Document:

Exhibit 4.2

 Exhibit 4.2 

EQUINIX, INC., 
 U.S. BANK
NATIONAL ASSOCIATION, 
 as Trustee 
  

 
 5.00% Senior
Notes due April 2019 
 5.00% Senior Notes due October 2019 

5.00% Senior Notes due April 2020 

5.00% Senior Notes due October 2020 

5.00% Senior Notes due April 2021 
  

 
 Third
Supplemental Indenture 
 Dated as of April 2, 2018 

to 
 Indenture dated as
of December 12, 2017 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	ARTICLE 1	 
	DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION	 
	 Section 1.01.
	 	 Definitions
	  	 	1	 
	 Section 1.02.
	 	 Conflicts with Base Indenture
	  	 	17	 
	ARTICLE 2	 
	THE NOTES	 
	 Section 2.01.
	 	 Amount; Series; Terms
	  	 	17	 
	 Section 2.02.
	 	 Denominations
	  	 	18	 
	 Section 2.03.
	 	 Form of Notes
	  	 	18	 
	 Section 2.04.
	 	 Restricted Securities
	  	 	19	 
	 Section 2.05.
	 	 Transfers of Interests in the Regulation S Global Notes
	  	 	21	 
	ARTICLE 3	 
	REDEMPTION AND PREPAYMENT	 
	 Section 3.01.
	 	 Redemption
	  	 	22	 
	 Section 3.02.
	 	 Repurchase Offer
	  	 	22	 
	ARTICLE 4	 
	COVENANTS	 
	 Section 4.01.
	 	 Payment of Notes
	  	 	24	 
	 Section 4.02.
	 	 Reports to Holders
	  	 	24	 
	 Section 4.03.
	 	 Sale and Leaseback Transactions
	  	 	24	 
	 Section 4.04.
	 	 Limitation on Liens
	  	 	24	 
	 Section 4.05.
	 	 Offer to Repurchase Upon Change of Control Triggering Event
	  	 	25	 
	 Section 4.06.
	 	 Payments for Consent
	  	 	27	 
	 Section 4.07.
	 	 Tax Opinions
	  	 	27	 
	 Section 4.08.
	 	 Publicly Offered REIT
	  	 	27	 
	 Section 4.09.
	 	 Rule 144 and Rule 144A Information
	  	 	27	 
	ARTICLE 5	 
	MERGER, CONSOLIDATION, OR SALE OF ASSETS	 
	 Section 5.01.
	 	 Merger, Consolidation, or Sale of Assets
	  	 	28	 
	ARTICLE 6	 
	EVENTS OF DEFAULT	 
	 Section 6.01.
	 	 Events of Default
	  	 	29	 
	 Section 6.02.
	 	 Cross-Default
	  	 	30	 
	 Section 6.03.
	 	 Other Amendments
	  	 	31	 
	ARTICLE 7	 
	LEGAL DEFEASANCE AND COVENANT DEFEASANCE	 
	 Section 7.01.
	 	 Legal Defeasance and Covenant Defeasance
	  	 	31	 
	ARTICLE 8	 
	[RESERVED]	 
	ARTICLE 9	 
	[RESERVED]	 
	ARTICLE 10	 
	MISCELLANEOUS	 
	 Section 10.01.
	 	 Sinking Funds
	  	 	31	 
	 Section 10.02.
	 	 Supplemental Indenture
	  	 	31	 
	 Section 10.03.
	 	 No Guarantees
	  	 	31	 
	 Section 10.04.
	 	 Confirmation of Indenture
	  	 	31	 
	 Section 10.05.
	 	 Counterparts
	  	 	31	 

  
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	 Section 10.06.
	 	 Governing Law
	  	 	32	 
	 Section 10.07.
	 	 Waiver of Jury Trial
	  	 	32	 
	 Section 10.08.
	 	 Trustee Disclaimer
	  	 	32	 
			
	 Exhibit A-1
	 	 Form of Notes
	  	 	A-1	 

  
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 THIRD SUPPLEMENTAL INDENTURE, dated as of April 2, 2018 (this “Supplemental
Indenture”), to the Indenture dated as of December 12, 2017 (as amended, modified or supplemented from time to time in accordance therewith, other than with respect to a particular series of debt securities, the “Base
Indenture” and, as amended, modified and supplemented by this Supplemental Indenture, the “Indenture”), by and among Equinix, Inc. (the “Company,” as more fully set forth in Section 1.01) and U.S. Bank
National Association, as trustee (the “Trustee”). 
 Each party agrees as follows for the benefit of the other party and
for the equal and ratable benefit of the Holders of the Notes (as defined herein): 
 WHEREAS, the Company has duly authorized the execution
and delivery of the Base Indenture to provide for the issuance from time to time of senior debt securities to be issued in one or more series as provided in the Base Indenture; 

WHEREAS, the Company has duly authorized the execution and delivery, and desires and has requested the Trustee to join it in the execution and
delivery, of this Supplemental Indenture in order to establish and provide for the issuance by the Company of multiple series of Notes designated as its 5.00% Senior Notes due April 2019 (the “April 2019 Notes”) in an aggregate
principal amount of $150,000,000, 5.00% Senior Notes due October 2019 (the “October 2019 Notes”) in an aggregate principal amount of $150,000,000, 5.00% Senior Notes due April 2020 (the “April 2020 Notes”) in an
aggregate principal amount of $150,000,000, 5.00% Senior Notes due October 2020 (the “October 2020 Notes”) in an aggregate principal amount of $150,000,000 and 5.00% Senior Notes due April 2021 (the “April 2021
Notes”) in an aggregate principal amount of $150,000,000 (and, together, the “Notes”), on the terms set forth herein; 

WHEREAS, Article 9 of the Base Indenture provides that a supplemental indenture may be entered into by the parties for such purpose provided
certain conditions are met; 
 WHEREAS, the conditions set forth in the Base Indenture for the execution and delivery of this Supplemental
Indenture have been met; and 
 WHEREAS, all things necessary to make this Supplemental Indenture a valid agreement of the parties, in
accordance with its terms, and a valid amendment of, and supplement to, the Base Indenture with respect to the Notes have been done; 
 NOW,
THEREFORE: 
 ARTICLE 1 

DEFINITIONS AND OTHER PROVISIONS OF GENERAL APPLICATION 

Section 1.01.    Definitions. Capitalized terms used herein and not otherwise defined herein have the
meanings assigned to them in the Base Indenture. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to
any particular section hereof. 
 In addition to the definitions set forth in Article 1 of the Base Indenture, this Supplemental Indenture
shall include the following definitions, which, in the event of a conflict with the definition of terms in the Base Indenture, shall control: 

“Acquired Indebtedness” means Indebtedness of a Person or any of its Subsidiaries existing at the time such Person becomes a
Restricted Subsidiary of the Company or at the time it merges or 

 
consolidates with or into the Company or any of its Subsidiaries or that is assumed in connection with the acquisition of assets from such Person, in each case whether or not incurred by such
Person in connection with, or in anticipation or contemplation of, such Person becoming a Restricted Subsidiary of the Company or such acquisition, merger or consolidation. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global
Security, the rules and procedures of the Depositary, Euroclear and Clearstream, in each case to the extent applicable to such transfer or exchange. 

“ASC” means FASB Accounting Standards Codification. 

“Asset Acquisition” means (1) an investment by the Company or any Restricted Subsidiary of the Company in any other
Person pursuant to which such Person shall become a Restricted Subsidiary of the Company or any Restricted Subsidiary of the Company, or shall be merged with or into the Company or any Restricted Subsidiary of the Company, or (2) the
acquisition by the Company or any Restricted Subsidiary of the Company of the assets of any Person (other than a Restricted Subsidiary of the Company) that constitute all or substantially all of the assets of such Person or comprises any division or
line of business of such Person or any other properties or assets of such Person other than in the ordinary course of business. 

“Attributable Debt” means, in respect of a Sale and Leaseback Transaction, the present value, discounted at the interest rate
implicit in such Sale and Leaseback Transaction, of the total obligations of the lessee for rental payments during the remaining term of the lease in such Sale and Leaseback Transaction. 

“Bank Facility” means any credit agreement, including the Credit Agreement dated December 17, 2014, among Bank of
America, N.A., Equinix, Inc. and the guarantors party thereto, as amended on April 30, 2015, December 8, 2015, December 22, 2016, and August 15, 2017, and the Credit Agreement dated December 12, 2017, among Bank of America,
N.A., Equinix Inc. and the guarantors party thereto, as amended from time to time, together with the related documents thereto (including, without limitation, any guarantee agreements and security documents), in each case as such agreements may be
amended (including any amendment and restatement thereof), supplemented or otherwise modified from time to time, including one or more credit agreements, loan agreements or similar agreements or indentures extending the maturity of, refinancing,
replacing or otherwise restructuring (including increasing the amount of available borrowings thereunder or adding Restricted Subsidiaries of the Company as additional borrowers or guarantors thereunder) all or any portion of the Indebtedness under
such agreement or agreements or any successor or replacement agreement or agreements and whether by the same or any other agent, holders, lender or group of lenders. 

“Base Indenture” has the meaning specified in the recitals of this Supplemental Indenture. 

“Capitalized Lease Obligations” means, as to any Person, the obligations of such Person under a lease that are required to be
classified and accounted for as capital lease obligations under GAAP and, for purposes of this definition, the amount of such obligations at any date shall be the capitalized amount of such obligations at such date, determined in accordance with
GAAP. 
 “Cash Equivalents” means: 

(a) debt securities denominated in Euro, pounds sterling or U.S. dollars to be issued or directly and fully guaranteed or insured by the
government of a Participating Member State, the U.K. or the U.S., as applicable, where the debt securities have not more than twelve months to final maturity and are not convertible into any other form of security; 

  
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 (b) commercial paper denominated in Euro, pounds sterling or U.S. dollars maturing no more than
one year from the date of creation thereof and, at the time of acquisition, having a rating of at least P1 from Moody’s and A1 from S&P; 

(c) certificates of deposit denominated in Euro, pounds sterling or U.S. dollars having not more than twelve months to maturity issued by a
bank or financial institution incorporated or having a branch in a Participating Member State in the United Kingdom or the United States, provided that the bank is rated P1 by Moody’s or A1 by S&P; 

(d) any cash deposit denominated in Euro, pounds sterling or U.S. dollars with any commercial bank or other financial institution, in each
case whose long term unsecured, unsubordinated debt rating is at least A3 by Moody’s or A- by S&P; 

(e) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clause (a) above
entered into with any bank or financial institution meeting the qualifications specified in clause (d) above; and 
 (f) investments in
money market funds which invest substantially all their assets in securities of the types described in clauses (a) through (e) above. 

“Change of Control” means the occurrence of one or more of the following events: 

(1)    any sale, lease, exchange or other transfer (in one transaction or a series of related transactions)
of all or substantially all of the assets of the Company to any Person or group of related Persons for purposes of Section 13(d) of the Exchange Act (a “Group”), together with any Affiliates thereof (whether or not otherwise in
compliance with the provisions of the Indenture); 
 (2)    the approval by the holders of Capital Stock
of the Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not otherwise in compliance with the provisions of the Indenture); or 

(3)    any Person or Group shall become the owner, directly or indirectly, beneficially or of record, of
shares representing more than 50% of the aggregate ordinary voting power represented by the issued and outstanding Capital Stock of the Company. 

For the avoidance of doubt, the consummation of the Company Conversion shall not constitute a “Change of Control.” 

“Change of Control Offer” has the meaning set forth in Section 4.05(a). 

“Change of Control Payment” has the meaning set forth in Section 4.05(a). 

“Change of Control Payment Date” has the meaning set forth in Section 4.05(a). 

“Change of Control Triggering Event” means, in each case, the occurrence of both (i) a Change of Control and (ii) a
Rating Event. 

  
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 “Clearstream” means Clearstream Banking, a société anonyme
as currently in effect or any successor securities clearing agency. 
 “Company” has the meaning specified in the recitals
of this Supplemental Indenture, and subject to the provisions of ARTICLE 5 shall include its successors and assigns. 
 “Company
Conversion” means the actions taken by the Company and its Subsidiaries in connection with Company’s qualification as a REIT, including without limitation, (y) separating from time to time all or a portion of its United States and
international businesses into, as defined by the Code, taxable REIT subsidiaries (“TRS”) and/or qualified REIT subsidiaries (“QRS”) (it being understood that any such TRS and/or QRS shall remain Restricted
Subsidiaries, as prior to the Company Conversion) and (z) amending its charter to impose ownership limitations on the Company’s Capital Stock directly or indirectly by merging into a Wholly Owned Restricted Subsidiary of the Company. 

“Consolidated Depreciation, Amortization and Accretion Expense” means with respect to any Person for any period, the total
amount of depreciation and amortization (including amortization of goodwill and other intangibles but excluding amortization of prepaid cash expenses that were paid in a prior period) and accretion expense, including the amortization of deferred
financing fees or costs of such Person and its Restricted Subsidiaries for such period on a consolidated basis and otherwise determined in accordance with GAAP. 

“Consolidated EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such
period: 
 (a)    increased (without duplication) by the following, in each case to the extent deducted
in determining Consolidated Net Income for such period: 
 (1)    provision for taxes based on income or
profits or capital, including, without limitation, federal, state, franchise and similar taxes and foreign withholding taxes (including any levy, impost, deduction, charge, rate, duty, compulsory loan or withholding which is levied or imposed by a
governmental agency, and any related interest, penalty, charge, fee or other amount) of such Person paid or accrued during such period deducted (and not added back) in computing Consolidated Net Income; plus 

(2)    Consolidated Interest Expense of such Person for such period to the extent the same were deducted
(and not added back) in calculating such Consolidated Net Income; plus 
 (3)    Consolidated
Depreciation, Amortization and Accretion Expense of such Person for such period to the extent that the same were deducted (and not added back) in computing Consolidated Net Income; plus 

(4)    any expenses or charges (other than depreciation or amortization expense) related to any Equity
Offering or the incurrence of Indebtedness permitted to be incurred in accordance with the Indenture (including a refinancing thereof) (whether or not successful), in each case, deducted (and not added back) in computing Consolidated Net Income;
plus 

  
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 (5)    any other
Non-cash Charges, including any provisions, provision increases, write-offs or write-downs reducing Consolidated Net Income for such period (provided that if any such
Non-cash Charges represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted from Consolidated EBITDA to such
extent), and excluding amortization of a prepaid cash item that was paid in a prior period; plus 

(6)    any costs or expenses incurred by the Company or a Restricted Subsidiary pursuant to any management
equity plan or stock option plan or any other management or employee benefit plan or agreement or any stock subscription or stockholder agreement, to the extent that such cost or expenses are funded with cash proceeds contributed to the capital of
the Company or net cash proceeds of an issuance of Equity Interest of the Company (other than Disqualified Capital Stock); plus 

(7)    cash receipts (or any netting arrangements resulting in reduced cash expenditures) not representing
Consolidated EBITDA or Consolidated Net Income in any period to the extent non-cash gains relating to such income were deducted in the calculation of Consolidated EBITDA pursuant to clause (b) below for
any previous period and not added back; plus 
 (8)    any net loss from disposed or discontinued
operations; plus 
 (9)    any net unrealized loss (after any offset) resulting in such period from
obligations under any Currency Agreements and the application of ASC 815; provided that to the extent any such Currency Agreement relates to items included in the preparation of the income statement (as opposed to the balance sheet, as
reasonably determined by the Company), the realized loss on a Currency Agreement shall be included to the extent the amount of such hedge gain or loss was excluded in a prior period; plus 

(10)    any net unrealized loss (after any offset) resulting in such period from (A) currency
translation or exchange losses including those (x) related to currency remeasurements of Indebtedness and (y) resulting from hedge agreements for currency exchange risk and (B) changes in the fair value of Indebtedness resulting from
changes in interest rates; plus 
 (11)    the amount of any minority interest expense (less the amount
of any cash dividends paid in such period to holders of such minority interests); plus 
 (12)    the
amount of any costs and expenses associated with the Company Conversion, including, without limitation, planning and advisory costs related to the foregoing; and 

(b)    decreased (without duplication) by the following, in each case to the extent included in determining
Consolidated Net Income for such period: 
 (1)    non-cash gains
increasing Consolidated Net Income of such Person for such period, excluding any non-cash gains to the extent they represent the reversal of an accrual or reserve for a potential cash item that reduced
Consolidated EBITDA in any prior period and any non-cash gains with respect to cash actually received in a prior period so long as such cash did not increase Consolidated EBITDA in such prior period; 

  
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 (2)    any net gain from disposed or discontinued operations;

 (3)    any net unrealized gain (after any offset) resulting in such period from obligations under any
Currency Agreements and the application of ASC 815; provided that to the extent any such Currency Agreement relates to items included in the preparation of the income statement (as opposed to the balance sheet, as reasonably determined by the
Company), the realized gain on a Currency Agreement shall be included to the extent the amount of such hedge gain or loss was excluded in a prior period; plus 

(4)    any net unrealized gains (after any offset) resulting in such period from (A) currency
translation or exchange gains including those (x) related to currency remeasurements of Indebtedness and (y) resulting from hedge agreements for currency exchange risk and (B) changes in the fair value of Indebtedness resulting from
changes in interest rates. 
 For purposes of this definition, calculations shall be done after giving effect on a pro forma basis for the
period of such calculation to: 
 (1)    the incurrence or repayment of any Indebtedness or the
designation or elimination (including by de-designation) of any Designated Revolving Commitments of such Person or any of its Restricted Subsidiaries (and the application of the proceeds thereof) giving rise
to the need to make such calculation and any incurrence or repayment of other Indebtedness (and the application of the proceeds thereof), other than the incurrence or repayment of Indebtedness in the ordinary course of business for working capital
purposes pursuant to working capital facilities, occurring during the Four Quarter Period or at any time subsequent to the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such incurrence or repayment of
Indebtedness or designation or elimination (including by de-designation) of Designated Revolving Commitments, as the case may be (and the application of the proceeds thereof), occurred on the first day of the
Four Quarter Period (and in the case of Designated Revolving Commitments, as if Indebtedness in the full amount of any undrawn Designated Revolving Commitments had been incurred throughout such period); and 

(2)    any asset sales or other dispositions or Asset Acquisitions (including, without limitation, any
Asset Acquisition giving rise to the need to make such calculation as a result of such Person or one of its Restricted Subsidiaries (including any Person who becomes a Restricted Subsidiary as a result of the Asset Acquisition) incurring, assuming
or otherwise being liable for Acquired Indebtedness and also including any Consolidated EBITDA (including any pro forma expense and cost reductions calculated on a basis consistent with Regulation S-X
promulgated under the Exchange Act) attributable to the assets which are the subject of the Asset Acquisition or asset sale or other disposition during the Four Quarter Period) occurring during the Four Quarter Period or at any time subsequent to
the last day of the Four Quarter Period and on or prior to the Transaction Date, as if such asset sale or other disposition or Asset Acquisition (including the incurrence, assumption or liability for any such Acquired Indebtedness) occurred on the
first day of the Four Quarter Period. If such Person or any of its Restricted Subsidiaries directly or indirectly guarantees Indebtedness of a third Person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness
as if such Person or any Restricted Subsidiary of such Person had directly incurred or otherwise assumed such guaranteed Indebtedness. 

  
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 “Consolidated Interest Expense” means, with respect to any Person for any
period, the sum of, without duplication: 
 (1)    the aggregate of the interest expense of such Person
and its Restricted Subsidiaries for such period determined on a consolidated basis in accordance with GAAP, including without limitation: (a) any amortization of debt discount and the amortization or
write-off of deferred financing costs, including commitment fees; (b) the net costs under Interest Swap Obligations; (c) all capitalized interest;
(d) non-cash interest expense (other than non-cash interest on any convertible or exchangeable debt issued by the Company that exists by virtue of the bifurcation
of the debt and equity components of such convertible or exchangeable notes and the application of ASC 470-20 (or related accounting pronouncement(s)); (e) commissions, discounts and other fees and charges
owed with respect to letters of credit and banker’s acceptance financing; (f) dividends with respect to Disqualified Capital Stock; (g) dividends with respect to Preferred Stock of Restricted Subsidiaries of such Person;
(h) imputed interest with respect to Sale and Leaseback Transactions; and (i) the interest portion of any deferred payment obligation; plus 

(2)    the interest component of Capitalized Lease Obligations paid, accrued and/or scheduled to be paid or
accrued by such Person and its Restricted Subsidiaries during such period as determined on a consolidated basis in accordance with GAAP; less 

(3)    interest income for such period. 

“Consolidated Net Income” means, with respect to any Person, for any period, the aggregate net income (or loss) of such
Person and its Restricted Subsidiaries for such period on a consolidated basis, determined in accordance with GAAP; provided that there shall be excluded therefrom (without duplication): 

(1)    any after tax effect of extraordinary, non-recurring or
unusual gains or losses (including all fees and expenses relating thereto) or expenses (including relating to the transaction contemplated hereby); 

(2)    any net after tax gains or losses on disposal of disposed, abandoned or discontinued operations;

 (3)    any after tax effect of gains or losses (including all fees and expenses relating thereto)
attributable to sale, transfer, license, lease or other disposition of assets or abandonments or the sale, transfer or other disposition of any Equity Interest of any Person other than in the normal course of business; 

(4)    the net income for such period of any Person that is not a Subsidiary, or is an Unrestricted
Subsidiary, or that is accounted for by the equity method of accounting, except to the extent of cash dividends or distributions paid to the Company or to a Restricted Subsidiary of the Company by such Person; 

(5)    any after tax effect of income (loss) from the early extinguishment of (1) Indebtedness, (2)
obligations under any Currency Agreement or (3) other derivative instruments; 

  
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 (6)    any impairment charge or asset write-off or write-down, including impairment charges or asset write-offs or write-downs related to intangible assets, long-lived assets, investments in debt and equity
securities or as a result of a change in law or regulation, in each case, pursuant to GAAP, and the amortization of intangibles arising pursuant to GAAP; 

(7)    any non-cash compensation charge or expense including any
such charge arising from the grants of stock appreciation or similar rights, stock options, restricted stock or other rights; 

(8)    any fees and expenses incurred during such period, or any amortization thereof for such period, in
connection with any issuance or repayment of Indebtedness, issuance of Equity Interests, refinancing transaction, amendment or modification of any debt instrument; 

(9)    income or loss attributable to discontinued operations (including, without limitation, operations
disposed of during such period whether or not such operations were classified as discontinued); 

(10)    in the case of a successor to the referent Person by consolidation or merger or as a transferee of
the referent Person’s assets, any earnings of the successor entity prior to such consolidation, merger or transfer of assets; 

(11)    the net income (but not loss) of any Restricted Subsidiary of the referent Person to the extent
that the declaration of dividends or similar distributions by that Restricted Subsidiary of that income is restricted by contract, operation of law or otherwise; and 

(12)    acquisition-related costs resulting from the application of ASC 805. 

In addition, to the extent not already included in the Consolidated Net Income of such Person and its Restricted Subsidiaries, notwithstanding
anything to the contrary in the foregoing, but without duplication, Consolidated Net Income shall include the amount of proceeds received from business interruption insurance and reimbursements of any expenses and charges that are covered by
indemnification or other reimbursement provisions in connection with any sale, conveyance, transfer or other disposition of assets permitted under the Indenture (in each case, whether or not non-recurring).

 “Currency Agreement” means any foreign exchange contract, currency swap agreement or other similar agreement or
arrangement designed to protect the Company or any Restricted Subsidiary of the Company against fluctuations in currency values. 

“Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with
Section 2.08 of the Base Indenture, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Security Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note”
attached thereto. 
 “delivered” with respect to any notice to be delivered, given or mailed to a Holder pursuant to the
Indenture, shall mean notice (x) given to the Depositary (or its designee) in accordance with accepted procedures of the Depositary (in the case of a Global Note) or (y) mailed to such Holder by first class mail, postage prepaid, at its
address as it appears on the register of Holders. Notice so “delivered” shall be deemed to include any notice to be “mailed” or “given,” as applicable, under the Indenture. 

  
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 “Designated Revolving Commitments” means the amount or amounts of any
commitments to make loans or extend credit on a revolving basis to the Company or any of its Restricted Subsidiaries by any Person other than the Company or any of its Restricted Subsidiaries that has or have been designated (but only to the extent
so designated) in an Officers’ Certificate delivered to the Trustee as “Designated Revolving Commitments” until such time as the Company subsequently delivers an Officers’ Certificate to the Trustee to the effect that the amount
or amounts of such commitments shall no longer constitute “Designated Revolving Commitments.” 
 “Disqualified Capital
Stock” means that portion of any Capital Stock which, by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable at the option of the holder thereof), or upon the happening of any event (other
than an event which would constitute a Change of Control), matures or is mandatorily redeemable pursuant to a sinking fund obligation or otherwise, or is redeemable at the sole option of the holder thereof (except, in each case, upon the occurrence
of a Change of Control), in each case, on or prior to the final maturity date of the Notes. 
 “Distribution Compliance
Period”, with respect to any Note, means the period of 40 consecutive days beginning on and including the later of (i) the day on which such Notes are first offered to persons other than distributors (as defined in Regulation S) in
reliance on Regulation S and (ii) the Issue Date with respect to such Notes. 
 “Domestic Restricted Subsidiary” means
a Restricted Subsidiary incorporated or otherwise organized under the laws of the United States, any State thereof or the District of Columbia. 

“Equity Interests” means Capital Stock and all warrants, options or other rights to Capital Stock, but excluding any debt
security that is convertible into, or exchangeable for, Capital Stock. 
 “Equity Offering” means any public or private
sale of Common Stock or Preferred Stock of the Company (excluding Disqualified Capital Stock), other than: 

(a)    public offerings with respect to the Company’s or any direct or indirect parent company’s
common stock registered on Form S-4 or Form S-8 (or similar forms under non-U.S. law); 

(b)    issuances to any Subsidiary of the Company; 

(c)    issuances pursuant to the exercise of options or warrants outstanding on the date hereof; 

(d)    issuances upon conversion of securities convertible into Common Stock outstanding on the date
hereof; 
 (e)    issuances in connection with an acquisition of property in a transaction entered into
on an arm’s-length basis; and 
 (f)    issuances pursuant
to employee stock plans. 
 “Euroclear” means Euroclear Bank SA/NV, or any successor securities clearing agency. 

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

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

“fair market value” means, with respect to any asset or property, the price which could be negotiated in an arm’s-length, free market transaction, for cash, between a willing seller and a willing and able buyer, neither of whom is under undue pressure or compulsion to complete the transaction. Fair market value shall
be determined by the Board of Directors of the Company or any duly appointed officer of the Company or a Restricted Subsidiary, as applicable, acting reasonably and in good faith and, in respect of any asset or property with a fair market value in
excess of $50.0 million, shall be determined by the Board of Directors of the Company and shall be evidenced by a Board Resolution of the Board of Directors of the Company delivered to the Trustee. 

“Fitch” means Fitch Ratings Inc. or any successor to the rating agency business thereof. 

“Four Quarter Period” means the period of four full fiscal quarters for which financial statements are available ending prior
to the date of the transaction (the “Transaction Date”) giving rise to the need to calculate the Secured Leverage Ratio. 

“GAAP” means generally accepted accounting principles set forth in the statements and pronouncements of the Financial
Accounting Standards Board or in such other statements by such other entity as may be approved by a significant segment of the accounting profession of the United States, which are in effect as of July 11, 2011. 

“Global Notes” means, individually and collectively, each of the Global Securities deposited with or on behalf of and
registered in the name of the Depositary or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Security Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached
thereto, issued in accordance with Section 2.03 of the Base Indenture and Section 2.03 hereof, including the Rule 144A Global Notes and the Regulation S Global Notes. 

“Holder” means a Person in whose name a Note is registered. 

“Increased Amount” has the meaning set forth in Section 4.04(c). 

“incur” means, collectively, create, incur, assume, guarantee, acquire, become liable, contingently or otherwise, with
respect to, or otherwise become responsible for payment of (collectively, “incur”) any Indebtedness. 

“Indebtedness” means with respect to any Person, without duplication: 

(1)    all Obligations of such Person for borrowed money; 

(2)    all Obligations of such Person evidenced by bonds, debentures, notes or other similar instruments;

 (3)    all Capitalized Lease Obligations and all Attributable Debt of such Person; 

(4)    all Obligations of such Person issued or assumed as the deferred purchase price of property, all
conditional sale obligations and all Obligations under any title retention agreement (but excluding (i) trade accounts payable and other accrued liabilities arising in 

  
 -10- 

 
the ordinary course of business that are not overdue by 120 days or more or are being contested in good faith by appropriate proceedings promptly instituted and diligently conducted and
(ii) any earn-out obligation until such obligation becomes a liability on the balance sheet of such Person in accordance with GAAP); 

(5)    all Obligations for the reimbursement of any obligor on any letter of credit, banker’s
acceptance or similar credit transaction (other than obligations with respect to letters of credit (A) securing Obligations (other than Obligations described in (1) - (4) above) entered into the ordinary course of business of such
Person to the extent such letters of credit are not drawn upon or, if and to the extent drawn upon, such drawing is reimbursed no later than the fifth Business Day following receipt by such Person of a demand for reimbursement following payment on
the letter of credit) or (B) that are otherwise cash collateralized; 
 (6)    guarantees and other
contingent obligations in respect of Indebtedness referred to in clauses (1) through (5) above and clause (8) below; 

(7)    all Obligations of any other Person of the type referred to in clauses (1) through (6) that are
secured by any Lien on any property or asset of such Person, the amount of such Obligation being deemed to be the lesser of the fair market value of such property or asset or the amount of the Obligation so secured; 

(8)    all Obligations under Currency Agreements and Interest Swap Obligations of such Person; 

(9)    all Disqualified Capital Stock issued by such Person or Preferred Stock issued by such Person’s
non-Domestic Restricted Subsidiaries with the amount of Indebtedness represented by such Disqualified Capital Stock or Preferred Stock being equal to the greater of its voluntary or involuntary liquidation
preference and its maximum fixed repurchase price, but excluding accrued dividends, if any; and 
 (10)
    the aggregate amount of Designated Revolving Commitments in effect on such date. 
 For purposes hereof, the
“maximum fixed repurchase price” of any Disqualified Capital Stock which does not have a fixed repurchase price shall be calculated in accordance with the terms of such Disqualified Capital Stock as if such Disqualified Capital Stock were
purchased on any date on which Indebtedness shall be required to be determined pursuant to the Indenture, and if such price is based upon, or measured by, the fair market value of such Disqualified Capital Stock, such fair market value shall be
determined reasonably and in good faith by the Board of Directors of the issuer of such Disqualified Capital Stock. 

“Indenture” means the Base Indenture, as supplemented by this Supplemental Indenture, as amended or supplemented from time to
time. 
 “Interest Swap Obligations” means the obligations of any Person pursuant to any arrangement with any other Person,
whereby, directly or indirectly, such Person is entitled to receive from time to time periodic payments calculated by applying either a floating or a fixed rate of interest on a stated notional amount in exchange for periodic payments made by such
other Person calculated by applying a fixed or a floating rate of interest on the same notional amount and shall include, without limitation, interest rate swaps, caps, floors, collars and similar agreements. 

  
 -11- 

 “Interest Payment Date” has the meaning set forth in Section 2.01(d). 

“Issue Date” means April 2, 2018. 

“Material Subsidiary” means a “significant subsidiary” as defined in Rule
1-02(w) of Regulation S-X under the Securities Act. 

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

“Non-cash Charges” means, with respect to any Person, (a) losses on asset sales,
disposals or abandonments, (b) any impairment charge or asset write-off related to intangible assets, long-lived assets, and investments in debt and equity securities pursuant to GAAP, (c) all losses
from investments recorded using the equity method, (d) stock-based awards compensation expense, and (e) other non-cash charges (provided that if any
non-cash charges referred to in this clause (e) represent an accrual or reserve for potential cash items in any future period, the cash payment in respect thereof in such future period shall be subtracted
from Consolidated EBITDA to such extent, and excluding amortization of a prepaid cash item that was paid in a prior period). 

“Notes” has the meaning specified in the recitals of this Supplemental Indenture. 

“Obligations” means all obligations for principal, premium, interest, penalties, fees, indemnifications, reimbursements,
damages and other liabilities payable under the documentation governing any Indebtedness. 
 “Offer Amount” has the meaning
set forth in Section 3.02. 
 “Offer Period” has the meaning set forth in Section 3.02. 

“Officers’ Certificate” means a certificate signed by two Officers and delivered to the Trustee. 

“Pari Passu Indebtedness” means any Indebtedness of the Company that ranks pari passu in right of payment with the
Notes. 
 “Participating Member State” means each state, so described in any European Monetary Union legislation, which was
a participating member state on December 31, 2003. 
 “Permitted Liens” means the following types of Liens: 

(1)    Liens for taxes, assessments or governmental charges or claims either (a) not delinquent or
(b) contested in good faith by appropriate proceedings and as to which the Company or its Restricted Subsidiaries shall have set aside on its books such reserves as may be required pursuant to GAAP; 

(2)    statutory Liens of landlords and Liens of carriers, warehousemen, mechanics, suppliers, materialmen,
repairmen and other Liens imposed by law incurred in the ordinary course of business for sums not yet delinquent or being contested in good faith, if such reserve or other appropriate provision, if any, as shall be required by GAAP shall have been
made in respect thereof; 

  
 -12- 

 (3)    Liens incurred or deposits made in the ordinary course
of business in connection with workers’ compensation, unemployment insurance and other types of social security, including any Lien securing letters of credit issued in the ordinary course of business consistent with past practice in connection
therewith, or to secure the performance of tenders, statutory obligations, surety and appeal bonds, bids, leases, government contracts, performance and return-of-money
bonds and other similar obligations (exclusive of obligations for the payment of borrowed money); 

(4)    judgment Liens not giving rise to an Event of Default so long as such Lien is adequately bonded and
any appropriate legal proceedings which may have been duly initiated for the review of such judgment shall not have been finally terminated or the period within which such proceedings may be initiated shall not have expired; 

(5)    easements,
rights-of-way, zoning restrictions and other similar charges or encumbrances in respect of real property not interfering in any material respect with the ordinary
conduct of the business of the Company or any of its Restricted Subsidiaries; 
 (6)    any interest or
title of a lessor under any Capitalized Lease Obligation; provided that such Liens do not extend to any property or assets which is not leased property subject to such Capitalized Lease Obligation (other than other property that is subject to
a separate lease from such lessor or any of its Affiliates); 
 (7)    Liens securing Purchase Money
Indebtedness incurred in the ordinary course of business; provided that (a) such Purchase Money Indebtedness shall not exceed the purchase price or other cost of such property or equipment and shall not be secured by any property or
equipment of the Company or any Restricted Subsidiary of the Company other than the property and equipment so acquired or other property that was acquired from such seller or any of its Affiliates with the proceeds of Purchase Money Indebtedness and
(b) the Lien securing such Purchase Money Indebtedness shall be created within 360 days of such acquisition; 

(8)    Liens upon specific items of inventory or other goods and proceeds of any Person securing such
Person’s obligations in respect of bankers’ acceptances issued or created for the account of such Person to facilitate the purchase, shipment or storage of such inventory or other goods; 

(9)    Liens securing reimbursement obligations with respect to commercial letters of credit which encumber
documents and other property relating to such letters of credit and products and proceeds thereof; 

(10)    Liens securing Interest Swap Obligations; 

(11)    Liens securing Indebtedness under Currency Agreements; 

(12)    Liens securing Acquired Indebtedness; provided that 

(a)    such Liens secured such Acquired Indebtedness at the time of and prior to the incurrence of such
Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company and were not granted in connection with, or in anticipation of, the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company; and

  
 -13- 

 (b)    such Liens do not extend to or cover any property or
assets of the Company or of any of its Restricted Subsidiaries other than the property or assets that secured the Acquired Indebtedness prior to the time such Indebtedness became Acquired Indebtedness of the Company or a Restricted Subsidiary of the
Company and are no more favorable to the lienholders than those securing the Acquired Indebtedness prior to the incurrence of such Acquired Indebtedness by the Company or a Restricted Subsidiary of the Company; 

(13)    Liens on assets of a Restricted Subsidiary of the Company; 

(14)    leases, subleases, licenses and sublicenses granted to others that do not materially interfere with
the ordinary course of business of the Company and its Restricted Subsidiaries; 
 (15)    banker’s
Liens, rights of setoff and similar Liens with respect to cash and Cash Equivalents on deposit in one or more bank accounts in the ordinary course of business; 

(16)    Liens arising from filing Uniform Commercial Code financing statements regarding leases; 

(17)    Liens in favor of customs and revenue authorities arising as a matter of law to secure payments of
customs duties in connection with the importation of goods; 
 (18)    Liens (a) on inventory held
by and granted to a local distribution company in the ordinary course of business and (b) in accounts purchased and collected by and granted to a local distribution company that has agreed to make payments to the Company or any of its
Restricted Subsidiaries for such amounts in the ordinary course of business; 
 (19)    [Reserved]; 

(20)    Liens securing Indebtedness in respect of Sale and Leaseback Transactions; 

(21)    [Reserved] 

(22)    Liens securing Indebtedness in respect of mortgage financings; and 

(23)    Liens with respect to obligations (including Indebtedness) of the Company or any of its Restricted
Subsidiaries otherwise permitted under the Indenture that do not exceed 20.0% of Total Assets at any one time outstanding. 

“Purchase Date” has the meaning set forth in Section 3.02. 

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

“QRS” has the meaning set forth in the definition of “Company Conversion”. 

  
 -14- 

 “Purchase Money Indebtedness” means Indebtedness of the Company and its
Restricted Subsidiaries incurred in the normal course of business for the purpose of financing all or any part of the purchase price, or the cost of installation, construction or improvement, of property or equipment. 

“Rating Agency” means (1) each of Fitch, Moody’s and S&P and (2) if Fitch, Moody’s or S&P ceases
to rate the Notes for reasons outside of the Company’s control, a “nationally recognized statistical rating organization” as such term is defined in Section 3(a)(62) of the Exchange Act selected by the Company as a replacement
agency for Fitch, Moody’s or S&P, as the case may be. 
 “Rating Event” means if the Notes are downgraded by at
least one rating category from the applicable rating of such Notes on the first day of the Trigger Period and/or cease to be rated by two of the Rating Agencies on any date during the Trigger Period; provided that a Rating Event will not be
deemed to have occurred in respect of a particular Change of Control if each applicable downgrading Rating Agency does not publicly announce or confirm or inform the Trustee in writing at our request that the reduction was the result of the Change
of Control (whether or not the applicable Change of Control has occurred at the time of the Change of Control Triggering Event). Notwithstanding the foregoing, no Rating Event will be deemed to have occurred in connection with any particular Change
of Control unless and until such Change of Control has actually been consummated; provided further that in the event that a Rating Agency does not provide a rating of Notes on the first day of the Trigger Period, such absence of rating shall
be treated as both a downgrade in the rating of such Notes by such Rating Agency and a downgrade that results in such Notes no longer being rated at the rating category in effect on the first day of the Trigger Period by such Rating Agency, in each
case, and shall not be subject to the immediately preceding proviso. The Trustee shall have no obligation to determine whether a Rating Event has occurred. 

“REIT” means a “real estate investment trust” as defined and taxed under Sections
856-860 of the Code. 
 “Repurchase Offer” has the meaning set forth in
Section 3.02. 
 “Regulation S” means Regulation S promulgated under the Securities Act, as amended (or any successor
rule or regulation then in effect). 
 “Regulation S Global Notes” has the meaning set forth in Section 2.03(c). 

“Regulation S Notes” has the meaning set forth in Section 2.03(b). 

“Resale Restriction Termination Date” has the meaning set forth in Section 2.04. 

“Restricted Securities” has the meaning set forth in Section 2.04. 

“Restricted Securities Legend” has the meaning set forth in Section 2.04. 

“Restricted Subsidiary” of any Person means any Subsidiary of such Person which at the time of determination is not an
Unrestricted Subsidiary. 
 “Rule 144” means Rule 144 promulgated under the Securities Act, as amended (or any successor
rule then in effect). 
 “Rule 144A” means Rule 144A promulgated under the Securities Act, as amended (or any successor
rule then in effect). 

  
 -15- 

 “Rule 144A Global Notes” has the meaning set forth in Section 2.03(c). 

“Rule 144A Notes” has the meaning set forth in Section 2.03(b). 

“S&P” means Standard & Poor’s Ratings Group, Inc., or any successor to the rating agency business thereof.

 “Sale and Leaseback Transaction” means any direct or indirect arrangement with any Person or to which any such Person is
a party, providing for the leasing to the Company or a Restricted Subsidiary of any property, whether owned by the Company or any Restricted Subsidiary at the Issue Date or later acquired, which has been or is to be sold or transferred by the
Company or such Restricted Subsidiary to such Person or to any other Person from whom funds have been or are to be advanced by such Person on the security of such property. 

“Secured Indebtedness” means any Indebtedness secured by a Lien on any assets of the Company or any of its Restricted
Subsidiaries. 
 “Secured Leverage Ratio” as of any date of determination means the ratio of (x) the aggregate amount
of consolidated Secured Indebtedness of the Company and its Restricted Subsidiaries as of such date of determination to (y) Consolidated EBITDA for the Company’s four most recent fiscal quarters for which internal financial statements are
available preceding such date of determination, in each case with such pro forma adjustments to Consolidated EBITDA as are appropriate and consistent with the pro forma adjustment provision set forth in the definition thereof. 

“Securities Act” means the Securities Act of 1933, as amended from time to time. 

“Subordinated Indebtedness” means Indebtedness of the Company that is subordinated or junior in right of payment to the
Notes. 
 “Supplemental Indenture” has the meaning specified in the recitals of this Supplemental Indenture. 

“TIA” means the Trust Indenture Act of 1939 (15 U.S.C. Sections 77aaa-77bbbb), as amended. 

“Total Assets” means, at the time of determination, the total consolidated assets of the Company and its Subsidiaries, as
shown on the most recent balance sheet of the Company. 
 “Transaction Date” has the meaning assigned thereto in the
definition of “Four Quarter Period.” 
 “Trigger Period” means the
60-day period commencing on the earlier of (i) the occurrence of a Change of Control or (ii) the first public announcement of the occurrence of a Change of Control or our intention to effect a Change
of Control (which Trigger Period will be extended so long as the ratings of the Notes are under publicly announced consideration for possible downgrade by any two of the three Rating Agencies); provided that the Trigger Period will terminate with
respect to each Rating Agency when such Rating Agency takes action (including affirming its existing ratings) with respect to such Change of Control. 

“TRS” has the meaning set forth in the definition of “Company Conversion”. 

  
 -16- 

 “Trustee” has the meaning specified in the recitals of this Supplemental
Indenture. 
 “Unrestricted Subsidiary” of any Person means: 

(1)    any Subsidiary of such Person that at the time of determination shall be or continue to be
designated an Unrestricted Subsidiary by the Board of Directors of such Person in the manner provided below; and 

(2)    any Subsidiary of an Unrestricted Subsidiary. 

The Board of Directors of the Company may designate any Subsidiary (including any newly acquired or newly formed Subsidiary) to be an
Unrestricted Subsidiary unless such Subsidiary owns any Capital Stock of, or owns or holds any Lien on any property of, the Company or any other Subsidiary of the Company that is not a Subsidiary of the Subsidiary to be so designated;
provided that each Subsidiary to be so designated and each of its Subsidiaries has not at the time of designation, and does not thereafter, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect
to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any of its Restricted Subsidiaries. 

The Board of Directors may designate any Unrestricted Subsidiary to be a Restricted Subsidiary only if immediately before and immediately
after giving effect to such designation, no Default or Event of Default shall have occurred and be continuing. Any such designation by the Board of Directors shall be evidenced to the Trustee by promptly filing with the Trustee a copy of the Board
Resolution giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions. 

“Wholly Owned Restricted Subsidiary” means a Restricted Subsidiary, all of the Capital Stock of which (other than
directors’ qualifying shares) is owned by the Company or another Wholly Owned Restricted Subsidiary. 
 Whenever this Supplemental
Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Supplemental Indenture. 

All terms used in this Supplemental Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by
Commission rule under the TIA have the meanings so assigned to them. 
 Section 1.02.    Conflicts with Base
Indenture. In the event that any provision of this Supplemental Indenture limits, qualifies or conflicts with a provision of the Base Indenture, such provision of this Supplemental Indenture shall control. 

ARTICLE 2 
 THE NOTES 

Section 2.01.    Amount; Series; Terms. 

(a)    There are hereby created and designated five series of Notes under the Base Indenture: the titles of the Notes shall
be “5.00% Senior Notes Due April 2019”, “5.00% Senior Notes Due October 2019”, “5.00% Senior Notes Due April 2020”, “5.00% Senior Notes Due October 2020” and “5.00% Senior Notes Due April 2021”. The
changes, modifications and supplements to the Base Indenture effected by this Supplemental Indenture shall be applicable only with respect to, 

  
 -17- 

 
and govern the terms of, the Notes and shall not apply to any other series of Notes that may be issued under the Base Indenture unless a supplemental indenture with respect to such other series
of Notes specifically incorporates such changes, modifications and supplements. 
 (b)    The aggregate principal amount
of Notes is $150,000,000 of April 2019 Notes, $150,000,000 of October 2019 Notes, $150,000,000 of April 2020 Notes, $150,000,000 of October 2020 Notes and $150,000,000 of April 2021 Notes. 

(c)    The stated maturity of the: 

(i)    April 2019 Notes shall be April 2, 2019, unless earlier repurchased in accordance with the
Indenture; 
 (ii)    October 2019 Notes shall be October 2, 2019, unless earlier repurchased in
accordance with the Indenture; 
 (iii)    April 2020 Notes shall be April 2, 2020, unless earlier
repurchased in accordance with the Indenture; 
 (iv)    October 2020 Notes shall be October 2,
2020, unless earlier repurchased in accordance with the Indenture; 
 (v)    April 2021 Notes shall be
April 2, 2021, unless earlier repurchased in accordance with the Indenture. 
 (d)    Each series of Notes shall
bear interest at the rate of 5.00% per annum from April 2, 2018, or from the most recent date to which interest has been paid or duly provided for, as further provided in the forms of Global Note annexed hereto as Exhibit A. Interest
shall be computed on the basis of a 360-day year composed of twelve 30-day months. The dates on which such interest shall be payable (each, an “Interest Payment
Date”) shall be April 2 and October 2 of each year, beginning on October 2, 2018, and the record date for any interest payable on each such Interest Payment Date shall be the immediately preceding March 15 or
September 15, respectively. 
 (e)    Each Series of Notes will be issued in the form of one or more Global Notes,
deposited with the Custodian, duly executed by the Company and authenticated by the Trustee as provided in Sections 2.03 and 2.04 of the Base Indenture. 

Section 2.02.    Denominations. The Notes shall be issuable only in registered form without coupons and
only in minimum denominations of $2,000 and any multiple of $1,000 in excess thereof. 
 Section 2.03.    Form
of Notes. 
 (a)     The Notes and the Trustee’s certificate of authentication will be substantially in the form
of Exhibit A hereto. However, to the extent any provision of any Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

(b)    The Notes shall be issued by the Company to the initial Holder thereof on the Issue Date and, subject to
Section 2.04, may thereafter be transferred or resold to, among others, QIBs in reliance on Rule 144A (“Rule 144A Notes”) or Persons other than U.S. Persons (as defined in Regulation S) in reliance on Regulation S
(“Regulation S Notes”). 

  
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 (c)    Rule 144A Notes shall be issued initially in the form of one or more
permanent global Notes in definitive, fully registered form (collectively, the “Rule 144A Global Notes”) and Regulation S Notes shall be issued initially in the form of one or more global Notes (collectively, the “Regulation
S Global Notes”), in each case without interest coupons and bearing the Global Security Legend and Restricted Securities Legend, which shall be deposited on behalf of the purchasers of the Notes represented thereby with the Custodian, and
registered in the name of the Depositary or a nominee of the Depositary, duly executed by the Company and authenticated by the Trustee as provided in the Indenture. Beneficial ownership interests in the Regulation S Global Note shall not be
exchangeable for interests in the Rule 144A Global Note or any other Note without a Restricted Notes Legend until the expiration of the Distribution Compliance Period. Each Global Note shall represent such of the outstanding Notes as shall be
specified in the “Schedule of Exchanges of Interests in the Global Note” attached thereto and each shall provide that it shall represent up to the aggregate principal amount of Notes from time to time endorsed thereon and that the
aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as applicable, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or
decrease in the aggregate principal amount of outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof pursuant to
Section 2.08 of the Base Indenture. 
 Section 2.04.    Restricted Securities. 

(a)    Every Note that bears or is required under this Section 2.04 to bear the legend set forth in this
Section 2.04 (collectively, the “Restricted Securities”) shall be subject to the restrictions on transfer set forth in this Section 2.04 (including the legend set forth below), unless such restrictions on transfer shall be
eliminated or otherwise waived by written consent of the Company, and the Holder of each such Restricted Security, by such Holder’s acceptance thereof, agrees to be bound by all such restrictions on transfer. As used in this Section 2.04,
the term “transfer” encompasses any sale, pledge, transfer or other disposition whatsoever of any Restricted Security. 

(b)    Until the date (the “Resale Restriction Termination Date”) that is the later of (1) the date
that is one year after the last date of original issuance of the Notes, or such shorter period of time as permitted by Rule 144, and (2) such later date, if any, as may be required by applicable law, any certificate evidencing such Notes shall
bear a legend in substantially the following form (unless such Notes have been transferred pursuant to a registration statement that has become or been declared effective under the Securities Act and that continues to be effective at the time of
such transfer, or sold pursuant to the exemption from registration provided by Rule 144 or any similar provision then in force under the Securities Act, or unless otherwise agreed by the Company in writing, with notice thereof to the Trustee) (a
“Restricted Securities Legend”): 
 THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
“SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD, PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

  
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 (2)    AGREES FOR THE BENEFIT OF EQUINIX INC. (THE “COMPANY”) THAT IT WILL
NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144
UNDER THE SECURITIES ACT OR ANY SUCCESSOR PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 

(A)    TO THE COMPANY OR ANY SUBSIDIARY THEREOF, OR 

(B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE SECURITIES ACT, OR 

(C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR 

(D)    IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES ACT, OR

 (E)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER AVAILABLE
EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(E) ABOVE, THE
COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN COMPLIANCE
WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 

No transfer of any Security prior to the Resale Restriction Termination Date will be registered by the Registrar unless the applicable box on the Form of
Assignment and Transfer has been checked. 
 Any Note (or security issued in exchange or substitution therefor) as to which such restrictions on transfer
shall have expired in accordance with their terms may, upon surrender of such Note for exchange to the Registrar in accordance with the provisions of this Section 2.04, be exchanged for a new Note or Notes, of like tenor and aggregate principal
amount, which shall not bear the Restricted Securities Legend and shall not be assigned a restricted CUSIP number. The Company shall be entitled to instruct the Custodian in writing to so surrender any Global Note as to which such restrictions on
transfer shall have expired in accordance with their terms for exchange, and, upon such instruction and delivery of a Company Order, Officers’ Certificate and Opinion of Counsel, the Custodian shall so surrender such Global Note for exchange;
and any new Global Note so exchanged therefor shall not bear the Restricted Securities Legend and shall not be assigned a restricted CUSIP number. The Company shall promptly notify the Trustee upon the occurrence of the Resale Restriction
Termination Date and promptly after a registration statement, if any, with respect to any Notes has been declared effective under the Securities Act. 

  
 -20- 

 Notwithstanding the foregoing, upon a sale or transfer after the expiration of the Distribution Compliance Period
of any Note pursuant to Regulation S, all requirements that such Note bear the Restricted Securities Legend shall cease to apply. 

(c)    Any Note that is repurchased or owned by any Affiliate of the Company (or any Person who was an Affiliate of the
Company at any time during the three months preceding) may not be resold by such Affiliate (or such Person, as the case may be) unless registered under the Securities Act or resold pursuant to an exemption from the registration requirements of the
Securities Act in a transaction that results in such Note, no longer being a “restricted security” (as defined under Rule 144 under the Securities Act). The Company shall cause any Note that is repurchased or owned by it to be surrendered
to the Trustee for cancellation. 
 Section 2.05.    Transfers of Interests in the Regulation S Global
Notes. 
 (a)    Transfers by an owner of a beneficial interest in the Rule 144A Global Note to a transferee who
takes delivery of such interest through the Regulation S Global Note, whether before or after the expiration of the Distribution Compliance Period, shall be made only upon receipt by the Trustee of a written certification from the transferor to the
effect that such transfer is being made in accordance with Regulation S or (if available) Rule 144 and that, if such transfer is being made prior to the expiration of the Distribution Compliance Period, the interest transferred shall be held
immediately thereafter through Euroclear or Clearstream. 
 (b)     Prior to the expiration of the Distribution
Compliance Period, interests in the Regulation S Global Notes may only be held through Euroclear or Clearstream. During the Distribution Compliance Period, beneficial ownership interests in the Regulation S Global Notes may only be sold, pledged or
transferred through Euroclear or Clearstream in accordance with the Applicable Procedures and only (1) to the Company, (2) so long as such security is eligible for resale pursuant to Rule 144A, to a person whom the selling holder
reasonably believes is a QIB that purchases for its own account or for the account of a QIB to whom notice is given that the resale, pledge or transfer is being made in reliance on Rule 144A, (3) in an offshore transaction in accordance with
Regulation S, (4) pursuant to an exemption from registration under the Securities Act provided by Rule 144 (if applicable) under the Securities Act or another available exemption or (5) pursuant to an effective registration statement under
the Securities Act, in each case in accordance with any applicable securities laws of any state of the United States of America. Prior to the expiration of the Distribution Compliance Period, transfers by an owner of a beneficial interest in the
Regulation S Global Note to a transferee who takes delivery of such interest through the Rule 144A Global Note shall be made only in accordance with Applicable Procedures and upon receipt by the Trustee of a written certification from the transferor
to the effect that such transfer is being made to a QIB within the meaning of Rule 144A in a transaction meeting the requirements of Rule 144A. Such written certification shall no longer be required after the expiration of the Distribution
Compliance Period. 
 (c)    Upon the expiration of the Distribution Compliance Period, beneficial ownership interests
in the Regulation S Global Note shall be transferable in accordance with applicable law and the other terms of the Indenture. 

  
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 ARTICLE 3 

REDEMPTION AND PREPAYMENT 

Section 3.01.    Redemption. The Notes are not redeemable prior to their maturity date. 

Section 3.02.    Repurchase Offer. In the event that, pursuant to Section 4.05 hereof, the Company or a
Restricted Subsidiary is required to commence an offer to all Holders to purchase Notes (a “Repurchase Offer”), it shall follow the procedures specified below. 

The Repurchase Offer shall remain open for a period of at least 20 Business Days following its commencement, except to the extent that a
shorter or longer period is permitted or required, as the case may be, by applicable law (the “Offer Period”). No later than five Business Days after the termination of the Offer Period (the “Purchase Date”), the
Company will purchase at the Purchase Price (as determined in accordance with Section 4.05 hereof, as the case may be) the principal amount of Notes required to be purchased pursuant to Section 4.05 hereof, as the case may be (the
“Offer Amount”) and, if required, Pari Passu Indebtedness (on a pro rata basis, if applicable), or, if less than the Offer Amount has been tendered, all Notes and Pari Passu Indebtedness tendered in response to the Repurchase Offer.
Payment for any Notes so purchased will be made in the same manner as interest payments are made. 
 If the Purchase Date is on or after an
interest record date and on or before the related Interest Payment Date, any accrued and unpaid interest, if any, to, but not including, the Payment Date will be paid to the Person in whose name a Note is registered at the close of business on such
record date, and no additional interest will be payable to Holders who tender Notes pursuant to the Repurchase Offer. 
 Upon the
commencement of a Repurchase Offer, the Company will deliver or cause to be delivered a notice to each of the Holders, with a copy to the Trustee. The notice will contain all instructions and materials necessary to enable such Holders to tender
Notes pursuant to the Repurchase Offer. The notice, which will govern the terms of the Repurchase Offer, will state: 

(a)    that the Repurchase Offer is being made pursuant to this Section 3.02, and Section 4.05
hereof, and the length of time the Repurchase Offer will remain open; 
 (b)    the Offer Amount, the
purchase price and the Purchase Date; 
 (c)    that any Note not tendered or accepted for payment will
continue to accrue interest; 
 (d)    that, unless the Company defaults in making such payment, any Note
accepted for payment pursuant to the Repurchase Offer will cease to accrue interest after the Purchase Date; 

  
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 (e)    that Holders electing to have a Note purchased
pursuant to a Repurchase Offer may elect to have Notes purchased in minimum denominations of $2,000, or integral multiples of $1,000 in excess thereof; 

(f)    that Holders electing to have a Note purchased pursuant to any Repurchase Offer will be required to
surrender the Note, with the form entitled “Option of Holder to Elect Purchase” attached to the Note completed, or transfer by book-entry transfer, to the Company, a Depositary, if appointed by the Company, or a Paying Agent at the address
specified in the notice at least three days before the Purchase Date; 
 (g)    that Holders will be
entitled to withdraw their election if the Company, the Depositary or the Paying Agent, as the case may be, receives, not later than the expiration of the Offer Period, a telegram, telex, facsimile transmission, email or letter setting forth the
name of the Holder, the principal amount of the Note the Holder delivered for purchase and a statement that such Holder is withdrawing his election to have such Note purchased; 

(h)    that, if the aggregate principal amount of Notes and Pari Passu Indebtedness surrendered by holders
thereof exceeds the Offer Amount, the Trustee will select the Notes to be purchased on a pro rata basis based on the principal amount of Notes and such Pari Passu Indebtedness surrendered (with such adjustments as may be deemed appropriate by the
Trustee so that no Notes in denominations of $2,000 or less will be purchased in part); and 

(i)    that Holders whose Notes were purchased only in part will be issued new Notes of the applicable
series equal in principal amount to the unpurchased portion of the Notes surrendered (or transferred by book-entry transfer). 
 On or
before the Purchase Date, the Company will, to the extent lawful, accept for payment, on a pro rata basis to the extent necessary, the Offer Amount of Notes or portions thereof validly tendered pursuant to the Repurchase Offer or if less than the
Offer Amount has been tendered, all Notes tendered, and will deliver or cause to be delivered to the Trustee the Notes properly accepted together with an Officers’ Certificate stating that such Notes or portions thereof were accepted for
payment by the Company in accordance with the terms of this Section 3.02. The Company, the Depositary or the Paying Agent, as the case may be, will promptly (but in any case not later than five days after the Purchase Date) deliver to each
tendering Holder an amount equal to the purchase price of the Notes tendered by such Holder and accepted by the Company for purchase, and the Company will promptly issue a new Note, and the Trustee, upon written request from the Company, will
authenticate and deliver (or cause to be transferred by book entry) such new Note to such Holder in a principal amount equal to any unpurchased portion of the Note surrendered. Notwithstanding any other provision in the Indenture to the contrary,
neither an Opinion of Counsel nor an Officers’ Certificate is required for the Trustee to authenticate such new Note. Any Note not so accepted shall be promptly returned by the Company to the Holder thereof. The Company will publicly announce
the results of the Repurchase Offer on or as soon as practicable after the Purchase Date. 
 Other than as specifically provided in this
Section 3.02 or Section 4.05 of this Supplemental Indenture, as applicable, any purchase pursuant to this Section 3.02 shall be made pursuant to the applicable provisions of Section 3.01 through Section 3.06 of the Base
Indenture. 

  
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 ARTICLE 4 

COVENANTS 
 In addition to the
covenants set forth in Article 4 of the Base Indenture, the Notes shall be subject to the following additional covenants. Such additional covenants set forth in Sections 4.03 through 4.05 below shall be subject to covenant defeasance pursuant to
Section 8.03 of the Base Indenture. 
 Section 4.01.    Payment of Notes. The following paragraph shall
be added following the first paragraph of Section 4.01 of the Base Indenture: “The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per
annum in excess of the then applicable interest rate on the Notes to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace period), at such higher rate to the extent lawful. Interest will be computed daily on the Notes on the basis of a 360-day year comprised of twelve
30-day months (US 30/360).” 
 Section 4.02.    Reports to
Holders. The following sentence shall be added to the end of the second paragraph of Section 4.03 of the Base Indenture: “If the Company had any Unrestricted Subsidiaries during the relevant period, the Company will also provide to the
Trustee and, upon request, to any Holder of the Notes, information sufficient to ascertain the financial condition and results of operations of the Company and its Restricted Subsidiaries, excluding in all respects the Unrestricted
Subsidiaries.” 
 Section 4.03.    Sale and Leaseback Transactions. The Company will not, and will not
permit any Restricted Subsidiary to, enter into any Sale and Leaseback Transaction with respect to any property or assets unless: 

(1)    the Sale and Leaseback Transaction is solely with the Company or a Restricted Subsidiary; 

(2)    the lease is for a period not in excess of 36 months (or which may be terminated by us or any of our subsidiaries
within a period of not more than 36 months); 
 (3)    the Company would be able to incur indebtedness secured by a Lien
with respect to such Sale and Leaseback Transaction without equally and ratably securing the notes pursuant to Section 4.04(b); or 

(4)    the Company or such Restricted Subsidiary within 365 days after the sale of such property in connection with such
Sale and Leaseback Transaction is completed, applies an amount equal to the net proceeds of the sale of such property to (i) the permanent retirement of Notes, other Indebtedness of the Company ranking on a parity with the Notes in right of
payment or Indebtedness of the Company or a Restricted Subsidiary or (ii) the purchase of other property; provided that, in lieu of applying such amount to the retirement of Pari Passu Indebtedness, the Company may deliver Notes to the Trustee
for cancellation; such Notes to be credited at the cost thereof to the Company. 
 Section 4.04.    Limitation
on Liens. The Company will not, and will not cause or permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or permit or suffer to exist any Liens of any kind against or upon any property or assets of the
Company or any of its Restricted Subsidiaries whether owned on the Issue Date or acquired after the Issue Date, or any 

  
 -24- 

 
proceeds therefrom, or assign or otherwise convey any right to receive income or profits therefrom unless: 

(a)    in the case of Liens securing Subordinated Indebtedness, the Notes are secured by a Lien on such
property, assets or proceeds that is senior in priority to such Liens; and 
 (b)    in all other cases,
the Notes are equally and ratably secured, 
 except for: 

(1)    Liens securing borrowings under a Bank Facility in an amount not to exceed the greater of (x)
$4.40 billion and (y) such amount that at the time of incurrence (or, in the case of Designated Revolving Commitments, on the date such Designated Revolving Commitments are designated as such (but only to the extent and so long as so
designated) after giving pro forma effect to the incurrence of the entire amount of Indebtedness designated thereunder, in which case such designated amount under such Designated Revolving Commitments may thereafter be borrowed, repaid and
reborrowed, in whole or in part, from time to time, without further compliance with any limitations on Liens set forth in this Section 4.04) and after giving pro forma effect to any such Lien and obligations secured thereunder (including the
use of proceeds thereof) the Company and its Restricted Subsidiaries shall have a Secured Leverage Ratio less than or equal to 2.25 to 1.0; 

(2)    Liens existing as of the Issue Date to the extent and in the manner such Liens are in effect on the
Issue Date; 
 (3)    Liens securing the Company’s and its Restricted Subsidiaries’ Obligations
under any hedge facility permitted under the Indenture to be entered into by the Company and its Restricted Subsidiaries; 

(4)    Liens securing the Notes; 

(5)    Liens in favor of the Company or a Wholly Owned Restricted Subsidiary of the Company on assets of
any Restricted Subsidiary of the Company; and 
 (6)    Permitted Liens; 

(c)    With respect to any Lien securing Indebtedness that was permitted to secure such Indebtedness at the time of the
incurrence of such Indebtedness, such Lien shall also be permitted to secure any Increased Amount of such Indebtedness. The “Increased Amount” of any Indebtedness shall mean any increase in the amount of such Indebtedness in
connection with any accrual of interest, whether payable in cash or in kind, accretion or amortization of original issue discount, imputed interest, the payment of interest in the form of additional Indebtedness with the same terms or the payment of
dividends on Disqualified Capital Stock in the form of additional shares of the same class, and increases in the amount of Indebtedness outstanding solely as a result of fluctuations in the exchange rate of currencies or increases in the value of
property securing Indebtedness. 
 Section 4.05.    Offer to Repurchase Upon Change of Control Triggering
Event. 
 (a)    Upon the occurrence of a Change of Control, the Company will be required to make an offer to
purchase each Holder’s Notes pursuant to the offer described below (the “Change of Control Offer”), at a purchase price (the “Change of Control Payment”) equal to 101% of the principal amount thereof plus
accrued and unpaid interest, if any, to the date of purchase. 

  
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 (b)    Within 30 days following the date upon which the Change of Control
Triggering Event occurred, the Company must send, or cause the Trustee to send (or, in the case of Notes represented by Global Notes, in accordance with any Applicable Procedures) a notice to each Holder, with a copy to the Trustee, which notice
shall govern the terms of the Change of Control Offer. Such notice shall state, among other things, the purchase date, which must be no earlier than 30 days nor later than 60 days after the date such notice is delivered, other than as may be
required by law (the “Change of Control Payment Date”). Holders electing to have a Note purchased pursuant to a Change of Control Offer will be required to surrender the Note, with the form entitled “Option of Holder to Elect
Purchase” on the reverse of the Note completed and specifying the portion (equal to $2,000 and integral multiples of $1,000 in excess thereof) of such Holder’s Notes that it agrees to sell to the Company pursuant to the Change of Control
Offer, to the Paying Agent at the address specified in the notice prior to the close of business on the third Business Day prior to the Change of Control Payment Date. 

(c)    The Company will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control Triggering Event. To the extent that the
provisions of any securities laws or regulations conflict with the provisions of this Section 4.05, the Company will comply with the applicable securities laws and regulations and will not be deemed to have breached its obligations under the
provisions of this Section 4.05 by virtue of such conflict. 
 (d)    On the date of such Change of Control
Payment, the Company will, to the extent lawful: 
 (1)    accept for payment all Notes or portions of
Notes properly tendered pursuant to the Change of Control Offer; 
 (2)    deposit with the Paying Agent
an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 

(3)    deliver or cause to be delivered to the Trustee the Notes properly accepted together with an
Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Company. 

(e)    The Paying Agent will promptly deliver to each Holder of Notes properly tendered the Change of Control Payment for
such Notes, and the Trustee will promptly authenticate and deliver (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any; provided that each
new Note will be in a minimum principal amount of $2,000 or an integral multiple of $1,000. The Company will publicly announce the results of the Change of Control Offer on or as soon as practicable after the date of such Change of Control Payment.

 (f)    The Company will not be required to make a Change of Control Offer upon a Change of Control Triggering Event
if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in the Indenture applicable to a Change of Control Offer made by the Company and purchases all Notes validly
tendered and not withdrawn under such Change of Control Offer. The Company (or a third party) may make a Change of Control Offer in advance of, and conditioned upon, any Change of Control Triggering Event. 

  
 -26- 

 Section 4.06.    Payments for Consent. The Company will not, and
will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Holder of Notes for or as an inducement to any consent, waiver or amendment of any of the terms or
provisions of the Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such
consent, waiver or agreement. 
 Section 4.07.    Tax Opinions. The Company shall, as long as any Notes
remain outstanding, furnish to each Holder upon written request, within one-hundred and twenty (120) days after the end of the Company’s most recently completed taxable year, an opinion of counsel
stating, subject to customary assumptions and qualifications, that (1) (a) the Company was organized and has operated in conformity with the requirements for qualification and taxation as a REIT under the Code for each of its taxable years,
beginning with its taxable year ended December 31, 2015, through the last day of its most recently completed taxable year and (b) the Company’s proposed organization and method of operation described in its periodic reports filed with
the Securities and Exchange Commission and as described or represented in other documents furnished by the Company will enable it to continue to satisfy the requirements for qualification and taxation as a REIT for the current fiscal year; and
(2) at all times during the most recently completed taxable year, the Company was a publicly offered REIT within the meaning of Code Section 562(c)(2). 

Section 4.08.    Publicly Offered REIT. The Company shall, at all times that any Notes remain outstanding,
remain a publicly offered REIT within the meaning of Code Section 562(c)(2). 
 Section 4.09.    Rule 144
and Rule 144A Information. At any time the Company is not subject to Section 13 or 15(d) of the Exchange Act, the Company shall, so long as any of the Notes constitute “restricted securities” within the meaning of Rule 144(a)(3)
under the Securities Act, promptly provide to the Trustee and, upon written request, any Holder, beneficial owner or prospective purchaser of such Notes, the information required to be delivered pursuant to Rule 144(c)(2) and/or Rule 144A(d)(4)
under the Securities Act and to facilitate the resale of such Notes pursuant to Rule 144 and/or Rule 144A. The Company shall take such further action as any Holder or beneficial owner of such Notes may reasonably request to the extent from time to
time required to enable such Holder or beneficial owner to sell such Notes in accordance with Rule 144 or Rule 144A. Delivery of reports, information and documents to the Trustee under this Indenture is for informational purposes only and the
information and the Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein, or determinable from information contained therein including the Company’s compliance with any of its
covenants thereunder (as to which the Trustee is entitled to rely exclusively on an Officers’ Certificate). 

  
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 ARTICLE 5 

MERGER, CONSOLIDATION, OR SALE OF ASSETS 

The Notes shall not be subject to Section 5.01 of the Base Indenture. In lieu thereof, the Notes shall be subject to the following
provisions of Section 5.01 of this Supplemental Indenture: 
 Section 5.01.    Merger, Consolidation, or
Sale of Assets. 
 (a)    The Company will not, in a single transaction or series of related transactions,
consolidate or merge with or into any Person, or sell, assign, transfer, lease, convey or otherwise dispose of (or cause or permit any Restricted Subsidiary of the Company to sell, assign, transfer, lease, convey or otherwise dispose of) all or
substantially all of the Company’s assets (determined on a consolidated basis for the Company and the Company’s Restricted Subsidiaries) whether as an entirety or substantially as an entirety to any Person unless: 

 

	 	(1)	either: 

 (A) the Company shall be the surviving or continuing corporation; or

 (B) the Person (if other than the Company) formed by such consolidation or into which the Company is merged or the Person
which acquires by sale, assignment, transfer, lease, conveyance or other disposition the properties and assets of the Company and of the Company’s Restricted Subsidiaries substantially as an entirety (the “Surviving Entity”):

  

	 	(i)	shall be an entity organized and validly existing under the laws of the United States or any State thereof or the District of Columbia; provided that in the case where the Surviving Entity is not a corporation, a co-obligor of the Notes is a corporation; and 

  

	 	(ii)	shall expressly assume, by supplemental indenture (in form satisfactory to the Trustee), executed and delivered to the Trustee, the due and punctual payment of the principal of, and premium, if any, interest on all of
the Notes and the performance of every covenant of the Notes and the Indenture on the part of the Company to be performed or observed; 

(2)    immediately after giving effect to such transaction and the assumption contemplated by clause
(1)(B)(ii) of this Section 5.01(a) (including giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred in connection with or in respect of such transaction), (A) the Company or such Surviving Entity, as
the case may be, shall be able to incur at least $1.00 of additional Indebtedness pursuant to Section 4.05(a) hereof or (B) the applicable Consolidated Fixed Charge Coverage Ratio of the Company or the Person formed by or surviving any
such consolidation or merger (if other than the Company) would be no less than the applicable Consolidated Fixed Charge Coverage Ratio of the Company immediately prior to such transaction; 

(3)    immediately before and immediately after giving effect to such transaction and the assumption
contemplated by clause (1)(B)(ii) of this Section 5.01(a) (including, without limitation, giving effect to any Indebtedness and Acquired Indebtedness incurred or anticipated to be incurred and any Lien granted in connection with or in respect
of the transaction), no Default or Event of Default shall have occurred or be continuing; and 

(4)    the Company or the Surviving Entity shall have delivered to the Trustee an Officers’
Certificate and an Opinion of Counsel, each stating that such consolidation, merger, sale, assignment, transfer, lease, conveyance or other disposition and, if a supplemental indenture is required in connection with such transaction, such
supplemental indenture complies with the applicable provisions of the Indenture and that all conditions precedent in the Indenture relating to such transaction have been satisfied. 

  
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 (b)    For purposes of the provisions of Section 5.01(a) hereof, the
transfer (by lease, assignment, sale or otherwise, in a single transaction or series of transactions) of all or substantially all of the properties or assets of one or more Restricted Subsidiaries of the Company, in a single or a series of related
transactions, which properties and assets, if held by the Company instead of such Restricted Subsidiaries, would constitute all or substantially all of the properties and assets of the Company on a consolidated basis, shall be deemed to be the
transfer of all or substantially all of the properties and assets of the Company. 
 (c)    Notwithstanding clauses (1),
(2) and (3) of Section 5.01(a) hereof, but subject to the proviso in clause (1)(B)(i) of Section 5.01(a), the Company may merge with (x) any of its Wholly Owned Restricted Subsidiaries or (y) an Affiliate that is a Person
that has no material assets or liabilities and which was organized solely for the purpose of reorganizing the Company in another jurisdiction. For the avoidance of doubt, nothing in this Section 5.01 shall prevent the Company or a Restricted
Subsidiary from consummating the Company Conversion. 
 ARTICLE 6 

EVENTS OF DEFAULT 
 The Notes
shall not be subject to Section 6.01 of the Base Indenture. In lieu thereof, the Notes shall be subject to the following provisions of Section 6.01 of this Supplemental Indenture: 

Section 6.01.    Events of Default. Any of the following events shall constitute an event of default (an
“Event of Default”): 
 (a)    the failure to pay interest on any Notes when the same becomes due and
payable and the default continues for a period of 30 days; 
 (b)    the failure to pay the principal on any Notes, when
such principal becomes due and payable, at maturity or otherwise (including the failure to make a payment to purchase Notes tendered pursuant to a Change of Control Offer) on the date specified for such payment in the applicable offer to purchase;

 (c)    a default in the observance or performance of any other covenant or agreement contained in the Indenture which
default continues for a period of 60 days after the Company receives written notice specifying the default (and demanding that such default be remedied) from the Trustee or the Holders of at least 25% of the outstanding principal amount of the Notes
(except (i) in the case of a default with respect to Section 5.01, which will constitute an Event of Default with such notice requirement but without such passage of time requirement and (ii) as otherwise provided in the last
paragraph of Section 4.03 of the Base Indenture); 
 (d)    the failure to pay at final maturity (giving effect to
any applicable grace periods and any extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which
acceleration is not rescinded, annulled or otherwise cured within 30 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal
amount of any other such Indebtedness in default for failure to pay principal at final stated maturity or which has been so accelerated (in each case with respect to which the 30-day period described above has
passed), equals $350.0 million or more at any time; 

  
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 (e)    one or more judgments in an aggregate amount in excess of
$350.0 million shall have been rendered against the Company or any of its Restricted Subsidiaries and such judgments remain undischarged, unpaid or unstayed for a period of 60 days after such judgment or judgments become final and non-appealable; 
 (f)    the Company or any of its Restricted Subsidiaries that is a
Material Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary pursuant to or within the meaning of Bankruptcy Law: 

 

	 	(1)	commences a voluntary case, 

  

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

  

	 	(3)	consents to the appointment of a custodian for it or for all or substantially all of their property, 

  

	 	(4)	makes a general assignment for the benefit of its creditors, or 

  

	 	(5)	an admission by the Company in writing of its inability to pay its debts as they become due; 

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

(1)    is for relief against the Company or any of its Restricted Subsidiaries that is a Material
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary in an involuntary case; 

(2)    appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Material
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a Material
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary; or 

(3)    orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Material
Subsidiary or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary; and the order or decree remains unstayed and in effect for 60 consecutive days. 

Section 6.02.    Cross-Default. An Event of Default with respect to any Notes of any Series shall be deemed to
be an Event of Default with respect to all then outstanding Notes (but not, for clarity, an Event of Default with respect to any Securities of any other Series unless otherwise specified in the Base Indenture or the applicable supplemental indenture
relating to such other Series of Securities). 

  
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 Section 6.03.    Other Amendments. The Notes shall be subject to
Section 6.02 through Section 6.11 of the Base Indenture , except that the references to “clause (d) or (e) of Section 6.01 hereof” in Section 6.02 of the Base Indenture shall be deemed references to “clause
(f) or (g) of Section 6.01” of this Supplemental Indenture. 
 ARTICLE 7 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 7.01.    Legal Defeasance and Covenant Defeasance. The Notes shall be subject to Article 8 of the Base
Indenture, except that: 
 (a)    Upon the Company’s exercise under Section 8.01 of the Base Indenture of the
option applicable to Section 8.03 of the Base Indenture, subject to the satisfaction of the conditions set forth in Section 8.04 of the Base Indenture, Section 6.01(c), Section 6.01(d) and Section 6.01(e) hereof will not
constitute Events of Default with respect to the Notes. 
 (b)    Section 8.04(b) and Section 8.04(c) of the Base
Indenture are each amended by replacing each instance of the word “Holders” with the words “beneficial owners.” Section 8.04(e) of the Base Indenture is amended by including “or any of its Restricted Subsidiaries”
immediately following each of the last two instances of “the Company” in such Section 8.04(e). 
 ARTICLE 8 

[RESERVED] 
 ARTICLE 9 

[RESERVED] 
 ARTICLE 10 

MISCELLANEOUS 

Section 10.01.    Sinking Funds. The Notes shall not have the benefit of a sinking fund. 

Section 10.02.    Supplemental Indenture. The terms of this Supplemental Indenture may be modified as set
forth in Article 9 of the Base Indenture as provided in such Article 9. 
 Section 10.03.    No Guarantees.
The Notes will not be guaranteed by any Subsidiary of the Company or entitled to any guarantee. 

Section 10.04.    Confirmation of Indenture. The Base Indenture, as supplemented and amended by this
Supplemental Indenture and all other indentures supplemental thereto, is in all respects ratified and confirmed, and the Base Indenture, this Supplemental Indenture and all indentures supplemental thereto shall be read, taken and construed as one
and the same instrument. 
 Section 10.05.    Counterparts. The parties hereto may sign one or more
copies of this Supplemental Indenture in counterparts, all of which together shall constitute one and the same agreement. 

  
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 Section 10.06.    Governing Law. THIS SUPPLEMENTAL
INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK. 

Section 10.07.    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 SUPPLEMENTAL INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 10.08.    Trustee Disclaimer. The Trustee shall have no responsibility for the validity or
sufficiency of this Supplemental Indenture. 
 [the remainder of this page is intentionally left blank] 

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

					
	 EQUINIX, INC.,
   as
Issuer

		
	By:	 	 /s/ Brandi G. Morandi

		 	Name:	 	Brandi Galvin Morandi
		 	Title:	 	Chief Legal Officer, General Counsel and Secretary

  
 [Equinix Third
Supplemental Indenture] 

					
	U.S. BANK NATIONAL ASSOCIATION, as Trustee
		
	By:	 	 /s/ Paula Oswald

		 	Name:	  	Paula Oswald
		 	Title:	  	Vice President

  
 [Equinix Third
Supplemental Indenture] 

 EXHIBIT A-1 

FORM OF NOTES 

[Insert the Global Security Legend, if applicable, pursuant to the provisions of the Indenture] 

[Insert the following legend if the Note is a Restricted Security:] 

[THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND MAY NOT BE OFFERED, SOLD,
PLEDGED OR OTHERWISE TRANSFERRED EXCEPT IN ACCORDANCE WITH THE FOLLOWING SENTENCE. BY ITS ACQUISITION HEREOF OR OF A BENEFICIAL INTEREST HEREIN, THE ACQUIRER: 

(1)    REPRESENTS THAT IT AND ANY ACCOUNT FOR WHICH IT IS ACTING IS A “QUALIFIED INSTITUTIONAL BUYER” (WITHIN THE MEANING OF
RULE 144A UNDER THE SECURITIES ACT) AND THAT IT EXERCISES SOLE INVESTMENT DISCRETION WITH RESPECT TO EACH SUCH ACCOUNT, AND 

(2)    AGREES FOR THE BENEFIT OF EQUINIX INC. (THE “COMPANY”) THAT IT WILL NOT OFFER, SELL, PLEDGE OR OTHERWISE TRANSFER
THIS SECURITY OR ANY BENEFICIAL INTEREST HEREIN PRIOR TO THE DATE THAT IS THE LATER OF (X) ONE YEAR AFTER THE LAST ORIGINAL ISSUE DATE HEREOF OR SUCH SHORTER PERIOD OF TIME AS PERMITTED BY RULE 144 UNDER THE SECURITIES ACT OR ANY SUCCESSOR
PROVISION THERETO AND (Y) SUCH LATER DATE, IF ANY, AS MAY BE REQUIRED BY APPLICABLE LAW, EXCEPT: 
 (A)    TO THE
COMPANY OR ANY SUBSIDIARY THEREOF, OR 
 (B)    PURSUANT TO A REGISTRATION STATEMENT WHICH HAS BECOME EFFECTIVE UNDER THE
SECURITIES ACT, OR 
 (C)    TO A QUALIFIED INSTITUTIONAL BUYER IN COMPLIANCE WITH RULE 144A UNDER THE SECURITIES ACT, OR

 (D)    IN AN OFFSHORE TRANSACTION MEETING THE REQUIREMENTS OF RULE 903 OR 904 OF REGULATION S UNDER THE SECURITIES
ACT, OR 
 (E)    PURSUANT TO AN EXEMPTION FROM REGISTRATION PROVIDED BY RULE 144 UNDER THE SECURITIES ACT OR ANY OTHER
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT. 
 PRIOR TO THE REGISTRATION OF ANY TRANSFER IN ACCORDANCE WITH CLAUSE (2)(E)
ABOVE, THE COMPANY AND THE TRUSTEE RESERVE THE RIGHT TO REQUIRE THE DELIVERY OF SUCH LEGAL OPINIONS, CERTIFICATIONS OR OTHER EVIDENCE AS MAY REASONABLY BE REQUIRED IN ORDER FOR THE COMPANY TO DETERMINE THAT THE PROPOSED TRANSFER IS BEING MADE IN
COMPLIANCE WITH THE SECURITIES ACT AND APPLICABLE STATE SECURITIES LAWS. NO REPRESENTATION IS MADE AS TO THE AVAILABILITY OF ANY EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT.] 

  
 A-1 

 [Face of Note] 

CUSIP [    ] 
  

			
	No.                    	  	$            

 Equinix, Inc. 

promises to pay to Cede & Co. or registered assigns, 

the principal sum of        DOLLARS on [            ],
[    ]. 
 Interest Payment Dates:
[                    ] and [                    ]

 Record Dates: [                    ] and
[                    ] 
 Dated:
[            ], 2018 
  

					
	Equinix, Inc.
		
	By:	 	                                   
                                     
		 	Name:	 	
		 	Title:	 	
		
	By:	 	                                   
                                     
		 	Name:	 	
		 	Title:	 	

  
 A-2 

 TRUSTEE’S CERTIFICATE OF AUTHENTICATION 

 

			
	 U.S.  Bank National Association,
Trustee,
    certifies that this is one of the Notes
    referred to in the Supplemental Indenture.

		
	              By:	 	                                     
                                         
  
	Authorized Signatory

  
 A-3 

 [Back of Note] 

5.00% Senior Notes due [        ] 20[    ] 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) INTEREST. Equinix, Inc., a Delaware corporation (the “Company”), promises to pay interest on the principal amount
of this Note at 5.00% per annum from April 2, 2018 until maturity. The Company will pay interest semi-annually in arrears on April 2 and October 2 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no
existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided further that the first Interest Payment Date shall be October 2, 2018. The Company will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from
time to time on demand at a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest
(without regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed daily on the basis of a 360-day year of twelve 30-day months. 
 (2) METHOD OF PAYMENT. The Company will pay interest on the Notes (except
defaulted interest) to the Persons who are registered Holders of Notes at the close of business on the March 15 or September 15 next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.14 of the Base Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and interest, if any, at the office or agency of the Company
maintained for such purpose within or without the United States, or, at the option of the Company, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment by wire
transfer of immediately available funds will be required with respect to principal of and interest, premium on, all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Company or the Paying
Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) PAYING AGENT AND REGISTRAR. Initially, U.S. Bank National Association, the Trustee under the Indenture, will act as Paying Agent
and Registrar. The Company may change any Paying Agent or Registrar without notice to any Holder. The Company or any of its Subsidiaries may act in the capacity of Paying Agent or Registrar. 

(4) INDENTURE. The Company issued the Notes under an Indenture, dated as of December 12, 2017 (the “Base
Indenture” and, as supplemented by the Supplemental Indenture (as defined below), the “Indenture”), by and between the Company and the Trustee, as supplemented by that certain Third Supplemental Indenture, dated as of
April 2, 2018, by and between the Company and the Trustee (the “Supplemental Indenture”). The terms of this Note include those stated in the Indenture and those made part of the Indenture by reference to the TIA. The Notes are
subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall
govern and be controlling. The Notes are unsecured obligations of the Company. 

  
 A-4 

 (5) REPURCHASE AT THE OPTION OF HOLDER. 

(a) In the event that the Company or a Restricted Subsidiary is required to commence an offer to all Holders to purchase Notes pursuant to
Section 4.05 of the Supplemental Indenture, it will comply with the terms set forth in the Supplemental Indenture, including Section 3.02 thereof. 

(b) If a Change of Control Triggering Event occurs, the Company will be required to make an offer (a “Change of Control
Offer”) to each Holder to repurchase all or any part of such Holder’s Notes at a purchase price in cash equal to 101% of the aggregate principal amount of the Notes repurchased plus accrued and unpaid interest on the Notes repurchased
to the date of repurchase, subject to the rights of Holders on the relevant record date to receive interest due on the relevant Interest Payment Date. Within 30 days following any Change of Control Triggering Event, the Company will deliver a notice
to each Holder, with a copy to the Trustee, setting forth the procedures governing the Change of Control Offer as required by the Indenture. 

(6) DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in registered form without coupons in minimum denominations of $2,000 and integral
multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish appropriate endorsements and
transfer documents and the Company may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Company need not issue, register the transfer of or exchange any Notes during the period between a record date and
the next succeeding Interest Payment Date. 
 (7) PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner
for all purposes. 
 (8) AMENDMENT, SUPPLEMENT AND WAIVER. Subject to certain exceptions, the Indenture and the Notes of any Series
may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the then outstanding Notes of such Series voting as a single class (including, without limitation, consents obtained in connection
with a tender offer or exchange offer for purchase of, any Series of Notes), and any existing Default or Event or Default, other than a Default or Event of Default in the payment of the principal of, premium, if any, or interest on any Series of
Notes (except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of the Indenture and the Notes may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then outstanding Notes of such Series voting as a single class (including, without limitation, consents obtained in connection with a tender offer or exchange offer for purchase of, any Series of Notes). Without the consent of any Holder of Notes,
the Indenture or the Notes may be amended or supplemented to cure any ambiguity, defect or inconsistency; provide for the assumption by a Surviving Entity of the obligations of the Company under the Indenture; provide for uncertificated Notes in
addition to or in place of certificated Notes; secure the Notes, add to the covenants of the Company for the benefit of the holders of the Notes or surrender any right or power conferred upon the Company; make any change that does not adversely
affect the rights of any holder of the applicable Series of Notes; comply with any requirement of the Commission in connection with the qualification of the Indenture under the TIA; evidence and provide for the acceptance of appointment by a
successor Trustee; or make any amendment to the provisions of the Indenture relating to the transfer and legending of the Notes as permitted by the Indenture, including, without limitation to facilitate the issuance and administration of the Notes;
provided that (i) compliance with the Indenture as so amended would not result in the Notes being transferred in violation of the Securities Act or any applicable securities law and (ii) such amendment does not materially and
adversely affect the rights of Holders to transfer the Notes. 

  
 A-5 

 (9) DEFAULTS AND REMEDIES. Events of Default with respect to the Notes include:
(i) default for 30 days in the payment when due of interest on, with respect to the Notes; (ii) default in the payment when due (at maturity or otherwise) of the principal on the Notes (including the failure to make a payment to purchase
Notes tendered pursuant to a Change of Control Offer); (iii) failure by the Company for 60 days after notice to the Company by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single
class to comply with any of the other covenants or agreements in the Indenture (except (i) in the case of a default with respect to Section 5.01 of the Supplemental Indenture, which will constitute an Event of Default with such notice
requirement but without such passage of time requirement and (ii) as otherwise provided in the last paragraph of Section 4.03 of the Base Indenture); (iv) the failure to pay at final maturity (giving effect to any applicable grace periods
and any extensions thereof) the stated principal amount of any Indebtedness of the Company or any Restricted Subsidiary of the Company, or the acceleration of the final stated maturity of any such Indebtedness (which acceleration is not rescinded,
annulled or otherwise cured within 30 days of receipt by the Company or such Restricted Subsidiary of notice of any such acceleration) if the aggregate principal amount of such Indebtedness, together with the principal amount of any other such
Indebtedness in default for failure to pay principal at final stated maturity or which has been so accelerated (in each case with respect to which the 30-day period described above has passed), equals
$350.0 million or more at any time; (v) failure by the Company to pay final non-appealable judgments entered by a court or courts of competent jurisdiction against the Company or any Restricted
Subsidiary of the Company in amounts aggregating in excess of $350.0 million, which judgments are not paid, discharged or stayed for a period of 60 days; (vi) the Company or any of its Restricted Subsidiaries that is a Material Subsidiary
or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary, pursuant to or within the meaning of Bankruptcy Law, commences a voluntary case, consents to the entry of an order for relief
against it in an involuntary case, consents to the appointment of a custodian for it or for all or substantially all of its property, makes a general assignment for the benefit of its creditors, or an admission by the Company in writing of its
inability to pay its debts as they become due; (vii) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that is for relief against the Company or any of its Restricted Subsidiaries that is a Material Subsidiary
or any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary in an involuntary case; appoints a custodian of the Company or any of its Restricted Subsidiaries that is a Material Subsidiary or
any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary or for all or substantially all of the property of the Company or any of its Restricted Subsidiaries that is a Material Subsidiary or
any group of Restricted Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary or orders the liquidation of the Company or any of its Restricted Subsidiaries that is a Material Subsidiary or any group of Restricted
Subsidiaries of the Company that, taken together, would constitute a Material Subsidiary and the order or decree remains unstayed and in effect for 60 consecutive days; or (viii) an Event of Default with respect to any other outstanding Series
of Notes. 
 If any Event of Default with respect to outstanding Notes occurs and is continuing, the Trustee or the Holders of at least 25%
in aggregate principal amount of the then outstanding Notes may declare the principal of, and accrued and unpaid interest on all the Notes to be due and payable by notice in writing to the Company and the Trustee specifying the respective Event of
Default and that it is a “notice of acceleration” and the same shall be immediately due and payable. 
 Notwithstanding the
foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency occurring with respect to the Company, all unpaid principal of and accrued and unpaid interest on all of the outstanding Notes will become due and
payable immediately without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders of a majority in aggregate principal amount of the then outstanding
Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from 

  
 A-6 

 
Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default relating to the payment of principal or interest or premium, if any) if it
determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the then outstanding Notes by notice to the Trustee may, on behalf of the Holders, rescind an acceleration or waive any existing
Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of interest or premium, if any, on, or the principal of, the Notes. The Company is required to deliver to the Trustee
annually a statement regarding compliance with the Indenture, and the Company is required, within five Business Days of any Officer becoming aware of any Default or Event of Default, to deliver to the Trustee a statement specifying such Default or
Event of Default. 
 (10) TRUSTEE DEALINGS WITH THE COMPANY. The Trustee, in its individual or any other capacity, may become the
owner or pledgee of Notes and may otherwise deal with the Company or any Affiliate of the Company with the same rights it would have if it were not Trustee. 

(11) NO RECOURSE AGAINST OTHERS. No past, present or future director, officer, employee, incorporator, agent, stockholder or Affiliate
of the Company, as such, shall have any liability for any obligations of the Company under the Notes or under the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by
accepting a Note waives and releases all such liabilities. The waiver and release are part of the consideration for the issuance of the Notes. 

(12) AUTHENTICATION. This Note will not be valid until authenticated by the manual signature of the Trustee or an authenticating agent.

 (13) ABBREVIATIONS. Customary abbreviations may be used in the name of a Holder or an assignee, such as: 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), and U/G/M/A (= Uniform Gifts to Minors Act). 

(14) CUSIP NUMBERS. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Company has caused CUSIP numbers to be printed on the Notes, and the Trustee may use CUSIP numbers in notices to Holders as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes or as
contained in any notice to Holders, and reliance may be placed only on the other identification numbers placed thereon. 
 (15) GOVERNING
LAW. THE INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THE INDENTURE AND THIS NOTE WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 
 The Company will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 Equinix, Inc. 

One Lagoon Drive 
 Redwood City,
CA 94065 
 Attention: Chief Financial Officer 

  
 A-7 

 ASSIGNMENT FORM 
  

	
	 To assign this Note, fill in the form below:

	
	 (I) or (we) assign and transfer this Note to:
                                         
                                         
                                         
          

	                                    
            (Insert assignee’s legal name)
	
	                                      
                                         
                                         
                                         
                                         
  
	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	                                      
                                         
                                         
                                         
                                         
  
	(Print or type assignee’s name, address and zip code)
	
	and irrevocably appoint                                
                                         
                                         
                                         
            

 to transfer this Note on the books of the Company. The agent may substitute another to act for him. 

In connection with any transfer of the within Note occurring prior to the Resale Restriction Termination Date, as defined in the Indenture governing such
Note, the undersigned confirms that such Security is being transferred: 
 ☐    To Equinix Inc. or a subsidiary thereof; or 

☐    Pursuant to a registration statement, if any, that has become or been declared effective under the Securities Act of 1933, as
amended and is effective at the time of such transfer; or 
 ☐    Pursuant to and in compliance with Rule 144A under the
Securities Act of 1933, as amended; or 
 ☐    Outside the United States of America in an offshore transaction within the meaning
of Regulation S under the Securities Act in compliance with Rule 904 under the Securities Act of 1933, as amended; or 

☐    Pursuant to and in compliance with Rule 144 under the Securities Act of 1933, as amended, or any other available exemption from
the registration requirements of the Securities Act of 1933, as amended. 
  

					
	 Date:
                                        

	 		  	
			
		 	         Your Signature:
	  	  

		 		  	(Sign exactly as your name appears on the face of this Note)
		
	Signature Guarantee*:
                                        
	  	

  

	*	PARTICIPANT IN A RECOGNIZED SIGNATURE GUARANTEE MEDALLION PROGRAM (OR OTHER SIGNATURE GUARANTOR ACCEPTABLE TO THE TRUSTEE). 

  
 A-8 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Company pursuant to Section 4.05 (Change of Control Offer) of the Supplemental
Indenture, check the box below: 
 ☐  Section 4.05 

If you want to elect to have only part of the Note purchased by the Company pursuant to Section 4.05 of the Supplemental Indenture, state
the amount you elect to have purchased: 
 $             

 

					
	Date:
                                        
	 		 	
		 	Your Signature:	 	
         

					
		 		 	    (Sign exactly as your name appears on the face of this Note)

					
			
		 	 Tax Identification No.:
	 	  

					
		
	Signature
Guarantee*:                                       
  	 	

  

	*	PARTICIPANT IN A RECOGNIZED SIGNATURE GUARANTEE MEDALLION PROGRAM (OR OTHER SIGNATURE GUARANTOR ACCEPTABLE TO THE TRUSTEE). 

  
 A-9 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE* 

The following exchanges of a part of this Global Note for an interest in another Global Note or for a Definitive Note, or exchanges of a part
of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	
Amount of decrease
in Principal
Amount of this
Global Note
	 	
Amount of increase
in Principal
Amount of this
Global Note
	 	
Principal Amount of
this Global Note
following such
decrease
(or increase)
	 	
Signature of
authorized officer of
Trustee or Custodian

		 		 		 		 	
		 		 		 		 	
		 		 		 		 	

  

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-10Exhibit

Exhibit 10.3

THIRD AMENDED AND RESTATED 
 
ROSS STORES, INC. 
 
NONQUALIFIED DEFERRED COMPENSATION PLAN
THIS THIRD AMENDED AND RESTATED ROSS STORES, INC. NONQUALIFIED DEFERRED COMPENSATION PLAN (the “Plan”) amends and restates the Ross Stores, Inc. Nonqualified Deferred Compensation Plan, adopted January 1, 1994, and last amended and restated January 1, 1996, by Ross Stores, Inc., a Delaware corporation (“Ross”).  The purpose of the Plan is to provide deferred compensation for a select group of management or highly compensated employees of Ross and its subsidiaries.  The primary purpose of this restatement is to modify the Plan to comply with section 409A of the Code.  This Plan as restated is effective December 31, 2008.  Under applicable guidance, no retroactive amendment to January 1, 2005, the effective date of section 409A of the Code and the commencement of the good faith compliance period, is required.  

ARTICLE I

DEFINITIONS

The following definitions shall govern the Plan:

1.1    “Additional Contribution” means a discretionary contribution by the Employer on behalf of a Participant pursuant to Section 3.6.  
1.2    “Annual Bonus” or “Bonus” means any performance-based compensation, that meets the requirements of Treasury Regulation section 1.409A-1(e), earned by a Participant under the Employer’s annual cash bonus plan, the amount of or entitlement to which is contingent on the satisfaction of preestablished organizational or individual performance criteria relating to a performance period of at least twelve (12) consecutive months.  Organizational or individual performance criteria are considered preestablished if established in writing no later than ninety (90) days after the commencement of the Bonus performance period.  Bonus compensation does not include any amount or portion of any amount that will be payable regardless of performance based upon a level of performance that is substantially certain to be met at the time the criteria is established.
1.3    “Beneficiary” means one or more persons, trusts or other entities entitled to receive Benefits which may be payable under the Plan upon a Participant’s death as determined under Article VI.
1.4    “Benefits” means the amount(s) credited to a Participant’s Deferral Account.    
1.5    “Board of Directors” or “Board” means the Board of Directors of Ross Stores, Inc.

1

Exhibit 10.3

1.6    “Bonus Deferral” or “Bonus Deferral Amount” means the dollar amount or percentage of his or her Annual Bonus which a Participant elects to defer by making a Bonus Deferral Election pursuant to Section 3.2.  
1.7    “Bonus Deferral Election” means an election to defer an Annual Bonus as provided in Section 3.2.  
1.8    “Code” means the Internal Revenue Code of 1986, as amended.  Reference to a section of the Code includes such section and any comparable section or sections of any further legislation that amends, supplements or supersedes such section.
1.9    “Deferral Account” means the book entry account established under the Plan for each Participant to which shall be credited the Participant’s Salary Deferrals, Bonus Deferrals, any Additional Contributions and/or Matching Contributions made pursuant to Article III, adjusted for deemed Investment Gain or Loss determined under Article IV, and reduced by any distributions made to the Participant and any charges which may be imposed on such Deferral Account pursuant to the terms of the Plan.  As provided in Article IV, the Deferral Account may include a Pre-2005 Deferral Account and a Post-2004 Deferral Account.  
1.10    “Distribution Date” means a date elected solely at the discretion of the Plan Administrator that is within the ninety (90) day period following the Participant’s Termination Event, provided, however, that, with respect to a Participant’s Post-2004 Deferral Account, if at the time of the Participant’s Separation from Service, he or she is a Specified Employee, his or her Distribution Date may not be before the date that is six (6) months after the date of Separation from Service and payments to which a Specified Employee would otherwise be entitled during the first six (6) months following the date of Separation from Service shall be accumulated and paid on the first of the seventh (7th) month following the date of Separation from Service, or at the sole discretion of the Plan Administrator within ninety (90) days thereafter.  
1.11    “Distribution Election” means an election by a Participant at the time of his or her Salary Deferral Election and/or Bonus Deferral Election, on any Election Form designating the event or time of distribution and method of payment of Benefits made in accordance with Sections 5.1 and 5.2, with respect to a Participant’s Post-2004 Deferral Account, or Appendix A, with respect to a Participant’s Pre -2005 Deferral Account.
1.12    “Effective Date” means the effective date of this Third Amended and Restated Ross Stores, Inc. Nonqualified Deferred Compensation Plan, December 31, 2008.
1.13    “Election Form” means the form prescribed by the Plan Administrator from time to time by which a Participant makes a Salary Deferral Election and/or a Bonus Deferral Election and elects the event or time of distribution and method of payments under the Plan.  
1.14    “Eligible Employee” means an employee of the Employer who is a member of a select group of management or highly compensated employees as described in Article II and who has 

2

Exhibit 10.3

been designated by the Plan Administrator, in the Plan Administrator’s sole discretion, to be eligible to participate in the Plan.
1.15    “Employer” means Ross Stores, Inc. or a subsidiary or a person or entity that is under common control with Ross as defined in section 414(b) or 414(c) of the Code.
1.16    “Entry Date” means January 1 of each year.  
1.17    “ERISA” means the Employee Retirement Income Security Act of 1974, as amended.
1.18    “Initial Entry Date”  means a day designated by the Plan Administrator that is not more than thirty (30) days after the date the Eligible Employee first becomes eligible to participate in the Plan.
1.19    “Investment Gain or Loss” means the deemed investment gain which shall be credited to the Participant’s Deferral Account, or the deemed investment loss which will debited from the Participant’s Deferral Account pursuant to Article IV. 
1.20    “Matching Contribution” means the amount, if any, which the Employer contributes on behalf of a Participant under the terms of Section 3.5.
1.21    “Participant” means an Eligible Employee who has elected to participate in the Plan in accordance with Sections 3.1 or 3.2 or for whom Matching Contributions or Additional Contributions are made in accordance with Sections 3.5 or 3.6. 
1.22    “Plan” means this Third Amended and Restated Ross Stores, Inc. Nonqualified Deferred Compensation Plan, as it may be amended from time to time.
1.23    “Plan Administrator” means the committee selected by Ross to administer the Plan and to take such other actions as may be specified herein.  
1.24    “Plan Year” means the calendar year.
1.25    “Pre-2005 Deferral Account” means the nonforfeitable value of a Participant’s Deferral Account on December 31, 2004, together with the Investment Gain or Loss attributable to such Account thereafter.  A Participant’s Account is nonforfeitable to the extent that the Participant is not required to perform future services to be entitled to payment.  
1.26    “Post-2004 Deferral Account” means the value of a Participant’s Deferral Account less the value of the Participant’s Pre-2005 Deferral Account, together with the credited Investment Gain or Loss attributable to such Account.  The Post-2004 Deferral Account shall be subject to Code section 409A and applicable guidance thereunder.  
1.27    “Ross” means Ross Stores, Inc., a Delaware corporation, and any successor thereto.
1.28    “Salary” means the base salary paid by the Employer, but shall not include any other form of compensation, whether taxable or nontaxable, including, but not limited to, bonuses, 

3

Exhibit 10.3

commissions, overtime and other forms of additional compensation. Salary shall be calculated before reduction for compensation deferred or contributed at the election of the Participant pursuant to Code sections 125, 402(e)(3), or 402(h) under plans established by the Employer; provided, however, that all such amounts will be included in Salary only to the extent that had there been no such plan, the amount would have been payable in cash to the Employee. 
1.29    “Salary Deferral” or “Salary Deferral Amount” means the dollar amount or percentage of Salary which a Participant elects to defer by making a Salary Deferral Election pursuant to Article III.  
1.30    “Salary Deferral Election” means an election to defer Salary as provided in Section 3.1. 
1.31    “Separation from Service” means a termination of the Participant’s employment with the Employer, as determined under Code Section 409A and the regulations thereunder other than death or Total Disability. A Participant on military leave, sick leave, or other bona fide leave of absence shall not be treated as having incurred a Separation from Service, provided that the leave does not exceed six (6) months, or if longer, so long as the Participant retains a right to reemployment with the Employer under an applicable statute or by contract.  
1.32    “Specified Employee” means a “key employee” (as defined under Code section 416(i) without regard to paragraph (5) thereof) for the applicable period, as determined by the Plan Administrator in accordance with Treasury Regulation section 1.409A-1(i).    
1.33    “Termination Event” means a Participant’s Separation from Service, death or Total Disability.  
1.34    “Total Disability” or “Totally Disabled” means a Participant is either (i) unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or which can be expected to last for a continuous period of not less than twelve (12) months, or (ii) by reason of any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, is receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of the Employer.  For purposes of this Plan, a Participant shall be deemed Totally Disabled if determined to be totally disabled by the Social Security Administration.  A Participant shall also be deemed Totally Disabled if determined to be disabled in accordance with the applicable disability insurance program of the Employer, provided that the definition of “disability” applied under such disability insurance program complies with the requirements of this Section.  
1.35    “Trust” means the legal entity created by the Trust Agreement.
1.36    “Trust Agreement” means the Trust Agreement Under the Ross Stores, Inc. Non-Qualified Deferred Compensation Plan effective November 1, 2002 between Ross and Union Bank of California, N.A., a copy of which is attached hereto as Exhibit A, as it may be amended from time to time.

4

Exhibit 10.3

1.37    “Trustee” means the original Trustee(s) named in the Trust Agreement and any duly appointed successor or successors thereto.
1.38    “Unforeseeable Financial Emergency” means a severe financial hardship of the Participant resulting from (i) an illness or accident of the Participant, the Participant’s spouse, the Participant’s Beneficiary or a dependent of the Participant (as defined in section 152 of the Code, without regard to section 152(b)(1), (b)(2) and (d)(1)(B) thereof), (ii) loss of the Participant’s property due to casualty, or (iii) such other similar extraordinary and unforeseeable circumstances arising as a result of events beyond the control of the Participant, all as determined by the Plan Administrator based on the relevant facts and circumstances.  Examples of unforeseeable financial emergencies include, the imminent foreclosure of or eviction from one’s primary residence, the need to pay for medical expenses, or the need to pay for the funeral expenses of a spouse, a Beneficiary or dependent.   Examples of what are not considered to be unforeseeable financial emergencies include the cost of sending a child to college or the purchase of a home.

ARTICLE II

ELIGIBILITY
2.1    Eligibility.  Eligibility for participation in the Plan shall be limited to a select group of key management or highly compensated employees of the Employer designated by the Plan Administrator, in its sole discretion, to participate in the Plan, within the standard established under ERISA sections 201(2), 301(a)(3) and 401(a)(1).  Individuals who are in this select group shall be notified as to their eligibility to participate in the Plan.  
2.2    Commencement of Participation.  An Eligible Employee shall begin participation in the Plan on the date the Plan Administrator determines that the Employee has met all enrollment requirements, including returning the required Election Form and any other enrollment materials required by the Plan Administrator within the specified time period.  If an Employee fails to meet all requirements established by the Plan Administrator within the period required, the Employee shall not be eligible to participate in the Plan during such Plan Year.  
2.3    Cessation of Participation.  Active participation in the Plan shall end on the date of occurrence of a Termination Event or the date the Participant ceases to be eligible under Section 2.1, whichever occurs first.  No deferrals or contributions shall be made after said date, but the Participant’s Deferral Account shall continue to be credited or debited with deemed Investment Gains or Losses pursuant to Article IV until all of the Benefits to which the Participant is entitled are distributed to the Participant or his or her Beneficiary in accordance with the terms of the Plan.  Participation in the Plan shall cease when all Benefits have been paid in full.

5

Exhibit 10.3

ARTICLE III

DEFERRALS AND CONTRIBUTIONS

3.1    Salary Deferrals.

(a)    Annual Deferral.  For each Plan Year, a Participant may make a Salary Deferral Election to reduce his or her Salary by the Salary Deferral Amount set forth in an Election Form duly executed and filed with the Employer, subject to the limitations under Section 3.4.  The election shall be made on an Election Form which must be returned to the Employer no later than the December 31 prior to the Plan Year in which the Salary will be earned.  The Participant’s election shall be irrevocable effective as of said December 31.  The Salary Deferral Amount shall not be paid to the Participant, but shall be withheld from the Participant’s Salary and an equal amount shall be credited to the Participant’s Deferral Account.  
(b)    Election to Continue in Effect.  Unless ceased or modified by a subsequent Salary Deferral Election or cancelled pursuant to Section 3.3, the Participant’s election shall continue in effect for all subsequent Plan Years until the Participant ceases to be an Eligible Employee.  
(c)    Initial Deferral Election.  An Eligible Employee who first becomes eligible to participate in the Plan on or after the beginning of a Plan Year may make an election to defer the portion of his or her Salary attributable to services to be performed after such election, provided that the Employee submits an Election Form on or before the deadline established by the Plan Administrator, which in no event shall be later than thirty (30) days after the Employee first becomes eligible to participate in the Plan.  Any such election shall be irrevocable thirty (30) days after the Employee first becomes eligible to participate in the Plan.  
3.2    Bonus Deferrals.
(a)    Annual Deferral.  For each Plan Year, a Participant may make a Bonus Deferral Election to reduce his or her Annual Bonus by the Bonus Deferral Amount set forth in an Election Form duly executed and filed with the Employer.  The election shall be made on an Election Form which must be returned to the Employer no later than the December 31 prior to the Plan Year in which the Bonus performance period will commence, except as permitted by Section 3.2(b).  The election shall be irrevocable effective as of said December 31.  The Bonus Deferral Amount shall not be paid to the Participant, but shall be withheld from the Participant’s Annual Bonus and an equal amount shall be credited to the Participant’s Deferral Account.  
(b)    Extended Deadline for Bonus Deferral Election.  Notwithstanding Section 3.2(a), a Participant may make a Bonus Deferral Election by filing an Election Form with the Employer no later than six (6) months before the end of the Bonus performance period, provided that the following conditions are satisfied:  (i) the Participant has performed services continuously from the later of (A) the beginning of the Bonus performance period or (B) the date the Bonus performance criteria are established through the date of said election; and (ii) in no event may an election to defer an Annual Bonus be made after such Annual Bonus has become readily 

6

Exhibit 10.3

ascertainable.  Any such election shall become irrevocable six (6) months before the end of the twelve (12) month Bonus performance period.  
(c)    Initial Deferral Election.  An Eligible Employee who first becomes eligible to participate in the Plan after the beginning of the Plan Year may make a Bonus Deferral Election to defer the portion of his or her Bonus attributable to services to be performed after such election, provided that the Employee submits an Election Form on or before the deadline established by the Plan Administrator, which in no event shall be later than thirty (30) days after the Participant first becomes eligible to participate in the Plan.  The portion of the Bonus attributable to services performed after the date of the Bonus Deferral Election (and the maximum amount that may be deferred) shall be determined as follows:  the total amount of the Bonus for the twelve (12) month performance period shall be multiplied by a fraction, the numerator of which is the number of days remaining in the Bonus performance period after the Bonus Deferral Election is effective and the denominator of which is the total number of days in the Bonus performance period.  
(d)    Election to Continue in Effect.  Unless ceased or modified by a subsequent timely Bonus Deferral Election or cancelled pursuant to Section 3.3, the Participant’s Bonus Deferral Election shall continue in effect until the Participant ceases to be an Eligible Employee.  
3.3    Cancellation of Salary and Bonus Deferral Election Due to 401(k) Plan Hardship Distribution or Unforeseeable Emergency Withdrawal. Notwithstanding anything in this Article III to the contrary, if during a Plan Year, a Participant receives a hardship distribution under a plan described in section 401(k) of the Code that is maintained by the Employer, (1) the Participant’s Salary Deferral Election and Bonus Deferral Election shall be cancelled in full for the remainder of the Plan Year and the immediately following Plan Year.  If a Participant experiences an Unforeseeable Financial Emergency described in Section 5.4, then the Participant’s Salary Deferral Election and Bonus Deferral Election shall be cancelled in full for the remainder of the Plan Year and the immediately following Plan Year.  A Participant whose Salary Deferral Election and/or Bonus Deferral Election is cancelled under this Section 3.3 may elect to make a Salary Deferral Election and/or Bonus Deferral Election beginning after the period of cancellation set forth in this Section.
3.4    Limitations on Deferrals.  A Participant’s Salary and Bonus Deferrals with respect to a Plan Year shall be reduced by the amount(s), if any, which may be necessary:
		
	(i)
	To satisfy all required income and employment tax withholding and FICA contributions;

		
	(ii)
	To pay all contributions elected by the Participant pursuant to the Ross employee stock purchase plan, the cafeteria plan established pursuant to section 125 of the Code, and other applicable compensation and benefit programs; and

		
	(iii)
	To satisfy all garnishments or other amounts required to be withheld by applicable law or court order.

7

Exhibit 10.3

3.5    Matching Contribution.  A Matching Contribution may be credited to a Participant’s Deferral Account in such amount and at such time as the Employer, in its sole discretion, may determine and announce to the Participant.  The Employer reserves the right to change the formula by which Matching Contributions are determined or to cease making Matching Contributions entirely after notifying the Participant of such change or cessation.  
3.6    Additional Contributions.  Additional Contributions may be credited to a Participant’s Deferral Account in such amounts and at such times as the Employer, in its sole discretion, may determine and communicate to the Participant.  The Employer shall be under no obligation to continue to credit Additional Contributions and may discontinue or change the amount of such Additional Contributions at any time.  
3.7    No Withdrawal.  Except as permitted in Section 5.4 or, with respect to a Participant’s Pre-2005 Deferral Account, as further permitted pursuant to Appendix A, amounts credited to a Participant’s Deferral Account may not be withdrawn by a Participant and shall be paid only upon a Termination Event.
3.8    Vesting.  A Participant’s Deferral Account attributable to Salary Deferral Amounts, Bonus Deferral Amounts and Matching Contributions shall be one hundred percent (100%) vested at all times.  A Participant’s Deferral Account attributable to any Additional Contributions shall vest at such time or times as the Compensation Committee of the Board shall specify in connection with any such Additional Contributions.    

ARTICLE IV

INVESTMENT GAIN OR LOSS ON DEFERRAL ACCOUNTS
4.1    Deferral Account.  A Deferral Account shall be established and maintained for each Participant to which shall be credited the Participant’s Salary Deferral Amount, Bonus Deferral Amount, Matching Contributions (if applicable), Additional Contributions (if applicable) and the deemed Investment Gain or Loss as determined under this Article IV.  The Participant’s Deferral Account shall be charged with distributions from the Account and any charges which may be imposed on the Deferral Account pursuant to the terms of the Plan.  For a Participant who received credits under this Plan prior to January 1, 2005, the Deferral Account shall include both a Pre-2005 Deferral Account (which is exempt from Code section 409A) and a Post-2004 Deferral Account (which is subject to Code section 409A).  
4.2    Deemed Investment Options.
(a)    The Plan Administrator shall designate one or more investments alternatives available for hypothetical investment (“Deemed Investment Options”).  The Plan Administrator shall specify the particular investment alternatives which shall constitute Deemed Investment Options, and-may, in its sole discretion, change or add to the Deemed Investment Options; 

8

Exhibit 10.3

provided, however, that the Plan Administrator shall notify Participants of any such change prior to the effective date thereof.
(b)    Each Participant may select among the Deemed Investment Options and specify the manner in which his or her Deferral Account shall be deemed to be invested for purposes of determining Participant’s Investment Gain or Loss (the “Deemed Investment Election”).  The Plan Administrator shall establish and communicate the rules, procedures and deadlines for making and changing Deemed Investment Elections.
4.3    Investment Gain or Loss.  Each Participant’s Deferral Account shall be credited monthly, or more frequently as the Plan Administrator may specify, with the deemed Investment Gain or debited with the deemed Investment Loss attributable to his or her Deferral Account.  The deemed Investment Gain or Loss is the amount which the Participant’s Deferral Account would have earned or lost if the amounts credited to the Deferral Account had, in fact, been invested in the Deemed Investment Options, in accordance with the Participant’s Deemed Investment Elections.

ARTICLE V

BENEFITS
5.1    Timing of Distribution with Respect to Post-2004 Deferral Account.  
(a)    The amounts credited to a Participant’s Post-2004 Deferral Account shall be paid (or payment shall commence) upon the Distribution Date following the first Termination Event to occur.  The Participant may elect, no later then when he or she first makes a Salary Deferral Election and/or Bonus Deferral Election with respect to his or her Post-2004 Deferral Account that the timing of his or her payment shall be on the Distribution Date immediately following: (i) his or her Separation from Service or (ii) one (1) year after his or her Separation from Service. 
(b)    Notwithstanding Section 5.1(a), if the Termination Event is the Separation from Service of a Specified Employee, payment of the Participant’s Post-2004 Account shall be made or commenced no earlier than on the first day after the end of the six (6) month period following the Participant’s Separation from Service. 
5.2    Method of Distribution with Respect to Post-2004 Deferral Account.  
(a)    In General.  Distributions of a Participant’s Post-2004 Deferral Account may be made in any of the following optional forms of distribution, if the Participant has so elected no later than the time the Participant first makes a Salary Deferral Election and/or Bonus Deferral Election with respect to deferral amounts in his or her Post-2004 Deferral Account:  (i) a single lump sum payment or (ii) substantially equal annual installments over a period not to exceed ten (10) years.

9

Exhibit 10.3

(b)     Death Benefits.  In the event a Participant dies before his or her Post-2004 Deferral Account has been completely distributed and the Plan Administrator receives proof satisfactory to it of the Participant’s death, the Participant’s Benefits shall be paid to his or her Beneficiary in accordance with the method of distribution specified in the Participant’s Distribution Election in effect at the time of such Participant’s death.  
(c)    Non-Election.  If no Distribution Election has been properly made prior to the Distribution Date, the Participant’s Benefits will be distributed in a single lump sum on the Distribution Date.
5.3    Amendment of Distribution Election with Respect to Post-2004 Deferral Account.  A Participant may change a Distribution Election with respect to his or her Post-2004 Deferral Account by filing an amended Distribution Election at least twelve (12) months before the Distribution Date.  Such amended Distribution Election shall not be effective for a period of twelve (12) months after the date on which the amended election is made.  The new Distribution Date selected by the Participant must be the first day of a Plan Year that is no sooner than five (5)  years from the date such payment would otherwise be made or commence.
5.4    Unforeseeable Financial Emergency.  Notwithstanding any other provision of the Plan to the contrary, with the consent of the Plan Administrator, a Participant may withdraw up to one hundred percent (100%) of the amount credited to his or her Deferral Account as may be required to meet an Unforeseeable Financial Emergency of the Participant, provided that the entire amount requested by the Participant is not reasonably available from other resources of the Participant.
(a)    The withdrawal must be necessary to satisfy the Unforeseeable Financial Emergency (which may include amounts necessary to pay any federal, state, local or foreign income taxes or penalties reasonably anticipated to result from the withdrawal) and no more may be withdrawn from the Participant’s Deferral Account than is required to relieve the financial need after taking into account other resources that are reasonably available to the Participant for this purpose.
(b)    The Participant must certify that the financial need cannot be relieved: (i) through reimbursement or compensation by insurance or otherwise; or (ii) by liquidation of the Participant’s assets, to the extent such liquidation would not itself cause severe financial hardship.
(c)    In the event an Unforeseeable Financial Emergency withdrawal is approved, payment shall be made to the Participant on a date elected solely at the discretion of the Plan Administrator that is within sixty (60) days after the date of approval by the Plan Administrator.  
5.5    Distribution of Pre-2005 Deferral Account.  A Participant may elect to receive any portion of his or her Pre-2005 Deferral Account at the times and in the forms described in Appendix A.  
5.6    Qualified Domestic Relations Orders.  If necessary to comply with a domestic relations order, as defined in Code section 414(p)(1)(B), pursuant to which a court has determined that a spouse or former spouse of a Participant has an interest in the Participant’s Benefits under the 

10

Exhibit 10.3

Plan, the Plan Administrator shall have the right to immediately distribute the spouse’s or former spouse’s interest in the Participant’s Benefits under the Plan to such spouse or former spouse.  
5.7    Tax Withholding.  All payments under this Article V shall be subject to all applicable withholding for state and federal income tax and to any other federal, state or local tax which may be applicable thereto.

ARTICLE VI

BENEFICIARIES
6.1    Designation of Beneficiary.  The Participant shall have the right to designate on such form as may be prescribed by the Plan Administrator, one or more Beneficiaries and secondary Beneficiaries to receive any Benefits due under Article V which may remain unpaid at the Participant’s death and shall have the right at any time to revoke such designation and to substitute another such Beneficiary.  
6.2    No Designated Beneficiary.  If, upon the death of the Participant, there is no valid designation of Beneficiary, the Beneficiary shall be the Participant’s estate.

ARTICLE VII

TRUST OBLIGATION TO PAY BENEFITS
7.1    Deferrals Held in Trust.  An amount equal to Salary Deferral Amounts, Annual Bonus Deferral Amounts and Matching Contributions, if any, made by or on behalf of the Participant shall be transferred to the Trustee within thirty (30) days after the applicable pay period or crediting date to be held pursuant to the terms of the Trust Agreement.
7.2    Benefits Paid From Trust.  All benefits payable to a Participant hereunder shall be paid by the Trustee to the extent of the assets held in the Trust by the Trustee, and by the Employer to the extent the assets in the Trust are insufficient to pay the Participant’s Benefits as provided under this Plan.
7.3    Trustee Investment Discretion.  The Deemed Investment Options shall be for the sole purpose of determining the deemed Investment Gain or Loss and neither the Trustee nor the Employer shall have any obligation to invest the Participants’ Deferral Account in the Deemed Investment Options or in any other investment.
7.4    No Secured Interest.  All deferrals and other amounts governed by the terms of the Plan and the Trust Agreement, including all investments purchased with such amounts and all income attributable thereto, shall remain (until distributed to the Participant or Beneficiary) the  property of the Employer as provided under the Plan and the Trust Agreement and shall be subject to the 

11

Exhibit 10.3

claims of the Employer’s general creditors in the event of the Employer’s financial insolvency.  No Participant or Beneficiary shall have any secured or beneficial interest in any property, rights or investments held by the Employer or the Trustee in connection with the Plan.  

ARTICLE VIII 

AMENDMENT AND TERMINATION
8.1    Amendment.  This Plan may be amended by Ross at any time in its sole discretion upon an action of a majority of the members of the Plan Administrator; provided, however, that no amendment may be made which would alter the irrevocable nature of an election or which would reduce the amount credited to a Participant’s Deferral Account on the date of such amendment; and provided further that no amendment which would affect the Trustee’s obligation may be made without the Trustee’s consent.
8.2    Termination.  Notwithstanding any other provision of this Plan to the contrary, Ross, either (i) by action of its Board or (ii) with the approval of a majority of the members of the Plan Administrator and the consent of either the President or the Chief Executive Officer of Ross, reserves the right to terminate the Plan in its entirety at any time upon fifteen (15) days’ notice to the Participants.  If the Plan is terminated, no new deferral elections or Employer contributions shall be permitted, but the Deferral Accounts of the Participants shall remain in the Plan and continue to be credited or debited with deemed Investment Gains or Losses pursuant to Article IV until the Account is distributed in accordance with Article V or Appendix A.  Notwithstanding the foregoing, upon termination of the Plan, all Post-2004 Deferral Accounts of Participants shall be distributed in a single lump sum, subject to and in accordance with rules established by the Employer deemed necessary to comply with the applicable requirements and limitations of Treasury Regulation section 1.409A-3(j)(4)(ix).  Any amounts remaining in the Trust after all Benefits have been paid shall revert to the Employer.

ARTICLE IX

MISCELLANEOUS
9.1    Administration.  The Plan Administrator shall have full discretionary authority to administer the Plan and to interpret its provisions.  The Plan Administrator shall have the discretion and authority to make, amend, interpret and enforce all appropriate rules and regulations for the administration of the Plan, and to decide any and all questions arising under the Plan, including disputes regarding entitlement to benefits.  
9.2    No Assignment.  The right of any Participant, any Beneficiary, or any other person to the payment of any benefits under this Plan shall not be assigned, transferred, pledged or encumbered.

12

Exhibit 10.3

9.3    Successors.  This Plan shall be binding upon and inure to the benefit of the Employer, its successors and assigns and the Participant and his or her heirs, executors, administrators and legal representatives.
9.4    No Employment Agreement.  The terms and conditions of the Plan shall not be deemed to constitute a contract of employment between the Employer and the Participant.  Such employment is hereby acknowledged to be an “at will” employment relationship that can be terminated at any time for any reason, with or without cause, unless expressly provided in a written agreement or expressly provided by law.  Nothing in the Plan shall be deemed to give a Participant the right to be retained in the service of the Employer, or to interfere with the right of the Employer to discipline or discharge the Participant at any time.
9.5    Attorneys’ Fees.  If the Employer, a Participant, any Beneficiary, or a successor in interest to any of the foregoing, brings a legal action to enforce any of the provisions of this Plan, the prevailing party in such legal action shall be reimbursed by the other party for the prevailing party’s costs of such legal action including, without limitation, reasonable fees of attorneys, accountants and similar advisors and expert witnesses.  
9.6    Disputes.
(a)    A person who believes that he or she is being denied a benefit to which he or she is entitled under the Plan (hereinafter referred to as “Claimant”) may file a written request for such benefit with the Plan Administrator, setting forth his or her claim.

(b)    Upon receipt of a claim, the Plan Administrator shall advise the Claimant that a reply will be forthcoming within ninety (90) days and shall, in fact, deliver such reply within such period.  The Plan Administrator may, however, extend the reply period for an additional ninety (90) days for special circumstances provided it notifies the Claimant of the need and reason for the extension and an anticipated decision date.

(c)    If the claim is denied in whole or in part, the Plan Administrator shall inform the Claimant in writing, using language calculated to be understood by the Claimant, setting forth: (1) the specific reason or reasons for such denial; (2) the specific reference to pertinent provisions of the Plan on which such denial is based; (3) a description of any additional material or information necessary for the Claimant to perfect his or her claim and an explanation why such material or such information is necessary; (4) appropriate information as to the steps to be taken if the Claimant wishes to submit the claim for review; (5) the time limits for requesting a review under subsection (d); and (6) such other information as may be required by applicable Department of Labor regulations.

(d)    Within sixty (60) days after the receipt by the Claimant of the written decision described above, the Claimant may make a request in writing for review of the determination of the Plan Administrator.  The Claimant or his or her duly authorized representative may, but need not, review the pertinent documents and submit issues and comments in writing for consideration by the Plan Administrator.  If the Claimant does not request a review within such 

13

Exhibit 10.3

sixty (60) day period, he or she shall be barred and estopped from challenging the Plan Administrator’s determination.

(e)    Within sixty (60) days after the Plan Administrator’s receipt of a request for review, the Plan Administrator shall appoint a special review committee, none of whose members shall be persons who reviewed or denied the initial claim, to review the request after considering all materials presented by the Claimant.  If special circumstances require that the sixty (60) day time period be extended, the special review committee will so notify the Claimant of the need and reasons for the extension and an anticipated decision date.  The Plan Administrator will render the decision as soon as possible, but no later than one hundred twenty (120) days after receipt of the request for review.  The decision of the special review committee must be written in a manner calculated to be understood by the Claimant, and it must contain: (1) specific reasons for the decision; (2) specific reference(s) to the pertinent Plan provisions upon which the decision was based;  (3) a statement that the Claimant is entitled to receive, upon request and free of charge, reasonable access to and copies of, all documents, records and other information relevant (as defined in applicable ERISA regulations) to the Claimant’s claim for benefits; and (4) a statement of the Claimant’s right to bring a civil action under ERISA Section 502(a).

(f)    Any dispute or claim related to or arising out of this Plan shall, subject to exhausting the claims and review procedures set forth in this Section 9.6, be fully and finally resolved by binding arbitration conducted by the American Arbitration Association according to its Employee Benefit Claims Arbitration Rules, the hearing to be held in Alameda County, California.  
9.7    Governing Law.  This Plan shall be construed in accordance with and governed by the laws of the State of California, the extent those laws are not preempted by ERISA.  
9.8    Entire Agreement.  This Plan constitutes the entire understanding and agreement with respect to the subject matter contained herein, and there are no agreements, understandings, restrictions, representations or warranties among any Participant and the Employer other than those as set forth or provided for herein or those documents expressly referred to herein as affecting this Plan. 
9.9    Minor or Incompetent Beneficiary.  If the Plan Administrator determines in its discretion that a distribution is to be made to a minor or incompetent Beneficiary, the Plan Administrator may direct payment to be made to the legal guardian, legal representative or custodian of such person.  The Plan Administrator may require such proof as it determines appropriate of the Beneficiary’s minority or incompetence before making any distribution.  Payment to the legal guardian, legal representative or custodian shall fully discharge any liability under the Plan for such payment amount.  

14

Exhibit 10.3

IN WITNESS WHEREOF, Ross Stores, Inc. has caused this Third Amended and Restated Ross Stores, Inc. Nonqualified Deferred Compensation Plan to be executed this _19_day of December, 2008 by its duly authorized officer effective December 31, 2008. 
	
		
	ROSS STORES, INC. 

	 
	 

	 
	 

	By:
	/s/J. Marvin

	Title:
	SVP, HR

	Dated:
	12/19/08

15

Exhibit 10.3

APPENDIX A 
 
DISTRIBUTION OF PRE-2005 DEFERRAL ACCOUNTS
The following provisions pertain solely to distribution of a Participant’s Pre-2005 Deferral Account and supersede any inconsistent provisions of the Plan.  
A.    Timing of Distribution.  A Participant’s Pre-2005 Deferral Account shall be paid (or payment shall commence) within a reasonable time after the earlier to occur of (i) the Early Benefit Distribution Date, if the Participant elected an Early Benefit Distribution, or (ii) a Termination Event.  The Participant may elect, no later then when he or she first makes a Salary Deferral Election and/or Bonus Deferral Election with respect to his or her Pre-2005 Deferral Account that the timing of his or her payment shall be on the Distribution Date immediately following: (i) his or her Separation from Service or (ii) one (1) year after his or her Separation from Service.
B.    Early Benefit Distribution.
(i)    Two-Year Advance Election.  A Participant may elect an Early Benefit Distribution by filing an Early Benefit Distribution Election at such time and in such manner as the Plan Administrator shall specify.  Such Early Benefit Distribution Election shall specify an Early Benefit Distribution Date which shall be no less than two (2) years from the date such Early Benefit Distribution Election is made.  Except as otherwise provided in this Appendix A, the Early Benefit Distribution Election shall be irrevocable and shall apply to the Participant’s entire Pre-2005 Deferral Account balance as of such Early Benefit Distribution Date, or to such lesser dollar amount as may be specified in the Early Benefit Distribution Election.  A Participant who receives an Early Benefit Distribution pursuant to an Early Benefit Distribution Election shall automatically cease all deferrals and/or contributions under the Plan as of the next Entry Date following the Early Benefit Distribution Date and may not resume participation until a subsequent Entry Date after making a new deferral election under Article III.  
Example:  Ms. X receives an Early Benefit Distribution on October 15, 2008.  Effective January 1, 2009, Ms. X must discontinue all deferrals to the Plan and may not resume participation until January 1, 2010.
Example:  Mr. Y receives an Early Benefit Distribution on June 30, 2009.  Effective January 1, 2010, Mr. Y must discontinue all deferrals to the Plan and may not resume participation until January 1, 2011.
(ii)    Revocation of Early Benefit Distribution Election.  A Participant may revoke an Early Benefit Distribution Election, or an election made for an early benefit distribution under the Ross Stores, Inc. Nonqualified Deferred Compensation Plan adopted effective January 1, 1994, by filing a written revocation at least twelve (12) months prior to the Early Benefit Distribution Date specified in such Election.  

1
 

Exhibit 10.3

C.    Termination Event.  Solely for purposes of this Appendix A, a Termination Event shall also be deemed to occur on the last day of any period for which the Participant receives compensation (including severance payments) from the Employer which is paid through the Employer’s payroll system and which the Employer reports as “wages” on Form W-2.  The occurrence of a Termination Event shall automatically revoke any Early Benefit Distribution Election made by the Participant, if the Early Benefit Distribution Date specified in such Early Benefit Distribution Election is after the date of the Termination Event.  Upon the occurrence of the first Termination Event to occur, the Participant’s Pre-2005 Deferral Account shall be paid in one of the following methods as specified in the Participant’s Distribution Election filed with the Plan Administrator at the time of his or her Salary Deferral Election and/or Bonus Deferral Election: (i) single lump sum or (ii) substantially equal annual installments over a period not to exceed ten (10) years.  
A Participant may file an amended Distribution Election by the earlier of  (a) the end of the year prior to the scheduled Distribution Date or (b) six (6) months before the scheduled Distribution Date.  Any amendment which is filed later than the requirements in the preceding sentence shall be null and void.
In the event a Participant dies before his or her Benefits have been completely distributed and the Plan Administrator receives proof satisfactory to it of the Participant’s death, the Participant’s benefits shall be paid to his or her Beneficiary in accordance with the method of distribution specified in the Participant’s Distribution Election in effect at the time of such Participant’s death.   
D.    Early Withdrawal.  Notwithstanding any other provision of the Plan, the Participant may withdraw up to one hundred percent (100%) of his or her Pre-2005 Deferral Account.  Upon such withdrawal, ten percent (10%) of the amount withdrawn shall be forfeited and the Participant shall have no further right thereto.  The amount withdrawn, reduced by said forfeiture, shall be paid to the Participant in a single lump sum.  Effective on the next Entry Date, the Participant shall be prohibited from making any deferrals or receiving any contributions under the Plan until a subsequent Entry Date after making a new deferral election under Article III.
E.    Termination of the Plan.  The termination of the Plan shall automatically revoke all outstanding Early Benefit Distribution Elections and all elections to have Pre-2005 Deferral Accounts paid in installments.  Upon the termination of the Plan, all such Accounts shall be paid in a single lump sum as if the Participant had voluntarily terminated employment on the date of Plan termination.  

2

Exhibit 10.3

FIRST AMENDMENT 
TO THE
ROSS STORES, INC. NONQUALIFIED DEFERRED COMPENSATION PLAN
(Third Amended and Restated Plan Document, Effective December 31, 2008)

		
	1.
	Plan Sponsor:       Ross Stores, Inc. (the “Company”)

		
	2.
	Amendment of Plan:  Pursuant to the authority granted to Ross Stores, Inc. Nonqualified Deferred Compensation Plan Administrative Committee (“Committee”) in Section 8.1 of Ross Stores, Inc. Nonqualified Deferred Compensation Plan, as amended and restated December 31, 2008 (the “Plan”), a member of the Committee hereby adopts the following Amendment to the Plan, effective as provided in Paragraph 3.

		
	A.
	Section 1.29 of the Plan shall be amended by replacing the existing Section 1.29 with the following Section 1.29:

1.29 “Salary Deferral” or “Salary Deferral Amount” means the dollar amount or percentage of Salary (not to exceed 75% of Salary) which a Participant elects to defer by making a Salary Deferral Election pursuant to Article III.

		
	B.
	Section 3.1(a) of the Plan shall be amended by replacing the existing Section 3.1(a) with the following Section 3.1(a):

(a)    Annual Deferral.  For each Plan Year, a Participant may make a Salary Deferral Election to reduce his or her Salary by the Salary Deferral Amount set forth in an Election Form duly executed and filed with the Employer, not to exceed 75% of Salary and subject to the limitations under Section 3.4. The election shall be made on an Election Form which (1) must be returned to the Employer no later than, and (2) will be irrevocable effective as of, the December 31 prior to the Plan Year in which the Salary will be earned. The Salary Deferral Amount shall not be paid to the Participant, but shall be withheld from the Participant’s Salary and an equal amount shall be credited to the Participant’s Deferral Account.

3.    Effective Date: The Effective Date of this First Amendment shall be January 1, 2015.

4.    Terms and Conditions of Plan:  Except for the above amendments, all terms and     conditions of the Plan are unamended and shall remain in full force and effect.

		
	5.
	Execution: A member of the Committee has executed this Amendment as of the date set forth below.

	
		
	ROSS STORES, INC. 

	Company

	 
	 

	By:
	/s/Deon Riley

	Title:
	SVP, Human Resources

	Dated:
	November 6, 2014

Exhibit 10.3

AMENDMENT TO THE
THIRD AMENDED AND RESTATED 
ROSS STORES, INC. 
NONQUALIFIED DEFERRED COMPENSATION PLAN

The Ross Stores, Inc. Third Amended and Restated Nonqualified Deferred Compensation Plan (the “Plan”), originally effective as of January 1, 1994, and most recently restated in its entirety effective as of December 31, 2008, is hereby further amended, effective as of October 1, 2017, as follows:

		
	1.
	Section 1.13 “Election Form” is amended in its entirety to read as follows:

“1.13    “Election Form” means the form, which may be in written, electronic, telephonic or such other format as prescribed by the Plan Administrator, by which a Participant makes a Salary Deferral Election and/or a Bonus Deferral Election and elects the event even or time of distribution and method of payments under the Plan.”

		
	2.
	Section 1.18 “Initial Entry Date” is deleted in its entirety.

		
	3.
	Section 1.19 “Investment Gain or Loss” is renumbered as Section 1.18.

		
	4.
	Section 1.20 “Matching Contribution” is renumbered as Section 1.19

		
	5.
	A new Section 1.20 is added to read as follows:

“1.20    “Open Enrollment Period” means the period or periods established by the Plan Administrator during which Eligible Employees may elect to enroll in the Plan or to change elections relating to the rate at which they wish to defer Compensation under the Plan.”

1

Exhibit 10.3

		
	6.
	Section 2.2 of the Plan is hereby amended in its entirety to read as follows:

“2.2    Commencement of Participation.  An Eligible Employee shall begin participation in the Plan on the date the Plan Administrator determines that the Employee has met all enrollment requirements, including returning the required Election Form and any other enrollment materials required by the Plan Administrator within the applicable Open Enrollment Period. If an Employee fails to meet all requirements established by the Plan Administrator within the applicable Open Enrollment Period, the Employee shall not be eligible to participate in the Plan during such Plan Year.”

		
	7.
	Section 3.1 of the Plan is hereby amended in its entirety to read as follows:

“3.1    Salary Deferrals.
(a)    Annual Deferral.  For each Plan Year, a Participant may make a Salary Deferral Election to reduce his or her Salary by the Salary Deferral Amount set forth in an Election Form duly executed and filed with the Employer during the applicable Open Enrollment Period, subject to the limitations under Section 3.4.  The election shall be made during the applicable Open Enrollment Period on an Election Form which must be returned to the Employer no later than the December 31 prior to the Plan Year in which the Salary will be earned.  Subject to Section 3.3, the Participant’s election shall be irrevocable effective as of said December 31.  The Salary Deferral Amount shall not be paid to the Participant, but shall be withheld from the Participant’s Salary and an equal amount shall be credited to the Participant’s Deferral Account.  
(b)    Election to Continue in Effect.  Unless ceased or modified by a subsequent Salary Deferral Election filed with the Employer during the applicable Open Enrollment Period or cancelled pursuant to Section 3.3, the Participant’s election shall continue in effect for all subsequent Plan Years until the Participant ceases to be an Eligible Employee.”    

		
	8.
	Section 3.2 of the Plan is hereby amended in its entirety to read as follows:

“3.2    Bonus Deferrals.
(a)    Deadline for Bonus Deferral Election.  A Participant may make a Bonus Deferral Election by filing an Election Form with the Employer during the applicable Open Enrollment Period which shall be no later than six (6) months before the end of the Bonus performance period, provided that the Participant has performed services continuously from the beginning of the Bonus performance period.  
(b)    Election to Continue in Effect.  Unless ceased or modified by a subsequent timely Bonus Deferral Election filed with the Employer during the applicable Open Enrollment Period or cancelled pursuant to Section 3.3, the Participant’s Bonus Deferral Election shall continue in effect until the Participant ceases to be an Eligible Employee.”

2

Exhibit 10.3

Except as modified by this Amendment, all the terms and provisions of the Plan, as previously amended, shall remain in full force and effect.

Executed this 13th day of December, 2017

	
		
	PLAN ADMINISTRATOR OF THE ROSS STORES, INC. 
THIRD AMENDED AND RESTATED 
NONQUALIFIED DEFERRED COMPENSATION 

	 
	 

	 
	 

	By
	/s/K. Reimann

	Title
	Member of the Plan Administrative Committee

3

Exhibit 10.3

EXHIBIT A
NONQUALIFIED DEFERRED COMPENSATION PLAN TRUST AGREEMENT

Wells Fargo Bank, N.A. as successor trustee to Union Bank of California, N.A.

	
	
	   Rabbi Trust Agreement

This rabbi trust agreement is based on the IRS model rabbi trust provisions contained in Revenue Procedure 92-64.  Provisions from the IRS model rabbi trust have been selected which are frequently chosen by many if not most of Wells Fargo rabbi trust clients.  Additional provisions have been added to reflect Wells Fargo operating procedures and administrative requirements.  A Company should carefully review the trust agreement with its legal counsel to determine if it is appropriate for its particular situation.  Wells Fargo does not provide legal advice and makes no representations concerning the tax consequences of a Company’s execution of this Agreement.

    

Exhibit 10.3

TABLE OF CONTENTS

	
				
	 
	 
	Page
	

	Article I.
	Establishment of Trust
	1
	

	Article II.
	Payments to Plan Participants and Their Beneficiaries
	2
	

	Article III.
	Trustee Responsibility Regarding Payments to Trust Beneficiary When Company is Insolvent
	3
	

	Article IV.
	Payments to Company
	4
	

	Article V.
	Investment Authority
	4
	

	Article VI.
	Disposition of Income
	6
	

	Article VII.
	Accounting by Trustee
	6
	

	Article VIII.
	Responsibility of Trustee
	6
	

	Article IX.
	Compensation and Expenses of Trustee
	7
	

	Article X.
	Resignation and Removal of Trustee
	8
	

	Article XI.
	Appointment of Successor
	8
	

	Article XII.
	Amendment or Termination
	8
	

	Article XIII.
	Miscellaneous
	9
	

	Article XIV.
	Effective Date
	10
	

  

    

Exhibit 10.3

	
	
	   Ross Stores, Inc. Nonqualified Deferred Compensation Plan 
Trust Agreement

This Agreement, made this first day of July, 2010, by and between Ross Stores, Inc.(the “Company”) and WELLS FARGO BANK, N.A., (the "Trustee"),

WITNESSETH:

WHEREAS, Company has adopted the non-qualified deferred compensation Plan titled Ross Stores, Inc. Nonqualifed Deferred Compensation Plan (the “Plan”);

WHEREAS, Company has incurred and expects to incur liability under the terms of such Plan with respect to the individuals participating in such Plan; and 

WHEREAS, Company has established a trust (hereinafter called "Trust") and wishes to contribute to the Trust assets that shall be held therein, subject to the claims of Company's creditors in the event of Company’s Insolvency, as herein defined, until paid to Plan participants and their beneficiaries in such manner and at such times as specified in the Plan;

WHEREAS, it is the intention of the parties that this Trust shall constitute an unfunded arrangement and shall not affect the status of the Plan as an unfunded plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees for purposes of Title I of the Employee Retirement Income Security Act of 1974;

WHEREAS, it is the intention of Company to make contributions to the Trust to provide itself with a source of funds to assist it in the meeting of its liabilities under the Plan;

NOW, THEREFORE, the parties do hereby establish the Trust and agree that the Trust shall be comprised, held and disposed of as follows:

ARTICLE I

ESTABLISHMENT OF TRUST

Section 1.1    Company hereby deposits with Trustee in trust $1.00, which shall become the principal of the Trust, along with assets transferred from the prior trustee, all to be held, administered and disposed of by Trustee as provided in this Trust Agreement.

Section 1.2    The Trust hereby established shall be irrevocable by Company.

Section 1.3    The Trust is intended to be a grantor trust, of which Company is the grantor, within the meaning of subpart E, part 1, subchapter J, chapter 1, subtitle A of the Internal Revenue Code of 1986, as amended, and shall be construed accordingly.  However, Trustee does not warrant and shall not be liable for any tax consequences associated with the Trust or participation in the Plan.

Section 1.4    The principal of the Trust and any earnings thereon shall be held separate and apart from other funds of Company and shall be used exclusively for the uses and purposes of Plan participants and general creditors as herein set forth.  Plan participants and their beneficiaries shall have no preferred claim 

-1-

Exhibit 10.3

on, or any beneficial ownership interest in, any assets of the Trust.  Any rights created under the Plan and this Trust Agreement shall be mere unsecured contractual rights of Plan participants and their beneficiaries against Company.  Any assets held by the Trust will be subject to the claims of Company's general creditors under federal and state law in the event of Insolvency, as defined in Section 3.1 herein.

Section 1.5    Company, in its sole discretion, may at any time, or from time to time, make additional deposits of cash or other property acceptable to the Trustee in trust with Trustee to augment the principal to be held, administered and disposed of by Trustee as provided in this Trust Agreement.  Neither Trustee nor any Plan participant or beneficiary shall have any right to compel such additional deposits.

Section 1.6    The Trustee agrees to accept contributions that are paid to it by the Company in accordance with the terms of this Trust Agreement.  Such contributions shall be in cash or in such other form that may be acceptable to the Trustee.  The Trustee shall have no duty to determine or collect contributions under the Plan and shall have no responsibility for any property until it is received and accepted by the Trustee.  The Company shall have the sole duty and responsibility for the determination of the accuracy or sufficiency of the contributions to be made under the Plan, the transmittal of the same to the Trustee and compliance with any statute, regulation or rule applicable to contributions.

ARTICLE II
PAYMENTS TO PLAN PARTICIPANTS AND THEIR BENEFICIARIES

Section 2.1    Company shall deliver to Trustee a schedule (the "Payment Schedule") that indicates the amounts payable in respect of each Plan participant (and his or her beneficiaries), that provides a formula or other instructions acceptable to Trustee for determining the amounts so payable, the form in which such amount is to be paid (as provided for or available under the Plan), and the time of commencement for payment of such amounts.  

The Trustee shall remit such payment to Company and Company shall make such payments to the Plan participants and beneficiaries.  Company shall make provision for the reporting and withholding of any federal, state or local taxes that may be required to be withheld with respect to the payment of benefits pursuant to the terms of the Plan and shall pay amounts withheld to the appropriate taxing authorities. Company shall indemnify and hold harmless the Trustee from any and all liability to which the Trustee may become subject due to Company’s failure to properly withhold and/or remit amounts due or to pay benefits to participants in connection with the Trust.

Section 2.2    The entitlement of a Plan participant or his or her beneficiaries to benefits under the Plan shall be determined by Company or such party as it shall designate under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan.

Section 2.3    Company may make payment of benefits directly to Plan participants or their beneficiaries as they become due under the terms of the Plan, and may request reimbursement for such payments upon presentation of appropriate evidence of payment to Trustee.  Company shall notify Trustee of its decision to make payment of benefits directly prior to the time amounts are payable to participants or their beneficiaries.  In addition, if the principal of the Trust and any earnings thereon, are not sufficient to make payments of benefits in accordance with the terms of the Plan, Company shall make the balance of each such payment as it falls due.  Trustee shall notify Company where principal and earnings are not sufficient.  Trustee shall not be liable for the inadequacy of the Trust to pay all amounts due under the Plan.

-2-

Exhibit 10.3

ARTICLE III

TRUSTEE RESPONSIBILITY REGARDING PAYMENTS TO TRUST BENEFICIARY WHEN COMPANY IS INSOLVENT

Section 3.1    Trustee shall cease payment of benefits to Plan participants and their beneficiaries if the Company is Insolvent.  Company shall be considered "Insolvent" for purposes of this Trust Agreement if (i) Company is unable to pay its debts as they become due, or (ii) Company is subject to a pending proceeding as a debtor under the United States Bankruptcy Code or any comparable state or federal regulatory law.

Section 3.2    At all times during the continuance of this Trust, as provided in Section 1.4 hereof, the principal and income of the Trust shall be subject to claims of general creditors of Company under federal and state law as set forth below.

(1)    The Board of Directors and the Chief Executive Officer (or if there is no Chief Executive Officer, the highest ranking officer) of Company shall have the duty to inform Trustee in writing of Company's Insolvency.  If a person claiming to be a creditor of Company alleges in writing to Trustee that Company has become Insolvent, Trustee shall determine whether Company is Insolvent and, pending such determination, Trustee shall discontinue payment of benefits to Plan participants or their beneficiaries.  

(2)    Unless Trustee has actual knowledge of Company's Insolvency, or has received notice from Company or a person claiming to be a creditor alleging that Company is Insolvent, Trustee shall have no duty to inquire whether Company is Insolvent.  Trustee may in all events rely on such evidence concerning Company's solvency as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company's solvency.

(3)    If at any time Trustee has determined that Company is Insolvent, Trustee shall discontinue payments to Plan participants or their beneficiaries and shall hold the assets of the Trust for the benefit of Company's general creditors.  Nothing in this Trust Agreement shall in any way diminish any rights of the Plan participants or their beneficiaries to pursue their rights as general creditors of Company with respect to benefits due under the Plan or otherwise.

(4)    Trustee shall resume the payment of benefits to Plan participants or their beneficiaries in accordance with Article II of this Trust Agreement only after Trustee has been directed that Company is not Insolvent (or is no longer Insolvent). Trustee may in all events rely on such evidence concerning Company’s solvency (or Insolvency) as may be furnished to Trustee and that provides Trustee with a reasonable basis for making a determination concerning Company’s solvency.

Section 3.3    Provided that there are sufficient assets, if Trustee discontinues the payment of benefits from the Trust pursuant to Section 3.2 hereof and subsequently resumes such payments, the first payment following such discontinuance shall include the aggregate amount of all payments due to Plan participants or their beneficiaries under the terms of the Plan for the period of such discontinuance, less the aggregate amount of any payments made to Plan participants or their beneficiaries by Company in lieu of the payments provided for hereunder during any such period of discontinuance.

-3-

Exhibit 10.3

ARTICLE IV
PAYMENTS TO COMPANY

Except as provided in Articles II and III hereof, Company shall have no right or power to direct Trustee to return to Company or to divert to others any of the Trust assets before all payment of benefits have been made to Plan participants and their beneficiaries pursuant to the terms of the Plan.  

ARTICLE V
INVESTMENT AUTHORITY

Section 5.1    Except as provided below, Company shall have the sole power and responsibility for the management, disposition, and investment of the Trust assets, and Trustee shall comply with written directions from Company or its designated agent, which may include a recordkeeper for the Plan.  Trustee shall have no duty or responsibility to review, initiate action, or make recommendations regarding the investment of Trust assets and shall retain such assets until directed in writing to dispose of them.  Prior to issuing any such directions, Company shall certify to Trustee the person(s) at Company or its agent who have the authority to issue such directions.

Section 5.2    In the administration of the Trust, Trustee shall have the following powers; however, all powers regarding the investment of the Trust shall be exercised solely pursuant to direction of Company or its delegated agent or, if applicable, an Investment Manager, unless Trustee has been properly delegated investment authority pursuant to section 5.4 below:

(1)    To hold assets of any kind, including shares of any registered investment company, whether or not Trustee or any of its affiliates provides investment advice or other services to such company and receives compensation for the services provided;

(2)    To sell, exchange, assign, transfer, and convey any security or property held in the Trust, at public or private sale, at such time and price and upon such terms and conditions (including credit) as directed;

(3)    To invest and reinvest assets of the Trust (including accumulated income) as directed;

(4)    To vote, tender, or exercise any right appurtenant to any stock or securities held in the Trust, as directed;

(5)    To consent to and participate in any plan for the liquidation, reorganization, consolidation, merger or any similar action of any corporation, any security of which is held in the Trust, as directed;

(6)    To sell or exercise any "rights" issued on any securities held in the Trust, as directed;

(7)    To cause all or any part of the assets of the Trust to be held in the name of Trustee (which in such instance need not disclose its fiduciary capacity) or, as permitted by laws, in the name of any nominee, and to acquire for the Trust any investment in bearer form, but the books and records of the Trust shall 

-4-

Exhibit 10.3

at all times show that all such investments are part of the Trust and Trustee shall hold evidence of title to all such investments;

(8)    To make such distributions in accordance with the provisions of this Trust Agreement;

(9)    To hold a portion of the Trust for the ordinary administration and for the disbursement of funds in cash, without liability for interest thereon for such period of time as necessary, notwithstanding that Trustee or an affiliate of Trustee may benefit directly or indirectly from such uninvested amounts.  It is acknowledged that Trustee’s handling of such amounts is consistent with usual and customary banking and fiduciary practices, and any earnings realized by Trustee or its affiliates will be compensation for its bank services in addition to its regular fees; and

(10)To invest in deposit products of Trustee or its affiliates, or other bank or similar financial institution, subject to the rules and regulations governing such deposits, and without regard to the amount of such deposit, as directed;

(11)To invest in securities (including stock and the rights to acquire stock) or obligations issued by the Company or an Employer as that term is defined in the Plan;

(12)To appoint custodians, subcustodians, or subtrustees, domestic or foreign (including affiliates of the Trustee), as to part or all of the Trust; provided that the Trustee shall not be liable for the acts or omissions of any subcustodian appointed under this Section.

Section 5.3    From time to time the Company may appoint one or more investment managers who shall have investment management and control over all or a portion of the assets of the Trust ("Investment Managers").  The Company shall notify the Trustee in writing of the appointment of the Investment Manager.  In the event more than one Investment Manager is appointed, the Company shall determine which assets shall be subject to management and control by each Investment Manager and shall also determine the proportion in which funds withdrawn or disbursed shall be charged against the assets subject to each Investment Manager's management and control.  Such Investment Manager shall direct Trustee as to the investment of assets and any voting, tendering, and other appurtenant rights of all securities held in the portion of the Trust over which the Investment Manager is appointed.  Trustee shall have no duty or responsibility to review, initiate action, or make recommendations regarding the investment of the Trust assets and shall retain such assets until directed in writing to dispose of them.

Section 5.4    Company may delegate to Trustee the responsibility to manage all or a portion of the Trust if Trustee agrees to do so in writing.  Upon written acceptance of that delegation, Trustee shall have full power and authority to invest and reinvest the Trust in investments as provided herein, subject to any investment guidelines provided by Company.

            Section 5.5    The Trustee shall have no responsibility to notify the Company of any calls for redemption which do not appear in Standard New York Financial Publications, unless the Trustee actually receives written notice of such call for redemption.  The Trustee shall promptly notify the Company of each written notice actually received by the Trustee in the ordinary course of its custodial business hereunder concerning any default of payment in connection with securities held hereunder, call for redemption, exchange offer, tender offer, rights offering, subscription rights, conversion or similar rights, merger, consolidation, reorganization, reclassification or recapitalization, or similar event or proceeding affecting the property held in the Trust, and shall take such action in respect thereto as may be directed in writing by the Company.

Section 5.6    All solicitation fees payable to the Trustee as agent in connection with tender offers or any of the aforementioned proceedings that would not otherwise be payable to the Company will be retained by the Trustee.

-5-

Exhibit 10.3

Section 5.7    Should any securities held in any depository be called for partial redemption by the issuer of such securities, the Trustee is authorized in the Trustee’s sole discretion to allot the called portion to the respective holders in any manner deemed to be fair and equitable in the Trustee’s judgment.  Securities called for partial redemption must be in the Trust pursuant to an actual rather than provisional credit.

ARTICLE VI
DISPOSITION OF INCOME

During the term of this Trust, all income received by the Trust, net of expenses and taxes, shall be accumulated and reinvested.

ARTICLE VII
ACCOUNTING BY TRUSTEE

Trustee shall keep accurate and detailed records of all investments, receipts, disbursements, and all other transactions required to be made, including such specific records as shall be agreed upon in writing between Company and Trustee.  Within 60 days following the close of each calendar year and within 90 days after the removal or resignation of Trustee, Trustee shall deliver to Company a written account of its administration of the Trust during such year or during the period from the close of the last preceding year to the date of such removal or resignation, setting forth all investments, receipts, disbursements and other transactions effected by it, including a description of all securities and investments purchased and sold with the cost or net proceeds of such purchases or sales (accrued interest paid or receivable being shown separately), and showing all cash, securities and other property held in the Trust at the end of such year or as of the date of such removal or resignation, as the case may be. Trustee’s accounting, if not objected to within 60 days of it being furnished to Company, shall be deemed accepted by Company.

ARTICLE VIII
RESPONSIBILITY OF TRUSTEE

Section 8.1    Trustee shall act with the care, skill, prudence and diligence under the circumstances then prevailing that a prudent person acting in like capacity and familiar with such matters would use in the conduct of an enterprise of a like character and with like aims; provided, however, that Trustee shall incur no liability to any person for any action taken pursuant to a direction, request or approval given by Company, and Company shall indemnify and hold harmless the Trustee, its officers, employees, and agents from and against all liabilities, losses, and claims (including reasonable attorney’s fees and costs of defense) for actions taken or omitted by Trustee in accordance with the terms of this Trust.  In the event of a dispute between Company and a party, Trustee may apply to a court of competent jurisdiction to resolve the dispute.

Section 8.2    If Trustee undertakes or defends any litigation arising in connection with this Trust, Company agrees to indemnify Trustee against Trustee's costs, expenses and liabilities (including, without limitation, attorneys' fees and expenses) relating thereto and to be primarily liable for such payments.  If Company does not pay such costs, expenses and liabilities in a reasonably timely manner, Trustee may obtain payment from the Trust.

-6-

Exhibit 10.3

Section 8.3    Trustee may consult with legal counsel (who may also be counsel for Company generally) with respect to any of its duties or obligations hereunder, and Trustee may hire agents, accountants, actuaries, investment advisors, financial consultants or other professionals to assist it in performing any of its duties or obligations hereunder.  Company shall pay the reasonable expenses for services by such individuals or entities, and if the Company does not pay such expenses in a reasonably timely manner, Trustee may obtain payment from the Trust. 

Section 8.4    Trustee shall have, without exclusion, all powers conferred on Trustees by applicable law, unless expressly provided otherwise herein; provided, however, that if an insurance policy is held as an asset of the Trust, Trustee shall have no power to name a beneficiary of the policy other than the Trust, to assign the policy (as distinct from conversion of the policy to a different form) other than to a successor Trustee, or to loan to any person the proceeds of any borrowing against such policy.  The Trustee shall not be liable for the failure or omission of any insurance company for any reason to pay any benefits or furnish any services under the policies or contracts.  Company shall have the sole responsibility to determine whether any insured under any insurance policy held in the Trust is deceased.

Section 8.5    Notwithstanding any powers granted to Trustee pursuant to this Trust Agreement or to applicable law, Trustee shall not have any power that could give this Trust the objective of carrying on a business and dividing the gains therefrom, within the meaning of section 301.7701‐2 of the Procedure and Administrative Regulations promulgated pursuant to the Internal Revenue Code.

Section 8.6    Any electronic communication, including facsimile and e-mail, received by Trustee from an address that Trustee reasonably believes to be that of a duly authorized representative of Company shall be deemed to be in writing and signed on behalf of Company by a duly authorized representative of Company, and Trustee shall be as fully protected under the Trust Agreement and applicable law as if such electronic communication had been an originally signed writing.

Section 8.7    The duties of the Trustee shall be limited to the assets held in the Trust, and the Trustee shall have no duties with respect to assets held by any other person including, without limitation, any other Trustee for the Plan.  The Company hereby agrees that the Trustee shall not serve as, and shall not be deemed to be, a co-trustee under any circumstances.  The Company may request the Trustee to perform a recordkeeping service with respect to property held by others and not otherwise subject to the terms of this Trust Agreement.  To the extent the Trustee shall agree to perform this service, its sole responsibility shall be to accurately reflect information on its books which it has received from an authorized party of the custodian of such property.

ARTICLE IX
COMPENSATION AND EXPENSES OF TRUSTEE

Trustee shall be entitled to reasonable compensation for the services it renders under this Trust.  Company shall pay all Trustee's fees and expenses as may be agreed upon in writing by the Company and the Trustee.  If not so paid within a reasonable time, the fees and expenses, including, but not limited to, those expenses referenced in Article VIII above, shall be paid from the Trust.

-7-

Exhibit 10.3

ARTICLE X
RESIGNATION AND REMOVAL OF TRUSTEE

Section 10.1    Trustee may resign at any time by written notice to Company, which shall be effective 30 days after receipt of such notice unless Company and Trustee agree otherwise.

Section 10.2   Trustee may be removed by Company on 30 days notice or upon shorter notice accepted by Trustee.

Section 10.3    Upon resignation or removal of Trustee and appointment of a successor Trustee, all assets shall subsequently be transferred to the successor Trustee.  The transfer shall be completed within 120 days after receipt of all information reasonably required by Trustee to transfer assets to the successor Trustee, unless Company extends the time limit.

Section 10.4    If Trustee resigns or is removed, a successor shall be appointed, in accordance with Article XI hereof, by the effective date of resignation or removal under sections 10.1 and 10.2 of this article.  If no such appointment has been made, Trustee may apply to a court of competent jurisdiction for appointment of a successor or for instructions.  All expenses of Trustee in connection with the proceeding shall be allowed as administrative expenses of the Trust.

ARTICLE XI
APPOINTMENT OF SUCCESSOR

Section 11.1    If Trustee resigns or is removed in accordance with Section 10.1 or 10.2 hereof, Company may appoint any third party, such as a bank trust department or other party that may be granted corporate trustee powers under state law, as a successor to replace Trustee upon resignation or removal.  The appointment shall be effective when accepted in writing by the new Trustee, who shall have all of the rights and powers of the former Trustee, including ownership rights in the Trust assets.  The former Trustee shall execute any instrument necessary or reasonably requested by Company or the successor Trustee to evidence the transfer.

Section 11.2    The successor Trustee need not examine the records and acts of any prior Trustee and may retain or dispose of existing Trust assets, subject to Articles VII and VIII hereof.  The successor Trustee shall not be responsible for and Company shall indemnify and defend the successor Trustee from any claim or liability resulting from any action or inaction of any prior Trustee or from any other past event, or any condition existing at the time it becomes successor Trustee.

ARTICLE XII
AMENDMENT OR TERMINATION

Section 12.1    This Trust Agreement may be amended by a written instrument executed by Trustee and Company.  Notwithstanding the foregoing, no such amendment shall make the Trust revocable after it has become irrevocable in accordance with Section 1.2 hereof.

Section 12.2    The Trust shall not terminate until the date on which Plan participants and their beneficiaries are no longer entitled to benefits pursuant to the terms of the Plan.  Upon termination of the Trust, any assets remaining in the Trust shall be returned to Company.

-8-

Exhibit 10.3

Section 12.3    Upon written approval of participants or beneficiaries entitled to payment of benefits pursuant to the terms of the Plan, Company may terminate this Trust prior to the time all benefit payments under the Plan have been made.  All assets in the Trust at termination shall be returned to Company.

ARTICLE XIII

MISCELLANEOUS

Section 13.1    Any provision of this Trust Agreement prohibited by law shall be ineffective to the extent of any such prohibition, without invalidating the remaining provisions hereof.

Section 13.2    Benefits payable to Plan participants and their beneficiaries under this Trust Agreement may not be anticipated, assigned (either at law or in equity), alienated, pledged, encumbered or subjected to attachment, garnishment, levy, execution or other legal or equitable process.

Section 13.3    This Trust Agreement shall be governed by and construed in accordance with the laws of the State of MN.

Section 13.4    Trustee shall be entitled to rely on any information furnished to it by Company or any other party from whom Trustee is entitled to any information.  If any provision of this Trust conflicts with any provision of the Plan, the provisions of this Trust shall control.

Section 13.5    If at any time the Plan fails to meet the requirements of the Internal Revenue Code section 409A, the Company shall determine, withhold, report and remit all taxes thereunder, as applicable.

Section 13.6    Neither the Company nor the Trustee may assign this Trust Agreement without the prior written consent of the other, except that the Trustee may assign its rights and delegate its duties hereunder to any corporation or entity which directly or indirectly is controlled by, or is under common control with, the Trustee.  This Trust Agreement shall be binding upon, and inure to the benefit of, the Company and the Trustee and their respective successors and permitted assigns.  Any entity which shall by merger, consolidation, purchase, or otherwise, succeed to substantially all the trust business of the Trustee shall, upon each succession and without any appointment or other action by the Company be and become successor Trustee hereunder, upon notification to the Company.

Section 13.7    The Trustee reserves the right to seek a judicial or administrative determination as to its proper course of action under this Trust Agreement.  Nothing contained herein will be construed or interpreted to deny the Trustee or the Company the right to have the Trustee’s account judicially determined.  To the extent permitted by law, only the Trustee and the Company shall be necessary parties in any application to the courts for an interpretation of this Trust Agreement or for an accounting by the Trustee, and no Participant under the Plan or other person having an interest in the Trust shall be entitled to any notice or service of process.  Any final judgment entered in such an action or proceeding shall, to the extent permitted by law, be conclusive upon all persons.
                                 
Section 13.8    The Company and the Trustee hereby each represent and warrant to the other that it has full authority to enter into this Trust Agreement upon the terms and conditions hereof and that the individual executing this Trust Agreement on its behalf has the requisite authority to bind the Company or the Trustee to this Trust Agreement.

-9-

Exhibit 10.3

ARTICLE XIV
EFFECTIVE DATE

The effective date of this Trust Agreement shall be July 1, 2010.

IN WITNESS WHEREOF, Company and Trustee have caused this Agreement to be executed by individuals thereunto duly authorized as of the day and year first above written.

	
					
	Ross Stores, Inc.
	 
	WELLS FARGO BANK, N.A., Trustee

	 
	 
	 
	 
	 

	 
	 
	 
	 
	 

	By
	/s/Robert Richardson
	 
	By
	/s/Tom Olson

	Name
	Robert Richardson
	 
	Name
	Tom Olson

	Title
	Sr. Director, Compensation
	 
	Title
	Vice President / Relationship Manager

                                 

-10-

Exhibit 10.3

FIRST AMENDMENT TO THE
ROSS STORES, INC. NONQUALIFIED DEFERRED COMPENSATION PLAN 
TRUST AGREEMENT

This First Amendment to the Ross Stores, Inc. Nonqualified Deferred Compensation Plan Trust Agreement (the “Trust Agreement” or “Trust”) is made and entered into by and between Ross Stores, Inc. (the “Company”) and Wells Fargo Bank, National Association (the “Trustee”), effective as of the date indicated below:

WHEREAS, Section 12.1 of the Trust Agreement provides that the Trust Agreement may be amended by written instrument executed by the Trustee and the Company; and

WHEREAS, the Company desires to amend the Trust Agreement in order that the Trustee may make payments to participants and beneficiaries at the direction of the Company; 

NOW, THEREFORE, The Company and the Trustee agree to amend the Trust Agreement as follows:

The second paragraph in Section 2.1 shall be deleted in its entirety and replaced with the following paragraph:

Distributions from the Trust may be made by the Trustee to Plan Participants and beneficiaries at the direction of the Company.  The entitlement of a Plan Participant or his or her beneficiaries to benefits under the Plan shall be determined by the Company under the Plan, and any claim for such benefits shall be considered and reviewed under the procedures set out in the Plan.  

IN WITNESS WHEREOF, the parties hereto have executed this First Amendment to the Trust on this 16 day of October, 2017.

	
					
	ROSS STORES, INC.
	 
	WELLS FARGO BANK, NATIONAL ASSOCIATION

	 
	 
	 
	 
	 

	By
	/s/K. Reimann
	 
	By
	/s/Alan Frazier

	Title
	GVP, Total Rewards & HR Initiatives
	 
	Title
	Senior Vice President

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