Document:

EX-4.2

  EXHIBIT 4.2

 
  
  

 
  

	 

  
  

SIXTEENTH SUPPLEMENTAL INDENTURE
  

 
  

Dated as of March 26, 2020
  

 

	 

  

between
  

 
 LOWE’S COMPANIES, INC.

 
  
  

 
 and

 
  

U.S. BANK NATIONAL ASSOCIATION
  

 
  
  

as Trustee
  

	 

  

  

Supplemental to the Amended and Restated Indenture Dated as of December 1, 1995

 

	 

 
  

Creating a Series of Securities designated 4.000% Notes due April 15, 2025

 
  

Creating a Series of Securities designated 4.500% Notes due April 15, 2030

 
  

Creating a Series of Securities designated 5.000% Notes due April 15, 2040

 
 and

 
 Creating a Series of
Securities designated 5.125% Notes due April 15, 2050

 
	 

 
	 

 SIXTEENTH SUPPLEMENTAL INDENTURE, dated as of March 26, 2020 (this “Sixteenth Supplemental Indenture”),
between LOWE’S COMPANIES, INC., a corporation duly organized and existing under the laws of the State of North Carolina (the “Company”), having its principal office at 1000 Lowes Boulevard, Mooresville, North Carolina 28117,
and U.S. BANK NATIONAL ASSOCIATION, a national banking association duly organized and existing under the laws of the United States, as Trustee (the “Trustee”), as successor trustee to The Bank of New York Mellon Trust Company,
N.A.
  
 W I T N E S S E T H:

 
 WHEREAS, the Company has heretofore executed and delivered an Amended and
Restated Indenture, dated as of December 1, 1995 (the “Base Indenture”), as supplemented and amended by this Sixteenth Supplemental Indenture (the Base Indenture as Supplemented by the Sixteenth Supplemental Indenture, the
“Indenture”), providing for the issuance from time to time of its unsecured unsubordinated debentures, notes or other evidences of indebtedness (the “Securities”), to be issued in one or more series as provided
in the Base Indenture;
  
 WHEREAS, it is provided in Section 901 of the Base
Indenture that, without the consent of any Holders, the Company, when authorized by a Board Resolution, and the Trustee may enter into indentures supplemental thereto (1) to add to, change or eliminate any of the provisions of the Indenture in
respect of one or more series of Securities; provided that any such addition, change or elimination (i) shall neither (A) apply to any Security of any series created prior to the execution of such supplemental indenture and entitled to the
benefit of such provision nor (B) modify the
 rights of the Holder of any such Security with respect to such provision or (ii) shall become effective only when there is
no such Security Outstanding, (2) to add to the covenants of the Company for the benefit of the Holders of all or any series of Securities (and if such covenants are to be for the benefit of less than all series of Securities, stating that such
covenants are expressly being included solely for the benefit of such series) and (3) to establish the form or terms of Securities of any series as permitted by Sections 201 and 301 of the Base Indenture;

 
 WHEREAS, the Company, in the exercise of the power and authority conferred upon
and reserved to it under the provisions of the Indenture and pursuant to appropriate Board Resolutions and actions of its authorized officers, has duly determined to make, execute and deliver to the Trustee this Sixteenth Supplemental Indenture in
order to establish the form and terms of, and to provide for the creation and issuance of, four new series of Securities designated as its (i) 4.000% Notes due April 15, 2025 (the “2025 Notes”) in an aggregate Principal Amount at
Maturity of $750,000,000, (ii) 4.500% Notes due April 15, 2030 (the “2030 Notes”) in an aggregate Principal Amount at Maturity of $1,250,000,000, (iii) 5.000% Notes due April 15, 2040 (the “2040 Notes”) in an
aggregate Principal Amount at Maturity of $750,000,000 and (iv) 5.125% Notes due April 15, 2050 (the “2050 Notes” and, together with the 2025 Notes, 2030 Notes and the 2040 Notes, the

“Notes”) in an aggregate Principal Amount at Maturity of $1,250,000,000; and
  

WHEREAS, all acts and requirements necessary to make the Notes, when executed by the Company and authenticated and delivered by the Trustee or any
Authenticating Agent and issued upon the terms and subject to the conditions of the Indenture against payment therefor, the valid, binding and legal obligations of the Company and to make this Sixteenth Supplemental Indenture a valid and legally
binding supplement to the Indenture have been done.

 
	 

 
	 

  
 NOW, THEREFORE, in order
to establish the form and terms of the series of the 2025 Notes, the series of the 2030 Notes, the series of the 2040 Notes and the series of the 2050 Notes and for and in consideration of the premises and of the covenants contained in the Indenture
and for other good and valuable consideration the receipt and sufficiency of which are hereby acknowledged, it is mutually covenanted and agreed, for the equal and proportionate benefit of all Holders, as follows:

 
 ARTICLE I

 
 DEFINITIONS AND OTHER PROVISIONS OF GENERAL
APPLICATION
  
 Section 101.Definitions. For all
purposes of the Base Indenture and this Sixteenth Supplemental Indenture relating to the respective series of Notes created hereby, except as otherwise expressly provided or unless the context otherwise requires, the terms used in this Sixteenth
Supplemental Indenture have the meanings assigned to them in this Article. Each capitalized term that is used in this Sixteenth Supplemental Indenture but not defined herein shall have the meaning specified in the Base Indenture.

 
 “Business Day” means any
day except a Saturday, a Sunday or a legal holiday in New York City on which banking institutions are authorized or required by law or regulation to close.
  

“Change of Control” means the occurrence of any of the following: (a) the consummation of any transaction (including, without
limitation, any merger or consolidation) resulting in any “person” (as that term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended) (other than the Company or one of its subsidiaries) becoming the beneficial
owner (as defined in Rules 13d-3 and 13d-5 under the Securities Exchange Act of 1934, as amended), directly or indirectly, of more than 50% of the Voting Stock of the Company or other Voting Stock into which Voting Stock of the Company is
reclassified, consolidated, exchanged or changed, measured by voting power rather than the number of shares; or (b) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in a
transaction or a series of related transactions, of all or substantially all of the assets of the Company and the assets of its subsidiaries, taken as a whole, to one or more “persons” (as that term is defined in the Indenture) (other
than the Company or one of its subsidiaries). Notwithstanding the foregoing, a transaction will not be considered to be a Change of Control if (a) the Company becomes a direct or indirect wholly-owned subsidiary of a holding company and (b) (y)
immediately following that transaction, the direct or indirect holders of the Voting Stock of the holding company are substantially the same as the holders of Voting Stock of the Company immediately prior to that transaction or (z) immediately
following that transaction, no person is the beneficial owner, directly or indirectly, of more than 50% of the Voting Stock of the holding company.
  

“Change of Control Triggering Event” means the occurrence of both a Change of

Control and a Rating Event.
  

“Comparable Treasury Issue” means the U.S. Treasury security selected by the Quotation Agent as having a maturity comparable to the
remaining term of the Notes of that series to be redeemed that would be utilized, at the time of selection and in accordance with customary

 
	
2
 

 
	 

 financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining term of the Notes of that series
(assuming for this purpose that such series of Notes matured on the applicable par call date).
  

“Comparable Treasury Price” means, with respect to any redemption date, (i) the average of four Reference Treasury Dealer Quotations
for such redemption date, after excluding the highest and lowest such Reference Treasury Dealer Quotations, or (ii) if the Company obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations, or (iii) if
only one Reference Treasury Dealer Quotation is received, such quotation.
  

“Depositary” means, with respect to the Notes issuable in whole or in part in global form, DTC and any nominee thereof, until a
successor is appointed and becomes such pursuant to the applicable provisions of the Indenture, and thereafter “Depositary” shall mean or include such successor and any nominee thereof.

 
 “DTC” means The Depository Trust Company.

 
 “Global Note” means a Note issued in global form and
deposited with or on behalf of the Depositary, substantially in the form of one or more of the Global Notes attached hereto as Exhibit A-1, Exhibit A-2, Exhibit A-3 and Exhibit A-4.

 
 “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, and the equivalent investment grade credit rating from any replacement Rating Agency or Rating Agencies selected by the Company.

 
 “Moody’s” means Moody’s Investors Service, Inc.

 
 “Note Interest Payment Date” has the meaning set forth in Section
203(a) of this
 Sixteenth Supplemental Indenture.
  

“Principal Amount at Maturity” of the Notes means the principal amount at maturity as set forth on the face of each respective
Note. 
  
 

“Quotation Agent” means any Reference Treasury Dealer appointed by the Company.

 
 “Rating Agencies” means (a) each of
Moody’s and S&P and (b) if either of Moody’s or S&P ceases to rate the Notes or fails to make a rating of the Notes publicly available for reasons outside of the control of the Company, a “nationally recognized statistical
rating organization” (as defined in Section 3(a)(62) of the Securities Exchange Act of 1934, as amended) selected by the Company as a replacement Rating Agency for a former Rating Agency.

 
 “Rating Event” means the rating on the Notes is lowered by
each of the Rating Agencies and the Notes are rated below an Investment Grade Rating by each of the Rating Agencies on any day within the 60-day period (which 60-day period will be extended so long as the rating of the Notes is under publicly
announced consideration for a possible downgrade by any of the Rating Agencies) after the earlier of (a) the occurrence of a Change of Control and (b) public notice of the occurrence of a Change of Control or the Company’s intention to effect
a Change of Control;

 
	
3
 

 
	 

 provided that a Rating Event will not be deemed to have occurred in respect of a particular Change of Control (and thus will not be deemed a
Rating Event for purposes of the definition of Change of Control Triggering Event) if each Rating Agency making the reduction in rating does not publicly announce or confirm or inform the Trustee in writing at the request of the Company that the
reduction was the result, in whole or in part, of any event or circumstance comprised of or arising as a result of, or in respect of, the Change of Control (whether or not the applicable Change of Control has occurred at the time of the Rating
Event).
  
 “Reference Treasury Dealer” means each of (i) a
Primary Treasury Dealer (as defined herein) selected by BofA Securities, Inc., (ii) a Primary Treasury Dealer selected by Citigroup Global Markets Inc., (iii) a Primary Treasury Dealer selected by J.P. Morgan Securities LLC, (iv) a Primary Treasury
Dealer selected by RBC Capital Markets, LLC and their respective successors; provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”),
the Company will substitute therefor another Primary Treasury Dealer, and (v) any other Primary Treasury Dealer selected by the Company.
  

“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any redemption date, the average
of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Company by such Reference Treasury Dealer at 5:00 p.m., New York City time, on the third Business
Day preceding such redemption date.
  
 “Regular Record Date” has the meaning set
forth in Section 203(b) of this Sixteenth
 Supplemental Indenture.
  

“S&P” means Standard & Poor’s Ratings Services, a subsidiary of S&P Global, Inc.

 
 “Stated Maturity” has the meaning set forth in Section 202 of this
Sixteenth Supplemental Indenture.
  
 “Treasury
Rate” means, with respect to any redemption date, the rate per annum equal to the semi-annual equivalent yield to maturity of the Comparable Treasury Issue, assuming a price for the Comparable Treasury Issue (expressed as a percentage of
its principal amount) equal to the Comparable Treasury Price of such redemption date.
  

“Underwriting Agreement” means the Underwriting Agreement, dated March 24, 2020, among the Company and BofA Securities, Inc.,
Citigroup Global Markets Inc., J.P. Morgan Securities LLC and RBC Capital Markets, LLC.
  

“Voting Stock” means, with respect to any specified person (as that term is used in Section 13(d)(3) of the Securities Exchange
Act of 1934, as amended) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.

 
 Section 102.Section References. Each reference to a particular
section set forth in this Sixteenth Supplemental Indenture shall, unless the context otherwise requires, refer to this Sixteenth

 
	
4
 

 
	 

 Supplemental Indenture. Each reference to a particular section of the Base Indenture shall refer to that particular section of the Base
Indenture.
  
 ARTICLE II THE
 
 NOTES
 

 
 Section 201.Title and Amount of the Notes. The
Company hereby creates the 2025 Notes, the 2030 Notes, the 2040 Notes and the 2050 Notes, each as a separate series of its Securities issued pursuant to the Indenture. The 2025 Notes shall be designated as the “4.000% Notes due April 15,
2025,” the 2030 Notes shall be designated as the “4.500% Notes due April 15, 2030,” the 2040 Notes shall be designated as the “5.000% Notes due April 15, 2040” and the 2050 Notes shall be designated as the “5.125%
Notes due April 15, 2050.” The aggregate Principal Amount at Maturity of the 2025 Notes that may be authenticated and delivered under this Sixteenth Supplemental Indenture is initially limited to $750,000,000, the aggregate Principal Amount at
Maturity of the 2030 Notes that may be authenticated and delivered under this Sixteenth Supplemental Indenture is initially limited to $1,250,000,000, the aggregate Principal Amount at Maturity of the 2040 Notes that may be authenticated and
delivered under this Sixteenth Supplemental Indenture is initially limited to $750,000,000 and the aggregate Principal Amount at Maturity of the 2050 Notes that may be authenticated and delivered under this Sixteenth Supplemental Indenture is
initially limited to $1,250,000,000. Each series of Notes may be reopened, without the consent of the holders of the Notes, for issuance of additional Notes of such series.

 
 Section 202.Stated Maturity. The Stated Maturity of the
2025 Notes shall be April 15, 2025, the Stated Maturity of the 2030 Notes shall be April 15, 2030, the Stated Maturity of the 2040 Notes shall be April 15, 2040 and the Stated Maturity of the 2050 Notes shall be April 15, 2050.

 
 Section 203.Interest and Payment. The 2025 Notes shall bear
interest at 4.000% per annum, the 2030 Notes shall bear interest at 4.500% per annum, the 2040 Notes shall bear interest at 5.000% per annum and the 2050 Notes shall bear interest at 5.125% per annum beginning on the date of issuance until the 2025
Notes, the 2030 Notes, the 2040 Notes and/or the 2050 Notes, as the case may be, are redeemed, paid or duly provided for. Interest on the Notes shall be paid semiannually in arrears on each April 15 and October 15 (each, a “Note Interest
Payment Date”), commencing October 15, 2020, to the persons in whose names the Notes are registered at the close of business on the 15th calendar day immediately preceding the interest payment date (whether or not a Business Day) (each, a
“Regular Record Date”). If any interest payment date on the Notes falls on a day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day, and no interest on that payment will
accrue for the period from and after the Note Interest Payment Date. Payments of interest on the Notes shall include interest accrued to, but excluding, the respective Note Interest Payment Dates. Interest payments for the Notes shall be computed on
the basis of a 360-day year composed of twelve 30-day months. Payments of principal and interest to owners of book-entry interests shall be made to holders of the Notes on the respective Regular Record Dates in accordance with the procedures of DTC
and its participants in effect from time to time. All payments of principal and interest shall be made by the Company in immediately available funds except as set forth in the applicable Note.

 
 Section 204.Optional Redemption.

 

 
	
5
 

 
	 

 (a)     At any time prior to the date that is one month (with respect to the 2025 Notes), three months
(with respect to the 2030 Notes), six months (with respect to the 2040 Notes) or six months (with respect to the 2050 Notes) prior to the applicable Stated Maturity for such series of Notes, the Notes of each series will be redeemable, in whole at
any time or in part from time to time, at the Company’s option, at a redemption price, to be calculated by the Company, equal to the greater of:
  

(i)       100% of the principal amount of the Notes to be redeemed; or

 
 (ii)       the sum of the present values
of the remaining scheduled payments of principal and interest on such Notes that but for the redemption would be due after the related redemption date through the applicable par call date with respect to the series of Notes being redeemed, assuming
such Notes matured on the applicable par call date (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of
twelve 30-day months) at the Treasury Rate, plus 50 basis points with respect to the 2025 Notes, 50 basis points with respect to the 2030 Notes, 50 basis points with respect to the 2040 Notes and 50 basis points with respect to the 2050 Notes;

 
 plus, in each case, accrued and unpaid interest thereon to, but excluding, the date of redemption.

 
 (b)     On or after the date that is one month (with
respect to the 2025 Notes), three months (with respect to the 2030 Notes), six months (with respect to the 2040 Notes) or six months (with respect to the 2050 Notes) prior to the applicable maturity date for each such series of Notes, the 2025
Notes, the 2030 Notes, the 2040 Notes and the 2050 Notes will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at par plus accrued and unpaid interest thereon to, but excluding, the date of
redemption.
  
 (c)     Notwithstanding the
foregoing, installments of interest on Notes that are due and payable on Note Interest Payment Dates falling on or prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on
the relevant record date.
  
 (d)     Notice of any
redemption will be given at least 10 days but not more than 60 days before the Redemption Date to each registered holder of the 2025 Notes, the 2030 Notes, the 2040 Notes and/or the 2050 Notes, as the case may be, to be redeemed. Unless the Company
defaults in payment of the redemption price, on and after the applicable Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes of a series are to be redeemed, the Notes
of that series to be redeemed shall be selected in accordance with the procedures of DTC.
  
 Section
205.Change of Control Offer to Purchase.
  

(a)     If a Change of Control Triggering Event occurs, holders of Notes may require the Company to repurchase all or any
part (equal to $2,000 or an integral multiple of $1,000 in excess thereof) of their Notes at a purchase price of 101% of the principal amount, plus accrued and unpaid interest, if any, on such Notes to but excluding the date of purchase (unless a
notice of redemption has been mailed within 30 days after such Change of Control Triggering Event stating that all of the

 
	
6
 

 
	 

 Notes will be redeemed as described in Section 204). The Company will be required to mail to holders of the Notes (with a copy to the Trustee)
a notice describing the transaction or transactions constituting the Change of Control Triggering Event and offering to repurchase the Notes. The notice must be mailed within 30 days after any Change of Control Triggering Event, and the repurchase
must occur no earlier than 30 days and no later than 60 days after the date the notice is mailed.
  

(b)     On the date specified for repurchase of the Notes, the Company will, to the extent lawful:

 
 (i)       accept for purchase all properly tendered
Notes or portions of Notes;
  
 (ii)       deposit with the paying
agent the required payment for all properly tendered
 Notes or portions of Notes; and
  

(iii)       deliver to the Trustee the repurchased Notes, accompanied by an Officers’ Certificate stating,
among other things, the aggregate principal amount of repurchased Notes.
  

(c)     The Company will comply with the requirements of Rule 14e-1 under the Securities Exchange Act of 1934, as amended, and
any other securities laws and regulations applicable to the repurchase of the Notes. To the extent that these requirements conflict with the provisions requiring repurchase of the Notes, the Company will comply with such requirements instead of the
repurchase provisions and will not be considered to have breached its obligations with respect to repurchasing the Notes. Additionally, if an Event of Default exists under the Indenture (which is unrelated to the repurchase provisions of the Notes),
including Events of Default arising with respect to other issues of debt securities, the Company will not be required to repurchase the Notes notwithstanding these repurchase provisions.

 
 (d)     The Company will not be required to comply
with the obligations of this Section 205 if a third party instead satisfies them.
  

Section 206.Forms; Denominations. The Notes shall be Registered Securities and shall be issued in minimum denominations of $2,000 and
integral multiples of $1,000 thereafter. The certificates for the Notes shall be in substantially the forms attached hereto as Exhibit A-1 with respect to the 2025 Notes, Exhibit A-2 with respect to the 2030 Notes, Exhibit A-3 with respect to the
2040 Notes and Exhibit A-4 with respect to the 2050 Notes.
  
 Section
207.Global Notes.
  

(a)     Notes shall be issued initially in the form of one or more Global Notes in definitive fully registered book-entry
form without interest coupons, deposited on behalf of the purchasers of the Notes represented thereby with U.S. Bank National Association, at its Corporate Trust Office, as custodian for the Depositary and registered in the name of DTC or a nominee
thereof, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. The aggregate Principal Amount at Maturity of the Global Notes may from time to time be increased or decreased by adjustments made on the records of
the Trustee and the Depositary as hereinafter provided.

 
	
7
 

 
	 

 (b)     Book-Entry Provisions. The Company will execute and the Trustee will, in accordance with this
Section 207(ii) and Section 303 of the Base Indenture, authenticate and deliver initially one or more Global Notes that (x) shall be registered in the name of the Depositary, (y)

shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instructions and

(z) shall bear legends substantially to the following effect:
  

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

Section 208.Applicability of Reports by the Company. For purposes of this Sixteenth Supplemental Indenture, Section 704 of the Base
Indenture is Amended and Restated as follows: “The Company shall file with the Trustee and the Commission, and transmit to Holders, such information, documents and other reports, and such summaries thereof, as may be required pursuant to the
Trust Indenture Act at the times and in the manner provided pursuant to such Act; provided that any such information, documents or reports filed with the Commission pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended,
shall be filed with the Trustee within 15 days after the same is filed with the Commission. To the extent information, documents or reports are filed with the Commission and required to be delivered to the Trustee or the Holders, the availability of
such information, documents or reports on the Commission's Electronic Data Gathering Analysis and Retrieval system or any successor thereto or the Company's website will be deemed to have satisfied such delivery requirements to the Trustee or the
Holders, as applicable. Delivery of such reports to the Trustee is for informational purposes only and the Trustee's receipt of such reports shall not constitute actual or constructive notice of any information contained therein or determinable from
information contained therein, including the Company's compliance with any of its covenants hereunder (as to which the Trustee is entitled to rely exclusively on Officers' Certificates).”

 
 Section 209.Applicability of Sinking Funds. The provisions of
Article Twelve of the Base Indenture shall not apply to the Notes.
  

Section 210.Applicability of Repayment of Securities at Option of Holders. The provisions of Article Thirteen of the Base Indenture
shall not apply to the Notes.
  
 Section 211.Applicability of
Conversion of Securities. The provisions of Article Fourteen of the Base Indenture shall not apply to the Notes.

 
	
8
 

 
	 

 ARTICLE III

 
 MISCELLANEOUS
PROVISIONS
  

Section 301.Concerning the Indenture. Except as expressly amended hereby, the Base Indenture shall continue in full force and effect
in accordance with the provisions thereof and the Base Indenture is in all respects hereby ratified and confirmed. This Sixteenth Supplemental Indenture and all its provisions shall be deemed a part of the Base Indenture in the manner and to the
extent herein and therein provided.
  
 Section
302.Severability. If any provision in this Sixteenth Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired
thereby.
  
 Section 303.Trust Indenture Act. If any provision in
this Sixteenth Supplemental Indenture limits, qualifies or conflicts with any other provision hereof or of the Base Indenture, which provision is required to be included in the Base Indenture by any of the provisions of the Trust Indenture Act of
1939, as amended, such required provision shall control.
  

Section 304.Trustee. The recitals and statements herein are deemed to be those of the Company and not of the Trustee. The Trustee makes
no representations as to the validity or sufficiency of this Sixteenth Supplemental Indenture.
  

Section 305.Governing Law. This Sixteenth Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the
State of New York.
  
 Section 306.
Multiple Originals. This Sixteenth Supplemental Indenture may be executed in any number of counterparts, each of which so executed shall be deemed to be an original, but all such counterparts shall together constitute but one and the same
instrument.
  
 Section 307.Agreement Concerning Methods of Submitting
Instructions or Directions Electronically or by Facsimile. The Trustee agrees to accept and act upon instructions or directions pursuant to this Sixteenth Supplemental Indenture sent by unsecured e-mail, pdf, facsimile transmission or other
similar unsecured electronic methods; provided, however, that the Trustee shall have received an incumbency certificate listing persons designated to give such instructions or directions and containing specimen signatures of such
designated persons, which such incumbency certificate shall be amended and replaced whenever a person is to be added or deleted from the listing. If the Company elects to give the Trustee e-mail or facsimile instructions (or instructions by a
similar electronic method) and the Trustee in its discretion elects to act upon such instructions, the Trustee’s understanding of such instructions shall be deemed controlling. The Trustee shall not be liable for any losses, costs or expenses
arising directly or indirectly from the Trustee’s reliance upon and compliance with such instructions notwithstanding that such instructions conflict or are inconsistent with a subsequent written instruction. The Company agrees to assume all
risks arising out of the use of such electronic methods to submit instructions and directions to the Trustee, including, without limitation, the risk of the Trustee acting on unauthorized instructions and the risk of interception and misuse by third
parties.

 
	
9
 

 
	 

 Section 308.Waiver of Jury Trial. EACH OF THE COMPANY AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST
EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SIXTEENTH SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY.

 
 Section 309.Force Majeure. In no event shall
the Trustee be responsible or liable for any failure or delay in the performance of its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages,
accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being
understood that the Trustee shall use reasonable efforts which are consistent with accepted practices in the banking industry to resume performance as soon as practicable under the circumstances.

 
 Section 310.Consequential Damages. In no event shall the
Trustee be responsible or liable for special, indirect or consequential loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or
damage and regardless of the form of action.
  
 [SIGNATURES APPEAR ON FOLLOWING
PAGE]

 
	
10
 

 
	 

 IN WITNESS WHEREOF, the parties have caused this Sixteenth Supplemental Indenture to be duly executed.

 
 
 

	 	 
	 	 	 
	 	LOWE’S COMPANIES, INC.
	 	 
	 	By:  	 /S/ Akinjide O. Falaki
	 	 	Name:  Akinjide O. Falaki
	 	 	Title:  Vice President, Corporate Finance and Treasurer

 

 
  
  

	 	U.S. BANK NATIONAL ASSOCIATION, as Trustee
	 	 
	 	By:  	 /S/ Paul Vaden
	 	 	Name:  Paul Vaden
	 	 	Title:    Vice President 

  
  

  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
 [Signature Page to Sixteenth Supplemental
Indenture]

 
	 

 
	 

 EXHIBIT A-1
  

FORM OF GLOBAL NOTE
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
LOWE’S COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON 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.
  
  

LOWE’S COMPANIES, INC.
  

4.000% Notes due April 15, 2025
  

 
 GLOBAL SECURITY

 

	No.
	 	CUSIP No. 548661 DT1

$
 Original Principal Amount
  

Lowe’s Companies, Inc., a corporation duly organized and existing under the laws of the State of North Carolina (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of
$           on April 15, 2025, at the office or agency of the Company referred to below, in such coin or currency of the United States of America as at the time of payment is legal tender
for the payment of public and private debts, and to pay interest thereon in like coin or currency from March 26, 2020, or from the most recent Note Interest Payment Date on which interest has been paid or duly provided for, semiannually in arrears
on April 15 and October 15 in each year, commencing October 15, 2020, at the rate of 4.000% per annum until the principal hereof is paid or made available for payment, and (to the extent lawful) to pay interest at the same rate per annum on any
overdue principal and premium and on any overdue installments of interest until paid. If any interest payment date falls on a day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day, and no
interest on that payment will accrue for the period from and after the interest payment date.
  

The interest so payable, and punctually paid or duly provided for, on any Note Interest Payment Date, as provided in the Amended and Restated
Indenture, dated as of December 1, 1995 (the “Base Indenture”) between the Company and U.S. Bank National Association, as successor trustee (the “Trustee”), as supplemented by the Sixteenth Supplemental Indenture dated as of
March 26, 2020, between the Company and the Trustee (the “Sixteenth Supplemental Indenture” and, the Base Indenture as supplemented by the Sixteenth Supplemental Indenture, the “Indenture”) shall be

 
	A-1-
1

 
	 

 paid to the Person in whose name this Note is registered at the close of business on the 15th calendar day immediately preceding the Note Interest
Payment Date (whether or not a Business Day) (the “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Person in whose name this Note is registered on such
Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed in accordance with Section 307 of the Base
Indenture by the Trustee, notice whereof shall be given to the Person in whose name this Note is registered not less than ten days prior to such Special Record Date, or be paid at any time in any other lawful manner, all as more fully provided in
the Indenture.
  
 This Note is a
“book-entry” note and is being registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), a clearing agency. Subject to the terms of the Indenture, this Note will be held by a clearing agency
or its nominee, and beneficial interests will be held by beneficial owners through the book-entry facilities of such clearing agency or its nominee in minimum denominations of $2,000 and increments of $1,000 in excess thereof.

 
 As long as this Note is registered in the name of DTC or its nominee, the
Trustee will make payments of principal of and interest on this Note by wire transfer of immediately available funds to DTC or its nominee. Notwithstanding the above, the final payment on this Note will be made after due notice by the Trustee of the
pendency of such payment and only upon presentation and surrender of this Note at its principal corporate trust office or such other office or agencies appointed by the Trustee for that purpose and such other locations provided in the Indenture.

 
 Payments of principal of (and premium, if any) and interest on this Note will
be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payments of public
and private debts; provided, however, that at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 
 This Note is one of a duly authorized series of notes of the Company,
designated 4.000% Notes due April 15, 2025 (the “Notes”), initially limited in aggregate principal amount at any time outstanding to SEVEN HUNDRED AND FIFTY MILLION DOLLARS ($750,000,000) which may be issued under the Indenture. This
series of Notes may be reopened, without the consent of the holders of the Notes, for issuance of additional Notes. Reference is hereby made to the Indenture and all indentures supplemental thereto which are applicable to the Notes for a statement
of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. All terms
used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.
  

The Notes do not have the benefit of any sinking fund obligations.
  

Before the date that is one month prior to April 15, 2025, the Notes will be redeemable, in whole at any time or in part from time to time, at the
Company’s option, at a redemption price, to be calculated by the Company, equal to the greater of:
  

(i)       100% of the principal amount of the Notes to be redeemed; or

(ii)       the sum of the present values of the remaining scheduled payments of principal and

 
	A-1-
2

 
	 

 interest on such Notes (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of
redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 50 basis points;
  

plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 
 On or after the date that is one month prior to April 15,
2025, the Notes will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at par plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 
 Notwithstanding the previous two paragraphs, installments of interest on
Notes that are due and payable on Note Interest Payment Dates falling on or prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on the relevant record date.

 
 Notice of any redemption will be given at least 10 days but not more than 60
days before the Redemption Date to each registered holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof
called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of DTC.
  

Upon a Change of Control Triggering Event, the Company shall be required to make an offer to repurchase the Notes on the terms set forth in the
Indenture.
  
 If an Event of Default shall occur and be continuing, the
principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
  

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company under this Note and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this Note.

 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes,
to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer thereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 
 No reference herein to the Indenture and provisions of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, as herein
prescribed.

 
	A-1-
3

 
	 

 As provided in the Indenture and subject to certain limitations on transfer of this Note by DTC or its nominee, the transfer of
this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written
instrument of transfer in the form attached hereto duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be
issued to the designated transferee or transferees.
  
 The Notes are
issuable only in registered form in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate
principal amount of Notes of different authorized denomination, as requested by the Holder surrendering the same.
  

No service charge shall be made for any such registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
  

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

 
 Interest on this Note shall be computed on the basis of a 360-day year
composed of twelve 30-day months.
  
 The Company shall furnish to any Holder
of record of Notes, upon written request and without charge, a copy of the Indenture.
  

The Indenture and this Note each shall be governed by and construed in accordance with the laws of the State of New York.

 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 
	A-1-
4

 
	 

 IN WITNESS WHEREOF, LOWE’S COMPANIES, INC. has caused this Note to be signed by a duly elected or appointed, qualified and
serving officer and attested by a duly elected or appointed, qualified and serving officer.
  
  

  
 

	 	LOWE’S COMPANIES, INC.
	 	 
	 	By:  	 
	 	 	Name:  Akinjide O. Falaki
	 	 	Title:  Vice President, Corporate Finance and Treasurer

 

 
 

  

Dated: March 26, 2020
  

	Attest:  	 	 
	 	Name:  Beth R. MacDonald	 
	 	Title:    Assistant Secretary	 

 
  

  
 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
  

THIS IS ONE OF THE SECURITIES OF THE SERIES DESIGNATED THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE.

  

	 	U.S. BANK NATIONAL ASSOCIATION as Trustee
	 	 
	 	By:  	 
	 	 	Authorized Officer

  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  

[Signature Page to Note]

 

 
	A-1-
5

 
	 

 ABBREVIATIONS
  

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:
  
 TEN COM - tenants in common

TEN ENT - tenants by the entireties
 JT TEN - joint tenants with right of survivorship and not as
tenants in common
 CUST – Custodian
 U/G/M/A or UNIF GIFT MIN ACT - Uniform Gifts to
Minors Act
  
 Additional abbreviations may also be used though not in the above list.

 

 
	A-1-
6

 
	 

 FORM OF TRANSFER
  

 
  

	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	 
	 
	 
	(Please print or typewrite name and address of assignee)
	 
	 
	(Please insert Social Security or other identifying Number of Assignee)
	 

 
  
 the within
Note of Lowe’s Companies, Inc. and does hereby irrevocably constitute and appoint
                                         
                                         
                      Attorney, to transfer the said Note on the books of the within named Lowe’s Companies, Inc., with full power
of substitution in the premises. 
  

    Dated:
                                    

 
  

	 	 	 
	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Note in every particular without alteration or enlargement or any
change whatever.
	 	 	 
	 	 	 
	 	 	 
	 SIGNATURE GUARANTEED:
 The signature must be guaranteed by a member of the Securities Transfer Agents Medallion
Program. 
 Notarized or witnessed signatures are not acceptable.
	 	 
	 	 	 
	 	 	 

  
 

 
	A-1-
7

 
	 

  
  

PAYMENT INSTRUCTIONS
  

 The assignee should include the following for purposes of payment:

 
 Payment shall be made, by wire transfer or otherwise, in immediately available funds, to
                        , for the account of
                             , account number
                        , or, if mailed by check, to
                                     . Applicable reports
and statements required to be physically delivered under the terms of the Indenture should be mailed to
                               . This information is provided by
                        , the assignee named above, or
                                        ,
as its agent.
  
 

 
	A-1-
8

 
	 

 EXHIBIT A-2
  

FORM OF GLOBAL NOTE
  

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO
LOWE’S COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR TO SUCH OTHER ENTITY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED
REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON 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.
  
  

LOWE’S COMPANIES, INC.
  

4.500% Notes due April 15, 2030
  

 
 GLOBAL SECURITY

 

	No.
	 	CUSIP No. 548661 DU8

$
 Original Principal Amount
  

Lowe’s Companies, Inc., a corporation duly organized and existing under the laws of the State of North Carolina (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of
$           on April 15, 2030, at the office or agency of the Company referred to below, in such coin or currency of the United States of America as at the time of payment is legal tender
for the payment of public and private debts, and to pay interest thereon in like coin or currency from March 26, 2020, or from the most recent Note Interest Payment Date on which interest has been paid or duly provided for, semiannually in arrears
on April 15 and October 15 in each year, commencing October 15, 2020, at the rate of 4.500% per annum until the principal hereof is paid or made available for payment, and (to the extent lawful) to pay interest at the same rate per annum on any
overdue principal and premium and on any overdue installments of interest until paid. If any interest payment date falls on a day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day, and no
interest on that payment will accrue for the period from and after the interest payment date.
  

The interest so payable, and punctually paid or duly provided for, on any Note Interest Payment Date, as provided in the Amended and Restated
Indenture, dated as of December 1, 1995 (the “Base Indenture”) between the Company and U.S. Bank National Association, as successor trustee (the “Trustee”), as supplemented by the Sixteenth Supplemental Indenture dated as of
March 26, 2020, between the Company and the Trustee (the “Sixteenth Supplemental Indenture” and, the Base Indenture as supplemented by the Sixteenth Supplemental Indenture, the “Indenture”) shall be

 
	A-2-
1
 

 
	 

 paid to the Person in whose name this Note is registered at the close of business on the 15th calendar day immediately preceding the
Note Interest Payment Date (whether or not a Business Day) (the “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Person in whose name this Note is registered
on such Regular Record Date and may either be paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed in accordance with Section 307 of the
Base Indenture by the Trustee, notice whereof shall be given to the Person in whose name this Note is registered not less than ten days prior to such Special Record Date, or be paid at any time in any other lawful manner, all as more fully provided
in the Indenture.
  
 This Note is a “book-entry” note and is
being registered in the name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), a clearing agency. Subject to the terms of the Indenture, this Note will be held by a clearing agency or its nominee, and beneficial
interests will be held by beneficial owners through the book-entry facilities of such clearing agency or its nominee in minimum denominations of $2,000 and increments of $1,000 in excess thereof.

 
 As long as this Note is registered in the name of DTC or its nominee, the
Trustee will make payments of principal of and interest on this Note by wire transfer of immediately available funds to DTC or its nominee. Notwithstanding the above, the final payment on this Note will be made after due notice by the Trustee of the
pendency of such payment and only upon presentation and surrender of this Note at its principal corporate trust office or such other office or agencies appointed by the Trustee for that purpose and such other locations provided in the Indenture.

 
 Payments of principal of (and premium, if any) and interest on this Note will
be made at the office or agency of the Company maintained for that purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payments of public
and private debts; provided, however, that at the option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.

 
 This Note is one of a duly authorized series of notes of the Company,
designated 4.500% Notes due April 15, 2030 (the “Notes”), initially limited in aggregate principal amount at any time outstanding to ONE BILLION TWO HUNDRED AND FIFTY MILLION DOLLARS ($1,250,000,000) which may be issued under the
Indenture. This series of Notes may be reopened, without the consent of the holders of the Notes, for issuance of additional Notes. Reference is hereby made to the Indenture and all indentures supplemental thereto which are applicable to the Notes
for a statement of the respective rights, limitations of rights, duties, obligations and immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and
delivered. All terms used in this Note that are defined in the Indenture shall have the meanings assigned to them in the Indenture.
  

The Notes do not have the benefit of any sinking fund obligations.
  

Before the date that is three months prior to April 15, 2030, the Notes will be redeemable, in whole at any time or in part from time to time, at the
Company’s option, at a redemption price, to be calculated by the Company, equal to the greater of:
  

(i)       100% of the principal amount of the Notes to be redeemed; or

(ii)       the sum of the present values of the remaining scheduled payments of principal and

 
	A-2-
2
 

 
	 

  
 interest on such Notes (not
including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a 360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 50 basis
points;
  
 plus accrued and unpaid interest
thereon to, but excluding, the date of redemption.
  

On or after the date that is three months prior to April 15, 2030, the Notes will be redeemable, in whole at any time or in part from time to time, at
the Company’s option, at par plus accrued and unpaid interest thereon to, but excluding, the date of redemption.
  

Notwithstanding the previous two paragraphs, installments of interest on Notes that are due and payable on Note Interest Payment Dates falling on or
prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on the relevant record date.
  

Notice of any redemption will be given at least 10 days but not more than 60 days before the Redemption Date to each registered holder of the Notes to
be redeemed. Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof called for redemption. If less than all of the Notes are to be redeemed,
the Notes to be redeemed shall be selected in accordance with the procedures of DTC.
  

Upon a Change of Control Triggering Event, the Company shall be required to make an offer to repurchase the Notes on the terms set forth in the
Indenture.
  
 If an Event of Default shall occur and be continuing, the
principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
  

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company under this Note and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this Note.

 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes,
to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer thereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 
 No reference herein to the Indenture and provisions of this Note or of the
Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on this Note at the times, place and rate, and in the coin or currency, as herein
prescribed.

 
	A-2-
3
 

 
	 

 As provided in the Indenture and subject to certain limitations on transfer of this Note by DTC or its nominee, the transfer of
this Note is registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written
instrument of transfer in the form attached hereto duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be
issued to the designated transferee or transferees.
  
 The Notes are
issuable only in registered form in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate
principal amount of Notes of different authorized denomination, as requested by the Holder surrendering the same.
  

No service charge shall be made for any such registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
  

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

 
 Interest on this Note shall be computed on the basis of a 360-day year
composed of twelve 30-day months.
  
 The Company shall furnish to any Holder
of record of Notes, upon written request and without charge, a copy of the Indenture.
  

The Indenture and this Note each shall be governed by and construed in accordance with the laws of the State of New York.

 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 
	A-2-
4
 

 
	 

  
 IN WITNESS WHEREOF,
LOWE’S COMPANIES, INC. has caused this Note to be signed by a duly elected or appointed, qualified and serving officer and attested by a duly elected or appointed, qualified and serving officer.

 
 

 

	 	 	LOWE’S COMPANIES, INC.
	 	 	 	 
	 	 	By:	 
	 	 	 	Name:  Akinjide O. Falaki
	 	 	 	Title:    Vice President, Corporate Finance and
             Treasurer
	 	 	 	 
	 	 	 	 
	Dated: March 26, 2020	 	 
	 	 	 	 
	Attest:	 	 	 
	 	Name:  Beth R. MacDonald	 	 
	 	Title:    Assistant Secretary	 	 
	 	 	 	 

  
 TRUSTEE’S CERTIFICATE OF
AUTHENTICATION
  
 THIS IS ONE OF THE SECURITIES OF THE SERIES DESIGNATED
THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE.
  

	 	 	U.S. BANK NATIONAL ASSOCIATION
 as Trustee
	 	 	 	 
	 	 	By:	 
	 	 	 	Authorized Officer
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	 	 
	 	 	 	 

  
  

 
  
  

 
  
  

 
  
  

 
  
  

[Signature Page to Note] 
  

 

 
	A-2-
5
 

 
	 

 ABBREVIATIONS
  

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:
  
 TEN COM - tenants in common

TEN ENT - tenants by the entireties
 JT TEN - joint tenants with right of survivorship and not as
tenants in common
 CUST – Custodian
 U/G/M/A or UNIF GIFT MIN ACT - Uniform Gifts to
Minors Act
  
 Additional abbreviations may also be used though not in the above list.

 
	A-2-
6
 

 
	 

  
 FORM
OF TRANSFER
  
  
  

	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	 
	 
	 
	(Please print or typewrite name and address of assignee)
	 
	 
	(Please insert Social Security or other identifying Number of Assignee)
	 

 
  
  the
within Note of Lowe’s Companies, Inc. and does hereby irrevocably constitute and appoint
                                         
                                         
                       Attorney, to transfer the said Note on the books of the within named Lowe’s Companies, Inc., with full
power of substitution in the premises.
  

 
 

   Dated:
                                    

 
  

	 	 	 
	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Note in every particular without alteration or enlargement or any change
whatever.
	 	 	 
	 	 	 
	 	 	 
	 SIGNATURE GUARANTEED:
 The signature must be guaranteed by a member of the Securities Transfer Agents Medallion
Program. 
 Notarized or witnessed signatures are not acceptable.
	 	 
	 	 	 
	 	 	 

  
 

 
	A-2-
7
 

 
	 

 PAYMENT INSTRUCTIONS
  

The assignee should include the following for purposes of payment:
  

Payment shall be made, by wire transfer or otherwise, in immediately available funds, to
                        , for the account of
                             , account number
                        , or, if mailed by check, to
                                     . Applicable reports
and statements required to be physically delivered under the terms of the Indenture should be mailed to
                               . This information is provided by
                        , the assignee named above, or
                                        ,
as its agent.
  
  

 
	A-2-
8
 

 
	 

 EXHIBIT A-3
  

FORM OF GLOBAL NOTE
  

 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO LOWE’S COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR TO SUCH OTHER ENTITY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON 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.

 
  
  

 
 LOWE’S COMPANIES, INC.

 
 5.000% Notes due April 15, 2040

 
  

GLOBAL SECURITY
  

	No.
	 	CUSIP No. 548661 DV6

$
 Original Principal Amount
  

Lowe’s Companies, Inc., a corporation duly organized and existing under the laws of the State of North Carolina (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of
$        on April 15, 2040, at the office or agency of the Company referred to below, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of
public and private debts, and to pay interest thereon in like coin or currency from March 26, 2020, or from the most recent Note Interest Payment Date on which interest has been paid or duly provided for, semiannually in arrears on April 15 and
October 15 in each year, commencing October 15, 2020, at the rate of 5.000% per annum until the principal hereof is paid or made available for payment, and (to the extent lawful) to pay interest at the same rate per annum on any overdue principal
and premium and on any overdue installments of interest until paid. If any interest payment date falls on a day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day, and no interest on that
payment will accrue for the period from and after the interest payment date.
  

The interest so payable, and punctually paid or duly provided for, on any Note Interest Payment Date, as provided in the Amended and Restated
Indenture, dated as of December 1, 1995 (the “Base Indenture”) between the Company and U.S. Bank National Association, as successor trustee (the “Trustee”), as supplemented by the Sixteenth Supplemental Indenture dated as of
March

 
	A-3-
1
 

 
	 

 26, 2020, between the Company and the Trustee (the “Sixteenth Supplemental Indenture” and, the Base Indenture as supplemented by the
Sixteenth Supplemental Indenture, the “Indenture”) shall be paid to the Person in whose name this Note is registered at the close of business on the 15th calendar day immediately preceding the Note Interest Payment Date (whether or not a
Business Day) (the “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Person in whose name this Note is registered on such Regular Record Date and may either be
paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed in accordance with Section 307 of the Base Indenture by the Trustee, notice whereof
shall be given to the Person in whose name this Note is registered not less than ten days prior to such Special Record Date, or be paid at any time in any other lawful manner, all as more fully provided in the Indenture.

 
 This Note is a “book-entry” note and is being registered in the
name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), a clearing agency. Subject to the terms of the Indenture, this Note will be held by a clearing agency or its nominee, and beneficial interests will be held by
beneficial owners through the book-entry facilities of such clearing agency or its nominee in minimum denominations of $2,000 and increments of $1,000 in excess thereof.
  

As long as this Note is registered in the name of DTC or its nominee, the Trustee will make payments of principal of and interest on this Note by wire
transfer of immediately available funds to DTC or its nominee. Notwithstanding the above, the final payment on this Note will be made after due notice by the Trustee of the pendency of such payment and only upon presentation and surrender of this
Note at its principal corporate trust office or such other office or agencies appointed by the Trustee for that purpose and such other locations provided in the Indenture.
  

Payments of principal of (and premium, if any) and interest on this Note will be made at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payments of public and private debts; provided, however, that at the
option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.
  

This Note is one of a duly authorized series of notes of the Company, designated 5.000% Notes due April 15, 2040 (the “Notes”), initially
limited in aggregate principal amount at any time outstanding to SEVEN HUNDRED AND FIFTY MILLION DOLLARS ($750,000,000) which may be issued under the Indenture. This series of Notes may be reopened, without the consent of the holders of the Notes,
for issuance of additional Notes. Reference is hereby made to the Indenture and all indentures supplemental thereto which are applicable to the Notes for a statement of the respective rights, limitations of rights, duties, obligations and immunities
thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. All terms used in this Note that are defined in the Indenture shall have the meanings assigned
to them in the Indenture.
  
 The Notes do not have the benefit of any
sinking fund obligations.
  
 Before the date that is six months prior to
April 15, 2040, the Notes will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at a redemption price, to be calculated by the Company, equal to the greater of:

 
	A-3-
2
 

 
	 

 (i)       100% of the principal amount of the Notes to be redeemed; or

 
 (ii)       the sum of the present values
of the remaining scheduled payments of principal and interest on such Notes (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 50 basis points;
  

plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 
 On or after the date that is six months prior to April 15, 2040, the Notes
will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at par plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 
 Notwithstanding the previous two paragraphs, installments of interest on
Notes that are due and payable on Note Interest Payment Dates falling on or prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on the relevant record date.

 
 Notice of any redemption will be given at least 10 days but not more than 60
days before the Redemption Date to each registered holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof
called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of DTC.
  

Upon a Change of Control Triggering Event, the Company shall be required to make an offer to repurchase the Notes on the terms set forth in the
Indenture.
  
 If an Event of Default shall occur and be continuing, the
principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
  

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company under this Note and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this Note.

 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes,
to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer thereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 
 No reference herein to the Indenture and provisions of this Note or of the
Indenture shall

 
	A-3-
3
 

 
	 

 alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on
this Note at the times, place and rate, and in the coin or currency, as herein prescribed.
  

As provided in the Indenture and subject to certain limitations on transfer of this Note by DTC or its nominee, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in the form attached hereto duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be issued to the
designated transferee or transferees.
  
 The Notes are issuable only in
registered form in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of
Notes of different authorized denomination, as requested by the Holder surrendering the same.
  

No service charge shall be made for any such registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
  

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

 
 Interest on this Note shall be computed on the basis of a 360-day year
composed of twelve 30-day months.
  
 The Company shall furnish to any Holder
of record of Notes, upon written request and without charge, a copy of the Indenture.
  

The Indenture and this Note each shall be governed by and construed in accordance with the laws of the State of New York.

 
 Unless the certificate of authentication hereon has been executed by the
Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 
	A-3-
4
 

 
	 

 IN WITNESS WHEREOF, LOWE’S COMPANIES, INC. has caused this Note to be signed by a duly elected or appointed, qualified
and serving officer and attested by a duly elected or appointed, qualified and serving officer.
  

  

	 	LOWE’S COMPANIES, INC.
	 	 
	 	By:  	 
	 	 	Name:   Akinjide O. Falaki
	 	 	Title:     Vice President, Corporate Finance and Treasurer

 
  

 
 Dated: March 26, 2020

 

	  Attest:  	 	 
	 	Name:  Beth R. MacDonald	 
	 	Title:    Assistant Secretary	 

  

 
 

 
 TRUSTEE’S CERTIFICATE OF AUTHENTICATION

 
 THIS IS ONE OF THE SECURITIES OF THE SERIES DESIGNATED THEREIN REFERRED TO IN
THE WITHIN-MENTIONED INDENTURE.
  
 

  

	 	U.S. BANK NATIONAL ASSOCIATION as Trustee
	 	 
	 	By:  	 
	 	 	Authorized Officer

  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
 [Signature Page to Note]

 
	A-3-
5
 

 
	 

 ABBREVIATIONS
  

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:
  
 TEN COM - tenants in common

TEN ENT - tenants by the entireties
 JT TEN - joint tenants with right of survivorship and not as
tenants in common
 CUST - Custodian
 U/G/M/A or UNIF GIFT MIN ACT - Uniform Gifts to Minors
Act
  
 Additional abbreviations may also be used though not in the above list.

 
	A-3-
6
 

 
	 

  
 FORM
OF TRANSFER
  
  
  

	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	 
	 
	 
	(Please print or typewrite name and address of assignee)
	 
	 
	(Please insert Social Security or other identifying Number of Assignee)
	 

 
  
  the
within Note of Lowe’s Companies, Inc. and does hereby irrevocably constitute and appoint
                                         
                                         
                       Attorney, to transfer the said Note on the books of the within named Lowe’s Companies, Inc., with full
power of substitution in the premises.
  

 
 

   Dated:
                                    

 
  

	 	 	 
	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Note in every particular without alteration or enlargement or any change
whatever.
	 	 	 
	 	 	 
	 	 	 
	 SIGNATURE GUARANTEED:
 The signature must be guaranteed by a member of the Securities Transfer Agents Medallion
Program. 
 Notarized or witnessed signatures are not acceptable.
	 	 
	 	 	 
	 	 	 

  
 

 
	A-3-
7
 

 
	 

 PAYMENT INSTRUCTIONS
  

The assignee should include the following for purposes of payment:
  

Payment shall be made, by wire transfer or otherwise, in immediately available funds, to
                        , for the account of
                             , account number
                        , or, if mailed by check, to
                                     . Applicable reports
and statements required to be physically delivered under the terms of the Indenture should be mailed to
                               . This information is provided by
                        , the assignee named above, or
                                        ,
as its agent.
  

 
	A-3-
8
 

 
	 

 EXHIBIT A-4
  

FORM OF GLOBAL NOTE
  

 
 UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO LOWE’S COMPANIES, INC. OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR TO SUCH OTHER ENTITY OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT HEREON 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.

 
  
  

 
 LOWE’S COMPANIES, INC.

 
 5.125% Notes due April 15, 2050

 
  

GLOBAL SECURITY
  

	No.
	 	CUSIP No. 548661 DW4

$
 Original Principal Amount
  

Lowe’s Companies, Inc., a corporation duly organized and existing under the laws of the State of North Carolina (herein called the
“Company,” which term includes any successor Person under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co. or its registered assigns, the principal sum of
$       on April 15, 2050, at the office or agency of the Company referred to below, in such coin or currency of the United States of America as at the time of payment is legal tender for the payment of public
and private debts, and to pay interest thereon in like coin or currency from March 26, 2020, or from the most recent Note Interest Payment Date on which interest has been paid or duly provided for, semiannually in arrears on April 15 and October 15
in each year, commencing October 15, 2020, at the rate of 5.125% per annum until the principal hereof is paid or made available for payment, and (to the extent lawful) to pay interest at the same rate per annum on any overdue principal and premium
and on any overdue installments of interest until paid. If any interest payment date falls on a day that is not a Business Day, the interest payment will be postponed to the next day that is a Business Day, and no interest on that payment will
accrue for the period from and after the interest payment date.
  
 The
interest so payable, and punctually paid or duly provided for, on any Note Interest Payment Date, as provided in the Amended and Restated Indenture, dated as of December 1, 1995 (the “Base Indenture”) between the Company and U.S. Bank
National Association, as successor trustee (the “Trustee”), as supplemented by the Sixteenth Supplemental Indenture dated as of March

 
	A-4-
1
 

 
	 

 26, 2020, between the Company and the Trustee (the “Sixteenth Supplemental Indenture” and, the Base Indenture as supplemented by the
Sixteenth Supplemental Indenture, the “Indenture”) shall be paid to the Person in whose name this Note is registered at the close of business on the 15th calendar day immediately preceding the Note Interest Payment Date (whether or not a
Business Day) (the “Regular Record Date”). Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to the Person in whose name this Note is registered on such Regular Record Date and may either be
paid to the Person in whose name this Note is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed in accordance with Section 307 of the Base Indenture by the Trustee, notice whereof
shall be given to the Person in whose name this Note is registered not less than ten days prior to such Special Record Date, or be paid at any time in any other lawful manner, all as more fully provided in the Indenture.

 
 This Note is a “book-entry” note and is being registered in the
name of Cede & Co. as nominee of The Depository Trust Company (“DTC”), a clearing agency. Subject to the terms of the Indenture, this Note will be held by a clearing agency or its nominee, and beneficial interests will be held by
beneficial owners through the book-entry facilities of such clearing agency or its nominee in minimum denominations of $2,000 and increments of $1,000 in excess thereof.
  

As long as this Note is registered in the name of DTC or its nominee, the Trustee will make payments of principal of and interest on this Note by wire
transfer of immediately available funds to DTC or its nominee. Notwithstanding the above, the final payment on this Note will be made after due notice by the Trustee of the pendency of such payment and only upon presentation and surrender of this
Note at its principal corporate trust office or such other office or agencies appointed by the Trustee for that purpose and such other locations provided in the Indenture.
  

Payments of principal of (and premium, if any) and interest on this Note will be made at the office or agency of the Company maintained for that
purpose in the Borough of Manhattan, The City of New York, in such coin or currency of the United States of America as at the time of payment is legal tender for payments of public and private debts; provided, however, that at the
option of the Company, payment of interest may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register.
  

This Note is one of a duly authorized series of notes of the Company, designated 5.125% Notes due April 15, 2050 (the “Notes”), initially
limited in aggregate principal amount at any time outstanding to ONE BILLION TWO HUNDRED AND FIFTY MILLION DOLLARS ($1,250,000,000) which may be issued under the Indenture. This series of Notes may be reopened, without the consent of the holders of
the Notes, for issuance of additional Notes. Reference is hereby made to the Indenture and all indentures supplemental thereto which are applicable to the Notes for a statement of the respective rights, limitations of rights, duties, obligations and
immunities thereunder of the Company, the Trustee and the Holders of the Notes, and the terms upon which the Notes are, and are to be, authenticated and delivered. All terms used in this Note that are defined in the Indenture shall have the meanings
assigned to them in the Indenture.
  
 The Notes do not have the benefit of
any sinking fund obligations.
  
 Before the date that is six months prior to
April 15, 2050, the Notes will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at a redemption price, to be calculated by the Company, equal to the greater of:

 
	A-4-
2
 

 
	 

 (i)       100% of the principal amount of the Notes to be redeemed; or

 
 (ii)       the sum of the present values
of the remaining scheduled payments of principal and interest on such Notes (not including any portion of such payments of interest accrued as of the date of redemption), discounted to the date of redemption on a semi-annual basis (assuming a
360-day year consisting of twelve 30-day months) at the Treasury Rate, plus 50 basis points;
  

plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 
 On or after the date that is six months prior to April 15, 2050, the Notes
will be redeemable, in whole at any time or in part from time to time, at the Company’s option, at par plus accrued and unpaid interest thereon to, but excluding, the date of redemption.

 
 Notwithstanding the previous two paragraphs, installments of interest on
Notes that are due and payable on Note Interest Payment Dates falling on or prior to a redemption date will be payable on the Note Interest Payment Date to the registered holders as of the close of business on the relevant record date.

 
 Notice of any redemption will be given at least 10 days but not more than 60
days before the Redemption Date to each registered holder of the Notes to be redeemed. Unless the Company defaults in payment of the redemption price, on and after the Redemption Date, interest will cease to accrue on the Notes or portions thereof
called for redemption. If less than all of the Notes are to be redeemed, the Notes to be redeemed shall be selected in accordance with the procedures of DTC.
  

Upon a Change of Control Triggering Event, the Company shall be required to make an offer to repurchase the Notes on the terms set forth in the
Indenture.
  
 If an Event of Default shall occur and be continuing, the
principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture.
  

The Indenture contains provisions for defeasance at any time of (a) the entire indebtedness of the Company under this Note and (b) certain restrictive
covenants and the related defaults and Events of Default applicable to the Company, in each case, upon compliance by the Company with certain conditions set forth in the Indenture, which provisions apply to this Note.

 
 The Indenture permits, with certain exceptions as therein provided, the
amendment thereof and the modification of the rights and obligations of the Company and the rights of the Holders of the Notes under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate
principal amount of the Notes at the time Outstanding. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Notes at the time Outstanding, on behalf of the Holders of all Notes,
to waive compliance by the Company with certain provisions of the Indenture and certain past Defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder
and upon all future Holders of this Note and of any Note issued upon the registration of transfer thereof or in exchange herefor or in lieu hereof, whether or not notation of such consent or waiver is made upon this Note.

 
 No reference herein to the Indenture and provisions of this Note or of the
Indenture shall

 
	A-4-
3
 

 
	 

 alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of (and premium, if any) and interest on
this Note at the times, place and rate, and in the coin or currency, as herein prescribed.
  

As provided in the Indenture and subject to certain limitations on transfer of this Note by DTC or its nominee, the transfer of this Note is
registrable in the Security Register, upon surrender of this Note for registration of transfer at the office or agency of the Company in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of
transfer in the form attached hereto duly executed by the Holder hereof or his attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, shall be issued to the
designated transferee or transferees.
  
 The Notes are issuable only in
registered form in minimum denominations of $2,000 and integral multiples of $1,000 thereafter. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of
Notes of different authorized denomination, as requested by the Holder surrendering the same.
  

No service charge shall be made for any such registration of transfer or exchange of Notes, but the Company may require payment of a sum sufficient to
cover any tax or other governmental charge payable in connection therewith.
  

Prior to due presentment of this Note for registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and none of the Company, the Trustee or any such agent shall be affected by notice to the contrary.

 
 Interest on this Note shall be computed on the basis of a 360-day year
composed of twelve
 30-day months.
  

The Company shall furnish to any Holder of record of Notes, upon written request and without charge, a copy of the Indenture.

 
 The Indenture and this Note each shall be governed by and construed in
accordance with the laws of the State of New York.
  
 Unless the certificate
of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose.

 
	A-4-
4
 

 
	 

 IN WITNESS WHEREOF, LOWE’S COMPANIES, INC. has caused this Note to be signed by a duly elected or appointed, qualified
and serving officer and attested by a duly elected or appointed, qualified and serving officer.
  

	 	 
	 	 	 
	 	LOWE’S COMPANIES, INC.
	 	 
	 	By:  	 /s/ Akinjide O. Falaki
	 	 	Name:  Akinjide O. Falaki
	 	 	Title:  Vice President, Corporate Finance and Treasurer

  

Dated: March 26, 2020
  

	  Attest: 	 	 
	 	Name:  Beth R. MacDonald	 
	 	Title:    Assistant Secretary	 

  
  

TRUSTEE’S CERTIFICATE OF AUTHENTICATION
  

THIS IS ONE OF THE SECURITIES OF THE SERIES DESIGNATED THEREIN REFERRED TO IN THE WITHIN-MENTIONED INDENTURE.

  
  

	 	U.S. BANK NATIONAL ASSOCIATION as Trustee
	 	 
	 	By:  	 
	 	 	Authorized Officer

  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

 
  
  

[Signature Page to Note]

 
	A-4-
5
 

 
	 

 ABBREVIATIONS
  

The following abbreviations, when used in the inscription on the face of this Note, shall be construed as though they were written out in full
according to applicable laws or regulations:
  
 TEN COM - tenants in common

TEN ENT - tenants by the entireties
 JT TEN - joint tenants with right of survivorship and not as
tenants in common
 CUST - Custodian
 U/G/M/A or UNIF GIFT MIN ACT - Uniform Gifts to Minors
Act
  
 Additional abbreviations may also be used though not in the above list.

 
	A-4-
6
 

 
	 

  
 FORM
OF TRANSFER
  
  
  

	FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
	 
	 
	 
	(Please print or typewrite name and address of assignee)
	 
	 
	(Please insert Social Security or other identifying Number of Assignee)
	 

 
  
  the
within Note of Lowe’s Companies, Inc. and does hereby irrevocably constitute and appoint
                                         
                                         
                       Attorney, to transfer the said Note on the books of the within named Lowe’s Companies, Inc., with full
power of substitution in the premises.
  

 
 

   Dated:
                                    

 
  

	 	 	 
	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of this Note in every particular without alteration or enlargement or any change
whatever.
	 	 	 
	 	 	 
	 	 	 
	 SIGNATURE GUARANTEED:
 The signature must be guaranteed by a member of the Securities Transfer Agents Medallion
Program. 
 Notarized or witnessed signatures are not acceptable.
	 	 
	 	 	 
	 	 	 

  

 
	A-4-
7
 

 
	 

  
 PAYMENT INSTRUCTIONS

 
 The assignee should include the following for purposes of payment:

 
 Payment shall be made, by wire transfer or otherwise, in immediately available funds, to
                        , for the account of
                             , account number
                        , or, if mailed by check, to
                                     . Applicable reports
and statements required to be physically delivered under the terms of the Indenture should be mailed to
                               . This information is provided by
                        , the assignee named above, or
                                        ,
as its agent.
  
 

 
	A-4-
8EX-10.7

 Exhibit 10.7 

EXECUTION VERSION 
 EXCHANGE
AND CONTRIBUTION AGREEMENT 
 THIS EXCHANGE AND CONTRIBUTION AGREEMENT (this “Agreement”) is made and entered into
as of December 18, 2019, by and among: (i) Forbes Energy Services Ltd., a Delaware corporation (“Fowler”); (ii) Spieth Newco, Inc., a Delaware corporation (“Holdco”); (iii) Ascribe Capital LLC, a
Delaware limited liability company (“Ascribe”); and (iv) Solace Capital Partners, L.P., a Delaware limited liability company (“Solace” and together with Ascribe, the “Investors”). Capitalized
terms used but not defined herein shall have the meaning ascribed thereto in the Merger Agreement (as defined below). 
 WHEREAS,
pursuant to that certain Agreement and Plan of Merger (as it may be amended or modified from time to time in accordance with its terms, the “Merger Agreement”), entered into as of the date hereof, by and among (i) Superior
Energy Services, Inc., a Delaware corporation (“Spieth”); (ii) New NAM, Inc., a Delaware corporation (“NAM”); (iii) Fowler; (iv) Holdco; (v) Spieth Merger Sub, Inc., a Delaware corporation and a wholly owned
subsidiary of Holdco (“NAM Merger Sub”); and (vi) Fowler Merger Sub, Inc., a Delaware corporation and a wholly owned subsidiary of Holdco (“Fowler Merger Sub”), Fowler Merger Sub shall be merged with and into
Fowler and the separate corporate existence of Fowler Merger Sub will cease, NAM Merger Sub shall be merged with and into NAM and the separate corporate existence of NAM Merger Sub will cease, and Fowler and NAM will continue as the surviving
entities of the Mergers and shall become wholly owned subsidiaries of Holdco; 
 WHEREAS, on March 4, 2019, Fowler issued
$51,767,900 aggregate principal amount of 5.00% Subordinated Convertible PIK Notes due June 30, 2020 under the Indenture by and between Fowler and Wilmington Trust, National Association as Trustee (the “Fowler PIK Notes”); 

WHEREAS, Fowler and its Affiliates have outstanding indebtedness pursuant to the Loan and Security Agreement, dated as of
April 13, 2017, by and among Fowler, Forbes Energy Services LLC, Forbes Energy International, LLC, TX Energy Services, LLC, C.C. Forbes, LLC, Cretic Energy Services, LLC, Wilmington Trust, National Association and the lenders from time to time
thereto, as amended by Amendment No. 1 to Loan and Security Agreement and Pledge and Security Agreement, dated as of November 16, 2018 and Amendment No. 2 to Loan and Security Agreement, dated as of May 28, 2019 (the
“Fowler Term Loan”); 
 WHEREAS, as of the date hereof, Ascribe and its Affiliates hold 1,286,306 shares of
Fowler Common Stock, $27,971,608.00 principal amount (plus accrued interest since July 1, 2019) of the Fowler PIK Notes and $15,765,661.22 (plus accrued interest since September 30, 2019) under the Fowler Term Loan and Solace and its
Affiliates hold 947,268 shares of Fowler Common Stock, $20,607,152.76 principal amount (plus accrued interest since July 1, 2019) of the Fowler PIK Notes and $14,551,890.98 (plus accrued interest since September 30, 2019) under the Fowler
Term Loan; 
 WHEREAS, subject to the terms and conditions of this Agreement, each Investor and Fowler desire to exchange an equal
amount of Fowler PIK Notes (including all accrued interest thereon) then held by (i) Ascribe and its Affiliates and (ii) Solace and its Affiliates (such notes together, the “Exchange Notes”) for such number of shares of
Fowler Common Stock, which will be issued and delivered by Fowler to the Investors, that will result in the Investors and their Affiliates holding an aggregate amount of Fowler Common Stock representing, after such exchange, 51% of the voting power
of the outstanding shares of Fowler Common Stock entitled to vote in respect of the matters set forth in Section 

 
7.04 of the Merger Agreement (the “Exchange Shares”), with the Exchange Shares valued at the Fowler Reference Price (as defined below), and such exchange being effective after
the satisfaction of the closing conditions set forth in Sections 8.01(e) and 8.01(f) of the Merger Agreement and at least three (3) Business Days prior to the Fowler Record Date (the “PIK Exchange Time”) (such exchange, the
“Fowler PIK Exchange”); 
 WHEREAS, subject to the terms and conditions of this Agreement, each Investor desires to
contribute to Holdco all Fowler PIK Notes (including all accrued interest thereon) then held by it as of immediately prior to the Closing (such notes together, the “Contribution Notes”), and Holdco, in consideration for the
contribution of such Contribution Notes, desires to issue to the Investors the applicable number of shares of Holdco Class A Common Stock at the Holdco Reference Price (as defined below) (such shares together, the “Contribution
Shares”), with such contribution and issuance being effective immediately prior to the Effective Time (such contribution, the “Fowler PIK Contribution”); 

WHEREAS, subject to the terms and conditions of this Agreement, each Investor desires to contribute to Holdco all amounts owed to it
pursuant to the Fowler Term Loan as of immediately prior to the Closing (such amounts together, the “Term Loan Amounts”) and Holdco, in consideration for the contribution of such Term Loan Amounts, desires to issue to the Investors
the applicable number of shares of Holdco mandatory convertible preferred shares having the terms set forth on Annex A (such shares together, the “Mandatory Convertible Preferred Shares”), with such contribution and issuance being
effective immediately prior to the Effective Time (such contribution, the “Fowler Term Loan Contribution”); and 

WHEREAS, the parties to this Agreement intend that the Intended Tax Treatment (as defined in Recital E of the Merger Agreement) will
apply. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1.    Exchange and
Contribution Transactions. 
 (a)    Subject to the terms and conditions of this Agreement and the satisfaction of
the conditions set forth in Sections 8.01(e) and 8.01(f) of the Merger Agreement, each Investor (on behalf of itself and its Affiliates) and Fowler agree to the exchange of the Exchange Notes, free and clear of all Liens, with the Exchange Shares
valued at the Fowler Reference Price, such that each Investor and its Affiliates (in such allocations as specified by each Investor) receive one half of the Exchange Shares, with such exchange, and the cancellation and forgiveness of all
indebtedness under such Exchange Notes being effective at the PIK Exchange Time. The “Fowler Reference Price” shall be $0.13365 per share. 

(b)    Subject to the terms and conditions of this Agreement and the satisfaction or waiver of the conditions set forth in
Section 8.01 of the Merger Agreement, each Investor agrees (on behalf of itself and its Affiliates) to contribute the Contribution Notes free and clear of all Liens, to Holdco and Holdco agrees to issue the Contribution Shares at the Holdco
Reference Price to each Investor and its Affiliates (in such allocations as specified by each Investor) pro rata to the value of the Contribution Notes 

  
 2 

 
contributed by such Investor and its Affiliates (in such allocations as specified by each Investor), with such contribution of all indebtedness under such Contribution Notes and issuance being
effective immediately prior to the Effective Time. The “Holdco Reference Price” shall be $30.5327 per share, subject to any adjustments required to reflect any changes to the Fowler Exchange Ratio prior to the Closing.
Notwithstanding the foregoing, if the Fowler Exchange Ratio at Closing is different from the Fowler Exchange Ratio at the PIK Exchange Time, the number of Contribution Shares to be issued under this Section 1(b) shall be
reduced or increased such that the number of shares of Holdco Class A Common Stock that each Investor and its Affiliates hold immediately following the Closing is the same as what it would have held if the Fowler PIK Exchange had been made
applying the Fowler Exchange Ratio in effect as of the Closing. 
 (c)    Subject to the terms and conditions of this
Agreement and the satisfaction or waiver of the conditions set forth in Section 8.01 of the Merger Agreement, each Investor agrees (on behalf of itself and its Affiliates) to contribute the Term Loan Amount to Holdco and Holdco agrees to issue
to each Investor and its Affiliates (in such allocations as specified by each Investor) such number of Mandatory Convertible Preferred Shares having an aggregate liquidation preference equal to each Investor’s Term Loan Amount, with such
contribution and issuance relating to the Term Loan Amount being effective immediately prior to the Effective Time. 

2.    Meeting of Fowler Stockholders. 

(a)    Notwithstanding anything to the contrary in the Merger Agreement, Fowler shall not fix a Record Date that occurs
less than three (3) business days following the satisfaction or, solely with the prior written consent of both Investors, waiver by Fowler, of each of the closing conditions set forth in Sections 8.01(e) and 8.01(f) of the Merger Agreement.

 3.    Representations and Warranties of the Investors. Each Investor represents and warrants severally, and
not jointly, to Fowler and Holdco that: 
 (a)    It or its Affiliates (i) is the sole record and beneficial owner
of such Investor’s Exchange Notes and (ii) has good and valid title to such Investor’s Exchange Notes, free and clear of any Liens. Upon delivery of the Exchange Notes by such Investor as contemplated by
Section 1, such Investor will transfer to Fowler good and valid title to such Investor’s Exchange Notes, free and clear of any Liens. 

(b)    It or its Affiliates (i) is the sole record and beneficial owner of such Investor’s Contribution Notes
free and clear of any Liens and (ii) is the registered holder of indebtedness to such Investor’s Term Loan Amounts. Upon delivery of the Contribution Notes as contemplated by Section 1(b), such Investor will
transfer to Holdco good and valid title to such Investor’s Contribution Notes, free and clear of any Liens. 

(c)    (i) The execution, delivery and performance by such Investor of this Agreement will not (i) violate any order,
judgment or decree applicable to such Investor or any of its Affiliates or (ii) conflict with, or result in a breach or default under, any agreement or instrument to which such Investor or any of its Affiliates is a party or any term or
condition of its limited liability company agreement, except where such conflict, breach or default would not reasonably be expected to, individually or in the aggregate, have an adverse effect on such Investor’s ability to satisfy its
obligations hereunder. 

  
 3 

 (d)    Such Investor is a limited liability company duly organized,
validly existing and in good standing under the Laws of its jurisdiction of formation. Such Investor has full power and authority and is duly authorized to make, enter into and carry out the terms of this Agreement and to perform its obligations
hereunder. This Agreement has been duly and validly executed and delivered by such Investor and (assuming due authorization, execution and delivery by Fowler, Holdco and such other Investor) constitutes a valid and binding agreement of such
Investor, enforceable against such Investor in accordance with its terms (except in all cases as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium and other Applicable Laws of general applicability relating to
or affecting creditors’ rights and to general principles of equity regardless of whether such enforceability is considered in a proceeding in equity or at Applicable Law), and no other action is necessary to authorize the execution and delivery
by such Investor or the performance of such Investor’s obligations hereunder. 
 4.    Representations and
Warranties of Fowler. Fowler represents and warrants to each Investor that: 
 (a)    The Exchange Shares will have
been duly authorized prior to the PIK Exchange Time and, when so issued, will have been validly issued, fully-paid, free and clear of any and all Encumbrances. 

(b)    The execution, delivery and performance by Fowler of this Agreement will not (i) violate any order, judgment
or decree applicable to Fowler or any of its Affiliates or (ii) conflict with, or result in a breach or default under, any agreement or instrument to which Fowler or any of its Affiliates is a party or any term or condition of its
Organizational Documents, except where such conflict, breach or default would not reasonably be expected to, individually or in the aggregate, have an adverse effect on Fowler’s ability to satisfy its obligations hereunder. 

(c)    Fowler is a corporation duly incorporated, validly existing and in good standing under the laws of the State of
Delaware. Fowler has full power and authority and is duly authorized to make, enter into and carry out the terms of this Agreement and to perform its obligations hereunder. This Agreement has been duly and validly executed and delivered by Fowler
and (assuming due authorization, execution and delivery by Holdco and the Investors) constitutes a valid and binding agreement of Fowler, enforceable against Fowler in accordance with its terms (except in all cases as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other Applicable Laws of general applicability relating to or affecting creditors’ rights and to general principles of equity
regardless of whether such enforceability is considered in a proceeding in equity or at Applicable Law), and no other action is necessary to authorize the execution and delivery by Fowler or the performance of Fowler’s obligations hereunder.

  
 4 

 5.    Representations and Warranties of Holdco. Holdco represents
and warrants to each Investor that: 
 (a)    The Contribution Shares and the Mandatory Convertible Preferred Shares will
have been duly authorized prior to the Contribution Time and, when so issued, will have been validly issued, fully-paid, free and clear of any and all Encumbrances. 

(b)    The execution, delivery and performance by Holdco of this Agreement will not (i) violate any order, judgment
or decree applicable to Holdco or any of its Affiliates or (ii) conflict with, or result in a breach or default under, any agreement or instrument to which Holdco or any of its Affiliates is a party or any term or condition of its
Organizational Documents, except where such conflict, breach or default would not reasonably be expected to, individually or in the aggregate, have an adverse effect on Holdco’s ability to satisfy its obligations hereunder. 

(c)    Holdco is a corporation duly organized, validly existing and in good standing under the laws of the State of
Delaware. Holdco has full power and authority and is duly authorized to make, enter into and carry out the terms of this Agreement and to perform its obligations hereunder. This Agreement has been duly and validly executed and delivered by Holdco
and (assuming due authorization, execution and delivery by Fowler and the Investors) constitutes a valid and binding agreement of Holdco, enforceable against Holdco in accordance with its terms (except in all cases as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance, fraudulent transfer and other Applicable Laws of general applicability relating to or affecting creditors’ rights and to general principles of equity
regardless of whether such enforceability is considered in a proceeding in equity or at Applicable Law), and no other action is necessary to authorize the execution and delivery by Holdco or the performance of Holdco’s obligations hereunder.

 6.    Termination of Agreement. This Agreement shall terminate at the earlier of (a) the date the Merger
Agreement is validly terminated in accordance with its terms or (b) the Effective Time. The termination of this Agreement shall not relieve (i) any party hereto from any liability of such party to any other party incurred prior to such
termination or (ii) any party hereto from any liability to any other party arising out of or in connection with a breach of this Agreement. 

7.    Notices. Any notice provided for in this Agreement shall be in writing and shall be deemed to have been duly
given (a) on the date delivered or sent if being delivered by hand or sent by email (providing confirmation of receipt), (b) five (5) Business Days after being mailed certified return receipt requested with postage paid, (c) one (1)
Business Day after being couriered by overnight receipted courier service or (d) on the date of rejection or refusal of any attempted delivery by one of the preceding methods (or such other address as it may from time to time designate in
writing). Any notice provided pursuant to this Section 7 shall be delivered at the addresses below. 

  
 5 

 Notices to Fowler or Holdco: 

Forbes Energy Services Ltd. 
 3000
South Business Highway 281 
 Alice, Texas 78332 

Attention:    John E. Crisp 

Email:     jecrisp@forbesenergyservices.com 

With a copy to: 
 Fried, Frank,
Harris, Shriver & Jacobson LLP 
 One New York Plaza 

New York, New York 10004 

Attention:    Warren de Wied 

E-mail:     Warren.de.Wied@friedfrank.com 

Notices to Ascribe: 

Ascribe Capital LLC 
 299 Park
Avenue, 34th Floor 
 New York, NY 10171 

Attention:    Lawrence First 

E-mail:     lfirst@ascribecap.com 

With a copy to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, NY
10004 
 Attention:    Brian E. Hamilton 

E-mail:     hamiltonb@sullcrom.com 

  
 6 

 Notices to Solace: 

Solace Capital Partners, L.P. 

11111 Santa Monica Boulevard, Suite 1275 

Los Angeles, CA 90025 

Attention:    Xavier Corzo 

E-mail:     XCorzo@solacecap.com 

With a copy to: 

Sullivan & Cromwell LLP 

125 Broad Street 
 New York, NY
10004 
 Attention:    Brian E. Hamilton 

E-mail:     hamiltonb@sullcrom.com 

Notices shall be deemed to have been given hereunder when so delivered or mailed. 

8.    Counterparts. This Agreement may be executed by the parties hereto in separate counterparts, each of which
when so executed and delivered shall be an original, but all such counterparts shall together constitute one and the same instrument. Each counterpart may consist of a number of copies hereof each signed by less than all, but together signed by all
of the parties hereto. 
 9.    Entire Agreement. This Agreement, the Merger Agreement (including the exhibits
and schedules thereto), the Stockholders and Registration Rights Agreement, the Voting Agreements and any other documents delivered by the parties in connection with the Merger Agreement constitute the entire agreement among the parties with respect
to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, among the parties with respect thereto. 

10.    Governing Law. This Agreement and the rights and obligations of the parties hereto shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware without regard to the conflicts of law provisions thereof that would cause the laws of any other jurisdiction to apply. 

11.    Assignment; Binding Effect; Benefit.    Neither this Agreement nor any of the rights,
interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of law or otherwise) without the prior written consent of the other parties. Subject to the preceding sentence, this Agreement shall be binding
upon and shall inure to the benefit of and be enforceable by the parties hereto and their respective successors and assigns. 

  
 7 

 12.    Third Party Beneficiaries. Spieth and NAM are third party
beneficiaries of this Agreement, subject to the limitations set forth in Section 13. Fowler, Holdco, Ascribe and Solace acknowledge that each of Spieth and NAM has specifically relied on this Agreement in determining to
enter into the Merger Agreement. This Agreement may only be enforced against Fowler, Holdco, Ascribe and Solace by Spieth or NAM pursuant to Section 13, and for no other purpose. 

13.    Enforcement or Agreement. The parties hereto agree that irreparable damage would occur in the event that any
of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. It is accordingly agreed that the parties shall be entitled to an injunction or injunctions to prevent breaches of this
Agreement and to enforce specifically the terms and provisions hereof, this being in addition to any other remedy to which they are entitled at law or in equity. In addition, the parties acknowledge and agree that Spieth and NAM shall be entitled to
specific performance of the parties obligations pursuant to this Agreement, and in connection with such specific performance, Spieth and NAM shall not be obligated to establish proof of actual damages or irreparable harm or be obligated to secure or
post any bond in connection with such equitable relief. 
 14.    Waiver. Except as provided in this Agreement,
no action taken pursuant to this Agreement, including any investigation by or on behalf of any party, or delay or omission in the exercise of any right, power or remedy accruing to any party as a result of any breach or default hereunder by any
other party shall be deemed to impair any such right power or remedy, nor will it be deemed to constitute a waiver by the party taking such action of compliance with any representations, warranties, covenants or agreements contained in this
Agreement. The waiver by any party hereto of a breach of any provision hereunder shall not operate or be construed as a waiver of any prior or subsequent breach of the same or any other provision hereunder. 

15.    Severability. If any provision of this Agreement is invalid, illegal or unenforceable, that provision will,
to the extent possible, be modified in such a manner as to be valid, legal and enforceable but so as to retain most nearly the intent of the parties as expressed herein, and if such a modification is not possible, that provision will be severed from
this Agreement, and in either case the validity, legality and enforceability of the remaining provisions of this Agreement will not in any way be affected or impaired thereby. If any provision of this Agreement is so broad as to be unenforceable,
the provision shall be interpreted to be only so broad as is enforceable. 
 16.    Consent to Jurisdiction and
Venue. Each of the parties hereto (a) consents to submit itself to the personal jurisdiction of the Delaware Court of Chancery or any federal court located in the State of Delaware in the event any dispute arises out of this Agreement or
any of the transactions contemplated herein, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees that it will not bring any action
relating to this Agreement or any of the transactions contemplated herein in any court other than the Delaware Court of Chancery or any federal court sitting in the State of Delaware. 

  
 8 

 17.    Delivery by Facsimile or Electronic Transmission. This
Agreement and any signed agreement or instrument entered into in connection with this Agreement, and any amendments or waivers hereto or thereto, to the extent signed and delivered by means of a facsimile machine or by
e-mail delivery of a “.pdf” format data file, shall be treated in all manner and respects as an original agreement or instrument and shall be considered to have the same binding legal effect as if it
were the original signed version thereof delivered in person. No party hereto or to any such agreement or instrument shall raise the use of a facsimile machine or e-mail delivery of a “.pdf” format
data file to deliver a signature to this Agreement or any amendment hereto or the fact that any signature or agreement or instrument was transmitted or communicated through the use of a facsimile machine or
e-mail delivery of a “.pdf” format data file as a defense to the formation of a contract and each party hereto forever waives any such defense. 

18.    Recitals. The recitals to this Agreements are an integral part of this Agreement and shall be deemed to be a
part of the text of this Agreement as if fully set forth herein. 
 [signature pages follow] 

  
 9 

 IN WITNESS WHEREOF, the parties hereto have executed this Exchange and Contribution
Agreement as of the date first written above. 
  

			
	Forbes Energy Services Ltd.
		
	By:	 	/s/ John E. Crisp
	Name:	 	John E. Crisp
	Title:	 	Chief Executive Officer
	
	Spieth Newco, Inc.
		
	By:	 	/s/ John E. Crisp
	Name:	 	John E. Crisp
	Title:	 	President

  
 [Signature Page to
Exchange and Contribution Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Exchange and Contribution
Agreement as of the date first written above. 
  

			
	ASCRIBE CAPITAL LLC:
		
	By:	 	/s/ Lawrence First
	Name:	 	Lawrence First
	Title:	 	Managing Director

  
 [Signature Page to
Exchange and Contribution Agreement] 

 IN WITNESS WHEREOF, the parties hereto have executed this Exchange and Contribution
Agreement as of the date first written above. 
  

			
	SOLACE CAPITAL PARTNERS, L.P.:
		
	By:	 	/s/ Brett Wyard
	Name:	 	Brett Wyard
	Title	 	Authorized Signatory

  
 [Signature Page to
Exchange and Contribution Agreement] 

 ANNEX A 

Mandatory Convertible Preferred Shares Term Sheet

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00307-of-00352.parquet"}]]