Document:

EX-4.5

 Exhibit 4.5 

BROADSTONE NET LEASE, LLC 

INDENTURE 
 Dated as of
                     
 U.S. Bank
National Association 
 Trustee 

 TABLE OF CONTENTS 

 

							
	 	    	 	  	Page	 
		
	 ARTICLE I DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
	 Section 1.1
	    	 Definitions
	  	 	1	 
	 Section 1.2
	    	 Other Definitions
	  	 	5	 
	 Section 1.3
	    	 Incorporation by Reference of Trust Indenture Act
	  	 	5	 
	 Section 1.4
	    	 Rules of Construction
	  	 	6	 
		
	 ARTICLE II THE SECURITIES
	  	 	6	 
	 Section 2.1
	    	 Issuable in Series
	  	 	6	 
	 Section 2.2
	    	 Establishment of Terms of Series of Securities
	  	 	6	 
	 Section 2.3
	    	 Execution and Authentication
	  	 	9	 
	 Section 2.4
	    	 Registrar and Paying Agent
	  	 	9	 
	 Section 2.5
	    	 Paying Agent to Hold Money in Trust
	  	 	10	 
	 Section 2.6
	    	 Securityholder Lists
	  	 	10	 
	 Section 2.7
	    	 Transfer and Exchange
	  	 	11	 
	 Section 2.8
	    	 Mutilated, Destroyed, Lost and Stolen Securities
	  	 	11	 
	 Section 2.9
	    	 Outstanding Securities
	  	 	12	 
	 Section 2.10
	    	 Treasury Securities
	  	 	12	 
	 Section 2.11
	    	 Temporary Securities
	  	 	13	 
	 Section 2.12
	    	 Cancellation
	  	 	13	 
	 Section 2.13
	    	 Defaulted Interest
	  	 	13	 
	 Section 2.14
	    	 Global Securities
	  	 	13	 
	 Section 2.15
	    	 CUSIP Numbers
	  	 	15	 
		
	 ARTICLE III REDEMPTION
	  	 	15	 
	 Section 3.1
	    	 Notice to Trustee
	  	 	15	 
	 Section 3.2
	    	 Selection of Securities to be Redeemed
	  	 	15	 
	 Section 3.3
	    	 Notice of Redemption
	  	 	16	 
	 Section 3.4
	    	 Effect of Notice of Redemption
	  	 	17	 
	 Section 3.5
	    	 Deposit of Redemption Price
	  	 	17	 
	 Section 3.6
	    	 Securities Redeemed in Part
	  	 	17	 
		
	 ARTICLE IV COVENANTS
	  	 	17	 
	 Section 4.1
	    	 Payment of Principal and Interest
	  	 	17	 
	 Section 4.2
	    	 SEC Reports
	  	 	17	 
	 Section 4.3
	    	 Compliance Certificate
	  	 	18	 
	 Section 4.4
	    	 Stay, Extension and Usury Laws
	  	 	18	 
		
	 ARTICLE V SUCCESSORS
	  	 	18	 
	 Section 5.1
	    	 When Company May Merge, Etc.
	  	 	18	 
	 Section 5.2
	    	 Successor Corporation Substituted
	  	 	19	 
	 Section 5.3
	    	 Managing Member May Consolidate on Certain Terms
	  	 	19	 
	 Section 5.4
	    	 Managing Member Successor to Be Substituted
	  	 	20	 

  
 i 

							
	 ARTICLE VI DEFAULTS AND REMEDIES
	  	 	20	 
	 Section 6.1
	    	 Events of Default
	  	 	20	 
	 Section 6.2
	    	 Acceleration of Maturity; Rescission and Annulment
	  	 	21	 
	 Section 6.3
	    	 Collection of Indebtedness and Suits for Enforcement by Trustee
	  	 	22	 
	 Section 6.4
	    	 Trustee May File Proofs of Claim
	  	 	23	 
	 Section 6.5
	    	 Trustee May Enforce Claims Without Possession of Securities
	  	 	23	 
	 Section 6.6
	    	 Application of Money Collected
	  	 	23	 
	 Section 6.7
	    	 Limitation on Suits
	  	 	24	 
	 Section 6.8
	    	 Unconditional Right of Holders to Receive Principal and Interest
	  	 	24	 
	 Section 6.9
	    	 Restoration of Rights and Remedies
	  	 	25	 
	 Section 6.10
	    	 Rights and Remedies Cumulative
	  	 	25	 
	 Section 6.11
	    	 Delay or Omission Not Waiver
	  	 	25	 
	 Section 6.12
	    	 Control by Holders
	  	 	25	 
	 Section 6.13
	    	 Waiver of Past Defaults
	  	 	26	 
	 Section 6.14
	    	 Undertaking for Costs
	  	 	26	 
		
	 ARTICLE VII TRUSTEE
	  	 	26	 
	 Section 7.1
	    	 Duties of Trustee
	  	 	26	 
	 Section 7.2
	    	 Rights of Trustee
	  	 	28	 
	 Section 7.3
	    	 Individual Rights of Trustee
	  	 	29	 
	 Section 7.4
	    	 Trustee’s Disclaimer
	  	 	29	 
	 Section 7.5
	    	 Notice of Defaults
	  	 	29	 
	 Section 7.6
	    	 Reports by Trustee to Holders
	  	 	29	 
	 Section 7.7
	    	 Compensation and Indemnity
	  	 	30	 
	 Section 7.8
	    	 Replacement of Trustee
	  	 	30	 
	 Section 7.9
	    	 Successor Trustee by Merger, Etc.
	  	 	31	 
	 Section 7.10
	    	 Eligibility; Disqualification
	  	 	31	 
	 Section 7.11
	    	 Preferential Collection of Claims Against Company
	  	 	32	 
		
	 ARTICLE VIII SATISFACTION AND DISCHARGE; DEFEASANCE
	  	 	32	 
	 Section 8.1
	    	 Satisfaction and Discharge of Indenture
	  	 	32	 
	 Section 8.2
	    	 Application of Trust Funds; Indemnification
	  	 	33	 
	 Section 8.3
	    	 Legal Defeasance of Securities of any Series
	  	 	33	 
	 Section 8.4
	    	 Covenant Defeasance
	  	 	35	 
	 Section 8.5
	    	 Repayment to Company
	  	 	36	 
	 Section 8.6
	    	 Reinstatement
	  	 	36	 
		
	 ARTICLE IX AMENDMENTS AND WAIVERS
	  	 	36	 
	 Section 9.1
	    	 Without Consent of Holders
	  	 	36	 
	 Section 9.2
	    	 With Consent of Holders
	  	 	37	 
	 Section 9.3
	    	 Limitations
	  	 	38	 
	 Section 9.4
	    	 Compliance with Trust Indenture Act
	  	 	38	 
	 Section 9.5
	    	 Revocation and Effect of Consents
	  	 	39	 
	 Section 9.6
	    	 Notation on or Exchange of Securities
	  	 	39	 
	 Section 9.7
	    	 Trustee Protected
	  	 	39	 

  
 ii 

							
	 ARTICLE X MISCELLANEOUS
	  	 	40	 
	 Section 10.1
	    	 Trust Indenture Act Controls
	  	 	40	 
	 Section 10.2
	    	 Notices
	  	 	40	 
	 Section 10.3
	    	 Communication by Holders with Other Holders
	  	 	41	 
	 Section 10.4
	    	 Certificate and Opinion as to Conditions Precedent
	  	 	41	 
	 Section 10.5
	    	 Statements Required in Certificate or Opinion
	  	 	41	 
	 Section 10.6
	    	 Rules by Trustee and Agents
	  	 	42	 
	 Section 10.7
	    	 Legal Holidays
	  	 	42	 
	 Section 10.8
	    	 No Recourse Against Others
	  	 	42	 
	 Section 10.9
	    	 Counterparts
	  	 	42	 
	 Section 10.10
	    	 Governing Law; Waiver of Jury Trial; Consent to Jurisdiction
	  	 	43	 
	 Section 10.11
	    	 No Adverse Interpretation of Other Agreements
	  	 	44	 
	 Section 10.12
	    	 Successors
	  	 	44	 
	 Section 10.13
	    	 Severability
	  	 	44	 
	 Section 10.14
	    	 Table of Contents, Headings, Etc.
	  	 	44	 
	 Section 10.15
	    	 Securities in a Foreign Currency
	  	 	44	 
	 Section 10.16
	    	 Judgment Currency
	  	 	45	 
	 Section 10.17
	    	 Force Majeure
	  	 	45	 
	 Section 10.18
	    	 U.S.A. Patriot Act
	  	 	45	 
		
	 ARTICLE XI SINKING FUNDS
	  	 	46	 
	 Section 11.1
	    	 Applicability of Article
	  	 	46	 
	 Section 11.2
	    	 Satisfaction of Sinking Fund Payments with Securities
	  	 	46	 
	 Section 11.3
	    	 Redemption of Securities for Sinking Fund
	  	 	47	 
		
	 ARTICLE XII GUARANTEE
	  	 	47	 
	 Section 12.1
	    	 Unconditional Guarantee
	  	 	47	 
	 Section 12.2
	    	 Execution and Delivery of Notation of Guarantee
	  	 	48	 
	 Section 12.3
	    	 Limitation on Guarantors’ Liability
	  	 	48	 
	 Section 12.4
	    	 Release of Guarantors from Guarantee
	  	 	49	 

  
 iii 

 BROADSTONE NET LEASE, LLC 

Reconciliation and tie between Trust Indenture Act of 1939 and 

Indenture, dated as of                     

  

			
	 § 310(a)(1)
	  	7.10
	          (a)(2)
	  	7.10
	          (a)(3)
	  	Not Applicable
	          (a)(4)
	  	Not Applicable
	          (a)(5)
	  	7.10
	              (b)
	  	7.10
	     § 311(a)
	  	7.11
	              (b)
	  	7.11
	              (c)
	  	Not Applicable
	     § 312(a)
	  	2.6
	              (b)
	  	10.3
	              (c)
	  	10.3
	     § 313(a)
	  	7.6
	          (b)(1)
	  	7.6
	          (b)(2)
	  	7.6
	          (c)(1)
	  	7.6
	              (d)
	  	7.6
	     § 314(a)
	  	4.2, 10.5
	              (b)
	  	Not Applicable
	          (c)(1)
	  	10.4
	          (c)(2)
	  	10.4
	          (c)(3)
	  	Not Applicable
	              (d)
	  	Not Applicable
	              (e)
	  	10.5
	              (f)
	  	Not Applicable
	     § 315(a)
	  	7.1
	              (b)
	  	7.5
	              (c)
	  	7.1
	              (d)
	  	7.1
	              (e)
	  	6.14
	     § 316(a)
	  	2.10
	    (a)(1)(A)
	  	6.12
	    (a)(1)(B)
	  	6.13
	              (b)
	  	6.8
	 § 317(a)(1)
	  	6.3
	          (a)(2)
	  	6.4
	              (b)
	  	2.5
	     § 318(a)
	  	10.1

 Note:     This reconciliation and tie shall not, for any purpose, be deemed to be part of the Indenture.

  
 iv 

 Indenture, dated as of
                    , among Broadstone Net Lease, LLC, a New York limited liability company (“Company”), the Guarantors (as defined
herein) party hereto and U.S. Bank National Association, a national banking association organized under the laws of the United States, as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other party and for the equal and ratable benefit of the Holders of the
Securities issued under this Indenture. 
 ARTICLE I 

DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.1    Definitions. 

“Additional Amounts” means any additional amounts which are required hereby or by any Security, under
circumstances specified herein or therein, to be paid by the Company in respect of certain taxes imposed on Holders specified herein or therein and which are owing to such Holders. 

“Affiliate” of any specified person means any other person directly or indirectly controlling or controlled
by or under common control with such specified person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with
respect to any person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such person, whether through the ownership of voting securities or by agreement or otherwise.

 “Agent” means any Registrar, Paying Agent or Notice Agent. 

“Board of Directors” means, for any person, the board of directors or other governing body of such person or,
if such person does not have such a board of directors or other governing body, or is owned or managed by a single entity, the board of directors or other governing body of such entity or, in either case, any committee thereof duly authorized to act
on behalf of such board of directors or other governing body. Unless otherwise provided, “Board of Directors” means the board of directors of the Managing Member. 

“Board Resolution” means a copy of a resolution certified by an Officer, to have been adopted by the Board of
Directors or pursuant to authorization by the Board of Directors and to be in full force and effect on the date of the certificate and delivered to the Trustee. 

“Business Day” means, unless otherwise provided by Board Resolution, Officer’s Certificate or
supplemental indenture hereto for a particular Series, any day except a Saturday, Sunday or a legal holiday in The City of New York, New York (or in connection with any payment, the place of payment) on which banking institutions are authorized or
required by law, regulation or executive order to close. 
 “Capital Stock” means (a) in the case of a
corporation, corporate stock; (b) in the case of an association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated and whether or not voting) of corporate stock, including each
class of common stock and preferred stock of such person; and (c) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited). 

  
 1 

 “Company” means the party named as such above until a
successor replaces it and thereafter means the successor. 
 “Company Order” means a written order signed
in the name of the Company by an Officer. 
 “Corporate Trust Office” means the office of the Trustee at
which at any particular time its corporate trust business related to this Indenture shall be principally administered, which office at the date of the Indenture is located at the address set forth in Section 10.2, or such
other address as the Trustee may designate from time to time by notice to the Holders and the Company. 

“CUSIP” means the Committee on Uniform Security Identification Procedures and will be used pursuant to
Section 2.15. 
 “Default” means any event which is, or after notice or passage
of time or both would be, an Event of Default. 
 “Depositary” means, with respect to the Securities of any
Series issuable or issued in whole or in part in the form of one or more Global Securities, the person designated as Depositary for such Series by the Company, which Depositary shall be a clearing agency registered under the Exchange Act; and if at
any time there is more than one such person, “Depositary” as used with respect to the Securities of any Series shall mean the Depositary with respect to the Securities of such Series. 

“Discount Security” means any Security that provides for an amount less than the stated principal amount
thereof to be due and payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2. 

“Dollars” and “$” means the currency of The United States of America. 

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

“Foreign Currency” means any currency or currency unit issued by a government other than the government of
the United States of America, including the Euro. 
 “Foreign Government Obligations” means, with respect
to Securities of any Series that are denominated in a Foreign Currency, direct obligations of, or obligations guaranteed by, the government that issued or caused to be issued such currency for the payment of which obligations its full faith and
credit is pledged and which are not callable or redeemable at the option of the issuer thereof. 
 “GAAP”
means generally accepted accounting principles in the United States of America set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and
pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect as of the date of determination. 

  
 2 

 “Global Security” or “Global Securities”
means a Security or Securities, as the case may be, in the form established pursuant to Section 2.2 evidencing all or part of a Series of Securities, issued to the Depositary for such Series or its nominee, and registered
in the name of such Depositary or nominee. 
 “Guarantor” means each person that executes this Indenture as
a guarantor and its respective successors and assigns, in each case until the Guarantee (as defined in Section 12.1) of such person has been released in accordance with the provisions of this Indenture; provided,
however, that such person shall be a Guarantor only with respect to a Series of Securities for which such person has executed a Notation of Guarantee with respect to such Series. 

“Holder” or “Securityholder” means a person in whose name a Security is registered. 

“Indenture” means this Indenture as amended or supplemented from time to time and shall include the form and
terms of particular Series of Securities established as contemplated hereunder. 
 “interest” with respect
to any Discount Security which by its terms bears interest only after Maturity, means interest payable after Maturity. 

“Managing Member” means Broadstone Net Lease, Inc., in its capacity as managing member of the Company, and,
subject to the provisions of Article V, its successor and assigns. 
 “Maturity,” when used with respect to
any Security, means the date on which the principal of such Security becomes due and payable as therein or herein provided, whether at the Stated Maturity or by declaration of acceleration, call for redemption or otherwise. 

“Notation of Guarantee” means a notation, substantially in the form of Exhibit A, executed by a
Guarantor and affixed to each Security of any Series to which the Guarantee of such Guarantor under Article XII of this Indenture applies. 

“Officer” means, in respect of any person, the Chief Executive Officer, the President, the Chief Financial
Officer, the Treasurer or any Assistant Treasurer, the Secretary or any Assistant Secretary, and any Senior Vice President of such person. 

“Officer’s Certificate” means a certificate signed by any Officer, which complies with
Section 10.4. 
 “Opinion of Counsel” means a written opinion of legal counsel
who is reasonably acceptable to the Trustee. The counsel may be an employee of or counsel to the Company. The opinion may contain customary limitations, conditions and exceptions. 

“Parent” means Broadstone Net Lease, Inc., a Maryland corporation. 

  
 3 

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

“principal” of a Security means the principal of the Security plus, when appropriate, the premium, if any,
on, and any Additional Amounts in respect of, the Security. 
 “Responsible Officer” means any officer of
the Trustee in its Corporate Trust Office having responsibility for administration of this Indenture and also means, with respect to a particular corporate trust matter, any other officer to whom any corporate trust matter relating to this Indenture
is referred because of his or her knowledge of and familiarity with a particular subject. 
 “SEC” means
the Securities and Exchange Commission. 
 “Securities” means the debentures, notes or other debt
instruments of the Company of any Series authenticated and delivered under this Indenture; provided, however, that, if at any time there is more than one person acting as Trustee under this Indenture, “Securities” with
respect to any such person shall mean Securities authenticated and delivered under this Indenture, exclusive, however, of Securities of any Series as to which such person is not Trustee. 

“Series” or “Series of Securities” means each series of debentures, notes or other debt
instruments of the Company created pursuant to Sections 2.1 and 2.2 hereof. 
 “Stated
Maturity” when used with respect to any Security, means the date specified in such Security as the fixed date on which the principal of such Security or interest is due and payable. 

“Subsidiary” of any specified person means any corporation, association or other business entity of which
more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof is at the time owned or controlled, directly or
indirectly, by such person or one or more of the other Subsidiaries of that person or a combination thereof. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S. Code Sections 77aaa-77bbbb) as in effect on the date of
this Indenture; provided, however, that in the event the Trust Indenture Act of 1939 is amended after such date, “TIA” means, to the extent required by any such amendment, the Trust Indenture Act as so amended. 

“Trustee” means the person named as the “Trustee” in the first paragraph of this instrument until a
successor Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each person who is then a Trustee hereunder, and if at any time there is more than one such
person, “Trustee” as used with respect to the Securities of any Series shall mean the Trustee with respect to Securities of that Series. 

“U.S. Government Obligations” means securities which are direct obligations of, or guaranteed by, The United
States of America for the payment of which its full faith and credit is pledged and which are not callable or redeemable at the option of the issuer thereof, and shall also include a depositary receipt issued by a bank or trust company as custodian
with respect to any such U.S. Government Obligation or a specific payment of interest on or principal of any such U.S. Government Obligation held by such custodian for the account of the holder of a depositary receipt, provided
that (except as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received by the custodian in respect of the U.S. Government Obligation evidenced
by such depositary receipt. 

  
 4 

 Section 1.2    Other Definitions. 

 

					
	TERM	  	DEFINED IN SECTION	 
	 “Bankruptcy Law”
	  	 	6.1	 
	 “Custodian”
	  	 	6.1	 
	 “Event of Default”
	  	 	6.1	 
	 “Guarantee”
	  	 	12.1(b)	 
	 “Judgment Currency”
	  	 	10.16	 
	 “Legal Holiday”
	  	 	10.7	 
	 “mandatory sinking fund payment”
	  	 	11.1	 
	 “New York Banking Day”
	  	 	10.16	 
	 “Notice Agent”
	  	 	2.4	 
	 “optional sinking fund payment”
	  	 	11.1	 
	 “Paying Agent”
	  	 	2.4	 
	 “Registrar”
	  	 	2.4	 
	 “Required Currency”
	  	 	10.16	 
	 “Specified Courts”
	  	 	10.10	 
	 “successor person”
	  	 	5.1	 

 Section 1.3    Incorporation by Reference of Trust Indenture
Act. 
 Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made
a part of this Indenture. The following TIA terms used in this Indenture have the following meanings: 

“Commission” means the SEC. 

“indenture securities” means the Securities. 

“indenture security holder” means a Securityholder. 

“indenture to be qualified” means this Indenture. 

“indenture trustee” or “institutional trustee” means the Trustee. 

“obligor” on the indenture securities means the Company and any successor obligor upon the Securities. 

All other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by
SEC rule under the TIA and not otherwise defined herein are used herein as so defined. 

  
 5 

 Section 1.4    Rules of Construction. 

Unless the context otherwise requires: 

(a)    a term has the meaning assigned to it; 

(b)    an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP;

 (c)    “or” is not exclusive; 

(d)    words in the singular include the plural, and in the plural include the singular; and 

(e)    provisions apply to successive events and transactions. 

ARTICLE II 
 THE
SECURITIES 
 Section 2.1    Issuable in Series. 

The aggregate principal amount of Securities that may be authenticated and delivered under this Indenture is unlimited. The
Securities may be issued in one or more Series. All Securities of a Series shall be identical except as may be set forth or determined in the manner provided in a Board Resolution, a supplemental indenture or an Officer’s Certificate detailing
the adoption of the terms thereof pursuant to authority granted under a Board Resolution. In the case of Securities of a Series to be issued from time to time, the Board Resolution, Officer’s Certificate or supplemental indenture detailing the
adoption of the terms thereof pursuant to authority granted under a Board Resolution may provide for the method by which specified terms (such as interest rate, maturity date, record date or date from which interest shall accrue) are to be
determined. Securities may differ between Series in respect of any matters, provided that all Series of Securities shall be equally and ratably entitled to the benefits of the Indenture. 

Section 2.2    Establishment of Terms of Series of Securities. 

At or prior to the issuance of any Securities within a Series, the following shall be established (as to the Series generally,
in the case of Subsection 2.2.1 and either as to such Securities within the Series or as to the Series generally in the case of Subsections 2.2.2 through 2.2.23) by or pursuant to a Board Resolution, and set forth or determined
in the manner provided in a Board Resolution, supplemental indenture hereto or Officer’s Certificate: 

2.2.1    the title (which shall distinguish the Securities of that particular Series from the Securities
of any other Series) and ranking (including the terms of any subordination provisions) of the Series; 

2.2.2    the price or prices (expressed as a percentage of the principal amount thereof) at which the
Securities of the Series will be issued; 

  
 6 

 2.2.3    any limit upon the aggregate principal amount
of the Securities of the 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 the Series
pursuant to Section 2.7, 2.8, 2.11, 3.6 or 9.6); 

2.2.4    the date or dates on which the principal of the Securities of the Series is payable; 

2.2.5    the rate or rates (which may be fixed or variable) per annum or, if applicable, the method used
to determine such rate or rates (including, but not limited to, any commodity, commodity index, stock exchange index or financial index) at which the Securities of the Series shall bear interest, if any, the date or dates from which such interest,
if any, shall accrue, the date or dates on which such interest, if any, shall commence and be payable and any regular record date for the interest payable on any interest payment date; 

2.2.6    the place or places where the principal of and interest, if any, on the Securities of the Series
shall be payable, where the Securities of such Series may be surrendered for registration of transfer or exchange and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered,
and the method of such payment, if by wire transfer, mail or other means; 
 2.2.7    if applicable,
the period or periods within which, the price or prices at which and the terms and conditions upon which the Securities of the Series may be redeemed, in whole or in part, at the option of the Company; 

2.2.8    the obligation, if any, of the Company to redeem or purchase the Securities of the Series
pursuant to any sinking fund or analogous provisions or at the option of a Holder thereof and the period or periods within which, the price or prices at which and the terms and conditions upon which Securities of the Series shall be redeemed or
purchased, in whole or in part, pursuant to such obligation; 
 2.2.9    the dates, if any, on which
and the price or prices at which the Securities of the Series will be repurchased by the Company at the option of the Holders thereof and other detailed terms and provisions of such repurchase obligations; 

2.2.10    if other than denominations of $1,000 and any integral multiple thereof, the denominations in
which the Securities of the Series shall be issuable; 
 2.2.11    the forms of the Securities of the
Series and whether the Securities will be issuable as Global Securities; 
 2.2.12    if other than the
principal amount thereof, the portion of the principal amount of the Securities of the Series that shall be payable upon declaration of acceleration of the maturity thereof pursuant to Section 6.2; 

2.2.13    the currency of denomination of the Securities of the Series, which may be Dollars or any
Foreign Currency, and if such currency of denomination is a composite currency, the agency or organization, if any, responsible for overseeing such composite currency; 

  
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 2.2.14    the designation of the currency, currencies
or currency units in which payment of the principal of and interest, if any, on the Securities of the Series will be made; 

2.2.15    if payments of principal of or interest, if any, on the Securities of the Series are to be made
in one or more currencies or currency units other than that or those in which such Securities are denominated, the manner in which the exchange rate with respect to such payments will be determined; 

2.2.16    the manner in which the amounts of payment of principal of or interest, if any, on the
Securities of the Series will be determined, if such amounts may be determined by reference to an index based on a currency or currencies or by reference to a commodity, commodity index, stock exchange index or financial index; 

2.2.17    the provisions, if any, relating to any security provided for the Securities of the Series or
the Guarantees; 
 2.2.18    any addition to, deletion of or change in the Events of Default which
applies to any Securities of the Series and any change in the right of the Trustee or the requisite Holders of such Securities to declare the principal amount thereof due and payable pursuant to Section 6.2; 

2.2.19    any addition to, deletion of or change in the covenants set forth in
Articles IV or V which applies to Securities of the Series; 

2.2.20    any Depositaries, interest rate calculation agents, exchange rate calculation agents or other
agents with respect to Securities of such Series if other than those appointed herein; 
 2.2.21    the
provisions, if any, relating to conversion or exchange of any Securities of such Series, including if applicable, the conversion or exchange price, the conversion or exchange period, provisions as to whether conversion or exchange will be mandatory,
at the option of the Holders thereof or at the option of the Company, the events requiring an adjustment of the conversion price or exchange price and provisions affecting conversion or exchange if such Series of Securities are redeemed; 

2.2.22    any other terms of the Series (which may supplement, modify or delete any provision of this
Indenture insofar as it applies to such Series), including any terms that may be required under applicable law or regulations or advisable in connection with the marketing of Securities of that Series; and 

2.2.23    whether the Securities of such Series are entitled to the benefits of the Guarantee of any
Guarantor pursuant to this Indenture, whether any such Guarantee shall be made on a senior or subordinated basis and, if applicable, a description of the subordination terms of any such Guarantee. 

All Securities of any one Series need not be issued at the same time and may be issued from time to time, consistent with the
terms of this Indenture, if so provided by or pursuant to the Board Resolution, supplemental indenture hereto or Officer’s Certificate referred to above. 

  
 8 

 Section 2.3    Execution and Authentication.

 Any Officer shall sign the Securities for the Company by manual, facsimile or other electronic signature. 

If an Officer whose signature is on a Security no longer holds that office at the time the Security is authenticated, the
Security shall nevertheless be valid. 
 A Security shall not be valid until authenticated by the manual signature of the
Trustee or an authenticating agent. The signature shall be conclusive evidence that the Security has been authenticated under this Indenture. 

The Trustee shall at any time, and from time to time, authenticate Securities for original issue in the principal amount
provided in the Board Resolution, supplemental indenture hereto or Officer’s Certificate, upon receipt by the Trustee of a Company Order. Each Security shall be dated the date of its authentication. 

The aggregate principal amount of Securities of any Series outstanding at any time may not exceed any limit upon the maximum
principal amount for such Series set forth in the Board Resolution, supplemental indenture hereto or Officer’s Certificate delivered pursuant to Section 2.2, except as provided in Section 2.8.

 Prior to the issuance of Securities of any Series, the Trustee shall have received and (subject to
Section 7.2) shall be fully protected in relying on: (a) the Board Resolution, supplemental indenture hereto or Officer’s Certificate establishing the form of the Securities of that Series or of Securities within
that Series and the terms of the Securities of that Series or of Securities within that Series, (b) an Officer’s Certificate, and (c) an Opinion of Counsel complying with Section 10.4. 

The Trustee shall have the right to decline to authenticate and deliver any Securities of such Series: (a) if the
Trustee, being advised by counsel, determines that such action may not be taken lawfully; or (b) if the Trustee in good faith by its board of directors or trustees, executive committee or a trust committee of directors and/or vice-presidents or
a committee of Responsible Officers shall determine that such action would expose the Trustee to personal liability to Holders of any then outstanding Series of Securities. 

The Trustee may appoint an authenticating agent acceptable to the Company to authenticate Securities. An authenticating agent
may authenticate Securities whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with the Company or
an Affiliate of the Company. 
 Section 2.4    Registrar and Paying Agent. 

The Company shall maintain, with respect to each Series of Securities, at the place or places specified with respect to such
Series pursuant to Section 2.2, an office or agency where Securities of such Series may be presented or surrendered for payment (“Paying Agent”), where Securities of such Series may be surrendered for
registration of transfer or exchange (“Registrar”) and where notices and demands to or upon the Company in respect of the Securities of such Series and this Indenture may be delivered (“Notice Agent”). The
Registrar shall keep a register with respect to each Series of Securities and to their transfer and exchange. The Company will give prompt written notice to the Trustee of the name and address, and any change in the name or address, of each
Registrar, Paying Agent or Notice Agent. If at any time the Company shall fail to maintain any such required Registrar, Paying Agent or Notice Agent or shall fail to furnish the Trustee with the name and address thereof, such presentations,
surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Company hereby appoints the Trustee as its agent to receive all such presentations, surrenders, notices and demands; provided,
however, that any appointment of the Trustee as the Notice Agent shall exclude the appointment of the Trustee or any office of the Trustee as an agent to receive the service of legal process on the Company. 

  
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 The Company may also from time to time designate one or more co-registrars, additional paying agents or additional notice agents and may from time to time rescind such designations; provided, however, that no such designation or rescission shall in any manner
relieve the Company of its obligations to maintain a Registrar, Paying Agent and Notice Agent in each place so specified pursuant to Section 2.2 for Securities of any Series for such purposes. The Company will give prompt
written notice to the Trustee of any such designation or rescission and of any change in the name or address of any such co-registrar, additional paying agent or additional notice agent. The term
“Registrar” includes any co-registrar; the term “Paying Agent” includes any additional paying agent; and the term “Notice Agent” includes any additional
notice agent. The Company or any of its Affiliates may serve as Registrar or Paying Agent. 
 The Company hereby appoints
the Trustee the initial Registrar, Paying Agent and Notice Agent for each Series unless another Registrar, Paying Agent or Notice Agent, as the case may be, is appointed prior to the time Securities of that Series are first issued. 

Section 2.5    Paying Agent to Hold Money in Trust. 

The Company shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent will hold in
trust, for the benefit of Securityholders of any Series of Securities, or the Trustee, all money held by the Paying Agent for the payment of principal of or interest on the Series of Securities, and will notify the Trustee in writing of any default
by the Company in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Company at any time may require a Paying Agent to pay all money held by it to the
Trustee. Upon payment over to the Trustee, the Paying Agent (if other than the Company or a Subsidiary of the Company) shall have no further liability for the money. If the Company or a Subsidiary of the Company acts as Paying Agent, it shall
segregate and hold in a separate trust fund for the benefit of Securityholders of any Series of Securities all money held by it as Paying Agent. Upon any bankruptcy, reorganization or similar proceeding with respect to the Company, the Trustee shall
serve as Paying Agent for the Securities. 
 Section 2.6    Securityholder Lists. 

The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names
and addresses of Securityholders of each Series of Securities and shall otherwise comply with TIA Section 312(a). If the Trustee is not the Registrar, the Company shall furnish to the Trustee at least ten days before each interest payment date
and at such other times as the Trustee may request in writing a list, in such form and as of such date as the Trustee may reasonably require, of the names and addresses of Securityholders of each Series of Securities. 

  
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 Section 2.7    Transfer and Exchange. 

Where Securities of a Series are presented to the Registrar or a co-registrar with a
request to register a transfer or to exchange them for an equal principal amount of Securities of the same Series, the Registrar shall register the transfer or make the exchange if its requirements for such transactions are met. To permit
registrations of transfers and exchanges, the Trustee shall authenticate Securities at the Registrar’s request. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but
the Company may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer tax or similar governmental charge payable upon exchanges pursuant to
Section 2.11, 3.6 or 9.6). 
 Neither the Company nor the Registrar shall be
required (a) to issue, register the transfer of, or exchange Securities of any Series for the period beginning at the opening of business 15 days immediately preceding the sending of a notice of redemption of Securities of that Series
selected for redemption and ending at the close of business on the day such notice is sent, or (b) to register the transfer of or exchange Securities of any Series selected, called or being called for redemption as a whole or the portion being
redeemed of any such Securities selected, called or being called for redemption in part. 

Section 2.8    Mutilated, Destroyed, Lost and Stolen Securities. 

If any mutilated Security is surrendered to the Trustee, the Company shall execute and the Trustee shall authenticate and
deliver in exchange therefor a new Security of the same Series and of like tenor and principal amount and bearing a number not contemporaneously outstanding. 

If there shall be delivered to the Company and the Trustee (a) evidence to their satisfaction of the destruction, loss or
theft of any Security and (b) such security or indemnity bond as may be required by each of them to hold itself and any of its agents harmless, then, in the absence of notice to the Company or the Trustee that such Security has been acquired by
a bona fide purchaser, the Company shall execute and upon receipt of a Company Order the Trustee shall authenticate and make available for delivery, in lieu of any such destroyed, lost or stolen Security, a new Security of the same Series and of
like tenor and principal amount and bearing a number not contemporaneously outstanding. 
 In case any such mutilated,
destroyed, lost or stolen Security has become or is about to become due and payable, the Company in its discretion may, instead of issuing a new Security, pay such Security. 

Upon the issuance of any new Security under this Section, 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 (including the fees and expenses of the Trustee) connected therewith. 

  
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 Every new Security of any Series issued pursuant to this Section in lieu of
any destroyed, lost or stolen Security shall constitute an original additional contractual obligation of the Company, whether or not the destroyed, lost or stolen Security shall be at any time enforceable by anyone, and shall be entitled to all the
benefits of this Indenture equally and proportionately with any and all other Securities of that Series duly issued hereunder. 

The provisions of this Section are exclusive and shall preclude (to the extent lawful) all other rights and remedies with
respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities. 

Section 2.9    Outstanding Securities. 

The Securities outstanding at any time are all the Securities authenticated by the Trustee except for those canceled by it,
those delivered to it for cancellation, those reductions in the interest on a Global Security effected by the Trustee in accordance with the provisions hereof and those described in this Section as not outstanding. 

If a Security is replaced pursuant to Section 2.8, it ceases to be outstanding until the Trustee
receives proof satisfactory to it that the replaced Security is held by a bona fide purchaser. 
 If the Paying Agent (other
than the Company, a Subsidiary of the Company or an Affiliate of the Company) holds on the Maturity of Securities of a Series money sufficient to pay such Securities payable on that date as provided in this Indenture, then on and after that date
such Securities of the Series cease to be outstanding and interest on them ceases to accrue. 
 The Company may purchase or
otherwise acquire the Securities, whether by open market purchases, negotiated transactions or otherwise. A Security does not cease to be outstanding because the Company or an Affiliate of the Company holds the Security (but see
Section 2.10 below). 
 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 a 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 6.2. 

Section 2.10    Treasury Securities. 

In determining whether the Holders of the required principal amount of Securities of a Series have concurred in any request,
demand, authorization, direction, notice, consent or waiver, Securities of a Series owned by the Company or any Affiliate of the Company shall be disregarded, except that for the purposes of determining whether the Trustee shall be protected in
relying on any such request, demand, authorization, direction, notice, consent or waiver only Securities of a Series that a Responsible Officer of the Trustee knows are so owned shall be so disregarded. 

  
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 Section 2.11    Temporary Securities. 

Until definitive Securities are ready for delivery, the Company may prepare and the Trustee shall authenticate temporary
Securities upon a Company Order. Temporary Securities shall be substantially in the form of definitive Securities but may have variations that the Company considers appropriate for temporary Securities. Without unreasonable delay, the Company shall
prepare and the Trustee upon receipt of a Company Order shall authenticate definitive Securities of the same Series and date of maturity in exchange for temporary Securities. Until so exchanged, temporary securities shall have the same rights under
this Indenture as the definitive Securities. 
 Section 2.12    Cancellation. 

The Company at any time may deliver Securities to the Trustee for cancellation. The Registrar and the Paying Agent shall
forward to the Trustee any Securities surrendered to them for registration of transfer, exchange or payment. The Trustee shall cancel all Securities surrendered for transfer, exchange, payment, replacement or cancellation and shall destroy such
canceled Securities (subject to the record retention requirement of the Exchange Act and the Trustee) and deliver a certificate of such cancellation to the Company upon written request of the Company. The Company may not issue new Securities to
replace Securities that it has paid or delivered to the Trustee for cancellation. 

Section 2.13    Defaulted Interest. 

If the Company defaults in a payment of interest on a Series of Securities, it shall pay the defaulted interest, plus, to the
extent permitted by law, any interest payable on the defaulted interest, to the persons who are Securityholders of the Series on a subsequent special record date. The Company shall fix the record date and payment date. At least ten days before the
special record date, the Company shall send to the Trustee and to each Securityholder of the Series a notice that states the special record date, the payment date and the amount of interest to be paid. The Company may pay defaulted interest in any
other lawful manner. 
 Section 2.14    Global Securities. 

2.14.1    Terms of Securities. A Board Resolution, a supplemental indenture hereto or an
Officer’s Certificate shall establish whether the Securities of a Series shall be issued in whole or in part in the form of one or more Global Securities and the Depositary for such Global Security or Securities. 

2.14.2    Transfer and Exchange. Notwithstanding any provisions to the contrary contained in
Section 2.7 of the Indenture and in addition thereto, any Global Security shall be exchangeable pursuant to Section 2.7 of the Indenture for Securities registered in the names of Holders other than the Depositary for such Security or its
nominee only if (a) such Depositary notifies the Company that it is unwilling, unable or ineligible to continue as Depositary for such Global Security or if at any time such Depositary ceases to be a clearing agency registered under the
Exchange Act, and, in either case, the Company fails to appoint a successor Depositary registered as a clearing agency under the Exchange Act within 90 days of such event or (b) the Company executes and delivers to the Trustee an
Officer’s Certificate to the effect that such Global Security shall be so exchangeable. Any Global Security that is exchangeable pursuant to the preceding sentence shall be exchangeable for Securities registered in such
names as the Depositary shall direct in writing in an aggregate principal amount equal to the principal amount of the Global Security with like tenor and terms. 

  
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 Except as provided in this Section 2.14.2, a
Global Security may not be transferred except as a whole by the Depositary with respect to such Global Security to a nominee of such Depositary, by a nominee of such Depositary to such Depositary or another nominee of such Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such a successor Depositary. 

2.14.3    Legends. Any Global Security issued hereunder shall bear a legend in substantially the
following form: 
 “THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND
IS REGISTERED IN THE NAME OF THE DEPOSITARY OR A NOMINEE OF THE DEPOSITARY. THIS SECURITY IS EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY, BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR
DEPOSITARY OR A NOMINEE OF SUCH A SUCCESSOR DEPOSITARY.” 
 In addition, so long as the Depository Trust Company
(“DTC”) is the Depositary, each Global Note registered in the name of DTC or its nominee shall bear a legend in substantially the following form: 

“UNLESS THIS GLOBAL NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK
CORPORATION (“DTC”), TO THE COMPANY OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY GLOBAL NOTE 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.” 

2.14.4    Acts of Holders. The Depositary, as a Holder, may appoint agents and otherwise authorize
participants to give or take any request, demand, authorization, direction, notice, consent, waiver or other action which a Holder is entitled to give or take under the Indenture. 

  
 14 

 2.14.5    Payments. Notwithstanding the other
provisions of this Indenture, unless otherwise specified as contemplated by Section 2.2, payment of the principal of and interest, if any, on any Global Security shall be made to the Holder thereof. 

2.14.6    Consents, Declaration and Directions. The Company, the Trustee and any Agent shall treat
a person as the Holder of such principal amount of outstanding Securities of such Series represented by a Global Security as shall be specified in a written statement of the Depositary or by the applicable procedures of the Depositary with respect
to such Global Security, for purposes of obtaining any consents, declarations, waivers or directions required to be given by the Holders pursuant to this Indenture. 

Section 2.15    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 Holders; provided that any such notice may state that no representation is made as to the correctness of such numbers either as printed on the Securities or as
contained in any notice of a redemption and that reliance may be placed only on the other elements of identification printed on the Securities, and any such redemption shall not be affected by any defect in or omission of such numbers. 

ARTICLE III 
 REDEMPTION

 Section 3.1    Notice to Trustee. 

The Company may, with respect to any Series of Securities, reserve the right to redeem and pay the Series of Securities or may
covenant to redeem and pay the Series of Securities or any part thereof prior to the Stated Maturity thereof at such time and on such terms as provided for in such Securities. If a Series of Securities is redeemable and the Company wants or is
obligated to redeem prior to the Stated Maturity thereof all or part of the Series of Securities pursuant to the terms of such Securities, it shall notify the Trustee in writing of the redemption date and the principal amount of the Series of
Securities to be redeemed. The Company shall give the notice at least 15 days before the redemption date, unless a shorter period is satisfactory to the Trustee. 

Section 3.2    Selection of Securities to be Redeemed. 

Unless otherwise indicated for a particular Series by a Board Resolution, a supplemental indenture hereto or an Officer’s
Certificate, if less than all the Securities of a Series are to be redeemed, the Securities of the Series to be redeemed will be selected as follows: (a) if the Securities are in the form of Global Securities, in accordance with the procedures
of the Depositary; (b) if the Securities are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange, if any, on which the Securities are listed; or (c) if not otherwise
provided for under clause (a) or (b), in the manner that the Trustee deems fair and appropriate, including by lot or other method, unless otherwise required by law or applicable stock exchange requirements, subject, in the case of Global
Securities, to the applicable rules and procedures of the Depositary. The Securities to be redeemed shall be selected from Securities of the Series outstanding not previously called for redemption. Portions of the principal of Securities of the
Series that have denominations larger than $1,000 may be selected for redemption. Securities of the Series and portions of them it selected for redemption shall be in amounts of $1,000 or whole multiples of $1,000 thereof or, with respect to
Securities of any Series issuable in other denominations pursuant to Section 2.2.10, the minimum principal denomination for each Series and the authorized integral multiples thereof. Provisions of this Indenture that apply
to Securities of a Series called for redemption also apply to portions of Securities of that Series called for redemption. 

  
 15 

 Section 3.3    Notice of Redemption. 

Unless otherwise indicated for a particular Series by Board Resolution, a supplemental indenture hereto or an Officer’s
Certificate, at least 15 days but not more than 60 days before a redemption date, the Company shall send or cause to be sent by first-class mail or electronically, in accordance with the procedures of the Depositary, a notice of redemption to each
Holder whose Securities are to be redeemed. 
 The notice shall identify the Securities of the Series to be redeemed and
shall state: 
 (a)    the redemption date; 

(b)    the redemption price; 

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

(d)    if any Securities are being redeemed in part, the portion of the principal amount of such
Securities to be redeemed and that, after the redemption date and upon surrender of such Security, a new Security or Securities in principal amount equal to the unredeemed portion of the original Security shall be issued in the name of the Holder
thereof upon cancellation of the original Security; 
 (e)    that Securities of the Series called for
redemption must be surrendered to the Paying Agent to collect the redemption price; 
 (f)    that
interest on Securities of the Series called for redemption ceases to accrue on and after the redemption date; 

(g)    the CUSIP number, if any; and 

(h)    any other information as may be required by the terms of the particular Series or the Securities
of a Series being redeemed. 
 At the Company’s request, the Trustee shall give the notice of redemption in the
Company’s name and at its expense, provided, however, that the Company has delivered to the Trustee, at least five days (unless a shorter time shall be acceptable to the Trustee) prior to the notice date, such notice and an
Officer’s Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice. 

  
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 Section 3.4    Effect of Notice of
Redemption. 
 Once notice of redemption is sent as provided in Section 3.3, Securities of a
Series called for redemption become due and payable on the redemption date and at the redemption price. Except as otherwise provided in the supplemental indenture, Board Resolution or Officer’s Certificate for a Series, a notice of redemption
may not be conditional. Upon surrender to the Paying Agent, such Securities shall be paid at the redemption price plus accrued interest, if any, to the redemption date. 

Section 3.5    Deposit of Redemption Price. 

On or before 11:00 a.m., New York City time, on the redemption date, the Company shall deposit with the Paying Agent money
sufficient to pay the redemption price of and accrued interest, if any, on all Securities to be redeemed on that date. 

Section 3.6    Securities Redeemed in Part. 

Upon surrender of a Security that is redeemed in part, the Trustee shall authenticate for the Holder a new Security of the
same Series and the same Maturity equal in principal amount to the unredeemed portion of the Security surrendered. 
 ARTICLE IV 

COVENANTS 

Section 4.1    Payment of Principal and Interest. 

The Company covenants and agrees for the benefit of the Holders of each Series of Securities that it shall duly and punctually
pay the principal of and interest, if any, on the Securities of that Series in accordance with the terms of such Securities and this Indenture. On or before 11:00 a.m., New York City time, on the applicable payment date, the Company shall deposit
with the Paying Agent money sufficient to pay the principal of and interest, if any, on the Securities of each Series in accordance with the terms of such Securities and this Indenture. 

Section 4.2    SEC Reports. 

The Parent shall, so long as any Securities are outstanding, deliver to the Trustee within 15 days after it files them with
the SEC copies of the annual reports and of the information, documents, and other reports (or copies of such portions of any of the foregoing as the SEC may by rules and regulations prescribe) which the Parent is required to file with the SEC
pursuant to Section 13 or 15(d) of the Exchange Act. The Company and the Parent also shall comply with the other provisions of TIA Section 314(a). Reports, information and documents filed with the SEC via the EDGAR system will be deemed to
be delivered to the Trustee as of the time of such filing via EDGAR for purposes of this Section 4.2. 

Delivery of reports, information and documents to the Trustee under this Section 4.2 are for
informational purposes only and the Trustee’s receipt of the foregoing shall not constitute constructive or actual 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 responsibility for the filing, timeliness or content of any reports, information or
documents. The Trustee shall have no obligation to determine whether or not such reports, information or documents have been filed pursuant to the SEC’s EDGAR filing system (or its successor) or postings to any website have occurred, and the
Trustee shall have no duty to participate in or monitor any conference calls. 

  
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 Section 4.3    Compliance Certificate. 

The Company and each Guarantor (to the extent that such Guarantor is so required under the TIA) shall, so long as any
Securities are outstanding, deliver to the Trustee, within 120 days after the end of each fiscal year of the Company, an Officer’s Certificate stating that a review of the activities of the Guarantors, the Company and its Subsidiaries during
the preceding fiscal year has been made under the supervision of the signing Officer with a view to determining whether the Company and any Guarantor has kept, observed, performed and fulfilled its obligations under this Indenture, and further
stating, as to such Officer signing such certificate, that to the best of such Officer’s knowledge the Company and any Guarantor has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in
default in the performance or observance of any of the terms, provisions and conditions hereof (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which such Officer may have knowledge).

 Section 4.4    Stay, Extension and Usury Laws. 

The Company and the Guarantors covenant (to the extent that they may lawfully do so) that they will not at any time insist
upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, which may affect the covenants or the performance of this Indenture or the
Securities; and the Company and the Guarantors (to the extent they may lawfully do so) hereby expressly waive all benefit or advantage of any such law and covenants that they will not, by resort to any such law, hinder, delay or impede the execution
of any power herein granted to the Trustee, but will suffer and permit the execution of every such power as though no such law has been enacted. 

ARTICLE V 
 SUCCESSORS

 Section 5.1    When Company May Merge, Etc. 

The Company shall not consolidate with or merge with or into, or convey, transfer or lease all or substantially all of its
properties and assets to, any person (a “successor person”) unless: 
 (a)    the
Company is the surviving entity or the successor person (if other than the Company) is a corporation, partnership, trust or other entity organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly assumes the
Company’s obligations on the Securities and under this Indenture; 

  
 18 

 (b)    immediately after giving effect to the
transaction, no Default or Event of Default, shall have occurred and be continuing; and 
 (c)    if
the Company is not the successor person, then each Guarantor, unless it has become the successor person, shall confirm that its Guarantee shall continue to apply to the obligations under the Securities and this Indenture to the same extent as prior
to such merger, conveyance, transfer or lease, as applicable. 
 The Company shall deliver to the Trustee prior to the
consummation of the proposed transaction an Officer’s Certificate to the foregoing effect and an Opinion of Counsel stating that the proposed transaction and any supplemental indenture comply with this Indenture. 

Notwithstanding the above, any Subsidiary of the Company may consolidate with, merge into or transfer all or part of its
properties to the Company. Neither an Officer’s Certificate nor an Opinion of Counsel shall be required to be delivered in connection therewith. 

Section 5.2    Successor Corporation Substituted. 

Upon any consolidation or merger, or any sale, lease, conveyance or other disposition of all or substantially all of the
assets of the Company in accordance with Section 5.1, the successor corporation formed by such consolidation or into or with which the Company is merged or to which such sale, lease, conveyance or other disposition is made
shall succeed to, and be substituted for, and may exercise every right and power of, the Company under this Indenture with the same effect as if such successor person has been named as the Company herein; provided, however, that the
predecessor Company in the case of a sale, conveyance or other disposition (other than a lease) shall be released from all obligations and covenants under this Indenture and the Securities. 

Section 5.3    Managing Member May Consolidate on Certain Terms. 

Nothing contained in this Indenture or in the Securities shall prevent any consolidation or merger of the Managing Member
with or into any other person or persons (whether or not affiliated with the Managing Member), or successive consolidations or mergers in which the Managing Member will be the continuing entity or the Managing Member or its
successor or successors shall be a party or parties, or shall prevent any sale, conveyance, transfer or lease of all or substantially all of the property of the Managing Member, to any other person (whether or not affiliated with the
Managing Member); provided, however, that the following conditions are met: 

(a)    the Managing Member shall be the continuing entity, or the successor entity (if other than
the Managing Member) formed by or resulting from any consolidation or merger or which shall have received the transfer of assets shall expressly assume the obligations of the Managing Member under the Guarantee and the due and punctual
performance and observance of all of the covenants and conditions in this Indenture; 

(b)    immediately after giving effect to such transaction, no Default or Event of Default shall have
occurred and be continuing; and 
 (c)    the Managing Member or the successor person, in either
case, shall have delivered to the Trustee an Officer’s Certificate of the Managing Member and Opinion of Counsel, stating that such consolidation, sale, merger, conveyance, transfer or lease and such
supplemental indenture comply with this Section 5.3 and that all conditions precedent herein provided for relating to such transaction have been complied with. 

  
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 Section 5.4    Managing Member Successor to Be
Substituted. 
 Upon any consolidation or merger or any sale, conveyance, transfer or lease of all or substantially all
of the properties and assets of the Managing Member to any person in accordance with Section 5.3, the successor person formed by such consolidation or into which the Managing Member is merged or to which such
sale, conveyance, transfer or lease is made shall succeed to, and be substituted for, and may exercise every right and power of, the Managing Member under this Indenture with the same effect as if such successor person had been named as the
Managing Member herein, and thereafter, the predecessor person shall be released from all obligations and covenants under this Indenture; provided, however, that the predecessor Managing Member shall not be relieved from
the obligation, if any, to guarantee the payment of the principal of and interest on the Securities except in the case of a sale of all or substantially all of the Managing Member’s assets in a transaction that is subject to, and that
complies with the provisions of, Section 5.3 hereof. 
 ARTICLE VI 

DEFAULTS AND REMEDIES 

Section 6.1    Events of Default. 

“Event of Default,” wherever used herein with respect to Securities of any Series, means any one of the
following events, unless in the establishing Board Resolution, supplemental indenture or Officer’s Certificate, it is provided that such Series shall not have the benefit of said Event of Default: 

(a)    default in the payment of any interest on any Security of that Series when it becomes due and
payable, and continuance of such default for a period of 30 days (unless the entire amount of such payment is deposited by the Company with the Trustee or with a Paying Agent prior to 11:00 a.m., New York City time, on the 30th day of such period);
or 
 (b)    default in the payment of principal of any Security of that Series at its Maturity; or

 (c)    default in the performance or breach of any covenant or warranty of the Company in this
Indenture (other than defaults pursuant to paragraph (a) or (b) above or pursuant to a covenant or warranty that has been included in this Indenture solely for the benefit of a Series of Securities other than that Series), which
default continues uncured for a period of 60 days after there has been given, by registered or certified mail, to the Company by the Trustee or to the Company and the Trustee by the Holders of not less than a majority in principal amount of the
outstanding Securities of that Series a written notice specifying such default or breach and requiring it to be remedied and stating that such notice is a “Notice of Default” hereunder; or 

(d)    the Company or any Guarantor pursuant to or within the meaning of any Bankruptcy Law (as defined
below): 

  
 20 

 (i)    commences a voluntary case, 

(ii)    consents to the entry of an order for relief against it in an involuntary case,

 (iii)    consents to the appointment of a Custodian (as defined below) of it or for
all or substantially all of its property, 
 (iv)    makes a general assignment for the
benefit of its creditors, or 
 (v)    generally is unable to pay its debts as the same
become due; or 
 (e)    a court of competent jurisdiction enters an order or decree under any
Bankruptcy Law that: 
 (i)    is for relief against the Company or any Guarantor in an
involuntary case, 
 (ii)    appoints a Custodian of the Company or any Guarantor or
for all or substantially all of its property, or 
 (iii)    orders the liquidation of
the Company or any Guarantor, and the order or decree remains unstayed and in effect for 60 days; or 

(f)    any other Event of Default provided with respect to Securities of that Series, which is specified
in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate, in accordance with Section 2.2.18. 

The term “Bankruptcy Law” means title 11, U.S. Code or any similar federal or state law for the relief of
debtors. The term “Custodian” means any receiver, trustee, assignee, liquidator or similar official under any Bankruptcy Law. 

Section 6.2    Acceleration of Maturity; Rescission and Annulment. 

If an Event of Default with respect to Securities of any Series at the time outstanding occurs and is continuing (other than
an Event of Default referred to in Section 6.1(d) or (e)) then in every such case the Trustee or the Holders of not less than 25% in principal amount of the outstanding Securities of that Series may declare the
principal amount (or, if any Securities of that Series are Discount Securities, such portion of the principal amount as may be specified in the terms of such Securities) of and accrued and unpaid interest, if any, on all of the Securities of that
Series to be due and payable immediately, by a notice in writing to the Company (and to the Trustee if given by Holders), and upon any such declaration such principal amount (or specified amount) and accrued and unpaid interest, if any, shall become
immediately due and payable. If an Event of Default specified in Section 6.1(d) or (e) shall occur, the principal amount (or specified amount) of and accrued and unpaid interest, if any, on all outstanding
Securities shall ipso facto become and be immediately due and payable without any declaration or other act on the part of the Trustee or any Holder. 

  
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 At any time after such a declaration of acceleration with respect to any
Series has been made and before a judgment or decree for payment of the money due has been obtained by the Trustee as hereinafter in this Article provided, the Holders of a majority in principal amount of the outstanding Securities of that Series,
by written notice to the Company and the Trustee, may rescind and annul such declaration and its consequences, including any related payment default that resulted from such acceleration, if all Events of Default with respect to Securities of that
Series, other than the non-payment of the principal and interest, if any, of Securities of that Series which have become due solely by such declaration of acceleration, have been cured or waived as provided in
Section 6.13. 
 No such rescission shall affect any subsequent Default or impair any right
consequent thereon. 
 Section 6.3    Collection of Indebtedness and Suits for Enforcement by
Trustee. 
 The Company covenants that if: 

(a)    default is made in the payment of any interest on any Security when such interest becomes due and
payable and such default continues for a period of 30 days, or 
 (b)    default is made in the payment
of principal of any Security at the Maturity thereof, or 
 (c)    default is made in the deposit of
any sinking fund payment when and as due by the terms of a Security, 
 then, the Company and the Guarantors shall, upon demand of
the Trustee, pay to it, for the benefit of the Holders of such Securities, the whole amount then due and payable on such Securities for principal and interest and, to the extent that payment of such interest shall be legally enforceable, interest on
any overdue principal and any overdue interest at the rate or rates prescribed therefor in such Securities, and, in addition thereto, such further amount as shall be sufficient to cover the costs and expenses of collection, including the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
 If the Company or the
Guarantors fail to pay such amounts forthwith upon such demand, the Trustee, in its own name and as trustee of an express trust, may institute a judicial proceeding for the collection of the sums so due and unpaid, may prosecute such proceeding to
judgment or final decree and may enforce the same against the Company, any Guarantor or any other obligor upon such Securities and collect the moneys adjudged or deemed to be payable in the manner provided by law out of the property of the Company,
any Guarantor or any other obligor upon such Securities, wherever situated. 
 If an Event of Default with respect to any
Securities of any Series occurs and is continuing, the Trustee may in its discretion proceed to protect and enforce its rights and the rights of the Holders of Securities of such Series by such appropriate judicial proceedings as the Trustee shall
deem most effectual to protect and enforce any such rights, whether for the specific enforcement of any covenant or agreement in this Indenture or in aid of the exercise of any power granted herein, or to enforce any other proper remedy. 

  
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 Section 6.4    Trustee May File Proofs of
Claim. 
 In case of the pendency of any receivership, insolvency, liquidation, bankruptcy, reorganization, arrangement,
adjustment, composition or other judicial proceeding relative to the Company or any other obligor upon the Securities or the property of the Company or of such other obligor or their creditors, the Trustee (irrespective of whether the principal of
the Securities 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 on the Company for the payment of overdue principal or interest) shall be entitled
and empowered, by intervention in such proceeding or otherwise, 
 (a)    to file and prove a claim for
the whole amount of principal and interest owing and unpaid in respect of the Securities and to file such other papers or documents as may be necessary or advisable in order to have the claims of the Trustee (including any claim for the reasonable
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and of the Holders allowed in such judicial proceeding, and 

(b)    to collect and receive any moneys or other property payable or deliverable on any such claims and
to distribute the same, and any custodian, receiver, assignee, trustee, liquidator, sequestrator or other similar official in any such judicial proceeding is hereby authorized by each Holder to make such payments to the Trustee and, in the event
that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due it for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any
other amounts due the Trustee under Section 7.7. 
 Nothing herein contained shall be deemed to
authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Securities or the rights of any Holder thereof or to authorize the Trustee
to vote in respect of the claim of any Holder in any such proceeding. 
 Section 6.5    Trustee
May Enforce Claims Without Possession of Securities. 
 All rights of action and claims under this Indenture or the
Securities may be prosecuted and enforced by the Trustee without the possession of any of the Securities or the production thereof in any proceeding relating thereto, and any such proceeding instituted by the Trustee shall be brought in its own name
as trustee of an express trust, and any recovery of judgment shall, after provision for the payment of the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, be for the ratable benefit of the
Holders of the Securities in respect of which such judgment has been recovered. 

Section 6.6    Application of Money Collected. 

Any money or property collected by the Trustee pursuant to this Article shall be applied in the following order, at the date
or dates fixed by the Trustee and, in case of the distribution of such money or property on account of principal or interest, upon presentation of the Securities and the notation thereon of the payment if only partially paid and upon surrender
thereof if fully paid: 

  
 23 

 
			
	 First:
	  	 To the payment of all amounts due the Trustee (acting in any capacity hereunder) under Section 7.7; and

		
	 Second:
	  	 To the payment of the amounts then due and unpaid for principal of and interest on the Securities in respect of which or
for the benefit of which such money has been collected, ratably, without preference or priority of any kind, according to the amounts due and payable on such Securities for principal and interest, respectively; and

		
	 Third:
	  	 To the Company or the Guarantors, as applicable.

 Section 6.7    Limitation on Suits. 

No Holder of any Security of any Series shall have any right to institute any proceeding, judicial or otherwise, with respect
to this Indenture, or for the appointment of a receiver or trustee, or for any other remedy hereunder, unless: 

(a)    such Holder has previously given written notice to the Trustee of a continuing Event of Default
with respect to the Securities of that Series; 
 (b)    the Holders of at least a majority in
principal amount of the outstanding Securities of that Series shall have made written request to the Trustee to institute proceedings in respect of such Event of Default in its own name as Trustee hereunder; 

(c)    such Holder or Holders have offered to the Trustee indemnity or security reasonably satisfactory
to the Trustee against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such request; 

(d)    the Trustee for 60 days after its receipt of such notice, request and offer of indemnity has
failed to institute any such proceeding; and 
 (e)    no direction inconsistent with such written
request has been given to the Trustee during such 60-day period by the Holders of a majority in principal amount of the outstanding Securities of that Series; it being understood, intended and expressly
covenanted by the Holder of every Security with every other Holder and the Trustee that no one or more of such Holders shall have any right in any manner whatever by virtue of, or by availing of, any provision of this Indenture to affect, disturb or
prejudice the rights of any other of such Holders, or to obtain or to seek to obtain priority or preference over any other of such Holders or to enforce any right under this Indenture, except in the manner herein provided and for the equal and
ratable benefit of all such Holders of the applicable Series. 
 Section 6.8    Unconditional
Right of Holders to Receive Principal and Interest. 
 Notwithstanding any other provision in this Indenture, the Holder
of any Security shall have the right, which is absolute and unconditional, to receive payment of the principal of and interest, if any, on such Security on the Maturity of such Security, including the Stated Maturity expressed in such Security (or,
in the case of redemption, on the redemption date) and to institute suit for the enforcement of any such payment, and such rights shall not be impaired without the consent of such Holder. 

  
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 Section 6.9    Restoration of Rights and
Remedies. 
 If the Trustee or any Holder has instituted any proceeding to enforce any right or remedy under this
Indenture and such proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee or to such Holder, then and in every such case, subject to any determination in such proceeding, the Company, the
Guarantors, the Trustee and the Holders shall be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Trustee and the Holders shall continue as though no such proceeding had been
instituted. 
 Section 6.10    Rights and Remedies Cumulative. 

Except as otherwise provided with respect to the replacement or payment of mutilated, destroyed, lost or stolen Securities in
Section 2.8, no right or remedy herein conferred upon or reserved to the Trustee or to the Holders is intended to be exclusive of any other right or remedy, and every right and remedy shall, to the extent permitted by law,
be cumulative and in addition to every other right and remedy given hereunder or now or hereafter existing at law or in equity or otherwise. The assertion or employment of any right or remedy hereunder, or otherwise, shall not, to the extent
permitted by law, prevent the concurrent assertion or employment of any other appropriate right or remedy. 

Section 6.11    Delay or Omission Not Waiver. 

No delay or omission of the Trustee or of any Holder of any Securities to exercise any right or remedy accruing upon any Event
of Default shall impair any such right or remedy or constitute a waiver of any such Event of Default or an acquiescence therein. Every right and remedy given by this Article or by law to the Trustee or to the Holders may be exercised from time to
time, and as often as may be deemed expedient, by the Trustee or by the Holders, as the case may be. 

Section 6.12    Control by Holders. 

The Holders of a majority in principal amount of the outstanding Securities of any Series 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 that: 

(a)    such direction shall not be in conflict with any rule of law or with this Indenture, 

(b)    the Trustee may take any other action deemed proper by the Trustee which is not inconsistent with
such direction, 
 (c)    subject to the provisions of Section 7.1, the
Trustee shall have the right to decline to follow any such direction if the Trustee in good faith shall, by a Responsible Officer of the Trustee, determine that the proceeding so directed would involve the Trustee in personal liability, and 

  
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 (d)    prior to taking any action as directed under
this Section 6.12, the Trustee shall be entitled to indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in compliance with such request or direction. 

Section 6.13    Waiver of Past Defaults. 

The Holders of not less than a majority in principal amount of the outstanding Securities of any Series may on behalf of the
Holders of all the Securities of such Series, by written notice to the Trustee and the Company, waive any past Default hereunder with respect to such Series and its consequences, except a Default in the payment of the principal of or interest on any
Security of such Series (provided, however, that the Holders of a majority in principal amount of the outstanding Securities of any Series may rescind an acceleration and its consequences, including any related payment default that
resulted from such acceleration). Upon any such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured, for every purpose of this Indenture; but no such waiver shall extend to any
subsequent or other Default or impair any right consequent thereon. 

Section 6.14    Undertaking for 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, suffered or omitted 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 shall not apply to any suit instituted by the Company, to any suit instituted by the Trustee, to any suit instituted by any Holder, or
group of Holders, holding in the aggregate more than 10% in principal amount of the outstanding Securities of any Series, or to any suit instituted by any Holder for the enforcement of the payment of the principal of or interest on any Security on
or after the Maturity of such Security, including the Stated Maturity expressed in such Security (or, in the case of redemption, on the redemption date). 

ARTICLE VII 
 TRUSTEE

 Section 7.1    Duties of Trustee. 

(a)    If an Event of Default has occurred and is continuing, the Trustee shall exercise the rights and
powers vested in it by this Indenture 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 such person’s own affairs. 

(b)    Except during the continuance of an Event of Default: 

  
 26 

 (i)    The Trustee needs to perform
only those duties that are specifically set forth in this Indenture and no others. 

(ii)    In the absence of bad faith on its part, the Trustee may conclusively rely, as to
the truth of the statements and the correctness of the opinions expressed therein, upon Officer’s Certificates or Opinions of Counsel furnished to the Trustee and conforming to the requirements of this Indenture; however, in the case of
any such Officer’s Certificates or Opinions of Counsel which by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall examine such Officer’s Certificates and Opinions of Counsel to determine
whether or not they conform to the form requirements of this Indenture. 
 (c)    The Trustee may not
be relieved from liability for its own grossly negligent action, its own grossly negligent failure to act or its own willful misconduct, except that: 

(i)    This paragraph does not limit the effect of paragraph (b) of this
Section. 
 (ii)    The Trustee shall not be liable for any error of judgment made in
good faith by a Responsible Officer, unless it is proved that the Trustee was grossly negligent in ascertaining the pertinent facts. 

(iii)    The Trustee shall not be liable with respect to any action taken, suffered or
omitted to be taken by it with respect to Securities of any Series in good faith in accordance with the direction of the Holders of a majority in principal amount of the outstanding Securities of such Series 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 the Securities of such Series in accordance with
Section 6.12. 
 (d)    Every provision of this Indenture that in any way
relates to the Trustee is subject to paragraphs (a), (b) and (c) of this Section. 

(e)    The Trustee may refuse to perform any duty or exercise any right or power unless it receives
indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it in performing such duty or exercising such right or power. 

(f)    The Trustee shall not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Company. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g)    No provision of this Indenture shall require the Trustee to risk its own funds or otherwise incur
any financial liability in the performance of any of its duties, or in the exercise of any of its rights or powers. 

(h)    The Paying Agent, the Registrar and any authenticating agent shall be entitled to the protections
and immunities as are set forth in paragraphs (e), (f) and (g) of this Section, each with respect to the Trustee. 

  
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 Section 7.2    Rights of Trustee. 

(a)    The Trustee may rely on and shall be protected in acting or refraining from acting upon any
document (whether in its original or facsimile form) reasonably believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact or matter stated in the document. 

(b)    Before the Trustee acts or refrains from acting, it may require an Officer’s Certificate or
an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. 

(c)    The Trustee may act through agents and shall not be responsible for the misconduct or negligence
of any agent appointed with due care. No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any Depositary. 

(d)    The Trustee shall not be liable for any action it takes or omits to take in good faith which it
believes to be authorized or within its rights or powers, provided that the Trustee’s conduct does not constitute willful misconduct or gross negligence. 

(e)    The Trustee may, at the expense of the Company, consult with counsel and the advice of such
counsel or any Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken, suffered or omitted by it hereunder without willful misconduct or gross negligence, and in reliance thereon. 

(f)    The Trustee shall be under no obligation to exercise any of the rights or powers vested in it by
this Indenture at the request or direction of any of the Holders of Securities unless such Holders shall have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by it
in compliance with such request or direction. 
 (g)    The Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture, note, other evidence of indebtedness or other paper or document, but
the Trustee, in its discretion, may make such further inquiry or investigation into such facts or matters as it may see fit. 

(h)    The Trustee shall not be deemed to have notice of any Default or Event of Default unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of any event which is in fact such a default is actually received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the
Securities generally or the Securities of a particular Series and this Indenture. 
 (i)    In no event
shall the Trustee be liable to any person for special, punitive, indirect, consequential or incidental loss or damage of any kind whatsoever (including but not limited to lost profits), even if the Trustee has been advised of the likelihood of such
loss or damage. 

  
 28 

 (j)    The permissive right of the Trustee to take the
actions permitted by this Indenture shall not be construed as an obligation or duty to do so. 

(k)    The rights, privileges, protections, immunities and benefits given to the Trustee, including,
without limitation, its right to be indemnified, shall survive the resignation or removal of the Trustee and the discharge of this Indenture and 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. 
 Section 7.3    Individual Rights
of Trustee. 
 The Trustee in its individual or any other capacity may become the owner or pledgee of Securities and may
otherwise deal with the Company or an Affiliate of the Company with the same rights it would have if it were not Trustee. Any Agent may do the same with like rights. The Trustee is also subject to Sections 7.10 and 7.11. 

Section 7.4    Trustee’s Disclaimer. 

The Trustee makes no representation as to the validity or adequacy of this Indenture or the Securities, it shall not be
accountable for the Company’s use of the proceeds from the Securities, and it shall not be responsible for any statement in the Securities other than its authentication. 

Section 7.5    Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Securities of any Series and if it is actually
known to a Responsible Officer of the Trustee, the Trustee shall send to each Securityholder of the Securities of that Series notice of a Default or Event of Default within 90 days after it occurs or, if later, after a Responsible Officer of
the Trustee has knowledge of such Default or Event of Default. Except in the case of a Default or Event of Default in payment of principal of or interest on any Security of any Series, the Trustee may withhold the notice if and so long as its
corporate trust committee or a committee of its Responsible Officers in good faith determines that withholding the notice is in the interests of Securityholders of that Series. 

Section 7.6    Reports by Trustee to Holders. 

Within 60 days after each November 15 commencing November 15, 2021, the Trustee shall transmit by mail to all
Securityholders, as their names and addresses appear on the register kept by the Registrar, a brief report dated as of such anniversary date, in accordance with, and to the extent required under, TIA Section 313. 

A copy of each report at the time of its mailing to Securityholders of any Series shall be filed with the SEC and each
national securities exchange on which the Securities of that Series are listed. The Company shall promptly notify the Trustee in writing when Securities of any Series are listed or de-listed on any national
securities exchange. 

  
 29 

 Section 7.7    Compensation and Indemnity.

 The Company shall pay to the Trustee from time to time compensation for its services as the Company and the Trustee shall
from time to time agree upon in writing. The Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Company shall reimburse the Trustee upon request for all reasonable out-of-pocket expenses incurred by it. Such expenses shall include the reasonable compensation and expenses of the Trustee’s agents and counsel. 

The Company shall indemnify each of the Trustee and any predecessor Trustee (including the cost of defending itself) against
any cost, expense or liability, including taxes (other than taxes based upon, measured by or determined by the income of the Trustee) incurred by it except as set forth in the next paragraph in the performance of its duties under this Indenture as
Trustee or Agent. The Trustee shall notify the Company promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Company shall not relieve the Company of its obligations hereunder. The Company shall defend the
claim and the Trustee shall cooperate in the defense. The Trustee may have separate counsel and the Company shall pay the reasonable fees and expenses of such counsel. The Company need not pay for any settlement made without its consent, which
consent shall not be unreasonably withheld. This indemnification shall apply to officers, directors, employees, shareholders and agents of the Trustee. 

The Company need not reimburse any expense or indemnify against any loss or liability incurred by the Trustee or by any
officer, director, employee, shareholder or agent of the Trustee through willful misconduct or gross negligence, as determined by a final non-appealable order of a court of competent jurisdiction. 

To secure the Company’s payment obligations in this Section, the Trustee shall have a lien prior to the Securities of any
Series on all money or property held or collected by the Trustee, except that held in trust to pay principal of and interest on particular Securities of that Series. 

When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.1(d) or (e) occurs, the expenses and the compensation for the services are intended to constitute expenses of administration under any Bankruptcy Law. 

The provisions of this Section shall survive the resignation or removal of the Trustee and the termination of this Indenture.

 Section 7.8    Replacement of Trustee. 

A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section. 
 The Trustee may resign with respect to the
Securities of one or more Series by so notifying the Company at least 30 days prior to the date of the proposed resignation and the retiring or resigning Trustee shall have no liability or responsibility for the action or inaction of any successor
Trustee. The Holders of a majority in principal amount of the Securities of any Series may remove the Trustee with respect to that Series by so notifying the Trustee and the Company. The Company may remove the Trustee with respect to Securities of
one or more Series if: 

  
 30 

 (a)    the Trustee fails to comply with
Section 7.10; 
 (b)    the Trustee is adjudged a bankrupt or an insolvent or
an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
 (c)    a
Custodian or public officer takes charge of the Trustee or its property; or 
 (d)    the Trustee
becomes incapable of acting. 
 If the Trustee resigns or is removed or if a vacancy exists in the office of Trustee for any
reason, the Company shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in principal amount of the then outstanding Securities may appoint a successor Trustee to replace the
successor Trustee appointed by the Company. 
 If a successor Trustee with respect to the Securities of any one or more
Series does not take office within 60 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Company or the Holders of at least a majority in principal amount of the Securities of the applicable Series may petition any
court of competent jurisdiction for the appointment of a successor Trustee. 
 A successor Trustee shall deliver a written
acceptance of its appointment to the retiring Trustee and to the Company. Immediately after that, the retiring Trustee shall transfer all property held by it as Trustee to the successor Trustee subject to the lien provided for in
Section 7.7, the resignation or removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee with respect to each Series of Securities for
which it is acting as Trustee under this Indenture. A successor Trustee shall mail a notice of its succession to each Securityholder of each such Series. Notwithstanding replacement of the Trustee pursuant to this
Section 7.8, the Company’s obligations under Section 7.7 hereof shall continue for the benefit of the retiring Trustee with respect to expenses and liabilities incurred by it for actions taken
or omitted to be taken in accordance with its rights, powers and duties under this Indenture prior to such replacement. 

Section 7.9    Successor Trustee by Merger, Etc. 

If the Trustee consolidates with, merges or converts into, or transfers all or substantially all of its corporate trust
business to, another corporation, the successor corporation without any further act shall be the successor Trustee, subject to Section 7.10. 

Section 7.10    Eligibility; Disqualification. 

This Indenture shall always have a Trustee who satisfies the requirements of TIA Section 310(a)(1), (2) and (5). The
Trustee shall always have a combined capital and surplus of at least $25,000,000 as set forth in its most recent published annual report of condition. The Trustee shall comply with TIA Section 310(b). 

  
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 Section 7.11    Preferential Collection of
Claims Against Company. 
 The Trustee is subject to TIA Section 311(a), excluding any creditor relationship listed
in TIA Section 311(b). A Trustee who has resigned or been removed shall be subject to TIA Section 311(a) to the extent indicated. 

ARTICLE VIII 

SATISFACTION AND DISCHARGE; DEFEASANCE 

Section 8.1    Satisfaction and Discharge of Indenture. 

This Indenture shall upon Company Order be discharged with respect to the Securities of any Series and cease to be of further
effect as to all Securities of such Series (except as hereinafter provided in this Section 8.1), and the Trustee, at the expense of the Company, shall execute instruments acknowledging satisfaction and discharge of this
Indenture, when 
 (a)            either 

(i)    all Securities of such Series theretofore authenticated and delivered (other than
Securities that have been destroyed, lost or stolen and that have been replaced or paid) have been delivered to the Trustee for cancellation; or 

(ii)    all such Securities of such Series not theretofore delivered to the Trustee for
cancellation: 
 (1)    have become due and payable by reason of sending a notice of
redemption or otherwise, or 
 (2)    will become due and payable at their Stated
Maturity within one year, or 
 (3)    have been called for redemption or are to be
called for redemption within one year under arrangements satisfactory to the Trustee for the giving of notice of redemption by the Trustee in the name, and at the expense, of the Company, or 

(4)    are deemed paid and discharged pursuant to Section 8.3,
as applicable; 
 and the Company, in the case of (1), (2) or (3) above, has irrevocably deposited or caused to be
deposited with the Trustee as trust funds in trust an amount of money or U.S. Government Obligations, which amount shall be sufficient for the purpose of paying and discharging each installment of principal (including mandatory sinking fund or
analogous payments) of and interest on all the Securities of such Series on the dates such installments of principal or interest are due; 

  
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 (b)    the Company has paid or caused to be paid all
other sums payable hereunder by the Company; and 
 (c)    the Company has delivered to the Trustee an
Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent herein provided for relating to the satisfaction and discharge contemplated by this Section have been complied with. 

Notwithstanding the satisfaction and discharge of this Indenture, the obligations of the Company to the Trustee under
Section 7.7, and, if money shall have been deposited with the Trustee pursuant to clause (a) of this Section, the provisions of Sections 2.4, 2.7, 2.8, 8.2 and 8.5 shall
survive. 
 If the Company exercises the satisfaction and discharge provisions in compliance with this Indenture with
respect to Securities of a particular Series that are entitled to the benefit of the Guarantee of any Guarantor, the Guarantee will terminate with respect to that Series of Securities. 

Section 8.2    Application of Trust Funds; Indemnification. 

(a)    Subject to the provisions of Section 8.5, all money and U.S. Government
Obligations or Foreign Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4 and all money received by the Trustee in respect of U.S. Government Obligations or Foreign
Government Obligations deposited with the Trustee pursuant to Section 8.1, 8.3 or 8.4, shall be held in trust and applied by it, in accordance with the provisions of the Securities and this Indenture, to the
payment, either directly or through any Paying Agent (including the Company acting as its own Paying Agent) as the Trustee may determine, to the persons entitled thereto, of the principal and interest for whose payment such money has been deposited
with or received by the Trustee or to make mandatory sinking fund payments or analogous payments as contemplated by Section 8.1, 8.3 or 8.4. 

(b)    The Company shall pay and shall indemnify the Trustee against any tax, fee or other charge imposed
on or assessed against U.S. Government Obligations or Foreign Government Obligations deposited pursuant to Section 8.1, 8.3 or 8.4 or the interest and principal received in respect of such obligations other
than any payable by or on behalf of Holders. 
 (c)    The Trustee shall deliver or pay to the Company
from time to time upon Company Order any U.S. Government Obligations or Foreign Government Obligations or money held by it as provided in Section 8.3 or 8.4 which, in the opinion of a nationally recognized firm of
independent certified public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, are then in excess of the amount thereof which then would have been required to be deposited for the purpose for which
such U.S. Government Obligations or Foreign Government Obligations or money were deposited or received. This provision shall not authorize the sale by the Trustee of any U.S. Government Obligations or Foreign Government Obligations held under this
Indenture. 
 Section 8.3    Legal Defeasance of Securities of any Series. 

Unless this Section 8.3 is otherwise specified, pursuant to Section 2.2,
to be inapplicable to Securities of any Series, the Company shall be deemed to have paid and discharged the entire indebtedness on all the outstanding Securities of any Series on the 91st day after the date of the deposit referred to in subparagraph
(d) hereof, and the provisions of this Indenture, as it relates to such outstanding Securities of such Series, shall no longer be in effect and any Guarantee will terminate with respect to that Series of Securities (and the Trustee, at
the expense of the Company, shall, upon receipt of a Company Order, execute instruments acknowledging the same), except as to: 

  
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 (a)    the rights of Holders of Securities of such
Series to receive, from the trust funds described in subparagraph (d) hereof, (i) payment of the principal of and each installment of principal of and interest on the outstanding Securities of such Series on the Maturity of such
principal or installment of principal or interest and (ii) the benefit of any mandatory sinking fund payments applicable to the Securities of such Series on the day on which such payments are due and payable in accordance with the terms of this
Indenture and the Securities of such Series; 
 (b)    the provisions of Sections 2.4,
2.5, 2.7, 2.8, 7.7, 8.2, 8.3, 8.5 and 8.6; and 

(c)    the rights, powers, trust and immunities of the Trustee hereunder and the Company’s
obligations in connection therewith; 
 provided that, the following conditions shall have been satisfied: 

(d)    the Company shall have deposited or caused to be irrevocably deposited (except as provided in
Section 8.2(c)) with the Trustee as trust funds specifically pledged as security for and dedicated solely to the benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in
Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the
payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of
money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent public accountants or investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of
principal of and interest, if any, on and any mandatory sinking fund payments in respect of all the Securities of such Series on the dates such installments of interest or principal and such sinking fund payments are due; 

(e)    such 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; 

(f)    no Default or Event of Default with respect to the Securities of such Series shall have occurred
and be continuing on the date of such deposit or during the period ending on the 91st day after such date; 

(g)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel to the effect that (i) the Company has received from, or there has been published by, the Internal Revenue Service a ruling, or (ii) since the date of execution of this Indenture, there has been a change in the applicable U.S.
federal income tax law, in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders of the Securities of such Series will not recognize income, gain or loss for U.S. federal income tax purposes as a
result of such deposit, defeasance and discharge and will be subject to federal income tax on the same amounts and in the same manner and at the same times as would have been the case if such deposit, defeasance and discharge had not occurred; 

  
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 (h)    the Company shall have delivered to the Trustee
an Officer’s Certificate stating that the deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(i)    the Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent provided for relating to the defeasance contemplated by this Section have been complied with. 

Section 8.4    Covenant Defeasance. 

Unless this Section 8.4 is otherwise specified pursuant to Section 2.2 to
be inapplicable to Securities of any Series, the Company may omit to comply with respect to the Securities of any Series with any term, provision or condition set forth under Sections 4.2, 4.3, 4.4 and 5.1 and, unless
otherwise specified therein, any additional covenants specified in a supplemental indenture for such Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 (and the
failure to comply with any such covenants shall not constitute a Default or Event of Default with respect to such Series under Section 6.1) and the occurrence of any event specified in a supplemental indenture for such
Series of Securities or a Board Resolution or an Officer’s Certificate delivered pursuant to Section 2.2 and designated as an Event of Default shall not constitute a Default or Event of Default hereunder, with respect
to the Securities of such Series, but, except as specified above, the remainder of this Indenture and such Securities will be unaffected thereby; provided that the following conditions shall have been satisfied: 

(a)    with reference to this Section 8.4, the Company has deposited or caused
to be irrevocably deposited (except as provided in Section 8.2(c)) with the Trustee as trust funds in trust for the purpose of making the following payments specifically pledged as security for, and dedicated solely to, the
benefit of the Holders of such Securities (i) in the case of Securities of such Series denominated in Dollars, cash in Dollars and/or U.S. Government Obligations, or (ii) in the case of Securities of such Series denominated in a Foreign
Currency (other than a composite currency), money and/or Foreign Government Obligations, which through the payment of interest and principal in respect thereof in accordance with their terms, will provide (and without reinvestment and assuming no
tax liability will be imposed on such Trustee), not later than one day before the due date of any payment of money, an amount in cash, sufficient, in the opinion of a nationally recognized firm of independent certified public accountants or
investment bank expressed in a written certification thereof delivered to the Trustee, to pay and discharge each installment of principal (including mandatory sinking fund or analogous payments) of and interest on all the Securities of such Series
on the dates such installments of principal or interest are due; 
 (b)    such 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; 

  
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 (c)    no Default or Event of Default with respect to
the Securities of such Series shall have occurred and be continuing on the date of such deposit; 

(d)    the Company shall have delivered to the Trustee an Opinion of Counsel to the effect that the
Holders of the Securities of such Series will not recognize income, gain or loss for U.S. federal income tax purposes as a result of such deposit and covenant defeasance and will be subject to U.S. federal income tax on the same amounts, in the same
manner and at the same times as would have been the case if such deposit and covenant defeasance had not occurred; 

(e)    The Company shall have delivered to the Trustee an Officer’s Certificate stating that the
deposit was not made by the Company with the intent of defeating, hindering, delaying or defrauding any other creditors of the Company; and 

(f)    The Company shall have delivered to the Trustee an Officer’s Certificate and an Opinion of
Counsel, each stating that all conditions precedent herein provided for relating to the covenant defeasance contemplated by this Section have been complied with. 

Section 8.5    Repayment to Company. 

Subject to applicable abandoned property law, the Trustee and the Paying Agent shall pay to the Company upon request any money
held by them for the payment of principal and interest that remains unclaimed for two years. After that, Securityholders entitled to the money must look to the Company for payment as general creditors unless an applicable abandoned property law
designates another person. 
 Section 8.6    Reinstatement. 

If the Trustee or the Paying Agent is unable to apply any money deposited with respect to Securities of any Series in
accordance with Section 8.1 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 obligations of
the Company under this Indenture with respect to the Securities of such Series and under the Securities of such Series shall be revived and reinstated as though no deposit had occurred pursuant to Section 8.1 until such
time as the Trustee or the Paying Agent is permitted to apply all such money in accordance with Section 8.1; provided, however, that if the Company has made any payment of principal of or interest on or any
Additional Amounts with respect to any Securities because of the reinstatement of its obligations, the Company shall be subrogated to the rights of the Holders of such Securities to receive such payment from the money or U.S. Government Obligations
held by the Trustee or Paying Agent after payment in full to the Holders. 
 ARTICLE IX 

AMENDMENTS AND WAIVERS 

Section 9.1    Without Consent of Holders. 

The Company, any Guarantors and the Trustee may amend or supplement this Indenture or the Securities of one or more Series
without the consent of any Securityholder: 

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

 (b)    to comply with Article V; 

(c)    to provide for uncertificated Securities in addition to or in place of certificated Securities;

 (d)    to surrender any of the Company’s rights or powers under this Indenture; 

(e)    to add covenants or events of default for the benefit of the holders of Securities of any Series;

 (f)    to comply with the applicable procedures of the applicable Depositary; 

(g)    to make any change that does not adversely affect the rights of any Securityholder; 

(h)    to provide for the issuance of and establish the form and terms and conditions of Securities of
any Series as permitted by this Indenture; 
 (i)    to evidence and provide for the acceptance of
appointment hereunder by a successor Trustee with respect to the Securities of one or more Series and 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; 
 (j)    to comply with requirements of the SEC in order to effect
or maintain the qualification of this Indenture under the TIA; 
 (k)    to reflect the release of any
Guarantor in accordance with Article XII; or 
 (l)    to add Guarantors with respect to any or
all of the Securities or to secure any or all of the Securities or the Guarantees. 

Section 9.2    With Consent of Holders. 

The Company, any Guarantors and the Trustee may enter into a supplemental indenture with the written consent of the Holders of
at least a majority in principal amount of the outstanding Securities of each Series affected by such supplemental indenture (including consents obtained in connection with a tender offer or exchange offer for the Securities of such Series), for the
purpose of adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental indenture or of modifying in any manner the rights of the Securityholders of each such Series. Except as
provided in Section 6.13, the Holders of at least a majority in principal amount of the outstanding Securities of any Series by notice to the Trustee (including consents obtained in connection with a tender offer or
exchange offer for the Securities of such Series) may waive compliance by the Company with any provision of this Indenture or the Securities with respect to such Series. 

  
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 It shall not be necessary for the consent of the Holders of Securities under
this Section 9.2 to approve the particular form of any proposed supplemental indenture or waiver, but it shall be sufficient if such consent approves the substance thereof. After a supplemental indenture or waiver under
this section becomes effective, the Company shall send to the Holders of Securities affected thereby, a notice briefly describing the supplemental indenture or waiver. Any failure by the Company to send such notice, or any defect therein, shall not,
however, in any way impair or affect the validity of any such supplemental indenture or waiver. 

Section 9.3    Limitations. 

Without the consent of each Securityholder affected, an amendment or waiver may not: 

(a)    reduce the principal amount of Securities whose Holders must consent to an amendment, supplement
or waiver; 
 (b)    reduce the rate of or extend the time for payment of interest (including default
interest) on any Security; 
 (c)    reduce the principal or change the Stated Maturity of any Security
or reduce the amount of, or postpone the date fixed for, the payment of any sinking fund or analogous obligation; 

(d)    reduce the principal amount of Discount Securities payable upon acceleration of the maturity
thereof; 
 (e)    waive a Default or Event of Default in the payment of the principal of or interest,
if any, on any Security (except a rescission of acceleration of the Securities of any Series by the Holders of at least a majority in principal amount of the outstanding Securities of such Series and a waiver of the payment default that resulted
from such acceleration); 
 (f)    make the principal of or interest, if any, on any Security payable
in any currency other than that stated in the Security; 
 (g)    make any change in
Section 6.8, 6.13 or 9.3 (this sentence); 
 (h)    waive a
redemption payment with respect to any Security, provided that such redemption is made at the Company’s option; or 

(i)    (i) if the Securities of that Series are entitled to the benefit of the Guarantee, release any
Guarantor of such Series other than as provided in this Indenture or modify the Guarantee in any manner adverse to the Holders. 

Section 9.4    Compliance with Trust Indenture Act. 

Every amendment to this Indenture or the Securities of one or more Series shall be set forth in a supplemental indenture
hereto that complies with the TIA as then in effect. 

  
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 Section 9.5    Revocation and Effect of
Consents. 
 Until an amendment is set forth in a supplemental indenture or a waiver becomes effective, a consent to it
by a Holder of a Security is a continuing consent by the Holder and every subsequent Holder of a Security or portion of a Security that evidences the same debt as the consenting Holder’s Security, even if notation of the consent is not made on
any Security. However, any such Holder or subsequent Holder may revoke the consent as to his Security or portion of a Security if the Trustee receives the notice of revocation before the date of the supplemental indenture or the date the waiver
becomes effective. 
 Any amendment or waiver once effective shall bind every Securityholder of each Series affected by such
amendment or waiver unless it is of the type described in any of clauses (a) through (h) of Section 9.3 or requires the consent of each Security Holder affected, as set forth in a supplemental indenture
or Officer’s Certificate in respect to a particular Series of Securities. In that case, the amendment or waiver shall bind each Holder of a Security who has consented to it and every subsequent Holder of a Security or portion of a Security that
evidences the same debt as the consenting Holder’s Security. 
 The Company may, but shall not be obligated to, fix a
record date for the purpose of determining the Holders entitled to give their consent or take any other action described above or required or permitted to be taken pursuant to this Indenture. If a record date is fixed, then notwithstanding the
immediately preceding paragraph, those persons who were Holders at such record date (or their duly designated proxies), and only those persons, shall be entitled to give such consent or to revoke any consent previously given or take any such action,
whether or not such persons continue to be Holders after such record date. No such consent shall be valid or effective for more than 120 days after such record date. 

Section 9.6    Notation on or Exchange of Securities. 

The Company or the Trustee may place an appropriate notation about an amendment or waiver on any Security of any Series
thereafter authenticated. The Company in exchange for Securities of that Series may issue and the Trustee shall authenticate upon request new Securities of that Series that reflect the amendment or waiver. 

Section 9.7    Trustee Protected. 

The Trustee will execute and deliver any amendment or supplemental indenture authorized pursuant to this Article 9;
provided, however, that the Trustee need not (but may, in its sole and absolute discretion) execute or deliver any such amendment or supplemental indenture that the Trustee concludes adversely affects the Trustee’s rights, duties,
liabilities or immunities. In executing, or accepting the additional trusts created by, any supplemental indenture permitted by this Article or the modifications thereby of the trusts created by this Indenture, the Trustee shall be entitled to
receive, and (subject to Section 7.1) shall be fully protected in relying upon, an Officer’s Certificate and an Opinion of Counsel stating that the execution of such supplemental indenture is authorized or permitted by
this Indenture. The Trustee shall sign all supplemental indentures upon delivery of such an Officer’s Certificate or Opinion of Counsel, except that the Trustee need not sign any supplemental indenture that adversely affects its rights. 

  
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 ARTICLE X 

MISCELLANEOUS 

Section 10.1    Trust Indenture Act Controls. 

If any provision of this Indenture limits, qualifies, or conflicts with another provision which is required or deemed to be
included in this Indenture by the TIA, such required or deemed provision shall control. 

Section 10.2    Notices. 

Any notice or communication by the Company, any Guarantor or the Trustee to the other, or by a Holder to the Company, any
Guarantor or the Trustee, is duly given if in writing and delivered in person or mailed by first-class mail (registered or certified, return receipt requested), facsimile transmission, email or overnight air courier guaranteeing next day delivery,
to the others’ address: 
 if to the Company or any Guarantor: 

Broadstone Net Lease, LLC 
 800
Clinton Square 
 Rochester, New York 14604 

Attention: John D. Callan Jr., Senior Vice President & General Counsel 

Telephone: (585) 287-6500 

with a copy to: 

Fried, Frank, Harris, Shriver & Jacobson LLP 

801 17th Street, NW 

Washington, DC 20006 

Attention: Stuart A. Barr 

Telephone: (202) 639-7486 

if to the Trustee: 

U.S. Bank National Association 

Global Corporate Trust 
 100
Wall Street, 6th Floor 
 New York, New York 10005 

Attention: Administrator – Broadstone Net Lease, LLC 

Telephone: (212) 951-6990 

The Company, any Guarantor or the Trustee by notice to the other may designate additional or different addresses for
subsequent notices or communications. 
 Any notice or communication to a Securityholder shall be sent electronically or by
first-class mail to his, her or its address shown on the register kept by the Registrar, in accordance with the procedures of the Depositary. Failure to send a notice or communication to a Securityholder of any Series or any defect in it shall not
affect its sufficiency with respect to other Securityholders of that or any other Series. 

  
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 If a notice or communication is sent or published in the manner provided
above, within the time prescribed, it is duly given, whether or not the Securityholder receives it. 
 If the Company or any
Guarantor sends a notice or communication to Securityholders, it shall send a copy to the Trustee and each Agent at the same time. 

Notwithstanding any other provision of this Indenture or any Security, where this Indenture or any Security provides for
notice of any event (including any notice of redemption) to a Holder of a Global Security (whether by mail or otherwise), such notice shall be sufficiently given to the Depositary for such Security (or its designee) pursuant to the customary
procedures of such Depositary. 
 Section 10.3    Communication by Holders with Other
Holders. 
 Securityholders of any Series may communicate pursuant to TIA Section 312(b) with other Securityholders
of that Series or any other Series with respect to their rights under this Indenture or the Securities of that Series or all Series. The Company, the Trustee, the Registrar and anyone else shall have the protection of TIA Section 312(c). 

Section 10.4    Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Company to the Trustee to take any action under this Indenture, the Company shall
furnish to the Trustee: 
 (a)    an Officer’s Certificate stating that, in the opinion of the
signers, all conditions precedent, if any, provided for in this Indenture relating to the proposed action have been complied with; and 

(b)    an Opinion of Counsel stating that, in the opinion of such counsel, all such conditions precedent
have been complied with. 
 Section 10.5    Statements Required in Certificate or Opinion.

 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other
than a certificate provided pursuant to TIA Section 314(a)(4)) shall comply with the provisions of TIA Section 314(e) and shall include: 

(a)    a statement that the person making such certificate or opinion has read such covenant or
condition; 
 (b)    a brief statement as to the nature and scope of the examination or investigation
upon which the statements or opinions contained in such certificate or opinion are based; 

  
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 (c)    a statement that, in the opinion of such person,
such person has made such examination or investigation as is necessary to enable such person 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 10.6    Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or a meeting of Securityholders of one or more Series. Any Agent may make
reasonable rules and set reasonable requirements for its functions. 
 Section 10.7    Legal
Holidays. 
 Unless otherwise provided by Board Resolution, Officer’s Certificate or supplemental indenture hereto
for a particular Series, a “Legal Holiday” is any day that is not a Business Day. If a payment date is a Legal Holiday at a place of payment, payment may be made at that place on the next succeeding day that is not a Legal Holiday,
and no interest shall accrue for the intervening period. 
 Section 10.8    No Recourse Against
Others. 
 A director, officer, employee or stockholder (past or present), as such, of the Company or any Guarantor
shall not have any liability for any obligations of the Company under the Securities, the Guarantee or the Indenture or for any claim based on, in respect of or by reason of such obligations or their creation. Each Securityholder by accepting a
Security waives and releases all such liability. The waiver and release are part of the consideration for the issue of the Securities. 

Section 10.9    Counterparts. 

This Indenture may be executed in any number of counterparts and by the parties hereto in separate counterparts, each of which
when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. The exchange of copies of this Indenture and of signature pages by facsimile or electronic format (e.g., “.pdf”
or “.tif”) transmission shall constitute effective execution and delivery of this Indenture as to the parties hereto and may be used in lieu of the original Indenture for all purposes. Signatures of the parties hereto transmitted by
facsimile or electronic format (e.g., “.pdf” or “.tif”) shall be deemed to be their original signatures for all purposes. 

Unless otherwise provided herein or in any other Securities, the words “execute,” “execution,”
“signed,” and “signature” and words of similar import used in or related to any document to be signed in connection with this Indenture, any Securities or any of the transactions contemplated hereby (including amendments,
waivers, consents and other modifications) shall be deemed to include electronic signatures and the keeping of records in electronic form, each of which shall be of the same legal effect, validity or enforceability as a manually executed signature
in ink or the use of a paper-based recordkeeping system, as applicable, to the fullest extent and as provided for in any applicable law, including the Federal Electronic Signatures in Global and 

  
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National Commerce Act, the New York State Electronic Signatures and Records Act, and any other similar state laws based on the Uniform Electronic Transactions Act, provided that,
notwithstanding anything herein to the contrary, the Trustee is not under any obligation to agree to accept electronic signatures in any form or in any format unless expressly agreed to by such Trustee pursuant to procedures approved by such
Trustee. The Trustee shall not have any duty to confirm that the person sending any notice, instruction or other communication (a “Notice”) by electronic transmission (including by e-mail, facsimile
transmission, web portal or other electronic methods) is, in fact, a person authorized to do so. Electronic signatures believed by the Trustee to comply with the ESIGN Act of 2000 or other applicable law (including electronic images of handwritten
signatures and digital signatures provided by DocuSign, Orbit, Adobe Sign or any other digital signature provider acceptable to the Trustee) shall be deemed original signatures for all purposes. Each other party assumes all risks arising out of the
use of electronic signatures and electronic methods to send Notices to the Trustee, including without limitation the risk of the Trustee acting on an unauthorized Notice, and the risk of interception or misuse by third parties. Notwithstanding the
foregoing, the Trustee may in any instance and in its sole discretion require that an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to, any such electronic Notice. 

Section 10.10    Governing Law; Waiver of Jury Trial; Consent to Jurisdiction. 

THIS INDENTURE AND THE SECURITIES, INCLUDING ANY CLAIM OR CONTROVERSY ARISING OUT OF OR RELATING TO THE INDENTURE OR THE
SECURITIES, SHALL BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK. 
 THE COMPANY, THE GUARANTORS, THE TRUSTEE AND
THE HOLDERS (BY THEIR ACCEPTANCE OF THE SECURITIES) EACH HEREBY IRREVOCABLY WAIVE, 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 NOTES
OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. 
 Any legal suit, action or proceeding arising out of or based upon
this Indenture or the transactions contemplated hereby may be instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York in each case located in the City of New York
(collectively, the “Specified Courts”), and each party irrevocably submits to the exclusive jurisdiction of such courts in any such suit, action or proceeding. Service of any process, summons, notice or document by mail (to the
extent allowed under any applicable statute or rule of court) to such party’s address set forth above shall be effective service of process for any suit, action or other proceeding brought in any such court. The Company, the Guarantors, the
Trustee and the Holders (by their acceptance of the Securities) each hereby irrevocably and unconditionally waive any objection to the laying of venue of any suit, action or other proceeding in the Specified Courts and irrevocably and
unconditionally waive and agree not to plead or claim any such suit, action or other proceeding has been brought in an inconvenient forum. 

  
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 Section 10.11    No Adverse Interpretation of
Other Agreements. 
 This Indenture may not be used to interpret another indenture, loan or debt agreement of the
Company or a Subsidiary of the Company. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 10.12    Successors. 

All agreements of the Company and the Guarantors in this Indenture and the Securities shall bind their respective successors.
All agreements of the Trustee in this Indenture shall bind its successor. 

Section 10.13    Severability. 

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

Section 10.14    Table of Contents, Headings, Etc. 

The Table of Contents, Cross Reference Table, and headings of the Articles and Sections of this Indenture have been inserted
for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict any of the terms or provisions hereof. 

Section 10.15    Securities in a Foreign Currency. 

Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered
pursuant to Section 2.2 of this Indenture 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 Securities of any Series which are denominated in more than one currency, 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 determined by converting any such other currency into a currency that is designated upon issuance of any particular Series of
Securities. Unless otherwise specified in a Board Resolution, a supplemental indenture hereto or an Officer’s Certificate delivered pursuant to Section 2.2 of this Indenture with respect to a particular Series of
Securities, such conversion shall be made by the Company at the spot rate for the purchase of the designated currency as published in The Financial Times in the “Currency Rates” section (or, if The Financial Times is no longer published,
or if such information is no longer available in The Financial Times, such source as may be selected in good faith by the Company) on any date of determination. The provisions of this paragraph shall apply in determining the equivalent principal
amount in respect of Securities of a Series denominated in currency other than Dollars in connection with any action taken by Holders of Securities pursuant to the terms of this Indenture. 

All decisions and determinations provided for in the preceding paragraph shall, in the absence of manifest error, to the
extent permitted by law, be conclusive for all purposes and irrevocably binding upon the Trustee and all Holders. 

  
 44 

 Section 10.16    Judgment Currency. 

The Company and each Guarantor agrees, to the fullest extent that it may effectively do so under applicable law, that
(a) if for the purpose of obtaining judgment in any court it is necessary to convert the sum due in respect of the principal of or interest or other amount on the Securities of any Series (the “Required Currency”) into a
currency in which a judgment will be rendered (the “Judgment Currency”), the rate of exchange used shall be the rate at which in accordance with normal banking procedures the Trustee could purchase in The City of New York the
Required Currency with the Judgment Currency on the day on which final unappealable judgment is entered, unless such day is not a New York Banking Day, then the rate of exchange used shall be the rate at which in accordance with normal banking
procedures the Trustee could purchase in The City of New York the Required Currency with the Judgment Currency on the New York Banking Day preceding the day on which final unappealable judgment is entered and (b) its obligations under this
Indenture to make payments in the Required Currency (i) shall not be discharged or satisfied by any tender, any recovery pursuant to any judgment (whether or not entered in accordance with subsection (a)), in any currency other than the
Required Currency, except to the extent that such tender or recovery shall result in the actual receipt, by the payee, of the full amount of the Required Currency expressed to be payable in respect of such payments, (ii) shall be enforceable as
an alternative or additional cause of action for the purpose of recovering in the Required Currency the amount, if any, by which such actual receipt shall fall short of the full amount of the Required Currency so expressed to be payable, and
(iii) shall not be affected by judgment being obtained for any other sum due under this Indenture. For purposes of the foregoing, “New York Banking Day” means any day except a Saturday, Sunday or a legal holiday in The City of
New York on which banking institutions are authorized or required by law, regulation or executive order to close. 

Section 10.17    Force Majeure. 

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 best efforts which are consistent with accepted practices in
the banking industry to resume performance as soon as practicable under the circumstances. 

Section 10.18    U.S.A. Patriot Act. 

The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act, the Trustee is required to
obtain, verify, and record information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee. The parties to this Indenture agree that they will provide the Trustee with such information as
it may request in order for the Trustee to satisfy the requirements of the U.S.A. Patriot Act. 

  
 45 

 ARTICLE XI 

SINKING FUNDS 

Section 11.1    Applicability of Article. 

The provisions of this Article shall be applicable to any sinking fund for the retirement of the Securities of a Series if so
provided by the terms of such Securities pursuant to Section 2.2, except as otherwise permitted or required by any form of Security of such Series issued pursuant to this Indenture. 

The minimum amount of any sinking fund payment provided for by the terms of the Securities of any Series is herein referred to
as a “mandatory sinking fund payment” and any other amount provided for by the terms of Securities of such Series is herein referred to as an “optional sinking fund payment.” If provided for by the terms of
Securities of any Series, the cash amount of any sinking fund payment may be subject to reduction as provided in Section 11.2. Each sinking fund payment shall be applied to the redemption of Securities of any Series as
provided for by the terms of the Securities of such Series. 
 Section 11.2    Satisfaction of
Sinking Fund Payments with Securities. 
 The Company may, in satisfaction of all or any part of any sinking fund
payment with respect to the Securities of any Series to be made pursuant to the terms of such Securities (1) deliver outstanding Securities of such Series to which such sinking fund payment is applicable (other than any of such Securities
previously called for mandatory sinking fund redemption) and (2) apply as credit Securities of such Series to which such sinking fund payment is applicable and which have been repurchased by the Company or redeemed either at the election of the
Company pursuant to the terms of such Series of Securities (except pursuant to any mandatory sinking fund) or through the application of permitted optional sinking fund payments or other optional redemptions pursuant to the terms of such Securities,
provided that such Securities have not been previously so credited. Such Securities shall be received by the Trustee, together with an Officer’s Certificate with respect thereto, not later than 15 days prior to the date on which the
Trustee begins the process of selecting Securities for redemption, and shall be credited for such purpose by the Trustee at the price specified in such Securities for redemption through operation of the sinking fund and the amount of such sinking
fund payment shall be reduced accordingly. If as a result of the delivery or credit of Securities in lieu of cash payments pursuant to this Section 11.2, the principal amount of Securities of such Series to be redeemed in
order to exhaust the aforesaid cash payment shall be less than $100,000, the Trustee need not call Securities of such Series for redemption, except upon receipt of a Company Order that such action be taken, and such cash payment shall be held by the
Trustee or a Paying Agent and applied to the next succeeding sinking fund payment, provided, however, that the Trustee or such Paying Agent shall from time to time upon receipt of a Company Order pay over and deliver to the Company any
cash payment so being held by the Trustee or such Paying Agent upon delivery by the Company to the Trustee of Securities of that Series purchased by the Company having an unpaid principal amount equal to the cash payment required to be released to
the Company. 

  
 46 

 Section 11.3    Redemption of Securities for
Sinking Fund. 
 Not less than 45 days (unless otherwise indicated in the Board Resolution, supplemental indenture
hereto or Officer’s Certificate in respect of a particular Series of Securities) prior to each sinking fund payment date for any Series of Securities, the Company will deliver to the Trustee an Officer’s Certificate specifying the amount
of the next ensuing mandatory 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 and the portion thereof, if any, which is to be satisfied by delivering
and crediting of Securities of that Series pursuant to Section 11.2, and the optional amount, if any, to be added in cash to the next ensuing mandatory sinking fund payment, and the Company shall thereupon be obligated to
pay the amount therein specified. Not less than 30 days (unless otherwise indicated in the Board Resolution, Officer’s Certificate or supplemental indenture in respect of a particular Series of Securities) before each such sinking fund payment
date the Securities to be redeemed upon such sinking fund payment date will be selected in the manner specified in Section 3.2 and the Company shall send or cause to be sent a notice of the redemption thereof to be given in
the name of and at the expense of the Company in the manner provided in and in accordance with Section 3.3. Such notice having been duly given, the redemption of such Securities shall be made upon the terms and in the
manner stated in Sections 3.4, 3.5 and 3.6. 
 ARTICLE XII 

GUARANTEE 

Section 12.1    Unconditional Guarantee. 

(a)    Notwithstanding any provision of this Article XII to the contrary, the provisions of this
Article XII shall be applicable only to, and inure solely to the benefit of, the Securities of any Series designated, pursuant to Section 2.2.23, as entitled to the benefits of the Guarantee of each Guarantor
identified in such designation and that has executed a Notation of Guarantee with respect to such Series. 

(b)    For value received, each Guarantor hereby jointly and severally, fully, unconditionally and
absolutely guarantees (the “Guarantee”) to the Holders and to the Trustee the due and punctual payment of the principal of, premium, if any, and interest on each Series of Securities for which such Guarantor has executed a Notation
of Guarantee with respect to such Series and all other amounts due and payable under this Indenture and the Securities of such Series by the Company, when and as such principal, premium, if any, and interest shall become due and payable, whether at
the Stated Maturity or by declaration of acceleration, call for redemption or otherwise, according to the terms of such Securities and this Indenture, subject to the limitations set forth in Section 12.3. 

(c)    Failing payment when due of any amount guaranteed pursuant to the Guarantee, for whatever reason,
each of the Guarantors will be jointly and severally obligated to pay the same immediately. Each of the Guarantors hereby agrees that its obligations hereunder shall be full, unconditional and absolute, irrespective of the validity, regularity or
enforceability of the Securities, the Guarantee (including the Guarantee of any other Guarantor) or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Securities with respect to any provisions
hereof or thereof, the recovery of any judgment against the Company or any other Guarantor, or any action to enforce the same or any other circumstances which might otherwise constitute a legal or equitable discharge or defense of any of the
Guarantors. Each Guarantor hereby agrees that in the event of a default in payment of the principal of or interest on the Securities entitled to the Guarantee of such Guarantor, whether at the Stated Maturity or by declaration of acceleration, call
for redemption or otherwise, legal proceedings may be instituted by the Trustee on behalf of the Holders or, subject to Section 6.7, by the Holders, on the terms and conditions set forth in this Indenture, directly against
such Guarantor to enforce the Guarantee without first proceeding against the Company or any other Guarantor. 

  
 47 

 (d)    Each Guarantor hereby (i) waives diligence,
presentment, demand of payment, filing of claims with a court in the event of the merger, insolvency or bankruptcy of the Company or any of the Guarantors, and all demands whatsoever and (ii) acknowledges that any agreement, instrument or
document evidencing the Guarantee may be transferred and that the benefit of its obligations hereunder shall extend to each holder of any agreement, instrument or document evidencing the Guarantee without notice to it. Each Guarantor further agrees
that if at any time all or any part of any payment theretofore applied by any person to the Guarantee is, or must be, rescinded or returned for any reason whatsoever, including without limitation, the insolvency, bankruptcy or reorganization of the
Company or any of the Guarantors, the Guarantee shall, to the extent that such payment is or must be rescinded or returned, be deemed to have continued in existence notwithstanding such application, and the Guarantee shall continue to be effective
or be reinstated, as the case may be, as though such application had not been made. 
 (e)    Each
Guarantor shall be subrogated to all rights of the Holders and the Trustee against the Company in respect of any amounts paid by such Guarantor pursuant to the provisions of this Indenture; provided, however, that such Guarantor shall
not be entitled to enforce or to receive any payments arising out of, or based upon, such right of subrogation until all of the Securities entitled to the Guarantee of such Guarantor and the Guarantee shall have been paid in full or discharged. 

Section 12.2    Execution and Delivery of Notation of Guarantee. 

To evidence the Guarantee of a Guarantor of a Series of Securities, a Notation of Guarantee, executed by either manual or
facsimile signature of an Officer of such Guarantor, shall be affixed on each Security entitled to the benefits of the Guarantee of such Guarantor. If any Officer of any Guarantor whose signature is on a Notation of Guarantee no longer holds that
office at the time the Trustee authenticates a Security to which such Notation of Guarantee is affixed or at any time thereafter, the Guarantee of such Security shall be valid nevertheless. The delivery of any Security by the Trustee, after the
authentication thereof hereunder, shall constitute due delivery of any Guarantee relating to such Security set forth in the Indenture on behalf of the Guarantor. Notwithstanding the foregoing, each Guarantor hereby agrees that its Guarantee shall
remain in full force and effect notwithstanding the absence of a Notation of Guarantee being affixed to such Security. 

Section 12.3    Limitation on Guarantors’ Liability. 

Each Guarantor by its acceptance hereof and each Holder of Security and the Trustee entitled to the benefits of the Guarantee
hereby confirms that it is the intention of all such parties that the guarantee by such Guarantor pursuant to the Guarantee not constitute a fraudulent transfer or conveyance for purposes of any federal or state law. To effectuate the foregoing
intention, each Holder of a Security and the Trustee entitled to the benefits of the Guarantee and each Guarantor hereby irrevocably agrees that the obligations of each Guarantor under the Guarantee shall be limited to the maximum amount and will,
after giving effect to all other contingent and fixed liabilities of such Guarantor and to any collections from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under the Guarantee, not
result in the obligations of such Guarantor under the Guarantee constituting a fraudulent conveyance or fraudulent transfer under federal or state law. 

  
 48 

 Section 12.4    Release of Guarantors from
Guarantee. 
 (a)    Notwithstanding any other provisions of this Indenture, the Guarantee of any
Guarantor may be released upon the terms and subject to the conditions set forth in Section 8.1, Section 8.3 and this Section 12.4. Provided that no Default shall have
occurred and shall be continuing under this Indenture, the Guarantee incurred by a Guarantor pursuant to this Article XII shall be unconditionally released and discharged (i) automatically upon (A) any sale, exchange or transfer,
whether by way of merger or otherwise, to any person that is not an Affiliate of the Company, of all of the Company’s direct or indirect equity interests in such Guarantor (provided such sale, exchange or transfer is not prohibited by
this Indenture) or (B) the merger of such Guarantor into the Company or any other Guarantor or the liquidation and dissolution of such Guarantor (in each case to the extent not prohibited by this Indenture) or (ii) with respect to any
Series of Securities, upon the occurrence of any other condition set forth in the Board Resolution, supplemental indenture or Officer’s Certificate establishing the terms of such Series. 

(b)    Upon receipt of a written request of the Company accompanied by an Officer’s Certificate or
Opinion of Counsel to the effect that any Guarantor is entitled to be released from the Guarantee in accordance with the provisions of this Indenture, the Trustee shall deliver instruments reasonably requested by the Company or such Guarantor
evidencing the release of such Guarantor from the Guarantee. Any Guarantor not so released shall remain liable for the full amount of principal of and interest on the Securities entitled to the benefits of the Guarantee as provided in this
Indenture, subject to the limitations of Section 12.3. 
 [SIGNATURE PAGE FOLLOWS] 

  
 49 

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

			
	Broadstone Net Lease, LLC, as the Company
		
	By:	  	Broadstone Net Lease, Inc., its managing member
		
	By:	  	
                     
                   

		  	Name:
		  	Title:
	
	Broadstone Net Lease, Inc., as a Guarantor
		
	By:	  	
                     
                   

		  	Name:
		  	Title:
	
	U.S. Bank National Association, as Trustee
		
	By:	  	
                     
                   

		  	Name:
		  	Title:

  
 [Signature Page to
Indenture] 

 Exhibit A 

[FORM OF] 
 NOTATION OF
GUARANTEE 
 Each Guarantor signing below has fully, unconditionally and absolutely guaranteed, to the extent set forth
in the Indenture and subject to the provisions in the Indenture, the due and punctual payment of the principal of, premium, if any, and interest on the Securities to which this notation is affixed and all other amounts due and payable under the
Indenture and the Securities to which this notation is affixed by the Company. 
 The obligations of such Guarantor to the
Holders of Securities to which this notation is affixed and to the Trustee pursuant to the Guarantee and the Indenture are expressly set forth in Article XII of the Indenture and reference is hereby made to the Indenture for the precise terms of the
Guarantee. 
  

			
	[NAME OF GUARANTOR(S)]
		
	 By:
	 	
                  
                      

		 	 Name:

		 	 Its:

  
 A-1Exhibit 10.2

 

EXCHANGE
AGREEMENT 

 

EXCHANGE AGREEMENT (this “Agreement”),
dated as of [____], 2021, by and among Alclear Holdings, LLC, a Delaware limited liability company (the “Company”),
Clear Secure, Inc., a Delaware corporation (“Pubco”), and the holders of Common Units (as defined below) and shares
of Class C Common Stock (as defined below) or Class D Common Stock (as defined below) from time to time party hereto (each,
a “Holder”).

 

W I T N E S S E T H:

 

WHEREAS, on the date hereof, the Company, Pubco and
the Holders entered into the Amended and Restated Operating Agreement of the Company (as amended, restated, amended and restated or otherwise
modified or supplemented from time to time, the “LLC Agreement”);

 

WHEREAS, the parties hereto desire to provide for
the exchange of Common Units together with shares of Class C Common Stock or Class D Common Stock for (i) (A) shares
of Class A Common Stock (as defined below), in the case of shares of Class C Common Stock, or (B)  shares of Class B
Common Stock (as defined below), in the case of shares of Class D Common Stock, or (ii) cash from a substantially concurrent
public offering or private sale of shares of Class A Common Stock (based on the market price of Class A Common Stock in such
public offering or private sale), at Pubco’s option, in each case, on the terms and subject to the conditions set forth herein;

 

NOW, THEREFORE, in consideration of the mutual covenants
and agreements herein made and other good and valuable consideration, the parties hereto hereby agree as follows:

 

Article I

 

DEFINITIONS AND USAGE

 

Section 1.01     Definitions.

 

(a)            The
following terms shall have the following meanings for the purposes of this Agreement:

 

“Alclear Investments I” means
Alclear Investments, LLC, a Delaware limited liability company.

 

“Alclear Investments II” means
Alclear Investments II, LLC, a Delaware limited liability company.

 

“Applicable Law” means, with respect
to any Person, any federal, state or local law (statutory, common or otherwise), constitution, treaty, convention, ordinance, code, rule,
regulation, order, injunction, judgment, decree, ruling or other similar requirement enacted, adopted, promulgated or applied by a Governmental
Authority or Regulatory Agency that is binding upon or applicable to such Person or its assets, as amended unless expressly specified
otherwise.

 

    

     

    

 

“Business Day” means a day, other
than Saturday, Sunday or other day on which commercial banks in New York, New York are authorized or required by Applicable
Law to close.

 

“Cash Exchange Payment” means
an amount in U.S. dollars equal to the product of (a) the number of applicable Paired Interests multiplied by (b) the
sale price of Class A Common Stock in a private sale or the price to the public of Class A Common Stock in a public offering
as set forth in Section 2.01.

 

“Class A Common Stock” means
Class A common stock, $0.00001 par value per share, of Pubco.

 

“Class B Common Stock” means
Class B common stock, $0.00001 par value per share, of Pubco.

 

“Class C Common Stock” means
Class C common stock, $0.00001 par value per share, of Pubco.

 

“Class C Paired Interest”
means one Common Unit together with one share of Class C Common Stock, subject to adjustment pursuant to Section 2.03(a).

 

“Class D Common Stock” means
Class D common stock, $0.00001 par value per share, of Pubco.

 

“Class D Paired Interest”
means one Common Unit together with one share of Class D Common Stock, subject to adjustment pursuant to Section 2.03(b).

 

“Code” means the Internal Revenue
Code of 1986, as amended from time to time.

 

“Common Unit” means a Unit (as
such term is defined in the LLC Agreement).

 

“Deliverable Common Stock” means
(i) with respect to Class C Paired Interests, Class A Common Stock and (ii) with respect to Class D Paired Interests,
Class B Common Stock.

 

“Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder.

 

“Exchange Date” means the third
Business Day immediately following the receipt of the applicable Notice of Exchange by Pubco, or such later Business Day set forth in
the applicable Notice of Exchange.

 

    2

     

    

 

“Exchange Rate” means (i) with
respect to Class C Paired Interests, the number of shares of Class A Common Stock for which one Class C Paired Interest
is entitled to be Exchanged or (ii) with respect to Class D Paired Interests, the number of shares of Class B Common Stock
for which one Class D Paired Interest is entitled to be Exchanged. On the date of this Agreement, the Exchange Rate for the purposes
of the Class C Paired Interests and Class D Paired Interests shall be one (1), subject to adjustment pursuant to Section 2.03
of this Agreement.

 

“Exchanging Holder” means a Holder
effecting an Exchange pursuant to this Agreement.

 

“Governmental Authority” means
any transnational, domestic or foreign federal, state or local governmental, regulatory or administrative authority, department, court,
agency or official, including any political subdivision thereof.

 

“Paired Interest” means one Class C
Paired Interest or one Class D Paired Interest, as applicable.

 

“Person” means any individual,
firm, corporation, partnership, limited liability company, trust, estate, joint venture, governmental authority or other entity.

 

“Pubco Charter” means the Second
Amended and Restated Certificate of Incorporation of Pubco, as amended, restated, amended and restated or otherwise modified or supplemented
from time to time.

 

“Registration Rights Agreement”
means the Registration Rights Agreement by and among Pubco and the stockholders party thereto, dated on or about the date hereof, as such
agreement may be amended from time to time.

 

“Regulatory Agency” means the
United States Securities and Exchange Commission, Financial Industry Regulatory Authority, Inc., the Financial Services Authority,
any non-U.S. regulatory agency and any other regulatory authority or body (including any state or provincial securities authority and
any self-regulatory organization) with jurisdiction over the Company or any of its Subsidiaries.

 

“Securities Act” means the Securities
Act of 1933, as amended, and the rules and regulations promulgated thereunder.

 

“Tax Receivable Agreement” shall
have the meaning given to such term in the LLC Agreement.

 

(b)            Capitalized
terms used but not defined herein shall have the meaning ascribed thereto in the LLC Agreement.

 

    3

     

    

 

(c)            Each
of the following terms is defined in the Section set forth opposite such term:

 

	Term	Section
	Agreement 	Preamble
	Company 	Preamble
	e-mail 	4.03
	Exchange 	2.01
	Exchange Agent 	2.02(a)
	Holder 	Preamble
	IPO 	2.02(f)
	Notice of Exchange 	2.02(a)
	LLC Agreement 	Recitals
	Permitted Transferee 	4.01
	Process Agent 	4.05(b)
	Pubco 	Preamble
	Pubco Offer 	2.04(a)
	Share Exchange 	2.01(b)

 

Section 1.02      Other
Definitional and Interpretative Provisions. The words “hereof”, “herein” and “hereunder” and
words of like import used in this Agreement shall refer to this Agreement as a whole and not to any particular provision of this Agreement.
The captions herein are included for convenience of reference only and shall be ignored in the construction or interpretation hereof.
References to Articles and Sections are to Articles and Sections of this Agreement unless otherwise specified. Any singular
term in this Agreement shall be deemed to include the plural, and any plural term the singular. Whenever the words “include”,
 “includes” or “including” are used in this Agreement, they shall be deemed to be followed by the words “without
limitation”, whether or not they are in fact followed by those words or words of like import. “Writing”, “written”
and comparable terms refer to printing, typing and other means of reproducing words (including electronic media) in a visible form. References
to any statute shall be deemed to refer to such statute as amended from time to time and to any rules or regulations promulgated
thereunder. References to any agreement or contract are to that agreement or contract as amended, modified or supplemented from time
to time in accordance with the terms hereof and thereof. References to any Person include the successors and permitted assigns of that
Person. References from or through any date mean, unless otherwise specified, from and including or through and including, respectively.
References to “law”, “laws” or to a particular statute or law shall be deemed also to include any Applicable
Law. Unless otherwise expressly provided herein, when any approval, consent or other matter requires any action or approval of any group
of Holders, including any holders of any class of Paired Interests, such approval, consent or other matter shall require the approval
of a majority in interest of such group of Holders. Except to the extent otherwise expressly provided herein, all references to any Holder
shall be deemed to refer solely to such Person in its capacity as such Holder and not in any other capacity.

 

    4

     

    

 

Article II

EXCHANGE

 

Section 2.01
     Exchange of Paired Interests
for Class A Common Stock or Class B Common Stock. From and after the execution and delivery of this Agreement, each Holder
shall be entitled on an Exchange Date, upon the terms and subject to the conditions hereof, to surrender Paired Interests (excluding,
for the avoidance of doubt, any Paired Interest that includes an unvested Common Unit) to Pubco (subject to adjustment as provided in
Section 2.03) in exchange (such exchange, an “Exchange”) for the delivery to such Holder, at the option
of the board of directors of Pubco (acting (which may be by e-mail) by a majority of the disinterested members of the board of directors
of Pubco or a committee of disinterested directors of the board of directors of Pubco), of:

 

(a)            a
Cash Exchange Payment by the Company from the proceeds of a private sale or a public offering of Class A Common Stock; or

 

(b)            (X) with
respect to Class C Paired Interests, a number of shares of Class A Common Stock that is equal to the product of the number
of Class C Paired Interests surrendered multiplied by the Exchange Rate; and (Y) with respect to Class D Paired Interests,
a number of shares of Class B Common Stock that is equal to the product of the number of Class D Paired Interests surrendered
multiplied by the Exchange Rate (in each case under this clause (b), a “Share Exchange”);

 

provided that a Holder, together with any other Holder that is an
Affiliate of such Holder, shall only be entitled to one Exchange per each calendar month unless otherwise agreed to by Pubco, except
that notwithstanding the foregoing, any Exchange for a value of $5 million or more shall not be subject to such limitation.

 

Notwithstanding anything to the contrary herein,
Pubco and the Company shall not effectuate a Cash Exchange Payment pursuant to Section 2.01(a) above unless (A) Pubco
determines to consummate a private sale or public offering of Class A Common Stock on, or not later than five Business Days after,
the relevant Exchange Date and (B) Pubco contributes sufficient proceeds from such private sale or public offering to the Company
for payment by the Company of the applicable Cash Exchange Payment.

 

Section 2.02
     Exchange Procedures; Notices
and Revocations.

 

(a)            A
Holder may exercise the right to effect an Exchange as set forth in Section 2.01 by delivering a written notice of exchange
in respect of the Paired Interests to be Exchanged substantially in the form of Exhibit A hereto (the “Notice of
Exchange”), duly executed by such Holder or such Holder’s duly authorized attorney, to Pubco at least three Business
Days prior to the Exchange Date at its address set forth in Section 4.03 during normal business hours, or if any agent for
the Exchange is duly appointed and acting (the “Exchange Agent”), to the office of the Exchange Agent during normal
business hours. Each Exchange shall be deemed to be effective immediately prior to the close of business on the Exchange Date. The Notice
of Exchange must set forth the number of Paired Interests to be surrendered, which number shall not be less than the number of Paired
Interests reasonably expected to have a value of at least $50,000 unless (x) the number of surrendered Paired Interests constitutes
all of such Holder’s Paired Interests or (y) Pubco consents to such Exchange.

 

    5

     

    

 

(b)            Contingent
Notice of Exchange and Revocation by Holders.

 

(i)            A
Notice of Exchange from a Holder may specify that the Exchange is to be contingent (including as to the timing) upon the consummation
of a purchase by another Person (whether in a tender or exchange offer, an underwritten offering or otherwise) of shares of Deliverable
Common Stock into which the Paired Interests are exchangeable, or contingent (including as to timing) upon the closing of an announced
merger, consolidation or other transaction or event in which the Deliverable Common Stock would be exchanged or converted or become exchangeable
for or convertible into cash or other securities or property.

 

(ii)            Notwithstanding
anything herein to the contrary, a Holder may withdraw or amend a Notice of Exchange, in whole or in part, prior to the effectiveness
of the Exchange, at any time prior to 5:00 p.m. New York City time, on the Business Day immediately preceding the Exchange Date
(or any such later time as may be required by Applicable Law) by delivery of a written notice of withdrawal to Pubco or the Exchange
Agent, specifying (1) the number of withdrawn Paired Interests, (2) if any, the number of Paired Interests as to which the
Notice of Exchange remains in effect and (3) if the Holder so determines, a new Exchange Date or any other new or revised information
permitted in the Notice of Exchange.

 

(c)            Cash
Exchange Payment. The Company shall provide notice to the Exchanging Holder of its intention to consummate an Exchange through a
Cash Exchange Payment on the first Business Day immediately following the receipt of a Notice of Exchange by Pubco. Additionally, the
Company shall deliver or cause to be delivered the Cash Exchange Payment in accordance with Section 2.01(a) as
promptly as practicable (but not later than five Business Days) after the Exchange Date.

 

(d)            Share
Exchange. In the case of a Share Exchange:

 

(i)            the
Exchanging Holder (or other Person(s) whose name or names in which the Deliverable Common Stock is to be issued) shall be deemed
to be a holder of Deliverable Common Stock from and after the close of business on the Exchange Date;

 

(ii)            as
promptly as practicable on or after the Exchange Date, Pubco shall deliver or cause to be delivered to the Exchanging Holder (or other
Person(s) whose name or names in which the Deliverable Common Stock is to be issued) the number of shares of Deliverable Common
Stock deliverable upon such Exchange, registered in the name of such Holder (or other Person(s) whose name or names in which the
Deliverable Common Stock is to be issued). To the extent the Deliverable Common Stock is settled through the facilities of The Depository
Trust Company, Pubco will, subject to Section 2.02(d)(iii) below, upon the written instruction of an Exchanging Holder,
deliver or cause to be delivered the shares of Deliverable Common Stock deliverable to such Holder (or other Person(s) whose name
or names in which the Deliverable Common Stock is to be issued), through the facilities of The Depository Trust Company, to the account
of the participant of The Depository Trust Company designated by such Holder;

 

    6

     

    

 

(iii)            if
the shares of Deliverable Common Stock issued upon an Exchange are not issued pursuant to a registration statement that has been declared
effective by the Securities and Exchange Commission, such shares shall bear a legend in substantially the following form:

 

THE TRANSFER OF THESE SECURITIES HAS NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR UNDER THE SECURITIES LAWS OF ANY OTHER JURISDICTION, AND MAY NOT BE SOLD OR TRANSFERRED
OTHER THAN IN ACCORDANCE WITH THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT OF 1933, AS AMENDED (OR OTHER APPLICABLE LAW), OR AN
EXEMPTION THEREFROM.

 

(iv)            if
(i) any shares of Deliverable Common Stock may be sold pursuant to a registration statement that has been declared effective by
the Securities and Exchange Commission, (ii) all of the applicable conditions of Rule 144 are met or (iii) the legend
(or a portion thereof) otherwise ceases to be applicable, Pubco, upon the written request of the Holder thereof shall promptly provide
such Holder or its respective transferees, without any expense to such Persons (other than applicable transfer taxes and similar governmental
charges, if any) with new certificates (or evidence of book-entry share) for securities of like tenor not bearing the provisions of the
legend with respect to which the restriction has terminated. In connection therewith, such Holder shall provide Pubco with such information
in its possession as Pubco may reasonably request in connection with the removal of any such legend.

 

(e)            Pubco
shall bear all expenses in connection with the consummation of any Exchange, whether or not any such Exchange is ultimately consummated,
including any transfer taxes, stamp taxes or duties, or other similar taxes in connection with, or arising by reason of, any Exchange;
provided, however, that if any shares of Deliverable Common Stock are to be delivered in a name other than that of the
Holder that requested the Exchange (or The Depository Trust Company or its nominee for the account of a participant of The Depository
Trust Company that will hold the shares for the account of such Holder), then such Holder and/or the Person in whose name such shares
are to be delivered shall pay to Pubco the amount of any transfer taxes, stamp taxes or duties, or other similar taxes in connection
with, or arising by reason of, such Exchange or shall establish to the reasonable satisfaction of Pubco that such tax has been paid or
is not payable.

 

(f)            Notwithstanding
anything to the contrary in this Article II, a Holder shall not be entitled to effect an Exchange, and Pubco and the Company
shall have the right to refuse to honor any request to effect an Exchange, at any time or during any period, if Pubco or the Company
shall reasonably determine that such Exchange (i) would be prohibited by any Applicable Law (including the unavailability of any
requisite registration statement filed under the Securities Act or any exemption from the registration requirements thereunder), or (ii) would
not be permitted under (x) the LLC Agreement (it being acknowledged and agreed that the LLC Agreement permits Transfers in accordance
with the terms thereof), (y) other agreements with Pubco, the Company or any of the Company’s subsidiaries to which such Exchanging
Holder may be party or (z) any written policies of Pubco, the Company or any of the Company’s subsidiaries related to unlawful
or inappropriate trading applicable to its directors, officers or other personnel but only to the extent the Exchanging Holder is subject
to such policies. Upon such determination, Pubco or the Company (as applicable) shall notify the Holder requesting the Exchange of such
determination, which such notice shall include an explanation in reasonable detail as to the reason that the Exchange has not been honored.
Notwithstanding anything to the contrary herein, if PubCo, after consultation with its outside legal counsel and tax advisor, shall determine
in good faith that interests in the Company do not meet the requirements of Treasury Regulation Section 1.7704-1(h) (or other
provisions of those Treasury Regulations as determined by PubCo) (including for Exchanges in 2021), the Company will impose such restrictions
on Exchange as the Company may reasonably determine to be necessary or advisable so that the Company is not treated as a “publicly
traded partnership” under Section 7704 of the Code.

 

    7

     

    

 

Section 2.03
     Adjustment.

 

(a)            The
Exchange Rate with respect to the Class C Paired Interests and/or the components of a Class C Paired Interest shall be adjusted
accordingly if there is: (i) any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization
or otherwise) of the shares of Class C Common Stock or Common Units that is not accompanied by a substantively identical subdivision
or combination of the Class A Common Stock; or (ii) any subdivision (by any stock split, stock dividend, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization
or otherwise) of the Class A Common Stock that is not accompanied by a substantively identical subdivision or combination of the
shares of Class C Common Stock and Common Units. If there is any reclassification, reorganization, recapitalization or other similar
transaction in which the Class A Common Stock are converted or changed into another security, securities or other property, then
upon any subsequent Exchange, an Exchanging Holder shall be entitled to receive the amount of such security, securities or other property
that such Exchanging Holder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification,
reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by
any split, dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split,
reclassification, reorganization, recapitalization or otherwise) of such security, securities or other property that occurs after the
effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if
there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class A Common Stock are
converted or changed into another security, securities or other property, this Section 2.03(a) shall continue to be
applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to, mutatis mutandis,
and all references to “Class C Paired Interests” shall be deemed to include, any security, securities or other property
of Pubco or the Company which may be issued in respect of, in exchange for or in substitution of shares of Class C Common Stock
or Common Units, as applicable, by reason of stock or unit split, reverse stock or unit split, stock or unit dividend or distribution,
combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction.

 

    8

     

    

 

(b)            The
Exchange Rate with respect to the Class D Paired Interests and/or the components of a Class D Paired Interest shall be adjusted
accordingly if there is: (i) any subdivision (by any stock or unit split, stock or unit dividend or distribution, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse stock or unit split, reclassification, reorganization, recapitalization
or otherwise) of the shares of Class D Common Stock or Common Units that is not accompanied by a substantively identical subdivision
or combination of the Class B Common Stock; or (ii) any subdivision (by any stock split, stock dividend, reclassification,
reorganization, recapitalization or otherwise) or combination (by reverse stock split, reclassification, reorganization, recapitalization
or otherwise) of the Class B Common Stock that is not accompanied by a substantively identical subdivision or combination of the
shares of Class D Common Stock and Common Units. If there is any reclassification, reorganization, recapitalization or other similar
transaction in which the Class B Common Stock are converted or changed into another security, securities or other property, then
upon any subsequent Exchange, an Exchanging Holder shall be entitled to receive the amount of such security, securities or other property
that such Exchanging Holder would have received if such Exchange had occurred immediately prior to the effective date of such reclassification,
reorganization, recapitalization or other similar transaction, taking into account any adjustment as a result of any subdivision (by
any split, dividend or distribution, reclassification, reorganization, recapitalization or otherwise) or combination (by reverse split,
reclassification, reorganization, recapitalization or otherwise) of such security, securities or other property that occurs after the
effective time of such reclassification, reorganization, recapitalization or other similar transaction. For the avoidance of doubt, if
there is any reclassification, reorganization, recapitalization or other similar transaction in which the Class B Common Stock are
converted or changed into another security, securities or other property, this Section 2.03(b) shall continue to be
applicable, mutatis mutandis, with respect to such security or other property. This Agreement shall apply to, mutatis mutandis,
and all references to “Class D Paired Interests” shall be deemed to include, any security, securities or other property
of Pubco or the Company which may be issued in respect of, in exchange for or in substitution of shares of Class D Common Stock
or Common Units, as applicable, by reason of stock or unit split, reverse stock or unit split, stock or unit dividend or distribution,
combination, reclassification, reorganization, recapitalization, merger, exchange (other than an Exchange) or other transaction.

 

(c)            This
Agreement shall apply to the Paired Interests held by the Holders and their Permitted Transferees as of the date hereof, as well as any
Paired Interests hereafter acquired by a Holder and his or her or its Permitted Transferees.

 

Section 2.04
     Tender Offers and Other Events
with Respect to Pubco.

 

(a)            In
the event that a tender offer, share exchange offer, issuer bid, take-over bid, recapitalization or similar transaction with respect
to Class A Common Stock (a “Pubco Offer”) is proposed by Pubco or is proposed to Pubco or its stockholders and
approved by the board of directors of Pubco or is otherwise effected or to be effected with the consent or approval of the board of directors
of Pubco, the Holders of Paired Interests shall be permitted to participate in such Pubco Offer by delivery of a Notice of Exchange (which
Notice of Exchange shall be effective immediately prior to the consummation of such Pubco Offer (and, for the avoidance of doubt, shall
be contingent upon such Pubco Offer and not be effective if such Pubco Offer is not consummated)). In the case of a Pubco Offer proposed
by Pubco, Pubco will use its reasonable best efforts to expeditiously and in good faith take all such actions and do all such things
as are necessary or desirable to enable and permit the Holders of Paired Interests to participate in such Pubco Offer to the same extent
or on an economically equivalent basis as the holders of shares of Class A Common Stock without discrimination; provided,
that without limiting the generality of this sentence, Pubco will use its reasonable best efforts to expeditiously and in good faith
ensure that such Holders may participate in each such Pubco Offer without being required to Exchange Paired Interests. For the avoidance
of doubt (but subject to Section 2.04(c)), in no event shall the Holders of Paired Interests be entitled to receive in such
Pubco Offer aggregate consideration for each Paired Interest that is greater than the consideration payable in respect of each share
of Class A Common Stock in connection with a Pubco Offer.

 

    9

     

    

 

(b)            Notwithstanding
any other provision of this Agreement, in the event of a Pubco Offer intended to qualify as a reorganization within the meaning of Section 368(a) of
the Code or as a transfer described in Section 351(a) or Section 721 of the Code, a Holder shall not be required to exchange
its Paired Interest without its prior consent.

 

(c)            Notwithstanding
any other provision of this Agreement,  (i) in a Pubco Offer where the consideration payable in connection therewith includes
Equity Securities, the aggregate consideration for any Class D Paired Interest shall be deemed to be equivalent to the consideration
payable in respect of each share of Class A Common Stock if the only difference in the per share distribution to the Holders of
Class D Paired Interests is that the Equity Securities distributed to such Holders have not more than twenty times the voting power
of any Equity Securities distributed to the holder of a share of Class A Common Stock (so long as such Equity Securities issued
to the Class D Paired Interests remain subject to automatic conversion on terms no more favorable to such Holders than those set
forth in Article IV, Section G of the Pubco Charter), (ii) in a Pubco Offer, payments under or in respect of the Tax Receivable
Agreement shall not be considered part of the consideration payable in respect of any Paired Interest or share of Class A Common
Stock in connection with such Pubco Offer for the purposes of Section 2.04(a) and (iii) the Company shall not be entitled
to make a Cash Exchange Payment in the case of an Exchange in connection with a Pubco Offer.

 

Section 2.05
     Listing of Deliverable Common
Stock. If the Class A Common Stock is listed on a securities exchange or inter-dealer quotation system, Pubco shall use its
reasonable best efforts to cause all Class A Common Stock issued upon an exchange of Paired Interests to be listed on the same securities
exchange or traded on such inter-dealer quotation system at the time of such issuance.

 

Section 2.06
     Deliverable Common Stock to
be Issued; Class C Common Stock or Class D Common Stock to be Cancelled.

 

(a)            Pubco
shall at all times reserve and keep available out of its authorized but unissued Class A Common Stock and Class B Common Stock,
solely for the purpose of issuance upon an Exchange, the maximum number of shares of Deliverable Common Stock as shall be deliverable
upon Exchange of all then-outstanding Paired Interests; provided, that nothing contained herein shall be construed to preclude
Pubco from satisfying its obligations in respect of an Exchange by delivery of shares of Deliverable Common Stock that are held in the
treasury of Pubco or any of its subsidiaries or by delivery of purchased shares of Deliverable Common Stock (which may or may not be
held in the treasury of Pubco or any subsidiary thereof). Pubco covenants that all shares of Deliverable Common Stock issued upon an
Exchange will, upon issuance thereof, be validly issued, fully paid and non-assessable.

 

    10

     

    

 

(b)            When
a Paired Interest has been Exchanged in accordance with this Agreement, (i) the share of Class C Common Stock or Class D
Common Stock corresponding to such Paired Interest shall be cancelled by Pubco and (ii) the Common Unit corresponding to such Paired
Interest shall be deemed transferred from the Exchanging Holder to Pubco and the Company shall cause such transfer to be registered in
the books and records of the Company.

 

(c)            Pubco
agrees that it has taken all or will take such steps as may be required to cause to qualify for exemption under Rule 16b-3(d) or
(e), as applicable, under the Exchange Act, and to be exempt for purposes of Section 16(b) under the Exchange Act, any acquisitions
from, or dispositions to, Pubco of equity securities of Pubco (including derivative securities with respect thereto) and any securities
that may be deemed to be equity securities or derivative securities of Pubco for such purposes that result from the transactions contemplated
by this Agreement, by each officer or director of Pubco, including any director by deputization. The authorizing resolutions shall be
approved by either Pubco’s board of directors or a committee composed solely of two or more Non-Employee Directors (as defined
in Rule 16b-3) of Pubco.

 

Section 2.07
     Distributions. No Exchange
shall impair the right of the Exchanging Holder to receive any distributions payable on the Common Units so exchanged in respect of a
record date that occurs prior to the Exchange Date for such Exchange. No adjustments in respect of dividends or distributions on any
Common Unit will be made on the Exchange of any Paired Interest, and if the Exchange Date with respect to a Common Unit occurs after
the record date for the payment of a dividend or other distribution on Common Units but before the date of the payment, then the registered
Holder of the Common Unit at the close of business on the record date will be entitled to receive the dividend or other distribution
payable on the Common Unit on the payment date (without duplication of any distribution to which such Holder may be entitled under Section 5.03(e) of
the LLC Agreement in respect of taxes) notwithstanding the Exchange of the Paired Interests or a default in payment of the dividend or
distribution due on the Exchange Date. For the avoidance of doubt, no Exchanging Holder shall be entitled to receive, in respect of a
single record date, distributions or dividends both on Common Units exchanged by such Holder and on shares of Deliverable Common Stock
received by such Holder in such Exchange.

 

Section 2.08
     Withholding; Certification
of Non-Foreign Status.

 

(a)            If
PubCo or the Company shall be required to withhold any amounts by reason of any federal, state, local or non-U.S. foreign tax rules or
regulations in respect of any Exchange, PubCo or the Company, as the case may be, shall be entitled to take such action as it deems appropriate
in order to ensure compliance with such withholding requirements, including, at its option, withholding shares of Class A Common
Stock or Class B Common Stock, as applicable, with a fair market value equal to the minimum amount of any taxes that PubCo or the
Company, as the case may be, may be required to withhold with respect to such Exchange. To the extent that amounts are (or property is)
so withheld and paid over to the appropriate taxing authority, such withheld amounts (or property) shall be treated for all purposes
of this Agreement as having been paid (or delivered) to the applicable Holder.

 

    11

     

    

 

(b)            Notwithstanding
anything to the contrary herein, each of PubCo and the Company may, in its discretion, require that an exchanging Holder deliver to the
PubCo or the Company, as the case may be, a certification of non-foreign status in accordance with Treasury Regulation Section 1.1445-2(b) and
1.1446(f)-2(b)(2) prior to an Exchange. In the event PubCo or the Company has required delivery of such certification but an exchanging
Holder does not provide such certification, PubCo or the Company, as the case may be, shall nevertheless deliver or cause to be delivered
to the exchanging Holder the Class A Common Stock or the Class B Common Stock, as applicable, or Cash Exchange Payment in accordance
with Section 2.01, but subject to withholding as provided in Section 2.08(a).

 

Article III

REPRESENTATIONS AND WARRANTIES

 

Section 3.01
     Representations and Warranties
of Pubco and of the Company. Each of Pubco and the Company represents and warrants that (i) it is a corporation or limited liability
company duly incorporated or formed and is existing in good standing under the laws of the State of Delaware, (ii) it has all requisite
corporate or limited liability company power and authority to enter into and perform this Agreement and to consummate the transactions
contemplated hereby and, in the case of Pubco, to issue the Deliverable Common Stock in accordance with the terms hereof, (iii) the
execution and delivery of this Agreement by it and the consummation by it of the transactions contemplated hereby (including, without
limitation, in the case of Pubco, the issuance of the Deliverable Common Stock) have been duly authorized by all necessary corporate
or limited liability company action on its part and (iv) this Agreement constitutes a legal, valid and binding obligation of it
enforceable against it in accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency,
reorganization, moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

Section 3.02
     Representations and Warranties
of the Holders. Each Holder, severally and not jointly, represents and warrants that (i) if it is not a natural person, that
it is duly incorporated or formed and, the extent such concept exists in its jurisdiction of organization, is in good standing under
the laws of such jurisdiction, (ii) it has all requisite legal capacity and authority to enter into and perform this Agreement and
to consummate the transactions contemplated hereby, (iii) if it is not a natural person, the execution and delivery of this Agreement
by it of the transactions contemplated hereby have been duly authorized by all necessary corporate or other entity action on the part
of such Holder and (iv) this Agreement constitutes a legal, valid and binding obligation of such Holder enforceable against it in
accordance with its terms, except as enforcement may be limited by equitable principles or by bankruptcy, insolvency, reorganization,
moratorium, or similar laws relating to or limiting creditors’ rights generally.

 

    12

     

    

 

Article IV

MISCELLANEOUS

 

Section 4.01
     Additional Holders. To
the extent a Holder validly transfers any or all of such Holder’s Paired Interests to another Person in a transaction in accordance
with, and not in contravention of, the LLC Agreement or the Registration Rights Agreement, then such transferee (each, a “Permitted
Transferee”) shall have the right to execute and deliver a joinder to this Agreement, substantially in the form of Exhibit B
hereto, whereupon such Permitted Transferee shall become a Holder hereunder. To the extent the Company issues Common Units in the
future, then the holder of such Common Units shall have the right to execute and deliver a joinder to this Agreement, substantially in
the form of Exhibit B hereto, whereupon such holder shall become a Holder hereunder.

 

Section 4.02      Further
Assurances. Each party hereto agrees to execute, acknowledge, deliver, file and record such further certificates,
amendments, instruments and documents, and to do all such other acts and things, as may be required by law or as, in the reasonable
judgment of Pubco, may be necessary or advisable to carry out the intent and purposes of this Agreement.

 

Section 4.03
     Notices. All notices, requests
and other communications to any party hereunder shall be in writing (including facsimile transmission and electronic mail (“e-mail”)
transmission, so long as a receipt of such e-mail is requested and received by non-automated response) and shall be given:

 

(a)            if
to Pubco, to:

 

Clear
Secure, Inc.

65 East 55th Street, 17th Floor

New York, New York, 10022

Attention:      Matthew Levine, General Counsel and Chief Privacy Officer

E-mail:

 

(b)            if
to the Company, to:

 

Alclear
Holdings, LLC

65 East 55th Street, 17th Floor

New York, New York, 10022

Attention:      Matthew Levine, General Counsel and Chief Privacy Officer

E-mail:

 

(c)            if
to any Holder, to the address and other contact information set forth in the records of Pubco or the Company from time to time,

 

or to such other address or facsimile number as such party may hereafter
specify for the purpose by notice to the other parties hereto. All such notices, requests and other communications shall be deemed received
on the date of receipt by the recipient thereof if received prior to 5:00 p.m. New York City time on a Business Day in the place
of receipt. Otherwise, any such notice, request or communication shall be deemed to have been received on the next succeeding Business
Day in the place of receipt.

 

Section 4.04
     Binding Effect. The provisions
of this Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and assigns.
No provision of this Agreement is intended to confer any rights, benefits, remedies, obligations or liabilities hereunder upon any Person
other than the parties hereto and their respective successors and assigns.

 

    13

     

    

 

 

Section 4.05          Jurisdiction.

 

(a)          The
parties hereto agree that any suit, action or proceeding seeking to enforce any provision of, or based on any matter arising out of or
in connection with, this Agreement or the transactions contemplated hereby (whether brought by any party or any of its Affiliates or
against any party or any of its Affiliates) shall be brought in the Delaware Chancery Court or, if such court shall not have jurisdiction,
any federal court located in the State of Delaware or other Delaware state court, and each of the parties hereby irrevocably consents
to the jurisdiction of such courts (and of the appropriate appellate courts therefrom) in any such suit, action or proceeding and irrevocably
waives, to the fullest extent permitted by law, any objection that it may now or hereafter have to the laying of the venue of any such
suit, action or proceeding in any such court or that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum. Process in any such suit, action or proceeding may be served on any party anywhere in the world, whether within
or without the jurisdiction of any such court. Without limiting the foregoing, each party agrees that service of process on such party
as provided in Section 4.03 shall be deemed effective service of process on such party.

 

(b)          EACH
OF THE COMPANY AND THE HOLDERS HEREBY IRREVOCABLY DESIGNATES CORPORATION SERVICE COMPANY (IN SUCH CAPACITY, THE “Process
Agent”), WITH AN OFFICE AT 251 LITTLE FALLS DRIVE, WILMINGTON, NEW CASTLE COUNTY, DELAWARE 19808, AS ITS DESIGNEE, APPOINTEE
AND AGENT TO RECEIVE, FOR AND ON ITS BEHALF SERVICE OF PROCESS IN SUCH JURISDICTION IN ANY LEGAL ACTION OR PROCEEDINGS WITH RESPECT TO
THIS AGREEMENT OR ANY OTHER AGREEMENT EXECUTED IN CONNECTION WITH THIS AGREEMENT, AND SUCH SERVICE SHALL BE DEEMED COMPLETE UPON DELIVERY
THEREOF TO THE PROCESS AGENT; PROVIDED THAT IN THE CASE OF ANY SUCH SERVICE UPON THE PROCESS AGENT, THE PARTY EFFECTING SUCH SERVICE
SHALL ALSO DELIVER A COPY THEREOF TO EACH OTHER SUCH PARTY IN THE MANNER PROVIDED IN SECTION 4.03 OF THIS AGREEMENT. EACH
PARTY SHALL TAKE ALL SUCH ACTION AS MAY BE NECESSARY TO CONTINUE SAID APPOINTMENT IN FULL FORCE AND EFFECT OR TO APPOINT ANOTHER
AGENT SO THAT SUCH PARTY SHALL AT ALL TIMES HAVE AN AGENT FOR SERVICE OF PROCESS FOR THE ABOVE PURPOSES IN WILMINGTON, DELAWARE. NOTHING
HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY TO SERVE PROCESS IN ANY MANNER PERMITTED BY APPLICABLE LAW. EACH PARTY EXPRESSLY ACKNOWLEDGES
THAT THE FOREGOING WAIVER IS INTENDED TO BE IRREVOCABLE UNDER THE LAWS OF THE STATE OF DELAWARE AND OF THE UNITED STATES OF AMERICA.

 

Section 4.06        WAIVER
OF JURY TRIAL. EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING
OUT OF OR RELATED TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

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Section 4.07       Counterparts.
This Agreement may be signed in any number of counterparts, each of which shall be an original, with the same effect as if the signatures
thereto and hereto were upon the same instrument. Until and unless each party has received a counterpart hereof signed by the other party
hereto, this Agreement shall have no effect and no party shall have any right or obligation hereunder (whether by virtue of any other
oral or written agreement or other communication).

 

Section 4.08        Entire
Agreement. This Agreement, the LLC Agreement and the other Reorganization Documents constitute the entire agreement between the parties
with respect to the subject matter of this Agreement and supersede all prior agreements and understandings, both oral and written, between
the parties with respect to the subject matter of this Agreement. Nothing in this Agreement shall create any third-party beneficiary
rights in favor of any Person or other party hereto, except to the extent provided herein with respect to Holders of Indemnitee-Related
Entities, each of whom are intended third-party beneficiaries of those provisions that specifically relate to them with the right to
enforce such provisions as if they were a party hereto.

 

Section 4.09        Severability.
If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other Governmental
Authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement
shall remain in full force and effect and shall in no way be affected, impaired or invalidated so long as the economic or legal substance
of the transactions contemplated hereby is not affected in any manner materially adverse to any party. Upon such a determination, the
parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the parties as closely as possible
in an acceptable manner in order that the transactions contemplated hereby are consummated as originally contemplated to the fullest
extent possible.

 

Section 4.10       Amendment.
This Agreement can be amended at any time and from time to time (including in accordance with Section 2.3 of the Reorganization
Agreement to the extent applicable) by written instrument signed by the Company and Pubco; provided that:

 

(i)           so
as long as Alclear Investments I owns any Paired Interests, without the prior written consent of Alclear Investments I, no amendment
to this Agreement may (x) adversely affect the rights (including the ability to Exchange Paired Interests pursuant to this Agreement)
and obligations of Alclear Investments I or (y) modify the rights or obligations of Alclear Investments I hereunder in any different
or disproportionate manner to the rights or obligations of Alclear Investments II hereunder that, in any such case, is more favorable
to Alclear Investments II relative to Alclear Investments I;

 

(ii)          so
as long as Alclear Investments II owns any Paired Interests, without the prior written consent of Alclear Investments II, no amendment
to this Agreement may (x) adversely affect the rights (including the ability to Exchange Paired Interests pursuant to this Agreement)
and obligations of Alclear Investments II or (y) modify the rights or obligations of Alclear Investments II hereunder in any different
or disproportionate manner to the rights or obligations of Alclear Investments I hereunder that, in any such case, is more favorable
to Alclear Investments I relative to Alclear Investments II; and

 

    15

     

    

 

(iii)         no
amendment to this Agreement may adversely modify in any material respect the rights (including the ability to Exchange Paired Interests
pursuant to this Agreement) and obligations of any Holders in any materially disproportionate manner to the rights and obligations of
any other Holders without the prior written consent of a majority in interest of such disproportionately affected Holder or Holders.

 

In the event that this Agreement is amended, whether or not the prior
written consent of Alclear Investments I or Alclear Investments II is required under the foregoing clauses (i), (ii) or (iii), as
applicable, the Company and Pubco shall provide a copy of such amendment to all Holders.

 

Section 4.11        Governing
Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without regard to the
conflicts of law rules of such State that would result in the application of the laws of any other State.

 

Section 4.12       Tax
Treatment. This Agreement shall be treated as part of the LLC Agreement as described in Section 761(c) of the Code and
Sections 1.704-1(b)(2)(ii)(h) and 1.761-1(c) of the Treasury Regulations promulgated thereunder. As required by the Code
and the Treasury Regulations, and the parties shall report any Exchange consummated hereunder as a taxable sale of the Common Units and
shares of Class C Common Stock or Class D Common Stock, as applicable, by a Holder to Pubco, and no party shall take a contrary
position on any income tax return or amendment thereof unless an alternate position is permitted under the Code and Treasury Regulations
and Pubco consents in writing.

 

Section 4.13        Independent
Nature of Holders’ Rights and Obligations. The obligations of each Holder hereunder are several and not joint with the obligations
of any other Holder, and no Holder shall be responsible in any way for the performance of the obligations of any other Holder under hereunder.
The decision of each Holder to enter into to this Agreement has been made by such Holder independently of any other Holder. Nothing contained
herein, and no action taken by any Holder pursuant hereto, shall be deemed to constitute the Holders as a partnership, an association,
a joint venture or any other kind of entity, or create a presumption that the Holders are in any way acting in concert or as a group
with respect to such obligations or the transactions contemplated hereby.

 

[signature pages follow]

 

    16

     

    

 

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

 

	 	Clear Secure, Inc.
	 	 
	 	 
		By:	
	 	 	Name:	 
	 	 	Title:	 

 

	 	Alclear Holdings,
LLC
	 	 
	 	 
	 	By:	 
	 	 	Name:	 
	 	 	Title:	 

 

[Signature Page to the Exchange Agreement]

 

    

     

    

 

	 	HOLDERS:
	 	 
	 	 
	 	ALCLEAR INVESTMENTS, LLC
	 	 
	 	 
	 	By:	 Caryn Seidman-Becker
	 	Title:	Manager

 

	 	ALCLEAR INVESTMENTS, LLC
	 	 
	 	 
	 	By:	 Kenneth L. Cornick
	 	Title:	Manager

 

[Signature Page to the Exchange Agreement]

 

    

     

    

 

	 	 
	 	[OTHER HOLDERS]

 

[Signature Page to the Exchange Agreement]

 

    

     

    

 

EXHIBIT A

 

[FORM OF] 

NOTICE OF EXCHANGE

 

Clear Secure, Inc. 

65 East 55th Street, 17th Floor

New York, New York 10022 

Attention: General Counsel and Chief Privacy Officer 

Email:

 

Alclear Holdings, LLC 

65 East 55th Street, 17th Floor

New York, New York 10022 

Attention: General Counsel and Chief Privacy Officer

Email:

 

Reference
is hereby made to the Exchange Agreement, dated as of [____], 2021 (the “Exchange Agreement”), by and among
Clear Secure, Inc., a Delaware corporation (“Pubco”), Alclear Holdings, LLC, a Delaware limited liability company
(the “Company”), and the holders of Common Units (as defined therein) and shares of Class C Common Stock (as
defined therein) or Class D Common Stock (as defined therein) from time to time party hereto (each, a “Holder”).
Capitalized terms used but not defined herein shall have the meanings given to them in the Exchange Agreement.

 

The undersigned Holder desires to transfer to
Pubco the number of (i) shares of Class [C/D] Common Stock plus Common Units set forth below (together, the “Paired
Interests”) in Exchange for shares of Class [A/B] Common Stock (the “Deliverable Common Stock”) to
be issued in its name as set forth below, in accordance with the terms of the Exchange Agreement.

 

	Legal Name of Holder:	 	 
	 	 	 
	Address:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	Number
of Paired Interests	 	 
	to be Exchanged:	 	 
	 	 	 
	Proposed Exchange Date:	 	 
	 	 	 
	DTC
Participant Number for	 	 
	delivery of Deliverable	 	 
	Common Stock:	 	 

 

    

     

    

 

The undersigned hereby represents and warrants
that (i) the undersigned has full legal capacity to execute and deliver this Notice of Exchange and to perform the undersigned’s
obligations hereunder, (ii) this Notice of Exchange has been duly executed and delivered by the undersigned and is the legal, valid
and binding obligation of the undersigned enforceable against it in accordance with the terms thereof or hereof, as the case may be,
subject to applicable bankruptcy, insolvency and similar laws affecting creditors’ rights generally and the availability of equitable
remedies, (iii) the Paired Interests subject to this Notice of Exchange are being transferred to Pubco free and clear of any pledge,
lien, security interest, encumbrance, equities or claim and (iv) no consent, approval, authorization, order, registration or qualification
of any third party or with any court or governmental agency or body having jurisdiction over the undersigned or the Paired Interests
subject to this Notice of Exchange is required to be obtained by the undersigned for the transfer of such Paired Interests to Pubco.

 

The undersigned hereby irrevocably constitutes
and appoints any officer of Pubco as the attorney of the undersigned, with full power of substitution and resubstitution in the premises,
to do any and all things and to take any and all actions that may be necessary to transfer to Pubco the Paired Interests subject to this
Notice of Exchange and to deliver to the undersigned the shares of Deliverable Common Stock to be delivered in Exchange therefor.

 

IN WITNESS WHEREOF, the undersigned, by authority
duly given, has caused this Notice of Exchange to be executed and delivered by the undersigned or by its duly authorized attorney.

 

	 	 
	 	Name:
	 	 
	 	Date:

 

    

     

    

 

EXHIBIT B

 

[FORM OF] 

JOINDER AGREEMENT

 

This
Joinder Agreement (“Joinder Agreement”) is a joinder to the Exchange Agreement, dated as of [____], 2021 (the
 “Agreement”), by and among Clear Secure, Inc., a Delaware corporation (“Pubco”), Alclear Holdings,
LLC, a Delaware limited liability company (the “Company”), and the holders of Common Units (as defined therein) and
shares of Class C Common Stock (as defined therein) or Class D Common Stock (as defined therein) from time to time party hereto
(each, a “Holder”). Capitalized terms used but not defined in this Joinder Agreement shall have their meanings given
to them in the Agreement. This Joinder Agreement shall be governed by and construed in accordance with the laws of the State of Delaware,
without regard to the conflicts of law rules of such State that would result in the application of the laws of any other State.
In the event of any conflict between this Joinder Agreement and the Agreement, the terms of this Joinder Agreement shall control.

 

The undersigned, having acquired shares of Class [C/D]
Common Stock and Common Units, hereby joins and enters into the Agreement. By signing and returning this Joinder Agreement to Pubco,
the undersigned (i) accepts and agrees to be bound by and subject to all of the terms and conditions of and agreements of a Holder
contained in the Agreement, with all attendant rights, duties and obligations of a Holder thereunder and (ii) makes each of the
representations and warranties of a Holder set forth in Section 3.02 of the Agreement as fully as if such representations
and warranties were set forth herein. The parties to the Agreement shall treat the execution and delivery hereof by the undersigned as
the execution and delivery of the Agreement by the undersigned and, upon receipt of this Joinder Agreement by Pubco and by the Company,
the signature of the undersigned set forth below shall constitute a counterpart signature to the signature page of the Agreement.

 

	Name:	 	 
	 	 	 
	Address
for Notices:	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	With
Copies To:	 	 
	 	 	 
	 	 	 
	 	 	 

 

    

     

    

 

IN WITNESS WHEREOF, the undersigned, by authority duly given, has
caused this Joinder Agreement to be executed and delivered by the undersigned or by its duly authorized attorney.

 

	 	 
	 	Name:
	 	 
	 	Date:

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