Section 2.08 or (B) Securities of such series for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 12.06); or 

(ii) all the Securities of such series not theretofore cancelled or delivered to the Trustee for cancellation shall have become
due and payable, or are by their terms to become due and payable within one year or are to be called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption, and the Company shall have
deposited with the Trustee, in trust, funds sufficient to pay at maturity or upon redemption all of the Securities of such series not theretofore cancelled or delivered to the Trustee for cancellation (other than any (A) Securities of such
series which shall have been destroyed, lost or stolen and in lieu of or in substitution for which other Securities of such series shall have been authenticated and delivered, or which shall have been paid, pursuant to the provisions of Section 2.08
or (B) Securities of such series for whose payment money has theretofore been deposited in trust and thereafter repaid to the Company as provided in Section 12.06), including principal, premium, if any, and interest, if any, due or to become
due to such date of maturity or date fixed for redemption, as the case may be; and 
 (b) if in either case the Company shall also pay or
cause to be paid all other sums payable hereunder by the Company, 
 then this Indenture shall cease to be of further effect with respect to such series of
Securities (except as to (A) rights of registration of transfer and exchange of Securities, (B) substitution of mutilated, defaced, destroyed, lost or stolen Securities, (C) rights of holders to receive payments of principal thereof
and interest thereon, and remaining rights of the holders to receive mandatory sinking fund payments, if any, (D) the rights, obligations and immunities of the Trustee hereunder and (E) the rights of the Securityholders as beneficiaries
hereof with respect to the property so deposited with the 

  
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Trustee payable to all or any of them), and the Trustee, on demand of the Company accompanied by an Officer’s Certificate and an Opinion of Counsel to the effect that all conditions
precedent to such satisfaction and discharge have been satisfied and at the cost and expense of the Company, shall execute proper instruments acknowledging satisfaction of and discharging this Indenture, the Company, however, hereby agreeing to
reimburse the Trustee for any costs or expenses thereafter reasonably and properly incurred by the Trustee in connection with this Indenture, any documents related hereto, or the Securities. 

Section 12.02. Legal Defeasance. Following the deposit referred to in clause (a) of this Section 12.02, the Company will be deemed
to have paid and will be discharged from its obligations in respect of the Securities of the series with respect to which such deposit shall have been made and this Indenture with respect to such Securities, other than (i) the rights of the
Securityholders of Outstanding Securities of such series to receive, solely from the trust fund described in such clause (a), payments in respect of the principal of and interest on such securities when such payments are due and (ii) its
obligations in Article 2 and Sections 4.02, 7.06, 7.10, 12.06 and 12.07, provided that each of the following conditions have been satisfied: 

(a) the Company has irrevocably deposited in trust with the Trustee, as trust funds solely for the benefit of the Securityholders of such
series, money in an amount sufficient, or U.S. Government Obligations the scheduled payments of principal of and interest on which shall be sufficient, or a combination thereof sufficient, in the opinion of a nationally recognized firm of
independent public accountants expressed in a written certification delivered to the Trustee, without consideration of any reinvestment, to pay principal of, premium, if any, and interest, if any, on the Securities of such series to maturity or
redemption, as the case may be; provided that any redemption before maturity has been irrevocably provided for under arrangements satisfactory to the Trustee; 

(b) the deposit will not result in a breach or violation of, or constitute a default under, this Indenture or any other agreement or
instrument to which the Company is a party or by which it is bound; 
 (c) the Company has delivered to the Trustee either (i) a ruling
received from the Internal Revenue Service to the effect that the holders of the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income
tax on the same amount and in the same manner and at the same times as would otherwise have been the case or (ii) an Opinion of Counsel, based on a change in law after the date of this Indenture, to the same effect as the ruling described in
clause (i); and 
 (d) the Company has delivered to the Trustee an Officer’s Certificate and an Opinion of Counsel, in each case
stating that all conditions precedent provided for herein relating to the defeasance have been complied with. 
 Following the deposit
referred to in clause (a) of Section 12.02, the Trustee, upon the request and at the cost and expense of the Company, will acknowledge in writing the discharge of the Company’s obligations under the Securities of such series and this
Indenture with respect to such series except for the surviving obligations specified above. 

  
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 Section 12.03. Covenant Defeasance. Following the deposit referred to in clause (a)
of this Section 12.03 with respect to the Securities of a series, (i) the Company’s obligations pursuant to each of Section 5.02, Article 11 and any other covenants for such series of Securities established as contemplated by Section
2.02(t) and expressed to be subject to covenant defeasance pursuant to this Section 12.03, will terminate, and (ii) each of Section 6.01(c) (solely to the extent relating to the covenants described in clause (i) of this Section 12.03) and
any other Event of Default or Events of Default established as contemplated by Section 6.01(f) and expressed to be subject to covenant defeasance pursuant to this Section 12.03, will no longer constitute Events of Default with respect to the
Securities of such series, provided the following conditions have been satisfied: 
 (a) the Company has complied with Sections 12.02(a),
12.02(b) and 12.02(d); and 
 (b) the Company has delivered to the Trustee an Opinion of Counsel to the effect that (i) the holders of
the Securities of such series will not recognize income, gain or loss for federal income tax purposes as a result of the defeasance and will be subject to federal income tax on the same amount and in the same manner and at the same times as would
otherwise have been the case, which Opinion of Counsel is based upon a change in the applicable federal tax law since the date of this Indenture as originally executed and (ii) all conditions precedent provided for herein relating to the
defeasance have been complied with. 
 Except as specifically stated above, none of the Company’s obligations under this Indenture will
be discharged. 
 Section 12.04. Deposited Moneys to be Held in Trust by Trustee; Miscellaneous Provisions. All moneys and U.S.
Government Obligations (including the proceeds thereof) deposited with the Trustee pursuant to the provisions of, Section 12.02 or 12.03 shall be held in trust and applied by it to the payment of all sums due and to become due thereon for principal,
premium, if any, and interest, if any, either directly or through any paying agent (including the Company if acting as its own paying agent), to the holders of the Securities of the applicable series for payment or redemption of which such moneys or
U.S. Government Obligations have been deposited with the Trustee. 
 The Company shall pay and indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against the U.S. Government Obligations deposited pursuant to Section 12.01 or 12.03 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the
account of the holders of the Securities of the applicable series. 
 Anything in this Article 12 to the contrary notwithstanding, the
Trustee shall deliver or pay to the Company from time to time upon request of the Company any 

  
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money or U.S. Government Obligations held by it as provided in Section 12.01 or 12.03 with respect to any Securities which, in the opinion of a nationally recognized firm of independent public
accountants expressed in a written certification thereof delivered to the Trustee, are in excess of the amount thereof which would then be required to be deposited to effect the legal defeasance or covenant defeasance, as the case may be, with
respect to such Securities. 
 Section 12.05. Paying Agent to Repay Moneys Held. Upon the satisfaction and discharge of this
Indenture all moneys then held by any paying agent of the Securities (other than the Trustee) shall, upon demand of the Company, be repaid to the Company or paid to the Trustee, and thereupon such paying agent shall be released from all further
liability with respect to such moneys. 
 Section 12.06. Return of Unclaimed Moneys. Any moneys and U.S. Government Obligations
deposited with or paid to the Trustee for payment of the principal of, premium, if any, or interest, if any, on Securities of any series and not applied but remaining unclaimed by the holders of Securities of such series for two years after the date
upon which the principal of, premium, if any, or interest, if any, on the Securities of such series, as the case may be, shall have become due and payable, shall be repaid to the Company by the Trustee on written demand; and the holders of any
Securities of such series shall thereafter look only to the Company for any payment which such holders may be entitled to collect and all liability of the Trustee with respect to such money shall thereupon cease. 

Section 12.07. Reinstatement. If and for so long as the Trustee is unable to apply any money or U.S. Government Obligations held
in trust pursuant to Section 12.01, 12.02 or 12.03 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, the Company’s
obligations under this Indenture and the Securities will be reinstated as though no such deposit in trust had been made. If the Company makes any payment of principal of or interest on any Securities because of the reinstatement of its obligations,
it will be subrogated to the rights of the Securityholders of such Securities to receive such payment from the money or U.S. Government Obligations held in trust. 

ARTICLE 13 

IMMUNITY OF INCORPORATORS, STOCKHOLDERS, OFFICERS AND
DIRECTORS 
 Section 13.01. Indenture and Securities Solely Corporate Obligations. No recourse for the payment of
the principal of, premium, if any, or interest, if any, on any Security, or for any claim based thereon or otherwise in respect thereof, and no recourse under or upon any obligation, covenant or agreement of the Company in this Indenture or in any
supplemental indenture, or in any Security, or because of the creation of any indebtedness represented thereby, shall be had against any incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any
successor corporation, either directly or through the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise; it being expressly understood
that all such liability is hereby expressly waived and released as a condition of, and as a consideration for, the execution of this Indenture and the issue of the Securities. 

  
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 ARTICLE 14 

MISCELLANEOUS PROVISIONS 

Section 14.01. Provisions Binding on Company’s Successors. All the covenants, stipulations, promises and agreements in this
Indenture contained by the Company shall bind its successors and assigns whether so expressed or not. 
 Section 14.02. Official
Acts by Successor Person. Any act or proceeding by any provision of this Indenture authorized or required to be done or performed by any board, committee or officer of the Company shall and may be done and performed with like force and effect by
the like board, committee or officer of any corporation that shall at the time be the lawful sole successor of the Company. 

Section 14.03. Addresses for Notices, Notice to Holders, Waiver. Any notice or demand which by any provision of this Indenture is
required or permitted to be given or served by the Trustee or by the holders of Securities on the Company may be given or served by being deposited postage prepaid by first class mail in a post office letter box addressed (until another address is
filed by the Company with the Trustee) to SLM CORPORATION, 300 Continental Drive, Newark, Delaware 19713, Attn: Treasurer. Any notice, direction, request or demand by any Securityholder to or upon the Trustee shall be deemed to have been
sufficiently given or made, for all purposes, if given or made in writing at the Principal Office of the Trustee, addressed to the attention of its corporate trust office at Deutsche Bank National Trust Company, 100 Plaza One, MS JCY03-0699, Jersey
City, NJ 07311-3901, Attention: Institutional Cash & Securities Services (ICSS) / Asset-Backed Securities – SLM Corporation. 

The Trustee agrees to accept and act upon instructions or directions pursuant to this Indenture sent by unsecured e-mail, facsimile
transmission or other similar unsecured electronic methods; provided, however, that (a) the party providing such electronic instructions or directions, subsequent to the transmission thereof, shall provide the originally executed
instructions or directions to the Trustee in a timely manner and (b) such originally executed instructions or directions shall be signed by an authorized representative of the party providing such instructions or directions. The Trustee shall
not be liable for any losses, costs or expenses arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions or directions notwithstanding such instructions or directions conflict or are inconsistent
with a subsequent written instruction or direction or if the subsequent written instruction or direction is never received. The party providing instructions or directions by unsecured e-mail, facsimile transmission or other similar unsecured
electronic methods, as aforesaid, agrees to assume all risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including without limitation the risk of the Trustee acting on unauthorized
instructions, and the risk of interception and misuse by third parties. 

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

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

Section 14.04. Governing Law. THIS INDENTURE AND EACH SECURITY, AND ANY CLAIM, CONTROVERSY OR DISPUTE ARISING UNDER OR RELATED TO
THIS INDENTURE OR ANY SECURITY, SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 
 Each of the
parties hereto hereby submits to the personal jurisdiction of, and each agrees that all proceedings relating hereto may be brought in, courts located within the City and State of New York. The Company waives personal service of process and consents
to service of process by certified or registered mail, return receipt requested, directed to it at the address last specified for notices hereunder, and such service shall be deemed completed ten (10) calendar days after the same is so mailed.
Any court order shall be accompanied by a legal opinion by counsel for the presenting party satisfactory to the Trustee to the effect that said opinion is final and nonappealeable. The Trustee shall act on such court order and legal opinions without
further question. 
 Section 14.05. Wavier of Trial by Jury. EACH OF THE COMPANY, THE TRUSTEE AND EACH HOLDER OF A SECURITY, BY
ITS ACCEPTANCE THEREOF, HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE SECURITIES OR THE TRANSACTIONS
CONTEMPLATED HEREBY. 
 Section 14.06. Evidence of Compliance with Conditions Precedent. Upon any application or demand by the
Company to the Trustee to take any action under any of the provisions of this Indenture, the Company shall furnish to the Trustee an Officer’s Certificate stating that all conditions precedent, if any, provided for in this Indenture relating to
the proposed action have been complied with and an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent have been complied with. 

  
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 Each certificate or opinion provided for in this Indenture and delivered to the Trustee with
respect to compliance with a condition or covenant provided for in this Indenture shall include: (a) a statement that the person making such certificate or opinion has read such covenant or condition; (b) a brief statement as to the nature
and scope of the examination or investigation upon which the statements or opinion contained in such certificate or opinion are based; (c) a statement that, in the opinion of such person, he has made such examination or investigation as is
necessary to enable him to express an informed opinion as to whether or not such covenant or condition has been complied with; and (d) a statement as to whether or not, in the opinion of such person, such condition or covenant has been complied
with. 
 Section 14.07. Legal Holidays. Except as otherwise provided in any Security, in any case where the date of maturity of
interest, if any, on or principal of, or premium, if any, on the Securities or the date fixed for redemption or repayment of any Security will be a date that is not a Business Day, then payment of such interest, if any, on or principal of or
premium, if any, on the Securities need not be made on such date but may be made on the next succeeding Business Day, with the same force and effect as if made on the date of maturity or a date fixed for redemption or repayment, and no interest
shall accrue for the period from and after such date. 
 Section 14.08. Securities in a Specified Currency other than Dollars.
Unless otherwise specified as contemplated by Section 2.02 with respect to a particular series of Securities, whenever for purposes of this Indenture any action may be taken by the holders of a specified percentage in aggregate principal amount of
Securities of all series or all series affected by a particular action at the time Outstanding and, at such time, there are Outstanding any Securities of any series which are denominated in a Specified Currency other than Dollars, then the principal
amount of Securities of such series which shall be deemed to be Outstanding for the purpose of taking such action shall be that amount of Dollars that could be obtained for such amount of such Specified Currency at the Market Exchange Rate.
“Market Exchange Rate” shall mean, with respect to a Specified Currency, the noon Dollar buying rate in New York City for cable transfers of such Specified Currency published by the Federal Reserve Bank of New York. If such Market
Exchange Rate is not available for any reason with respect to such Specified Currency, the Company shall use, in its sole discretion and without liability on its part, such quotation of the Federal Reserve Bank of New York or such other quotations
as the Company shall deem appropriate. The provisions of this paragraph shall apply in determining the equivalent principal amount in respect of Securities of a series denominated in a Specified Currency other than Dollars in connection with any
action taken by holders of Securities pursuant to the terms of this Indenture, including, without limitation, any determination contemplated in Sections 6.01(c). 

All decisions and determination of the Trustee regarding the Market Exchange Rate or any alternative determination provided for in the
preceding paragraph shall be in its sole discretion and shall, in the absence of manifest error, be conclusive to the extent permitted by law for all purposes and irrevocably binding upon the Company and all Securityholders. 

  
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 Section 14.09. Trust Indenture Act to Control. If and to the extent that any
provision of this Indenture limits, qualifies or conflicts with the duties imposed by, or with another provision (an “incorporated provision”) included in this Indenture by operation of, Sections 310 to 318, inclusive, of the Trust
Indenture Act, such imposed duties or incorporated provision shall control. 
 Section 14.10. Table of Contents, Headings, etc.
The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or
provisions hereof. 
 Section 14.11. Execution in Counterparts. This Indenture may be executed in any number of counterparts,
each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. Signatures delivered by facsimile or in portable document format (.pdf) by email shall be deemed to be originals for all purposes
hereunder. 
 Section 14.12. Separability; Benefits. In case any one or more of the provisions contained in this Indenture or in
the Securities shall for any reason be held to be invalid, illegal or unenforceable, in any respect, then, to the extent permitted by law, such invalidity, illegality or unenforceability of the remaining provisions shall not in any way be affected
or impaired thereby. Nothing in this Indenture or in the Securities, expressed or implied, shall give to any person, other than the parties hereto and their successors hereunder, and the holders of the Securities, any benefit or any legal or
equitable right, remedy or claim under this Indenture. 
 [Signature Page Follows] 

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

			
	SLM CORPORATION
		
	By:		 /s/ Steven J. McGarry

	Name:		Steven J. McGarry
	Title:		 Executive Vice President and
 Chief Financial
Officer

	
	DEUTSCHE BANK NATIONAL TRUST COMPANY, not in its individual capacity but solely as Trustee
		
	By:		 /s/ Michele H. Y. Voon

	Name:		Michele H. Y. Voon
	Title:		Vice President
		
	By:		 /s/ Susan Barstock

	Name:		Susan Barstock
	Title:		Vice President

 [Signature Page to Indenture]

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