Document:

EX-10.1

 Exhibit 10.1 

Execution Version 
 AMENDMENT
NO. 1 TO CREDIT AGREEMENT 
 This AMENDMENT NO. 1 TO CREDIT AGREEMENT, dated as of November 27, 2013 (this
“Amendment”), by and among the Lenders party hereto, Citibank, N.A., in its capacity as administrative agent for the Lenders (the “Agent”), Sealed Air Corporation (the “Company”) as a Borrower, the
other Borrowers (together with the Company, each, a “Borrower” and collectively the “Borrowers”), the other Loan Parties and the Lenders providing Replacement Term Loans party hereto. 

W I T N E S S E T H : 

WHEREAS, the Agent, the Lenders, the Borrowers and the other Loan Parties have entered into that certain Amended and Restated Syndicated
Facility Agreement, dated as of November 15, 2012, by and among the Agent, the Lenders, the Borrowers and the other Loan Parties thereto (as from time to time amended, modified or supplemented, the “Credit Agreement”)
(capitalized terms used but not defined herein shall have the meanings set forth in the Credit Agreement); 
 WHEREAS, the Borrowers and the
other Loan Parties desire to modify certain terms of the Credit Agreement, including replacing and/or converting the outstanding Term B-1 Advances and Euro Term B-1 Advances with and/or into Replacement Term Loans in accordance with the terms of
Section 9.01 of the Credit Agreement; 
 WHEREAS, by this Amendment, the Agent, the Lenders party hereto, the Borrowers and the other
Loan Parties have agreed to amend the Credit Agreement as hereinafter set forth; 
 NOW THEREFORE, in consideration of the foregoing and the
mutual agreements and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 

1. Amendments to Credit Agreement. The Credit Agreement is, effective as of the Effective Date and subject to the satisfaction of the
conditions precedent set forth in Section 2, hereby amended and modified as follows: 
 (a) Section 1.01 of the Credit Agreement
shall be amended by adding the following new definitions thereto in proper alphabetical order: 
 “First
Amendment” means that certain Amendment No. 1 to Credit Agreement, among the Borrowers, the other Loan Parties, the Agent and certain Lenders. 

“First Amendment Effective Date” means the date on which all of the conditions contained in Section 2 of
the First Amendment have been satisfied or waived by the Agent. 

  
 Sealed Air - Amendment No.
1 

 (b) Section 1.01 of the Credit Agreement is hereby amended by restating clauses (a) and
(b) of the definition of “Applicable Margin” as follows: 
 “(a) the Term B-1 Facility, (i) 2.25% per annum for
Eurocurrency Rate Advances and (ii) 1.25% per annum for Base Rate Advances; (b) the Euro Term B-1 Facility, (i) 2.75% per annum for Eurocurrency Rate Advances and (ii) 1.75% per annum for Base Rate Advances;”;

 (c) Section 1.01 of the Credit Agreement is hereby amended by amending the proviso to the definition of “Eurocurrency
Rate” to replace the percentage “1.00%” with the percentage “0.75%”; and 
 (d) Section 2.11(a)(ii) of the
Credit Agreement is hereby amended by replacing each instance of the word “first” with the phrase “six-month” and each instance of the term “Restatement Effective Date” with the term “First Amendment Effective
Date”. 
 2. Conditions Precedent. The amendments contained herein shall only be effective upon the satisfaction of each of the
following conditions precedent in a manner satisfactory to Agent (the date of such satisfaction, the “Effective Date”): 

(a) receipt by the Agent of a Notice of Borrowing completed by the applicable Borrowers with respect to the Replacement Term Loans, prior to
the Effective Date; 
 (b) the execution and delivery of this Amendment by the Borrowers, the Loan Parties, the Agent and the Replacement
Lenders (as defined below); 
 (c) receipt by the Agent of (i) Replacement Term Loans with respect to the Term B-1 Facility made by the
respective financial institutions signatory hereto (the “Term B-1 Replacement Lenders”) in an aggregate principal amount equal to the aggregate principal amount of Term B-1 Advances outstanding on the Effective Date and
(ii) Replacement Term Loans with respect to the Euro Term B-1 Facility made by the respective financial institutions signatory hereto (the “Euro Term B-1 Replacement Lenders” and, together with the Term B-1 Replacement Lenders,
the “Replacement Lenders”) in an aggregate principal amount equal to the aggregate principal amount of Euro Term B-1 Advances outstanding on the Effective Date; provided that, notwithstanding anything to the contrary above,
Replacement Lenders that are Lenders under the Credit Agreement prior to the Effective Date may elect to convert outstanding Term B-1 Advances and/or Euro Term B-1 Advances into Replacement Term Loans by “cashless roll” or other similar
conversion method reasonably satisfactory to the Agent (such Lenders, “Converting Lenders”); 
 (d) receipt by the Agent
from the respective Borrowers of any interest or fees accrued and unpaid as of the Effective Date with respect to the respective Replaced Term Loans under the Term B-1 Facility and Euro Term B-1 Facility; 

(e) receipt by the Agent of customary secretary’s certificates, resolutions and incumbency certificates of the Responsible Officers of
Sealed Air Corporation and Diversey Europe B.V.; 
 (f) receipt by the Agent of a certificate from a Responsible Officer of the Borrowers
and dated as of the Effective Date, certifying that (x) no Default or Event of Default has 

  
 Sealed Air - Amendment No.
1 

 
occurred and is continuing and (y) the representations and warranties set forth in the Credit Agreement are true and correct in all material respects, except to the extent that such
representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects as of such earlier date and except to the extent that such representations and warranties are already
qualified as to materiality, in which case such qualified representations and warranties shall be true and correct; 
 (g) receipt by the
Agent, on behalf of itself, the Lenders and each Issuing Bank of a customary favorable written opinion of Simpson, Thacher & Bartlett LLP, New York counsel for the Loan Parties (A) dated the Effective Date and (B) addressed to the
Agent, the Lenders and each Issuing Bank on the Effective Date; 
 (h) the Agent shall have received all documentation and other information
that is (i) requested three Business Days prior to the Effective Date and (ii) required by regulatory authorities under applicable “know your customer” and anti-money laundering rules and regulations, including without limitation
the PATRIOT Act; and 
 (i) the Borrowers shall have paid all invoiced accrued fees and out-of-pocket expenses of the Agent and Citigroup
Global Markets Inc., as sole lead arranger in respect of this Amendment (including the reasonable fees and expenses of Shearman & Sterling LLP, counsel for the Agent). 

3. Governing Law. This Amendment shall be construed in accordance with and governed by the laws of the State of New York. 

4. Binding Effect. This Amendment shall be binding upon and inure to the benefit of each of the parties hereto and their respective
successors and assigns (it being understood, for the avoidance of doubt, that the amendments and modifications to the Credit Agreement effected hereby shall be effective as to all Lenders, other Secured Parties and any other party thereto from time
to time). 
 5. Reference to and Effect on the Credit Agreement and the Loan Documents. 

(a) On and after the effectiveness of this Amendment, each reference in the Credit Agreement to “this Agreement”,
“hereunder”, “hereof” or words of like import referring to the Credit Agreement, and each reference in each of the other Loan Documents to “the Credit Agreement”, “thereunder”, “thereof” or words of
like import referring to the Credit Agreement, shall mean and be a reference to the Credit Agreement, as amended and modified by this Amendment. 

(b) The Credit Agreement and each of the other Loan Documents, as specifically amended and modified by this Amendment are and shall continue
to be in full force and effect and are hereby in all respects ratified and confirmed. 
 (c) The execution, delivery and effectiveness of
this Amendment shall not, except as expressly provided herein, operate as a waiver of any right, power or remedy of any Lender, any Issuing Bank, any Swing Line Bank or the Agent under any of the Loan Documents, nor constitute a waiver of any
provision of any of the Loan Documents. 

  
 Sealed Air - Amendment No.
1 

 (d) The Converting Lenders will be deemed to be “Lenders” for all purposes under the
Credit Agreement, each Converting Lender will be deemed to have converted outstanding Term B-1 Advances and/or Euro Term B-1 Advances into an Advance of Replacement Term Loans on the Effective Date, the Replacement Term Loans with respect to the
Term B-1 Facility will be deemed to be “Term B-1 Advances” for all purposes under the Credit Agreement and the Replacement Term Loans with respect to the Euro Term B-1 Facility will be deemed to be “Euro Term B-1 Advances” for
all purposes under the Credit Agreement. 
 (e) Notwithstanding anything in the Credit Agreement to the contrary, the initial Interest
Period with respect to the Term B-1 Advances and the Euro Term B-1 Advances after the Effective Date shall end on December 13, 2013 and each of the undersigned, to the extent applicable, hereby waives any breakage payment owing to such Lender
pursuant to Section 9.04(c) in connection with this Amendment. 
 (f) The Agent, the Lenders party hereto and the Loan Parties agree
that this Amendment shall be a Loan Document for all purposes of the Credit Agreement (as specifically amended by this Amendment) and the other Loan Documents. 

6. Waiver, Modification, Etc. No provision or term of this Amendment may be modified, altered, waived, discharged or terminated orally,
but only by an instrument in writing executed by the party against whom such modification, alteration, waiver, discharge or termination is sought to be enforced or otherwise in accordance with the terms of the Credit Agreement, including
Section 9.01 thereof. 
 7. Reaffirmation. Each Loan Party hereby (i) ratifies each of the Loan Documents to which it is
party and acknowledges and reaffirms that it is bound by all terms of each Loan Document applicable to it and (ii) ratifies and reaffirms each grant of a lien on, or security interest in, its property made pursuant to the Loan Documents
(including its Guaranty) and confirms that such liens and security interests continue to secure the Obligations under the Loan Documents. 

8. Severability. In the event any one or more of the provisions contained in this Amendment or in any other Loan Document should be
held invalid, illegal or unenforceable in any respect, the validity, legality and enforceability of the remaining provisions contained herein and therein shall not in any way be affected or impaired thereby. The parties shall endeavor in good faith
negotiations to replace the invalid, illegal or unenforceable provisions with valid provisions the economic effect of which comes as close as possible to that of the invalid, illegal or unenforceable provisions. 

9. Headings. The Section headings used herein are for convenience of reference only, are not part of this Amendment and are not to
affect the construction of, or to be taken into consideration in interpreting, this Amendment. 
 10. Counterparts. This Amendment
may be executed in two or more counterparts, each of which shall constitute an original but all of which, when taken together, shall constitute but one contract, and shall become effective as provided in Section 2. Delivery of an
executed counterpart to this Amendment by facsimile transmission (or other electronic transmission (e.g., a “pdf” or “tft”) pursuant to procedures approved by the Agent) shall be as effective as delivery of a manually signed
original. 

  
 Sealed Air - Amendment No.
1 

 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK] 

  
 Sealed Air - Amendment No.
1 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their authorized officers as of the day and year first above written. 
  

			
		 	CITIBANK, N.A., as Agent
		
	By:	 	 /s/ Michael Zicari

	Name:	 	 Michael Zicari

	Title:	 	 Vice President

		
		 	CITIBANK, N.A., as a Term B Lender and a Euro Term B Lender,
		
	By:	 	 /s/ Michael Zicari

	Name:	 	 Michael Zicari

	Title:	 	 Vice President

  
 Signature Page to 

Amendment No. 1 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their authorized officers as of the day and year first above written. 
  

			
	BORROWERS:
	
	SEALED AIR CORPORATION
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Treasurer

	
	CRYOVAC, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 VP & Treasurer

	
	OTHER LOAN PARTIES:
	
	AUTO-C, LLC
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

	
	CPI PACKAGING, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 VP & President

  
 Signature Page to 

Amendment No. 1 

			
	CRYOVAC INTERNATIONAL HOLDINGS INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

	
	CRYOVAC LEASING CORPORATION
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

	
	DIVERSEY, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President

	
	DIVERSEY PUERTO RICO, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President & Treasurer

	
	DIVERSEY SHAREHOLDINGS, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President & Treasurer

	
	JDI POLYMER, LLC
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

  
 Signature Page to 

Amendment No. 1 

 
			
	JDI CEE HOLDINGS, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

	
	JDI HOLDINGS, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

	
	JWP INVESTMENTS, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President & Treasurer

	
	POLY PACKAGING SYSTEMS, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President & Treasurer

	
	PROFESSIONAL SHAREHOLDINGS, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President & Treasurer

	
	REFLECTIX, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President & Treasurer

  
 Signature Page to 

Amendment No. 1 

 
			
	SEALED AIR CORPORATION (US)
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President & Treasurer

	
	SEALED AIR LLC
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

	
	SEALED AIR NEVADA HOLDINGS LIMITED
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 President

	
	SEALED AIR SOLUTIONS HOLDINGS, INC.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President & Treasurer

	
	SHANKLIN CORPORATION
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President & Treasurer

	
	THE BUTCHER COMPANY
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President & Treasurer

	
	CIRAS C.V.
		
	By:	 	 /s/ Tod S. Christie

	Name:	 	 Tod S. Christie

	Title:	 	 Vice President & Treasurer

  
 Signature Page to 

Amendment No. 1 

 
			
	SEALED AIR DE MEXICO S. DE R.L. DE C.V.
		
	By:	 	 /s/ Arlet Jimenez Galicia

	Name:	 	 Arlet Jimenez Galicia

	Title:	 	 Legal Representative

	
	SEALED AIR AMERICAS MANUFACTURING S. DE R.L. DE D.V..
		
	By:	 	 /s/ Arlet Jimenez Galicia

	Name:	 	 Arlet Jimenez Galicia

	Title:	 	 Legal Representative

	
	SEALED AIR AMERICAS SERVICE S. DE R.L. DE C.V.
		
	By:	 	 /s/ Arlet Jimenez Galicia

	Name:	 	 Arlet Jimenez Galicia

	Title:	 	 Legal Representative

	
	DRYPAC PTY. LTD.
		
	By:	 	 /s/ Martin Yii

	Name:	 	 Martin Yii

	Title:	 	 Secretary

	
	ENTAPACK PTY. LTD.
		
	By:	 	 /s/ Martin Yii

	Name:	 	 Martin Yii

	Title:	 	 Secretary

	
	DIVERSEY AUSTRALIA PTY. LIMITED
		
	By:	 	 /s/ Martin Yii

	Name:	 	 Martin Yii

	Title:	 	 Secretary

	
	CRYOVAC AUSTRALIA PTY. LIMITED
		
	By:	 	 /s/ Martin Yii

	Name:	 	 Martin Yii

	Title:	 	 Secretary

  
 Signature Page to 

Amendment No. 1 

 
			
	SEALED AIR AUSTRALIA (HOLDINGS) PTY. LIMITED
		
	By:	 	 /s/ Martin Yii

	Name:	 	 Martin Yii

	Title:	 	 Secretary

	
	SEALED AIR AUSTRALIA PTY. LIMITED
		
	By:	 	 /s/ Martin Yii

	Name:	 	 Martin Yii

	Title:	 	 Secretary

	
	SEALED AIR NETHERLANDS (HOLDINGS) B.V.
		
	By:	 	 /s/ Ronnie Thijssen

	Name:	 	 Ronnie Thijssen

	Title:	 	 Managing Director

	
	SEALED AIR NETHERLANDS (HOLDINGS) I B.V.
		
	By:	 	 /s/ Ronnie Thijssen

	Name:	 	 Ronnie Thijssen

	Title:	 	 Director

	
	SEALED AIR NETHERLANDS (HOLDINGS) III B.V.
		
	By:	 	 /s/ Ronnie Thijssen

	Name:	 	 Ronnie Thijssen

	Title:	 	 Director

	
	SEALED AIR (CANADA) HOLDINGS B.V.
		
	By:	 	 /s/ Ronnie Thijssen

	Name:	 	 Ronnie Thijssen

	Title:	 	 Director

  
 Signature Page to 

Amendment No. 1 

 
			
	SEALED AIR B.V.
		
	By:	 	 /s/ Ronnie Thijssen

	Name:	 	 Ronnie Thijssen

	Title:	 	 Director

	
	SEALED AIR FINANCE B.V.
		
	By:	 	 /s/ Ronnie Thijssen

	Name:	 	 Ronnie Thijssen

	Title:	 	 Director

	
	CRYOVAC BRASIL LTDA
		
	By:	 	 /s/ Alejandro Nigro

	Name:	 	 Alejandro Nigro

	Title:	 	 Chief Financial Officer

	
	SONIPAR INDUSTRIAL LTDA
		
	By:	 	 /s/ Alejandro Nigro

	Name:	 	 Alejandro Nigro

	Title:	 	 General Manager

	
	SEALED AIR EMBALAGENS LTDA
		
	By:	 	 /s/ Alejandro Nigro

	Name:	 	 Alejandro Nigro

	Title:	 	 General Manager

	
	GETPACKING LIMITED
		
	By:	 	 /s/ Michael Chapman

	Name:	 	 Michael Chapman

	Title:	 	 Director

	
	SEALED AIR LIMITED
		
	By:	 	 /s/ Michael Chapman

	Name:	 	 Michael Chapman

	Title:	 	 Director

  
 Signature Page to 

Amendment No. 1 

 
			
	SEALED AIR LUXEMBOURG S.À.R.L
		
	By:	 	 /s/ Michael Chapman

	Name:	 	 Michael Chapman

	Title:	 	 Director

	
	SEALED AIR LUXEMBOURG (I) S.À.R.L
		
	By:	 	 /s/ Michael Chapman

	Name:	 	 Michael Chapman

	Title:	 	 Director

	
	SEALED AIR MANAGEMENT HOLDING VERWALTUNGS GMBH
		
	By:	 	 /s/ Hans-Otto Bosse

	Name:	 	 Hans-Otto Bosse

	Title:	 	 Managing Director

	
	SEALED AIR MULTIFLEX GMBH
		
	By:	 	 /s/ Hans-Otto Bosse

	Name:	 	 Hans-Otto Bosse

	Title:	 	 Managing Director

	
	SEALED AIR VERPACKUNGEN GMBH
		
	By:	 	 /s/ Hans-Otto Bosse

	Name:	 	 Hans-Otto Bosse

	Title:	 	 Managing Director

	
	SEALED AIR GMBH
		
	By:	 	 /s/ Hans-Otto Bosse

	Name:	 	 Hans-Otto Bosse

	Title:	 	 Director

	
	SEALED NETHERLANDS (HOLDINGS) II B.V.
		
	By:	 	 /s/ Hans-Otto Bosse

	Name:	 	 Hans-Otto Bosse

	Title:	 	 Director

  
 Signature Page to 

Amendment No. 1 

			
	SEALED AIR LUXEMBOURG S.C.A.
		
	By:	 	 /s/ Hans-Otto Bosse

	Name:	 	 Hans-Otto Bosse

	Title:	 	 Authorized Signatory

	
	DIVERSEY EUROPE B.V.
		
	By:	 	 /s/ Clive Newman

	Name:	 	 Clive Newman

	Title:	 	 Director

	
	DIVERSEY IP INTERNATIONAL B.V.
		
	By:	 	 /s/ Clive Newman

	Name:	 	 Clive Newman

	Title:	 	 Director

	
	DIVERSEY EUROPE OPERATIONS B.V.
		
	By:	 	 /s/ Clive Newman

	Name:	 	 Clive Newman

	Title:	 	 Director

	
	DIVERSEY HOLDINGS II B.V.
		
	By:	 	 /s/ Clive Newman

	Name:	 	 Clive Newman

	Title:	 	 Director

	
	DIVERSEY PROFESSIONAL B.V.
		
	By:	 	 /s/ Clive Newman

	Name:	 	 Clive Newman

	Title:	 	 Director

	
	DIVERSEY DEUTSCHLAND GMBH & CO OHG
		
	By:	 	 /s/ Hans-Peter Muller

	Name:	 	 Hans-Peter Muller

	Title:	 	 Managing Director

  
 Signature Page to 

Amendment No. 1 

			
	DIVERSEY DEUTSCHLAND MANAGEMENT GMBH
		
	By:	 	 /s/ Hans-Peter Muller

	Name:	 	 Hans-Peter Muller

	Title:	 	 Managing Director

	
	DIVERSEY GERMANY PRODUCTION OHG
		
	By:	 	 /s/ Hans-Peter Muller

	Name:	 	 Hans-Peter Muller

	Title:	 	 Director

	
	DIVERSEY GERMANY SERVICES OHG
		
	By:	 	 /s/ Hans-Peter Muller

	Name:	 	 Hans-Peter Muller

	Title:	 	 Director

	
	SEALED AIR (CANADA) CO./CIE
		
	By:	 	 /s/ Axel Bauer

	Name:	 	 Axel Bauer

	Title:	 	 President

	
	DIVERSEY CANADA, INC.
		
	By:	 	 /s/ Axel Bauer

	Name:	 	 Axel Bauer

	Title:	 	 President

	
	DIVERSEY BRASIL INDUSTRIA QUIMICA LTDA
		
	By:	 	 /s/ Ulisses Cason

	Name:	 	 Ulisses Cason

	Title:	 	 Director

  
 Signature Page to 

Amendment No. 1 

			
	DIVERSEY B.V.
		
	By:	 	 /s/ Jasper Hoek

	Name:	 	 Jasper Hoek

	Title:	 	 Director

	
	DIVERSEY HOLDINGS LIMITED
		
	By:	 	 /s/ David Quast

	Name:	 	 David Quast

	Title:	 	 Director

	
	DIVERSEY LIMITED
		
	By:	 	 /s/ Colin Stubbs

	Name:	 	 Colin Stubbs

	Title:	 	 Director

	
	DIVERSEY MEXICO, SA DE CV
		
	By:	 	 /s/ David Quast

	Name:	 	 David Quast

	Title:	 	 Director

	
	DIVERSEY NETHERLANDS PRODUCTION B.V.
		
	By:	 	 /s/ Ruud Niljant

	Name:	 	 Ruud Niljant

	Title:	 	 Director

	
	DIVERSEY NETHERLANDS SERVICES B.V.
		
	By:	 	 /s/ Marc ter Huurne

	Name:	 	 Marc ter Huurne

	Title:	 	 Director

	
	DIVERSEY UK PRODUCTION LIMITED
		
	By:	 	 /s/ David White

	Name:	 	 David White

	Title:	 	 Director

  
 Signature Page to 

Amendment No. 1 

			
	DIVERSEY UK SERVICES LIMITED
		
	By:	 	 /s/ Helen Hughes

	Name:	 	 Helen Hughes

	Title:	 	 Director

	
	SEALED AIR JAPAN G.K.
		
	By:	 	 /s/ Shunya Itoh

	Name:	 	 Shunya Itoh

	Title:	 	 Executor

	
	SEALED AIR LUXEMBOURG (II) S.À.R.L
		
	By:	 	 /s/ Deborah MacDonald

	Name:	 	 Deborah MacDonald

	Title:	 	 Director

  
 Signature Page to 

Amendment No. 1EX-4.1

 Exhibit 4.1 

 
  

Ninth Supplemental Indenture 

Dated as of November 27, 2013 

to 
 Indenture dated as
of March 31, 1994 by and between 
 CenturyLink, Inc. and Regions Bank, as Trustee 

 
  

$750,000,000 6.75% Senior Notes, Series W, due 2023 
  

 

 TABLE OF CONTENTS1 

 

					
	 	  	Page	 
	ARTICLE 1	  			
	DEFINITIONS	  			
		
	 Section 1.01 Definitions
	  	 	1	  
		
	ARTICLE 2	  			
	6.75% SENIOR NOTES, SERIES W, DUE 2023	  			
		
	 Section 2.01 Establishment
	  	 	5	  
		
	 Section 2.02 Stated Maturity; Payment of Principal and Interest
	  	 	5	  
		
	 Section 2.03 Denominations
	  	 	6	  
		
	 Section 2.04 Global Notes
	  	 	6	  
		
	ARTICLE 3	  			
	REDEMPTION AND REPURCHASE	  			
		
	 Section 3.01 Optional Redemption Procedures for the Notes
	  	 	7	  
		
	 Section 3.02 Purchase of Notes Upon a Change of Control Repurchase Event
	  	 	8	  
		
	 Section 3.03 No Sinking Fund
	  	 	10	  
		
	ARTICLE 4	  			
	MISCELLANEOUS PROVISIONS	  			
		
	 Section 4.01 Paying Agents; Transfer Agents; Place of Payment
	  	 	10	  
		
	 Section 4.02 Recitals by Corporation
	  	 	10	  
		
	 Section 4.03 Ratification and Incorporation of Original Indenture
	  	 	10	  
		
	 Section 4.04 Executed in Counterparts
	  	 	11	  

  
  

	1 	This Table of Contents does not constitute part of the Indenture or have any bearing upon the interpretation of any of its terms and provisions. 

  
 i 

 THIS NINTH SUPPLEMENTAL INDENTURE is made as of the 27th day of November 2013, by and between CENTURYLINK, INC., a Louisiana corporation, having its principal office at 100 CenturyLink Drive, Monroe, Louisiana 71203 (the “Corporation”), and
REGIONS BANK (successor-in-interest to First American Bank & Trust of Louisiana), an Alabama state banking corporation, as trustee (the “Trustee”). 

W I T N E S S E T H : 

WHEREAS, the Corporation has heretofore entered into an Indenture, dated as of March 31, 1994 (the “Original Indenture”), with
the Trustee; 
 WHEREAS, the Original Indenture is incorporated herein by this reference and the Original Indenture, as supplemented to the
date hereof, including by this Ninth Supplemental Indenture, is herein called the “Indenture”; 
 WHEREAS, under Section 2.01
of the Original Indenture, a new series of Securities may at any time be established in accordance with the provisions of the Original Indenture and the terms of such series may be described in a supplemental indenture executed by the Corporation
and the Trustee; 
 WHEREAS, the Corporation proposes to create under the Original Indenture a new series of Securities; and 

WHEREAS, all conditions necessary to authorize the execution and delivery of this Ninth Supplemental Indenture and to make it a valid and
binding obligation of the Corporation have been done or performed. 
 NOW, THEREFORE, in consideration of the agreements and obligations set
forth herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the parties hereto hereby agree as follows: 

ARTICLE 1 
 DEFINITIONS 

Section 1.01 Definitions. The following defined terms used herein shall, unless the context otherwise requires, have the
meanings specified below. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Original Indenture. 

“Change of Control” means the occurrence of any of the following: (1) the direct or indirect sale, transfer, conveyance
or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the Corporation’s properties or assets and the properties or assets of its subsidiaries, taken as a
whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act) other than the Corporation or one of its subsidiaries; (2) the adoption of a plan relating to the liquidation or dissolution of the
Corporation; (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is 

  
 1 

 
used in Section 13(d)(3) of the Exchange Act) becomes the beneficial owner, directly or indirectly, of more than 50% of the then outstanding number of shares of the Corporation’s Voting
Stock; or (4) the first day on which a majority of the members of the Corporation’s board of directors are not Continuing Directors. 

“Change of Control Repurchase Event” means the occurrence of both a Change of Control and a Ratings Event. 

“Clearing Agency” means The Depository Trust Company or another organization registered as a “Clearing Agency”
pursuant to Section 17A of the Exchange Act that is acting as a depositary with respect to the Notes and in whose name, or in the name of a nominee of that organization, shall be registered a global security evidencing the rights and
obligations of holders in respect of the Notes and which shall undertake to effect book entry transfers and pledges of the Notes. 

“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a
maturity comparable to the remaining term (the “Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt
securities of comparable maturity to the remaining term of the Notes. 
 “Comparable Treasury Price” means, with respect to
any redemption date, (1) the average of the Reference Treasury Dealer Quotations for such redemption date, after excluding the highest and lowest Reference Treasury Dealer Quotations, or (2) if the Trustee obtains fewer than four such
Reference Treasury Dealer Quotations, the average of all such quotations. 
 “Continuing Directors” means, as of any date
of determination, any member of the Corporation’s board of directors who (1) was a member of such board of directors on the Original Issue Date; or (2) was nominated for election or elected to such board of directors with the approval
of a majority of the Continuing Directors who were members of such board of directors at the time of such nomination or election. 

“Equity Interests’’ means any and all shares, interests, rights to purchase, warrants, options or other equivalents of
or interests in the capital stock of the Corporation, however designated. 
 “Equity Offering” means a public or private
offering for cash of Equity Interests of the Corporation, other than (i) public offerings with respect to Equity Interests of the Corporation registered on Form S-4 or S-8, (ii) an issuance to any subsidiaries of the Corporation or
(iii) any offering of Equity Interests issued in connection with a transaction that constitutes a Change of Control. 

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

“Global Notes” shall have the meaning set forth in Section 2.04. 

“Independent Investment Banker” means one of the Reference Treasury Dealers that the Corporation appoints to act as the
Independent Investment Banker from time to time. 

  
 2 

 “Interest Payment Date” shall have the meaning set forth in
Section 2.02(b). 
 “Investment Grade” means a rating of Baa3 or better by Moody’s (or its equivalent under any
successor Rating Categories of Moody’s); a rating of BBB- or better by S&P (or its equivalent under any successor Rating Categories of S&P); and the equivalent investment grade credit rating from any additional Rating Agency or Rating
Agencies selected by the Corporation. 
 “Moody’s” means Moody’s Investors Service Inc. 

“Notes” shall have the meaning specified in Section 2.01. 

“Original Issue Date” means November 27, 2013. 

“Paying Agent” shall have the meaning set forth in Section 4.01. 

“Rating Agency” means (1) each of Moody’s and S&P; and (2) if either of Moody’s or S&P ceases to
rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the Corporation’s control, a “nationally recognized statistical rating organization” within the meaning of Rule 15c3-l(e)(2)(vi)(F)
under the Exchange Act, selected by the Corporation (as certified by a resolution of the Corporation’s board of directors) as a replacement agency for Moody’s or S&P, or both, as the case may be. 

“Rating Category” means (i) with respect to S&P, any of the following categories: BBB, BB, B, CCC, CC, C and D (or
equivalent successor categories); (ii) with respect to Moody’s, any of the following categories: Baa, Ba, B, Caa, Ca, C and D (or equivalent successor categories); and (iii) the equivalent of any such category of S&P or
Moody’s used by another Rating Agency. In determining whether the rating of the Notes has decreased by one or more gradations, gradations within Rating Categories (+ and – for S&P; 1, 2 and 3 for Moody’s; or the equivalent
gradations for another Rating Agency) shall be taken into account (such that, with respect to S&P, a decline in a rating from BB+ to BB, as well as from BB – to B+, will constitute a decrease of one gradation). 

“Rating Date” means the date which is 90 days prior to the earlier of (i) a Change of Control or (ii) public
notice of the occurrence of a Change of Control or of the Corporation’s intention to effect a Change of Control. 
 “Ratings
Event” means the occurrence of the events described in (a) or (b) below on, or within 90 days after the earlier of, (i) the occurrence of a Change of Control or (ii) public notice of the occurrence of a Change of
Control or the Corporation’s intention to effect a Change of Control (which period shall be extended so long as the rating of the Notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies):
(a) in the event the Notes are rated by both Rating Agencies on the Rating Date as Investment Grade, the rating of the Notes shall be reduced so that the Notes are rated below Investment Grade by both Rating Agencies, or (b) in the event
the Notes (1) are rated Investment Grade by one Rating Agency and below Investment Grade by the other Rating Agency on the Rating Date, the rating of the Notes by either Rating Agency shall be decreased so that the Notes are then rated below
Investment Grade by both Rating Agencies or (2) are rated below Investment Grade by both Rating Agencies on the Rating Date, the rating of the Notes by either Rating Agency shall be 

  
 3 

 
decreased by one or more gradations (including gradations within Rating Categories, as well as between Rating Categories). Notwithstanding the foregoing, a Ratings Event otherwise arising by
virtue of a particular reduction in Rating shall not be deemed to have occurred in respect of a particular Change of Control (and thus shall not be deemed a Ratings Event for purposes of the definition of Change of Control Repurchase Event set forth
in this Section 1.01) if the Rating Agencies making the reduction in Rating to which this definition would otherwise apply do not announce or publicly confirm or inform the Trustee in writing at its request that the reduction was the result, in
whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the applicable Change of Control (whether or not the applicable Change of Control shall have occurred at the time of the Ratings Event). 

“Reference Treasury Dealer” means each of (i) a firm that is a primary U.S. Government securities dealer in New York
City to be selected by Wells Fargo Securities, LLC, (ii) Merrill Lynch, Pierce, Fenner & Smith Incorporated, (iii) Morgan Stanley & Co. LLC and (iv) RBC Capital Markets, LLC, or, in each case, affiliates thereof, and
its respective successors, or any other firm that is a primary U.S. Government securities dealer in New York City (each, a “Primary Treasury Dealer”) that the Corporation specifies from time to time; provided, however, that if any of them
ceases to be a Primary Treasury Dealer, the Corporation will substitute another Primary Treasury Dealer. 
 “Reference Treasury
Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average, as determined by the Trustee, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a
percentage of its principal amount) quoted in writing to the Trustee by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third business day preceding such redemption date. 

“Regular Record Date” means, with respect to any Interest Payment Date for the Notes, the May 15 and November 15
immediately preceding such Interest Payment Date. 
 “Stated Maturity of the Notes” means December 1, 2023. 

“S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. 

“Treasury Rate” means, with respect to any redemption date, the rate per year equal to: (i) the yield, under the heading
which represents the average for the immediately preceding week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the
Federal Reserve System and which establishes yields on actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury
Issue; provided that, if no maturity is within three months before or after the Remaining Life of the Notes to be redeemed, yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and
the Treasury Rate will be interpolated or extrapolated from those yields on a straight line basis, rounding to the nearest month; or (ii) if such release (or any successor release) is not published during the week preceding the calculation date
or does not contain such yields, the rate per year equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a price for the Comparable Treasury Issue (expressed as a percentage of its principal amount)
equal to the Comparable Treasury Price for such redemption date. The Treasury Rate will be calculated on the third business day preceding the redemption date. 

  
 4 

 “Voting Stock” of any specified “person” (as that term is used in
Section 13(d)(3) of the Exchange Act) as of any date means the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person. 

ARTICLE 2 
 6.75% SENIOR NOTES,
SERIES W, DUE 2023 
 Section 2.01 Establishment. There is hereby established a new series of Securities to be issued
under the Original Indenture, to be designated as the Corporation’s 6.75% Senior Notes, Series W, due 2023 (the “Notes”). 

There are to be initially authenticated and delivered $750,000,000 aggregate principal amount of Notes. Additional Notes, without limitation
as to amount, and without the consent of the holders of the then outstanding Notes, but with the same terms as such outstanding Notes (except the issue price, the issue date and initial payment date), may be authenticated and delivered in the manner
provided in Section 2.01 of the Original Indenture and such additional Notes would constitute a single series with such outstanding Notes. In addition, additional Notes may be authenticated and delivered except as expressly provided to the
contrary in the Original Indenture. The Notes may be issued from time to time pursuant to a written order of the Corporation delivered to the Trustee for the authentication and delivery of Notes pursuant to Section 2.04 of the Original
Indenture. The Notes shall be issued in fully registered form without coupons. 
 The Notes shall be in substantially the form set forth in
Exhibit A hereto, and the form of the Trustee’s Certificate of Authentication for the Notes shall be in substantially the form set forth in Exhibit B hereto. 

Each Note shall be dated the date of authentication thereof. 

Section 2.02 Stated Maturity; Payment of Principal and Interest. 

(a) The date upon which the principal of the Notes shall become due and payable at final maturity, together with any accrued and unpaid
interest, is December 1, 2023. 
 (b) Each Note will bear interest at the rate of 6.75 % per annum, from the Original Issue Date or
from the most recent Interest Payment Date to which interest has been paid or duly provided for until the principal thereof is paid or made available for payment, and at the same rate per annum on any overdue principal and premium, if any, and (to
the extent that the payment of such interest shall be legally enforceable) on any overdue installment of interest, payable on June 1 and December 1 of each year (each, an “Interest Payment Date”), commencing on
June 1, 2014, to the person in which name such Note or any predecessor Note is registered at the close of business on the Regular Record Date. 

  
 5 

 (c) The amount of interest payable on any Notes for any period will be computed on the basis of a
360-day year consisting of twelve 30-day months. In the event that any Interest Payment Date, any redemption date or the Stated Maturity of the Notes falls on a day that is not a Business Day, the required payment of principal, premium, if any, and
interest will be made on the next succeeding Business Day as if made on the date that payment was due, and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date, such redemption date or the Stated
Maturity of the Notes, as the case may be, to the date of that payment on that next succeeding Business Day. 
 Payment of principal of,
premium, if any, and interest on the Notes shall be made in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Principal of, premium, if any, and interest on the Notes will be payable at the office or agency of the Corporation maintained for such
purpose as described in Section 4.01 below; provided, however, that payment of interest may be made at the option of the Corporation by check mailed to the address of the Person entitled thereto as such address shall appear in the security
register; and, provided, further that, in the case of payments of principal and premium, if any, such Notes are first surrendered to the Paying Agent. 

Notwithstanding the foregoing, as long as the Notes are represented by Global Notes pursuant to Section 2.04 hereof, payments of
principal of, premium, if any, and interest on the Notes will be made by wire transfer of immediately available funds to The Depository Trust Company or its nominee as the initial Securityholder of the Notes. 

Section 2.03  Denominations. The Notes shall be issuable in denominations of $2,000 and integral multiples of $1,000
in excess thereof. 
 Section 2.04  Global Notes. The Notes will be issued initially in the form of one or more
global securities (the “Global Notes”), without interest coupons, registered in the name of The Depository Trust Company or such other Clearing Agency as the Corporation may from time to time designate or its nominee. Unless and until they
are exchanged for Notes in definitive registered form as described below, such Global Notes may be transferred, in whole but not in part, only to the Clearing Agency or a nominee of the Clearing Agency, or to a successor Clearing Agency selected or
approved by the Corporation or to a nominee of such successor Clearing Agency. If at any time (i) the Clearing Agency notifies the Corporation that it is unwilling or unable to continue as a Clearing Agency for the Global Notes and no successor
Clearing Agency shall have been appointed within 90 days after such notification, (ii) the Clearing Agency at any time ceases to be a clearing agency registered under the Exchange Act at any time the Clearing Agency is required to be so
registered to act as such Clearing Agency and no successor Clearing Agency shall have been appointed within 90 days after the Corporation’s becoming aware of the Clearing Agency’s ceasing to be so registered, (iii) an Event of Default
has occurred and is continuing with respect to the Notes, or (iv) the Corporation, in its sole discretion, determines that the Global Notes shall be so exchangeable, the Corporation will execute, and, subject to Article II of the Original
Indenture, the Trustee, upon receipt of a written order therefor, will authenticate and deliver the Notes in definitive registered form without coupons, in authorized denominations, and in an aggregate principal amount equal to the 

  
 6 

 
principal amount of the Global Notes in exchange for such Global Notes. Upon exchange of the Global Notes for such Notes in definitive registered form without coupons, in authorized
denominations, the Global Notes shall be cancelled by the Trustee. Such Notes in definitive registered form issued in exchange for the Global Notes shall be registered in such names and in such authorized denominations as the Clearing Agency,
pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Trustee. The Trustee shall deliver such Notes to the Clearing Agency for delivery to the Persons in whose names such Notes are so registered. 

ARTICLE 3 
 REDEMPTION AND
REPURCHASE 
 Section 3.01  Optional Redemption Procedures for the Notes. 

The Notes are redeemable, at any time in whole or from time to time in part, at the Corporation’s option, at a redemption price equal to
the greater of: 
 (a) 100% of the principal amount of the Notes to be redeemed; or 

(b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of
interest accrued to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate applicable to the Notes plus 50 basis points.

 In each case above, the Corporation will pay any accrued and unpaid interest on the principal amount of the Notes to be redeemed to, but
not including, the date of redemption. 
 In addition, at any time on or prior to December 1, 2016, the Corporation may, at its
option, on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 106.75% of the principal amount thereof, plus accrued and unpaid interest on the principal amount of the Notes to be
redeemed to, but not including, the date of redemption, with the net cash proceeds of an Equity Offering; provided that:  

(a) at least 65% of the aggregate principal amount of Notes originally issued under this Ninth Supplemental Indenture remains outstanding
immediately after the occurrence of such redemption; and 
 (b) the redemption occurs within 90 days of the date of the closing of such
Equity Offering. 
 The Corporation will mail notice of redemption at least 30 but not more than 60 days before the redemption date to each
holder of record of the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price and the place or places that
payment will be made upon presentation and surrender of Notes to be redeemed. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption
date. 

  
 7 

 The Corporation may mail notice of redemption prior to the completion of any event or transaction
related to such redemption, and any redemption or notice may, at the discretion of the Corporation, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering. In addition, if such redemption or
notice is subject to satisfaction of one or more conditions precedent, such notice shall state that, in the discretion of the Corporation, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such
redemption may not occur and such notice may be rescinded in the event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 

If less than all of the Notes are redeemed, the Trustee will be notified at least 45 days before giving notice of redemption, or such shorter
period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part.

 If the Corporation gives notice as provided in the Original Indenture, and funds for the redemption of any Notes (or any portion thereof)
called for redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be
to receive payment of the redemption price. 
 The Corporation will notify the Trustee of the redemption price promptly after the
calculation thereof, and the Trustee shall have no responsibility for such calculation. Neither the Corporation nor the Trustee shall be required to register the transfer of or exchange the Notes redeemed pursuant to this Section 3.01. 

Section 3.02  Purchase of Notes Upon a Change of Control Repurchase Event. 

(a) If a Change of Control Repurchase Event occurs, unless the Corporation has exercised its right to redeem the Notes in accordance with this
Article 3, it will make an offer to each Securityholder to repurchase all or any part (in excess of $2,000 and in integral multiples of $1,000) of that Securityholder’s Notes at a repurchase price in cash equal to 101% of the aggregate
principal amount of the Notes repurchased plus any accrued and unpaid interest on the Notes repurchased to, but not including, the date of repurchase. 

(b) Within 30 days following any Change of Control Repurchase Event or, at the Corporation’s option, prior to any Change of Control,
but after the public announcement of the Change of Control, the Corporation will mail a notice to each Securityholder, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event and (i) offering to repurchase the Notes on the repurchase date specified in the notice, which date will be a Business Day no earlier than 30 days and no later than 60 days from the date such notice is mailed,
(ii) indicating that all Notes validly tendered and not validly withdrawn will, to the extent lawful, be accepted for payment and any Note not tendered will continue to accrue interest, (iii) specifying the CUSIP numbers for the Notes,
(iv) stating that, unless the Corporation defaults in its payment in connection with the Change of Control Repurchase Event, all Notes accepted for payment pursuant to the Corporation’s offer to

  
 8 

 
repurchase such Notes will cease to accrue interest after such repurchase, (v) stating that Securityholders electing to have any Notes repurchased by the Corporation pursuant to this
Section 3.02 will be required to surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day preceding the repurchase date, (vi) stating that Securityholders will
be entitled to withdraw their election made pursuant to this Section 3.02 if the Paying Agent receives, not later than the close of business on the second Business Day preceding the repurchase date, a facsimile transmission or letter setting
forth the name of the Securityholder, the principal amount of Notes delivered for repurchase, and a statement that such Securityholder is withdrawing his election to have the Notes repurchased and (vii) stating that Securityholders whose Notes
of any series are being repurchased only in part will be issued new notes of such series equal in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or an
integral multiple of $1,000 in excess thereof. 
 (c) The notice shall, if mailed prior to the date of consummation of the Change of Control,
state that the Corporation’s offer to repurchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the repurchase date specified in the notice. The Corporation will cause its offer to purchase to remain open for at
least 20 Business Days or such longer period as is required by applicable law. The Corporation will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and
regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control Repurchase Event provisions of the Notes set forth in this Section 3.02, the Corporation will comply with the applicable securities laws and regulations and will not be deemed to have breached its
obligations under this Section 3.02 by virtue of such conflict. 
 (d) On the repurchase date following a Change of Control Repurchase
Event, the Corporation will, to the extent lawful: 
 (i) accept for payment all the Notes or portions of the Notes properly
tendered pursuant to the Corporation’s offer; 
 (ii) deposit with the Paying Agent an amount equal to the aggregate
repurchase price in respect of all the Notes or portions of the Notes properly tendered; and 
 (iii) deliver or cause
to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate principal amount of Notes being purchased by the Corporation. 

(e) The Paying Agent will promptly mail to each Securityholder of Notes purchased hereunder the repurchase price for such Notes, and the
Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each Securityholder a new Note of the same series equal in principal amount to any unpurchased portion of any Notes surrendered, if any; provided that
each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Corporation will publicly announce the results of its offer to repurchase the Notes on or as soon as practicable after the repurchase
date. 

  
 9 

 (f) The Corporation will not be required to make an offer to repurchase the Notes upon a Change
of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 3.02 applicable to an offer made by the Corporation and such third party
purchases all Notes properly tendered and not withdrawn under such third party’s offer. 
 Section 3.03  No Sinking
Fund. The Notes are not subject to, and do not have the benefit of, any sinking fund. 
 ARTICLE 4 

MISCELLANEOUS PROVISIONS 

Section 4.01  Paying Agents; Transfer Agents; Place of Payment. 

(a) The paying agent for the Notes shall initially be the Trustee (in such capacity, the “Paying Agent”), and the place of
payment for the Notes shall initially be the Corporate Trust Office, which as of the date hereof for such purpose is located at 400 Convention Street, 3rd Floor, Baton Rouge, Louisiana 70802.
Principal of, premium, if any, and interest with respect to certificated Notes will be payable at the office or agency of the Corporation maintained for such purpose in the City of Monroe, State of Louisiana or the Borough of Manhattan, the City and
State of New York. The Trustee shall also serve as security registrar for the purpose of registering Notes and transfers or exchanges of Notes. 

(b) The Corporation may from time to time designate one or more additional offices or agencies where Notes may be presented or surrendered for
payment or may be surrendered for registration of transfer or exchange in accordance with Section 4.02 of the Original Indenture; provided that the Corporation shall at all times maintain a Paying Agent and an office or agency where Notes may
be surrendered for registration of transfer or exchange, in each case in the City of Monroe, State of Louisiana or the Borough of Manhattan, The City of New York. 

Section 4.02  Recitals by Corporation. The recitals in this Ninth Supplemental Indenture are made by the Corporation
only and not by the Trustee, and all of the provisions contained in the Original Indenture in respect of the rights, privileges, immunities, powers and duties of the Trustee shall be applicable in respect of the Notes and this Ninth Supplemental
Indenture as fully and with like effect as if set forth herein in full. 
 Section 4.03  Ratification and Incorporation
of Original Indenture. As supplemented hereby, the Original Indenture is in all respects ratified and confirmed, and the Original Indenture and this Ninth Supplemental Indenture shall be read and construed as one and the same instrument. 

  
 10 

 Section 4.04  Executed in Counterparts. This Ninth Supplemental Indenture
may be executed in several counterparts, each of which shall be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

  
 11 

 IN WITNESS WHEREOF, each party hereto has caused this Ninth Supplemental Indenture to be signed
in its name and behalf by its duly authorized officers, all as of the day and year first above written. 
  

					
	CENTURYLINK, INC.
		
	By:	 	/s/ R. Stewart Ewing, Jr.
		 	Name:	 	R. Stewart Ewing, Jr.
		 	Title:	 	Executive Vice President, Chief Financial Officer and Assistant Secretary
		
	By:	 	/s/ Stacey W. Goff
		 	Name:	 	Stacey W. Goff
		 	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Attest:	 	
	
	/s/ Stacey W. Goff
	Name:	 	Stacey W. Goff
	Title:	 	Executive Vice President,
		 	General Counsel and Secretary

  

			
	REGIONS BANK,
		 	as Trustee
		
	By:	 	/s/ Kesha J. Moore
		 	Name: Kesha J. Moore
		 	Title: Corporate Trust Officer

  
 12 

 EXHIBIT A 

(Form of Face of Note) 
 If the
Note is to be a Global Note, insert: THIS NOTE IS A GLOBAL NOTE 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
THEREOF. THIS NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE CLEARING AGENCY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE, AND NO TRANSFER OF THIS NOTE (OTHER THAN A TRANSFER OF THIS
NOTE AS A WHOLE BY THE CLEARING AGENCY TO A NOMINEE OF THE CLEARING AGENCY OR BY A NOMINEE OF THE CLEARING AGENCY TO THE CLEARING AGENCY OR ANOTHER NOMINEE OF THE CLEARING AGENCY OR TO A SUCCESSOR CLEARING AGENCY OR TO A NOMINEE OF SUCH SUCCESSOR)
MAY BE REGISTERED EXCEPT IN LIMITED CIRCUMSTANCES. 
 UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY (55 WATER STREET, NEW YORK, NEW YORK) TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT AND ANY NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY AND ANY PAYMENT HEREON IS MADE TO CEDE & CO., ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY A PERSON IS WRONGFUL SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN. 
 CUSIP No.: 156700 AX4 
 ISIN:
US156700AX46 

$                          
   
 No.          

CENTURYLINK, INC. 
 6.75% SENIOR
NOTE, SERIES W, DUE 2023 
 CenturyLink, Inc., a Louisiana corporation (the “Corporation,” which term includes any successor
corporation under the Indenture referred to on the reverse hereof), for value received, hereby promises to pay to                     , or registered
assigns, the principal sum of                      DOLLARS
($                    ), on December 1, 2023 (such date is hereinafter referred to as the “Stated Maturity Date”), and to pay interest
on said principal sum, from November 27, 2013 or from the next most recent date to which interest has been paid or duly provided for, semi-annually in arrears, on June 1 and December 1 of each year (each such date, an “Interest
Payment Date”), commencing on June 1, 2014, at the rate of 6.75% per annum until the principal hereof shall have been paid or duly made available for payment and, to the extent permitted by law, to pay interest compounded
semi-annually, on any overdue principal and premium, if any, and on any overdue installment of interest at the same rate per annum. 

  
 A-1 

 The amount of interest payable on any Interest Payment Date shall be computed on the basis of a
360-day year consisting of twelve 30-day months. In the event that any Interest Payment Date, any redemption date or the Stated Maturity Date falls on a day that is not a Business Day, the required payment of principal, premium, if any, and interest
will be made on the next succeeding Business Day as if made on the date that payment was due and no interest will accrue on the amount so payable for the period from and after such Interest Payment Date, such redemption date or Stated Maturity Date,
as the case may be, to the date of that payment on that next succeeding Business Day. 
 The interest installment so payable, and punctually
paid or duly provided for, on any Interest Payment Date will, as provided in the Indenture, be paid to the Person in whose name this Note (or one or more predecessor Securities) is registered at the close of business on the Regular Record Date for
such interest installment, which shall be the close of business on the first day of the month in which such Interest Payment Date falls. Any such interest installment not punctually paid or duly provided for, on any Interest Payment Date, shall
forthwith cease to be payable to the holders at the close of business on such Regular Record Date and may be paid by the Corporation to the Person in whose name this Note is registered at the close of business on a special record date to be fixed by
the Trustee for the payment of such defaulted interest, which shall not be more than 15 or less than 10 days prior to the date of the proposed payment and not less than 10 days after the receipt by the Trustee of the notice of such proposed payment,
and notice of which shall be given to the holders of the Notes not less than 10 days prior to such special record date, or may be paid at any time in any other lawful manner not inconsistent with the requirements of any securities exchange, if any,
on which the Notes may be listed, and upon such notice as may be required by such exchange, all as more fully provided in the Indenture. 

Principal of (and premium, if any) and the interest on this Note shall be payable at the office or agency of the Corporation maintained for
that purpose in the City of Monroe, State of Louisiana, or the Borough of Manhattan, The City and State of New York, in any coin or currency of the United States of America that at the time of payment is legal tender for payment of public and
private debts; provided, however, that payment of interest may be made at the option of the Corporation by check mailed to the address of the Person entitled thereto as such address shall appear in the security register; and provided further, that,
in the case of payments of principal and premium, if any, this Note is first surrendered to the Paying Agent. 
 Notwithstanding the
foregoing, as long as this Note is represented by a Global Note, payments of principal of, premium, if any, and interest on this Note will be made by wire transfer of immediately available funds to DTC or its nominee as the initial holder of this
Note. 
 The indebtedness evidenced by this Note is, to the extent provided in the Indenture, senior and unsecured and will rank in right of
payment on parity with all other unsecured and unsubordinated obligations of the Corporation. 
 REFERENCE IS HEREBY MADE TO THE FURTHER
PROVISIONS OF THIS NOTE SET FORTH ON THE FOLLOWING PAGES HEREOF, WHICH FURTHER PROVISIONS SHALL FOR ALL PURPOSES HAVE THE SAME EFFECT AS IF SET FORTH AT THIS PLACE. 

  
 A-2 

 Unless the certificate of authentication hereon has been executed by the Trustee by manual
signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. 
 IN WITNESS
WHEREOF, the Corporation has caused this instrument to be duly executed under its corporate seal. 
  

					
	CENTURYLINK, INC.
		
	By:	 	 
		 	Name:	 	R. Stewart Ewing, Jr.
		 	Title:	 	Executive Vice President, Chief Financial Officer and Assistant Secretary
		
	By:	 	 
		 	Name:	 	Stacey W. Goff
		 	Title:	 	Executive Vice President, General Counsel and Secretary

  

			
	Attest:	 	
	
	 
	Name:	 	Stacey W. Goff
	Title:	 	Executive Vice President,
		 	General Counsel and Secretary

 Dated: November     , 2013 

  
 A-3 

 CERTIFICATE OF AUTHENTICATION 

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

 

			
	 REGIONS BANK, as Trustee

		
	 By:
	 	 
		 	Authorized Officer

 Dated: November     , 2013 

  
 A-4 

 This Note is one of a duly authorized issue of Securities of the Corporation (the
“Securities”) issued and issuable in one or more series under an Indenture, dated as of March 31, 1994, as supplemented by the Ninth Supplemental Indenture (the “Ninth Supplemental Indenture”) dated as of November 27,
2013 (collectively, the “Indenture”), between the Corporation and Regions Bank (successor-in-interest to First American Bank & Trust of Louisiana), as trustee (the “Trustee,” which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, limitation of rights, duties and immunities thereunder of the Corporation, the Trustee and the
holders of the Securities issued thereunder and of the terms upon which said Securities are, and are to be, authenticated and delivered. This Security is one of the series designated on the face hereof as 6.75% Senior Notes, Series W, due 2023 (the
“Notes”). Such series is being initially issued in the aggregate principal amount of $750,000,000. Capitalized terms used herein for which no definition is provided herein shall have the meanings set forth in the Indenture. 

The Notes are redeemable, at any time in whole or from time to time in part, at the Corporation’s option, at a redemption price equal to
the greater of: (a) of 100% of the principal amount of the Notes to be redeemed; or (b) the sum of the present values of the remaining scheduled payments of principal and interest on the Notes to be redeemed (exclusive of interest accrued
to the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the then current Treasury Rate plus 50 basis points. In each case the Corporation will pay any
accrued and unpaid interest on the principal amount to be redeemed to the date of redemption. 
 In addition, at any time on or prior to
December 1, 2016, the Corporation may, at its option, on any one or more occasions redeem up to 35% of the aggregate principal amount of the Notes at a redemption price of 106.75% of the principal amount thereof, plus accrued and unpaid
interest on the principal amount of the Notes to be redeemed to, but not including, the date of redemption, with the net cash proceeds of an Equity Offering; provided that (a) at least 65% of the aggregate principal amount of Notes originally
issued under the Ninth Supplemental Indenture remains outstanding immediately after the occurrence of such redemption and (b) the redemption occurs within 90 days of the date of the closing of such Equity Offering. 

The Corporation will mail notice of redemption at least 30 but not more than 60 days before the redemption date to each holder of record of
the Notes to be redeemed at its registered address. The notice of redemption for the Notes will state, among other things, the amount of Notes to be redeemed, the redemption date, the redemption price and the place or places that payment will be
made upon presentation and surrender of Notes to be redeemed. Unless the Corporation defaults in the payment of the redemption price, interest will cease to accrue on any Notes that have been called for redemption at the redemption date. 

The Corporation may mail notice of redemption prior to the completion of any event or transaction related to such redemption, and any
redemption or notice may, at the discretion of the Corporation, be subject to one or more conditions precedent, including, but not limited to, completion of an Equity Offering. In addition, if such redemption or notice is subject to satisfaction of
one or more conditions precedent, such notice shall state that, in the discretion of 

  
 A-5 

 
the Corporation, the redemption date may be delayed until such time as any or all such conditions shall be satisfied, or such redemption may not occur and such notice may be rescinded in the
event that any or all such conditions shall not have been satisfied by the redemption date, or by the redemption date so delayed. 
 If less
than all of the Notes are redeemed, the Trustee will be notified at least 45 days before giving notice of redemption, or such shorter period as is satisfactory to the Trustee, of the aggregate principal amount of Notes to be redeemed and the
redemption date. The Trustee will select by lot, or in such other manner it deems fair and appropriate, the Notes to be redeemed in part. 

If the Corporation gives notice as provided in the Indenture, and funds for the redemption of any Notes (or any portion thereof) called for
redemption will have been made available on the redemption date referred to in such notice, those Notes (or any portion thereof) will cease to bear interest on that redemption date and the only right of the holders of those Notes will be to receive
payment of the redemption price. 
 If a Change of Control Repurchase Event occurs, unless the Corporation has exercised its right to redeem
the Notes as described above, it will make an offer to each holder of Notes to repurchase all or any part (in excess of $2,000 and in integral multiples of $1,000) of such holder’s Notes at a repurchase price in cash equal to 101% of the
aggregate principal amount of such Notes repurchased plus any accrued and unpaid interest on such Notes repurchased to, but not including, the date of repurchase. 

Within 30 days following any Change of Control Repurchase Event or, at the Corporation’s option, prior to any Change of Control, but
after the public announcement of the Change of Control, the Corporation will mail a notice to each holder of Notes, with a copy to the Trustee, describing the transaction or transactions that constitute or may constitute the Change of Control
Repurchase Event and (i) offering to repurchase the Notes on the repurchase date specified in the notice, which date will be a Business Day no earlier than 30 days and no later than 60 days from the date such notice is mailed,
(ii) indicating that all Notes validly tendered and not validly withdrawn will, to the extent lawful, be accepted for payment and any Note not tendered will continue to accrue interest, (iii) specifying the CUSIP numbers for the Notes,
(iv) stating that, unless the Corporation defaults in its payment in connection with the Change of Control Repurchase Event, all Notes accepted for payment pursuant to the Corporation’s offer to repurchase such Notes will cease to accrue
interest after such repurchase, (v) stating that holders electing to have any Notes repurchased by the Corporation will be required to surrender such Notes to the Paying Agent at the address specified in the notice prior to the close of
business on the third Business Day preceding the repurchase date, (vi) stating that holders will be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the second Business Day preceding the
repurchase date, a facsimile transmission or letter setting forth the name of the holder of Notes, the principal amount of Notes delivered for repurchase, and a statement that such holder is withdrawing his election to have the Notes repurchased and
(vii) stating that holders whose Notes are being repurchased only in part will be issued new Notes in principal amount to the unpurchased portion of the Notes surrendered, which unpurchased portion will be equal to $2,000 in principal amount or
an integral multiple of $1,000 in excess thereof. 

  
 A-6 

 The notice shall, if mailed prior to the date of consummation of the Change of Control, state
that the Corporation’s offer to repurchase is conditioned on a Change of Control Repurchase Event occurring on or prior to the repurchase date specified in the notice. The Corporation will cause its offer to purchase to remain open for at least
20 Business Days or such longer period as is required by applicable law. The Corporation will comply with the requirements of Rule 14e-1 under the Exchange Act, and any other securities laws and
regulations thereunder, to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Repurchase Event. To the extent that the provisions of any securities laws or
regulations conflict with the Change of Control Repurchase Event provisions of the Notes, the Corporation will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under Section 3.02
of the Ninth Supplemental Indenture by virtue of such conflict. 
 On the repurchase date following a Change of Control Repurchase Event,
the Corporation will, to the extent lawful: (a) accept for payment all the Notes or portions of the Notes properly tendered pursuant to the Corporation’s offer; (b) deposit with the Paying Agent an amount equal to the aggregate
repurchase price in respect of all the Notes or portions of the Notes properly tendered; and (c) deliver or cause to be delivered to the Trustee the Notes properly accepted, together with an officers’ certificate stating the aggregate
principal amount of Notes being purchased by the Corporation. 
 The Paying Agent will promptly mail to each holder of Notes purchased under
Section 3.02 of the Ninth Supplemental Indenture the repurchase price for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book-entry) to each holder a new Note of the same series equal in principal
amount to any unpurchased portion of any Notes surrendered, if any; provided that each new Note will be in a principal amount of $2,000 or an integral multiple of $1,000 in excess thereof. The Corporation will publicly announce the results of
its offer to repurchase the Notes on or as soon as practicable after the repurchase date. 
 The Corporation will not be required to make an
offer to repurchase the Notes upon a Change of Control Repurchase Event if a third party makes such an offer in the manner, at the times and otherwise in compliance with the requirements applicable to an offer made by the Corporation and such third
party purchases all Notes properly tendered and not withdrawn under such third party’s offer. 
 The Notes are not subject to, the
benefit of, and do not have, any sinking fund. 
 In case an Event of Default, as defined in the Indenture, with respect to the Notes shall
have occurred and be continuing, the principal of the Notes may be declared, and upon such declaration shall become, due and payable, in the manner, with the effect and subject to the conditions provided in the Indenture. 

The Indenture contains provisions permitting the Corporation and the Trustee, with the consent of the holders of not less than a majority in
aggregate principal amount of the Securities of each series affected at the time outstanding, as defined in the Indenture, to execute supplemental indentures for the purpose of adding any provisions to or changing in any manner or eliminating and of
the provisions of the Indenture or of any supplemental indenture or of 

  
 A-7 

 
modifying in any manner the rights of the holders of the Securities, provided, however, that no such supplemental indenture shall (i) extend the fixed maturity of any Securities or
any series, or reduce the principal amount thereof, or reduce the rate or extend the time of payment of interest thereon, or reduce any premium payable upon the redemption thereof, without the consent of the holder of each Security so affected; or
(ii) reduce the aforesaid percentage of Securities, the holders of which are required to consent to any such supplemental indenture, without the consent of the holders of each Security then outstanding and affected thereby. The Indenture also
contains provisions permitting the holders of a majority in aggregate principal amount of the Securities of any series at the time outstanding, on behalf of the holders of Securities of such series, to waive any past default in the performance of
any of the covenants contained in the Indenture, or established pursuant to the Indenture with respect to such series, and its consequences, except a default in the payment of the principal of, or premium, if any, or interest on any of the
Securities of such series. Any such consent or waiver by the registered holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding upon such holder and upon all future holders and owners of this Security
and of any Security issued in exchange hereof or in place hereof (whether by registration of transfer or otherwise), irrespective of whether or not any notation of such consent or waiver is made upon this Security. 

No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the
Corporation, which is absolute and unconditional, to pay the principal of and interest on this Note at the times and place and at the rate and in the currency herein prescribed. 

As provided in the Indenture and subject to certain limitations therein and herein set forth, the transfer of this Note is registrable in the
security register, upon surrender of this Note for registration of transfer at the office or agency of the Corporation for such purpose, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Corporation and
the security registrar and duly executed by, the holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of this series, of authorized denominations and of like tenor and for the same aggregate principal
amount, will be issued to the designated transferee or transferees. No service charge shall be made for any such registration of transfer or exchange, but the Corporation may require payment of a sum sufficient to cover any tax or other governmental
charge payable in connection therewith. 
 As provided in and subject to the provisions of the Indenture, the holder of this Note shall not
have the right to institute any proceeding with respect to the Indenture or for the appointment of a receiver or trustee or for any other remedy thereunder, unless such holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Notes, the holders of not less than a majority in aggregate principal amount of the Notes at the time outstanding shall have made written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable indemnity, and the Trustee shall not have received from the holders of a majority in aggregate principal amount of Notes at the time outstanding a direction inconsistent with such request and
shall have failed to institute any such proceeding for 60 days after receipt of such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted by the holder of this Note for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective due dates expressed herein. 

  
 A-8 

 Prior to due presentment of this Note for registration of transfer, the Corporation, the Trustee,
any Paying Agent and any security registrar may deem and treat the Person in whose name this Note is registered as the absolute owner hereof for all purposes, whether or not this Note be overdue and notwithstanding the notice of ownership or writing
hereon made by anyone other than the security registrar, and neither the Corporation, the Trustee nor any such agent shall be affected by notice to the contrary. 

No recourse shall be had for the payment of the principal of or any premium or the interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture, against any incorporator, shareholder, affiliate, officer or director, as such, past, present or future, of the Corporation or of any predecessor or successor corporation,
whether by virtue of any constitution, statute or rule of law, or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issuance hereof, expressly
waived and released. 
 The Notes are issuable only in registered form without coupons in denominations of $2,000 and integral multiples of
$1,000 in excess thereof. As provided in the Indenture and subject to the limitations therein and herein set forth, Notes are exchangeable for a like aggregate principal amount of Notes of a different authorized denomination, as requested by the
holder surrendering the same upon surrender of the Note or Notes to be exchanged at the office or agency of the Corporation. 
 This Note
shall be governed by, and construed in accordance with, the internal laws of the State of Louisiana. 

  
 A-9 

 EXHIBIT B 

CERTIFICATE OF AUTHENTICATION 

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

 

			
	REGIONS BANK, as Trustee
		
	By:	 	 
		 	Authorized Officer

 Dated: November     , 2013 

  
 B-1

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