Document:

Exhibit 4.1

 

EXECUTION VERSION

 

CROCS, INC.

as Issuer

 

The Guarantors party hereto from time to time

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

INDENTURE

 

Dated as of August 10, 2021

 

4.125% Senior Notes due 2031

 

     

     

    

 

TABLE
OF CONTENTS

 

 

 

	 	 	PAGE
	Article 1
	Definitions
                    and Incorporation By Reference

	 	 	 
	Section 1.01.	Definitions	1
	Section 1.02.	Other Definitions	36
	Section 1.03.	Trust Indenture Act	37
	Section 1.04.	Rules of Construction	37
	 	 	 
	ARTICLE 2
	The Notes
	 	 	 
	Section 2.01.	Amount of Notes	37
	Section 2.02.	Form and Dating	38
	Section 2.03.	Execution and Authentication	38
	Section 2.04.	Registrar and Paying Agent	39
	Section 2.05.	Paying Agent to Hold Money in Trust	40
	Section 2.06.	Noteholder Lists	40
	Section 2.07.	Replacement Notes	41
	Section 2.08.	Outstanding Notes	41
	Section 2.09.	Temporary Notes	41
	Section 2.10.	Cancellation	42
	Section 2.11.	Defaulted Interest	42
	Section 2.12.	CUSIP, ISIN or Common Code Numbers	42
	 	 	 
	Article
                    3

	Redemption
	 	 	 
	Section 3.01.	Notices to Trustee	42
	Section 3.02.	Selection of Notes to be Redeemed	42
	Section 3.03.	Notice of Redemption	43
	Section 3.04.	Effect of Notice of Redemption	44
	Section 3.05.	Deposit of Redemption Price	44
	Section 3.06.	Notes Redeemed in Part	44
	Section 3.07.	Optional Redemption	44
	 	 	 
	Article
                    4 

	Covenants
	 	 	 
	Section 4.01.	Covenant Suspension	45
	Section 4.02.	Payment of Notes	46
	Section 4.03.	Reports	46

 

    i

     

    

 

	Section 4.04.	Limitation on Debt	47
	Section 4.05.	Limitation on Restricted Payments	51
	Section 4.06.	Limitation on Liens	55
	Section 4.07.	Limitation on Asset Sales	56
	Section 4.08.	Limitation on Restrictions on Distributions from Restricted Subsidiaries	60
	Section 4.09.	Limitation on Transactions with Affiliates	62
	Section 4.10.	Designation of Restricted and Unrestricted Subsidiaries	64
	Section 4.11.	Limitation on Sale and Leaseback Transactions	65
	Section 4.12.	Change of Control	66
	Section 4.13.	Further Instruments and Acts	67
	Section 4.14.	Additional Note Guarantees	67
	Section 4.15.	Existence	68
	Section 4.16.	Payment of Taxes and other Claims	68
	Section 4.17.	Maintenance of Properties and Insurance	68
	Section 4.18.	Annual Officer’s Certificate as to Compliance	68
	Section 4.19.	Limitation on Accounts Receivables Facilities	69
	 	 	 
	Article 5
	Successor Issuer
	 	 	 
	Section 5.01.	Merger, Consolidation and Sale of Property	69
	Section 5.02.	When Guarantors May Merge or Transfer Assets	70
	Section 5.03.	Application to the Consummation of the Transactions	71
	 	 	 
	Article 6
	Defaults and Remedies
	 	 	 
	Section 6.01.	Events of Default	71
	Section 6.02.	Acceleration	73
	Section 6.03.	Other Remedies	73
	Section 6.04.	Waiver of Past Defaults	73
	Section 6.05.	Control by Majority	74
	Section 6.06.	Limitation on Suits	74
	Section 6.07.	Rights of Holders to Receive Payment	74
	Section 6.08.	Collection Suit by Trustee	74
	Section 6.09.	Trustee May File Proofs of Claim	75
	Section 6.10.	Priorities	75
	Section 6.11.	Undertaking for Costs	75
	Section 6.12.	Waiver of Stay or Extension Laws	75
	Section 6.13.	Restoration of Rights and Remedies	76
	Section 6.14.	Rights and Remedies Cumulative	76
	Section 6.15.	Delay or Omission Not Waiver	76

 

    ii

     

    

 

	Article 7
	Trustee
	 	 	 
	Section 7.01.	Duties of Trustee	76
	Section 7.02.	Rights of Trustee	77
	Section 7.03.	Individual Rights of Trustee	79
	Section 7.04.	Trustee’s Disclaimer	79
	Section 7.05.	Notice of Defaults	79
	Section 7.06.	[Reserved]	80
	Section 7.07.	Compensation and Indemnity	80
	Section 7.08.	Replacement of Trustee	81
	Section 7.09.	Successor Trustee by Merger	81
	Section 7.10.	Eligibility; Disqualification	82
	 	 	 
	Article 8
	Discharge of Indenture; Defeasance
	 	 	 
	Section 8.01.	Discharge of Liability on Notes; Defeasance	82
	Section 8.02.	Conditions to Defeasance	83
	Section 8.03.	Application of Trust Money	84
	Section 8.04.	Repayment to Issuer	84
	Section 8.05.	Indemnity for U.S. Government Obligations	84
	Section 8.06.	Reinstatement	85
	 	 	 
	Article 9
	Amendments
	 	 	 
	Section 9.01.	Without Consent of Holders	85
	Section 9.02.	With Consent of Holders	86
	Section 9.03.	[Reserved]	87
	Section 9.04.	Revocation and Effect of Consents and Waivers	87
	Section 9.05.	Notation on or Exchange of Notes	88
	Section 9.06.	Trustee to Sign Amendments	88
	 	 	 
	Article 10
	Note Guarantees
	 	 	 
	Section 10.01.	The Note Guarantees	88
	Section 10.02.	Guarantee Unconditional	89
	Section 10.03.	Discharge; Reinstatement	89
	Section 10.04.	Waiver by the Guarantors	89
	Section 10.05.	Subrogation and Contribution	90
	Section 10.06.	Stay of Acceleration	90
	Section 10.07.	Limitation on Amount of Note Guarantee	90
	Section 10.08.	Execution and Delivery of Note Guarantee	90
	Section 10.09.	Release of Note Guarantee	90

 

    iii

     

    

 

	Article 11
	Miscellaneous
	 	 	 
	Section 11.01.	[Reserved]	91
	Section 11.02.	Notices	91
	Section 11.03.	[Reserved]	93
	Section 11.04.	Certificate and Opinion as to Conditions Precedent	93
	Section 11.05.	Statements Required in Certificate or Opinion	93
	Section 11.06.	When Notes Disregarded	94
	Section 11.07.	Rules by Trustee, Paying Agents and Registrar	94
	Section 11.08.	Business Days	94
	Section 11.09.	Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction	94
	Section 11.10.	No Recourse Against Others	95
	Section 11.11.	Successors	95
	Section 11.12.	Multiple Originals	96
	Section 11.13.	Table of Contents; Headings	96
	Section 11.14.	Force Majeure	96
	Section 11.15.	U.S.A. Patriot Act	96
	Section 11.16.	FATCA	96

 

	Appendix A - Provisions Relating to Notes	 	 

 

	EXHIBIT INDEX	 	 
	Exhibit A	—	Form of Note
	Exhibit B	—	Form of Supplemental Indenture for Future Guarantors

 

    iv

     

    

 

 

INDENTURE, dated as of August 10, 2021, among
CROCS, INC., a Delaware corporation (the “Issuer”), the Guarantors party hereto and U.S. BANK NATIONAL ASSOCIATION,
as Trustee (the “Trustee”).

 

RECITALS

 

The Issuer has duly authorized the execution and
delivery of the Indenture to provide for the issuance on the date hereof of $350,000,000 aggregate principal amount of the Issuer’s
4.125% Senior Notes due 2031 (the “Original Notes”) issued therefor as provided herein (the Original Notes and any
Additional Notes (as defined below) together referred to herein as the “Notes”). All things necessary to make the
Indenture a valid agreement of the Issuer, in accordance with its terms, have been done, and the Issuer has done all things necessary
to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee and duly issued by the Issuer, the valid
obligations of the Issuer as hereinafter provided.

 

THIS INDENTURE WITNESSETH

 

For and in consideration of the premises and the
purchase of the Notes by the Holders thereof, the parties hereto covenant and agree, for the equal and proportionate benefit of all Holders,
as follows:

 

Article
1

Definitions and Incorporation By Reference

 

Section 1.01.     
Definitions.

 

“Additional Assets” means:

 

(a)       any
Property (other than cash, cash equivalents, securities and inventory or other current assets), including any improvements thereto through
capital expenditures or otherwise, to be used, or that is useful, in a Permitted Business;

 

(b)       Capital
Stock of (i) a Person that becomes a Restricted Subsidiary as a result of the acquisition of that Capital Stock by the Issuer or another
Restricted Subsidiary from any Person other than the Issuer or an Affiliate of the Issuer or (ii) any Person that at such time is a Restricted
Subsidiary; provided, however, that, in the case of this clause (b), the Restricted Subsidiary is primarily engaged in
a Permitted Business; or

 

(c)       all
or substantially all of the assets of a Permitted Business.

 

“Additional Notes” means any
Notes issued under this Indenture in addition to the Original Notes, but excluding any Notes issued pursuant to Section 2.07, 2.09 or
3.06 or Appendix A in respect of the Original Notes.

 

    1 

     

    

 

“Affiliate” of any specified
Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with that
specified Person.

 

For the purposes of this definition, “control”
when used with respect to any Person means the power to direct the management and policies of that Person, directly or indirectly, whether
through the ownership of voting securities, by contract or otherwise; and the terms “controlling” and “controlled”
have meanings correlative to the foregoing.

 

“Applicable Premium” means,
with respect to any Note on any Redemption Date, the greater of:

 

(a)       1.0%
of the principal amount of such Note; and

 

(b)       the
excess, if any, of (i) the present value on such Redemption Date of (A) the redemption price of such Notes on August 15, 2026 (such redemption
price being that described in paragraph 5 of the Notes), plus (B) all required remaining scheduled interest payments due on such Note
through August 15, 2026 computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (ii) the principal amount
of such Note.

 

“Approved Bank” means (a) any
lender under the revolving credit facility under the Credit Agreement, (b) any United States domestic commercial bank of recognized standing
having capital and surplus in excess of $500,000,000 or (c) any bank (or parent thereof) whose short-term commercial paper rating from
S&P is at least A-2 or the equivalent thereof or from Moody’s is at least P-2 or the equivalent thereof.

 

“Asset Sale” means any direct
or indirect sale, lease (other than an operating lease entered into in the ordinary course of business), transfer, issuance or other
disposition (or series of related sales, leases, transfers, issuances or dispositions that are part of a common plan) by the Issuer or
any Restricted Subsidiary, including any disposition by means of a merger, consolidation or similar transaction (each referred to for
the purposes of this definition as a “disposition”), of:

 

(a)       any
shares of Capital Stock of a Restricted Subsidiary (other than directors’ qualifying shares and shares issued to foreign nationals
to the extent required by applicable law),

 

(b)       all
or substantially all the assets of any division or line of business of the Issuer or any Restricted Subsidiary, or

 

(c)       any
other Property of the Issuer or any Restricted Subsidiary outside of the ordinary course of business of the Issuer or such Restricted
Subsidiary,

 

other than, in the case of clause (a), (b) or (c) above,

 

(i)       any
disposition by a Restricted Subsidiary to the Issuer or by the Issuer or a Restricted Subsidiary to a Restricted Subsidiary;

 

    2 

     

    

 

(ii)       any
disposition that constitutes a Permitted Investment or Restricted Payment permitted by Section 4.05;

 

(iii)       any
disposition effected in compliance with the first paragraph in Section 5.01;

 

(iv)       any
disposition that does not (together with all related dispositions) involve assets having a Fair Market Value or consideration in excess
of $10.0 million;

 

(v)       any
disposition of Cash Equivalents in the ordinary course of business;

 

(vi)       any
disposition of obsolete, damaged or worn out property or equipment or property or equipment that is no longer useful in the conduct of
the business and its Restricted Subsidiaries;

 

(vii)       any
disposition pursuant to a Sale and Leaseback Transaction;

 

(viii)       the
creation or Incurrence of a Permitted Lien or any other Lien created or Incurred in compliance with the covenant described in Section
4.06 and dispositions in connection therewith;

 

(ix)       dispositions
of receivables in connection with the compromise, settlement or collection thereof in the ordinary course of business or in bankruptcy
or similar proceedings and exclusive of factoring or similar arrangements;

 

(x)       the
issuance by a Restricted Subsidiary of Preferred Stock or Disqualified Stock that is permitted by the covenant described in Section 4.04;

 

(xi)       a
surrender or waiver of contract rights or a settlement, release or surrender of contract, tort or other claims in the ordinary course
of business;

 

(xii)       foreclosure
on assets or property;

 

(xiii)       any
grant of a non-exclusive license of trademarks, know-how, patents and any other intellectual property or intellectual property rights;

 

(xiv)       any
sale or other disposition of Capital Stock in, or Debt or other securities of, an Unrestricted Subsidiary;

 

(xv)       the
lease, assignment, sub-lease, license or sub-license of any real or personal property in the ordinary course of business;

 

(xvi)       the
lapse or abandonment of intellectual property rights in the ordinary course of business;

 

    3 

     

    

 

(xvii)       the
issuance of directors’ qualifying shares and shares issued to foreign nationals or other third parties as required by applicable
law;

 

(xviii)       sales
of inventory in the ordinary course of business;

 

(xix)       any
exchange of like-kind property (excluding any securities) pursuant to Section 1031 of the Code that are used or useful in a Permitted
Business;

 

(xx)       condemnations
or any similar action on assets;

 

(xxi)       dispositions
of accounts receivable and related assets to a Securitization Subsidiary or to banks, investment banks, insurance companies, mutual funds
or other institutional lenders in connection with a Permitted Receivables Financing; and

 

(xxii)       any
non-recourse factoring of accounts receivable pursuant to a factoring program sponsored by a retailer of national standing in partnership
with a financial institution or otherwise entered into by the Issuer or any of its subsidiaries with a financial institution.

 

“Attributable Debt” in respect
of a Sale and Leaseback Transaction means, at any date of determination,

 

(a)       if
the Sale and Leaseback Transaction creates a Capital Lease Obligation, or Synthetic Lease Obligation, the amount of Debt represented
thereby according to the definition of “Capital Lease Obligation” or “Synthetic Lease Obligation,” as applicable,
and

 

(b)       in
all other instances, the present value (discounted at the interest rate borne by the Notes, compounded annually) of the total obligations
of the lessee for rental payments during the remaining term of the lease included in the Sale and Leaseback Transaction (including any
period for which the lease has been extended).

 

“Authentication Agent” means
an institution, reasonably acceptable to the Issuer, appointed by the Trustee to authenticate the Notes.

 

“Average Life” means, as of
any date of determination, with respect to any Debt or Preferred Stock, the quotient obtained by dividing:

 

(a)       the
sum of the product of the numbers of years (rounded to the nearest one-twelfth of one year) from the date of determination to the dates
of each successive scheduled principal payment of that Debt or redemption or similar payment with respect to that Preferred Stock multiplied
by the amount of the payment by

 

(b)       the
sum of all payments of this kind.

 

    4 

     

    

 

“Bankruptcy Law” means Title
11, U.S. Code or any similar federal or state law for the relief of debtors.

 

“Beneficial Owner” means a
beneficial owner as defined in Rule 13d-3 under the Exchange Act, except that:

 

(a)       a
Person will be deemed to be the Beneficial Owner of all shares that the Person has the right to acquire, whether that right is exercisable
immediately or only after the passage of time, and

 

(b)       for
purposes of clause (a) of the definition of “Change of Control,” any “person” or “group” (as those
terms are defined in Sections 13(d) and 14(d) of the Exchange Act or any successor provisions to either of the foregoing), including
any group acting for the purpose of acquiring, holding, voting or disposing of securities within the meaning of Rule 13d-5(b)(1) under
the Exchange Act, shall be deemed to be the Beneficial Owners of any Voting Stock of a corporation or other legal entity held by any
other corporation or legal entity (the “parent corporation”), so long as that person or group Beneficially Owns, directly
or indirectly, in the aggregate a majority of the total voting power of the Voting Stock of that parent corporation.

 

The term “Beneficially Own” shall have a corresponding
meaning.

 

“Board of Directors” means:
(1) with respect to a corporation, the board of directors of the corporation or a duly authorized committee of the board of directors;
(2) with respect to a partnership, the board of directors (or other governing body) of the general partner of the partnership; (3) with
respect to a limited liability company, the managing member or members or any controlling committee or board of managers of such company
or the Board of Directors of the sole member or the managing member thereof; and (4) with respect to any other Person, the board or committee
of such Person serving a similar function.

 

“Business Day” means each day
that is not a Saturday, Sunday or other day on which banking institutions in New York, New York or the city in which the corporate trust
office of the Trustee is located (or in connection with a payment, the place of payment) are authorized or required by law to close.

 

“Capital Lease Obligation”
means the obligations of such Person to pay rent or other amounts under any lease of (or other arrangement conveying the right to use)
real or personal property, or a combination thereof, which obligations are required to be classified and accounted for as capital leases
on a balance sheet of such Person under GAAP and, for the purposes of this Indenture, the amount of such obligations shall be the amount
thereof required to be capitalized and reflected as a liability on a balance sheet (other than the notes thereto) prepared in accordance
with GAAP and the Stated Maturity thereof will be the date of the last payment of rent or any other amount due under such lease prior
to the first date such lease may be terminated without penalty, in each case. For purposes of Section 4.06, a Capital Lease Obligation
shall be deemed secured by a Lien on the Property being leased.

 

    5 

     

    

 

“Capital Stock” means, with
respect to any Person, any shares or other equivalents (however designated) of any class of corporate stock or partnership interests
or any other participation, rights, warrants, options or other interests in the nature of an equity interest in that Person, including
Preferred Stock, but excluding any debt security convertible or exchangeable into that equity interest.

 

“Capital Stock Sale Proceeds”
means the aggregate proceeds (including the Fair Market Value of property other than cash) received by the Issuer from the issuance or
sale (other than to a Subsidiary of the Issuer, an employee stock ownership plan or trust established by the Issuer or the Subsidiary
for the benefit of their employees) by the Issuer of its Capital Stock (other than Disqualified Stock) after the Issue Date, net of attorneys’
fees, accountants’ fees, underwriters’, initial purchasers’ or placement agents’ fees, discounts or commissions
and brokerage, consultant and other fees actually incurred in connection with the issuance or sale and net of taxes paid or payable as
a result thereof.

 

“Cash Equivalents” means any
of the following types of Investments, to the extent owned by the Issuer or any Restricted Subsidiary:

 

(a)       securities
issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that the full
faith and credit of the United States is pledged in support thereof) having maturities of not more than 24 months from the date of acquisition,

 

(b)       U.S.
Dollar denominated time deposits, certificates of deposit or bankers’ acceptances of any Approved Bank, in each case with maturities
of not more than 364 days from the date of acquisition,

 

(c)       commercial
paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued
by, or guaranteed by, any domestic corporation rated A-2 (or the equivalent thereof) or better by S&P or P-2 (or the equivalent thereof)
or better by Moody’s, and maturing within 24 months of the date of acquisition,

 

(d)       repurchase
agreements entered into by any Person with a bank or trust company (including any Approved Bank) or recognized securities dealer having
capital and surplus in excess of $500.0 million for direct obligations issued by or fully guaranteed by the United States in which such
Person shall have a perfected first priority security interest (subject to no other Liens) and having, on the date of purchase thereof,
a Fair Market Value of at least one hundred percent (100%) of the amount of the repurchase obligations,

 

(e)       Investments
(classified in accordance with GAAP as current assets) in money market investment programs registered under the Investment Company Act
of 1940 that are administered by financial institutions having capital of at least $500.0 million and the portfolios of which are limited
to Investments of the character described in the foregoing subclauses hereof,

 

    6 

     

    

 

(f)       other
short-term investments utilized by the Issuer or any Restricted Subsidiary in accordance with normal investment practices for cash management
in investments of a type analogous to the foregoing,

 

(g)       U.S.
Dollars or foreign currencies held from time to time in the ordinary course of business, and

 

(h)       interests
in any investment company or money market fund which invests 95% or more of its assets in instruments specified in clauses (a) through
(g) above.

 

“Change of Control” means the
occurrence of any of the following events:

 

(a)       any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Exchange Act or any successor
provisions to either of the foregoing), including any group acting for the purpose of acquiring, holding, voting or disposing of securities
within the meaning of Rule 13d-5(b)(1) under the Exchange Act, becomes the ultimate Beneficial Owner, directly or indirectly, of 50%
or more of the total voting power of the Voting Stock of the Issuer; provided, however, that an entity that conducts no
other material activities other than holding Voting Stock of the Issuer or any direct or indirect parent of the Issuer and has no other
material assets or liabilities other than such Voting Stock will not itself be considered a “person” for purposes of this
clause (a); or

 

(b)       the
sale, transfer, assignment, lease, conveyance or other disposition, directly or indirectly, of all or substantially all the Property
of the Issuer and the Restricted Subsidiaries, considered as a whole (other than a disposition of assets as an entirety or virtually
as an entirety to a Wholly Owned Restricted Subsidiary) shall have occurred; or

 

(c)       the
shareholders of the Issuer shall have approved any plan of liquidation or dissolution of the Issuer.

 

“Change of Control Triggering Event”
means, with respect to the Notes, the occurrence of (x) a Change of Control that is accompanied or followed by a downgrade of the Notes
as a result of a Change of Control within the applicable Ratings Decline Period by each of Moody’s and S&P (or, in the event
Moody’s or S&P or both shall cease rating the Notes (for reasons outside the control of the Issuer) and the Issuer shall select
any other Rating Agency, the equivalent of such ratings by such other Rating Agency) and the rating of the Notes on any day during such
Ratings Decline Period is below the lower of the rating by such Rating Agency in effect (i) immediately preceding the first public announcement
of the Change of Control (or occurrence thereof if such Change of Control occurs prior to public announcement) and (ii) the Issue Date.

 

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

 

“Commodity Price Protection Agreement”
means, in respect of a Person, any forward contract, commodity swap agreement, commodity option agreement or other similar agreement
or arrangement designed to protect that Person against fluctuations in commodity prices.

 

    7 

     

    

 

“Consolidated Current Liabilities”
means, as of any date of determination, the consolidated current liabilities of the Issuer and its Restricted Subsidiaries that may properly
be classified as current liabilities in conformity with GAAP, excluding, without duplication, (a) the current portion of any long-term
Debt (including, for the avoidance of doubt, revolving credit loans under any Credit Facility with a term of more than one year from
the closing date thereof) and (b) any amounts thereof which are by their terms extendible or renewable at the option of the obligor thereon
to a time more than 12 months after the time as of which the amount thereof is being determined.

 

“Consolidated EBITDA” means,
for any period, Consolidated Net Income for such period, plus

 

(a)       without
duplication and to the extent deducted (and not added back) in determining such Consolidated Net Income for such period, the sum of:

 

(i)       Consolidated
Interest Expense for such period,

 

(ii)       consolidated
income tax expense for such period,

 

(iii)       all
amounts attributable to depreciation and amortization (including amortization of deferred financing fees) for such period,

 

(iv)       any
non-cash extraordinary charges for such period,

 

(v)       any
other non-cash charges (other than the write-down or write-off of current assets, any additions to bad debt reserve or bad debt expense
or any accruals for estimated sales discounts, returns or allowances) for such period,

 

(vi)       any
losses for such period attributable to early extinguishment of Debt or obligations under any Swap Agreement,

 

(vii)       any
net after-tax extraordinary, unusual or nonrecurring losses, costs, charges or expenses,

 

(viii)       restructuring,
business optimization costs, charges or reserves (including any unusual or non-recurring operating expenses directly attributable to
the implementation of cost savings initiatives), recruiting fees, fees of restructuring or business optimization consultants, integration
and nonrecurring severance, relocation costs, one-time compensation charges, consolidation, transition, integration or other similar
charges and expenses, contract termination costs, excess pension charges, system establishment charges, start-up or closure or transition
costs, expenses related to any reconstruction, decommissioning, recommissioning or reconfiguration of fixed assets for alternative uses,
fees, expenses or charges relating to curtailments or modifications to pension and post- retirement employee benefit plans and litigation
settlements or losses outside the ordinary course of business),

 

    8 

     

    

 

(ix)       the
amount of “run-rate” cost savings (including, without limitation, cost savings with respect to salary, benefit and other
direct savings resulting from workforce reductions and facility, benefit and insurance savings),
operating expense reductions, other operating improvements, initiatives and synergies (including the modification and renegotiation of
contracts and other arrangements), that are reasonably identifiable and factually supportable and projected by the Issuer in good faith
and set forth in an Officers’ Certificate, to be reasonably anticipated to be realizable as a result of actions that have been
taken or with respect to which substantial steps have been taken or are expected to be taken within 24 months after any such Investment,
acquisition (including the Transactions), disposition, merger, consolidation, reorganization or restructuring, transaction, cost savings
initiative, other initiative or event, and in each case, added to Consolidated EBITDA as so projected until fully realized and calculated
on a pro forma basis as though such cost savings, operating expense reductions, other operating improvements, initiatives and synergies
had been realized on the first day of such period), net of the amount of actual benefits realized prior to or during such period from
such actions, provided that the aggregate amount added back pursuant to this clause (ix) may not exceed, when aggregated with the amount
of any increase for such period to Consolidated EBITDA pursuant to clause (ii) of the definition of “pro forma basis,” 25%
for any four fiscal quarter period of Consolidated EBITDA for such period (prior to giving effect to any increase pursuant to such clause
(ii) or this clause (a)( ix)), plus

 

(x)       any
expense or charges incurred during such period in connection with any issuance of debt, equity securities or any refinancing transaction,
whether or not consummated, and minus

 

(b)       without
duplication

 

(i)       to
the extent not deducted in determining such Consolidated Net Income, all cash payments made during such period on account of non-cash
charges that were or would have been added to Consolidated Net Income, and

 

(ii)       to
the extent included in determining such Consolidated Net Income, (A) any extraordinary gains and all non-cash items of income (other
than normal accruals in the ordinary course of business) for such period and (B) any gains for such period attributable to early extinguishment
of Debt or obligations under any Swap Agreement or Hedging Obligation, all determined on a consolidated basis in accordance with GAAP;

 

provided
that Consolidated EBITDA shall be calculated so as to exclude the effect of any gain or loss that represents after-tax gains or losses
attributable to any sale, transfer or other disposition of assets by the Issuer or any Restricted Subsidiary, other than dispositions
in the ordinary course of business,

 

    9 

     

    

 

provided
further that for the purposes of clause (ii) of the definition of “Permitted Debt” in Section 4.04, Consolidated EBITDA
shall be calculated on a pro forma basis with such pro forma adjustments as are appropriate and consistent with the pro forma provisions
set forth in the definition of Consolidated Fixed Charge Coverage Ratio.

 

“Consolidated Fixed Charges”
means, for any period for the Issuer and its consolidated Restricted Subsidiaries, the sum, without duplication, of,

 

(a)       Consolidated
Interest Expense for such period, plus

 

(b)       Disqualified
Stock Dividends paid, accrued or scheduled to be paid or accrued during such period, excluding dividends paid in Qualified Capital Stock,
plus

 

(c)       Preferred
Stock Dividends paid, accrued or scheduled to be paid or accrued during such period, excluding dividends paid in Qualified Capital Stock.

 

“Consolidated Fixed Charge Coverage Ratio”
means, as of any date of determination, the ratio of:

 

(a)       the
aggregate amount of Consolidated EBITDA for the most recent four consecutive fiscal quarters ending prior to such determination date
for which financial statements are required to be filed pursuant to Section 4.03 to

 

(b)       Consolidated
Fixed Charges for those four fiscal quarters;

provided, however, that:

 

(1)       if:

 

(A)       since
the beginning of that period the Issuer or any Restricted Subsidiary has Incurred any Debt that remains outstanding or Repaid any Debt,
or

 

(B)       the
transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio involves an Incurrence or Repayment of
Debt,

 

Consolidated Fixed Charges for that period shall be calculated
after giving effect on a pro forma basis to that Incurrence or Repayment as if the Debt was Incurred or Repaid on the first day of that
period, provided that, in the event of any Repayment of Debt, Consolidated EBITDA for that period shall be calculated as if the
Issuer or such Restricted Subsidiary had not earned any interest income actually earned during such period in respect of the funds used
to Repay such Debt, and

 

    10 

     

    

 

(2)       if:

 

(A)       since
the beginning of that period the Issuer or any Restricted Subsidiary shall have made any Asset Sale or an Investment (by merger or otherwise)
in any Restricted Subsidiary (or any Person which becomes a Restricted Subsidiary) or an acquisition of Property which constitutes all
or substantially all of an operating unit of a business,

 

(B)       the
transaction giving rise to the need to calculate the Consolidated Fixed Charge Coverage Ratio involves an Asset Sale, Investment or acquisition,
or

 

(C)       since
the beginning of that period any Person (that subsequently became a Restricted Subsidiary or was merged with or into the Issuer or any
Restricted Subsidiary since the beginning of that period) shall have made such an Asset Sale, Investment or acquisition,

 

Consolidated EBITDA for that period shall be calculated
on a pro forma basis after giving effect to the Asset Sale, Investment or acquisition as if the Asset Sale, Investment or acquisition
occurred on the first day of that period.

 

If any Debt bears a floating rate of interest
and is being given pro forma effect, the interest expense on that Debt shall be calculated as if the base interest rate in effect for
the floating rate of interest on the date of determination had been the applicable base interest rate for the entire period (taking into
account any Interest Rate Agreement applicable to that Debt if the applicable Interest Rate Agreement has a remaining term in excess
of 12 months). In the event the Capital Stock of any Restricted Subsidiary is sold during the period, the Issuer shall be deemed, for
purposes of clause (1) above, to have Repaid during that period the Debt of that Restricted Subsidiary to the extent the Issuer and its
continuing Restricted Subsidiaries are no longer liable for that Debt after the sale.

 

“Consolidated Interest Expense”
means, for any period for the Issuer and its Restricted Subsidiaries, all interest expense on a consolidated basis determined in accordance
with GAAP, but including, in any event, the interest component under Capital Lease Obligations, Synthetic Lease Obligations and any premiums,
fees, discounts, expenses and losses on the sale of accounts receivable (and any amortization thereof) payable by the Issuer or any Restricted
Subsidiary in connection with a Permitted Receivables Financing.

 

“Consolidated Leverage Ratio” means,
as of any date of determination, the ratio of (a) the aggregate amount of all Debt of the Issuer and its Restricted Subsidiaries, other
than Debt of the type described in clauses (d) and (h) of the definition of Debt, (on a pro forma basis reflecting any Incurrence of
Debt and Repayment of Debt made on such date) to (b) the aggregate amount of Consolidated EBITDA for the Issuer for the four full fiscal
quarters, treated as one period, ending prior to the date of the transaction giving rise to the need to calculate the Consolidated Leverage
Ratio for which financial statements are required to be filed pursuant to Section 4.03. In addition to and without limitation of the
foregoing, for purposes of this definition, this ratio shall be calculated in a manner consistent with the definition of the “Consolidated
Fixed Charge Coverage Ratio,” including any pro forma calculations.

 

    11 

     

    

 

“Consolidated Net Income” means,
for any period, the net income or loss of the Issuer and the Restricted Subsidiaries for such period, determined on a consolidated basis
in accordance with GAAP; provided that there shall be excluded:

 

(a) the income of any Person (other than the Issuer)
that is not a Restricted Subsidiary except to the extent of the amount of cash dividends or similar cash distributions actually paid
by such Person to the Issuer or, subject to clauses (b) and (c) below, any of the Restricted Subsidiaries during such period,

 

(b) the income of, and any amounts referred to
in clause (a) above paid to, any Restricted Subsidiary (other than a Guarantor) to the extent that, on the date of determination, the
declaration or payment of cash dividends or similar cash distributions by such Restricted Subsidiary is restricted by operation of the
terms of its organizational documents or any agreement, instrument, judgment, decree, statute, rule or regulation applicable to such
Restricted Subsidiary,

 

(c) the income or loss of, and any amounts referred
to in clause (a) above paid to, any Restricted Subsidiary that is not wholly owned by the Issuer to the extent such income or loss or
such amounts are attributable to the noncontrolling interest in such Restricted Subsidiary,

 

(d) any (i) non-cash compensation charge or expense
arising from any grant of stock, stock options or other equity based awards and any non-cash deemed finance charges in respect of any
pension liabilities or other provisions and (ii) income (loss) attributable to deferred compensation plans or trusts,

 

(e) any gain or loss (less all fees and expenses
relating thereto) realized upon sales or other dispositions of assets of the Issuer or such Restricted Subsidiary, other than in the
ordinary course of business,

 

(f) any after-tax effect of income (loss) from
the early extinguishment of Debt or Hedging Obligations or other derivative instruments,

 

(g) the cumulative effect of a change in accounting
principles,

 

(h) the effects from applying purchase accounting,
including applying purchase accounting to inventory, property and equipment, software and other intangible assets and deferred revenue
required or permitted by GAAP and related authoritative pronouncements, as a result of any other past or future acquisitions or the amortization
or write-off of any amounts thereof, and

 

(i) any restructuring charges and any fees, expenses
and charges related to any proposed or consummated equity offering, investment, acquisition, disposition, Incurrence of Debt or recapitalization.

 

    12 

     

    

 

Notwithstanding the foregoing, (i) for purposes
of Section 4.05 only, there shall be excluded from Consolidated Net Income any dividends, repayment of loans or advances or other transfers
of assets from Unrestricted Subsidiaries to the Issuer or a Restricted Subsidiary to the extent the dividends, repayments or transfers
increase the amount of Restricted Payments permitted under that covenant pursuant to clause (c)(iv) thereof, and (ii) any net income
(loss) of any Person (other than the Issuer) that is not a Restricted Subsidiary shall be excluded in calculating Consolidated Net Income,
except that the Issuer’s equity in the net income of any such Person for any period shall be included without duplication, in such
Consolidated Net Income up to the aggregate amount of cash distributed by the Person during such period to the Issuer or a Restricted
Subsidiary as a dividend or distribution.

 

“Consolidated Net Tangible Assets”
means the aggregate amount of assets of the Issuer and its Restricted Subsidiaries after deducting therefrom (i) Consolidated Current
Liabilities and (ii) (to the extent otherwise included therein) all goodwill, trade names, trademarks, patents, unamortized debt discount
and expense and other intangible assets, all as set forth on the most recent quarterly or annual (as the case may be) consolidated balance
sheet (prior to the relevant date of determination) which is required to be filed pursuant to Section 4.03 of such Person and its Restricted
Subsidiaries in accordance with GAAP.

 

“Consolidated Secured Leverage Ratio”
means, as of any date of determination, the ratio of (a) the aggregate amount of all Debt of the Issuer and its Restricted Subsidiaries
secured by Liens at the date of determination, other than secured Debt of the type described in clauses (d) and (h) of the definition
of Debt, (on a pro forma basis reflecting any Incurrence of Debt and Repayment of Debt made on such date) to (b) the aggregate amount
of Consolidated EBITDA for the Issuer for the four full fiscal quarters, treated as one period, ending prior to the date of the transaction
giving rise to the need to calculate the Consolidated Secured Leverage Ratio for which financial statements are required to be filed
pursuant to Section 4.03. In addition to and without limitation of the foregoing, for purposes of this definition, this ratio
shall be calculated in a manner consistent with the definition of the “Consolidated Fixed Charge Coverage Ratio,” including
any pro forma calculations.

 

“Credit Agreement” means the
Second Amended and Restated Credit Agreement, as entered into on July 26, 2019, by and among Crocs, Inc., Crocs Retail, LLC, Jibbitz,
LLC, Colorado Footwear C.V., Crocs Europe B.V., the guarantors party thereto, the lenders and issuing banks from time to time party thereto
and PNC Bank, National Association, as administrative agent and collateral agent, as amended, restated, supplemented, modified, renewed,
refunded, replaced (whether at maturity or thereafter) or refinanced from time to time in one or more agreements (in each case with the
same or new agents, lenders or institutional investors), including any agreement adding or changing the borrower or any guarantor or
extending the maturity thereof or otherwise restructuring all or any portion of the Debt thereunder or increasing the amount loaned or
issued thereunder or altering the maturity thereof.

 

    13 

     

    

 

“Credit Facilities” means,
with respect to the Issuer or any Restricted Subsidiary, (1) the facilities provided in the Credit Agreement and (2) one or more debt
or commercial paper facilities (including related Guarantees) with banks, investment banks, insurance companies, mutual funds or other
institutional lenders providing for revolving credit loans, term loans, notes or receivables or inventory financing (including through
the sale of receivables or inventory to institutional lenders or to special purpose, bankruptcy remote entities formed to borrow from
institutional lenders against those receivables or inventory); in each case together with any Refinancing thereof on any basis so long
as such Refinancing constitutes Debt.

 

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

 

“Debt” means, with respect
to any Person on any date of determination (without duplication):

 

(a)       the
principal of and premium (if any) in respect of:

 

(1)       debt
of the Person for money borrowed, and

 

(2)       debt
evidenced by notes, debentures, bonds or other similar instruments for the payment of which the Person is responsible or liable;

 

(b)       all
Capital Lease Obligations and Synthetic Lease Obligations of the Person and all Attributable Debt in respect of Sale and Leaseback Transactions
entered into by the Person;

 

(c)       all
obligations of the Person issued or assumed as the deferred purchase price of Property, all conditional sale obligations of the Person
and all obligations of the Person under any title retention agreement (but excluding trade accounts payable and accrued liabilities arising
in the ordinary course of business);

 

(d)       all
obligations of the Person for the reimbursement of any obligor on any letter of credit, banker’s acceptance or similar credit transaction
(other than obligations with respect to letters of credit securing obligations (other than obligations described in clauses (a) through
(c) above) entered into in the ordinary course of business of the Person to the extent those letters of credit are not drawn upon or,
if and to the extent drawn upon, the drawing is reimbursed no later than the third Business Day following receipt by the Person of a
demand for reimbursement following payment on the letter of credit);

 

(e)       the
amount of all obligations of the Person with respect to the Repayment of any Disqualified Stock or, with respect to any Subsidiary of
the Person, any Preferred Stock (but excluding, in each case, any accrued dividends);

 

    14 

     

    

 

(f)       all
obligations of the type referred to in clauses (a) through (e) of other Persons and all dividends of other Persons for the payment of
which, in either case, the Person is responsible or liable, directly or indirectly, as obligor, guarantor or otherwise, including by
means of any Guarantee;

 

(g)       all
obligations of the type referred to in clauses (a) through (f) of other Persons secured by any Lien on any Property of the Person (whether
or not such obligation is assumed by the Person), the amount of such obligation being deemed to be the lesser of the value of that Property
or the amount of the obligation so secured;

 

(h)       to
the extent not otherwise included in this definition, Hedging Obligations of such Person (the amount of any such obligations to be equal
at any time to the termination value of such agreement or arrangement giving rise to such obligations that would be payable by such Person
at such time); and

 

(i)        the
amount of any obligations under a Permitted Receivables Financing to which such Person is a party.

 

Notwithstanding the foregoing, Debt shall not
include any customary earn-out obligations or other contingent acquisition consideration until due and payable. The amount of Debt of
any Person at any date shall be the outstanding balance at that date of all unconditional obligations as described above and the maximum
liability, upon the occurrence of the contingency giving rise to the obligation, of any contingent obligations at that date.

 

“Default” means any event which
is, or after notice or passage of time or both would be, an Event of Default.

 

“Designated Non-Cash Consideration”
means the Fair Market Value of non-cash consideration received by the Issuer or one of its Restricted Subsidiaries in connection with
an Asset Sale that is so designated as Designated Non-Cash Consideration pursuant to an Officers’ Certificate, setting forth the
basis of such valuation, less the amount of cash and Cash Equivalents received in connection with a subsequent sale of such Designated
Non-Cash Consideration.

 

“Disposition” or “Dispose”
means the sale, transfer, license, lease or other disposition (including any Sale and Leaseback Transaction and any sale or issuance
of Capital Stock in a Restricted Subsidiary but excluding any sale or issuance of Capital Stock in the Issuer) of any Property by any
Person, including any sale, assignment, transfer or other disposal, with or without recourse, of any notes or accounts receivable or
any rights and claims associated therewith, but excluding, for purposes hereof, (a) Dispositions of obsolete, worn out or no longer useful
property, whether now owned or hereafter acquired, in each case, in the ordinary course of business, (b) Dispositions of inventory, promotional
materials and product displays in the ordinary course of business, (c) Dispositions of equipment to the extent that (i) such property
is exchanged for credit against the purchase price of similar replacement property or (ii) the proceeds of such Disposition are reasonably
promptly applied to the purchase price of such replacement property; (d) Dispositions of defaulted receivables in the ordinary course
of business for collection, (e) any Involuntary Disposition and (f) the unwinding of any Hedging Obligation.

 

    15 

     

    

 

“Disqualified Stock” means,
with respect to any Person, any Capital Stock that by its terms (or by the terms of any security into which it is convertible or for
which it is exchangeable, in either case at the option of the holder thereof) or otherwise:

 

(a)       matures
or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise,

 

(b)       is
or may become redeemable or repurchaseable at the option of the holder thereof, in whole or in part, or

 

(c)       is
convertible or exchangeable at the option of the holder thereof for Debt or Disqualified Stock,

 

on or prior to, in the case of clause (a), (b) or (c), the first anniversary
of the Stated Maturity of the Notes.

 

“Disqualified Stock Dividends”
means all dividends with respect to Disqualified Stock of the Issuer or any Restricted Subsidiary held by Persons other than the Issuer
or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend divided
by the difference between one and the maximum statutory consolidated federal, state and local income tax rate (expressed as a decimal
number between 1 and 0) then applicable to the issuer of the Disqualified Stock.

 

“Domestic Restricted Subsidiary”
means a Restricted Subsidiary that is any direct or indirect Subsidiary of the Issuer that is organized under the laws of the United
States, any state of the United States or the District of Columbia.

 

“Equity Offering” means (i)
an underwritten public equity offering of Qualified Capital Stock of the Issuer pursuant to an effective registration statement under
the Securities Act, or any direct or indirect parent company of the Issuer but only to the extent contributed to the Issuer in the form
of Qualified Capital Stock of the Issuer or (ii) a private equity offering of Qualified Capital Stock of the Issuer, or any direct or
indirect parent company of the Issuer but only to the extent contributed to the Issuer in the form of Qualified Capital Stock of the
Issuer, other than any public offerings registered on Form S-8.

 

“Event of Default” has the
meaning set forth under Section 6.01.

 

“Exchange Act” means the U.S.
Securities Exchange Act of 1934, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder.

 

“Fair Market Value” means,
with respect to any asset or liability, the fair market value of such asset or liability, as determined by an Officer of the Issuer in
good faith.

 

    16 

     

    

 

“Foreign Subsidiary” means
any Restricted Subsidiary of the Issuer that is not a Domestic Restricted Subsidiary.

 

“GAAP” means generally accepted
accounting principles set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified
Public Accountants and statements and pronouncements of the Financial Accounting Standards Board Accounting Standards Codification or
in such other statements by such other entity as have been approved by a significant segment of the accounting profession, as in effect
from time to time; provided that leases will be accounted for using the generally accepted accounting principles in the United States
of America in effect for fiscal years ending on or before December 15, 2018 and any changes in the accounting for leases for fiscal years
beginning after December 15, 2018 will be disregarded. For the purposes of this Indenture, the term “consolidated,” with
respect to any Person, shall mean such Person consolidated with its Restricted Subsidiaries, and shall not include any Unrestricted Subsidiary,
but the interest of such Person in an Unrestricted Subsidiary will be accounted for as an Investment. If at any time the SEC permits
or requires U.S. domiciled companies subject to the reporting requirements of the Exchange Act to use IFRS in lieu of GAAP for financial
reporting purposes, the Issuer may elect by written notice to the Trustee to so use IFRS in lieu of GAAP and, upon any such notice, references
herein to GAAP shall thereafter be construed to mean (a) for periods beginning on and after the date specified in such notice, IFRS as
in effect on the date specified in such notice and as in effect from time to time (for all other purposes of this Indenture) and (b)
for prior periods, GAAP as defined in the first sentence of this definition.

 

“Global Note” means a Note
in registered global form without interest coupons.

 

“Guarantee” means any obligation,
contingent or otherwise, of any Person directly or indirectly guaranteeing any Debt of any other Person and any obligation, direct or
indirect, contingent or otherwise, of that Person:

 

(a)       to
purchase or pay (or advance or supply funds for the purchase or payment of) the Debt of such other Person (whether arising by virtue
of partnership arrangements, or by agreements to keep-well, to purchase assets, goods, securities or services, to take-or-pay or to maintain
financial statement conditions or otherwise), or

 

(b)       entered
into for the purpose of assuring in any other manner the obligee against loss in respect thereof (in whole or in part);

 

provided, however, that the term “Guarantee”
shall not include:

 

(1)       endorsements
for collection or deposit in the ordinary course of business, or

 

(2)       a
contractual commitment by one Person to invest in another Person for so long as the Investment is reasonably expected to constitute a
Permitted Investment under clause (a), (b) or (i) of the definition of “Permitted Investment.”

 

    17 

     

    

 

The term “Guarantee” used as
a verb has a corresponding meaning.

 

“Guarantor” means the Guarantors
listed on the signature pages hereof, each Restricted Subsidiary that executes a supplemental indenture in the form of Exhibit B to this
Indenture providing for the Guarantee of the payment of the Notes, and any successor obligor under any Note Guarantee pursuant to Article
5, in each case, unless and until such Guarantor is released from its Note Guarantee pursuant to this Indenture.

 

“Hedging Obligation” of any
Person means any obligation of that Person pursuant to any Interest Rate Agreement, Currency Exchange Protection Agreement, Commodity
Price Protection Agreement or any other similar agreement or arrangement.

 

“Holder” or “Noteholder”
means the Person in whose name the Note is registered on the Note register described in Section 2.04.

 

“Incur” means, with respect
to any Debt or other obligation of any Person, to create, issue, incur (by merger, conversion, exchange or otherwise), extend, assume,
Guarantee or become liable in respect of that Debt or other obligation or the recording, as required pursuant to GAAP or otherwise, of
any Debt or obligation on the balance sheet of that Person (and “Incurrence” and “Incurred” shall
have meanings correlative to the foregoing); provided, however, that a change in GAAP that results in an obligation of
that Person that exists at such time, and is not theretofore classified as Debt, becoming Debt shall not be deemed an Incurrence of that
Debt; provided further, however, that any Debt or other obligations of a Person existing at the time the Person becomes
a Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be Incurred by that Subsidiary at the time
it becomes a Subsidiary; and provided further, however, that solely for purposes of determining compliance with Section
4.04, amortization of debt discount or premium shall not be deemed to be the Incurrence of Debt, provided that in the case of
Debt sold at a discount or at a premium, the amount of the Debt Incurred shall at all times be the aggregate principal amount at Stated
Maturity.

 

“Indenture” means this Indenture
as amended or supplemented from time to time.

 

“Independent Financial Advisor”
means an investment banking firm of national standing or any third party appraiser of national standing, provided that the firm
or appraiser is not an Affiliate of the Issuer.

 

“Interest Rate Agreement” means,
for any Person, any interest rate swap agreement, interest rate option agreement or other similar agreement or arrangement designed to
protect against fluctuations in interest rates.

 

    18 

     

    

 

“Investment” by any Person
means any direct or indirect loan (other than advances or extensions of credit to customers and suppliers in the ordinary course of business),
advance or other extension of credit or capital contribution (by means of transfers of cash or other Property to others or payments for
Property or services for the account or use of others, or otherwise) to, or Incurrence of a Guarantee of any obligation of, or purchase
or acquisition of Capital Stock, bonds, notes, debentures or other securities or evidence of Debt issued by, any other Person, including
any partnership or joint venture interest in such other Person and any arrangement pursuant to which the investor undertakes any Support
Obligation with respect to Debt or other obligations of such other Person. For purposes of Section 4.05, Section 4.10 and the definition
of “Restricted Payment,” Investment shall include the portion (proportionate to the Issuer’s equity interest in the
Subsidiary) of the Fair Market Value of the net assets of any Subsidiary of the Issuer at the time that the Subsidiary is designated
an Unrestricted Subsidiary; provided, however, that upon a redesignation of that Subsidiary as a Restricted Subsidiary,
the Issuer shall be deemed to continue to have a permanent Investment in an Unrestricted Subsidiary of an amount (if positive) equal
to:

 

(a)       the
Issuer’s Investment in that Subsidiary at the time of such redesignation, less

 

(b)       the
portion (proportionate to the Issuer’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of that Subsidiary
at the time of such redesignation.

 

In determining the amount of any Investment made
by transfer of any Property other than cash, the Property shall be valued at its Fair Market Value at the time of the Investment.

 

“Investment Grade Rating” means
a rating equal to or higher than Baa3 (or the equivalent) by Moody’s and BBB- (or the equivalent) by S&P or, in the event S&P
or Moody’s shall cease rating the Notes (for reasons outside the control of the Issuer) the Issuer shall select any other Rating
Agency, the equivalent of such ratings by such other Rating Agency.

 

“Involuntary Disposition” means
the receipt by the Issuer or any Restricted Subsidiary of any cash insurance proceeds or condemnation awards or expropriation compensation
payable by reason of theft, loss, physical destruction or damage, taking or similar event with respect to any of its Property.

 

“Issue Date” means August 10,
2021, the date on which the Notes are originally issued under the Indenture.

 

“Issuer” means Crocs, Inc.
until a successor replaces it pursuant to the applicable provisions hereof and, thereafter, means the successor.

 

“Lien” means, with respect
to any Property of any Person, any mortgage or deed of trust, pledge, hypothecation, assignment, deposit arrangement, security interest,
lien, charge, easement (other than any easement not materially impairing usefulness or marketability), encumbrance, preference, priority
or other security agreement or preferential arrangement of any kind or nature whatsoever on or with respect to that Property (including
any Capital Lease Obligation, Synthetic Lease Obligation, conditional sale or other title retention agreement having substantially the
same economic effect as any of the foregoing or any Sale and Leaseback Transaction).

 

    19 

     

    

 

“Moody’s” means Moody’s
Investors Service, Inc. or any successor to the rating agency business thereof.

 

“Net Available Cash” from any
Asset Sale means cash payments received therefrom (including any cash payments received upon the sale or other disposition of any Designated
Non-Cash Consideration received in any Asset Sale, any cash payments received by way of deferred payment of principal pursuant to a note
or installment receivable or otherwise, but only as and when received, but excluding any other consideration received in the form of
assumption by the acquiring Person of Debt or other obligations relating to the Property that is the subject of that Asset Sale or received
in any other non-cash form), in each case net of:

 

(a)       all
legal, title and recording tax expenses, commissions and other fees (including, without limitation, brokers’ or investment bankers’
commissions or fees) and expenses incurred, and all federal, state, provincial, foreign and local taxes required to be accrued as a liability
under GAAP, as a consequence of the Asset Sale,

 

(b)       all
payments made on any Debt that is secured by any Property subject to the Asset Sale, in accordance with the terms of any Lien upon or
other security agreement of any kind with respect to that Property, or which must by its terms, or in order to obtain a necessary consent
to the Asset Sale, or by applicable law, be repaid out of the proceeds from the Asset Sale,

 

(c)       all
distributions and other payments required to be made to noncontrolling interest holders in Subsidiaries or joint ventures as a result
of the Asset Sale, and

 

(d)       the
deduction of appropriate amounts provided by the seller as a reserve, in accordance with GAAP, against any liabilities associated with
the Property disposed in the Asset Sale and retained by the Issuer or any Restricted Subsidiary after the Asset Sale,

 

provided, that, to the extent that any portion of the consideration
for an Asset Sale is required by contract to be held in a separate escrow or deposit account to support indemnification, adjustment of
purchase price or similar obligations, such portion of the consideration shall become Net Available Cash only at such time as it is released
to the Issuer or a Restricted Subsidiary from the escrow or deposit account.

 

“Net Cash Proceeds” means with
respect to any incurrence or issuance of Debt, the aggregate principal amount actually received in cash by the Issuer or any Restricted
Subsidiary in connection therewith, net of direct costs (including legal, accounting and investment banking fees and expenses, sales
brokerage commissions and underwriting discounts).

 

    20 

     

    

 

“Note Guarantee” means the
Guarantee of the Notes by a Guarantor pursuant to this Indenture.

 

“Noteholder” has the meaning
ascribed to it under the definition of Holder.

 

“Offering Memorandum” means
the final offering memorandum relating to the offering of the Original Notes dated August 5, 2021.

 

“Officer” means the Chief Executive
Officer, the Chief Financial Officer, Vice Chairman, any President, the Chief Accounting Officer, any Executive Vice President, any Senior
Vice President, the Treasurer, the Secretary of the Issuer or any other officer designated by the Issuer’s Board of Directors.

 

“Officers’ Certificate”
means a certificate signed by two Officers of the Issuer, at least one of whom shall, be the principal executive officer, principal financial
officer or the principal accounting officer of the Issuer, and delivered to the Trustee.

 

“Opinion of Counsel” means
a written opinion from legal counsel who is acceptable to the Trustee. The counsel may be an employee of or counsel to the Issuer if
acceptable to the Trustee.

 

“Permitted Business” means
any business that is reasonably similar, ancillary, complementary or related to, or a reasonable extension, development or expansion
of, the businesses in which the Issuer and its Restricted Subsidiaries are engaged in on the Issue Date.

 

“Permitted Investment” means
any Investment by the Issuer or a Restricted Subsidiary in:

 

(a)       any
Restricted Subsidiary or any Person that will, upon the making of such Investment, become a Restricted Subsidiary, provided that
the primary business of the Restricted Subsidiary is a Permitted Business;

 

(b)       any
Person if as a result of the Investment that Person is merged or consolidated with or into, or transfers or conveys all or substantially
all its Property to, the Issuer or a Restricted Subsidiary, provided that the Person’s primary business is a Permitted Business;

 

(c)       cash,
Cash Equivalents and Temporary Cash Investments;

 

(d)       commission,
payroll, travel and similar advances to cover matters that are expected at the time of those advances ultimately to be treated as expenses
for accounting purposes and that are made in the ordinary course of business;

 

(e)       loans
and advances to directors, officers and employees (i) made in the ordinary course of business (provided that those loans and advances
do not exceed $5.0 million at any one time) or (ii) to finance the purchase of Capital Stock of the Issuer, in compliance with applicable
laws (provided that those loans and advances do not exceed $10.0 million at any one time outstanding);

 

    21 

     

    

 

(f)       stock,
obligations or other securities received in settlement of debts created in the ordinary course of business and owing to the Issuer or
a Restricted Subsidiary or in satisfaction of judgments;

 

(g)       any
Person to the extent the Investment represents the non-cash portion of the consideration received in connection with an Asset Sale consummated
in compliance with Section 4.07;

 

(h)       Hedging
Obligations permitted under clauses (v), (vi), (vii) or (xv) of the definition of “Permitted Debt” in Section 4.04;

 

(i)       customers
or suppliers of the Issuer or any of its Subsidiaries in the form of extensions of credit or transfers of Property, to the extent otherwise
constituting an Investment, and in the ordinary course of business and any Investments received in the ordinary course of business in
satisfaction or partial satisfaction thereof;

 

(j)       any
Person if the Investments (or binding commitments in respect thereof) are outstanding on the Issue Date and not otherwise described in
clauses (a) through (i) above;

 

(k)       any
securities, derivative instruments or other Investments of any kind that are acquired and held for the benefit of Issuer employees in
the ordinary course of business pursuant to deferred compensation plans or arrangements approved by the Board of Directors; provided,
however, that (i) the amount of such Investment represents funds paid or payable in respect of deferred compensation previously
included as an expense in the calculation of Consolidated Net Income (and not excluded pursuant to clause (f) of the definition of “Consolidated
Net Income”), and (ii) the terms of such Investment shall not require any additional Investment by the Issuer or any Restricted
Subsidiary;

 

(l)       any
Person (other than an Affiliate) in an aggregate amount not to exceed the greater of (x) $75.0 million or (y) 10.0% of Consolidated Net
Tangible Assets (measured at the time of Investment);

 

(m)       any
Investment acquired in exchange for shares of Capital Stock of the Issuer (other than Disqualified Stock); provided that the proceeds
of such issuance shall be excluded from the definition of “Capital Stock Sale Proceeds”;

 

(n)       any
receivable owing to the Issuer or any Restricted Subsidiary created or acquired in the ordinary course of business and payable or dischargeable
in accordance with customary trade terms; provided that such trade terms may include such concessionary trade terms as the Issuer
or any such Restricted Subsidiary deems reasonable under the circumstances;

 

    22 

     

    

 

(o)       any
Investment (i) in exchange for any other Investment or accounts receivable held by the Issuer or any such Restricted Subsidiary in connection
with or as a result of bankruptcy, workout, reorganization or recapitalization of any Restricted Subsidiary of such other Investment
or accounts receivable, (ii) in satisfaction of judgments or in compromise, settlement or resolution of any litigation, arbitration or
other dispute, or (iii) as a result of a foreclosure by the Issuer or any of its Restricted Subsidiaries with respect to any secured
Investment or other transfer of title with respect to any secured Investment in default;

 

(p)       Guarantees
of Debt issued in accordance with Section 4.04;

 

(q)       Investments
made in connection with the funding of contributions under any nonqualified retirement plan or similar employee compensation plan in
an amount not to exceed the amount of compensation expense recognized by the Issuer and its Restricted Subsidiaries in connection with
such plans;

 

(r)       Investments
in any Person engaged in a Permitted Business in an aggregate amount not to exceed the greater of (x) $75.0 million or (y) 10.0% of Consolidated
Net Tangible Assets (measured at the time of Investment);

 

(s)       Investments
in Unrestricted Subsidiaries or joint ventures in an aggregate amount not to exceed the greater of (x) $50.0 million or (y) 7.5% of Consolidated
Net Tangible Assets (measured at the time of Investment);

 

(t)        Debt
in respect of overdraft facilities, employee credit card programs and other cash management arrangements in the ordinary course of business;

 

(u)       Investments
in a Securitization Subsidiary that are necessary or desirable to effect any Permitted Receivables Financing; and

 

(v)       any
Investment, if on a pro forma basis after giving effect to such Investment, the Consolidated Leverage Ratio would not be greater than
2.00 to 1.00.

 

For the avoidance of doubt, any Investment that
is a Permitted Investment hereunder may be transferred to the Issuer or another Restricted Subsidiary, or exchanged for other assets
of the Issuer or another Restricted Subsidiary.

 

“Permitted Liens” means:

 

(a)       Liens
(including, without limitation and to the extent constituting a Lien, negative pledges) to secure Debt Incurred under clause (ii) of
the definition of “Permitted Debt” in Section 4.04, regardless of whether the Issuer and the Restricted Subsidiaries are
actually subject to Section 4.04 at the time the Lien is Incurred;

 

(b)       Liens
for taxes, assessments or governmental charges or levies on the Property of the Issuer or any Restricted Subsidiary and deposits in respect
thereof if the same shall not at the time be delinquent or thereafter can be paid without penalty, or are being contested in good faith
and by appropriate proceedings promptly instituted and diligently concluded, provided that any reserve or other appropriate provision
that shall be required in conformity with GAAP shall have been made therefor;

 

    23 

     

    

 

(c)       Liens
imposed by law, such as carriers’, warehousemen’s, materialmen’s, repairmen’s and mechanics’ Liens and
other similar Liens, on the Property of the Issuer or any Restricted Subsidiary arising in the ordinary course of business and securing
payment of obligations that are not more than 60 days past due or are being contested in good faith and by appropriate proceedings;

 

(d)       Liens
on the Property of the Issuer or any Restricted Subsidiary Incurred in the ordinary course of business to secure performance of obligations
with respect to statutory or regulatory requirements, performance or return-of-money bonds, surety bonds or other obligations of a like
nature and Incurred in a manner consistent with industry practice, including banker’s liens and rights of set-off, in each case
which are not Incurred in connection with the borrowing of money, the obtaining of advances or credit or the payment of the deferred
purchase price of Property and which do not in the aggregate impair in any material respect the use of Property in the operation of the
business of the Issuer and the Restricted Subsidiaries taken as a whole;

 

(e)       Liens
on Property at the time the Issuer or any Restricted Subsidiary acquired the Property, including Property acquired pursuant to any acquisition
by means of a merger or consolidation with or into the Issuer or any Restricted Subsidiary; provided, however, that any
Lien of this kind may not extend to any other Property of the Issuer or any Restricted Subsidiary; provided further, however,
that the Liens shall not have been Incurred in anticipation of or in connection with the transaction or series of transactions pursuant
to which the Property was acquired by the Issuer or any Restricted Subsidiary;

 

(f)       Liens
on the Property of a Person at the time that Person becomes a Restricted Subsidiary; provided, however, that any Lien of
this kind may not extend to any other Property of the Issuer or any other Restricted Subsidiary that is not a direct Subsidiary of that
Person (other than after-acquired property that is (a) affixed or incorporated into the property covered by such Lien, (b) subject to
a Lien securing such Debt, the terms of which Debt requires or includes a pledge of after-acquired property and (c) the proceeds and
products thereof); provided further, however, that the Lien was not Incurred in anticipation of or in connection with the
transaction or series of transactions pursuant to which the Person became a Restricted Subsidiary;

 

(g)       pledges
or deposits by the Issuer or any Restricted Subsidiary under workers’ compensation laws, unemployment insurance laws or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than for the payment of Debt) or leases to which
the Issuer or any Restricted Subsidiary is party, or deposits to secure public or statutory obligations of the Issuer or any Restricted
Subsidiary, or deposits for the payment of rent, in each case Incurred in the ordinary course of business;

 

(h)       Liens
(including, without limitation and to the extent constituting Liens, negative pledges), assignments and pledges of rights to receive
premiums, interest or loss payments or otherwise arising in connection with workers’ compensation loss portfolio transfer insurance
transactions or any insurance or reinsurance agreements pertaining to losses covered by insurance, and Liens (including, without limitation
and to the extent constituting Liens, negative pledges) in favor of insurers or reinsurers on pledges or deposits by the Issuer or any
Restricted Subsidiary under workmen’s compensation laws, unemployment insurance laws or similar legislation;

 

    24 

     

    

 

 

(i)       Liens
of landlords on fixtures, equipment and movable property located on leased premises and utility easements, building restrictions and
such other encumbrances or charges against real Property as are of a nature generally existing with respect to properties of a similar
character;

 

(j)       Liens
arising out of judgments or awards against the Issuer or a Restricted Subsidiary with respect to which the Issuer or the Restricted Subsidiary
shall then be proceeding with an appeal or other proceeding for review;

 

(k)      Liens in
favor of issuers of performance, stay, appeal, indemnification, surety or similar bonds, completion guarantees or letters of credit issued
pursuant to the request of and for the account of the Issuer or a Restricted Subsidiary in the ordinary course of its business, provided
that these letters of credit do not constitute Debt;

 

(l)       leases
or subleases of real property granted by the Issuer or a Restricted Subsidiary to any other Person and not interfering in any material
respect with the business of the Issuer and its Subsidiaries, taken as a whole;

 

(m)     Liens (including,
without limitation and to the extent constituting Liens, negative pledges) on intellectual property arising from intellectual property
licenses entered into in the ordinary course of business;

 

(n)     Liens or negative
pledges attaching to or related to joint ventures engaged in a Permitted Business, restricting Liens on interests in those joint ventures;

 

(o)     Liens existing
on the Issue Date not otherwise described in clauses (a) through (n) above;

 

(p)     Liens securing
Debt Incurred pursuant to clause (xii) of the definition of “Permitted Debt” in Section 4.04 on the Property purchased with
the proceeds of such Debt;

 

(q)     Liens on the
Property of the Issuer or any Restricted Subsidiary to secure any Refinancing, in whole or in part, of any Debt secured by Liens referred
to in clause (e), (f), (o) or (p) above or (x) below; provided, however, that any Lien of this kind shall be limited to
all or part of the same Property that secured the original Lien (together with improvements and accessions to such Property) and the
aggregate principal amount of Debt that is secured by the Lien shall not be increased to an amount greater than the sum of:

 

    	 	 25	 

    

    

 

(1)       the
outstanding principal amount, or, if greater, the committed amount, of the Debt secured by Liens described under clause (e), (f), (o)
or (p) above or (x) below, as the case may be, at the time the original Lien became a Permitted Lien under this Indenture, and

 

(2)       an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, incurred by the Issuer or the Restricted Subsidiary
in connection with the Refinancing;

 

(r)      Liens on
cash or Temporary Cash Investments held as proceeds of Permitted Refinancing Debt pending the payment, purchase, defeasance or other
retirement of the Debt being Refinanced;

 

(s)      Liens not
otherwise permitted by clauses (a) through (r) above securing obligations with an aggregate principal amount not to exceed the greater
of $75.0 million or (y) 10.0% of Consolidated Net Tangible Assets (measured at the time of incurrence) at any one time outstanding;

 

(t)      Liens securing
Hedging Obligations permitted under clause (v), (vi), (vii) or (xv) of the definition of “Permitted Debt” in Section 4.04;

 

(u)     Liens in favor
of customs and revenue authorities arising as a matter of law to secure payment of customs duties in connection with the importation
of goods;

 

(v)     Liens on escrowed
proceeds for the benefit of the related holders of debt securities or other Debt (or the underwriters or arrangers thereof) or on cash
set aside at the time of the Incurrence of any Debt or government securities purchased with such cash, in either case to the extent such
cash or government securities prefund the payment of interest on such Debt and are held in an escrow account or similar arrangement to
be applied for such purpose;

 

(w)     Liens on escrow
accounts created for the benefit of or to secure, directly or indirectly, the Notes, or the Credit Agreement;

 

(x)      Liens (including,
without limitation and to the extent constituting a Lien, negative pledges) to secure Debt so long as on a pro forma basis the Consolidated
Secured Leverage Ratio does not exceed 2.00 to 1.00;

 

(y)     Liens (1) securing
Debt Incurred pursuant to clauses (xi) or (xiv) of the definition of “Permitted Debt” in Section 4.04 or (2) on assets of
a Foreign Subsidiary securing Debt of a Foreign Subsidiary;

 

(z)      Liens arising
from Uniform Commercial Code financing statement filings regarding operating leases entered into by the Issuer and its Restricted Subsidiaries
in the ordinary course of business;

 

(aa)    any interest or title
of a lessor under any Capital Lease Obligation or operating lease;

 

    	 	 26	 

    

    

 

(bb)   Liens (i) of a collection
bank arising under Section 4-208 of the Uniform Commercial Code or any comparable or successor provision on items in the course of collection,
(ii) attaching to pooling, commodity trading accounts or other commodity brokerage accounts incurred in the ordinary course of business
and (iii) in favor of banking or other financial institutions or electronic payment service providers arising as a matter of law encumbering
deposits (including the right of set-off) and which are within the general parameters customary in the banking or finance industry;

 

(cc)    Liens solely on any
cash earnest money deposits made by Issuer or any of its Restricted Subsidiaries in connection with any letter of intent or purchase
agreement permitted under this Indenture;

 

(dd)   Liens on property or assets
used to defease or to irrevocably satisfy and discharge Debt; provided that such defeasance or satisfaction and discharge is not
prohibited by this Indenture;

 

(ee)    Liens in connection
with the sale or transfer of any equity interests or other assets in a transaction permitted under this Indenture, customary rights and
restrictions contained in agreements relating to such sale or transfer pending the completion thereof;

 

(ff)     Liens on accounts
receivable and related assets and proceeds thereof arising in connection with a Permitted Receivables Financing; and

 

(gg)   Liens arising from Uniform
Commercial Code financing statement filings regarding supply chain finance programs or other receivables sale transactions in the ordinary
course of business.

 

“Permitted Receivables Financing”
means any receivables financing facility or arrangement pursuant to which a Securitization Subsidiary purchases, otherwise acquires or
receives Lien on accounts receivable of the Issuer or any Restricted Subsidiaries and enters into a third party financing thereof on
terms that the officers of the issuer have concluded are customary and market-standard.

 

“Permitted Refinancing Debt”
means any Debt that Refinances any other Debt, including any successive Refinancings, so long as:

 

(a)      the new
Debt is in an aggregate principal amount (or if Incurred with original issue discount, an aggregate issue price) not in excess of the
sum of:

 

(1)       the
aggregate principal amount (or if Incurred with original issue discount, the aggregate accreted value) then outstanding of the Debt being
Refinanced, and

 

(2)       an
amount necessary to pay any fees and expenses, including premiums and defeasance costs, related to the Refinancing,

 

    	 	 27	 

    

    

 

(b)     the Average Life
of the new Debt is equal to or greater than the Average Life of the Debt being Refinanced,

 

(c)      the Stated
Maturity of the new Debt is no earlier than the Stated Maturity of the Debt being Refinanced, and

 

(d)     the new Debt
shall not be senior in right of payment to the Debt that is being Refinanced;

 

provided, however, that Permitted Refinancing Debt shall
not include:

 

(x)      Debt of
a Subsidiary that is not a Guarantor that Refinances Debt of the Issuer or any Guarantor, or

 

(y)     Debt of the Issuer
or a Restricted Subsidiary that Refinances Debt of an Unrestricted Subsidiary.

 

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

 

“Preferred Stock” means any
Capital Stock of a Person, however designated, which entitles the holder thereof to a preference with respect to the payment of dividends,
or as to the distribution of assets upon any voluntary or involuntary liquidation or dissolution of that Person, over shares of any other
class of Capital Stock issued by that Person.

 

“Preferred Stock Dividends”
means all dividends with respect to Preferred Stock of the Issuer or any Restricted Subsidiary held by Persons other than the Issuer
or a Wholly Owned Restricted Subsidiary. The amount of any dividend of this kind shall be equal to the quotient of the dividend divided
by the difference between one and the maximum statutory consolidated federal, state and local income rate (expressed as a decimal number
between 1 and 0) then applicable to the issuer of the Preferred Stock.

 

“Productive Assets” means assets
(other than securities and inventory) that are used or usable by the Issuer and its Restricted Subsidiaries in Permitted Businesses.

 

    	 	 28	 

    

    

 

“pro forma basis” means, with
respect to any computation hereunder required to be made on a pro forma basis giving effect to any proposed Investment or other acquisition,
any Disposition, any Restricted Payment or any payment of or in respect of any Debt (collectively, “Pro Forma Events”), computation
thereof after giving pro forma effect to adjustments in connection with such Pro Forma Event that are either (i) in accordance with Regulation
S-X under the Securities Act or (ii) made in good faith by the Issuer and set forth in an Officers’ Certificate, and may include
cost savings (including, without limitation, cost savings, workforce reductions and facility, benefit and insurance savings), operating
expense reductions, other operating improvements, initiatives and synergies that are reasonably identifiable and factually supportable
and reasonably expected to result within 24 months following the consummation of the relevant Pro Forma Event, provided that the aggregate
amount of any increase in Consolidated EBITDA resulting from adjustments pursuant to this clause (ii) for any four fiscal quarter period
of the Issuer, when aggregated with the amount of any addback to Consolidated EBITDA pursuant to clause (a)(ix) of the definition thereof
for such period, shall not exceed 25% of Consolidated EBITDA for such period (prior to giving effect to any increase pursuant to such
clause (a)(ix) or this clause (ii)), in each case, using for purposes of making any such computation, the consolidated financial statements
of the Issuer and the Restricted Subsidiaries (and, to the extent applicable, the historical financial statements of any entities or
assets so acquired or to be acquired, or so disposed or to be disposed), which shall be reformulated as if such Pro Forma Event (and,
in the case of any pro forma computations made hereunder to determine whether such Pro Forma Event is permitted to be consummated hereunder,
to any other Pro Forma Event consummated since the first day of the period covered by any component of such pro forma computation and
on or prior to the date of such computation), and any Debt or other liabilities incurred in connection with any such Pro Forma Event,
had been consummated and incurred at the beginning of such period.

 

“Pro Forma Event” has the meaning
set forth in the definition of “pro forma basis.”

 

“Property” means, with respect
to any Person, any interest of that Person in any kind of property, plant, equipment or other asset, whether real, personal or mixed,
or tangible or intangible, including Capital Stock in, and other securities of, any other Person. For purposes of any calculation required
pursuant to this Indenture, the value of any Property shall be its Fair Market Value.

 

“Purchase Money Debt” means
Debt:

 

(a)      consisting
of the deferred purchase price of property, conditional sale obligations, obligations under any title retention agreement, other purchase
money obligations and obligations in respect of industrial revenue bonds, in each case where the maturity of the Debt does not exceed
the anticipated useful life of the Property being financed, and

 

(b)     Incurred to finance
the acquisition, construction or lease by the Issuer or a Restricted Subsidiary of the Property, including additions and improvements
thereto;

 

provided, however, that the Debt is Incurred within
365 days after the acquisition, construction or lease of the Property by the Issuer or Restricted Subsidiary.

 

“Qualified Capital Stock” means
any Capital Stock that is not Disqualified Stock.

 

“Rating Agencies” means Moody’s
and S&P, and if S&P or Moody’s or both shall not make a rating on the Notes publicly available (for reasons outside the
control of the Issuer), a statistical rating agency or agencies, as the case may be, nationally recognized in the United States and selected
by the Issuer (as certified by a resolution of the Board of Directors of the Issuer) which shall be substituted for S&P or Moody’s,
or both, as the case may be.

 

    	 	 29	 

    

    

 

“Ratings Decline Period” means,
with respect to the Notes, the period that (i) begins on the earlier of (a) the date of the first public announcement of the occurrence
of a Change of Control or of the intention by the Issuer or a shareholder of the Issuer, as applicable, to effect a Change of Control
or (b) the occurrence thereof and (ii) ends 60 days following consummation of such Change of Control; provided that such period shall
be extended for so long as the rating of the Notes, as noted by the applicable Rating Agency, is under publicly announced consideration
for downgrade by the applicable Rating Agency.

 

“Refinance” means, in respect
of any Debt, to refinance, extend, renew, refund, repay, prepay, repurchase, redeem, defease or retire, or to issue other Debt, in exchange
or replacement for, that Debt. “Refinanced” and “Refinancing” shall have correlative meanings.

 

“Repay” means, in respect of
any Debt, to repay, prepay, repurchase, redeem, legally defease or otherwise retire that Debt. “Repayment” and “Repaid”
shall have correlative meanings. For purposes of Section 4.04 and Section 4.07 and the definition of “Consolidated Fixed Charge
Coverage Ratio,” Debt shall be considered to have been Repaid only to the extent the related loan commitment, if any, shall have
been permanently reduced in connection therewith.

 

“Restricted Payment” means:

 

(a)      any dividend
or distribution (whether made in cash, securities or other Property) declared or paid on or with respect to any shares of Capital Stock
of the Issuer or any Restricted Subsidiary (including any payment in connection with any merger or consolidation with or into the Issuer
or any Restricted Subsidiary), except for any dividend or distribution that is made to the Issuer or the parent of the Restricted Subsidiary
or any dividend or distribution payable solely in shares of Capital Stock (other than Disqualified Stock) of the Issuer;

 

(b)     the purchase,
repurchase, redemption, acquisition or retirement for value of any Capital Stock of the Issuer or any Restricted Subsidiary (other than
from the Issuer or a Restricted Subsidiary) or any securities exchangeable for or convertible into Capital Stock of the Issuer or any
Restricted Subsidiary, including the exercise of any option to exchange any Capital Stock (other than for or into Capital Stock of the
Issuer that is not Disqualified Stock);

 

(c)      the purchase,
repurchase, redemption, acquisition or retirement for value, prior to the date for any scheduled maturity, sinking fund or amortization
or other installment payment, of any Subordinated Obligation (other than (i) any Subordinated Obligation Incurred under clause (iii)
of the definition of “Permitted Debt” in Section 4.04 and (ii) the purchase, repurchase or other acquisition of any Subordinated
Obligation purchased in anticipation of satisfying a scheduled maturity, sinking fund or amortization or other installment obligation,
in each case under this subclause (ii) due within one year of the date of acquisition);

 

    	 	 30	 

    

    

 

(d)     any Investment
(other than Permitted Investments) in any Person; or

 

(e)      the issuance,
sale or other disposition of Capital Stock of any Restricted Subsidiary to a Person other than the Issuer or another Restricted Subsidiary
if the result thereof is that the Restricted Subsidiary shall cease to be a Restricted Subsidiary, in which event the amount of the “Restricted
Payment” shall be the Fair Market Value of the remaining interest, if any, in the former Restricted Subsidiary held by the Issuer
and the other Restricted Subsidiaries.

 

“Restricted Subsidiary” means
any Subsidiary of the Issuer other than an Unrestricted Subsidiary.

 

“S&P” means S&P Global
Ratings, a division of S&P Global Inc., or any successor to the rating agency business thereof.

 

“Sale and Leaseback Transaction”
means any direct or indirect arrangement relating to Property now owned or hereafter acquired whereby the Issuer or a Restricted Subsidiary
transfers that Property to another Person and the Issuer or a Restricted Subsidiary leases it from that other Person together with any
Refinancings thereof.

 

“SEC” means the U.S. Securities
and Exchange Commission.

 

“Securities Act” means the
U.S. Securities Act of 1933, as amended, or any successor statute, and the rules and regulations promulgated by the SEC thereunder.

 

“Securitization Subsidiary”
means a Subsidiary of the Issuer:

 

		(1)	that is designated a “Securitization Subsidiary” by an
                                            officer of the Issuer,

 

		(2)	that does not engage in any activities other than Permitted Receivables
                                            Financings and any activity necessary, incidental or related thereto,

 

		(3)	no portion of the Debt or any other obligation, contingent or otherwise,
                                            of which:

 

		(A)	is Guaranteed by the Issuer or any Restricted Subsidiary of the Issuer,

 

		(B)	is recourse to or obligates the Issuer or any Restricted Subsidiary
                                            of the Issuer in any way, or

 

    	 	 31	 

    

    

 

		(C)	subjects any property or asset of the Issuer or any Restricted Subsidiary
                                            of the Issuer, directly or indirectly, contingently or otherwise, to the satisfaction thereof,

 

		(4)	with respect to which neither the Issuer nor any Restricted Subsidiary
                                            of the Issuer (other than an Unrestricted Subsidiary) has any obligation to maintain or preserve
                                            such its financial condition or cause it to achieve certain levels of operating results,

 

other than, in respect of clauses (3) and (4),
pursuant to customary representations, warranties, covenants and indemnities entered into in connection with a Permitted Receivables
Financing.

 

“Significant Subsidiary” means
any Subsidiary that would be a “Significant Subsidiary” of the Issuer within the meaning of Rule 1-02 under Regulation S-X
promulgated by the SEC.

 

“Stated Maturity” means, with
respect to any security, the date specified in the security as the fixed date on which the payment of principal of the security is due
and payable, and shall not include any contingent obligations to repay, redeem or repurchase any such interest or principal prior to
the date originally scheduled for the payment thereof.

 

“Subordinated Obligation” means
any Debt of the Issuer or the Guarantors (whether outstanding on the Issue Date or thereafter Incurred) that is subordinate or junior
in right of payment to the Notes pursuant to a written agreement to that effect.

 

“Subsidiary” means, in respect
of any Person, any corporation, company (including any limited liability company), association, partnership, joint venture or other business
entity of which a majority of the total voting power of the Voting Stock is at the time owned or controlled, directly or indirectly,
by:

 

(a)      that Person,

 

(b)      that Person
and one or more Subsidiaries of that Person, or

 

(c)      one or
more Subsidiaries of that Person.

 

    	 	 32	 

    

    

 

“Support Obligation” means,
as to any Person, (a) any obligation, contingent or otherwise, of such Person guaranteeing or having the economic effect of guaranteeing
any Debt or other obligation payable or performable by another Person (the “primary obligor”) in any manner, whether directly
or indirectly, and including any obligation of such Person, direct or indirect, (i) to purchase or pay (or advance or supply funds for
the purchase or payment of) such Debt or other obligation, (ii) to purchase or lease property, securities or services for the purpose
of assuring the obligee in respect of such Debt or other obligation of the payment or performance of such Debt or other obligation, (iii)
to maintain working capital, equity capital or any other financial statement condition or liquidity or level of income or cash flow of
the primary obligor so as to enable the primary obligor to pay such Debt or other obligation, or (iv) entered into for the purpose of
assuring in any other manner the obligee in respect of such Debt or other obligation of the payment or performance thereof or to protect
such obligee against loss in respect thereof (in whole or in part), or (b) any Lien on any assets of such Person securing any Debt or
other obligation of any other Person, whether or not such Debt or other obligation is assumed by such Person (or any right, contingent
or otherwise, of any holder of such Debt to obtain any such Lien). The amount of any Support Obligation shall be deemed to be an amount
equal to the stated or determinable amount of the related primary obligation, or portion thereof, in respect of which such Support Obligation
is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith.

 

“Swap Agreement” means any
agreement with respect to any swap, forward, future or derivative transaction or option or similar agreement involving, or settled by
reference to, one or more rates, currencies, commodities, equity or debt instruments or securities, or economic, financial or pricing
indices or measures of economic, financial or pricing risk or value or any similar transaction or any combination of these transactions;
provided that no phantom stock or similar plan providing for payments only on account of services provided by current or former
directors, officers, employees or consultants of the Issuer or any Subsidiary shall be a Swap Agreement.

 

“Synthetic Lease” means, as
to any Person, any lease (including leases that may be terminated by the lessee at any time) of any property (whether real, personal
or mixed) (a) that is accounted for as an operating lease under GAAP and (b) in respect of which the lessee retains or obtains ownership
of the property so leased for U.S. federal income tax purposes, other than any such lease under which such Person is the lessor.

 

“Synthetic Lease Obligations”
means, as to any Person, an amount equal to the sum, without duplication, of (a) the obligations of such Person to pay rent or other
amounts under any Synthetic Lease which are attributable to principal and (b) the amount of any purchase price payment under any Synthetic
Lease assuming the lessee exercises the option to purchase the leased property at the end of the lease term. For purposes of Section
4.06, a Synthetic Lease Obligation shall be deemed secured by a Lien on the Property being leased and such Property will be deemed to
be owned by the lessee.

 

“Temporary Cash Investments”
means any of the following:

 

(a)      securities
issued or directly and fully guaranteed or insured by the United States or any agency or instrumentality thereof (provided that
the full faith and credit of the United States is pledged in support thereof) having maturities of not more than twelve months from the
date of acquisition,

 

(b)     U.S.-dollar denominated
time deposits and certificates of deposit of (i) any lender under the Credit Agreement, (ii) any domestic commercial bank of
recognized standing having capital and surplus in excess of $500.0 million or (iii) any bank whose short-term commercial paper rating
from S&P is at least A-1 or the equivalent thereof or from Moody’s is at least P-1 or the equivalent thereof (collectively,
an “Approved Bank”), in each case with maturities of not more than 364 days from the date of acquisition,

 

    	 	 33	 

    

    

 

(c)      commercial
paper and variable or fixed rate notes issued by any Approved Bank (or by the parent company thereof) or any variable rate notes issued
by, or guaranteed by, any domestic corporation rated A-1 (or the equivalent thereof) or better by S&P or P-1 (or the equivalent thereof)
or better by Moody’s and maturing within twelve months of the date of acquisition,

 

(d)     repurchase agreements
entered into by any Person with a bank or trust company or recognized securities dealer having capital and surplus in excess of $500.0
million for direct obligations issued by or fully guaranteed by the United States in which such Person shall have a perfected first priority
security interest (subject to no other Liens) and having, on the date of purchase thereof, a Fair Market Value of at least one hundred
percent (100%) of the amount of the repurchase obligations,

 

(e)      Investments
(classified in accordance with GAAP as current assets) in money market investment programs registered under the Investment Company Act
of 1940 that are administered by reputable financial institutions having capital of at least $500.0 million and the portfolios of which
are limited to Investments of the character described in the foregoing subclauses hereof, and

 

(f)       other
short-term investments utilized by Foreign Subsidiaries in accordance with normal investment practices for cash management in investments
of a type analogous to the foregoing.

 

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

 

“Transactions” means (a) the
issuance of the Original Notes, and the application of the net proceeds thereof as described in the Offering Memorandum and (b) all other
transactions related or incidental to, or in connection with, any of the foregoing (including, without limitation, the payment of fees
and expenses in connection with each of the foregoing).

 

“Treasury Rate” means, as obtained
by the Issuer, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities with
a constant maturity (as compiled and published in the most recent Selected Interest Rates (Daily)-H.15 release of the Board of Governors
of the Federal Reserve System that has become publicly available at least two Business Days prior to the Redemption Date (or, in the
case of a satisfaction and discharge or defeasance, two Business Days prior to the date on which funds are delivered to the Trustee)
(or, if such release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from
such Redemption Date to August 15, 2026; provided, however, that if the period from such Redemption Date to August 15, 2026 is less than
one year, the weekly average yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will
be used.

 

    	 	 34	 

    

    

 

“Trust Officer” means, when
used with respect to the Trustee, any officer within the corporate trust department of the Trustee, including any vice president, senior
associate, assistant secretary, assistant treasurer, trust officer or any other officer of the Trustee who customarily performs functions
similar to those performed by the Persons who at the time shall be such officers, respectively, or to whom any corporate trust matter
is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility
for the administration of this Indenture.

 

“Trustee” means the party named
as such in this Indenture until Trustee resigns pursuant to Section 7.08 or until a successor replaces it and, thereafter, means the
successor.

 

“Uniform Commercial Code” means
the New York Uniform Commercial Code as in effect from time to time.

 

“United States” means the United
States of America (including the states and the District of Columbia) and its territories, possessions and other areas subject to its
jurisdiction.

 

“Unrestricted Subsidiary” means:

 

(a)      any Subsidiary
of the Issuer that is designated as an Unrestricted Subsidiary as permitted or required pursuant to Section 4.10 and is not thereafter
redesignated as a Restricted Subsidiary as permitted pursuant thereto; and

 

(b)     any Subsidiary
of an Unrestricted Subsidiary.

 

“U.S. Dollar” or “$”
means the lawful currency of the United States.

 

“U.S. Dollar Equivalent” means,
with respect to any monetary amount in a currency other than U.S. Dollars, at any time for the determination thereof, the amount of U.S.
Dollars obtained by converting such foreign currency involved in such computation into U.S. Dollars at the spot rate for the purchase
of U.S. Dollars with the applicable foreign currency as published or as quoted by Reuters at approximately 10:00 A.M. (New York time)
on the date not more than two Business Days prior to such determination.

 

“U.S. Government Obligations”
means direct obligations (or certificates representing an ownership interest in such obligations) of the United States (including any
agency or instrumentality thereof) for the payment of which the full faith and credit of the United States is pledged and which are not
callable or redeemable at the Issuer’s option.

 

“Voting Stock” of any Person
means all classes of Capital Stock or other interests (including partnership interests) of that Person then outstanding and normally
entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees thereof.

 

“Wholly Owned” means, with
respect to any Person, a Subsidiary all the Voting Stock of which (except directors’ qualifying shares) is at that time owned,
directly or indirectly, by such Person and its other Wholly Owned Restricted Subsidiaries.

 

    	 	 35	 

    

    

 

Section 1.02.     
Other Definitions.

 

	Term
	 	Defined
    in Section

	“Affiliate Transaction”	 	4.09
	“Agent”	 	2.04
	“Agreed Guarantee Principles”	 	4.14
	“Allocable Excess Proceeds”	 	4.07(c)
	“Applicable Law”	 	11.18
	“Change of Control Offer”	 	4.12(a)
	“Change of Control Payment Date”	 	‎4.12(b)
	“Change of Control Purchase Price”	 	4.12(a)
	“covenant defeasance option”	 	8.01(b)
	“Definitive Note”	 	Appendix A
	“Depositary”	 	Appendix A
	“DTC”	 	2.04
	“Events of Default”	 	6.01
	“Excess Proceeds”	 	4.07(c)
	“Initial Default”	 	6.04
	“legal defeasance option”	 	8.01(b)
	“Notes”	 	Recitals hereto
	“Notes Custodian”	 	Appendix A
	“Notice of Default”	 	6.01
	“Offer Amount”	 	4.07(c)
	“Offer Period”	 	4.07(c)
	“Original Notes”	 	Recitals hereto
	“Paying Agent”	 	2.04
	“Permitted Debt”	 	4.04(b)
	“Prepayment Offer”	 	4.07(c)
	“protected purchaser”	 	2.07
	“Redemption Date”	 	3.03
	“Registrar”	 	2.04
	“Related Proceeding”	 	11.10
	“Reversion Date”	 	4.01(b)
	“Surviving Person”	 	5.01(a)
	“Suspended Covenants”	 	4.01(b)
	“Suspension Period”	 	4.01(b)

 

    	 	 36	 

    

    

 

Section 1.03.     Trust
Indenture Act. This Indenture is not qualified under the TIA, and the provisions of the TIA
(including “mandatory” provisions thereof) shall not apply to or in any way
govern the terms of this Indenture or the Notes or any Note Guarantee, except where specifically made applicable in this Indenture. As
a result, no provisions of the TIA (including “mandatory” provisions thereof) are
incorporated into this Indenture unless expressly incorporated pursuant to this Indenture. Unless specifically provided in this
Indenture, no terms that are defined under the TIA have such meanings for purposes of this Indenture.

 

Section 1.04.     
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)           
“including” means including without limitation;

 

(e)           
words in the singular include the plural and words in the plural include the singular;

 

(f)            
unsecured Debt shall not be deemed to be subordinate or junior to secured Debt merely by virtue of its nature as unsecured Debt;

 

(g)           
the principal amount of any non-interest bearing or other discount security at any date shall be the principal amount thereof
that would be shown on a balance sheet of the Issuer dated such date prepared in accordance with GAAP; and

 

(h)           
the principal amount of any Preferred Stock shall be the greater of (i) the maximum liquidation value of such Preferred Stock
or (ii) the maximum mandatory redemption or mandatory repurchase price with respect to such Preferred Stock.

 

Article
2

The Notes

 

Section 2.01.     
Amount of Notes. The aggregate principal amount of Notes which may be authenticated and delivered under this Indenture
is unlimited, subject to compliance with Sections 2.03 and 4.04. All Notes shall be identical in all respects other than issue prices,
issuance dates and with respect to interest payable on the first interest payment date after issuance.

 

Subject to Section 2.03, the Trustee shall authenticate
the Original Notes for original issue on the Issue Date. With respect to any Notes issued after the Issue Date (except for Notes authenticated
and delivered upon registration of transfer of, or in exchange for, or in lieu of, Original Notes pursuant to Section 2.07, 2.08, 2.09
or 3.06 or Appendix A), the Issuer may issue such Notes but only in compliance with Section 2.03.

 

    	 	 37	 

    

    

 

Section 2.02.     
Form and Dating. Provisions relating to the Notes are set forth in Appendix A, which is hereby incorporated in and expressly
made part of this Indenture. The Notes and the certificate of authentication included therein shall be substantially in the form of Exhibit
A which is hereby incorporated in and expressly made a part of this Indenture. The Notes may have notations, legends or endorsements
required by law, stock exchange rule, agreements to which the Issuer or any Guarantor is subject, if any, or usage, provided that
any such notation, legend or endorsement is in a form reasonably acceptable to the Issuer. Each Note shall be dated the date of its authentication.
The terms of the Notes set forth in Exhibit A are part of the terms of this Indenture. The Notes shall be issuable in denominations of
$2,000 and integral multiples of $1,000 in excess thereof.

 

Section 2.03.     
Execution and Authentication. Two Officers shall sign the Notes for the Issuer by manual or facsimile signature.

 

If an Officer whose signature is on a Note no
longer holds that office at the time the Trustee authenticates the Note, the Note shall be valid nevertheless.

 

At any time and from time to time after the execution
and delivery of this Indenture, the Issuer may deliver Notes executed by the Issuer to the Trustee for authentication. The Trustee will
authenticate and deliver:

 

(a)           
(i) Original Notes for original issue in the aggregate principal amount not to exceed $350.0 million, and (ii) Additional Notes
from time to time for original issue in aggregate principal amounts specified by the Issuer, after the following conditions have been
met:

 

(A)           
Receipt by the Trustee of an Officers’ Certificate (which shall include the statement specified in Section 11.04) specifying

 

(1)           
the amount of Notes to be authenticated and the date on which the Notes are to be authenticated,

 

(2)           
in the case of Additional Notes, that the issuance of such Notes does not contravene Section 4.04,

 

(3)           
whether the Notes are to be issued as one or more Global Notes or Definitive Notes, and

 

(4)           
other information the Issuer may determine to include or the Trustee may reasonably request.

 

(B)           
In the case of Additional Notes that are not fungible with the Original Notes for U.S. federal income tax purposes, such Additional
Notes shall bear a different CUSIP number, and the Trustee shall receive an Opinion of Counsel that conforms with the requirements of
 ‎Section 11.05 hereof and states that such Additional Notes are the legal, valid and binding obligations of the Issuer, enforceable
against the Issuer in accordance with their terms.

 

    	 	 38	 

    

    

 

A Note shall not be valid until an authorized
signatory of the Trustee (or an Authentication Agent as described below) manually signs the certificate of authentication on the Note.
The signature shall be conclusive evidence that the Note has been authenticated under this Indenture.

 

The Trustee may appoint an Authentication Agent
reasonably acceptable to the Issuer to authenticate any Notes. Any such appointment shall be evidenced by an instrument signed by a Trust
Officer, a copy of which shall be furnished to the Issuer. Unless limited by the terms of such appointment, an Authentication Agent may
authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication
by such agent. An Authentication Agent has the same rights as any Registrar, Paying Agent or agent for service of notices and demands.

 

Section 2.04.     
Registrar and Paying Agent. The Issuer shall maintain an office or agency where Notes may be presented for registration
of transfer or for exchange (the “Registrar”) and an office or agency where Notes may be presented for payment (the
 “Paying Agent”). The Registrar shall keep a register of the Notes and of their transfer and exchange. The Issuer may
have one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrars.
The term “Paying Agent” includes any additional paying agents.

 

The Issuer initially appoints The Depository Trust
Company (“DTC”) to act as Depositary with respect to the Global Notes. The Issuer has entered into a letter of representations
with DTC in the form provided by DTC and the Trustee and each Registrar, co-registrar, Paying Agent, additional paying agent or custodian
(“Agent”) is hereby authorized to act in accordance with such letter and applicable procedures of DTC. Neither the
Trustee nor any Agent shall have responsibility for any actions taken or not taken by the Depositary.

 

In connection with any proposed transfer outside
the book-entry only system, the Issuer, the Holder or DTC shall, to the extent required by applicable tax law, provide or cause to be
provided to the Trustee all information that is (i) in their possession, (ii) specifically requested by the Trustee in sufficient detail
to permit compliance with such request and (iii) necessary to allow the Trustee to comply with any applicable tax reporting obligations,
including without limitation any cost basis reporting obligations under Section 6045 of the Code. The Trustee may rely on the information
provided to it and shall have no responsibility to verify or ensure the accuracy of such information.

 

The Issuer may enter into an appropriate agency
agreement with any Registrar, Paying Agent or co-registrar not a party to this Indenture. The agreement shall implement the provisions
of this Indenture that relate to such agent. The Issuer shall notify the Trustee of the name and address of any such agent. If the Issuer
fails to maintain a Registrar or Paying Agent, the Trustee shall act as such and shall be entitled to appropriate compensation therefor
pursuant to Section 7.07. The Issuer or any of its Subsidiaries may act as Paying Agent, Registrar, co-registrar.

 

    	 	 39	 

    

    

 

Initially, the Trustee will act as Registrar and
Paying Agent with regard to the Notes.

 

The Issuer may remove any Registrar or Paying
Agent upon written notice to such Registrar or Paying Agent and to the Trustee; provided, however, that no such removal shall become
effective until (i) if applicable, acceptance of an appointment by a successor Registrar or Paying Agent, as the case may be, as evidenced
by an appropriate agreement entered into by the Issuer and such successor Registrar or Paying Agent, as the case may be, and delivered
to the Trustee or (ii) notification to the Trustee that the Trustee shall serve as Registrar or Paying Agent until the appointment of
a successor in accordance with clause (i) above. The Registrar or Paying Agent may resign at any time upon written notice to the Issuer
and the Trustee; provided, however, that the Trustee may resign as Paying Agent or Registrar only if the Trustee also resigns as Trustee
in accordance with Section 7.08.

 

Section 2.05.     
Paying Agent to Hold Money in Trust. Prior to 10:00 a.m., New York City time, on any due date of the principal and interest
on any Note, the Issuer shall deposit with the Paying Agent a sum sufficient to pay such principal and interest when so becoming due.
The Paying Agent shall hold in trust for the benefit of Noteholders or the Trustee all money held by the Paying Agent for the payment
of principal of or interest on the Notes and shall notify the Trustee in writing of any default by the Issuer in making any such payment.
If the Issuer or a Subsidiary thereof acts as Paying Agent, it shall segregate the money held by it as Paying Agent and hold it in trust
for the benefit of Persons entitled thereto. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee
and to account for any funds disbursed by the Paying Agent. Upon complying with this Section, the Paying Agent shall have no further
liability for the money delivered to the Trustee.

 

Section 2.06.     
Noteholder Lists. The Registrar shall preserve in as current a form as is reasonably practicable the most recent list available
to it of the names and addresses of Noteholders. If the Trustee is not the Registrar, the Issuer shall furnish, or cause the Registrar
to furnish, to the Trustee, in writing at least five Business Days before each interest payment date and at such other times as the Trustee
may request in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of Noteholders.

 

    	 	 40	 

    

    

 

Section 2.07.     
Replacement Notes. If a mutilated Note is surrendered to the Registrar or if the Holder of a Note claims that such Note
has been lost, destroyed or wrongfully taken, the Issuer shall issue and the Trustee shall authenticate a replacement Note, if the requirements
of Section 8-405 of the Uniform Commercial Code are met, such that the Holder (a) satisfies the Issuer and the Trustee within a reasonable
time after such Holder has notice of such loss, destruction or wrongful taking and the Registrar does not register a transfer prior to
receiving such notification, (b) makes such request to the Issuer and the Trustee prior to the Note being acquired by a protected purchaser
as defined in Section 8-303 of the Uniform Commercial Code (a “protected purchaser”) and (c) satisfies any other reasonable
requirements of the Issuer, Trustee and/or the Authentication Agent, as applicable. If required by the Trustee or the Issuer, such Holder
shall furnish an indemnity bond sufficient in the judgment of the Issuer and the Trustee (and the Paying Agent, Registrar and Authentication
Agent, if not the Trustee) to protect the Issuer, the Trustee, the Paying Agent, the Registrar, any co-registrar and the Authentication
Agent, as applicable, from any loss or liability which any of them may suffer if a Note is replaced. The Issuer and the Trustee may charge
the Holder for their expenses in replacing a Note (including without limitation, attorneys’ fees and disbursements in replacing
such Note). In the event any such mutilated, lost, destroyed or wrongfully taken Note has become or is about to become due and payable,
the Issuer in its discretion may pay such Note instead of issuing a new Note in replacement thereof.

 

Every replacement Note is an additional obligation
of the Issuer.

 

The provisions of this Section 2.07 are exclusive
and shall preclude (to the extent lawful) all other rights and remedies of the Holders with respect to the replacement or payment of
mutilated, lost, destroyed or wrongfully taken Notes.

 

Section 2.08.     
Outstanding Notes. Notes outstanding at any time are all Notes authenticated by the Trustee, except for those canceled
by it, those delivered to it for cancellation and those described in this Section as not outstanding. Subject to Section 11.06, a Note
does not cease to be outstanding because the Issuer or an Affiliate of the Issuer holds the Note.

 

If a Note is replaced pursuant to Section 2.07,
it ceases to be outstanding unless the Trustee and the Issuer receive proof satisfactory to them that the replaced Note is held by a
protected purchaser.

 

If the Paying Agent segregates and holds in trust,
in accordance with this Indenture, on a redemption date or maturity date money sufficient to pay all principal and interest payable on
that date with respect to the Notes (or portions thereof) to be redeemed or maturing, as the case may be, then on and after that date,
such Notes (or portions thereof) cease to be outstanding and interest on them ceases to accrue.

 

Section 2.09.     
Temporary Notes. Until Definitive Notes are ready for delivery, the Issuer may prepare and the Trustee shall authenticate
temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuer considers
appropriate for temporary Notes. Without unreasonable delay, the Issuer shall prepare and the Trustee shall authenticate Definitive Notes
and deliver them in exchange for temporary Notes.

 

    	 	 41	 

    

    

 

Section 2.10.     
Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and the Paying Agent
shall forward to the Trustee any Notes surrendered to them for registration of transfer, exchange, redemption or payment and such Notes
shall promptly be cancelled by the Trustee. The Trustee and no one else shall cancel and dispose of all Notes surrendered for registration
of transfer, exchange, payment or cancellation in its customary manner. The Trustee, upon request of the Issuer, shall deliver a certificate
of cancellation to the Issuer. The Issuer may not issue new Notes to replace Notes it has redeemed, paid or delivered to the Trustee
for cancellation, except pursuant to the terms of this Indenture.

 

Section 2.11.     
Defaulted Interest. If the Issuer defaults in a payment of interest on the Notes, the Issuer shall pay the defaulted interest
(plus interest on such defaulted interest to the extent lawful) in any lawful manner. The Issuer may pay the defaulted interest to the
Persons who are Noteholders on a subsequent special record date. The Issuer shall fix or cause to be fixed any such special record date
and payment date to the reasonable satisfaction of the Trustee and shall promptly deliver to each affected Noteholder a notice that states
the special record date, the payment date and the amount of defaulted interest to be paid.

 

Section 2.12.     
CUSIP, ISIN or Common Code Numbers. The Issuer in issuing the Notes may use “CUSIP,” “ISIN” or
 “Common Code” numbers (if then generally in use) and, if so, the Trustee shall use “CUSIP,” “ISIN”
or “Common Code” numbers in notices of redemption as a convenience to Holders; provided, however, that neither
the Issuer nor the Trustee shall have any responsibility for any defect in the “CUSIP,” “ISIN” or “Common
Code” number that appears on any Note, check, advice of payment or redemption notice, and any such notice may state that no representation
is made as to the correctness of such numbers either as printed on the Notes or as contained in any notice of a redemption and that reliance
may be placed only on the other identification numbers printed on the Notes, and any such redemption shall not be affected by any defect
in or omission of such numbers. The Issuer shall promptly notify the Trustee in writing of any change in such numbers.

 

Article
3

Redemption

 

Section 3.01.     
Notices to Trustee. If the Issuer elects to redeem Notes pursuant to paragraph 5 of the Notes, it shall notify the Trustee
in writing of the Redemption Date, the principal amount of Notes to be redeemed and that such redemption is being made pursuant to paragraph
5 of the Notes.

 

The Issuer shall give each notice to the Trustee
provided for in this Section at least 35 days before the Redemption Date unless the Trustee consents to a shorter period. Such notice
shall be accompanied by an Officers’ Certificate and an Opinion of Counsel from the Issuer to the effect that such redemption will
comply with the conditions herein.

 

Section 3.02.     
Selection of Notes to be Redeemed. If fewer than all of the Notes are to be redeemed, the Trustee shall select the Notes
to be redeemed by lot; provided that if the Notes are in global form, interests in such Global Notes will be selected for redemption
by the applicable Depositary in accordance with its standard procedures therefor. The Trustee shall make the selection from outstanding
Notes not previously called for redemption. The Trustee may select for redemption portions of the principal of Notes that have denominations
larger than $2,000. Notes and portions of them the Trustee selects shall be in amounts of $2,000 or a whole multiple of $1,000 in excess
thereof. Provisions of this Indenture that apply to Notes called for redemption also apply to portions of Notes called for redemption.
The Trustee shall notify the Issuer in writing promptly of the Notes or portions of Notes to be redeemed.

 

    	 	 42	 

    

    

 

Section 3.03.     
Notice of Redemption. At least 30 days but not more than 60 days before a date for redemption of Notes pursuant to paragraph
5 of the Notes (such date, a “Redemption Date”), the Issuer shall mail, or cause to be mailed, a notice of redemption
by first-class mail, or in the case of Notes held in book-entry form, by electronic transmission, to each Holder of Notes to be redeemed.

 

The notice shall identify the Notes to be redeemed
(including any CUSIP, Common Code or ISIN numbers) and shall state:

 

(a)           
the Redemption Date;

 

(b)           
the redemption price or the information specified in clause (c) of paragraph 5 of the Notes;

 

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

 

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

 

(e)           
if fewer than all the outstanding Notes are to be redeemed, the identification and principal amounts of the particular Notes to
be redeemed;

 

(f)            
that, unless the Issuer defaults in making such redemption payment, interest on Notes (or portion thereof) called for redemption
ceases to accrue on and after the Redemption Date;

 

(g)           
if the notice is conditioned upon one or more conditions precedent, a description of such conditions, and a statement that, in
the Issuer’s discretion, the Redemption Date may be delayed until such time as any or all such conditions shall be satisfied (or
waived by the Issuer in its sole discretion), or such redemption may not occur and such notice may be rescinded in the event that any
or all such conditions shall not have been satisfied (or waived) by the Redemption Date, or by the Redemption Date so delayed; and

 

(h)           
that no representation is made as to the correctness or accuracy of the CUSIP, ISIN or Common Code number, if any, listed in such
notice or printed on the Notes.

 

At the Issuer’s written request, the Trustee
shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, any such request shall
be received in writing by the Trustee at least five Business Days prior to the date on which such notice is to be given unless the Trustee
consents to a shorter period. Any such notice may be canceled if written notice from the Issuer of such cancellation is actually received
by the Trustee on the Business Day immediately prior to notice of such redemption being mailed to any Noteholder or otherwise delivered
in accordance with the applicable procedures of the Depositary and shall thereby be void and of no effect.

 

    	 	 43	 

    

    

 

If the Issuer elects to provide, in lieu of the
redemption price, the information specified in clause (c) of paragraph 5 of the Notes in the notice of redemption, the Trustee shall
give the notice of the redemption price, in the Issuer’s name and at the Issuer’s expense, one Business Day prior to the
Redemption Date.

 

Section 3.04.     
Effect of Notice of Redemption. Subject to satisfaction of any conditions precedent specified in such notice, once notice
of redemption is mailed or otherwise delivered, Notes called for redemption become due and payable on the Redemption Date and at the
redemption price stated in the notice. Upon surrender to the applicable Paying Agent, such Notes shall be paid at the redemption price
stated in the notice, plus accrued and unpaid interest to, but excluding, the Redemption Date (subject to the right of Holders of record
on the relevant record date to receive interest due on the related interest payment date). Failure to give notice or any defect in the
notice to any Holder shall not affect the validity of the notice to any other Holder.

 

Section 3.05.     
Deposit of Redemption Price. On or prior to 10:00 a.m. New York City time on the Redemption Date, the Issuer shall deposit
with the applicable Paying Agent (or, if the Issuer or a Subsidiary thereof is the Paying Agent, shall segregate and hold in trust) money
in U.S. Dollars sufficient to pay the redemption price of and accrued and unpaid interest (subject to the right of Holders of record
on the relevant record date to receive interest due on the related interest payment date) on all Notes to be redeemed on that date other
than Notes or portions of Notes called for redemption that have been delivered by the Issuer to the Trustee for cancellation. On and
after the Redemption Date, interest shall cease to accrue on Notes or portions thereof called for redemption so long as the Issuer has
deposited with the Paying Agent funds sufficient to pay the principal of, plus accrued and unpaid interest on, the Notes or portions
thereof to be redeemed.

 

Section 3.06.     
Notes Redeemed in Part. Upon surrender of a Note that is redeemed in part, the Issuer shall execute and the Trustee shall
authenticate for the Holder (at the Issuer’s expense) a new Note equal in principal amount to the unredeemed portion of the Note
surrendered.

 

Section 3.07.     
Optional Redemption.

 

(a)           
The Notes shall be optionally redeemable as set forth in paragraph 5 of the Notes. Any such redemption shall be made in accordance
with the provisions of this Article 3.

 

(b)           
Any redemption or notice of redemption issued pursuant to paragraph 5 of the Notes may, in the Issuer’s discretion, be subject
to one or more conditions precedent.

 

    	 	 44	 

    

    

 

 

Article
4 

Covenants

 

Section 4.01.     
Covenant Suspension. During any period of time that:

 

(a)            the
Notes have Investment Grade Ratings from both Rating Agencies, and

 

(b)           no
Default or Event of Default has occurred and is continuing under this Indenture,

 

the Issuer and the Restricted Subsidiaries will not be subject to
the following Sections of this Indenture: Section 4.04, Section 4.05, Section 4.07, Section 4.08, Section 4.09, clause (x) of the fourth
paragraph of Section 4.10 and clause (e) of Section 5.01 (collectively, the “Suspended Covenants”). In the event that
the Issuer and the Restricted Subsidiaries are not subject to the Suspended Covenants for any period of time as a result of the preceding
sentence and, subsequently, one or both of the Rating Agencies withdraws its ratings or downgrades the ratings assigned to the Notes
below the required Investment Grade Ratings or a Default or Event of Default occurs and is continuing (the date of such ratings withdrawal
or downgrade or the occurrence of such Default or Event of Default, the “Reversion Date”), then the Issuer and the
Restricted Subsidiaries will thereafter again be subject to the Suspended Covenants for all periods after that withdrawal, downgrade,
Default or Event of Default and, furthermore, compliance with the provisions of Section 4.05 with respect to Restricted Payments made
after the time of the withdrawal, downgrade, Default or Event of Default will be calculated in accordance with the terms of that covenant
as though that covenant had been in effect during the entire period of time from the Issue Date, provided that there will not
be deemed to have occurred a Default or Event of Default with respect to that covenant during the time (the “Suspension Period”)
that the Issuer and the Restricted Subsidiaries were not subject to the Suspended Covenants (or after that time based solely on events
that occurred during that time). Accordingly, Restricted Payments made during the Suspension Period will reduce the amount available
to be made as Restricted Payments under the first paragraph of Section 4.05. The Issuer will promptly give the Trustee written notice
of any such suspension of covenants and in any event not later than five Business Days after such suspension has occurred. In the absence
of such notice, the Trustee shall assume that the Suspended Covenants are in full force and effect.

 

    45

     

    

 

Solely for the purpose of determining the amount
of Permitted Liens under Section 4.06 during any Suspension Period and without limiting the Issuer’s or any Restricted Subsidiary’s
ability to Incur Debt during any Suspension Period, to the extent that calculations in Section 4.06 refer to Section 4.04, such calculations
shall be made as though Section 4.04 remains in effect during the Suspension Period. On the Reversion Date, all Debt Incurred during
the Suspension Period will be classified to have been Incurred pursuant to Section 4.04(a) or one of the clauses set forth in the definition
of “Permitted Debt” in Section 4.04 (to the extent such Debt would be permitted to be Incurred thereunder as of the Reversion
Date and after giving effect to Debt Incurred prior to the Suspension Period and outstanding on the Reversion Date). To the extent such
Debt would not be permitted to be Incurred pursuant to Section 4.04(a) or one of the clauses set forth in the definition of “Permitted
Debt” in Section 4.04, such Debt will be deemed to have been outstanding on the Issue Date, so that it is classified as permitted
under clause (x) of the definition of “Permitted Debt” in Section 4.04. For purposes of determining compliance with the covenant
described in Section 4.07 on the Reversion Date, the Net Available Cash from all Asset Sales not applied in accordance with the covenant
will be deemed to be reset to zero. No Subsidiaries may be designated as Unrestricted Subsidiaries during any Suspension Period. The
Issuer will give the Trustee written notice of any occurrence of a Reversion Date not later than five Business Days after such Reversion
Date. After any such notice of the occurrence of a Reversion Date, the Trustee shall assume that the Suspended Covenants apply and are
in full force and effect.

 

 

Section 4.02.     
Payment of Notes. The Issuer shall promptly pay the principal of and interest on the Notes on the dates and in the manner
provided in the Notes and in this Indenture. Principal and interest shall be considered paid on the date due if on such date the Trustee
or the applicable Paying Agent holds in accordance with this Indenture money sufficient to pay all principal and interest then due.

 

The Issuer shall pay interest on overdue principal
at the rate specified therefor in the Notes, and it shall pay interest on overdue installments of interest at the rate borne by the Notes
to the extent lawful.

 

Section 4.03.     
Reports. Whether or not required by the rules and regulations of the SEC, so long as any Notes are outstanding, the Issuer
will furnish to the Holders of Notes and the Trustee, within the time periods specified in the SEC’s rules and regulations for
non-accelerated filers:

 

(a)           all
quarterly and annual reports that would be required to be filed with the SEC on Forms 10-Q and 10-K if the Issuer were required to file
such reports; and

 

(b)           all
current reports that would be required to be filed with the SEC on Form 8-K if the Issuer were required to file such reports;

 

provided that the electronic filing of the foregoing reports
by the Issuer on the SEC’s EDGAR system (or any successor system) shall be deemed to satisfy the Issuer’s delivery obligations
to the Trustee and any Holder of Notes.

 

All such reports will be prepared in all material
respects in accordance with all of the rules and regulations applicable to such reports. Each annual report on Form 10-K will include
a report on the Issuer’s consolidated financial statements by the Issuer’s certified independent accountants. In addition,
the Issuer will file a copy of each of the reports referred to in clauses (a) and (b) above with the SEC for public availability within
the time periods specified in the rules and regulations applicable to such reports (unless the SEC will not accept such a filing) and
will post the reports on its website within those time periods.

 

    46

     

    

 

If, at any time, the Issuer is no longer subject
to the periodic reporting requirements of the Exchange Act for any reason, the Issuer will nevertheless continue filing the reports specified
in the preceding paragraphs of this covenant with the SEC within the time periods specified above unless the SEC will not accept such
a filing. The Issuer will not take any action reasonably expected to cause the SEC not to accept any such filings. If, notwithstanding
the foregoing, the SEC will not accept the Issuer’s filings for any reason, the Issuer will post the reports referred to in the
preceding paragraphs on its website within the time periods that would apply if the Issuer were required to file those reports with the
SEC.

 

If, at any time, the Issuer does not have a class
of equity listed on a national securities exchange, the Issuer will schedule a conference call to be held reasonably promptly, but not
more than ten Business Days following the release of each report containing the financial information referred to in clause (a) above
to discuss the information contained in such report. The Issuer will take reasonable steps to notify Holders of Notes about such call
and provide them and prospective investors in the Notes with instructions to obtain access to such conference call concurrently with
and in the same manner as each delivery of financial statements pursuant to clause (a) above.

 

In addition, the Issuer agrees that, if at any
time it is not required to file with the SEC the reports required by the preceding paragraphs, it will furnish to the Holders of Notes
and to securities analysts and prospective investors, upon their request, the information required to be delivered pursuant to Rule 144A(d)(4)
under the Securities Act for so long as the Notes are subject to resale restrictions under Rule 144 under the Securities Act.

 

To the extent any information is not provided
within the time periods specified in this Section 4.03 and such information is subsequently provided, the Issuer will be deemed to have
satisfied its obligations with respect thereto at such time and any Default with respect thereto shall be deemed to have been cured.

 

Delivery of such reports, information, and documents
to the Trustee shall be for informational purposes only, and the Trustee’s receipt of them shall not constitute constructive notice
of any information contained therein or determinable from information contained therein (including the Issuer’s compliance with
any of its covenants under the Indenture as to which the Trustee is entitled to rely exclusively on an officer’s certificate).
The Trustee shall not be obligated to monitor or confirm, on a continuing basis or otherwise, our compliance with the covenants or with
respect to any reports or other documents filed with the SEC or EDGAR or any website under the Indenture, or participate in any conference
calls.

 

Section 4.04.     
Limitation on Debt. The Issuer shall not, and shall not permit any Restricted Subsidiary to, Incur, directly or indirectly,
any Debt unless, after giving effect to the application of the proceeds thereof, either:

 

(a)          the
Debt is Debt of the Issuer or a Restricted Subsidiary and after giving effect to the Incurrence of the Debt and the application of the
proceeds thereof on a pro forma basis, the Consolidated Fixed Charge Coverage Ratio would be at least 2.00 to 1.00; provided that
the aggregate principal amount of Debt permitted to be Incurred pursuant to this clause (a) by Restricted Subsidiaries that are not the
Guarantors may not, together with Debt Incurred under clause (b)(xxi) below in respect thereof outstanding at any time, exceed an aggregate
amount equal to the greater of (x) $100.0 million and (y) 12.5% of Total Assets (measured at the time of Incurrence) of Non-Guarantor
Subsidiaries on a combined basis, or

 

(b)           the
Debt is Permitted Debt.

 

    47

     

    

 

“Permitted Debt” means:

 

(i)        Debt
of the Issuer evidenced by the Notes (but not any Additional Notes) issued on the Issue Date, and in each case, Guarantees (including
any Additional Notes) thereof by the Issuer or any Guarantor;

 

(ii)       Debt
of the Issuer or a Restricted Subsidiary Incurred under the Credit Facilities up to an aggregate principal amount not to exceed (1) the
greater of (A) $600.0 million, and (B) the sum of (x) $300.0 million and (y) 100% of the Issuer’s aggregate amount of Consolidated
EBITDA for the most recent four consecutive fiscal quarters for which internal financial statements are available (determined on a pro
forma basis), which amount shall be permanently reduced by the amount of Net Available Cash from an Asset Sale used to Repay Debt Incurred
pursuant to this clause (ii), pursuant to Section 4.07, minus (2) the aggregate amount outstanding at such time under Permitted Receivables
Financings Incurred pursuant to clause (xxi);

 

(iii)      Debt
of the Issuer owing to and held by any Restricted Subsidiary and Debt of a Restricted Subsidiary owing to and held by the Issuer or any
Restricted Subsidiary; provided, however, that (1) any subsequent issue or transfer of Capital Stock or other event that
results in any Restricted Subsidiary ceasing to be a Restricted Subsidiary or any subsequent transfer of that Debt (except to the Issuer
or a Restricted Subsidiary) shall be deemed, in each case, to constitute the Incurrence of that Debt by the issuer thereof, and (2) if
the Guarantor is the obligor on that Debt and the Debt is owed to a Restricted Subsidiary that is not the Guarantor, the Debt is expressly
subordinated to the prior payment in full in cash of all obligations with respect to the Notes or the applicable Note Guarantee;

 

(iv)      Debt
of a Restricted Subsidiary outstanding on the date on which that Restricted Subsidiary was acquired by the Issuer or otherwise became
a Restricted Subsidiary or Debt Incurred as consideration in, or to provide all or any portion of the funds or credit support utilized
to consummate, a transaction or series of transactions pursuant to which the Restricted Subsidiary became a Restricted Subsidiary of
the Issuer or was otherwise acquired by the Issuer; provided that at the time that Person was acquired by the Issuer or otherwise
became a Restricted Subsidiary and after giving effect to the Incurrence of that Debt, (i) the Issuer would have been able to Incur $1.00
of additional Debt pursuant to clause (a) of this Section 4.04 or (ii) the Consolidated Fixed Charge Coverage Ratio is at least equal
to such ratio immediately prior to such transaction;

 

    48

     

    

 

(v)       Debt
under Interest Rate Agreements entered into by the Issuer or a Restricted Subsidiary for the purpose of limiting interest rate risk in
the financial management of the Issuer or that Restricted Subsidiary and not for speculative purposes, provided that the obligations
under those agreements are related to payment obligations on Debt otherwise permitted by the terms of this Section 4.04;

 

(vi)      Debt
under Currency Exchange Protection Agreements entered into by the Issuer or a Restricted Subsidiary for the purpose of limiting currency
exchange rate risks in the financial management of the Issuer or that Restricted Subsidiary and not for speculative purposes;

 

(vii)     Debt
under Commodity Price Protection Agreements entered into by the Issuer or a Restricted Subsidiary in the financial management of the
Issuer or that Restricted Subsidiary and not for speculative purposes;

 

(viii)    Debt
in connection with one or more standby letters of credit or performance or surety bonds or completion guarantees issued by the Issuer
or a Restricted Subsidiary in the ordinary course of business or pursuant to self-insurance obligations and not in connection with the
borrowing of money or the obtaining of advances or credit;

 

(ix)      Debt
arising from agreements of the Issuer or a Restricted Subsidiary providing for indemnification, adjustment of purchase price or similar
obligations, in each case, Incurred in connection with the disposition of any business, assets or Capital Stock of a Subsidiary, other
than Guarantees of Debt Incurred by any Person acquiring all or any portion of such business, assets or Capital Stock; provided,
however, that the maximum aggregate liability in respect of all such Debt shall at no time exceed the gross proceeds actually
received by the Issuer or such Restricted Subsidiary in connection with such disposition;

 

(x)       Debt
of the Issuer and its Restricted Subsidiaries outstanding on the Issue Date, in each case not otherwise described in clauses (i) through
(ix) above and clauses (xv), (xvi), (xvii), (xviii) and (xix) below;

 

(xi)      Debt
of the Issuer or a Restricted Subsidiary in an aggregate principal amount outstanding at any one time not to exceed the greater of (x)
$75.0 million or (y) 10.0% of Consolidated Net Tangible Assets (measured at the time of Incurrence);

 

(xii)     Debt
of the Issuer or a Restricted Subsidiary Incurred in respect of Capital Lease Obligations, Synthetic Lease Obligations and Purchase Money
Debt, a Sale and Leaseback Transaction, provided that the principal amount of any Debt Incurred pursuant to this clause outstanding
at any one time may not exceed the greater of (x) $50.0 million or (y) 7.5% of Consolidated Net Tangible Assets (measured at the time
of Incurrence);

 

    49

     

    

 

(xiii)     Debt
of the Issuer or any Guarantor consisting of Guarantees of Debt of the Issuer or any Restricted Subsidiary Incurred under any other clause
of this Section 4.04;

 

(xiv)    Debt
of Foreign Subsidiaries in an aggregate principal amount outstanding at any one time not to exceed the greater of (x) $75.0 million or
(y) 10.0% of Consolidated Net Tangible Assets (measured at the time of Incurrence);

 

(xv)     Debt
under Hedging Obligations that are Incurred in the ordinary course of business (and, in each case, not for speculative purposes);

 

(xvi)    Debt
Incurred by the Issuer or any of its Restricted Subsidiaries in respect of workers’ compensation claims, health, disability or
other employee benefits or property or casualty or liability insurance, self-insurance obligations, performance, bid surety, appeal and
similar bonds and completion or performance of guarantees (not for borrowed money) provided in the ordinary course of business, and any
letters of credit functioning as or supporting any of the foregoing;

 

(xvii)   (a)
Debt arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient
funds in the ordinary course of business, provided, however, that such Debt is extinguished, refinanced or otherwise covered
within five Business Days of Incurrence or (b) Debt owed on a short-term basis of no longer than 30 days to banks or financial institutions
Incurred in the ordinary course of business that arises in connection with ordinary banking arrangements to manage cash balances of the
Issuer and its Subsidiaries;

 

(xviii)   shares
of Preferred Stock of a Restricted Subsidiary issued to the Issuer or another Restricted Subsidiary; provided that any subsequent
issuance or transfer of any Capital Stock or any other event that results in any such Restricted Subsidiary ceasing to be a Restricted
Subsidiary or any other subsequent transfer of any such shares of Preferred Stock (except to the Issuer or another of its Restricted
Subsidiaries) shall be deemed in each case to be an issuance of such shares of Preferred Stock not permitted by this clause (xviii);

 

(xix)    Debt
to the extent that the net proceeds thereof are promptly deposited to defease or to satisfy and discharge the Notes in each case in accordance
with the requirements of this Indenture;

 

(xx)      Permitted
Refinancing Debt Incurred in respect of Debt Incurred pursuant to clause (a) of this Section 4.04 and clauses (i), (iv) and (x) above
or this clause (xx); and

 

(xxi)     Debt
under any Permitted Receivables Financing outstanding on or Incurred after the Issue Date.

 

    50

     

    

 

For purposes of determining compliance with any
restriction on the Incurrence of Debt in U.S. Dollars where Debt is denominated in a different currency, the amount of such Debt will
be the U.S. Dollar Equivalent determined on the date of such determination. The principal amount of any Permitted Refinancing Debt Incurred
in the same currency as the Debt being Refinanced will be the U.S. Dollar Equivalent of the Debt Refinanced determined on the date such
Debt being Refinanced was initially Incurred. Notwithstanding any other provision of this Section 4.04, for purposes of determining compliance
with this Section 4.04, increases in Debt solely due to fluctuations in the exchange rate of currencies will not be deemed to exceed
the maximum amount that the Issuer or any Restricted Subsidiary may Incur under any of clauses (i) through (xxi) of this Section 4.04.

 

For purposes of determining compliance with this
Section 4.04:

 

(A)         in
the event that an item of Debt meets the criteria of more than one of the types of Debt described above, the Issuer, in its sole discretion,
will classify such item of Debt at the time of Incurrence and only be required to include the amount and type of such Debt in one of
the above clauses; and

 

(B)          the
Issuer will be entitled to divide and classify and reclassify an item of Debt in more than one of the types of Debt described above;
provided that Debt outstanding under the Credit Agreement on the Issue Date shall at all times be treated as Incurred under clause
(ii) of the definition of “Permitted Debt” and may not be reclassified.

 

Section 4.05.     
Limitation on Restricted Payments. The Issuer shall not make, and shall not permit any Restricted Subsidiary to make, directly
or indirectly, any Restricted Payment unless at the time of, and after giving effect to, the proposed Restricted Payment,

 

(a)       
no Default or Event of Default shall have occurred and be continuing,

 

(b)      
the Issuer could Incur at least $1.00 of additional Debt pursuant to clause (a) of Section 4.04, and

 

(c)       the
aggregate amount of that Restricted Payment and all other Restricted Payments declared or made after March 12, 2021 (the “Existing
Notes Issue Date”) (the amount of any Restricted Payment, if made other than in cash, to be based upon Fair Market Value) would
not exceed an amount equal to the sum of:

 

(i)        50%
of the aggregate amount of Consolidated Net Income accrued during the period (treated as one accounting period) from January 1, 2021
to the end of the most recent fiscal quarter ending prior to the date of such Restricted Payment and for which reports are required to
be provided under Section 4.03 (or if the aggregate amount of Consolidated Net Income for such period shall be a deficit, minus 100%
of such deficit), plus

 

    51

     

    

 

(ii)       Capital
Stock Sale Proceeds received after the Existing Notes Issue Date, plus

 

(iii)      the
sum of:

 

(A)         the
aggregate Net Cash Proceeds received by the Issuer or any Restricted Subsidiary from the issuance or sale after the Existing Notes Issue
Date of convertible or exchangeable Debt that has been converted into or exchanged for Capital Stock (other than Disqualified Stock)
of the Issuer, and

 

(B)           the
aggregate amount by which Debt of the Issuer or any Restricted Subsidiary is reduced on the Issuer’s consolidated balance sheet
on or after the Existing Notes Issue Date upon the conversion or exchange of any Debt issued or sold on or prior to the Existing Notes
Issue Date that is convertible or exchangeable for Capital Stock (other than Disqualified Stock) of the Issuer,

 

excluding, in the case of clause (A) or (B):

 

(x)       any
Debt issued or sold to the Issuer or a Subsidiary of the Issuer or an employee stock ownership plan or trust established by the Issuer
or any Subsidiary for the benefit of their employees, and

 

(y)       the
aggregate amount of any cash or other Property distributed by the Issuer or any Restricted Subsidiary upon any such conversion or exchange,
plus

 

(iv)      an
amount equal to the sum of:

 

(A)         the
net reduction in Investments in any Person other than the Issuer or a Restricted Subsidiary resulting from dividends, Repayments of loans
or advances or other transfers of Property made after the Existing Notes Issue Date, in each case to the Issuer or any Restricted Subsidiary
from that Person, less the cost of the disposition of those Investments, and

 

(B)          the
lesser of the net book value or the Fair Market Value of the Issuer’s equity interest in an Unrestricted Subsidiary at the time
the Unrestricted Subsidiary is designated a Restricted Subsidiary (provided that such designation occurs after the Existing Notes
Issue Date);

 

    52

     

    

 

provided, however, that the foregoing sum
shall not exceed, in the case of any Person, the amount of Investments previously made (and treated as Restricted Payments) by the Issuer
or any Restricted Subsidiary in that Person, and plus

 

(v)        any
cash dividends or cash distributions received directly or indirectly by the Issuer or a Guarantor after the Existing Notes Issue Date
from an Unrestricted Subsidiary, to the extent such dividends or distributions were not otherwise included in Consolidated Net Income
(other than to the extent such distribution represents a return of capital and the Investment in such Unrestricted Subsidiary was made
by the Restricted Subsidiary pursuant to clause (j) of the second paragraph of this covenant or to the extent such Investment constituted
a Permitted Investment).

 

Notwithstanding the foregoing limitation, the Issuer may:

 

(a)           declare
or pay dividends on its Capital Stock or distributions, or the consummation of any irrevocable redemption, within 60 days after the date
of declaration of the dividend or distribution or giving of the redemption notice, as the case may be, if, on said date of declaration
or redemption notice, such dividends, distributions or redemption, as the case may be, could have been paid in compliance with this Indenture;
provided, however, that the dividend, distribution and redemption shall be included in the calculation of the amount of Restricted
Payments;

 

(b)           purchase,
repurchase, redeem, legally defease, acquire or retire for value Capital Stock of the Issuer or Subordinated Obligations in exchange
for, or out of the proceeds of the substantially concurrent sale of, Capital Stock of the Issuer (other than Disqualified Stock and other
than Capital Stock issued or sold to a Subsidiary of the Issuer or an employee stock ownership plan or trust established by the Issuer
or any Subsidiary for the benefit of their employees); provided, however, that

 

(1)       the
purchase, repurchase, redemption, legal defeasance, acquisition or retirement shall be excluded in the calculation of the amount of Restricted
Payments, and

 

(2)       the
Capital Stock Sale Proceeds from the exchange or sale shall be excluded from the calculation pursuant to clause (c)(ii) above;

 

(c)            purchase,
repurchase, redeem, legally defease, acquire or retire for value any Subordinated Obligations or Disqualified Stock in exchange for,
or out of the proceeds of the substantially concurrent sale of, Permitted Refinancing Debt (in the case of Subordinated Obligations only)
or Disqualified Stock; provided, however, that the purchase, repurchase, redemption, legal defeasance, acquisition or retirement
shall be excluded in the calculation of the amount of Restricted Payments;

 

    53

     

    

 

(d)          
pay scheduled dividends (not constituting a return on capital) on Disqualified Stock issued pursuant to and in compliance with
Section 4.04 provided, however, that such dividends shall be excluded in the calculation of the amount of Restricted Payments;

 

(e)           permit
a Restricted Subsidiary that is not a Wholly Owned Subsidiary to pay dividends to shareholders of that Restricted Subsidiary that are
not the parent of that Restricted Subsidiary, so long as the Issuer or a Restricted Subsidiary that is the parent of that Restricted
Subsidiary receives dividends on a pro rata basis or on a basis that results in the receipt by the Issuer or a Restricted Subsidiary
that is the parent of that Restricted Subsidiary of dividends or distributions of greater value than it would receive on a pro rata
basis;

 

(f)            make
cash payments in lieu of fractional shares in connection with the exercise of warrants, options or other securities convertible into
Capital Stock of the Issuer; provided, however, that such payments shall be excluded in the calculation of the amount of
Restricted Payments;

 

(g)           make
repurchases of shares of Capital Stock (other than Disqualified Stock) of the Issuer deemed to occur (i) upon the exercise of options
to purchase shares of Capital Stock (other than Disqualified Stock) of the Issuer, warrants, other rights to acquire Capital Stock (other
than Disqualified Stock) if such shares of Capital Stock (other than Disqualified Stock) of the Issuer represent a portion of the exercise
price of such options, warrants or other rights and (ii) in connection with the withholding of a portion of the Capital Stock granted
or awarded to a director or an employee to pay for the taxes payable by such director or employee upon such grant or award; provided,
however, that such repurchases shall be excluded in the calculation of the amount of Restricted Payments;

 

(h)          
repurchase shares of, or options to purchase shares of, common stock of the Issuer from current or former officers, directors
or employees of the Issuer or any of its Subsidiaries (or permitted transferees of such current or former officers, directors or employees),
pursuant to the terms of agreements (including employment agreements) or plans approved by the Board of Directors under which such individuals
acquire shares of such common stock; provided, however, that the aggregate amount of such repurchases shall not exceed
the greater of (x) $30.0 million or (y) 3.5% of Consolidated Net Tangible Assets (measured at the time of such payment) in any calendar
year (with unused amounts in any calendar year carried over to succeeding calendar years) and provided further, however,
that such repurchases shall be excluded in the calculation of the amount of Restricted Payments;

 

(i)            purchase,
defease or otherwise acquire or retire for value any Subordinated Obligations upon a Change of Control Triggering Event of the Issuer
or an Asset Sale by the Issuer, to the extent required by any agreement pursuant to which such Subordinated Obligations were issued,
but only if the Issuer has previously made the offer to purchase Notes required under Section 4.07 or Section 4.12 and has repurchased
all Notes validly tendered and now withdrawn in connection with such offer to purchase Notes pursuant to Section 4.07 or Section 4.12;
provided, however, that such payments shall be included in the calculation of the amount of Restricted Payments;

 

    54

     

    

 

 (j)            make
other Restricted Payments not to exceed the greater of (x) $50.0 million or (y) 7.5% of Consolidated Net Tangible Assets (measured at
the time of Incurrence) in the aggregate; provided, however, that such payments shall be excluded in the calculation of
the amount of Restricted Payments;

 

(k)            purchase,
repurchase or otherwise retire Capital Stock not to exceed the greater of (x) $50.0 million or (y) 7.5% of Consolidated Net Tangible
Assets (measured at the time of such payment);

 

(l)             make
any purchase, repurchase, redemption, defeasance or other acquisition or retirement of Disqualified Stock of the Issuer or a Restricted
Subsidiary made by exchange for or out of the proceeds of, the substantially concurrent sale of Disqualified Stock of the Issuer or such
Restricted Subsidiary, as the case may be, so long as such refinancing Disqualified Stock is permitted to be Incurred pursuant to Section
4.04 and constitutes Refinancing Debt;

 

(m)           so
long as no Default or Event of Default has occurred and is continuing or will result therefrom, make other Restricted Payments if, immediately
after giving effect to such Restricted Payments (including the Incurrence of any Debt to finance such payment), the Consolidated Leverage
Ratio would not be greater than 2.00 to 1.00; provided, however, that such payments shall be excluded in the calculation of the
amount of Restricted Payments; and

 

(n)            make
payments or distributions to satisfy dissenters’ rights, pursuant to or in connection with a consolidation, merger or transfer
of assets that complies with the provisions of this Indenture applicable to mergers, consolidations and transfers of all or substantially
all the property and assets of the Issuer; provided, however, that such payments shall be excluded in the calculation of
the amount of Restricted Payments.

 

Section 4.06.     
Limitation on Liens. The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, Incur
or suffer to exist, any Lien (other than Permitted Liens) upon any of its Property (including Capital Stock of a Restricted Subsidiary),
whether owned at the Issue Date or thereafter acquired, or any interest therein or any income or profits therefrom unless (a) it has
made or will make effective provision whereby the Notes will be secured by that Lien equally and ratably with (or prior to) all other
Debt of the Issuer or any Restricted Subsidiary secured by that Lien or (b) in the case of Liens securing subordinated obligations or
a Guarantor’s subordinated obligations, the Notes and the related Note Guarantees are secured by a Lien on such property, assets
or proceeds that is senior to such Liens.

 

Any Lien created for the benefit of the Holders
of the Notes pursuant to this Section 4.06 shall be automatically and unconditionally released and discharged upon the release and discharge
of each of the Liens described in clauses (a) and (b) above.

 

    55

     

    

 

Section 4.07.     
Limitation on Asset Sales.

 

(a)            The
Issuer shall not, and shall not permit any Restricted Subsidiary to, directly or indirectly, consummate any Asset Sale unless:

 

(i)        the
Issuer or the Restricted Subsidiary receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the
Property subject to such Asset Sale;

 

(ii)       at
least 75% of the consideration paid to the Issuer or the Restricted Subsidiary in connection with such Asset Sale is in the form of cash
or Cash Equivalents or the assumption by the purchaser of liabilities of the Issuer or any Restricted Subsidiary (other than liabilities
that are by their terms subordinated to the Notes) as a result of which the Issuer and the Restricted Subsidiaries are no longer obligated
with respect to such liabilities; and

 

(iii)      the
Issuer delivers an Officers’ Certificate to the Trustee certifying that such Asset Sale complies with the foregoing clauses (i)
and (ii).

 

For the purposes of this Section 4.07:

 

(1)       securities
or other assets received by the Issuer or any Restricted Subsidiary from the purchaser that are converted by the Issuer or such Restricted
Subsidiary into cash within 180 days after the closing of such Asset Sale shall be considered to be cash to the extent of the cash received
in that conversion;

 

(2)       any
cash consideration paid to the Issuer or the Restricted Subsidiary in connection with the Asset Sale that is held in escrow or on deposit
to support indemnification, adjustment of purchase price or similar obligations in respect of such Asset Sale shall be considered to
be cash;

 

(3)        Productive
Assets received by the Issuer or any Restricted Subsidiary in connection with the Asset Sale shall be considered to be cash;

 

(4)       the
requirement that at least 75% of the consideration paid to the Issuer or the Restricted Subsidiary in connection with the Asset Sale
be in the form of cash or Cash Equivalents or assumed liabilities shall also be considered satisfied if the cash or Cash Equivalents
received constitutes at least 75% of the consideration received by the Issuer or the Restricted Subsidiary in connection with such Asset
Sale, determined on an after-tax basis; and

 

(5)       any
Designated Non-Cash Consideration received by the Issuer or any Restricted Subsidiary in connection with the Asset Sale having an aggregate
Fair Market Value, taken together with all other Designated Non-Cash Consideration received in respect of Asset Sales that at that time
outstanding does not exceed the greater of (x) $50.0 million or (y) 5.0% of Consolidated Net Tangible Assets shall be considered to be
cash.

 

    56

     

    

 

(b)           The
Net Available Cash (or any portion thereof) from Asset Sales may be applied by the Issuer or a Restricted Subsidiary, to the extent the
Issuer or the Restricted Subsidiary elects (or is required by the terms of any Debt):

 

(i)        to
Repay secured Debt of the Issuer or a Guarantor (and if the secured Debt being repaid is revolving credit Debt, to correspondingly permanently
reduce commitments with respect thereto), or any Debt of a non-Guarantor Restricted Subsidiary (excluding, in any such case, any Debt
that is owed to the Issuer or an Affiliate of the Issuer);

 

(ii)       to
Repay other Debt of the Issuer or a Restricted Subsidiary (other than Subordinated Obligations and Debt owed to the Issuer or an Affiliate
of the Issuer) so long as the Issuer shall equally and ratably reduce obligations under the Notes (i) on a pro rata basis pursuant
to Section 3.07, (ii) through open-market purchases or arms’ length privately-negotiated purchases (to the extent such purchases
are at or above 100% of the principal amount thereof) or (iii) by making an offer (in accordance with the procedures set forth below
for a Prepayment Offer) to all Holders to purchase their Notes on a pro rata basis at 100% of the principal amount thereof, plus the
amount of accrued but unpaid interest, if any, on the amount of Notes that would otherwise be prepaid; or

 

(iii)      to
reinvest in Additional Assets (including by means of an Investment in Additional Assets by a Restricted Subsidiary with Net Available
Cash received by the Issuer or another Restricted Subsidiary),

 

provided, however, that the Net Available Cash (or any
portion thereof) from Asset Sales from the Issuer to any Subsidiary must be reinvested in Additional Assets of the Issuer.

 

(c)          
Any Net Available Cash from an Asset Sale not applied in accordance with the preceding paragraph within 365 days from the date
of the receipt of that Net Available Cash or that the Issuer earlier elects to so designate shall constitute “Excess Proceeds,”
provided, however, that a binding commitment to reinvest in Additional Assets pursuant to clause (b)(iii) of this Section
4.07 shall be treated as a permitted application of the Net Available Cash from the date of such commitment; provided that (i)
such reinvestment is consummated within 180 days of the end of the 365 day period referred to in this sentence, and (ii) if such reinvestment
is not consummated within the period set forth in subclause (i) or such binding commitment is terminated, the Net Available Cash not
so applied will be deemed to be Excess Proceeds.

 

    57

     

    

 

When the aggregate amount of Excess Proceeds not
previously subject to a Prepayment Offer (as defined below) exceeds $50.0 million (taking into account income earned on those Excess
Proceeds, if any), the Issuer will be required to make an offer to purchase (the “Prepayment Offer”) the Notes, which
offer shall be in the amount of the Allocable Excess Proceeds, on a pro rata basis according to principal amount, at a purchase
price equal to 100% of the principal amount thereof, plus accrued and unpaid interest, if any, to the purchase date (subject to the right
of Holders of record on the relevant record date to receive interest due on the relevant interest payment date), in accordance with the
procedures (including prorating in the event of oversubscription) set forth in this Indenture. To the extent that any portion of the
amount of Net Available Cash remains after compliance with the preceding sentence and provided that all Holders of Notes have
been given the opportunity to tender their Notes for purchase in accordance with this Indenture, the Issuer or such Restricted Subsidiary
may use the remaining amount for any purpose permitted by this Indenture and the amount of Excess Proceeds will be reset to zero.

 

The term “Allocable Excess Proceeds”
will mean the product of:

 

(a)           the
Excess Proceeds, and

 

(b)           a
fraction,

 

(1)       the
numerator of which is the aggregate principal amount of the Notes outstanding on the date of the Prepayment Offer, and

 

(2)       the
denominator of which is the sum of the aggregate principal amount of the Notes outstanding on the date of the Prepayment Offer and the
aggregate principal amount of other Debt of the Issuer outstanding on the date of the Prepayment Offer that is pari passu in right
of payment with the Notes and subject to terms and conditions in respect of Asset Sales similar in all material respects to the covenant
described hereunder and requiring the Issuer to make an offer to purchase that Debt at substantially the same time as the Prepayment
Offer.

 

(c)            (1)
Not later than five Business Days after the Issuer is obligated to make a Prepayment Offer as described in clause (c) of this Section
4.07, the Issuer shall send, or cause to be sent, a written notice by first-class mail (or electronic transmission in the case
of Notes held in book-entry form) to the Holders of Notes, with a copy to the Trustee, accompanied by information regarding the Issuer
and its Subsidiaries as the Issuer in good faith believes will enable the Holders to make an informed decision with respect to that
Prepayment Offer. The notice shall state, among other things, the purchase price and the purchase date, which shall be, subject
to any contrary requirements of applicable law, a Business Day no earlier than 30 days and no later than 60 days from the date the
notice is delivered.

 

(2)        
Not later than the date upon which written notice of a Prepayment Offer is delivered to the Trustee as provided above, the Issuer
shall deliver to the Trustee an Officers’ Certificate as to (i) the amount of the Prepayment Offer (the “Offer Amount”),
(ii) the allocation of the Net Available Cash from the Asset Sales pursuant to which such Prepayment Offer is being made and (iii) the
compliance of such allocation with the provisions of clause (c) of this Section 4.07. On or before the purchase date, the Issuer shall
also irrevocably deposit with the Trustee or with the Paying Agent (or, if the Issuer or a Subsidiary is the Paying Agent, shall segregate
and hold in trust) in Temporary Cash Investments (other than those enumerated in clause (b) of the definition of “Temporary Cash
Investments”), maturing on the last day prior to the purchase date or on the purchase date if funds are immediately available by
open of business, an amount equal to the Offer Amount to be held for payment in accordance with the provisions of this Section. Upon
the expiration of the period for which the Prepayment Offer remains open (the “Offer Period”), the Issuer shall deliver
to the Trustee for cancellation the Notes or portions thereof that have been properly tendered to and are to be accepted by the Issuer.
The Trustee or the Paying Agent shall, on the purchase date, mail or, in the case of Global Notes, deliver payment to each tendering
Holder in the amount of its pro rata share of the Offer Amount. In the event that the aggregate purchase price of the Notes delivered
by the Issuer to the Trustee is less than the Offer Amount, the Trustee or the Paying Agent shall deliver the excess to the Issuer immediately
after the expiration of the Offer Period for application in accordance with this Section.

 

    58

     

    

 

(3)        
Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed, to
the Issuer or its agent at the address specified in the notice at least three Business Days prior to the purchase date. Holders shall
be entitled to withdraw their election if the Trustee or the Issuer receives not later than one Business Day prior to the purchase date,
a facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note that was delivered for purchase
by the Holder and a statement that such Holder is withdrawing its election to have such Note purchased. If at the expiration of the Offer
Period the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Notes shall be purchased on a pro
rata basis (with such adjustments as may be necessary so that only Notes in denominations of $2,000, or integral multiples of $1,000
thereafter, shall be purchased), provided that if the Notes are in global form, interests in such Global Notes will be selected
for repurchase by the applicable Depositary in accordance with its standard procedures. Holders whose Notes are purchased only in part
shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered.

 

(4)        
At the time the Issuer delivers Notes to the Trustee that are to be accepted for purchase, the Issuer shall also deliver an Officers’
Certificate stating that such Notes are to be accepted by the Issuer pursuant to and in accordance with the terms of this Section. A
Note shall be deemed to have been accepted for purchase at the time the Trustee or the applicable Paying Agent mails or, in the case
of Global Notes, delivers payment therefor to the surrendering Holder.

 

(d)           The
Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities laws
or regulations in connection with the repurchase of Notes pursuant to this Section. To the extent that the provisions of any securities
laws or regulations conflict with provisions of this Section, the Issuer will comply with the applicable securities laws and regulations
and will not be deemed to have breached its obligations under this Section 4.07 by virtue thereof.

 

    59

     

    

 

Section 4.08.     
Limitation on Restrictions on Distributions from Restricted Subsidiaries. The Issuer shall not, and shall not permit any
Restricted Subsidiary to, directly or indirectly, create or otherwise cause or suffer to exist any consensual restriction on the right
of any Restricted Subsidiary to:

 

(a)            pay
dividends, in cash or otherwise, or make any other distributions on or in respect of its Capital Stock, or pay any Debt or other obligation
owed, to the Issuer or any other Restricted Subsidiary (it being understood that the priority of any Preferred Stock in receiving dividend
or liquidating distributions prior to the dividends or liquidating distributions being paid on common stock shall not be deemed a restriction
on the ability to make distributions on Capital Stock),

 

(b)           make
any loans or advances to the Issuer or any other Restricted Subsidiary (it being understood that the subordination of loans or advances
made to the Issuer or any Restricted Subsidiary to other Debt Incurred by the Issuer or any Restricted Subsidiary shall not be deemed
a restriction on the ability to make loans or advances), or

 

(c)           sell,
lease or transfer any of its Property to the Issuer or any other Restricted Subsidiary (it being understood that such transfers shall
not include any type of transfer described in clause (a) or (b) above).

 

The foregoing limitations will not apply to restrictions:

 

(i)        (a)
in effect on the Issue Date, including, but not limited to the Credit Agreement;

 

(ii)       relating
to Debt of a Restricted Subsidiary existing at the time it became a Restricted Subsidiary if such restriction was not created in connection
with or in anticipation of the transaction or series of transactions pursuant to which that Restricted Subsidiary became a Restricted
Subsidiary or was acquired by the Issuer;

 

(iii)      that
result from any amendment, restatement, modification, renewal, supplement, extension, replacement or Refinancing of Debt Incurred pursuant
to an agreement referred to in clause (i) or (ii) above, in clause (vi), (vii) or (x) below or this clause (iii), provided that
the restriction contained in such amendment, restatement, modification, renewal, supplement, extension, replacement or Refinancing is
not materially more restrictive (as determined in good faith by the Issuer’s Board of Directors), taken as a whole, than the restrictions
of the same type contained in the agreements or instruments referred to in clauses (i), (ii), (vi), (vii) or (x) or this clause (iii),
as applicable;

 

    60

     

    

 

(iv)      resulting
from the Incurrence of any Permitted Debt as defined in Section 4.04, provided that the restriction is no less favorable to the
Holders of Notes in any material respect (as determined in good faith by the Issuer’s Board of Directors) than the restrictions
of the same type contained in this Indenture;

 

(v)       existing
by reason of applicable law, rule, regulation or order;

 

(vi)      with
respect to clause (c) above only, relating to Debt that is permitted to be Incurred and secured without also securing the Notes pursuant
to Section 4.04 and Section 4.06 that limit the right of the debtor to dispose of the Property securing that Debt;

 

(vii)     encumbering
Property at the time the Property was acquired by the Issuer or any Restricted Subsidiary, so long as the restriction relates solely
to the Property so acquired and was not created in connection with or in anticipation of the acquisition;

 

(viii)    resulting
from customary provisions restricting subletting or assignment of leases or customary provisions in other agreements (including, without
limitation, intellectual property licenses entered into in the ordinary course of business) that restrict assignment of the agreements
or rights thereunder;

 

(ix)      which
are customary restrictions contained in asset sale agreements limiting the transfer of Property pending the closing of the sale;

 

(x)        existing
pursuant to any Debt Incurred by a Foreign Subsidiary, which restrictions are customary for a financing of such type, and which are otherwise
permitted under this Indenture, provided, however, that the Issuer’s Board of Directors determines in good faith that such
restrictions are not reasonably likely to impair the Issuer’s ability to make principal and interest payments on the Notes;

 

(xi)      existing
by reason of this Indenture, the Notes, and the Note Guarantees;

 

(xii)     with
respect to the disposition or distribution of assets or property in joint venture agreements and other similar agreements entered into
in the ordinary course of business;

 

(xiii)    on
cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business;

 

(xiv)    in
the case of the provision described in clause (c) of the first paragraph of this covenant: arising or agreed to in the ordinary course
of business, not relating to any Debt, and that do not, individually or in the aggregate, detract from the value of property or assets
of the Issuer or any Restricted Subsidiary thereof in any manner material to the Issuer or any Restricted Subsidiary thereof;

 

    61

     

    

 

(xv)      contained
in Hedging Obligations; and

 

(xvi)    constituting
customary restrictions with respect to a Securitization Subsidiary, pursuant to the terms of a Permitted Receivables Financing.

 

Section 4.09.     
Limitation on Transactions with Affiliates. The Issuer shall not, and shall not permit any Restricted Subsidiary to, directly
or indirectly, conduct any business or enter into or suffer to exist any transaction or series of transactions (including the purchase,
sale, transfer, assignment, lease, conveyance or exchange of any Property or the rendering of any service) with, or for the benefit of,
any Affiliate of the Issuer (an “Affiliate Transaction”) involving payments in excess of $5.0 million, unless:

 

(a)          
the terms of such Affiliate Transaction are no less favorable to the Issuer or that Restricted Subsidiary, as the case may be,
taken as a whole, than those that could be obtained in a comparable arm’s-length transaction with a Person that is not an Affiliate
of the Issuer, and

 

(b)          
if the Affiliate Transaction involves aggregate payments or value in excess of $25.0 million, the Board of Directors (including
a majority of the disinterested members of the Board of Directors) approves the Affiliate Transaction and, in its good faith judgment,
believes that the Affiliate Transaction complies with clause (a) of this paragraph as evidenced by a resolution of the Board of Directors
promptly delivered to the Trustee.

 

Notwithstanding the foregoing limitation, the
Issuer or any Restricted Subsidiary may enter into or suffer to exist the following:

 

(a)           any
transaction or series of transactions between the Issuer and one or more Restricted Subsidiaries or between two or more Restricted Subsidiaries;

 

(b)           any
Restricted Payment permitted to be made pursuant to Section 4.05 or any Permitted Investment;

 

(c)           any
reasonable or customary employment, consulting, service, severance, termination agreement, employee benefit plan, compensation arrangement,
indemnification arrangement, or any similar arrangement entered into by the Issuer or a Restricted Subsidiary with a current or former
director, officer or employee of the Issuer or a Restricted Subsidiary and payments related thereto; or any issuance of securities, or
other payments, awards or grants in cash, securities or otherwise pursuant to, or the funding of, employment agreements and other compensation
arrangements, options to purchase Capital Stock of the Issuer, restricted stock plans, restricted stock unit plans, long-term incentive
plans, stock appreciation rights plans, participation plans or similar employee benefits plans and/or indemnity provided on behalf of
directors, officers and employees of the Issuer or a Restricted Subsidiary approved by the Board of Directors of the Issuer;

 

    62

     

    

 

(d)          (i)
reimbursement of employee travel and lodging costs and other business expenses incurred in the ordinary course of business and (ii) loans
and advances to employees made in the ordinary course of business in compliance with applicable laws and consistent with the past practices
of the Issuer or that Restricted Subsidiary, as the case may be;

 

(e)           any
issuance of shares of Capital Stock (other than Disqualified Stock) of the Issuer;

 

(f)            any
agreement as in effect on the Issue Date or any amendment, modification, supplement, extension or renewal thereto (so long as such amendment,
modification, supplement, extension or renewal is not materially adverse to the interests of the Holders of the Notes) or any transaction
contemplated thereby;

 

(g)           any
agreement between any Person and an Affiliate of such Person existing at the time such Person is acquired by or merged or consolidated
with or into the Issuer or a Restricted Subsidiary, as such agreement may be amended, modified, supplemented, extended or renewed from
time to time; provided that such agreement was not entered into in contemplation of such acquisition, merger or consolidation,
and so long as any such amendment, modification, supplement, extension or renewal, when taken as a whole, is not materially more disadvantageous
to the Holders, in the reasonable determination of two Officers of the Issuer (as evidenced by an Officers’ Certificate), than
the applicable agreement as in effect on the date of such acquisition, merger or consolidation;

 

(h)           transactions
with customers, clients, suppliers, joint venture partners or purchasers or sellers of goods or services, in each case in the ordinary
course of the business of the Issuer and its Restricted Subsidiaries and otherwise in compliance with the terms of this Indenture; provided
that in the reasonable determination of two Officers of the Issuer (as evidenced by an Officers’ Certificate), such transactions
are on terms that are not materially less favorable, when taken as a whole, to the Issuer or the relevant Restricted Subsidiary than
those that would have been obtained in a comparable transaction by the Issuer or such Restricted Subsidiary with an unrelated Person;

 

(i)            transactions
in which the Issuer or any Restricted Subsidiary delivers to the Trustee a letter or opinion from an Independent Financial Advisor stating
that such transaction is fair to the Issuer or such Restricted Subsidiary from a financial point of view or stating that the terms are
not materially less favorable, when taken as a whole, than those that might reasonably have been obtained by the Issuer or such Restricted
Subsidiary in a comparable transaction at such time on an arms-length basis from a Person that is not an Affiliate;

 

(j)            the
Transactions and the payment of all fees and expenses related to the Transactions;

 

(k)           any
service, purchase, lease, supply or similar agreement entered into in the ordinary course of business (including, without limitation,
pursuant to any joint venture agreement) between the Issuer or any Restricted Subsidiary and any Affiliate (other than an Unrestricted
Subsidiary) that is a customer, client, supplier, purchaser or seller of goods or services, so long as the Issuer determines in good
faith that any such agreement is on terms not materially less favorable to the Issuer or such Restricted Subsidiary than those that could
be obtained in a comparable arms’-length transaction with an entity that is not an Affiliate;

 

    63

     

    

 

(l)            pledges
of equity interests of Unrestricted Subsidiaries to secure Debt of such Unrestricted Subsidiaries; and

 

(m)          transactions
entered into as part of a Permitted Receivables Financing on customary terms (as determined by the Issuer’s Board of Directors).

 

Section 4.10.     
Designation of Restricted and Unrestricted Subsidiaries. The Board of Directors of the Issuer may designate any Subsidiary
of the Issuer to be an Unrestricted Subsidiary if:

 

(a)      
the Subsidiary to be so designated does not own any Capital Stock or Debt of, or own or hold any Lien on any Property of, the
Issuer or any other Restricted Subsidiary,

 

(b)           immediately
before and after such designation, no Event of Default shall have occurred and be continuing, and

 

(c)           any
of the following:

 

(i)        the
Subsidiary to be so designated has total assets of $1,000 or less, or

 

(ii)        if
the Subsidiary has consolidated assets greater than $1,000, then the designation would be permitted under Section 4.05.

 

Unless so designated as an Unrestricted Subsidiary,
any Person that becomes a Subsidiary of the Issuer will be classified as a Restricted Subsidiary; provided, however, that
the Subsidiary shall not be designated a Restricted Subsidiary and shall be automatically classified as an Unrestricted Subsidiary if
the Person is a Subsidiary of an Unrestricted Subsidiary.

 

Except as provided in the first sentence of the
preceding paragraph, no Restricted Subsidiary may be redesignated as an Unrestricted Subsidiary. In addition, neither the Issuer nor
any Restricted Subsidiary shall at any time be directly or indirectly liable for any Debt that provides that the holder thereof may (with
the passage of time or notice or both) declare a default thereon or cause the payment thereof to be accelerated or payable prior to its
Stated Maturity upon the occurrence of a default with respect to any Debt, Lien or other obligation of any Unrestricted Subsidiary in
existence and classified as an Unrestricted Subsidiary at the time the Issuer or the Restricted Subsidiary is liable for that Debt (including
any right to take enforcement action against that Unrestricted Subsidiary).

 

    64

     

    

 

The Board of Directors of the Issuer may designate
any Unrestricted Subsidiary to be a Restricted Subsidiary if, immediately after giving effect on a pro forma basis to the designation,

 

(x)       the
Issuer could Incur at least $1.00 of additional Debt pursuant to clause (a) of Section 4.04, and

 

(y)       no
Default or Event of Default shall have occurred and be continuing or would result therefrom.

 

Any designation or redesignation of this kind
by the Board of Directors of the Issuer will be evidenced to the Trustee by filing with the Trustee a resolution of the Board of Directors
of the Issuer giving effect to the designation or redesignation and an Officers’ Certificate that:

 

(a)           certifies
that the designation or redesignation complies with the foregoing provisions, and

 

(b)           gives
the effective date of the designation or redesignation, and the filing with the Trustee to occur no later than the time period for which
reports are required to be provided under Section 4.03 for the fiscal quarter of the Issuer in which the designation or redesignation
is made.

 

Section 4.11.     
Limitation on Sale and Leaseback Transactions. The Issuer shall not, and shall not permit any Restricted Subsidiary to,
enter into any Sale and Leaseback Transaction with respect to any Property unless:

 

(a)           
the Issuer or that Restricted Subsidiary would be entitled to:

 

(i)           
Incur Debt in an amount equal to the Attributable Debt with respect to that Sale and Leaseback Transaction pursuant to Section
4.04, and

 

(ii)           
create a Lien on the Property securing that Attributable Debt without also securing the Notes pursuant to Section 4.06, and

 

(b)           
the Sale and Leaseback Transaction is effected in compliance with Section 4.07 after treating all the cash or Cash Equivalents
received in such Sale and Leaseback Transaction as Net Available Cash under such covenant.

 

    65

     

    

 

 

Section 4.12.     
Change of Control.

 

(a)           
Upon the occurrence of a Change of Control Triggering Event, each Holder of Notes shall have the right to require the Issuer to repurchase
all or any part of that Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”)
at a purchase price (the “Change of Control Purchase Price”) equal to 101% of the principal amount thereof plus accrued
and unpaid interest, if any, to, but excluding, the purchase date (subject to the right of holders of record on the relevant record date
to receive interest due on the relevant interest payment date).

 

(b)           
Within 30 days following any Change of Control Triggering Event, the Issuer shall send or cause to be sent by first-class mail
(or electronic transmission in the case of Notes held in book-entry form), with a copy to the Trustee, to each Holder of Notes, at such
Holder’s address appearing in the Note register, a notice stating: (A) that a Change of Control Triggering Event has occurred and
a Change of Control Offer is being made pursuant to this Section 4.12 and that all Notes timely tendered will be accepted for repurchase;
(B) the Change of Control Purchase Price and the purchase date, which shall be, subject to any contrary requirements of applicable law,
a Business Day no earlier than 30 days nor later than 60 days from the date such notice is delivered (the “Change of Control
Payment Date”); and (C) the procedures that Holders of Notes must follow in order to tender their Notes (or portions thereof)
for payment and the procedures that Holders of Notes must follow in order to withdraw an election to tender Notes (or portions thereof)
for payment.

 

(c)           
Holders electing to have a Note purchased shall be required to surrender the Note, with an appropriate form duly completed and
attached to the Note, or transfer by book-entry transfer, to the Issuer or its agent at the address specified in the notice at least
three Business Days prior to the Change of Control Payment Date. Holders shall be entitled to withdraw their election if the Trustee
or the Issuer receives not later than one Business Day prior to the Change of Control Payment Date, a facsimile transmission or letter
setting forth the name of the Holder, the principal amount of the Note that was delivered for purchase by the Holder and a statement
that such Holder is withdrawing its election to have such Note purchased.

 

(d)           
On or prior to the Change of Control Payment Date, the Issuer shall irrevocably deposit with either the Trustee or with the Paying
Agent (or, if the Issuer or any of its Subsidiaries is acting as the Paying Agent, segregate and hold in trust) in cash an amount equal
to the Change of Control Purchase Price payable to the Holders entitled thereto, to be held for payment in accordance with the provisions
of this Section. On the Change of Control Payment Date, the Issuer shall deliver to the Trustee the Notes or portions thereof that have
been properly tendered to and are to be accepted by the Issuer for payment. The Trustee or the Paying Agent shall, on the Change of Control
Payment Date, mail or, in the case of Global Notes, deliver payment to each tendering Holder of the Change of Control Purchase Price.
In the event that the aggregate Change of Control Purchase Price is less than the amount delivered by the Issuer to the Trustee or the
Paying Agent, the Trustee or the Paying Agent, as the case may be, shall deliver the excess to the Issuer immediately after the Change
of Control Payment Date.

 

(e)           
The Issuer will not be required to make a Change of Control Offer following a Change of Control Triggering Event if (i) a third
party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this
Indenture applicable to a Change of Control Offer made by the Issuer and purchases all Notes validly tendered and not withdrawn under
such Change of Control Offer or (ii) notice of redemption has been given pursuant to this Indenture to redeem all of the Notes pursuant
to Section 3.07, unless and until there is a default in payment of the applicable redemption price. Notwithstanding anything to the contrary
contained herein, a Change of Control Offer may be made in advance of a Change of Control Triggering Event, conditioned upon the consummation
of such Change of Control Triggering Event, if a definitive agreement is in place for the Change of Control Triggering Event at the time
the Change of Control Offer is made.

 

    66

     

    

 

(f)            
The Issuer will comply, to the extent applicable, with the requirements of Section 14(e) of the Exchange Act and any other securities
laws or regulations in connection with the repurchase of Notes pursuant to a Change of Control Offer. To the extent that the provisions
of any securities laws or regulations conflict with the provisions of this Section, the Issuer will comply with the applicable securities
laws and regulations and will not be deemed to have breached its obligations under this Section 4.12 by virtue thereof.

 

(g)            The
Issuer shall have the right to redeem the Notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, following
the consummation of a Change of Control if at least 90% of the Notes outstanding prior to such consummation are repurchased pursuant
to a Change of Control Offer with respect to such Change of Control.

 

Section 4.13.     
Further Instruments and Acts. Upon the reasonable written request of the Trustee, the Issuer shall execute and deliver
such further instruments and do such further acts as may be reasonably necessary or proper to carry out more effectively the purpose
of this Indenture.

 

Section 4.14.     
Additional Note Guarantees. After the Issue Date, if any Restricted Subsidiary of the Issuer Guarantees any Debt of the
Issuer or any Guarantor under the Credit Agreement or any other syndicated credit facility or capital markets debt in an aggregated principal
amount in excess of $25.0 million, such Restricted Subsidiary shall (i) within 30 days execute and deliver a supplemental indenture to
this Indenture providing for a Note Guarantee by such Restricted Subsidiary in the form of Exhibit B hereto (as may be modified pursuant
to the Agreed Guarantee Principles) and (ii) such Restricted Subsidiary shall deliver to the Trustee an Opinion of Counsel stating that
(a) such Note Guarantee has been duly executed and authorized; and (b) such Note Guarantee constitutes a valid, binding and enforceable
obligation of such Restricted Subsidiary, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws
(including all laws relating to fraudulent transfers) and except insofar as enforcement thereof is subject to general principals of equity;
provided that this covenant shall not be applicable to any Guarantee of any Restricted Subsidiary that existed at the time such
Person became a Restricted Subsidiary and was not incurred in connection with, or in contemplation of, such Person becoming a Restricted
Subsidiary. Each Note Guarantee shall be released in accordance with the provisions of Section 10.09. Notwithstanding anything to the
contrary in this Indenture, any Guarantee issued by any Foreign Subsidiary may be modified as necessary or appropriate to (1) comply
with applicable law, (2) avoid any general legal limitations such as general statutory limitations, financial assistance, corporate benefit,
 “thin capitalization” rules, retention of title claims or similar matters or (3) avoid a conflict with the fiduciary duties
of such company’s directors, contravention of any legal prohibition or regulatory condition, or the material risk of personal or
criminal liability for any officers or directors (collectively referred to as “Agreed Guarantee Principles”), in each
case as determined by the Issuer in its good faith discretion.

 

    67

     

    

 

Section 4.15.     
Existence. The Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect its
existence and the existence of each of its Restricted Subsidiaries in accordance with their respective organizational documents (as the
same may be amended from time to time), and the material rights, licenses and franchises of the Issuer and each Restricted Subsidiary,
provided that the Issuer is not required to preserve any such right, license or franchise, or the existence of any Restricted
Subsidiary, if the maintenance or preservation thereof, in the judgment of the Issuer, is no longer desirable in the conduct of the business
of the Issuer and its Restricted Subsidiaries taken as a whole; and provided further that this Section does not prohibit any transaction
otherwise permitted by Section 4.07 or Article 5.

 

Section 4.16.     
Payment of Taxes and other Claims. The Issuer will pay or discharge, and cause each of its Restricted Subsidiaries to pay
or discharge before the same become delinquent (i) all material taxes, assessments and governmental charges levied or imposed upon the
Issuer or any Restricted Subsidiary or its income or profits or property, and (ii) all material lawful claims for labor, materials and
supplies that, if unpaid, might by law become a Lien upon the property of the Issuer or any Restricted Subsidiary, other than any such
tax, assessment, charge or claim the amount, applicability or validity of which is being contested in good faith by appropriate proceedings
and for which adequate reserves have been established.

 

Section 4.17.     
Maintenance of Properties and Insurance. The Issuer will cause all properties used or useful in the conduct of its business
or the business of any of its Restricted Subsidiaries to be maintained and kept in good condition, repair and working order as in the
judgment of the Issuer may be necessary so that the business of the Issuer and its Restricted Subsidiaries may be properly and advantageously
conducted at all times; provided that nothing in this Section prevents the Issuer or any Restricted Subsidiary from discontinuing
the use, operation or maintenance of any of such properties or disposing of any of them, if such discontinuance or disposal is, in the
judgment of the Issuer, desirable in the conduct of the business of the Issuer and its Restricted Subsidiaries taken as a whole.

 

Section 4.18.     
Annual Officer’s Certificate as to Compliance. Within 90 days after the end of its fiscal year, the Issuer shall
deliver to the Trustee a certificate (which need not comply with Section 11.05 of this Indenture) executed by the principal executive
officer, principal financial officer or principal accounting officer of the Issuer as to such officer’s knowledge of the Issuer’s
compliance with all conditions and covenants under this Indenture, such compliance to be determined without regard to any period of grace
or requirement of notice provided under this Indenture.

 

    68

     

    

 

Section 4.19.     
Limitation on Accounts Receivables Facilities. The Issuer and its Restricted Subsidiaries may sell, transfer or otherwise
dispose of accounts receivable to a Securitization Subsidiary; provided that (i) the sale, transfer or other disposition is in
connection with a Permitted Receivables Financing and (ii) the aggregate consideration received in each such sale, transfer or other
disposition is at least equal to the Fair Market Value of the receivables sold.

 

Article
5

Successor Issuer

 

Section 5.01.     
Merger, Consolidation and Sale of Property. The Issuer shall not merge, consolidate or amalgamate with or into any other
Person or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its Property in any one transaction
or series of transactions unless:

 

(a)           
the Issuer shall be the surviving Person (the “Surviving Person”) or the Surviving Person (if other than the
Issuer) formed by that merger, consolidation or amalgamation or to which that sale, transfer, assignment, lease, conveyance or disposition
is made shall be a corporation organized and existing under the laws of the United States of America, any State thereof or the District
of Columbia;

 

(b)           
the Surviving Person (if other than the Issuer) expressly assumes, by supplemental indenture, executed and delivered to the Trustee
by that Surviving Person, in the case of a Surviving Person formed by the merger, consolidation or amalgamation with the Issuer or to
which the sale, transfer, assignment, lease, conveyance or disposition is with respect to all or substantially all of the Property of
the Issuer, the due and punctual payment of the principal of, and premium, if any, and interest on, all the Notes, according to their
tenor, and the due and punctual performance and observance of all the covenants and conditions of this Indenture to be performed by the
Issuer;

 

(c)           
in the case of a sale, transfer, assignment, lease, conveyance or other disposition of all or substantially all the Property of
the Issuer, that Property shall have been transferred as an entirety or virtually as an entirety to one Person;

 

(d)           
immediately before and after giving effect to that transaction or series of transactions on a pro forma basis (and treating, for
purposes of this clause (d) and clause (e) below, any Debt that becomes, or is anticipated to become, an obligation of the Surviving
Person or any Restricted Subsidiary as a result of that transaction or series of transactions as having been Incurred by the Surviving
Person or the Restricted Subsidiary at the time of that transaction or series of transactions), no Default or Event of Default shall
have occurred and be continuing;

 

(e)           
immediately after giving effect to that transaction or series of transactions on a pro forma basis, the Issuer or the Surviving
Person (if the Surviving Person was previously the Issuer), as the case may be, (i) would be able to Incur at least $1.00 of additional
Debt under clause (a) of the first paragraph of the covenant described under Section 4.04 or(ii) the Consolidated Fixed Charge Coverage
Ratio of the Issuer or the Surviving Person (if the Surviving Person was previously the Issuer), as applicable, would be greater than
or equal to such ratio immediately prior to such transaction, provided, however, that this clause (e) shall not be applicable
to the Issuer merging, consolidating or amalgamating with or into an Affiliate incorporated solely for the purpose of reincorporating
the Issuer in a State of the United States or changing the name of the Issuer so long as the amount of Debt of the Issuer and the Restricted
Subsidiaries is not increased thereby; and

 

    69

     

    

 

(f)            
unless the Issuer is the Surviving Person, the Issuer shall deliver, or cause to be delivered, to the Trustee, in form and substance
reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the transaction and
the supplemental indenture, if any, in respect thereto comply with this Section and that all conditions precedent herein provided for
relating to the transaction and the execution and delivery of a supplemental indenture, as applicable, have been satisfied, and the Opinion
of Counsel will include that the Indenture and any supplemental indenture and Note Guarantees, as applicable, constitute valid and binding
obligations of the Surviving Person.

 

The Surviving Person shall succeed to, and be
substituted for, and may exercise every right and power of the Issuer, under this Indenture, but the predecessor company in the case
of:

 

(a)       a
sale, transfer, assignment, conveyance or other disposition (unless that sale, transfer, assignment, conveyance or other disposition
is of all the assets of the Issuer, as an entirety), or

 

(b)       a
lease,

 

shall not be released from any obligation to pay the principal of,
premium, if any, and interest on, the Notes.

 

Section 5.02.     
When Guarantors May Merge or Transfer Assets. No Guarantor may merge, consolidate or amalgamate with or into any other
Person; or sell, transfer, assign, lease, convey or otherwise dispose of all or substantially all its Property in any one transaction
or series of transactions; or permit any Person to merge, consolidate or amalgamate with or into the Guarantor unless:

 

(a)           
the other Person is the Issuer or any Restricted Subsidiary that is a Guarantor or becomes a Guarantor concurrently with the transaction;
or

 

(b)           
(i) either (x) the Guarantor is the continuing Person or (y) the resulting, surviving or transferee Person expressly assumes by
supplemental indenture all of the obligations of the Guarantor under its Note Guarantee; and

 

(ii)  
immediately after giving effect to the transaction, no Default has occurred and is continuing; or

 

    70

     

    

 

(c)           
 the transaction constitutes a sale or other disposition (including by way of consolidation or merger) of the Guarantor or the
sale or disposition of all or substantially all the Property of the Guarantor (in each case other than to the Issuer or a Restricted
Subsidiary) otherwise permitted by this Indenture; and

 

(d)           
unless the Guarantor is the continuing Person, the Guarantor shall deliver, or cause to be delivered, to the Trustee, in form
and substance reasonably satisfactory to the Trustee, an Officers’ Certificate and an Opinion of Counsel, each stating that the
transaction and the supplemental indenture, if any, in respect thereto comply with this covenant and that all conditions precedent herein
provided for relating to the transaction have been satisfied. Such Guarantee is a valid and binding agreement of the continuing Person.

 

Section 5.03.     
Application to the Consummation of the Transactions. Notwithstanding anything to the contrary set forth in this Article,
the foregoing does not apply to the consummation of the Transactions.

 

Article
6

Defaults and Remedies

 

Section 6.01.     
Events of Default. The following events shall be “Events of Default”:

 

(a)           
the Issuer fails to make the payment of any interest on any Note when the same becomes due and payable, and that failure continues
for a period of 30 days;

 

(b)           
the Issuer fails to make the payment of any principal of, or premium, if any, on, any Note when the same becomes due and payable
at its Stated Maturity, upon acceleration, redemption, optional redemption, required repurchase or otherwise;

 

(c)           
the Issuer fails to comply with Article 5;

 

(d)           
the Issuer or any Guarantor fails to comply with any other covenant or agreement in the Notes or in this Indenture (other than
a failure that is the subject of the foregoing clause (a), (b), or (c)) and such failure continues for 60 days after written notice is
given to the Issuer as provided below;

 

(e)           
a default under any Debt by the Issuer or any Restricted Subsidiary that results in acceleration of the maturity of that Debt,
or failure to pay any Debt at maturity, in an aggregate amount greater than $50.0 million or its foreign currency equivalent at the time;

 

(f)            
any judgment or judgments for the payment of money in an aggregate amount in excess of $50.0 million (or its foreign currency
equivalent at the time) (net of amounts covered by insurance or bonded) that shall be rendered against the Issuer or any Restricted Subsidiary
and that shall not be waived, satisfied, annulled, discharged or rescinded for any period of 60 consecutive days during which a stay
of enforcement shall not be in effect;

 

    71

     

    

 

(g)           
the Issuer or any Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law:

 

(i)              
commences a voluntary case;

 

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

 

(iii)           
consents to the appointment of a custodian of it or for any substantial part of its property; or

 

(iv)           
makes a general assignment for the benefit of its creditors;

 

or takes any comparable action under any foreign laws relating to
insolvency;

 

(h)           
a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that:

 

(i)              
is for relief against the Issuer or any Significant Subsidiary in an involuntary case;

 

(ii)             
appoints a custodian of the Issuer or any Significant Subsidiary or for any substantial part of its property;

 

(iii)           
orders the winding up or liquidation of the Issuer or any Significant Subsidiary; or

 

(iv)           
grants any similar relief under any foreign laws relating to insolvency;

 

and in each such case the order or decree remains unstayed and in
effect for 90 days; or

 

(i)            
except as permitted under this Indenture, any Note Guarantee of any Significant Subsidiary ceases to be in full force and effect,
other than in accordance with the terms of this Indenture, or a Guarantor denies or disaffirms its obligations under its Note Guarantee
if, and only if, in each such case, such default continues for 10 days.

 

A Default under clause (c) or (d) is not an Event
of Default until the Trustee or the Holders of not less than 25% in aggregate principal amount of the Notes then outstanding notify the
Issuer of the Default and the Issuer does not cure that Default within the time specified after receipt of such notice (the “Notice
of Default”). The notice must specify the Default, demand that it be remedied and state that the notice is a “Notice
of Default.”

 

    72

     

    

 

The Issuer shall deliver to the Trustee, within
30 days after the occurrence thereof, written notice in the form of an Officers’ Certificate of any event that with the giving
of notice and the lapse of time would become an Event of Default, its status and what action the Issuer is taking or proposes to take
with respect thereto.

 

Section 6.02.     
Acceleration. If an Event of Default with respect to the Notes (other than an Event of Default specified in Sections 6.01(g)
or 6.01(h) with respect to the Issuer) shall have occurred and be continuing, the Trustee or the registered Holders of not less than
25% in aggregate principal amount of Notes then outstanding may, by notice to the Issuer and the Trustee, declare to be immediately due
and payable the principal amount of all the Notes then outstanding, plus accrued but unpaid interest to the date of acceleration. Upon
such a declaration, such principal and interest shall be due and payable immediately. If an Event of Default specified in Sections 6.01(g)
or 6.01(h) with respect to the Issuer occurs, the principal of and accrued and unpaid interest on all the Notes shall be due and payable
immediately without any declaration or other act on the part of the Trustee or the Holders of the Notes. After any such acceleration
but before a judgment or decree based on acceleration is obtained by the Trustee, the Holders of a majority in aggregate principal amount
of the outstanding Notes may, by notice to the Trustee and the Issuer, rescind and annul any declaration of acceleration (i) if the rescission
would not conflict with any judgment or decree, (ii) if all existing Events of Default have been cured or waived (other than nonpayment
of principal, premium, or interest that has become due solely because of the acceleration), and (iii) there has been deposited with the
Trustee a sum sufficient to pay all sums paid or advanced by the Trustee and the reasonable compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel incurred in connection with the rescinded Event of Default. No such rescission shall
affect any subsequent Default or impair any right consequent thereto.

 

Section 6.03.     
Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect
the payment of principal of, or premium, if any, or interest on, the Notes or to enforce the performance of any provision of the Notes
or this Indenture.

 

The Trustee may maintain a proceeding even if
it does not possess any of the Notes or does not produce any of them in the proceeding.

 

Section 6.04.     
Waiver of Past Defaults. The Holders of a majority in aggregate principal amount of the Notes then outstanding (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes) by notice to the Trustee may waive
an existing Default and its consequences except (i) a Default in the payment of the principal of or interest on a Note or (ii) a Default
in respect of a provision that under Section 9.02 cannot be amended without the consent of each Noteholder adversely affected. When a
Default is waived, it is deemed cured, but no such waiver shall extend to any subsequent or other Default or impair any consequent right.
If a Default is deemed to occur solely as a consequence of the existence of another Default (the “Initial Default”),
then, at the time such Initial Default is cured (including the payment of default interest, if any), the Default that resulted solely
because that Initial Default will also be cured without any further action.

 

    73

     

    

 

Section 6.05.     
Control by Majority. The Holders of a majority in aggregate principal amount of the Notes then outstanding may direct the
time, method and place of conducting any proceeding for any remedy available to the Trustee or of exercising any trust or power conferred
on the Trustee with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture,
that the Trustee determines is unduly prejudicial to the rights of other Noteholders, or would involve the Trustee in personal liability;
provided, however, that the Trustee may take any other action deemed proper by the Trustee that is not inconsistent with
such direction. In case an Event of Default shall occur and be continuing, the Trustee shall be under no obligation to exercise any of
its rights or powers hereunder at the request or direction of any of the Holders, unless the Holders shall have offered to the Trustee
indemnity satisfactory to it.

 

Section 6.06.     
Limitation on Suits. A Noteholder may not institute any proceeding with respect to this Indenture or the Notes, or for
the appointment of a receiver or trustee or pursue any remedy with respect to this Indenture or the Notes, unless:

 

(a)           
such Holder shall have previously given to the Trustee written notice of a continuing Event of Default;

 

(b)           
the Holders of at least 25% in aggregate principal amount of the Notes then outstanding shall have made a written request, and
such Holder or Holders shall have offered reasonable security or indemnity, to the Trustee to institute such proceeding as trustee; and

 

(c)           
the Trustee has not received from the Holders of a majority in aggregate principal amount of the Notes outstanding a direction
inconsistent with such request and has failed to institute such proceeding within 60 days after such notice.

 

Section 6.07.     
Rights of Holders to Receive Payment. Notwithstanding any other provision of this Indenture, the right of any Holder to
receive payment of principal of, and interest on, the Notes held by such Holder, on or after the respective due dates expressed in the
Notes, or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected
without the consent of such Holder. A Noteholder may not use this Indenture to prejudice the rights of another Noteholder or to obtain
a preference or priority over another Noteholder (it being understood that the Trustee does not have an affirmative duty to ascertain
whether or not such actions or forbearances are unduly prejudicial to such Holders).

 

Section 6.08.     
Collection Suit by Trustee. If an Event of Default specified in Section 6.01(a) or 6.01(b) occurs and is continuing, the
Trustee may recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount then due and
owing (together with interest on any unpaid interest to the extent lawful) and the amounts provided for in this Indenture.

 

    74

     

    

 

Section 6.09.     
Trustee May File Proofs of Claim. The Trustee may file such proofs of claim and other papers or documents as may be necessary
or advisable in order to have the claims of the Trustee and the Noteholders allowed in any judicial proceedings relative to the Issuer,
its creditors or its property and, unless prohibited by law or applicable regulations, may vote on behalf of the Holders in any election
of a trustee in bankruptcy or other Person performing similar functions, and any custodian in any such judicial proceeding is hereby
authorized by each Holder to make 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 such compensation as agreed upon in writing by the parties hereto,
expenses, disbursements and advances of the Trustee, its agents and its counsel, and any other amounts due the Trustee under this Indenture,
or in connection with the transactions contemplated hereunder.

 

Section 6.10.     
Priorities. If the Trustee collects any money or property pursuant to this Article 6, it shall pay out the money or property
in the following order:

 

FIRST: to the Trustee for all amounts due under
this Indenture;

 

SECOND: to Noteholders for amounts due and unpaid
on the Notes for principal and interest, ratably, without preference or priority of any kind, according to the amounts due and payable
on the Notes for principal and interest, respectively; and

 

THIRD: to the Issuer.

 

The Trustee may fix a record date and payment
date for any payment to Noteholders pursuant to this Section. At least 15 days before such record date, the Issuer shall mail to each
Noteholder and the Trustee a notice that states the record date, the payment date and amount to be paid.

 

Section 6.11.     
Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit against
the Trustee for any action taken or omitted by it as Trustee, a court in its discretion may require the filing by any party litigant
in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable
attorneys’ fees and expenses, against any party litigant in the suit (other than the Trustee), having due regard to the merits
and good faith of the claims or defenses made by the party litigant. This Section does not apply to a suit by the Trustee, a suit by
a Holder pursuant to Section 6.07 or a suit by Holders of more than 10% in aggregate principal amount of the Notes.

 

Section 6.12.     
Waiver of Stay or Extension Laws. The Issuer (to the extent it may lawfully do so) shall not at any time insist upon, or
plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay or extension law wherever enacted, now or at any
time hereafter in force, that may affect the covenants or the performance of this Indenture; and the Issuer (to the extent that it may
lawfully do so) hereby expressly waives all benefit or advantage of any such law, and shall not hinder, delay or impede the execution
of any power herein granted to the Trustee, but shall suffer and permit the execution of every such power as though no such law had been
enacted.

 

    75

     

    

 

Section 6.13.     
Restoration of Rights and Remedies. If the Trustee or any Holder has instituted a proceeding to enforce any right or remedy
under this Indenture and the proceeding has been discontinued or abandoned for any reason, or has been determined adversely to the Trustee
or to the Holder, then, subject to any determination in the proceeding, the Issuer, the Guarantors, the Trustee and the Holders will
be restored severally and respectively to their former positions hereunder and thereafter all rights and remedies of the Issuer, the
Guarantors, the Trustee and the Holders will continue as though no such proceeding had been instituted.

 

Section 6.14.     
Rights and Remedies Cumulative. No right or remedy conferred or reserved to the Trustee or to the Holders under this Indenture
is intended to be exclusive of any other right or remedy, and all such rights and remedies are, to the extent permitted by law, cumulative
and in addition to every other right and remedy hereunder or now or hereafter existing at law or in equity or otherwise. The assertion
or exercise of any right or remedy hereunder, or otherwise, will not prevent the concurrent assertion or exercise of any other right
or remedy.

 

Section 6.15.     
Delay or Omission Not Waiver. No delay or omission of the Trustee or of any Holder to exercise any right or remedy accruing
upon any Event of Default will 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.

 

Article
7

Trustee

 

Section 7.01.     
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 its exercise as a prudent Person would exercise or
use under the circumstances in the conduct of such Person’s own affairs.

 

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

 

(i)           
the Trustee undertakes to perform such duties and only such duties as are specifically set forth in this Indenture and no implied
duties, covenants or obligations shall be read into this Indenture against the Trustee, where duties and obligations shall be determined
solely by the express provisions of this Indenture; and

 

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

 

    76

     

    

 

(c)           
The Trustee may not be relieved from liability for its own negligent action, its own negligent failure to act or its own willful
misconduct, except that:

 

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

 

(ii)             
the Trustee shall not be liable for any error of judgment made in good faith by a Trust Officer unless it is proved that the Trustee
was grossly negligent in ascertaining the pertinent facts; and

 

(iii)            
the Trustee shall not be liable with respect to any action it takes or omits to take in good faith in accordance with a direction
received by it from Holders pursuant to the terms of this Indenture.

 

(d)           
Every provision of this Indenture that in any way relates to the Trustee is subject to clauses (a), (b) and (c) of this Section.

 

(e)           
The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuer.

 

(f)            
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 expend or risk its own funds or otherwise incur financial liability
in the performance of any of its duties hereunder or in the exercise of any of its rights or powers.

 

(h)           
Every provision of this Indenture relating to the conduct or affecting the liability of or affording protection to the Trustee
shall be subject to the provisions of this Section, and the provisions of this Article 7 shall apply to the Trustee in its role as Registrar,
Paying Agent and Notes Custodian.

 

(i)            
The Trustee shall not be deemed to have notice of a Default or an Event of Default unless a Trust Officer of the Trustee has received
written notice thereof (in accordance with the notice provisions of this Indenture) from the Issuer or any Holder and such notice references
the Notes and this Indenture.

 

Section 7.02.     
Rights of Trustee. (a) The Trustee may conclusively rely on any document (whether in its original, electronic, or facsimile
form) believed by it to be genuine and to have been signed or presented by the proper person. The Trustee need not investigate any fact
or matter stated in the document. The Trustee may, however, in its discretion make such further inquiry or investigation into such facts
or matters as it may see fit and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled
to examine the books, records and premises of the Issuer, personally or by agent or attorney at the expense of the Issuer and shall incur
no liability or additional liability of any kind by reason of such inquiry or investigation.

 

    77

     

    

 

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

 

(c)           
The Trustee may act through agents and/or attorneys and shall not be responsible for the misconduct or negligence of any agent
or attorney appointed with due care.

 

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

 

(e)           
The Trustee may consult with counsel of its selection, and the advice or opinion of counsel with respect to legal matters relating
to this Indenture and the Notes shall be full and complete authorization and protection from liability in respect to any action taken,
omitted or suffered by it hereunder in good faith and in accordance with the advice or opinion of such counsel.

 

(f)            
No Depositary shall be deemed an agent of the Trustee and the Trustee shall not be responsible for any act or omission by any
clearinghouse or Depositary.

 

(g)           
The permissive rights of the Trustee to do things enumerated in this Indenture shall not be construed as a duty unless so specified
herein.

 

(h)           
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 pursuant to this Indenture, unless such Holders shall have offered to the Trustee security and/or
indemnity satisfactory to it against the costs, expenses and liabilities which might be incurred by the Trustee in compliance with such
request or direction.

 

(i)            
The Trustee may employ or retain accountants, appraisers or other experts or advisers as it may reasonably require for the purpose
of determining and discharging its rights and duties hereunder and shall not be responsible for any misconduct on the part of any of
them selected with due care.

 

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

 

    78

     

    

 

(k)           
 The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to
be indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian
and other Person employed to act hereunder.

 

(l)            
The Trustee shall not be required to give any bond or surety in respect of the performance of its powers and duties hereunder.

 

(m)           The
Trustee may request that the Issuer deliver a certificate setting forth the names of individuals and/or titles of officers authorized
at such time to take specified actions pursuant to this Indenture.

 

(n)           
Delivery of any reports, information and documents to the Trustee is for informational purposes only and the Trustee’s receipt
of such shall not constitute constructive or actual notice or knowledge of any information contained therein or determinable from information
contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which the Trustee may conclusively
rely on a certificate of an authorized Officer of the Issuer).

 

(o)           
The Trustee shall have no duty or responsibility to monitor the Issuer’s compliance with the covenants included in Article
4 or the transfer restrictions on the Notes.

 

The provisions of this Section 7.02 shall survive
satisfaction and discharge or the termination, for any reason, of this Indenture and the resignation and/or removal of the Trustee.

 

Section 7.03.     
Individual Rights of Trustee. The Trustee in its individual or any other capacity may become the owner or pledgee of Notes
and may otherwise deal with the Issuer or its Affiliates with the same rights it would have if it were not Trustee. Any Paying Agent,
Registrar or co-registrar may do the same with like rights. However, the Trustee must comply with Section 7.10.

 

Section 7.04.     
Trustee’s Disclaimer. The Trustee shall not be responsible for and makes no representation as to the validity, priority
or adequacy of this Indenture or the Notes, it shall not be accountable for the Issuer’s use of the proceeds from the Notes, and
it shall not be responsible for any statement of the Issuer in this Indenture or in any other document other than the certificate of
authentication executed by the Trustee.

 

Section 7.05.     
Notice of Defaults. If a Default or Event of Default occurs and is continuing of which the Trustee has received written
notice, the Trustee shall deliver to each Noteholder notice of the Default or Event of Default within 90 days after written notice of
it is received by a Trust Officer of the Trustee. Except in the case of a Default or Event of Default in payment of principal of or interest
on any Note, the Trustee may withhold the notice if and so long as the Trustee in good faith determines that withholding the notice is
in the interests of Noteholders.

 

    79

     

    

 

Section 7.06.     
[Reserved].

 

Section 7.07.     
Compensation and Indemnity. The Issuer shall pay to the Trustee from time to time such reasonable compensation for its
services as agreed upon in writing by the parties hereto. The Trustee’s compensation shall not be limited by any law on compensation
of a trustee of an express trust. The Issuer shall reimburse the Trustee upon request for all reasonable, documented out-of-pocket expenses
incurred or made by it, including costs of collection, in addition to the compensation for its services. Such expenses shall include
the reasonable compensation and reasonable, documented out-of-pocket expenses, disbursements and advances of the Trustee’s agents,
counsel, accountants and experts. The Issuer shall indemnify the Trustee against any and all loss, liability, claim, damage, penalty,
action, suit, cost and expense (including reasonable attorneys’ fees and out-of-pocket expenses and taxes (other than taxes based
upon, measured by or determined by the income of the Trustee)) incurred by it in connection with the acceptance or administration of
the trust hereunder and/or the transactions contemplated under this Indenture and the Trustee shall have no liability or responsibility
for any action or inaction on the part of any Paying Agent, Registrar, Authentication Agent or any successor trustee. The Trustee shall
notify the Issuer promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuer shall not relieve
the Issuer of its obligations hereunder except to the extent that the Issuer shall have been actually prejudiced as a result of such
failure. The Issuer shall defend the claim and the Trustee shall provide reasonable cooperation at the Issuer’s expense in the
defense. The Trustee may have separate counsel and the Issuer shall pay the fees and expenses of such counsel; provided, however, that
the Issuer shall not be required to pay such fees and expenses if it assumes the Trustee’s defense and, in the Trustee’s
reasonable judgment, there is no actual or potential conflict of interest between the Issuer and the Trustee in connection with such
defense. The Issuer need not reimburse any expense or indemnify against any loss, liability or expense incurred by the Trustee through
the Trustee’s own willful misconduct or negligence. The Issuer need not pay for any settlement made by the Trustee without the
Issuer’s consent, such consent not to be unreasonably withheld. All indemnifications and releases from liability granted hereunder
to the Trustee shall extend to its officers, directors, employees, agents, successors and assigns.

 

To secure the Issuer’s payment obligations
in this Section, the Trustee shall have a lien prior to the Notes on all money or property held or collected by the Trustee other than
money or property held in trust to pay principal of and interest on particular Notes.

 

The Issuer’s payment obligations pursuant
to this Section shall survive the resignation or removal of the Trustee and the discharge of this Indenture. When the Trustee incurs
expenses after the occurrence of a Default specified in Sections 6.01(g) or 6.01(h) with respect to the Issuer, the expenses are intended
to constitute expenses of administration under the Bankruptcy Law.

 

The provisions of this Section 7.07 shall survive
the satisfaction and discharge or termination, for any reason, of this Indenture and the resignation or removal of the Trustee.

 

    80

     

    

 

Section 7.08.     
Replacement of Trustee. The Trustee may resign at any time by providing 30 days’ prior written notice to the Issuer.
The Holders of a majority in aggregate principal amount of the Notes then outstanding may remove the Trustee by providing 30 days’
prior written notice to the Trustee and may appoint a successor Trustee. The Issuer may remove the Trustee by providing 30 days’
prior written notice if:

 

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

 

(b)           
the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy
Law;

 

(c)           
a receiver or other public officer takes charge of the Trustee or its property;

 

(d)           
the Trustee otherwise becomes incapable of acting; or

 

(e)           
there is no Event of Default continuing and no event that upon notice or lapse of time or both, would become an Event of Default.

 

If the Trustee resigns, is removed by the Issuer
or by the Holders of a majority in aggregate principal amount of the Notes then outstanding and such Holders do not reasonably promptly
appoint a successor Trustee, or if a vacancy exists in the office of Trustee for any reason (the Trustee in such event being referred
to herein as the retiring Trustee), the Issuer shall promptly appoint a successor Trustee.

 

A successor Trustee shall deliver a written acceptance
of its appointment to the retiring Trustee and to the Issuer. Thereupon the resignation or removal of the retiring Trustee shall become
effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor
Trustee shall mail a notice of its succession to Noteholders. The retiring Trustee shall promptly transfer all property held by it as
Trustee to the successor Trustee, subject to the lien provided for in Section 7.07.

 

If a successor Trustee does not take office within
60 days after the retiring Trustee resigns or is removed, the retiring Trustee, at the reasonable expense of the Issuer, or the Holders
of 10% in aggregate principal amount of the Notes then outstanding may petition any court of competent jurisdiction for the appointment
of a successor Trustee.

 

If the Trustee fails to comply with Section 7.10,
any Noteholder who has been a bona fide Holder of a Note for at least six months may petition any court of competent jurisdiction for
the removal of the Trustee and the appointment of a successor Trustee.

 

Notwithstanding the replacement or resignation
of the Trustee pursuant to this Section, the Issuer’s obligations under Section 7.07 shall continue for the benefit of the Trustee
and survive the termination of this Indenture.

 

Section 7.09.     
Successor Trustee by Merger. If the Trustee consolidates with, merges or converts into, or transfers all or substantially
all its corporate trust business or assets to, another corporation or banking association, the resulting, surviving or transferee corporation
or banking association without any further act shall be the successor Trustee.

 

    81

     

    

 

Section 7.10.     
Eligibility; Disqualification. The Trustee shall at all times satisfy the requirements of TIA § 310(a) (as if, for
the limited purpose of the Trustee’s obligations under this sentence, the Indenture had been qualified under the TIA). The Trustee
shall have (or, in the case of a corporation included in a bank holding company system, the related bank holding company shall have)
a combined capital and surplus of at least $50.0 million as set forth in its (or its related bank holding company’s) most recent
published annual report of condition. The Trustee shall comply with TIA § 310(b)(as if, for the limited purpose of the Trustee’s
obligations under this sentence, the Indenture had been qualified under the TIA), subject to the penultimate paragraph thereof; provided,
however, that there shall be excluded from the operation of TIA § 310(b)(i) any indenture or indentures under which other securities
or certificates of interest or participation in other securities of the Issuer are outstanding if the requirements for such exclusion
set forth in TIA § 310(b)(1) are met.

 

Article
8

Discharge of Indenture; Defeasance

 

Section 8.01.     
Discharge of Liability on Notes; Defeasance. (a) When (i) all outstanding Notes (other than Notes replaced pursuant to
Section 2.07 have been delivered to the Trustee for cancellation and the Issuer has paid all sums payable by it hereunder, or (ii) (A)
all outstanding Notes mature within one year or all of the outstanding Notes are to be called for redemption within one year under arrangements
satisfactory to the Trustee for giving the notice of redemption, (B) the Issuer irrevocably deposits with the Trustee funds in U.S. Dollars,
U.S. Government Obligations or a combination thereof sufficient to pay at maturity or upon redemption all outstanding Notes, including
interest thereon to maturity or such redemption date (other than Notes replaced pursuant to Section 2.07), as evidenced by an Officers’
Certificate of the Issuer, (C) no Default has occurred and is continuing on the date of the deposit, (D) the deposit will not result
in a breach or violation of, or constitute default under, this Indenture or any other material agreement or instrument to which the Issuer
is a party or by which it is bound, and (E) the Issuer pays all other sums payable hereunder by the Issuer, then this Indenture shall,
subject to Section 8.01(c), be discharged and cease to be of further effect. The Trustee shall acknowledge satisfaction and discharge
of this Indenture on written demand of the Issuer accompanied by an Officers’ Certificate and an Opinion of Counsel and at the
cost and expense of the Issuer.

 

(b)           
Subject to Sections 8.01(c) and 8.02, the Issuer at any time may terminate (i) all of its obligations under the Notes and this
Indenture (“legal defeasance option”) or (ii) its obligations under Sections 4.03, 4.04, 4.05, 4.06, 4.07, 4.08, 4.09,
4.10, 4.11, 4.12, 4.13, 4.14, 4.16, 4.17, 4.18 and Section 4.19 and the operation of Sections 6.01(d) (with respect to the covenants
of Article 4 identified in the immediately preceding paragraph), 6.01(e), 6.01(f), 6.01(g), 6.01(h) and 6.01(i) (but, in the case of
Sections 6.01(g) and 6.01(h), with respect only to Significant Subsidiaries) and the limitations contained in clause (e) of Section 5.01
(“covenant defeasance option”). The Issuer may exercise its legal defeasance option notwithstanding its prior exercise
of its covenant defeasance option.

 

    82

     

    

 

If the Issuer exercises its legal defeasance option,
payment of the Notes may not be accelerated because of an Event of Default. If the Issuer exercises its covenant defeasance option, payment
of the Notes may not be accelerated because of an Event of Default specified in Sections 6.01(c), 6.01(d) (with respect to the covenants
of Article 4 identified in the immediately preceding paragraph), 6.01(e), 6.01(f), 6.01(g), 6.01(h) or 6.01(i) (with respect only to
Significant Subsidiaries in the case of Sections 6.01(g) and 6.01(h)) or because of the failure of the Issuer to comply with the limitations
contained in clause (e) of Section 5.01.

 

Upon satisfaction of the conditions set forth
herein and upon request of the Issuer, accompanied by an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent specified herein relating to the defeasance contemplated have been complied with, the Trustee shall acknowledge
in writing the discharge of those obligations that the Issuer terminates.

 

(c)           
Notwithstanding clauses (a) and (b) above, the Issuer’s obligations in Sections 2.04, 2.05, 2.06, 2.07, 7.07, 7.08, 8.05
and 8.06 shall survive until the Notes have been paid in full. Thereafter, the Issuer’s obligations in Sections 7.07 and 8.05 shall
survive such satisfaction or discharge.

 

Section 8.02.     
Conditions to Defeasance. The Issuer may exercise its legal defeasance option or its covenant defeasance option only if:

 

(a)           
the Issuer irrevocably deposits in trust with the Trustee money in U.S. Dollars, U.S. Government Obligations or a combination
thereof for the payment of principal of and interest (including premium, if any) on the Notes to maturity or a redemption date permitted
under this Indenture;

 

(b)           
the Issuer delivers to the Trustee an Officers’ Certificate certifying that the payments of principal and interest when
due and without reinvestment on the deposited U.S. Government Obligations plus any deposited money without investment will provide cash
at such times and in amounts as will be sufficient to pay principal and interest (including premium, if any) when due on all the Notes
to maturity or redemption, as the case may be;

 

(c)           
no Default or Event of Default has occurred and is continuing on the date of the deposit and after giving effect thereto;

 

(d)           
the deposit does not constitute a default under any other material agreement or instrument binding on the Issuer;

 

(e)           
in the case of the legal defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel stating that:

 

    83

     

    

 

(i)           
 the Issuer has received from the Internal Revenue Service a ruling, or

 

(ii)           
since the date of this Indenture there has been a change in the applicable federal income tax law,

 

in either case to the effect that, and
based thereon such Opinion of Counsel shall confirm that, the beneficial owners of the Notes will not recognize income, gain or loss
for federal income tax purposes as a result of such defeasance and will be subject to federal income tax on the same amounts, in the
same manner and at the same times as would have been the case if such defeasance had not occurred;

 

(f)            
in the case of the covenant defeasance option, the Issuer shall have delivered to the Trustee an Opinion of Counsel to the effect
that the beneficial owners of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such covenant
defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been
the case if such covenant defeasance had not occurred; and

 

(g)           
the Issuer delivers to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all conditions
precedent to the defeasance and discharge of this Indenture and the Notes as contemplated by this Article 8 have been complied with.

 

Simultaneous with a deposit, the Issuer may make
arrangements satisfactory to the Trustee for the redemption of Notes at a future date in accordance with Article 3.

 

Section 8.03.     
Application of Trust Money. The Trustee shall hold in trust money in U.S. Dollars, U.S. Government Obligations or a combination
thereof deposited with it pursuant to this Article 8. It shall apply the deposited money in U.S. Dollars, U.S. Government Obligations
or a combination thereof through the Paying Agent and in accordance with this Indenture to the payment of principal of and interest on
the Notes.

 

Section 8.04.     
Repayment to Issuer. The Trustee and the Paying Agent shall promptly turn over to the Issuer upon written request any excess
money or securities held by them upon satisfaction of the conditions and occurrence of the events set forth in this Article 8.

 

Subject to any applicable abandoned property law,
the Trustee and the Paying Agent shall pay to the Issuer upon request any money held by them for the payment of principal or interest
that remains unclaimed for two years, and, thereafter, Noteholders entitled to the money must look to the Issuer for payment as general
creditors.

 

Section 8.05.     
Indemnity for U.S. Government Obligations. The Issuer shall pay and shall indemnify the Trustee against any tax, fee or
other charge imposed on or assessed against deposited U.S. Government Obligations or the principal and interest received on such U.S.
Government Obligations.

 

    84

     

    

 

Section 8.06.     
Reinstatement. If the Trustee or Paying Agent is unable to apply any money in U.S. Dollars, U.S. Government Obligations
or a combination thereof in accordance with this Article 8 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 Issuer’s obligations
under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to this Article 8 until
such time as the Trustee or Paying Agent is permitted to apply all such money or U.S. Government Obligations in accordance with this
Article 8; provided, however, that, if the Issuer has made any payment of interest on or principal of any Notes because
of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment
from the money or U.S. Government Obligations held by the Trustee or Paying Agent.

 

Article
9

Amendments

 

Section 9.01.     
Without Consent of Holders. The Issuer and the Trustee may amend this Indenture or the Notes without notice to or consent
of any Noteholder:

 

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

 

(b)           
to provide for the assumption by a successor of the obligations of the Issuer or any Guarantor under this Indenture,

 

(c)           
to provide for uncertificated Notes in addition to or in place of certificated Notes; provided, however, that the
uncertificated Notes are issued in definitive, fully registered form for purposes of Section 163(f) of the Code or in a manner such that
the uncertificated Notes are described in Section 163(f)(2)(B) of the Code;

 

(d)           
to add Guarantees with respect to the Notes or release Guarantors from their Note Guarantees as provided by the terms of this
Indenture or the Note Guarantees;

 

(e)           
to secure the Notes (and, thereafter, provide releases of collateral in accordance with the security documents entered into in
connection therewith), to add to the covenants of the Issuer or any Guarantor for the benefit of the Holders or to surrender any right
or power herein conferred upon the Issuer or any Guarantor;

 

(f)            
to make any change that would provide any additional rights or benefits to the Holders of Notes or make any change that does not
materially adversely affect the rights of any Noteholder;

 

(g)           
to comply with any requirements of the SEC in connection with qualifying, or maintaining the qualification of, this Indenture
under the TIA (it being agreed that this Indenture need not be qualified under the TIA), and to modify, eliminate or add to the provisions
of this Indenture to such extent as shall be necessary to effect the qualification of this Indenture under the TIA in the event the Issuer
determines that this Indenture should be so qualified;

 

    85

     

    

 

 

(h)           
 to provide for the issuance of Additional Notes in accordance with this Indenture;

 

(i)            
to provide for the issuance of exchange notes that shall have terms substantially identical in all respects to the Notes (except
that the transfer restrictions contained in the Notes shall be modified or eliminated as appropriate) and which shall be treated, together
with any outstanding Notes, as a single class of securities;

 

(j)            
to provide for the appointment of a successor trustee; provided that the successor trustee is otherwise qualified and eligible
to act as such under the terms of this Indenture;

 

(k)           
to conform any provision of this Indenture to the “Description of Notes” contained in the Offering Memorandum; or

 

(l)            
to comply with the procedures of DTC or the Trustee with respect to the provisions in this Indenture and the Notes relating to
transfers and exchanges of Notes or beneficial interests in Notes.

 

The consent of the Holders of the Notes is not
necessary to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed
amendment. After an amendment becomes effective, the Issuer is required to deliver to each registered Holder of the Notes at the Holder’s
address appearing in the security register a notice briefly describing the amendment. However, the failure to give this notice to all
Holders of the Notes, or any defect therein, will not impair or affect the validity of the amendment. In connection with any modification,
amendment or supplement, the Issuer will deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate upon which the
Trustee may conclusively rely, each stating that such modification, amendment or supplement complies with the applicable provisions of
this Indenture.

 

Section 9.02.     
With Consent of Holders. The Issuer and the Trustee may amend this Indenture or the Notes without notice to any Noteholder
but with the written consent of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding (including
consents obtained in connection with a purchase of, or tender offer or exchange offer for, the Notes). However, without the consent of
each Noteholder adversely affected thereby, an amendment may not:

 

(a)           
reduce the amount of Notes whose Holders must consent to an amendment or waiver;

 

(b)           
reduce the rate of or extend the time for payment of interest on any Note;

 

(c)           
reduce the principal of or extend the Stated Maturity of any Note;

 

(d)           
make any Note payable in money other than U.S. Dollars;

 

    86

     

    

 

(e)           
 make any change to the contractual right of any Holder of the Notes expressly set forth in this Indenture or the Notes to receive
payment of principal of and interest on that Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement
of any payment on or with respect to that Holder’s Notes;

 

(f)            
expressly subordinate the Notes to any other obligation of the Issuer or any Guarantor, except as otherwise permitted under this
Indenture or the Notes;

 

(g)           
reduce the premium payable upon the redemption of any Note or change the time at which any Note may be redeemed, as set forth
in Section 3.07 or as set forth in the Notes;

 

(h)           
reduce the premium payable upon a Change of Control Triggering Event or, at any time after a Change of Control Triggering Event
has occurred, change the time at which the Change of Control Offer relating thereto must be made or at which the Notes must be repurchased
pursuant to that Change of Control Offer;

 

(i)            
at any time after the Issuer is obligated to make a Prepayment Offer with the Excess Proceeds from Asset Sales, change the time
at which the Prepayment Offer must be made or at which the Notes must be repurchased pursuant thereto; or

 

(j)            
release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms
of this Indenture.

 

The consent of the Holders of the Notes is not
necessary to approve the particular form of any proposed amendment. It is sufficient if such consent approves the substance of the proposed
amendment. After an amendment becomes effective, the Issuer is required to deliver to each registered Holder of the Notes at the Holder’s
address appearing in the security register a notice briefly describing the amendment. However, the failure to give this notice to all
Holders of the Notes, or any defect therein, will not impair or affect the validity of the amendment. In connection with any modification,
amendment or supplement, the Issuer will deliver to the Trustee an Opinion of Counsel and an Officers’ Certificate upon which the
Trustee may conclusively rely, each stating that such modification, amendment or supplement complies with the applicable provisions of
this Indenture.

 

Section 9.03.     
[Reserved].

 

Section 9.04.     
Revocation and Effect of Consents and Waivers. A consent to an amendment or a waiver by a Holder of a Note shall bind the
Holder and every subsequent Holder of that Note or portion of the Note that evidences the same debt as the consenting Holder’s
Note, even if notation of the consent or waiver is not made on the Note. However, any such Holder or subsequent Holder may revoke the
consent or waiver as to such Holder’s Note or portion of the Note if the Trustee receives the notice of revocation before the date
the amendment or waiver becomes effective. After an amendment or waiver becomes effective, it shall bind every Noteholder. An amendment
or waiver becomes effective upon the execution of such amendment or waiver by the Trustee.

 

    87

     

    

 

The Issuer may, but shall not be obligated to,
fix a record date for the purpose of determining the Noteholders 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 Noteholders 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 to 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 9.05.     
Notation on or Exchange of Notes. If an amendment changes the terms of a Note, the Trustee may require the Holder of the
Note to deliver such Note to the Trustee. The Trustee may place an appropriate notation on the Note regarding the changed terms and return
such Note to the Holder. Alternatively, if the Issuer or the Trustee so determines, the Issuer in exchange for the Note shall issue and
the Trustee shall authenticate a new Note that reflects the changed terms. Failure to make the appropriate notation or to issue a new
Note shall not affect the validity of such amendment.

 

Section 9.06.     
Trustee to Sign Amendments. The Trustee shall sign any amendment authorized pursuant to this Article 9 if the amendment
does not adversely affect the rights, duties, liabilities or immunities of the Trustee. If it does, the Trustee may but need not sign
it. In signing such amendment the Trustee shall receive indemnity reasonably satisfactory to it and shall receive, and (subject to Section
7.01) shall be fully protected in conclusively relying upon, in addition to the documents required by Section 11.04, an Officers’
Certificate and an Opinion of Counsel each stating that such amendment is authorized or permitted by this Indenture and is the legal,
valid and binding obligation of the Issuer, enforceable in accordance with its terms.

 

Article
10

Note Guarantees

 

Section 10.01. 
The Note Guarantees. Subject to the provisions of this Article, each Guarantor party hereto or that executes a supplemental
indenture in the form of Exhibit B hereby irrevocably and unconditionally Guarantees, jointly and severally, on an unsecured basis, the
full and punctual payment (whether at Stated Maturity, upon redemption, purchase pursuant to an offer to purchase required under Section
4.07 or Section 4.12 or acceleration, or otherwise) of the principal of, premium, if any, and interest on, and all other amounts payable
under, each Note, and the full and punctual payment of all other amounts payable by the Issuer under this Indenture (including the Issuer’s
obligations under Section 7.07 hereof). Upon failure by the Issuer to pay punctually any such amount, each Guarantor shall forthwith
on demand pay the amount not so paid at the place and in the manner specified in this Indenture. Any Note Guarantee constitutes a guarantee
of payment and not of collection.

 

    88

     

    

 

Section 10.02. 
Guarantee Unconditional. The obligations of each Guarantor hereunder are unconditional and absolute and, without limiting
the generality of the foregoing, will not be released, discharged or otherwise affected by:

 

(a)           
any extension, renewal, settlement, compromise, waiver or release in respect of any obligation of the Issuer under this Indenture
or any Note, by operation of law or otherwise;

 

(b)           
any modification or amendment of or supplement to this Indenture or any Note;

 

(c)           
any change in the corporate existence, structure or ownership of the Issuer, or any insolvency, bankruptcy, reorganization or
other similar proceeding affecting the Issuer or its assets or any resulting release or discharge of any obligation of the Issuer contained
in this Indenture or any Note;

 

(d)           
the existence of any claim, set-off or other rights which the Guarantor may have at any time against the Issuer, the Trustee or
any other Person, whether in connection with this Indenture or any unrelated transactions, provided that nothing herein prevents
the assertion of any such claim by separate suit or compulsory counterclaim;

 

(e)           
any invalidity or unenforceability relating to or against the Issuer for any reason of this Indenture or any Note, or any provision
of applicable law or regulation purporting to prohibit the payment by the Issuer of the principal of or interest on any Note or any other
amount payable by the Issuer under this Indenture; or

 

(f)            
any other act or omission to act or delay of any kind by the Issuer, the Trustee or any other Person or any other circumstance
whatsoever which might, but for the provisions of this Section, constitute a legal or equitable discharge of or defense to such Guarantor’s
obligations hereunder.

 

Section 10.03. 
Discharge; Reinstatement. Each Guarantor’s obligations hereunder will remain in full force and effect until the principal
of, premium, if any, and interest on the Notes and all other amounts payable by the Issuer under this Indenture have been paid in full.
If at any time any payment of the principal of, premium, if any, or interest on any Note or any other amount payable by the Issuer under
this Indenture is rescinded or must be otherwise restored or returned upon the insolvency, bankruptcy or reorganization of the Issuer
or otherwise, each Guarantor’s obligations hereunder with respect to such payment will be reinstated as though such payment had
been due but not made at such time.

 

Section 10.04. 
Waiver by the Guarantors. Each Guarantor irrevocably waives acceptance hereof, presentment, demand, protest and any notice
not provided for herein, as well as any requirement that at any time any action be taken by any Person against the Issuer or any other
Person.

 

    89

     

    

 

Section 10.05. 
Subrogation and Contribution. Upon making any payment with respect to any obligation of the Issuer under this Article,
the Guarantor making such payment will be subrogated to the rights of the payee against the Issuer with respect to such obligation, provided
that the Guarantor may not enforce either any right of subrogation, or any right to receive payment in the nature of contribution,
or otherwise, from any other Guarantor, with respect to such payment so long as any amount payable by the Issuer hereunder or under the
Notes remains unpaid.

 

Section 10.06. 
Stay of Acceleration. If acceleration of the time for payment of any amount payable by the Issuer under this Indenture
or the Notes is stayed upon the insolvency, bankruptcy or reorganization of the Issuer, all such amounts otherwise subject to acceleration
under the terms of this Indenture are nonetheless payable by the Guarantors hereunder forthwith on demand by the Trustee or the Holders.

 

Section 10.07. 
Limitation on Amount of Note Guarantee. Notwithstanding anything to the contrary in this Article, each Guarantor, and by
its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Note Guarantee of such Guarantor
not constitute a fraudulent conveyance under applicable fraudulent conveyance provisions of the Bankruptcy Law or any comparable provision
of state law. To effectuate that intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that the obligations
of each Guarantor under its Note Guarantee are limited to the maximum amount that would not render the Guarantor’s obligations
subject to avoidance under applicable fraudulent conveyance provisions of the Bankruptcy Law or any comparable provision of state law.
Any Foreign Subsidiaries guarantee may also be subject to other limitations specified in the applicable supplemental indenture as contemplated
by the Agreed Guarantee Principles.

 

Section 10.08. 
Execution and Delivery of Note Guarantee. The execution by each Guarantor of this Indenture (or a supplemental indenture
in the form of Exhibit B as modified by the Agreed Guarantee Principles) evidences the Note Guarantee of such Guarantor, whether or not
the person signing as an officer of the Guarantor still holds that office at the time of authentication of any Note. The delivery of
any Note by the Trustee after authentication constitutes due delivery of the Note Guarantee set forth in this Indenture on behalf of
each Guarantor.

 

Section 10.09. 
Release of Note Guarantee. The Note Guarantee of a Guarantor will terminate, and the Note Guarantee will be automatically
and unconditionally released and discharged, upon:

 

(a)           
a sale or other disposition (including by way of consolidation or merger) of Capital Stock of the Guarantor following which such
Guarantor ceases to be a Subsidiary of the Issuer or the sale or disposition of all or substantially all the Property of the Guarantor
(in each case other than to the Issuer or a Restricted Subsidiary) otherwise permitted by this Indenture,

 

(b)           
the release or discharge of such Guarantor’s obligations under the Credit Agreement other than a release or discharge through
payment thereon,

 

    90

     

    

 

(c)           
 the designation in accordance with this Indenture of the Guarantor as an Unrestricted Subsidiary,

 

(d)           
such Guarantor ceases to be a Restricted Subsidiary and such Guarantor is not otherwise required to provide a Guarantee of the
Notes pursuant to the provisions set forth in Section 4.14 or

 

(e)           
defeasance or discharge of the Indenture, as provided in Article 8.

 

Upon delivery by the Issuer to the Trustee of
an Officers’ Certificate and an Opinion of Counsel to the foregoing effect, the Trustee will execute any documents reasonably required
in order to evidence the release of the Guarantor from its obligations under its Note Guarantee.

 

Article
11

Miscellaneous

 

Section 11.01. 
[Reserved].

 

Section 11.02. 
Notices. Any notice or communication shall be in writing and delivered in person or mailed by first-class mail or sent
by facsimile (with a hard copy delivered in person or by mail promptly thereafter) and addressed as follows:

 

if to the Issuer and Guarantors:

 

Crocs, Inc.

13601 Via Varra

Broomfield, Colorado 80020

Attention: Daniel P. Hart, Executive Vice President,
Chief Legal and Risk Officer

 

with a copy to:

 

Perkins Coie LLP

1900 Sixteenth Street

Suite 1400

Denver, Colorado 80202

Facsimile: (303) 291-2400

Attention: Jason Day; Ned Prusse

 

if to the Trustee:

 

U.S. Bank National Association

Global Corporate Trust

950 17th Street

Denver, Colorado, 80202

Attention: Michael McGuire, Vice President, Global
Corporate Trust

 

    91

     

    

 

The Issuer and Guarantors or the Trustee by notice
to the other may designate additional or different addresses for subsequent notices or communications.

 

Any notice or communication mailed to a Noteholder
shall be mailed or delivered to the Noteholder at the Noteholder’s address as it appears on the registration books of the Registrar
and shall be sufficiently given if so mailed within the time prescribed.

 

All notices and communications
(other than those sent to Holders) will be deemed to have been duly given: (A) at the time delivered by hand, if personally delivered;
(B) five (5) Business Days after being deposited in the mail, postage prepaid, if mailed; (C) when receipt acknowledged, if transmitted
by electronic transmission or other similar means of unsecured electronic communication; and (D) the next Business Day after timely delivery
to the courier, if sent by overnight air courier guaranteeing next day delivery.

 

All notices or communications
required to be made to a Holder pursuant to this Indenture must be made in writing and will be deemed to be duly sent or given in writing
if mailed by first class mail, certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery,
to its address shown on the Register; provided, however, that a notice or communication to a Holder of a Global
Note may, but need not, instead be sent pursuant to the Depositary Procedures

 

Failure to mail or deliver
a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other Noteholders.

 

Notwithstanding any other provision
of this Indenture or any Note, where this Indenture or any Note provides for notice of any event to a Holder of a Global Note (whether
by mail or otherwise), such notice shall be sufficiently given to the Depositary pursuant to the applicable procedures of the Depositary.
The Trustee will not have any liability relating to the contents of any notice that it sends to any Holder pursuant to any Company Order.

 

If a notice or communication
is mailed or sent in the manner provided above within the time prescribed, it will be deemed to have been duly given, whether or not
the addressee receives it.

 

The Trustee shall have the right
to accept and act upon any notice, instruction, or other communication, including any funds transfer instruction (each, a “Notice”),
received pursuant to this Indenture by electronic transmission (including by e-mail, web portal or other electronic methods) and reasonably
believed by the Trustee to be valid and the Trustee shall not have any duty to confirm that the person sending such Notice is, in fact,
a person authorized to do so, and furthermore (i) the Trustee shall not have any liability for any losses, liabilities, costs or expenses
incurred or sustained directly or indirectly by any party as a result of such reliance upon or compliance with such instructions, directions,
reports, notices or other communications or information and (ii) the Company and any other sending party agrees to assume all risks arising
out of the use of electronic methods to submit instructions, directions, reports, notices or other communications or information to the
Trustee, including the risk of the Trustee acting on unauthorized instructions, notices, reports or other communications or information,
and the risk of interception and misuse by third parties. If the Company or other sending party elects to send the Trustee email and
the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed
controlling.

 

    92

     

    

 

Electronic signatures reasonably
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, Adobe Sign or any other digital signature provider identified by any other party hereto
and acceptable to the Trustee) shall be deemed original signatures for all purposes. Notwithstanding the foregoing, the Trustee may require
that a Notice in the form of an original document bearing a manual signature be delivered to the Trustee in lieu of, or in addition to,
any such electronic Notice.

 

Notwithstanding anything
herein to the contrary, any notice to the Trustee shall be deemed given when actually received.

 

Section 11.03. 
 [Reserved].

 

Section 11.04. 
Certificate and Opinion as to Conditions Precedent. Upon any request or application by the Issuer to the Trustee to take
or refrain from taking any action under this Indenture, the Issuer shall furnish to the Trustee:

 

(a)           
an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee 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 in form and substance reasonably satisfactory to the Trustee stating that, in the opinion of such counsel,
all such conditions precedent have been complied with.

 

Section 11.05. 
Statements Required in Certificate or Opinion. Each certificate or opinion with respect to compliance with a covenant or
condition provided for in this Indenture shall include:

 

(a)           
a statement that the individual 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;

 

    93

     

    

 

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

 

(d)           
a statement as to whether or not, in the opinion of such individual, such covenant or condition has been fully complied with.

 

Every such certificate or opinion provided under
this Indenture shall be without personal recourse to the individual executing the same and may include an express statement to that effect.

 

Section 11.06. 
When Notes Disregarded. In determining whether the Holders of the required principal amount of Notes have concurred in
any direction, waiver or consent, Notes owned by the Issuer or by any Person directly or indirectly controlling or controlled by or under
direct or indirect common control with the Issuer shall be disregarded and deemed not to be outstanding, except that, for the purpose
of determining whether the Trustee shall be protected in relying on any such direction, waiver or consent, only Notes that the Trustee
knows are so owned shall be so disregarded. Also, subject to the foregoing, only Notes outstanding at the time shall be considered in
any such determination.

 

Section 11.07. 
Rules by Trustee, Paying Agents and Registrar. The Trustee may make reasonable rules for action by or a meeting of Noteholders.
The Registrar and the Paying Agents or co-registrar may make reasonable rules for their functions.

 

Section 11.08. 
Business Days. If a payment date (including, for the avoidance of doubt, the maturity date or any Redemption Date) is not
a Business Day, payment shall be made on the next succeeding day that is a Business Day, and no interest shall accrue for the intervening
period. If a regular record date is not a Business Day, the record date shall not be affected.

 

Section 11.09. 
Judgment Currency. If for the purposes of obtaining judgment in any court it is necessary to convert a sum due hereunder
into any currency other than United States dollars, the parties hereto agree, to the fullest extent permitted by law, that the rate of
exchange used shall be the rate at which in accordance with normal banking procedures the Holders could purchase United States dollars
with such other currency in The City of New York on the business day preceding that on which final judgment is given. The obligation
of the Issuer and each of the Guarantors with respect to any sum due from it to any Holder or any person controlling any Holder shall,
notwithstanding any judgment in a currency other than United States dollars, not be discharged until the first business day following
receipt by such Holder or controlling person of any sum in such other currency, and only to the extent that such Holder or controlling
person may in accordance with normal banking procedures purchase United States dollars with such other currency. If the United States
dollars so purchased are less than the sum originally due to such Holder or controlling person hereunder, the Issuer and each of the
Guarantors agree, jointly and severally and as a separate obligation and notwithstanding any such judgment, to indemnify such Holder
or controlling person against such loss. If the United States dollars so purchased are greater than the sum originally due to such Holder
or controlling person hereunder, such Holder or controlling person agrees to pay to the Issuer or any Guarantor, as the case may be,
an amount equal to the excess of the dollars so purchased over the sum originally due to such Holder or controlling person hereunder.

 

    94

     

    

 

Section 11.10. 
Submission to Jurisdiction; Appointment of Agents for Service. a) The Issuer and each of the Guarantors irrevocably submit
to the non-exclusive jurisdiction of any New York State or United States Federal court sitting in The City of New York over any suit,
action or proceeding arising out of or relating to this Indenture, the Securities or the transactions contemplated hereby and thereby
(each, a “Related Proceeding”). The Issuer and each of the Guarantors irrevocably waive, to the fullest extent permitted
by law, any objection which it may now or hereafter have to the laying of venue of any Related Proceeding brought in such a court and
any claim that any such Related Proceeding brought in such a court has been brought in an inconvenient forum. To the extent that the
Issuer or any Guarantor has or hereafter may acquire any immunity (on the grounds of sovereignty or otherwise) from the jurisdiction
of any court or from any legal process with respect to itself or its property, the Issuer and each of the Guarantors irrevocably waive,
to the fullest extent permitted by law, such immunity in respect of any such suit, action or proceeding. (b) The Issuer and each of the
Guarantors hereby appoint CT Corporation System, with offices at 28 Liberty Street, New York, New York 10005 as their respective agent
for service of process in any Related Proceeding and agree that service of process in any such Related Proceeding may be made upon it
or them at the office of such agent. The agent for service of process named herein may resign upon giving written notice to the Issuer
at the address listed in Section 11.02. The Issuer and each of the Guarantors waive, to the fullest extent permitted by law, any other
requirements of or objections to personal jurisdiction with respect thereto. The Issuer and each of the Guarantors represent and warrant
that such agent has agreed to act as the Issuer’s and such Guarantor’s agent for service of process, and the Issuer and each
of the Guarantors agree to take any and all action, including the filing of any and all documents and instruments, that may be necessary
to continue such appointment in full force and effect.

 

Section 11.11. 
Governing Law/Waiver of Trial by Jury; Submission to Jurisdiction. THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES AND
ANY CLAIM, CONTROVERSY OR DISPUTE RELATING TO OR ARISING OUT OF THIS INDENTURE, THE NOTES AND THE NOTE GUARANTEES SHALL BE GOVERNED BY,
AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF
LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AND
EACH HOLDER OF NOTES BY ITS ACCEPTANCE THEREOF IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES, THE NOTE GUARANTEES OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

 

    95

     

    

 

Section 11.12. 
No Recourse Against Others. No past, present or future director, officer, employee or shareholder, as such, of the Issuer
or any Guarantor shall have any liability for any obligations of the Issuer or any Guarantor under the Notes, this Indenture or any Note
Guarantee or for any claim based on, in respect of or by reason of such obligations or their creation. By accepting a Note, each Noteholder
shall waive and release all such liability. The waiver and release shall be part of the consideration for the issue of the Notes.

 

Section 11.13. 
Successors. All agreements of the Issuer and the Guarantors in this Indenture and the Notes shall bind their respective
successors. All agreements of the Trustee in this Indenture shall bind its successors.

 

Section 11.14. 
Multiple Originals; Electronic Signatures. The parties may sign any number of copies of this Indenture. Each signed copy
shall be an original, but all of them together represent the same agreement. One signed copy is enough to prove this Indenture. The words
 “execution,” signed,” signature,” and words of like import in this Indenture shall include images of manually
executed signatures transmitted by facsimile, email or other electronic format (including, without limitation, “pdf,” “tif”
or “jpg”) and other electronic signatures (including without limitation, DocuSign and AdobeSign). The use of electronic signatures
and electronic records (including, without limitation, any contract or other record created, generated, sent, communicated, received,
or stored by electronic means) shall be of the same legal effect, validity and enforceability as a manually executed signature or use
of a paper-based record-keeping system to the fullest extent permitted by applicable law, including the Federal Electronic Signatures
in Global and National Commerce Act, the New York State Electronic Signatures and Records Act and any other applicable law, including,
without limitation, any state law based on the Uniform Electronic Transactions Act or the Uniform Commercial Code. Without limitation
to the foregoing, and anything in this Indenture to the contrary notwithstanding, (a) any Officers’ Certificate, Opinion of Counsel,
Definitive Note, Global Note, Note Guarantee, certificate of authentication appearing on or attached to any Note, supplemental indenture
or other certificate, instrument, agreement, notice or other document delivered pursuant to this Indenture may be executed, attested
and transmitted by any of the foregoing electronic means and formats, and (b) all references in Section 2.03 (Execution and Authentication)
or elsewhere in this Indenture or in any Definitive Note Global Note to the execution, attestation or authentication of any Note or any
certificate of authentication appearing on or attached to any Note by means of a manual or facsimile signature shall be deemed to include
signatures that are made or transmitted by any of the foregoing electronic means or formats.

 

Section 11.15. 
Table of Contents; Headings. The table of contents, cross-reference sheet and headings of the Articles and Sections of
this Indenture and the Notes have been inserted for convenience of reference only, are not intended to be considered a part hereof and
shall not modify or restrict any of the terms or provisions hereof.

 

Section 11.16. 
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, epidemics, civil or military disturbances, nuclear or natural catastrophes
or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it
being understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to
resume performance as soon as practicable under the circumstances.

 

    96

     

    

 

Section 11.17. 
U.S.A. Patriot Act. The parties hereto acknowledge that in accordance with Section 326 of the U.S.A. Patriot Act,
the Trustee, like all financial institutions and in order to help fight the funding of terrorism and money laundering, 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 within the Issuer’s
custody or control or as the Issuer may reasonably obtain that the Trustee may request in order for the Trustee to satisfy the requirements
of the U.S.A. Patriot Act.

 

Section 11.18. 
FATCA. In order to assist the Trustee with its compliance with Sections 1471 through 1474 of the Code and the rules and
regulations thereunder (as in effect from time to time, collectively, the “Applicable Law”) the Issuer agrees (i)
to provide to the Trustee reasonably available information regarding the Issuer or the Holders of Notes (solely in their capacity as
such) and which is necessary for the Trustee’s determination of whether it has tax related obligations under Applicable Law and
(ii) that the Trustee shall be entitled to make any withholding or deduction from payments under this Indenture to the extent necessary
to comply with Applicable Law and shall have no liability in connection therewith other than as a result of its gross negligence or willful
misconduct. Nothing in the immediately preceding sentence shall be construed as obligating the Issuer to make any “gross up”
payment or similar reimbursement in connection with a payment in respect of which amounts are so withheld or deducted.

 

[Remainder of Page Intentionally Left Blank]

 

    97

     

    

 

In witness whereof, the parties have caused this
Indenture to be duly executed as of the date first written above.

 

	 	CROCS, INC., as Issuer
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Executive Vice President and Chief Financial Officer

 

[Signature Page to the
Indenture]

 

     

     

    

 

As Guarantors:

 

	 	Crocs Retail, LLC
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Chief Financial Officer
	 	 
	 	Jibbitz, LLC
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Manager
	 	 
	 	Colorado Footwear C.V.
	 	 
	 	By: 	Crocs General Partner, LLC, as General Partner of Colorado Footwear C.V.
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Chief Financial Officer

 

[Signature Page to the
Indenture]

 

     

     

    

 

	 	Crocs Europe B.V.
	 	 
	 	By:	/s/ Trevin Abraham David
	 	 	Name: Trevin Abraham David
	 	 	Title:   Authorized Signatory
	 	 
	 	Western Brands Holding Company, LLC
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Chief Financial Officer
	 	 
	 	Western Brands Netherlands Holding C.V.
	 	 
	 	By: 	Western Brands Holding Company, LLC, as General Partner of Western Brands Netherlands Holding C.V.
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Chief Financial Officer
	 	 
	 	Crocs General Partner, LLC
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Chief Financial Officer

 

[Signature Page to the
Indenture]

 

     

     

    

 

	 	Crocs Malta Ltd
	 	 
	 	By:	/s/ Anne Mehlman
	 	 	Name: Anne Mehlman
	 	 	Title:   Director
	 	 
	 	Crocs Malta Holdings Ltd
	 	 
	 	By:	/s/ Jeffrey Timmers
	 	 	Name: Jeffrey Timmers
	 	 	Title:   Director 

 

[Signature Page to the
Indenture]

 

     

     

    

 

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

 

[Signature Page to the
Indenture]

 

     

     

    

 

 

Appendix A

 

PROVISIONS RELATING TO THE NOTES

 

		1.	Definitions.

 

1.1.           
Definitions.

 

For the purposes of this Appendix A the following
terms shall have the meanings indicated below:

 

“Definitive Note” means a certificated
Note bearing, if required, the restricted securities legend set forth in Section 2.3(c).

 

“Depositary” means with respect
to the Notes, The Depository Trust Company, its nominees and their respective successors.

 

“Distribution Compliance Period”
means, with respect to any Notes, the period of 40 consecutive days beginning on the later of (i) the day on which such Notes are first
offered to Persons other than distributors (as defined in Regulation S) in reliance on Regulation S and (ii) the issue date with respect
to such Notes.

 

“Notes Custodian” means the
custodian with respect to a Global Note (as appointed by the Depositary) or any successor person thereto, who shall initially be the
Trustee.

 

“Original Notes” has the meaning
assigned to such term in the recitals to this Indenture.

 

“QIB” means a “qualified
institutional buyer” as defined in Rule 144A.

 

“Transfer Restricted Notes”
means Definitive Notes and any other Notes that bear or are required to bear the legend set forth in Section 2.3(c) hereto.

 

1.2.           
Other Definitions.

 

	Term	 	Defined in Section:
	“Agent Members”	 	2.1(b)
	“Global Note”	 	2.1(a)
	“Regulation S”	 	2.1
	“Regulation S Global Note”	 	2.1(a)
	“Rule 144A”	 	2.1
	“Rule 144A Global Note”	 	2.1(a)

 

    Appendix A-1

     

    

 

		2.	The Notes.

 

2.1.           
 Form and Dating. The Notes will be offered and sold by the Issuer, from time to time. The Notes will be resold initially
only to persons reasonably believed to be QIBs in reliance on Rule 144A under the Securities Act (“Rule 144A”) and
to certain non-U.S. persons in transactions outside the United States in reliance on Regulation S under the Securities Act (“Regulation
S”). The Notes may thereafter be transferred to, among others, QIBs and purchasers in reliance on Regulation S, subject to
the restrictions on transfer set forth herein and in the legend on the certificates representing the Global Notes and the Definitive
Notes set forth below.

 

(a)              
Global Notes. The Notes initially resold pursuant to Rule 144A shall be issued initially in the form of one or more permanent
global Notes in definitive, fully registered form (collectively, the “Rule 144A Global Note”) with the restricted
securities legend set forth in Exhibit A to this Indenture, and Notes initially resold pursuant to Regulation S shall be issued initially
in the form of one or more permanent global Notes in definitive, fully registered form with the global securities legend and the applicable
restricted securities legend set forth in Exhibit A to this Indenture (the “Regulation S Global Note”) or with such
other legends as may be appropriate. Except as set forth in this Section 2.1(a) and Section 2.3(b) hereof, beneficial ownership interest
in a Regulation S Global Note will be exchangeable for interests in a Rule 144A Global Note or a Definitive Note in registered certificated
form only after the expiration of the Distribution Compliance Period and then only (i) upon certification that beneficial ownership interests
in such Regulation S Global Note are owned either by non-U.S. persons or U.S. persons who purchased such interests in a transaction that
did not require registration under the Securities Act and (ii) in the case of an exchange for a Definitive Note, in compliance with the
requirements set forth in Section 2.4, in each case without interest coupons and with the global securities legend and restricted securities
legend set forth in Exhibit A to this Indenture, which shall be deposited on behalf of the purchasers of the Notes represented thereby
with the Notes Custodian, and registered in the name of the applicable Depositary or a nominee of the applicable Depositary, duly executed
by the Issuer and authenticated by the Trustee or the Authentication Agent as provided in this Indenture. The Rule 144A Global Note and
Regulation S Global Note are collectively referred to herein as “Global Notes.” The aggregate principal amount of
the Global Notes may from time to time be increased or decreased by adjustments made on the records of the Trustee and the applicable
Depositary or its nominee as hereinafter provided.

 

(b)              
Book-Entry Provisions. This Section 2.1(b) shall apply only to a Global Note deposited with or on behalf of the applicable
Depositary.

 

The Issuer shall execute and the Trustee shall,
in accordance with this Section 2.1(b) and pursuant to an order of the Issuer, authenticate and deliver initially one or more Global
Notes that (a) shall be registered in the name of the applicable Depositary for such Global Note or Global Notes or the nominee of such
Depositary and (b) shall be delivered by the Trustee to such Depositary or pursuant to such Depositary’s instructions or held by
the Trustee as Notes Custodian.

 

    Appendix A-2

     

    

 

Members of, or participants, in the Depositary
(“Agent Members”) shall have no rights under this Indenture with respect to any Global Note held on their behalf by
the Depositary or by the Trustee as Notes Custodian or under such Global Note, and the Depositary may be treated by the Issuer, the Trustee
and any agent of the Issuer or the Trustee as the absolute owner of such Global Note for all purposes whatsoever. Notwithstanding the
foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written
certification, proxy or other authorization furnished by the Depositary or impair, as between the Depositary and its Agent Members, the
operation of customary practices of such Depositary governing the exercise of the rights of a holder of a beneficial interest in any
Global Note.

 

(c)              
Definitive Notes. Except as provided in Section 2.3 or Section 2.4 hereof, owners of beneficial interests in Global Notes
will not be entitled to receive physical delivery of Definitive Notes.

 

2.2.           
Authentication. The Trustee or Authentication Agent shall authenticate and deliver Notes in accordance with Section 2.03
of this Indenture.

 

2.3.           
Transfer and Exchange. (a) Transfer and Exchange of Definitive Notes. When Definitive Notes are presented to the
Registrar or a co-registrar with a request:

 

(x)       to
register the transfer of such Definitive Notes; or

 

(y)       to
exchange such Definitive Notes for an equal principal amount of Definitive Notes of other authorized denominations, the Registrar or
co-registrar shall register the transfer or make the exchange as requested if its reasonable requirements for such transaction are met;
provided, however, that the Definitive Notes surrendered for transfer or exchange:

 

(i)                
shall be duly endorsed or accompanied by a written instrument of transfer in form reasonably satisfactory to the Issuer and the
Registrar or co-registrar, duly executed by the Holder thereof or his attorney duly authorized in writing; and

 

(ii)             
if such Definitive Notes bear a restricted securities legend, they are being transferred or exchanged pursuant to an effective
registration statement under the Securities Act or pursuant to clause (A), (B) or (C) below, and are accompanied by the following additional
information and documents, as applicable:

 

(A)            
if such Definitive Notes are being delivered to the Registrar by a Holder for registration in the name of such Holder, without
transfer, a certification from such Holder to that effect; or

 

(B)             
if such Definitive Notes are being transferred to the Issuer, a certification to that effect; or

 

(C)             
 if such Definitive Notes are being transferred pursuant to an exemption from registration in accordance with Rule 144 under the
Securities Act, (i) a certification to that effect and (ii) an opinion of counsel or other evidence reasonably satisfactory to the Issuer
and the Trustee as to the compliance with the restrictions set forth in the legend set forth in Section 2.3(c)(i).

 

    Appendix A-3

     

    

 

(b)              
Transfer and Exchange of Global Notes.

 

(i)                
The transfer and exchange of Global Notes or beneficial interests therein shall be effected through the applicable Depositary,
in accordance with this Indenture (including applicable restrictions on transfer set forth herein, if any) and the procedures of the
Depositary therefor. A transferor of a beneficial interest in a Global Note shall deliver a written order given in accordance with the
Depositary’s procedures containing information regarding the participant account of the Depositary to be credited with a beneficial
interest in the Global Note and such account shall be credited in accordance with such instructions with a beneficial interest in the
Global Note and the account of the Person making the transfer shall be debited by an amount equal to the beneficial interest in the Global
Note being transferred.

 

(ii)             
If the proposed transfer is a transfer of a beneficial interest in one Global Note to a beneficial interest in another Global
Note, the Registrar shall reflect on its books and records the date and an increase in the principal amount of the Global Note to which
such interest is being transferred in an amount equal to the principal amount of the interest to be so transferred, and the Registrar
shall reflect on its books and records the date and a corresponding decrease in the principal amount of the Global Note from which such
interest is being transferred.

 

(iii)           
Notwithstanding any other provisions of this Appendix A (other than the provisions set forth in Section 2.4), a Global Note may
not be transferred as a whole except by the Depositary to a nominee of the Depositary or by a nominee of the Depositary to the Depositary
or another nominee of the Depositary or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor
Depositary.

 

(iv)            
In the event that a Global Note is exchanged for Definitive Notes pursuant to Section 2.4, such Notes may be exchanged only in
accordance with such procedures as are substantially consistent with the provisions of this Section 2.3 (including the certification
and other requirements set forth herein and on the reverse of the Original Notes intended to ensure that such transfers comply with Rule
144A, Regulation S or such other applicable exemption from registration under the Securities Act, as the case may be) and such other
procedures as may from time to time be adopted by the Issuer.

 

(v)              
The transferor shall, to the extent required by applicable tax law, also provide or cause to be provided to the Trustee all information
that is (i) in its possession, (ii) specifically requested by the Trustee in sufficient detail to permit compliance with such request
and (iii) necessary to allow the Trustee to comply with any applicable tax reporting obligations, including without limitation any cost
basis reporting obligations under Section 6045 of the Code. The Trustee may rely on the information provided to it and shall have no
responsibility to verify or ensure the accuracy of such information.

 

    Appendix A-4

     

    

 

(vi)            
Restrictions on Transfer of Regulation S Global Notes.

 

(A)            
During the Distribution Compliance Period, beneficial ownership interests in Regulation S Global Notes may only be sold, pledged
or transferred (i) to the Issuer, (ii) in an offshore transaction in accordance with Rule 904 of Regulation S, (iii) to QIBs pursuant
to Rule 144A who take delivery in the form of a beneficial interest in the Rule 144A Global Note or (iv) pursuant to an effective registration
statement under the Securities Act, in each case in accordance with any applicable securities laws of any State of the United States;
and

 

(B)             
Beneficial interests in a Rule 144A Global Note may be transferred to a Person who takes delivery in the form of an interest in
a Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, only if the transferor first
delivers to the Trustee a written certificate to the effect that such transfer is being made in accordance with Rule 903 or 904 of Regulation
S or Rule 144 (if applicable).

 

(c)              
Legend.

 

(i)                
Except as permitted by the following paragraph (ii), each certificate evidencing the Global Notes and the Definitive Notes (and
all Notes issued in exchange therefor or in substitution thereof) shall bear a legend in substantially the following form:

 

“THE SECURITY (OR ITS PREDECESSOR) EVIDENCED HEREBY
WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS AMENDED
(THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE ABSENCE
OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED THAT THE
SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER. THE HOLDER
OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED OR OTHERWISE
TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL BUYER (AS
DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL BUYER IN
A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON IN A
TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION FROM
THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT(SUBJECT TO THE ISSUER’S AND THE TRUSTEE’S RIGHT PRIOR TO ANY SUCH OFFER,
SALE OR TRANSFER PURSUANT TO CLAUSE (b), (c) OR (d) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION AND/OR OTHER INFORMATION
ACCEPTABLE TO THE ISSUER AND/OR TRUSTEE IF THE ISSUER AND/OR TRUSTEE SO REQUEST), (2) TO THE ISSUER OR (3) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE OF THE UNITED STATES OR ANY OTHER APPLICABLE
JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY
OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED
BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. THE HOLDER HEREOF, BY PURCHASING THIS SECURITY, REPRESENTS AND AGREES FOR THE
BENEFIT OF THE ISSUER THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING OF RULE 144A OR (2) NOT A U.S. PERSON AND IS
OUTSIDE OF THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING THE REQUIREMENTS OF PARAGRAPH (k)(2)(i) OF RULE 902 UNDER)
REGULATION S UNDER THE SECURITIES ACT.”

 

    Appendix A-5

     

    

 

Each Definitive Note will also bear the following additional
legend:

 

“IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL
DELIVER TO THE REGISTRAR SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH REGISTRAR MAY REASONABLY REQUIRE TO CONFIRM THAT THE TRANSFER
COMPLIES WITH THE FOREGOING RESTRICTIONS.”

 

(ii)             
Upon any sale or transfer of a Transfer Restricted Note (including any Transfer Restricted Note represented by a Global Note)
pursuant to Rule 144 under the Securities Act:

 

(A)            
 in the case of any Transfer Restricted Note that is a Definitive Note, the Registrar shall permit the Holder thereof to exchange
such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the transfer of
such Transfer Restricted Note if, and to the extent, no resale restrictions under such Rule shall continue to apply; and

 

(B)             
in the case of any Transfer Restricted Note that is represented by a Global Note, the Registrar shall permit the Holder thereof
to exchange such Transfer Restricted Note for a Note that does not bear the legends set forth above and rescind any restriction on the
transfer of such Transfer Restricted Note if, and to the extent, no resale restrictions under such Rule shall continue to apply,

 

in either case, if the Holder certifies in writing to the Registrar
that its request for such exchange was made in reliance on Rule 144 (such certification to be in the form set forth on the reverse of
the Note) and complies with the requirement to provide such legal opinions, certifications and other information as the Issuer has reasonably
requested as set forth in such form on the reverse of the Note.

 

    Appendix A-6

     

    

 

(d)              
Cancellation or Adjustment of Global Note. At such time as all beneficial interests in a Global Note have either been exchanged
for Definitive Notes, redeemed, repurchased or canceled, such Global Note shall be returned by the Depositary to the Trustee for cancellation
pursuant to its customary practice.

 

At any time prior to such cancellation, if any
beneficial interest in a Global Note is exchanged for Definitive Notes, redeemed, repurchased or canceled, the principal amount of Notes
represented by such Global Note shall be reduced and an adjustment shall be made on the books and records of the Trustee (if it is then
the Notes Custodian for such Global Note) or the applicable Notes Custodian with respect to such Global Note, by the Trustee or the Notes
Custodian, as applicable, to reflect such reduction.

 

(e)              
Obligations with Respect to Transfers and Exchanges of Notes.

 

(i)                
To permit registrations of transfers and exchanges, the Issuer shall execute and the Trustee shall authenticate Definitive Notes
and Global Notes at the Registrar’s or co-registrar’s request.

 

(ii)             
No service charge shall be made for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient
to cover any transfer tax, assessments, or similar governmental charge payable in connection therewith (other than any such transfer
taxes, assessments or similar governmental charge payable upon exchange or transfer pursuant to Sections 3.06 and 9.05 of this Indenture).

 

(iii)           
The Registrar or co-registrar shall not be required to register the transfer of or exchange of any Note for a period beginning
15 calendar days before (a) the record date for any payment of interest on the Notes, (b) any date fixed for redemption of the Notes
or (c) the date fixed for selection of the Notes to be redeemed in part. Also, the Registrar or co-registrar shall not be required to
register the transfer or exchange of any Notes selected for redemption. In the event of the transfer of any Note, the transfer agent
may require a holder, among other things, to furnish appropriate endorsements and transfer documents as described in this Indenture.
Issuer may require a holder to pay any taxes and fees required by law and permitted by this Indenture and the Notes.

 

    Appendix A-7

     

    

 

(iv)            
Prior to the due presentation for registration of transfer of any Note, the Issuer, the Trustee, the Paying Agent, the Registrar
or any co-registrar may deem and treat the person in whose name a Note is registered as the absolute owner of such Note for the purpose
of receiving payment of principal of and interest on such Note and for all other purposes whatsoever, whether or not such Note is overdue,
and none of the Issuer, the Trustee, the Paying Agent, the Registrar or any co-registrar shall be affected by notice to the contrary.

 

(v)              
All Notes issued upon any transfer or exchange pursuant to the terms of this Indenture shall evidence the same debt and shall
be entitled to the same benefits under this Indenture as the Notes surrendered upon such transfer or exchange.

 

(f)               
No Obligation of the Trustee.

 

(i)                
The Trustee shall have no responsibility or obligation to any beneficial owner of a Global Note, a member of, or a participant
in the Depositary or any other Person with respect to the accuracy of the records of the Depositary or its nominee or of any participant
or member thereof, with respect to any ownership interest in the Notes or with respect to the delivery to any participant, member, beneficial
owner or other Person (other than the Depositary) of any notice (including any notice of redemption or repurchase) or the payment of
any amount, under or with respect to such Notes. All notices and communications to be given to the Holders and all payments to be made
to Holders under the Notes shall be given or made only to the registered Holders (which shall be the Depositary or its nominee in the
case of a Global Note). The rights of beneficial owners in any Global Note shall be exercised only through the Depositary subject to
the applicable rules and procedures of the Depositary. The Trustee may rely and shall be fully protected in relying upon information
furnished by the Depositary with respect to its members, participants and any beneficial owners.

 

(ii)             
The Trustee shall have no obligation or duty to monitor, determine or inquire as to compliance with any restrictions on transfer
imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers
between or among Depositary participants, members or beneficial owners in any Global Note) other than to require delivery of such certificates
and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture,
and to examine the same to determine substantial compliance as to form with the express requirements hereof.

 

    Appendix A-8

     

    

 

2.4.           
Definitive Notes.

 

(a)              
A Global Note deposited with the Depositary or with the Trustee as Notes Custodian pursuant to Section 2.1 shall be transferred
(or, in the case of clause (ii) below, shall be transferrable) to the beneficial owners thereof in the form of Definitive Notes in an
aggregate principal amount equal to the principal amount of such Global Note, in exchange for such Global Note, only if such transfer
complies with Section 2.3 and (i) the Depositary notifies the Issuer that it is unwilling or unable to continue as a Depositary for such
Global Note or if at any time the Depositary ceases to be a “clearing agency” registered under the Exchange Act, and a successor
Depositary is not appointed by the Issuer within 120 days of such notice, or (ii) an Event of Default has occurred or is continuing and
the beneficial owner of a Global Note deposited with the Depositary requests such exchange in writing delivered through the Depositary.

 

(b)              
Any Global Note that is transferable to the beneficial owners thereof pursuant to this Section 2.4 shall be surrendered by the
Depositary to the Trustee, to be so transferred, in whole or from time to time in part, without charge, and the Trustee shall authenticate
and deliver, upon such transfer of each portion of such Global Note, an equal aggregate principal amount of Definitive Notes of authorized
denominations. Definitive Notes issued in exchange for any portion of a Global Note transferred pursuant to this Section shall be executed,
authenticated and delivered only in denominations of $2,000 and any integral multiples of $1,000 in excess thereof and registered in
such names as the Depositary shall direct. Any Definitive Note delivered in exchange for an interest in the Global Note shall bear the
restricted securities legend set forth in Section 2.3(c)(i).

 

(c)              
The registered Holder of a Global Note may grant proxies and otherwise authorize any Person, including Agent Members and Persons
that may hold interests through Agent Members, to take any action that a Holder is entitled to take under this Indenture or the Notes.

 

(d)              
In the event of the occurrence of any of the events specified in Section 2.4(a)(i) or (ii), the Issuer will promptly make available
to the Trustee a reasonable supply of Definitive Notes in definitive, fully registered form without interest coupons.

 

    Appendix A-9

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

[Global Notes Legend]

 

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

 

TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED
TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO NOMINEES OF DTC OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS
OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN THE INDENTURE
REFERRED TO ON THE REVERSE HEREOF.

 

[Restricted Notes Legend]

 

“THE SECURITY (OR ITS PREDECESSOR) EVIDENCED
HEREBY WAS ORIGINALLY ISSUED IN A TRANSACTION EXEMPT FROM REGISTRATION UNDER SECTION 5 OF THE UNITED STATES SECURITIES ACT OF 1933, AS
AMENDED (THE “SECURITIES ACT”), AND THE SECURITY EVIDENCED HEREBY MAY NOT BE OFFERED, SOLD OR OTHERWISE TRANSFERRED IN THE
ABSENCE OF SUCH REGISTRATION OR AN APPLICABLE EXEMPTION THEREFROM. EACH PURCHASER OF THE SECURITY EVIDENCED HEREBY IS HEREBY NOTIFIED
THAT THE SELLER MAY BE RELYING ON THE EXEMPTION FROM THE PROVISIONS OF SECTION 5 OF THE SECURITIES ACT PROVIDED BY RULE 144A THEREUNDER.
THE HOLDER OF THE SECURITY EVIDENCED HEREBY AGREES FOR THE BENEFIT OF THE ISSUER THAT (A) SUCH SECURITY MAY BE OFFERED, RESOLD, PLEDGED
OR OTHERWISE TRANSFERRED, ONLY (1)(a) INSIDE THE UNITED STATES TO A PERSON WHO THE SELLER REASONABLY BELIEVES IS A QUALIFIED INSTITUTIONAL
BUYER (AS DEFINED IN RULE 144A UNDER THE SECURITIES ACT) PURCHASING FOR ITS OWN ACCOUNT OR FOR THE ACCOUNT OF A QUALIFIED INSTITUTIONAL
BUYER IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 144A UNDER THE SECURITIES ACT, (b) OUTSIDE THE UNITED STATES TO A NON-U.S. PERSON
IN A TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR RULE 904 OF REGULATION S UNDER THE SECURITIES ACT, (c) PURSUANT TO AN EXEMPTION
FROM REGISTRATION UNDER THE SECURITIES ACT PROVIDED BY RULE 144 THEREUNDER (IF APPLICABLE) OR (d) IN ACCORDANCE WITH ANOTHER EXEMPTION
FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT(SUBJECT TO THE ISSUER’S AND THE RIGHT OF THE ISSUER AND/OR THE TRUSTEE
PRIOR TO ANY SUCH OFFER, SALE OR TRANSFER PURSUANT TO CLAUSE (b), (c) OR (d) TO REQUIRE THE DELIVERY OF AN OPINION OF COUNSEL, CERTIFICATION
AND/OR OTHER INFORMATION ACCEPTABLE TO THE ISSUER AND/OR THE TRUSTEE, IF THE ISSUER OR THE TRUSTEE SO REQUESTS), (2) TO THE ISSUER OR
(3) PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT AND, IN EACH CASE, IN ACCORDANCE WITH ANY APPLICABLE SECURITIES LAWS OF ANY STATE
OF THE UNITED STATES OR ANY OTHER APPLICABLE JURISDICTION AND (B) THE HOLDER WILL, AND EACH SUBSEQUENT HOLDER IS REQUIRED TO, NOTIFY
ANY PURCHASER OF THE SECURITY EVIDENCED HEREBY OF THE RESALE RESTRICTIONS SET FORTH IN CLAUSE (A) ABOVE. NO REPRESENTATION CAN BE MADE
AS TO THE AVAILABILITY OF THE EXEMPTION PROVIDED BY RULE 144 FOR RESALE OF THE SECURITY EVIDENCED HEREBY. THE HOLDER HEREOF, BY PURCHASING
THIS SECURITY, REPRESENTS AND AGREES FOR THE BENEFIT OF THE ISSUER THAT IT IS (1) A QUALIFIED INSTITUTIONAL BUYER WITHIN THE MEANING
OF RULE 144A OR (2) NOT A U.S. PERSON AND IS OUTSIDE OF THE UNITED STATES WITHIN THE MEANING OF (OR AN ACCOUNT SATISFYING THE REQUIREMENTS
OF PARAGRAPH (k)(2)(i) OF RULE 902 UNDER) REGULATION S UNDER THE SECURITIES ACT.”

 

[Definitive Notes Legend]

 

IN CONNECTION WITH ANY TRANSFER, THE HOLDER WILL
DELIVER TO THE REGISTRAR AND TRANSFER AGENT SUCH CERTIFICATES AND OTHER INFORMATION AS SUCH TRANSFER AGENT MAY REASONABLY REQUIRE TO
CONFIRM THAT THE TRANSFER COMPLIES WITH THE FOREGOING RESTRICTIONS.

 

    A-1

     

    

 

 

 

[FORM OF FACE OF NOTE]

 

	No. [ ]		 	 	$[ ]

 

4.125% Senior Notes due
2031

 

CUSIP No. 227046 AB5 / U13133
AB6

ISIN No. US227046AB51 / USU13133AB60

 

CROCS, INC., a Delaware corporation, promises
to pay to __________, or registered assigns, the principal sum [of [ ] Dollars ($ )](1) [as set forth on the Schedule of Increases and
Decreases annexed hereto](2) on August 15, 2031.

 

Interest Payment Dates: February 15 and August
15.

             Record
Dates: February 1 and August 1.

 

	 	 

 

(1)       Insert for Definitive
Securities

 

(2)       Insert for Global Securities

 

    A-2 

     

    

  

IN WITNESS WHEREOF, the parties have caused this
instrument to be duly executed.

 

	 	Very truly yours,
	 	 
	 	Crocs, Inc., as Issuer

 

	 	By:	 
	 	 	Name: Anne Mehlman
	  	  	Title: Executive Vice President and Chief Financial Officer

			

 

    A-3 

     

    

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 

Dated:

 

	U.S. BANK NATIONAL ASSOCIATION,

                    as Trustee, certifies that this is one of the

                    Notes referred to in the Indenture. 
	 
	 	 
	By:	 	 
	 	Authorized Signatory	 

 

    A-4 

     

    

  

[FORM OF REVERSE SIDE OF
NOTE]

4.125% Senior Notes due 2031

 

		1.	Interest

 

CROCS, INC., a Delaware corporation (such corporation,
and its successors and assigns under the Indenture hereinafter referred to, being herein called the “Issuer”), promises
to pay interest on the principal amount of this 4.125% Senior Note due 2031 (this “Note” and, together with any other
4.125% Senior Notes due 2031, the “Notes”) at the rate per annum shown above. The Issuer will pay interest semiannually
on February 15 and August 15 each year, commencing February 15, 2022. Interest on the Notes will accrue from the most recent date to
which interest has been paid or, if no interest has been paid, from August 10, 2021. Interest shall be computed on the basis of a 360-day
year of twelve 30-day months. The Issuer shall pay interest on overdue principal at the rate borne by the Notes plus 1% per annum, and
it shall pay interest on overdue installments of interest at the rate borne by the Notes to the extent lawful.

 

		2.	Method of Payment

 

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

 

		3.	Paying Agent and Registrar

 

Initially, U.S. Bank National Association (the
 “Trustee”) will act as Paying Agent and Registrar. The Issuer may appoint and change any Paying Agent, Registrar or
co-registrar without notice. The Issuer (as defined in the Indenture) or any of its domestically incorporated Subsidiaries may act as
Paying Agent, Registrar or co-registrar.

 

    A-5 

     

    

 

		4.	Indenture; Note Guarantee

 

The Issuer issued the Notes under an Indenture,
dated as of August 10, 2021 (the “Indenture”), among the Issuer, the Guarantors party thereto from time to time and
the Trustee. The terms of the Notes include those stated in the Indenture. Terms defined in the Indenture and not defined herein have
the meanings ascribed thereto in the Indenture. The Notes are subject to all such terms, and Noteholders are referred to the Indenture
for a statement of those terms. This Note is guaranteed, as set forth in the Indenture.

 

The Indenture imposes certain limitations on the
ability of the Issuer and its Restricted Subsidiaries to, among other things, make certain Investments and other Restricted Payments,
pay dividends and other distributions, incur Debt, enter into consensual restrictions upon the payment of certain dividends and distributions
by such Restricted Subsidiaries, issue or sell shares of capital stock of such Restricted Subsidiaries, enter into or permit certain
transactions with Affiliates, create or incur Liens and make Asset Sales. The Indenture also imposes limitations on the ability of the
Issuer and the Guarantors to consolidate or merge with or into any other Person or sell, transfer, assign, lease, convey or otherwise
dispose of all or substantially all of the Property of the Issuer or the Guarantors.

 

To the extent permitted by applicable law, in
the event of any inconsistency between the terms of the Note and the terms of the Indenture, the terms of the Indenture shall control.

 

The Guarantors shall jointly and severally guarantee
the Notes pursuant to the terms of the Indenture.

 

		5.	Optional Redemption

 

(a)          
Except as set forth below, the Notes may not be redeemed at the option of the Issuer prior to August 15, 2026. On and after August
15, 2026, the Issuer may, at its option, redeem all or any portion of the Notes, at once or over time, upon not less than 30 days nor
more than 60 days prior notice. The Notes may be redeemed at the redemption prices as set forth below, plus accrued and unpaid interest,
if any, to, but excluding, the Redemption Date (subject to the right of Holders of record on the relevant record date to receive interest
due on the relevant interest payment date), calculated by the Issuer. The following prices are for Notes redeemed during the 12-month
period commencing on August 15 of the years set forth below, and are expressed as percentages of principal amount:

 

	Period	 	Redemption
    Price	 
	2026	 	 	102.063%	
	2027	 	 	101.375%	
	2028	 	 	100.688%	
	2029 and thereafter	 	 	100.000%	

 

    A-6 

     

    

 

(b)         Notwithstanding
the foregoing, at any time and from time to time prior to August 15, 2024 the Issuer may, on any one or more occasions, redeem up to
a maximum of 40% of the original aggregate principal amount of the Notes issued (including Additional Notes, if any) with the proceeds
from one or more Equity Offerings by the Issuer, at a redemption price equal to 104.125% of the principal amount thereof, plus accrued
and unpaid interest, if any, to, but excluding, the Redemption Date (subject to the right of Holders of record on the relevant record
date to receive interest due on the relevant interest payment date); provided, however, that immediately after giving effect
to any such redemption, at least 60% of the original aggregate principal amount of the Notes (including Additional Notes, if any) remains
outstanding. Any such redemption shall be made within 90 days of such Equity Offering upon not less than 30 and no more than 60 days’
prior notice.

 

(c)          Notwithstanding
the foregoing, the Issuer may choose to redeem all or any portion of the Notes, at once or over time, prior to August 15, 2026. If it
does so, it may redeem the Notes upon not less than 30 days nor more than 60 days prior notice. To redeem the Notes, the Issuer must
pay a redemption price equal to the sum of:

 

(i)         100%
of the principal amount of the Notes to be redeemed, plus

 

(ii)        the
Applicable Premium,

 

plus accrued and unpaid interest, if any, to, but excluding, the Redemption
Date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment
date).

 

The Issuer shall have the right to redeem the
Notes at 101% of the principal amount thereof, plus accrued and unpaid interest, if any, following the consummation of a Change of Control
if at least 90% of the Notes outstanding prior to such consummation are purchased pursuant to a Change of Control Offer with respect
to such Change of Control.

 

Any notice to Holders of Notes of such a redemption
needs to include the appropriate calculation of the redemption price, but does not need to include the redemption price itself. The actual
redemption price, calculated as described above, must be set forth in an Officers’ Certificate delivered to the Trustee no later
than two Business Days prior to the Redemption Date.

 

If the optional Redemption Date is on or after
an interest record date and on or before the related interest payment date, the accrued and unpaid interest, if any, will be paid to
the Person in whose name the Note is registered at the close of business, on such record date. In the case of any partial redemption,
the Trustee will select Notes for redemption by lot; provided that if the Notes are in global form, interests in such global Notes
will be selected for redemption by DTC in accordance with its standard procedures therefor, although no Note of $2,000 in original principal
amount or less will be redeemed in part. If any Note is to be redeemed in part only, the notice of redemption relating to such Note will
state the portion of the principal amount thereof to be redeemed. A new Note in principal amount equal to the unredeemed portion thereof
will be issued in the name of the Holder thereof upon cancellation of the original Note.

 

    A-7 

     

    

 

“Applicable Premium” means,
with respect to any Note on any Redemption Date, the greater of:

 

(a)       1.0%
of the principal amount of such Note; and

 

(b)       the
excess, if any, of (i) the present value on such Redemption Date of (A) the redemption price of such Notes on August 15, 2026 (such redemption
price being that described in clause (a) of this paragraph 5), plus (B) all required remaining scheduled interest payments due
on such Note through August 15, 2026 computed using a discount rate equal to the Treasury Rate plus 50 basis points, over (ii) the principal
amount of such Note.

 

“Treasury Rate” means, as obtained
by the Issuer, as of any Redemption Date, the yield to maturity as of such Redemption Date of United States Treasury securities with
a constant maturity (as compiled and published in the most recent Selected Interest Rates (Daily)-H.15 release of the Board of Governors
of the Federal Reserve System that has become publicly available at least two Business Days prior to the Redemption Date (or,
in the case of a satisfaction and discharge or defeasance, two Business Days prior to the date on which funds are deposited with the
Trustee) (or, if such release is no longer published, any publicly available source of similar market data)) most nearly equal
to the period from such Redemption Date to August 15, 2026; provided, however, that if the period from such Redemption
Date to August 15, 2026 is less than one year, the weekly average yield on actually traded United States Treasury securities adjusted
to a constant maturity of one year will be used.

 

		6.	Notice of Optional Redemption

 

Notice of redemption will be mailed by first-class
mail and in the case of Notes held in book-entry form, by electronic transmission at least 30 days but not more than 60 days before the
Redemption Date to each Holder of Notes to be redeemed at his or her registered address. Any notice to Holders of Notes of such a redemption
pursuant to clause (c) in paragraph 5 needs to include the appropriate calculation of the redemption price, but does not need to include
the redemption price itself. The actual redemption price, calculated as described in such clause (c), must be set forth in an Officers’
Certificate delivered to the Trustee no later than two Business Days prior to the Redemption Date. Notes in denominations larger than
$2,000 may be redeemed in part but only in whole multiples of $1,000. If money sufficient to pay the redemption price of and accrued
interest on all Notes (or portions thereof) to be redeemed on the Redemption Date is deposited with the Paying Agent on or before the
Redemption Date, on and after such date interest ceases to accrue on such Notes (or such portions thereof) called for redemption.

 

Any redemption or notice of redemption issued
pursuant to paragraph 5 may, in the Issuer’s discretion, be subject to one or more conditions precedent.

 

    A-8 

     

    

 

		7.	Sinking Fund

 

The Notes are not subject to any sinking fund.

 

		8.	Repurchase of Notes at the Option
                                            of Holders upon Change of Control Triggering Event

 

Upon a Change of Control Triggering Event, any
Holder of Notes will have the right, subject to certain conditions specified in the Indenture, to cause the Issuer to repurchase all
or any part of the Notes of such Holder at a purchase price equal to 101% of the principal amount of the Notes to be repurchased plus
accrued and unpaid interest, if any, to, but excluding, the date of purchase (subject to the right of Holders of record on the relevant
record date to receive interest due on the relevant interest payment date) as provided in, and subject to the terms of, the Indenture.

 

		9.	Denominations; Transfer; Exchange

 

The Notes are in definitive, fully registered
form without coupons, in denominations of $2,000 and integral multiples of $1,000 in excess thereof. A Holder may transfer or exchange
Notes in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder, among other
things, to furnish appropriate endorsements or transfer documents and to pay any taxes required by law or permitted by the Indenture.
The Registrar or co-registrar shall not be required to register the transfer of or exchange of any Note for a period beginning 15 calendar
days before (a) the record date for any payment of interest on the Notes, (b) any date fixed for redemption of the Notes or (c) the date
fixed for selection of the Notes to be redeemed in part. Also, the Registrar or co-registrar shall not be required to register the transfer
or exchange of any Notes selected for redemption.

 

		10.	Persons Deemed Owners

 

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

 

		11.	Unclaimed Money

 

Subject to any applicable abandoned property law,
if money for the payment of principal or interest remains unclaimed for two years, the Trustee or Paying Agent shall pay the money back
to the Issuer at its written request unless an abandoned property law designates another Person. After any such payment, Holders entitled
to the money must look only to the Issuer and not to the Trustee for payment.

 

		12.	Discharge and Defeasance

 

Subject to certain conditions, the Issuer at any
time may terminate some of or all its obligations under the Notes and the Indenture if the Issuer deposits with the Trustee money in
U.S. Dollars or U.S. Government Obligations for the payment of principal of and interest (including premium, if any) on the Notes, in
each case to redemption or maturity.

 

    A-9 

     

    

 

		13.	Amendment, Waiver

 

The Indenture and the Notes may be amended and
supplemented as provided in the Indenture.

 

		14.	Defaults and Remedies

 

If an Event of Default occurs and is continuing,
the Trustee or the Holders of at least 25% in aggregate principal amount of Notes then outstanding, subject to certain limitations, may
declare all the Notes to be immediately due and payable. Certain events of bankruptcy or insolvency are Events of Default and shall result
in the Notes being immediately due and payable upon the occurrence of such Events of Default without any further act of the Trustee or
any Holder.

 

Holders of Notes may not enforce the Indenture
or the Notes except as provided in the Indenture. The Trustee may refuse to enforce the Indenture or the Notes unless it receives indemnity
and/or security satisfactory to it. Subject to certain limitations, Holders of a majority in aggregate principal amount of the Notes
then outstanding may direct the Trustee in its exercise of any trust or power under the Indenture. The Holders of a majority in aggregate
principal amount of the Notes then outstanding, by written notice to the Issuer and the Trustee, may rescind and annul any declaration
of acceleration and its consequences except a Default in the payment of the principal of or interest on a Note or a Default in respect
of a provision that under the Indenture cannot be amended without the consent of each Noteholder adversely affected.

 

		15.	Trustee Dealings with the Issuer

 

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

 

		16.	No Recourse Against Others

 

No past, present or future director, officer,
employee or shareholder, as such, of the Issuer or any Guarantor shall have any liability for any obligations of the Issuer or any Guarantor
under the Notes, this Indenture or any Note Guarantee or for any claim based on, in respect of or by reason of such obligations or their
creation. By accepting a Note, each Noteholder shall waive and release all such liability. The waiver and release shall be part of the
consideration for the issue of the Notes.

 

    A-10 

     

    

 

		17.	Authentication

 

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

 

		18.	Abbreviations

 

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

 

		19.	Governing Law/Waiver of Trial
                                            by Jury; Submission to Jurisdiction

 

THIS NOTE AND ANY CLAIM, CONTROVERSY OR DISPUTE
RELATING TO OR ARISING OUT OF NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK BUT WITHOUT
GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD
BE REQUIRED THEREBY. EACH OF THE PARTIES HERETO AND EACH HOLDER OF NOTES BY ITS ACCEPTANCE THEREOF IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS NOTE
OR THE TRANSACTIONS CONTEMPLATED HEREBY.

 

The parties irrevocably submit to the non-exclusive
jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, City of New York, over any suit, action or proceeding
arising out of or relating to this Indenture. To the fullest extent permitted by applicable law, the parties irrevocably waive and agree
not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of any such court, any
objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding brought in any such court
and any claim that any such suit, action or proceeding brought in any such court has been brought in an inconvenient forum.

 

		20.	CUSIP Numbers

 

Pursuant to a recommendation promulgated by the
Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and has directed
the Trustee to use CUSIP numbers in notices of redemption as a convenience to Noteholders. To the extent such numbers have been issued,
the Issuer has caused ISIN and Common Code numbers to be similarly printed on the Notes and has similarly instructed the Trustee. No
representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption
and reliance may be placed only on the other identification numbers placed thereon.

 

    A-11 

     

    

 

The Issuer will furnish to any Holder of Notes
upon written request and without charge to the Holder a copy of the Indenture which has in it the text of this Note.

 

All capitalized terms used but not defined
in this Note shall have the meanings assigned to them in the Indenture.

 

    A-12 

     

    

 

CROCS, INC. 4.125% SENIOR NOTES DUE 2031

ASSIGNMENT FORM

 

To assign this Note, fill in the form below:

 

I or we assign and transfer this Note to

  

(Print or type assignee’s
name, address and zip code)

 

(Insert assignee’s soc.
sec. or tax I.D. No.)

 

and irrevocably appoint agent to transfer this Note on the books of
the Issuer. The agent may substitute another to act for him.

 

	Date:	 	 	Your Signature:	 	 
	 	 	 	 	Sign exactly as your name appears on the other side
                                      of this note
	 

 

In connection with any transfer of any of the Notes evidenced by this
certificate occurring while this Note is a Transfer Restricted Note, the undersigned confirms that such Notes are being transferred in
accordance with its terms:

 

CHECK ONE BOX BELOW

 

		(1)	 ̈	To the Issuer; or

 

		(2)	 ̈	Pursuant
                                            to an effective registration statement under the Securities Act of 1933; or

 

		(3)	 ̈	Inside
                                            the United States to a “qualified institutional buyer” (as defined in Rule 144A
                                            under the Securities Act of 1933) that purchases for its own account or for the account of
                                            a qualified institutional buyer to whom notice is given that such transfer is being made
                                            in reliance on Rule 144A, in each case pursuant to and in compliance with Rule 144A under
                                            the Securities Act of 1933; or

 

		(4)	 ̈	Outside
                                            the United States in an offshore transaction within the meaning of Regulation S under the
                                            Securities Act in compliance with Rule 904 under the Securities Act of 1933; or

 

		(5)	 ̈	Pursuant
                                            to another available exemption from registration provided by Rule 144 under the Securities
                                            Act of 1933.

 

		(6)	 ̈	Pursuant
                                            to another available exemption from registration requirements of the Securities Act of 1933.

 

Unless one of the boxes is checked, the Trustee will refuse to register
any of the Notes evidenced by this certificate in the name of any person other than the registered Holder thereof; provided, however,
that if box (4), (5) or (6) is checked, the Trustee or the Issuer may require, prior to registering any such transfer of the Notes, such
legal opinions, certifications and other information as the Issuer has reasonably requested to confirm that such transfer is being made
pursuant to an exemption from, or in a transaction not subject to, the registration requirements of the Securities Act of 1933.

 

    A-13 

     

    

 

	 	 
	 	 Your Signature

 

	Signature Guarantee:	 
	 	Signature must be guaranteed by a participant in a recognized signature guarantee medallion
      program or other signature guarantor acceptable to the Trustee

 

	Date:	 	 	 
	 	 	 	Signature of Signature Guarantee

 

    A-14 

     

    

 

TO BE COMPLETED BY PURCHASER IF (3) ABOVE IS CHECKED.

 

The undersigned represents and warrants that it
is purchasing this Note for its own account or an account with respect to which it exercises sole investment discretion and that it and
any such account is a “qualified institutional buyer” within the meaning of Rule 144A under the Securities Act of 1933, and
is aware that the sale to it is being made in reliance on Rule 144A and acknowledges that it has received such information regarding
the Issuer as the undersigned has requested pursuant to Rule 144A or has determined not to request such information and that it is aware
that the transferor is relying upon the undersigned’s foregoing representations in order to claim the exemption from registration
provided by Rule 144A.

 

	Date:	 	 	 
	 	 	 	NOTICE: To be executed by an executive
                                            officer

    A-15 

     

    

 

[TO BE ATTACHED TO GLOBAL NOTES]

 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE

 

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

 

	Date
    of Exchange
	Amount
    of

    decrease in

    Principal 

    Amount of this 

    Global Note
	Amount
    of

    increase in 

    Principal 

    Amount of this 

    Global Note
	Principal
    amount

    of this Global

    Note following 

    such decrease or 

    increase
	Signature
    of 

    authorized 

    signatory of

    Trustee or Notes 

    Custodian

	 	 	 	 	 

 

    A-16 

     

    

  

CROCS, INC. 4.125% SENIOR NOTES DUE 2031

OPTION OF HOLDER TO ELECT PURCHASE

 

If you want to elect to have this Note purchased
by the Issuer pursuant to Section 4.07 (Asset Sale) or Section 4.12 (Change of Control) of the Indenture, check the box: ☐

 

If you want to elect to have only part of this
Note purchased by the Issuer pursuant to Section 4.07 or Section 4.12 of the Indenture, state the amount:

 

	$	 

 

	Date:	 	 	 
	 	 	 	(Sign exactly as your name appears on
the other side of the Note) Signature Guarantee:

 

	Signature Guarantee:	 
	 	Signature must be guaranteed by a participant in a recognized signature guarantee medallion
      program or other signature guarantor acceptable to the Trustee

 

	Date:	 	 	 
	 	 	 	   Signature of Signature Guarantee

 

    A-17 

     

    

 

 

EXHIBIT B

 

[FORM OF SUPPLEMENTAL
INDENTURE FOR FUTURE GUARANTORS]

 

SUPPLEMENTAL INDENTURE

 

dated as of    , 20

 

among

 

CROCS, INC.

 

THE GUARANTORS PARTY THERETO

 

and

 

U.S. BANK NATIONAL ASSOCIATION,

 

as Trustee

 

4.125% Senior Notes due 2031

 

    B-1

     
 

    

 

THIS SUPPLEMENTAL INDENTURE (this “Supplemental
Indenture”), entered into as of, 20 among CROCS, INC., a Delaware corporation (the “Issuer”), [insert
each Guarantor executing this Supplemental Indenture and its jurisdiction of incorporation] (each an “Undersigned”)
and U.S. BANK NATIONAL ASSOCIATION, as trustee (the “Trustee”).

 

RECITALS

 

WHEREAS, Crocs, Inc. (the “Issuer”),
the Guarantors party thereto and the Trustee entered into an Indenture, dated as of August 10, 2021 (the “Indenture”),
relating to the Issuer’s 4.125% Senior Notes due 2031 (the “Notes”); and

 

WHEREAS, as a condition to the Trustee entering
into the Indenture and the purchase of the Notes by the Holders, the Issuer agreed pursuant to the Indenture to cause any Domestic Restricted
Subsidiary of the Issuer that is required to provide a guarantee or is a borrower under the Credit Agreement to provide a Note Guarantee.

 

AGREEMENT

 

NOW, THEREFORE, in consideration
of the premises and mutual covenants herein contained and intending to be legally bound, the parties to this Supplemental Indenture hereby
agree as follows:

 

Section 1.        
Capitalized terms used herein and not otherwise defined herein are used as defined in the Indenture.

 

Section 2.        
Each Undersigned, by its execution of this Supplemental Indenture, agrees to be a Guarantor under the Indenture and to be bound by the
terms of the Indenture applicable to Guarantors, including, but not limited to, Article 10 thereof.

 

Section 3.        
This Supplemental Indenture shall be governed by and construed in accordance with the laws of the State of New York, but without giving
effect to applicable principles of conflicts of law to the extent that the application of the laws of another jurisdiction would be required
thereby.

 

Section 4.        
This Supplemental Indenture may be signed in various counterparts which together will constitute one and the same instrument. Delivery
of an executed signature page by facsimile or electronic transmission (e.g. “pdf” or “tif”), or any electronic
signature complying with the U.S. federal ESIGN Act of 2000, Uniform Electronic Transactions Act or other applicable law, e.g., www.docusign.com,
shall be effective as delivery of a manually executed counterpart hereof.

 

Section 5.        
This Supplemental Indenture is an amendment supplemental to the Indenture, and the Indenture and this Supplemental Indenture will henceforth
be read together.

 

Section 6.        
The recitals and statements herein are deemed to be those of the Issuer and the Undersigned and not the Trustee. The Trustee shall not
be responsible in any manner whatsoever for or in respect of the validity or sufficiency of this Supplemental Indenture or the Note Guarantees
provided by the Guarantors party to this Supplemental Indenture.

 

Section 7.        
All notices or other communications to the Issuer and the Guarantors shall be given as provided in Section 11.02 of the Indenture.

 

    B-2

     
 

    

 

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

 

	 	CROCS, INC., as Issuer
	 	 
	 	By: 	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	[GUARANTOR(S)]
	 	 
	 	By: 	
	 	 	Name:
	 	 	Title:
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By: 	 
	 	 	Name:
	 	 	Title:

 

    B-3EX-4.3

 Exhibit 4.3 

BIGCOMMERCE HOLDINGS, INC. 

2021 INDUCEMENT AWARD PLAN 

As adopted by the Board of Directors on July 23, 2021 (the “Effective Date”) 

 

	1.	 Purpose. 

The purpose of the BigCommerce Holdings, Inc. 2021 Inducement Award Plan (the “Plan”) is to provide awards of restricted stock
units to persons formerly employed by Feedonomics, LLC (“FDX”) as a material inducement to such individuals entering into employment with BigCommerce Holdings, Inc. (the “Company”) or its Subsidiaries in connection
with the consummation of the proposed acquisition of certain assets of FDX by a wholly owned Subsidiary of the Company (the “Acquisition”). Each RSU Grant under the Plan is intended to qualify as an employment inducement award under
the Listing Rule 5635(c)(4). 
  

	2.	 Definitions. 

For purposes of the Plan the words and phrases used herein shall have the following meanings: 

 

	 	(a)	 “Affiliate” means (i) a parent entity, other than a Parent Corporation, that
directly, or indirectly through one or more intermediary entities, controls the Company or (ii) a subsidiary entity, other than a Subsidiary, that is controlled by the Company directly or indirectly through one or more intermediary
entities. For this purpose, the terms “parent,” “subsidiary,” “control” and “controlled by” shall have the meanings assigned such terms for the purposes of registration of
securities on Form S-8 under the Securities Act. 

  

	 	(b)	 “Board” means the Board of Directors of the Company. 

 

	 	(c)	 “Change in Control” means the occurrence of any one or a combination of the following:

  

	 	(i)	 any “person” (as such term is used in Sections 13(d) and 14(d) of the Exchange Act) becomes
the “beneficial owner” (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing more than fifty percent (50%) of the
total Fair Market Value or total combined voting power of the Company’s then-outstanding securities entitled to vote generally in the election of Directors; provided, however, that a Change in Control shall not be deemed to have occurred
if such degree of beneficial ownership results from any of the following: (A) an acquisition by any person who on the Effective Date is the beneficial owner of more than fifty percent (50%) of such voting power, (B) any
acquisition directly from the Company, including, without limitation, pursuant to or in connection with a public offering of securities, (C) any acquisition by the Company, (D) any acquisition by a trustee or other fiduciary
under an employee benefit plan of a Participating Company or (E) any acquisition by an entity owned directly or indirectly by the stockholders of the Company in substantially the same proportions as their ownership of the voting
securities of the Company; or 

  

	 	(ii)	 an Ownership Change Event or series of related Ownership Change Events (collectively, a
“Transaction”) in which the stockholders of the Company immediately before the Transaction do not retain immediately after the Transaction direct or indirect beneficial ownership of more than fifty percent (50%) of the total
combined voting power of the outstanding securities entitled to vote generally in the election of Directors or, in the case of an Ownership Change Event described in Section 2(m)(ii), the entity to which the assets of the Company were
transferred (the “Transferee”), as the case may be; or 

	 	(iii)	 a date specified by the Committee following approval by the stockholders of a plan of complete liquidation or
dissolution of the Company; 

 provided, however, that a Change in Control shall be deemed not to include a
transaction described in subsections (i) or (ii) of this Section 2(c) in which a majority of the members of the board of directors of the continuing, surviving or successor entity, or parent thereof, immediately after such transaction is
comprised of Incumbent Directors. 
 For purposes of the preceding sentence, indirect beneficial ownership shall include,
without limitation, an interest resulting from ownership of the voting securities of one or more corporations or other business entities which own the Company or the Transferee, as the case may be, either directly or through one or more subsidiary
corporations or other business entities. The Committee shall determine whether multiple events described in subsections (i), (ii) and (iii) of this Section 2(c) are related and to be treated in the aggregate as a single Change in Control,
and its determination shall be final, binding and conclusive. 
  

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

  

	 	(e)	 “Committee” means a Committee appointed by the Board pursuant to the Plan.

  

	 	(f)	 “Consultant” means a person engaged to provide consulting or advisory services (other than as
an Employee or a Director) to a Participating Company, provided that the identity of such person, the nature of such services or the entity to which such services are provided would not preclude the Company from offering or selling securities to
such person pursuant to the Plan in reliance on registration on Form S-8 under the Securities Act. 

  

	 	(g)	 “Director” means a member of the Board. 

 

	 	(h)	 “Dividend Equivalent Right” means the right of a Participant, granted at the discretion of the
Committee or as otherwise provided by the Plan, to receive a credit for the account of such Participant in an amount equal to the cash dividends paid on one share of Common Stock for each share of Common Stock represented by an RSU Grant held by
such Participant. 

  

	 	(i)	 “Employee” means any person employed by the Company or any Subsidiary of the Company. Neither
service as a Director nor payment of a director’s fee by the Company will be sufficient to constitute “employment” by the Company. 

  

	 	(j)	 “Exchange Act” means the Securities and Exchange Act of 1934, as amended.

  

	 	(k)	 “Fair Market Value” means, as of any date, the value of a share of Common Stock or other
property as determined by the Committee, in its discretion, or by the Company, in its discretion, if such determination is expressly allocated to the Company herein, subject to the following: 

 

	 	i.	 Except as otherwise determined by the Committee, if, on such date, the Common Stock is listed or quoted on a
national or regional securities exchange or quotation system, the Fair Market Value of a share of Common Stock shall be the closing price of a share of Common Stock as quoted on the national or regional securities exchange or quotation system
constituting the primary market for the Stock, as reported in The Wall Street Journal or such other source as the Company deems 

  
 -2- 

	 	
reliable. If the relevant date does not fall on a day on which the Stock has traded on such securities exchange or quotation system, the date on which the Fair Market Value shall be established
shall be the last day on which the Stock was so traded or quoted prior to the relevant date, or such other appropriate day as shall be determined by the Committee, in its discretion. 

 

	 	ii.	 Notwithstanding the foregoing, the Committee may, in its discretion, determine the Fair Market Value of a share
of Common Stock on the basis of the opening, closing, or average of the high and low sale prices of a share of Common Stock on such date or the preceding trading day, the actual sale price of a share of Common Stock received by a Participant, any
other reasonable basis using actual transactions in the Stock as reported on a national or regional securities exchange or quotation system, or on any other basis consistent with the requirements of Section 409A. The Committee may vary its
method of determination of the Fair Market Value as provided in this Section for different purposes under the Plan to the extent consistent with the requirements of Section 409A. 

 

	 	iii.	 If, on such date, the Stock is not listed or quoted on a national or regional securities exchange or quotation
system, the Fair Market Value of a share of Common Stock shall be as determined by the Committee in good faith without regard to any restriction other than a restriction which, by its terms, will never lapse, and in a manner consistent with the
requirements of Section 409A. 

  

	 	(l)	 “Incumbent Director” means a director who either (i) is a member of the Board as
of the Effective Date or (ii) is elected, or nominated for election, to the Board with the affirmative votes of at least a majority of the Incumbent Directors at the time of such election or nomination (but excluding a director who was
elected or nominated in connection with an actual or threatened proxy contest relating to the election of directors of the Company). 

  

	 	(m)	 “Listing Rule” means the Listing Rules of The Nasdaq Stock Market LLC. Reference to any
Listing Rule will include the terms and conditions of the Listing Rule and any applicable Interpretive Material and other guidance issued under the Listing Rule. 

 

	 	(n)	 “Ownership Change Event” means the occurrence of any of the following with respect to the
Company: (i) the direct or indirect sale or exchange in a single or series of related transactions by the stockholders of the Company of securities of the Company representing more than fifty percent (50%) of the total combined voting
power of the Company’s then outstanding securities entitled to vote generally in the election of Directors; (ii) a merger or consolidation in which the Company is a party; or (iii) the sale, exchange, or transfer of all
or substantially all of the assets of the Company (other than a sale, exchange or transfer to one or more subsidiaries of the Company). 

  

	 	(o)	 “Parent Corporation” means any present or future “parent corporation” of the
Company, as defined in Section 424(e) of the Code. 

  

	 	(p)	 “Participant” means any eligible person who has been granted one or more RSU Grants.

  

	 	(q)	 “Participating Company” means the Company or any Parent Corporation, Subsidiary or Affiliate.

  

	 	(r)	 “Participating Company Group” means, at any point in time, the Company and all other entities
collectively which are then Participating Companies. 

  
 -3- 

	 	(s)	 “Subsidiary” means any present or future “subsidiary corporation” as set forth in
Section 424(f) of the Code. 

  

	 	(t)	 “Securities Act” means the Securities Act of 1933, as amended. 

 

	 	(u)	 “RSU,” short for restricted stock unit, means a bookkeeping entry representing an amount equal
to the Fair Market Value of one Share, granted pursuant to Section 6. Each RSU represents an unfunded and unsecured obligation of the Company. 

  

	 	(v)	 “RSU Award Agreement” means a written or electronic agreement between the Company and a
Participant setting forth the terms, conditions and restrictions applicable to an RSU Grant. 

  

	 	(w)	 “RSU Grant” means an award of RSUs subject to the Plan. 

 

	 	(x)	 “Service” means a Participant’s employment or service with the Participating Company
Group, whether as an Employee, a Director or a Consultant. Unless otherwise provided by the Committee, a Participant’s Service shall not be deemed to have terminated merely because of a change in the capacity in which the Participant renders
Service or a change in the Participating Company for which the Participant renders Service, provided that there is no interruption or termination of the Participant’s Service. Furthermore, a Participant’s Service shall not be deemed to
have been interrupted or terminated if the Participant takes any military leave, sick leave, or other bona fide leave of absence approved by the Company. However, unless otherwise provided by the Committee, if any such leave taken by a Participant
exceeds three (3) months, then on the first (1st) day following the end of such three-month period the Participant’s Service shall be deemed to have terminated, unless the Participant’s right to return to Service is guaranteed by
statute or contract. Notwithstanding the foregoing, unless otherwise designated by the Company or required by law, an unpaid leave of absence shall not be treated as Service for purposes of determining vesting under the Participant’s RSU Award
Agreement. A Participant’s Service shall be deemed to have terminated either upon an actual termination of Service or upon the business entity for which the Participant performs Service ceasing to be a Participating Company. Subject to the
foregoing, the Company, in its discretion, shall determine whether the Participant’s Service has terminated and the effective date of and reason for such termination. 

 

	 	(y)	 “Vesting Conditions” mean those conditions established in accordance with the Plan prior to
the satisfaction of which an RSU Grant or shares subject to an RSU Grant remain subject to forfeiture or a repurchase option in favor of the Company exercisable for the Participant’s monetary purchase price, if any, for such shares upon the
Participant’s termination of Service or failure of a performance condition to be satisfied. 

  

	3.	 Administration. 

 

	 	(a)	 The Plan shall be administered by the Committee. The Committee shall consist of not less than two
(2) Directors appointed by the Board. The Committee shall be comprised solely of Directors who are both “non-employee directors” under Rule 16b-3 under
the Exchange Act. The Committee, in its sole discretion and on such terms and conditions as it may provide, may delegate all or any part of its authority to one or more Directors or officers of the Company; provided, however, that the
Committee may not delegate its authority or powers (i) with respect to persons subject to Section 16 of the Exchange Act, or (ii) in a way that would jeopardize the Plan’s qualification under Rule 16b-3 under the Exchange Act. 

  
 -4- 

	 	(b)	 The Committee shall have plenary authority in its discretion, subject to and consistent with the express
provisions of the Plan, (i) to determine the persons to whom, and the time or times at which, RSU Grants shall be granted and the number of shares of Common Stock to be subject to each RSU Grant; (ii) to determine the Fair
Market Value of shares of Common Stock or other property, (iii) to determine the terms, conditions and restrictions applicable to each RSU Grant (which need not be identical) and any shares acquired pursuant thereto, including, without
limitation, the method for satisfaction of any tax withholding obligation arising in connection with any RSU Grant, including by the withholding or delivery of shares of Common Stock, the timing, terms and conditions of the vesting of any RSU Grant
or any shares acquired pursuant thereto, the time of expiration of any RSU Grant, the effect of any Participant’s termination of Service on any of the foregoing, and all other terms, conditions and restrictions applicable to any RSU Grant or
shares acquired pursuant thereto not inconsistent with the terms of the Plan, (iv) to prescribe, amend and rescind rules and regulations relating to the Plan, including, without limitation, such rules and regulations as it shall deem
advisable so that transactions involving RSUs may qualify for exemption under such rules and regulations as the U.S. Securities and Exchange Commission may promulgate from time to time exempting transactions from Section 16(b) of the Exchange
Act; (v) to determine whether an RSU Grant will be settled in shares of Common Stock, cash, other property or in any combination thereof, (vi) to determine the form, terms and provisions of, and to cause the Company to enter
into, RSU Award Agreements with Participants, in accordance with Section 6(g), in connection with RSUs that may be granted under the Plan, which RSU Award Agreements may vary from one another, as the Committee shall deem appropriate;
(vii) to amend, modify, extend, cancel or renew any Award or to waive any restrictions or conditions applicable to any Award or any shares acquired pursuant thereto; (viii) to accelerate, continue, extend or defer the vesting
of any RSU Grant or any shares acquired pursuant thereto, including with respect to the period following a Participant’s termination of Service, (ix) to prescribe, amend or rescind rules, guidelines and policies relating to the
Plan, or to adopt sub-plans or supplements to, or alternative versions of, the Plan, including, without limitation, as the Committee deems necessary or desirable to comply with the laws of, or to accommodate
the tax policy, accounting principles or custom of, foreign jurisdictions whose residents may be granted RSU Grants, and (x) to correct any defect, supply any omission or reconcile any inconsistency in the Plan or any RSU Award Agreement
and to make all other determinations and take such other actions with respect to the Plan or any RSU Grant as the Committee may deem advisable to the extent not inconsistent with the provisions of the Plan or applicable law. Notwithstanding the
foregoing, RSU Grants under the Plan must be approved by a majority of the Company’s “Independent Directors,” as defined in the Listing Rules, or the independent Compensation Committee of the Board, in each case acting as the
administrator of the Plan. 

  

	 	(c)	 RSU Grants under this Plan shall be deemed to have been granted when the determination of the Committee with
respect to such RSU Grant is made or, if so determined by the Committee, at a specific future date. 

  

	 	(d)	 The Committee shall have the complete and absolute discretion to determine all entitlements to benefits and to
interpret the provisions of the Plan. Every action, decision, interpretation or determination by the Committee or the Board with respect to the application or administration of this Plan shall be final and binding upon the Company and each person
holding or claiming any right or interest pursuant to any RSU granted under this Plan. 

  

	 	(e)	 No member of the Committee or the Board shall be liable for any action or determination made in good faith with
respect to this Plan or any RSU Grant. To the full extent permitted by law, the Company shall indemnify and hold harmless each person made or threatened to be made a party to any civil or criminal action or proceeding by reason of the fact that such
person, or such person’s testator or intestate, is or was a member of the Committee. 

  
 -5- 

	 	(f)	 In the event of a conflict between the terms of this Plan and the terms of any Agreement, the terms of this
Plan shall govern. 

  

	4.	 Eligibility. 

RSU Grants may be granted to Employees so long as the following requirements are met: (a) the employee was not previously an
Employee or Director, or the Employee is returning to the employment of the Company following a bona-fide period of non-employment; and (b) the grant of a RSU under the Plan is a material
inducement to the Employee’s decision to enter into the employment of the Company or a Subsidiary. 
  

	5.	 RSU Shares Subject to the Plan. 

Subject to the provisions of Section 8 hereof, 195,339 shares (the “Shares”) of Series 1 Common Stock, $0.0001 par value
per share, of the Company (the “Common Stock”), shall be available for issuance under the Plan. The Shares may be authorized, but unissued, or reacquired Common Stock. 

Only Shares actually issued pursuant to an RSU shall cease to be available under the Plan; all remaining Shares under RSUs shall remain
available for future grant or sale under the Plan (unless the Plan has terminated). However, Shares that have actually been issued under the Plan under any RSU shall not be returned to the Plan and shall not become available for future distribution
under the Plan. Shares used to satisfy tax withholding obligations with respect to an RSU shall not become available for future grant or sale under the Plan. To the extent an RSU under the Plan is paid out in cash rather than stock, such cash
payment shall not result in reducing the number of Shares available for issuance under the Plan. 
  

	6.	 Grants, Terms and Conditions of RSU Grants. 

From time to time until the expiration or earlier termination of the Plan, the Committee may grant RSUs under the Plan to Participants as it
determines are warranted. RSU Grants shall be evidenced by RSU Award Agreements specifying the number of RSUs subject to the RSU Grant, in such form as the Committee shall establish. Such RSU Award Agreements may incorporate all or any of the terms
of the Plan by reference and shall comply with and be subject to the following terms and conditions: 
  

	 	(a)	 Purchase Price. No monetary payment (other than applicable tax withholding, if any) shall be
required as a condition of receiving an RSU Grant, the consideration for which shall be services actually rendered to a Participating Company or for its benefit. Notwithstanding the foregoing, if required by applicable state corporate law, the
Participant shall furnish consideration in the form of cash or past services rendered to a Participating Company or for its benefit having a value not less than the par value of the shares of Common Stock issued upon settlement of the RSU Grant.

  

	 	(b)	 Vesting Period. RSU Grants may (but need not) be made subject to Vesting Conditions based upon
the satisfaction of such service requirements, conditions, restrictions or performance criteria, as shall be established by the Committee and set forth in the RSU Award Agreement evidencing such RSU Grant. 

  
 -6- 

	 	(c)	 Voting Rights, Dividend Equivalent Rights and Distributions. Participants shall have no voting
rights with respect to shares of Common Stock represented by RSUs until the date of the issuance of such shares (as evidenced by the appropriate entry on the books of the Company or of a duly authorized transfer agent of the Company). However, the
Committee, in its discretion, may provide in the RSU Award Agreement evidencing any RSU Grants that the Participant shall be entitled to Dividend Equivalent Rights with respect to the payment of cash dividends on Common Stock during the period
beginning on the date such RSU Grant is granted and ending, with respect to each share subject to the RSU Grant, on the earlier of the date the RSU Grant is settled or the date on which it is terminated. Dividend Equivalent Rights, if any, shall be
paid by crediting the Participant with a cash amount or with additional whole RSUs as of the date of payment of such cash dividends on Common Stock, as determined by the Committee. The number of additional RSUs (rounded to the nearest whole number),
if any, to be credited shall be determined by dividing (a) the amount of cash dividends paid on the dividend payment date with respect to the number of shares of Common Stock represented by the RSUs previously credited to the Participant
by (b) the Fair Market Value per share of Common Stock on such date. Such cash amount or additional RSUs shall be subject to the same terms and conditions and shall be settled in the same manner and at the same time as the RSUs
originally subject to the RSU Grant. In the event of a dividend or distribution paid in shares of Common Stock or other property or any other adjustment made upon a change in the capital structure of the Company as described in Section 8,
appropriate adjustments shall be made in the Participant’s RSU Grant so that it represents the right to receive upon settlement any and all new, substituted or additional securities or other property (other than regular, periodic cash
dividends) to which the Participant would be entitled by reason of the shares of Common Stock issuable upon settlement of the RSU Grant, and all such new, substituted or additional securities or other property shall be immediately subject to the
same Vesting Conditions as are applicable to the RSU Grant. 

  

	 	(d)	 Effect of Termination of Service. Unless otherwise provided by the Committee and set forth in the
RSU Award Agreement evidencing an RSU Grant, if a Participant’s Service terminates for any reason, whether voluntary or involuntary (including the Participant’s death or disability), then the Participant shall forfeit to the Company any
RSUs pursuant to the RSU Grant which remain subject to Vesting Conditions as of the date of the Participant’s termination of Service. 

  

	 	(e)	 Settlement of RSU Grants. The Company shall issue to a Participant on the date on which RSUs
subject to the Participant’s RSU Grant vest or on such other date determined by the Committee in compliance with Section 409A, if applicable, and set forth in the RSU Award Agreement one (1) share of Common Stock (and/or any other
new, substituted or additional securities or other property pursuant to an adjustment described in Section 6(c)) for each RSU then becoming vested or otherwise to be settled on such date, subject to the withholding of applicable taxes, if any.
The Committee, in its discretion, may provide in any RSU Award Agreement evidencing an RSU Grant that if the settlement date with respect to any shares issuable upon vesting of RSUs would otherwise occur on a day on which the sale of such shares
would violate the provisions of the Trading Compliance Policy, then the settlement date shall be deferred until the next trading day on which the sale of such shares would not violate the Trading Compliance Policy but in any event no later than the
15th day of the third calendar month following the year in which such RSUs vest. If permitted by the Committee, the Participant may elect, consistent with the requirements of Section 409A, to defer receipt of all or any portion of the shares of
Common Stock or other property otherwise issuable to the Participant pursuant to this Section, and such deferred issuance date(s) and amount(s) elected by the Participant shall be set forth in the RSU Award Agreement. Notwithstanding the foregoing,
the Committee, in its discretion, may provide for settlement of any RSU Grant by payment to the Participant in cash of an amount equal to the Fair Market Value on the payment date of the shares of Common Stock or other property otherwise issuable to
the Participant pursuant to this Section. 

  
 -7- 

	 	(f)	 Nontransferability of RSU Grants. The right to receive shares pursuant to an RSU Grant shall not
be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by creditors of the Participant or the Participant’s beneficiary, except transfer by will or by the laws of descent
and distribution. All rights with respect to an RSU Grant granted to a Participant hereunder shall be exercisable during his or her lifetime only by such Participant or the Participant’s guardian or legal representative. 

 

	 	(g)	 Delivery of Notice and Execution of RSU Award Agreement. Upon the determination to issue an RSU
Grant, the Company shall promptly issue a notice representing the Shares subject to the RSU Grant to the Participant. Each Participant shall enter into, and be bound by the terms of, an RSU Award Agreement which shall include or incorporate by
reference the terms of the Plan and which shall contain such other terms, conditions and restrictions not inconsistent with the Plan as the Committee shall determine. 

7. Listing and Registration of Shares. 

Each RSU Grant under the Plan shall be subject to the requirement that, if at any time the Committee shall determine in its discretion that the
listing, registration or qualification of the Shares covered thereby upon any securities exchange or under the laws of any jurisdiction, or the consent or approval of any regulatory body, is necessary or desirable as a condition of, or in connection
with, the granting of such RSU Grant, or that action by the Company or the Participant should be taken in order to obtain an exemption from any such requirement, then no certificate representing RSU Grants shall be issued unless and until such
listing, registration, qualification, consent, approval, or action shall have been effected, obtained, or taken on conditions acceptable to the Committee. 

8. Adjustments. 
 Subject to any
required action by the stockholders of the Company and the requirements of Sections 409A and 424 of the Code to the extent applicable, in the event of any change in the Common Stock effected without receipt of consideration by the Company, whether
through merger, consolidation, reorganization, reincorporation, recapitalization, reclassification, stock dividend, stock split, reverse stock split, split-up,
split-off, spin-off, combination of shares, exchange of shares, or similar change in the capital structure of the Company, or in the event of payment of a dividend or
distribution to the stockholders of the Company in a form other than Common Stock (excepting regular, periodic cash dividends) that has a material effect on the Fair Market Value of shares of Common Stock, appropriate and proportionate adjustments
shall be made in the number and kind of shares subject to the Plan and to any outstanding RSU Grants in order to prevent dilution or enlargement of a Participants’ rights under the Plan. For purposes of the foregoing, conversion of any
convertible securities of the Company shall not be treated as “effected without receipt of consideration by the Company.” If a majority of the shares which are of the same class as the shares that are subject to outstanding RSU Grants are
exchanged for, converted into, or otherwise become (whether or not pursuant to an Ownership Change Event) shares of another corporation (the “New Shares”), the Committee may unilaterally amend the outstanding RSU Grants to
provide that such RSU Grants are for New Shares. In the event of any such amendment, the number of shares subject to the outstanding RSU Grants shall be adjusted in a fair and equitable manner as determined by the Committee, in its discretion. Any
fractional share resulting from an adjustment pursuant to this Section shall be rounded down to the nearest whole number. The Committee in its discretion, may also make such adjustments in the terms of any RSU Grant to reflect, or related to, such
changes in the capital structure of the Company or distributions as it deems appropriate. The adjustments determined by the Committee pursuant to this Section shall be final, binding and conclusive. 

  
 -8- 

 9. Change in Control. 

Effect of Change in Control on RSU Grants. In the event of a Change in Control, outstanding RSU Grants shall be subject to the
definitive agreement entered into by the Company in connection with the Change in Control. Subject to the requirements and limitations of Section 409A, if applicable, the Committee may provide for any one or more of the following: 

 

	 	(a)	 Accelerated Vesting. In its discretion, the Committee may provide in the grant of any RSU Grant
or at any other time may take such action as it deems appropriate to provide for acceleration of the exercisability, vesting and/or settlement in connection with a Change in Control of each or any outstanding RSU Grant or portion thereof and shares
acquired pursuant thereto upon such conditions, including termination of the Participant’s Service prior to, upon, or following the Change in Control, and to such extent as the Committee determines. 

 

	 	(b)	 Assumption, Continuation or Substitution. In the event of a Change in Control, the surviving,
continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiror”), may, without the consent of any Participant, assume or continue the Company’s rights and
obligations under each or any RSU Grant or portion thereof outstanding immediately prior to the Change in Control or substitute for each or any such outstanding RSU Grant or portion thereof a substantially equivalent award with respect to the
Acquiror’s stock, as applicable. For purposes of this Section, if so determined by the Committee in its discretion, an RSU Grant denominated in shares of Common Stock shall be deemed assumed if, following the Change in Control, the RSU Grant
confers the right to receive, subject to the terms and conditions of the Plan and the applicable RSU Award Agreement, for each share of Common Stock subject to the RSU Grant immediately prior to the Change in Control, the consideration (whether
stock, cash, other securities or property or a combination thereof) to which a holder of a share of Common Stock on the effective date of the Change in Control was entitled (and if holders were offered a choice of consideration, the type of
consideration chosen by the holders of a majority of the outstanding shares of Common Stock); provided, however, that if such consideration is not solely common stock of the Acquiror, the Committee may, with the consent of the Acquiror,
provide for the consideration to be received upon the settlement of the RSU Grant, for each share of Common Stock subject to the RSU Grant, to consist solely of common stock of the Acquiror equal in Fair Market Value to the per share consideration
received by holders of Common Stock pursuant to the Change in Control. Any RSU Grant or portion thereof which is neither assumed or continued by the Acquiror in connection with the Change in Control nor settled as of the time of consummation of the
Change in Control shall terminate and cease to be outstanding effective as of the time of consummation of the Change in Control. 

  

	 	(c)	 Cash-Out of Outstanding RSU Grants. The Committee may, in
its discretion and without the consent of any Participant, determine that, upon the occurrence of a Change in Control, each or any RSU Grant denominated in shares of Common Stock or portion thereof outstanding immediately prior to the Change in
Control and not previously settled shall be canceled in exchange for a payment with respect to each vested share (and each unvested share, if so determined by the Committee) of Common Stock subject to such canceled RSU Grant in
(i) cash, (ii) stock of the Company or of a corporation or other business entity a party to the Change in Control, or (iii) other property which, in any such case, shall be in an amount having a Fair Market Value equal to
the Fair Market Value of the consideration to be paid per share of Common Stock in the Change in Control. Payment pursuant to this Section (reduced by applicable withholding taxes, if any) shall be made to Participants in respect of the vested
portions of their canceled RSU Grants as soon as practicable following the date of the Change in Control and in respect of the unvested portions of their canceled RSU Grants in accordance with the vesting schedules applicable to such RSU Grants..

  
 -9- 

	10.	 Fractional Shares. The Company shall not be required to issue fractional shares upon the
settlement of any RSU Grant. 

  

	11.	 Amendment or Discontinuance of the Plan. 

The Board at any time, and from time to time, may suspend or discontinue the Plan or amend it in any respect whatsoever. 

 

	12.	 Absence of Rights. 

The recommendation or selection of a Participant as a recipient of an RSU Grant under the Plan shall not entitle such person to any RSU unless
and until the grant actually has been made by appropriate action of the Committee; and any such grant is subject to the provisions of the Plan. Furthermore, the granting of a RSU to a person shall not entitle that person to continued employment by
the Company or any Subsidiary, or affect the terms and conditions of such employment, and the Company shall have the absolute right, in its discretion, to terminate a Participant’s employment at any time for any reason, or for no reason,
whether or not such termination may result in a partial or total termination of any RSU Grant. 
  

	13.	 Plan Adoption. 

This Plan shall become effective upon its adoption by the Board, and RSU Grants may be issued upon such adoption and from time to time
thereafter. The Plan is not intended to be submitted to the Company’s shareholders for their approval. 
  

	14.	 Plan Unfunded. 

Participants shall have the status of general unsecured creditors of the Company. Any amounts payable to Participants pursuant to the Plan
shall be considered unfunded and unsecured obligations for all purposes, including, without limitation, Title I of the Employee Retirement Income Security Act of 1974. No Participating Company shall be required to segregate any monies from its
general funds, or to create any trusts, or establish any special accounts with respect to such obligations. The Company shall retain at all times beneficial ownership of any investments, including trust investments, which the Company may make to
fulfill its payment obligations hereunder. Any investments or the creation or maintenance of any trust or any Participant account shall not create or constitute a trust or fiduciary relationship between the Committee or any Participating Company and
a Participant, or otherwise create any vested or beneficial interest in any Participant or the Participant’s creditors in any assets of any Participating Company. The Participants shall have no claim against any Participating Company for any
changes in the value of any assets which may be invested or reinvested by the Company with respect to the Plan. 
  

	15.	 Section 409A. 

RSUs will be designed and operated in such a manner that they are either exempt from the application of, or comply with, the requirements of
Code Section 409A such that the grant, payment, settlement or deferral will not be subject to the additional tax or interest applicable under Code Section 409A, except as otherwise determined in the sole discretion of the Committee. The
Plan and each Agreement under the Plan is intended to meet the requirements of Code Section 409A and will be construed and interpreted in accordance with such intent, except as otherwise determined in the sole discretion of the Committee. To
the extent that a RSU, or deferral thereof, is subject to Code Section 409A the RSU will be granted, paid, or deferred in a manner that will meet the requirements of Code Section 409A, such that the grant, payment, or deferral will not be
subject to the additional tax or interest applicable under Code Section 409A. 

  
 -10- 

	16.	 Severability. 

In the event that any one or more provisions of the Plan or any Agreement, or any action taken pursuant to the Plan or such Agreement, should,
for any reason, be unenforceable or invalid in any respect under the laws of the United States, any state of the United States or any other government, such unenforceability or invalidity shall not affect any other provision of the Plan or of such
or any other Agreement, but in such particular jurisdiction and instance the Plan and the affected Agreement shall be construed as if such unenforceable or invalid provision had not been contained therein or as if the action in question had not been
taken thereunder. 
  

	17.	 Notices. 

All notices and other communications hereunder shall be in writing and shall be given and shall be deemed to have been duly given if delivered
in person, by cable, telegram, telex or facsimile transmission, to the parties as follows: 
 If to the Participant, to the
Participant’s last known address. 
 If to the Company: 

BigCommerce Holdings, Inc. 

Attention: Legal 
 11305 Four
Points Drive 
 Building II, 3rd Floor 

Austin, Texas 78726 
 Such other addresses as
any party may furnish to the other in writing shall be used as applicable, except that notices of change of address shall only be effective upon receipt. 
  

	18.	 Expenses. 

The administrative or other expenses of the Plan shall be paid by the Company. 

  
 -11- 

	19.	 Gender and Number. 

The masculine gender, where appearing herein, shall be deemed to include the feminine gender, and the singular shall be deemed to include the
plural, unless the context clearly indicates to the contrary. 
  

	20.	 Term of Plan. 

The Plan will become effective upon its adoption by the Board. It will continue in effect for a term of ten (10) years unless terminated
earlier under Section 10 of the Plan. 
  

	21.	 Next Business Day Rule. 

To the extent that any RSU is granted on a day that is not a business day in which the Nasdaq Stock Market LLC (“Nasdaq”) is
open, the date of grant of any RSU shall be the next business day upon which the Nasdaq is open. 
  

	22.	 Governing Law. 

Except to the extent governed by applicable federal law, the validity, interpretation, construction and performance of the Plan and each RSU
Award Agreement shall be governed by the laws of the State of Delaware, without regard to its conflict of law rules. 

  
 -12-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00332-of-00352.parquet"}]]